Sempra reported mixed financial results for Q4 and FY2025, with adjusted earnings showing modest growth year-over-year for the full year but a decline in the fourth quarter. The company is strategically simplifying its business, investing heavily in regulated utilities in Texas and California, and advancing a record capital plan for 2026-2030, signaling a focus on long-term value creation and infrastructure modernization.
Full-year 2025 adjusted earnings increased to $3.07 billion ($4.69 per diluted share) from $2.97 billion ($4.65 per diluted share) in 2024.
positiveCompany announced a record five-year capital plