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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

February 26, 2026
Date of Report (Date of earliest event reported)
Commission File No. Exact Name of Registrant as Specified in its Charter, Address of Principal Executive Office and Telephone Number State of Incorporation IRS Employer Identification No. Former name, or former address, if changed since last report
1-14201 SEMPRA
Sempra_h_tm_rgb_c.jpg
California 33-0732627 No change
488 8th Avenue
San Diego, California 92101
(619) 696-2000
1-03779 SAN DIEGO GAS & ELECTRIC COMPANY
SDGE Logo.jpg
California 95-1184800 No change
8330 Century Park Court
San Diego, California 92123
(619) 696-2000
1-01402 SOUTHERN CALIFORNIA GAS COMPANY
SoCalGas_logo_01_color.jpg
California 95-1240705 No change
555 West 5th Street
Los Angeles, California 90013
(213) 244-1200
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrants under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:
Title of Each Class Trading Symbol Name of Each Exchange on Which Registered
SEMPRA:
Sempra Common Stock, without par value SRE New York Stock Exchange
Sempra 5.75% Junior Subordinated Notes Due 2079, $25 par value SREA New York Stock Exchange
SAN DIEGO GAS & ELECTRIC COMPANY:
None
SOUTHERN CALIFORNIA GAS COMPANY:
None
Indicate by check mark whether the Registrants are an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). ☐
If an emerging growth company, indicate by check mark if the Registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition.

On February 26, 2026, Sempra issued a press release announcing its financial results for the three months and year ended December 31, 2025. A copy of Sempra’s press release is attached hereto as Exhibit 99.1. Sempra’s Statements of Operations Data by Segment for the three months and years ended December 31, 2025 and 2024 is attached hereto as Exhibit 99.2.

The information furnished in this Item 2.02 and in Exhibits 99.1 and 99.2 shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, nor shall it be deemed to be incorporated by reference in any filing of Sempra, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.
Exhibit Number Exhibit Description
99.1
99.2
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.

SEMPRA,
(Registrant)
Date: February 26, 2026 By: /s/ Dyan Z. Wold
Dyan Z. Wold
Vice President, Controller and Chief Accounting Officer

SAN DIEGO GAS & ELECTRIC COMPANY,
(Registrant)
Date: February 26, 2026 By: /s/ Maritza Mekitarian
Maritza Mekitarian
Vice President, Controller and Chief Accounting Officer

SOUTHERN CALIFORNIA GAS COMPANY,
(Registrant)
Date: February 26, 2026 By: /s/ Sara P. Mijares
Sara P. Mijares
Vice President, Controller and Chief Accounting Officer

EX-99.1 2 ex99_1x20251231xearningsta.htm EX-99.1 Document

Exhibit 99.1

sempra.jpg
NEWS RELEASE
Media Contact: Patrick Reynolds
Sempra
(877) 340-8875
media@sempra.com
Financial Contact: Jenell McKay
Sempra
(877) 736-7727
investor@sempra.com
Sempra Reports 2025 Financial
and Business Results

•Posts Strong 2025 Financial Results
•Announces 2026 Value Creation Initiatives
•Raises Five-Year Capital Plan to $65B
•Issues Robust 2030 EPS Outlook


SAN DIEGO, Feb. 26, 2026 — Sempra (NYSE: SRE) today reported full-year 2025 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $1.80 billion or $2.75 per diluted share, compared to full-year 2024 GAAP earnings of $2.82 billion or $4.42 per diluted share. On an adjusted basis, the company's full-year 2025 earnings were $3.07 billion or $4.69 per diluted share, compared to $2.97 billion or $4.65 per diluted share in 2024.

“In addition to posting strong financial results, we took important steps in 2025 to simplify our business, improve capital efficiency and strengthen our balance sheet,” said Jeffrey W. Martin, chairman and CEO of Sempra. “Taken together, these considerations support an improved outlook for future earnings growth through the end of the decade.”

The company also reported fourth-quarter 2025 GAAP earnings of $352 million or $0.54 per diluted share, compared to fourth-quarter 2024 GAAP earnings of $665 million or $1.04 per diluted share. On an adjusted basis, the company's fourth-quarter 2025 earnings were $841 million or $1.28 per diluted share, compared to $960 million or $1.50 per diluted share in fourth-quarter 2024.




The reported financial results reflect certain significant items as described on an after-tax basis in the following table of GAAP earnings, reconciled to adjusted earnings, for the fourth quarter and full-year 2025 and 2024.

(Dollars and shares in millions, except EPS) Three months ended December 31, Years ended
December 31,
2025 2024 2025 2024
GAAP Earnings $ 352  $ 665  $ 1,796  $ 2,817 
Impact from regulatory disallowances 432  104  457  104 
Impact of Track 2 FD for the first nine months of 2025 28  —  —  — 
Retroactive impact of 2024 GRC FD for the first nine months of 2024 —  (22) —  — 
Impact from foreign currency and inflation on monetary positions in Mexico 59  (84) 180  (262)
Net unrealized losses on derivatives 13  43  26 
Net unrealized gains on interest rate swaps related to Port Arthur LNG Phase 1 project (9) (30) —  (30)
Tax items related to assets held for sale (28) —  512  — 
Impact from foreign tax credit valuation allowance related to TCJA —  330  78  330 
Earnings from investment in RBS Sempra Commodities LLP —  (16) —  (16)
Adjusted Earnings(1)
$ 841  $ 960  $ 3,066  $ 2,969 
Diluted Weighted-Average Common Shares Outstanding 655  641  654  638 
GAAP EPS $ 0.54  $ 1.04  $ 2.75  $ 4.42 
Adjusted EPS(1)
$ 1.28  $ 1.50  $ 4.69  $ 4.65 
(1) See Table A for information regarding non-GAAP financial measures.

2025 Accomplishments
In 2025, Sempra announced an enterprise-wide campaign centered on five strategic initiatives intended to create long-term value for shareholders by simplifying its business model, concentrating investments in its utilities, modernizing operations and enhancing safety and service quality for customers.

Sempra successfully invested approximately $13 billion to modernize energy infrastructure, allocated primarily to its Texas and California utilities. Sempra Texas is also benefiting from improving financial returns, driven by greater capital efficiency at Oncor Electric Delivery Company LLC (Oncor), following implementation of the new Unified Tracker Mechanism in 2025.

To unlock value in its liquified natural gas (LNG) franchise, Sempra entered into a strategic transaction to sell a 45% equity stake in Sempra Infrastructure Partners (SI Partners) to KKR affiliates for $10 billion. As part of Sempra’s broader capital-recycling program, SI Partners entered into a definitive agreement in Q4 2025 to sell Ecogas México, S. de R.L. de C.V. (Ecogas), the fifth largest distribution network in Mexico, for approximately $500 million U.S. dollar-equivalent, resulting in a strong valuation. Both transactions are expected to close Q2 to Q3 of 2026 and are subject to price adjustments, approvals and closing conditions.




Sempra also advanced community safety and operational excellence in 2025, including supporting regulatory improvements such as California Senate Bill 254, which strengthened the long-term stability of the state's wildfire fund and improved liquidity for claims. Also, San Diego Gas & Electric earned the ReliabilityOne® Award for Outstanding Reliability Performance in the Western Region for the 20th consecutive year, highlighting the company’s commitment to operational excellence, system modernization and grid hardening.

2026 to 2030 Plan
Building on the strong foundation set in 2025, Sempra is now advancing a set of complementary initiatives in 2026 to support earnings growth and drive enhanced benefits for customers and communities across its service territories.

sempraq42025image1.jpg

Sempra is also excited to announce a company-record, five-year 2026-2030 capital plan of approximately $65 billion, up from the 2025-2029 plan of $56 billion, with over 95% of projected capital expenditures focused on regulated utility investments in Texas and California. Consistent with the commitments made in 2025, the company expects to continue prioritizing the allocation of capital over the next five years to a growing portfolio of investment opportunities in Texas. In addition to the referenced $65 billion capital plan, Sempra also identified an additional $9 billion of potential incremental capital expenditures through 2030 with the majority intended to support Oncor’s continued expansion of its electrical grid.




sempraq42025image2.jpg

“The strength of Sempra’s execution in 2025, backed by a portfolio of new investment opportunities principally led by Oncor, has improved our expectation of long-term value creation,” said Martin. “That is why we believe Sempra continues to be a great place to work and grow as we invest for the future.”

Earnings Guidance and 2030 Outlook
Today, Sempra is affirming its full-year 2026 adjusted earnings-per-common share (EPS) guidance range of $4.80 to $5.30, which is not reconcilable to full-year 2026 GAAP EPS guidance range for the reasons described in Table A. Sempra is also announcing a full-year 2027 EPS guidance range of $5.10 to $5.70. In addition, Sempra is issuing full-year 2030 Outlook in an EPS range of $6.70 to $7.50.

Common Dividend
Sempra's board of directors declared a $0.6575 per share quarterly dividend on the company's common stock, which is payable April 15, 2026, to common stock shareholders of record at the close of business on March 19, 2026. The declared quarterly dividend represents an increase of the company's common stock dividend to $2.63 per share, on an annualized basis, from $2.58 per share in 2025.

Non-GAAP Financial Measures
Non-GAAP financial measures include Sempra’s adjusted earnings, adjusted EPS and adjusted EPS guidance range. See Table A for additional information regarding these non-GAAP financial measures.

Internet Broadcast
Sempra will broadcast a live discussion of its earnings results over the internet today at 12 p.m. ET with the company’s senior management. Access is available by visiting the Investors section of the company’s website at sempra.com/investors. The webcast will be available on replay a few hours after its conclusion at sempra.com/investors.




About Sempra
Sempra’s mission is to build America’s leading utility growth business. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving energy resilience in California and Texas, the two largest economies in the U.S. The company is recognized as a leader in responsible business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in The Wall Street Journal’s Management Top 250 and Fortune’s World’s Most Admired Companies. More information about Sempra is available at sempra.com and on social media @sempra.

###

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.

In this press release, forward-looking statements can be identified by words such as “believe,” “expect,” “intend,” “anticipate,” “contemplate,” “plan,” “estimate,” “project,” “forecast,” “envision,” “should,” “could,” “would,” “will,” “confident,” “may,” “can,” “potential,” “possible,” “proposed,” “in process,” “construct,” “develop,” “opportunity,” “preliminary,” “pro forma,” “strategic,” “initiative,” “target,” “outlook,” “optimistic,” “poised,” “positioned,” “maintain,” “continue,” “progress,” “advance,” “goal,” “aim,” “commit,” or similar expressions, or when we discuss our guidance, priorities, strategies, goals, vision, mission, projections, intentions or expectations.

Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: California wildfires, including potential liability for damages regardless of fault and any inability to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054 and the wildfire fund continuation account established by California Senate Bill 254, rates from customers or a combination thereof; decisions, disallowances or denials of cost recovery, audits, investigations, inquiries, ordered studies, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions, including the failure to honor contracts and commitments, by the (i) Comisión Nacional de Energía, California Public Utilities Commission (CPUC), U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, U.S. Internal Revenue Service, Public Utility Commission of Texas and other regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries where we do business; the success of business development efforts, construction projects, acquisitions, divestitures, and other significant transactions such as the planned sale of a portion of our equity interest in Sempra Infrastructure Partners, including risks related to, as applicable, (i) being able to reach a positive final investment decision, (ii) negotiating pricing and other terms in definitive contracts, (iii) completing construction projects or other transactions on schedule and budget, (iv) realizing anticipated benefits from any of these efforts if completed, (v) obtaining regulatory and other approvals and (vi) third parties honoring their contracts and commitments, including with respect to closing or post-closing payments; changes to our capital expenditure plans and their potential impact on rate base or other growth; changes, due to evolving economic, political and other factors, to (i) trade and other foreign policy, including the imposition of tariffs by the U.S. and foreign countries, and (ii) laws and regulations, including those related to tax and the energy industry in the U.S. and Mexico; litigation, arbitration, property disputes and other proceedings; cybersecurity threats, including by nation-state actors, of ransomware or other attacks on our systems, the energy grid or our other infrastructure, or the systems of third parties with which we conduct business; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, which can be affected by, among other things, (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, and (iii) fluctuating interest rates and inflation; the impact of efforts to increase affordability of U.S. utility customer rates on our ability to obtain cost recovery from applicable regulators, our capital expenditure and other growth plans and our ability to advance statewide policies; the impact on affordability of customer rates, cost of capital and operating margin due to (i) volatility in inflation, interest rates, commodity prices, tariff rates, and foreign currency exchange rates and (ii) with respect to SDG&E’s and SoCalGas’ businesses, the cost of meeting the demand for lower carbon and reliable energy in California; the impact of climate policies, laws, rules, regulations, trends and required disclosures, including actions to reduce or eliminate reliance on natural gas, increased uncertainty in the political or regulatory environment for California natural gas distribution companies, the risk of nonrecovery for stranded assets, and uncertainty related to emerging technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events, such as work stoppages, that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through regulatory mechanisms or insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power, natural gas and natural gas storage and transportation capacity, including disruptions caused by failures in the transmission grid or pipeline and storage systems or limitations on the injection and withdrawal of natural gas from storage facilities; Oncor Electric Delivery Company LLC’s (Oncor) ability to reduce or eliminate its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor’s independent directors or a minority member director; and other uncertainties, some of which are difficult to predict and beyond our control.

These risks and uncertainties are further discussed in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra’s website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.

Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or SoCalGas, nor are they regulated by the CPUC.

None of the website references in this press release are active hyperlinks, and the information contained on, or that can be accessed through, any such website is not, and shall not be deemed to be, part of this document.




SEMPRA
Table A
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share amounts; shares in thousands)
Three months ended
December 31,
Years ended
December 31,
2025 2024
2025(1)
2024(1)
REVENUES
Utilities:
Natural gas $ 2,124  $ 2,343  $ 7,319  $ 7,141 
Electric 1,202  1,027  4,552  4,296 
Energy-related businesses 423  388  1,831  1,748 
Total revenues 3,749  3,758  13,702  13,185 
EXPENSES AND OTHER INCOME
Utilities:
Cost of natural gas (396) (342) (1,282) (1,132)
Cost of electric fuel and purchased power (120) (18) (385) (245)
Energy-related businesses cost of sales (46) (83) (367) (380)
Operation and maintenance (1,350) (1,465) (5,281) (5,336)
Regulatory disallowances (651) —  (651) — 
Depreciation and amortization (608) (626) (2,563) (2,437)
Franchise fees and other taxes (189) (178) (744) (693)
Other (expense) income, net (30) (58) 169  136 
Interest income 38  14  103  61 
Interest expense (337) (105) (1,532) (1,049)
Income before income taxes and equity earnings 60  897  1,169  2,110 
Income tax benefit (expense) 10  (282) (701) (219)
Equity earnings 414  374  1,604  1,609 
Net income 484  989  2,072  3,500 
Earnings attributable to noncontrolling interests (135) (313) (238) (638)
Losses attributable to contingently redeemable noncontrolling interest —  — 
Preferred deemed dividends —  —  (11) — 
Preferred dividends —  (11) (29) (44)
Preferred dividends of subsidiary —  —  (1) (1)
Earnings attributable to common shares $ 352  $ 665  $ 1,796  $ 2,817 
Basic earnings per common share (EPS):
Earnings $ 0.54  $ 1.05  $ 2.75  $ 4.44 
Weighted-average common shares outstanding 653,170  635,144  652,697  633,795 
Diluted EPS:
Earnings $ 0.54  $ 1.04  $ 2.75  $ 4.42 
Weighted-average common shares outstanding 655,040  641,395  653,826  637,943 
(1)     Derived from audited financial statements.



SEMPRA
Table A (Continued)

Sempra Adjusted Earnings, Adjusted EPS and Adjusted EPS Guidance Range are non-GAAP financial measures (GAAP represents generally accepted accounting principles in the United States of America). These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities and/or are infrequent in nature. These non-GAAP financial measures also exclude the impact from foreign currency and inflation on our monetary positions in Mexico and net unrealized gains and losses on commodity and interest rate derivatives, which we expect to occur in future periods, and which can vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the performance of Sempra’s business operations to prior and future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP.

RECONCILIATION OF SEMPRA ADJUSTED EARNINGS AND ADJUSTED EPS TO SEMPRA GAAP EARNINGS AND GAAP EPS
Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2025 and 2024 as follows:

Three months ended December 31, 2025:
▪$(432) million charge from regulatory disallowances related to 2019 through 2024 associated with the final decision (FD) in our 2024 General Rate Case (2024 GRC) Track 2 request (Track 2 FD) at Sempra California
▪$(28) million charge from regulatory disallowances related to the first nine months of 2025 associated with the Track 2 FD at Sempra California
▪$(59) million impact from foreign currency and inflation on our monetary positions in Mexico
▪$(7) million net unrealized losses on commodity derivatives
▪$9 million net unrealized gains on interest rate swaps related to the initial phase of the Port Arthur LNG liquefaction project (PA LNG Phase 1 project)
▪$28 million net income tax benefit as a result of management’s decision to classify Sempra Infrastructure Partners, LP (SI Partners) and Ecogas México, S. de R.L. de C.V. (Ecogas) as held for sale, which such amounts could change in future periods until the dates of sale:
◦$16 million income tax benefit to adjust a Mexican deferred tax liability on our outside basis difference in Ecogas
◦$12 million income tax benefit to adjust deferred income tax liabilities primarily related to the outside basis differences in our investment in SI Partners

Three months ended December 31, 2024:
▪$(104) million impact from regulatory disallowances at Sempra California consisting of:
◦$(89) million charge from the Federal Energy Regulatory Commission (FERC) order finding that the Electric Transmission Owner Formula Rate, effective June 1, 2019 through May 31, 2025 (TO5), adder refund provision had been triggered, requiring Sempra California to refund customers the California Independent System Operator (California ISO) adder retroactively from June 1, 2019
◦$(15) million impairment from disallowed capital costs in the 2024 GRC FD
▪$22 million retroactive impact from the 2024 GRC FD for the first nine months of 2024 at Sempra California
▪$84 million impact from foreign currency and inflation on our monetary positions in Mexico
▪$(13) million net unrealized losses on commodity derivatives
▪$30 million net unrealized gains on interest rate swaps related to the PA LNG Phase 1 project
▪$(330) million income tax expense from changes to a valuation allowance against foreign tax credits that were carried forward from the implementation of the Tax Cuts and Jobs Act of 2017 (TCJA)
▪$16 million equity earnings from investment in RBS Sempra Commodities LLP from the substantial dissolution of the partnership

Year ended December 31, 2025:
▪$(457) million impact from regulatory disallowances at Sempra California consisting of:
◦$(432) million charge from regulatory disallowances related to 2019 through 2024 associated with the Track 2 FD
◦$(25) million charge related to the recovery of coronavirus disease 2019 costs
▪$(180) million impact from foreign currency and inflation on our monetary positions in Mexico
▪$(43) million net unrealized losses on commodity derivatives
▪$(512) million net income tax expense as a result of management’s decision to classify SI Partners and Ecogas as held for sale, which such amounts could change in future periods until the dates of sale:
◦$(693) million income tax expense to adjust deferred income tax liabilities primarily related to the outside basis differences in our investment in SI Partners
◦$(10) million income tax expense due to the recognition of a Mexican deferred tax liability on our outside basis difference in Ecogas
◦$191 million net income tax benefit from changes to a valuation allowance against certain tax credit carryforwards offset by changes in state income tax apportionment
▪$(78) million income tax expense from changes to a valuation allowance against foreign tax credits that were carried forward from the implementation of the TCJA

Year ended December 31, 2024:
▪$(104) million impact from regulatory disallowances at Sempra California consisting of:
◦$(89) million charge from the FERC order finding that the TO5 adder refund provision had been triggered, requiring Sempra California to refund customers the California ISO adder retroactively from June 1, 2019
◦$(15) million impairment from disallowed capital costs in the 2024 GRC FD
▪$262 million impact from foreign currency and inflation on our monetary positions in Mexico
▪$(26) million net unrealized losses on commodity derivatives
▪$30 million net unrealized gains on interest rate swaps related to the PA LNG Phase 1 project
▪$(330) million income tax expense from changes to a valuation allowance against foreign tax credits that were carried forward from the implementation of the TCJA The table below reconciles for historical periods Sempra Adjusted Earnings and Adjusted EPS to Sempra GAAP Earnings and GAAP EPS, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.
▪$16 million equity earnings from investment in RBS Sempra Commodities LLP from the substantial dissolution of the partnership




RECONCILIATION OF ADJUSTED EARNINGS TO GAAP EARNINGS AND ADJUSTED EPS TO GAAP EPS
(Dollars in millions, except per share amounts; shares in thousands)
Pretax amount
Income tax (benefit) expense(1)
Non-controlling interests Earnings Diluted EPS Pretax amount
Income tax (benefit) expense(1)
Non-controlling interests Earnings Diluted EPS
Three months ended December 31, 2025 Three months ended December 31, 2024
Sempra GAAP Earnings and GAAP EPS
$ 352  $ 0.54  $ 665  $ 1.04 
Excluded items:
Impact from regulatory disallowances $ 605  $ (173) $ —  432  0.66  $ 140  $ (36) $ —  104  0.16 
Impact of Track 2 FD for the first nine months of 2025 41  (13) —  28  0.04  —  —  —  —  — 
Retroactive impact of 2024 GRC FD for the first nine months of 2024 —  —  —  —  —  (30) —  (22) (0.03)
Impact from foreign currency and inflation on monetary positions in Mexico 83  (29) 59  0.08  (125) 39  (84) (0.13)
Net unrealized losses on commodity derivatives 13  (2) (4) 0.01  27  (5) (9) 13  0.02 
Net unrealized gains on interest rate swaps related to PA LNG Phase 1 project (57) 45  (9) (0.01) (212) 11  171  (30) (0.05)
Tax items related to assets held for sale —  (36) (28) (0.04) —  —  —  —  — 
Impact from foreign tax credit valuation allowance related to TCJA —  —  —  —  —  —  330  —  330  0.52 
Earnings from investment in RBS Sempra Commodities LLP —  —  —  —  —  (19) —  (16) (0.03)
Sempra Adjusted Earnings and Adjusted EPS $ 841  $ 1.28  $ 960  $ 1.50 
Weighted-average common shares outstanding, diluted
655,040  641,395 
Year ended December 31, 2025 Year ended December 31, 2024
Sempra GAAP Earnings and GAAP EPS
$ 1,796  $ 2.75  $ 2,817  $ 4.42 
Excluded items:
Impact from regulatory disallowances $ 641  $ (184) $ —  457  0.70  $ 140  $ (36) $ —  104  0.16 
Impact from foreign currency and inflation on monetary positions in Mexico 30  240  (90) 180  0.27  (50) (336) 124  (262) (0.41)
Net unrealized losses on commodity derivatives 85  (16) (26) 43  0.07  51  (8) (17) 26  0.04 
Net unrealized losses (gains) on interest rate swaps related to PA LNG Phase 1 project —  (3) —  —  (212) 11  171  (30) (0.05)
Tax items related to assets held for sale —  516  (4) 512  0.78  —  —  —  —  — 
Impact from foreign tax credit valuation allowance related to TCJA —  78  —  78  0.12  —  330  —  330  0.52 
Earnings from investment in RBS Sempra Commodities LLP —  —  —  —  —  (19) —  (16) (0.03)
Sempra Adjusted Earnings and Adjusted EPS $ 3,066  $ 4.69  $ 2,969  $ 4.65 
Weighted-average common shares outstanding, diluted
653,826  637,943 
(1)    Except for adjustments that are solely income tax and tax related to outside basis differences, income taxes on pretax amounts were primarily calculated based on applicable statutory tax rates.



SEMPRA
Table A (Continued)

SEMPRA 2026 ADJUSTED EPS GUIDANCE RANGE
We are unable to reconcile Sempra 2026 Adjusted EPS Guidance Range (a non-GAAP financial measure) of $4.80 to $5.30 to Sempra 2026 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP, because we cannot reasonably estimate the forward-looking amount or range of amounts of reasonably estimable GAAP amounts for, or the probable significance of, each of the following future events:
▪impact from foreign currency and inflation on our monetary positions in Mexico and associated undesignated derivatives
▪net unrealized gains and losses on commodity and interest rate derivatives
▪any potential gain from the agreement to sell Ecogas to Gas Natural del Noroeste S.A. de C.V. that was entered into in December 2025, as the purchase price is subject to closing adjustments, post-closing adjustments, and tax items related to our outside basis difference in Ecogas, all of which are subject to adjustments based on changes in carrying value, foreign exchange rates and inflation until the date of sale
▪any potential gain from the agreement to sell an equity interest in SI Partners to the KKR Partners that was entered into in September 2025, as the purchase price is subject to closing adjustments, post-closing adjustments, and tax items related to our outside basis difference in SI Partners, all of which are subject to adjustments based on changes in carrying value, foreign exchange rates and inflation until the date of sale





SEMPRA
Table B
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
December 31,
2025(1)
2024(1)
ASSETS
Current assets:
Cash and cash equivalents $ 29  $ 1,565 
Restricted cash 21 
Accounts receivable – trade, net 1,767  1,983 
Accounts receivable – other, net 157  397 
Due from unconsolidated affiliates —  13 
Income taxes receivable 71  90 
Inventories 561  559 
Regulatory assets 761  60 
Greenhouse gas allowances 203  217 
Assets held for sale 31,024  — 
Other current assets 262  380 
Total current assets 34,837  5,285 
Other assets:
Restricted cash — 
Regulatory assets 3,868  3,937 
Greenhouse gas allowances 1,221  845 
Nuclear decommissioning trusts 899  875 
Dedicated assets in support of certain benefit plans 605  585 
Deferred income taxes 10  172 
Right-of-use assets – operating leases 1,262  1,177 
Investment in Oncor Holdings 17,472  15,400 
Other investments 147  2,534 
Goodwill —  1,602 
Other intangible assets —  292 
Wildfire fund 246  262 
Other long-term assets 1,300  1,749 
Total other assets 27,030  29,433 
Property, plant and equipment, net 49,011  61,437 
Total assets $ 110,878  $ 96,155 
(1)    Derived from audited financial statements.




SEMPRA
Table B (Continued)
CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
December 31,
2025(1)
2024(1)
LIABILITIES, CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY
Current liabilities:
Short-term debt $ 4,166  $ 2,016 
Accounts payable – trade 1,461  2,238 
Accounts payable – other 203  208 
Due to unconsolidated affiliates — 
Dividends and interest payable 770  773 
Accrued compensation and benefits 521  558 
Regulatory liabilities 141 
Current portion of long-term debt and finance leases 1,876  2,274 
Greenhouse gas obligations 203  217 
Liabilities held for sale 11,704  — 
Other current liabilities 979  1,251 
Total current liabilities 21,894  9,676 
Long-term debt and finance leases 28,979  31,558 
Deferred credits and other liabilities:
Due to unconsolidated affiliates —  352 
Regulatory liabilities 4,250  3,817 
Greenhouse gas obligations 957  506 
Pension and other postretirement benefit plan obligations, net of plan assets 124  168 
Deferred income taxes 6,127  5,845 
Asset retirement obligations 3,743  3,737 
Deferred credits and other 2,805  2,708 
Total deferred credits and other liabilities 18,006  17,133 
Contingently redeemable noncontrolling interest 3,206  — 
Equity:
Sempra shareholders’ equity 31,594  31,222 
Preferred stock of subsidiary 20  20 
Other noncontrolling interests 7,179  6,546 
Total equity 38,793  37,788 
Total liabilities, contingently redeemable noncontrolling interest, and equity $ 110,878  $ 96,155 
(1)     Derived from audited financial statements.



SEMPRA
Table C
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
Years ended December 31,
2025(1)
2024(1)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 2,072  $ 3,500 
Adjustments to reconcile net income to net cash provided by operating activities 2,348  926 
Net change in working capital components (1,255) (462)
Distributions from investments 1,120  1,093 
Changes in other noncurrent assets and liabilities, net 280  (150)
Net cash provided by operating activities 4,565  4,907 
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment (10,612) (8,215)
Expenditures for investments (2,015) (988)
Distributions from investments — 
Purchases of nuclear decommissioning and other trust assets (1,031) (889)
Proceeds from sales of nuclear decommissioning and other trust assets 1,098  942 
Other 23  23 
Net cash used in investing activities (12,537) (9,118)
CASH FLOWS FROM FINANCING ACTIVITIES
Common dividends paid (1,603) (1,499)
Preferred dividends paid (40) (44)
Redemption of preferred stock (900) — 
Issuances of common stock, net 32  1,219 
Repurchases of common stock (58) (43)
Issuances of debt (maturities greater than 90 days) 11,282  8,674 
Payments on debt (maturities greater than 90 days) and finance leases (5,220) (3,339)
Increase (decrease) in short-term debt, net 1,262  (557)
Advances from unconsolidated affiliates 150  85 
Contributions from contingently redeemable noncontrolling interest, net of transaction costs 5,294  — 
Proceeds from investor equity subscription 106  — 
Contributions from noncontrolling interests 327  1,235 
Distributions to noncontrolling interests (609) (297)
Termination of interest rate swaps —  46 
Other (93) (56)
Net cash provided by financing activities 9,930  5,424 
Effect of exchange rate changes on cash, cash equivalents and restricted cash (13)
Increase in cash, cash equivalents and restricted cash 1,963  1,200 
Cash, cash equivalents and restricted cash, January 1 1,589  389 
Cash, cash equivalents and restricted cash, December 31 $ 3,552  $ 1,589 
(1)     Derived from audited financial statements.



SEMPRA
Table D
SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES
(Dollars in millions)
Three months ended December 31, Years ended December 31,
2025 2024
2025(1)
2024(1)
EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES
Sempra California $ 75  $ 701  $ 1,428  $ 1,846 
Sempra Texas Utilities 201  135  861  781 
Sempra Infrastructure 202  259  (160) 911 
Segment earnings attributable to common shares 478  1,095  2,129  3,538 
Parent and other (126) (430) (333) (721)
Sempra earnings attributable to common shares $ 352  $ 665  $ 1,796  $ 2,817 
CAPITAL EXPENDITURES FOR PROPERTY, PLANT AND EQUIPMENT
Sempra California $ 1,209  $ 1,424  $ 4,543  $ 4,753 
Sempra Infrastructure 2,200  1,026  6,063  3,459 
Segment totals 3,409  2,450  10,606  8,212 
Parent and other — 
Total Sempra $ 3,411  $ 2,450  $ 10,612  $ 8,215 
CAPITAL EXPENDITURES FOR INVESTMENTS
Sempra Texas Utilities $ 523  $ 398  $ 2,013  $ 976 
Sempra Infrastructure —  12 
Total Sempra $ 523  $ 400  $ 2,015  $ 988 
(1)     Derived from audited financial statements.





SEMPRA
Table D (Continued)
RECONCILIATION OF SEMPRA'S CAPITAL PLAN TO PROJECTED FUTURE CAPITAL EXPENDITURES
(Dollars in billions)
Sempra
California
Sempra
Texas Utilities
Sempra
Infrastructure
Total Sempra
Capital Plan for 2026 – 2030(1)
Projected future capital expenditures for PP&E and investments – GAAP $ 23.5 $ 11.1 $ 4.1 $ 38.7
Capital expenditures to unconsolidated entities(2)
(11.1) (2.6) (13.7)
Capital expenditures at unconsolidated entities(3)
38.2 2.7 40.9
Capital expenditures attributable to NCI owners(4)
(1.0) (1.0)
Capital Plan $ 23.5 $ 38.2 $ 3.2 $ 64.9
Percentage of projected future capital expenditures for PP&E and investments – GAAP 61  % 29  % 10  % 100  %
Percentage of Capital Plan 36  % 59  % % 100  %
Capital Plan for 2025 – 2029(1)
Projected future capital expenditures for PP&E and investments – GAAP $ 22.4 $ 8.1 $ 10.9 $ 41.4
Capital expenditures to unconsolidated entities(2)
(8.1) (8.1)
Capital expenditures at unconsolidated entities(3)
29.1 0.1 29.2
Capital expenditures attributable to NCI owners(4)
(7.0) (7.0)
Capital Plan $ 22.4 $ 29.1 $ 4.0 $ 55.5
Percentage of projected future capital expenditures for PP&E and investments – GAAP 54  % 20  % 26  % 100  %
Percentage of Capital Plan 40  % 53  % % 100  %
Projected future capital expenditures for PP&E and investments growth rate – GAAP (2025 – 2029 to 2026 – 2030) (7) %
Capital Plan growth rate (2025 – 2029 to 2026 – 2030) 17  %
Total Sempra
Capital Plan for 2026(1)
Projected future capital expenditures for PP&E and investments – GAAP $ 8.6
Capital expenditures to unconsolidated entities(2)
(2.8)
Capital expenditures at unconsolidated entities(3)
7.9
Capital expenditures attributable to NCI owners(4)
(1.0)
Capital Plan $ 12.7
(1)    All projects in progress and future projects are subject to a number of risks and uncertainties. Sempra's Capital Plan and expectations regarding potential increases to its capital requirements are based on a number of assumptions, the failure of which to be accurate could materially impact Sempra's actual Capital Plan. Sempra's Capital Plan assumes Sempra's 70% consolidated ownership of SI Partners for the first three months of 2026 and 25% thereafter, which represents Sempra's remaining interest under the equity method upon completion of the sale of a 45% equity interest in SI Partners. Sempra’s Capital Plan is considered by management to be an operating measure.
(2)    Represents Sempra's projected future capital contributions to unconsolidated equity method investees.
(3)    Represents Sempra's proportionate ownership interest in projected capital expenditures at unconsolidated equity method investees.
(4)    Represents NCI's proportionate ownership interest in projected capital expenditures at Sempra and at unconsolidated equity method investees.




SEMPRA
Table E
OTHER OPERATING STATISTICS
Three months ended
December 31,
Years ended or at
December 31,
2025 2024 2025 2024
UTILITIES
Sempra California
Gas sales (Bcf)(1)
86  95  333  349 
Transportation (Bcf)(1)
119  141  505  560 
Total deliveries (Bcf)(1)
205  236  838  909 
Total gas customer meters (thousands) 7,131  7,132 
Electric sales (millions of kWhs)(1)
740  754  2,885  3,207 
Community Choice Aggregation and Direct Access (millions of kWhs) 3,616  3,461  13,903  13,484 
Total deliveries (millions of kWhs)(1)
4,356  4,215  16,788  16,691 
Total electric customer meters (thousands) 1,548  1,532 
Oncor Electric Delivery Company LLC (Oncor)(2)
Total deliveries (millions of kWhs) 40,782  38,827  172,775  162,691 
Total electric customer meters (thousands) 4,111  4,046 
Ecogas
Natural gas sales (Bcf)
Natural gas customer meters (thousands) 169  163 
ENERGY-RELATED BUSINESSES
Sempra Infrastructure
Termoeléctrica de Mexicali (millions of kWhs) 985  964  3,464  3,675 
Wind and solar (millions of kWhs)(1)
565  594  2,796  2,888 
(1)     Includes intercompany sales.
(2)     Includes 100% of the electric deliveries and customer meters of Oncor, in which we hold an 80.25% interest through our investment in Oncor Electric Delivery Holdings Company LLC.

EX-99.2 3 ex99_2x20251231xearningsta.htm EX-99.2 Document
Exhibit 99.2

SEMPRA
Table F
STATEMENTS OF OPERATIONS DATA BY SEGMENT
(Dollars in millions)
Sempra
California
Sempra Texas
Utilities(1)
Sempra
Infrastructure
Segment
Totals
Consolidating Adjustments, Parent & Other Total
Three months ended December 31, 2025
Revenues $ 3,314    $ 454  $ 3,768  $ (19) $ 3,749 
Operation and maintenance (1,093)   (221) (1,314) (36) (1,350)
Depreciation and amortization (605)   (3) (608) —  (608)
Interest income   32  33  38 
Interest expense(2)
(239)   59  (180) (157) (337)
Income tax benefit (expense) 103    (155) (52) 62  10 
Equity earnings   $ 204  210  414    414 
Earnings attributable to noncontrolling interests (135) (135) (135)
Losses attributable to contingently redeemable noncontrolling interest
Other segment items(3)
(1,406) (3) (42) (1,451) 19  (1,432)
Earnings (losses) attributable to common shares $ 75  $ 201  $ 202  $ 478  $ (126) $ 352 

Three months ended December 31, 2024
Revenues $ 3,360    $ 416  $ 3,776  $ (18) $ 3,758 
Operation and maintenance (1,208)   (242) (1,450) (15) (1,465)
Depreciation and amortization (548)   (76) (624) (2) (626)
Interest income   14 
Interest expense (221)   243  22  (127) (105)
Income tax (expense) benefit (94)   97  (285) (282)
Equity earnings   $ 136  219  355  19  374 
Earnings attributable to noncontrolling interests (313) (313) (313)
Other segment items(3)
(590) (1) (91) (682) (8) (690)
Earnings (losses) attributable to common shares $ 701  $ 135  $ 259  $ 1,095  $ (430) $ 665 
(1)    Substantially all earnings attributable to common shares are from equity earnings.
(2)    Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project.
(3)    Includes cost of natural gas, cost of electric fuel and purchased power, regulatory disallowances, franchise fees and other taxes, and other income (expense), net, for Sempra California; operation and maintenance (O&M) and income tax (expense) benefit for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas, energy-related businesses cost of sales, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure.




SEMPRA
Table F (Continued)
STATEMENTS OF OPERATIONS DATA BY SEGMENT
(Dollars in millions)
Sempra
California
Sempra Texas
Utilities(1)
Sempra
Infrastructure
Segment
Totals
Consolidating Adjustments, Parent & Other Total
Year ended December 31, 2025
Revenues $ 11,818    $ 1,965  $ 13,783  $ (81) $ 13,702 
Operation and maintenance
(4,315)   (865) (5,180) (101) (5,281)
Depreciation and amortization (2,332)   (226) (2,558) (5) (2,563)
Interest income   66  74  29  103 
Interest expense(2)
(926)   (28) (954) (578) (1,532)
Income tax benefit (expense) 166    (1,200) (1,034) 333  (701)
Equity earnings   $ 869  735  1,604    1,604 
Earnings attributable to noncontrolling interests (238) (238) (238)
Losses attributable to contingently redeemable noncontrolling interest
Other segment items(3)
(2,991) (8) (372) (3,371) 70  (3,301)
Earnings (losses) attributable to common shares $ 1,428  $ 861  $ (160) $ 2,129  $ (333) $ 1,796 
Year ended December 31, 2024
Revenues $ 11,382    $ 1,882  $ 13,264  $ (79) $ 13,185 
Operation and maintenance
(4,398)   (858) (5,256) (80) (5,336)
Depreciation and amortization (2,133)   (297) (2,430) (7) (2,437)
Interest income 14    25  39  22  61 
Interest expense (848)   243  (605) (444) (1,049)
Income tax (expense) benefit (184)   164  (20) (199) (219)
Equity earnings   $ 788  802  1,590  19  1,609 
Earnings attributable to noncontrolling interests (638) (638) (638)
Other segment items(3)
(1,987) (7) (412) (2,406) 47  (2,359)
Earnings (losses) attributable to common shares $ 1,846  $ 781  $ 911  $ 3,538  $ (721) $ 2,817 
(1)    Substantially all earnings attributable to common shares are from equity earnings.
(2)    Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project.
(3)    Includes cost of natural gas, cost of electric fuel and purchased power, regulatory disallowances, franchise fees and other taxes, other income (expense), net, and preferred dividends for Sempra California; O&M, interest expense, and income tax (expense) benefit for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas, energy-related businesses cost of sales, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure.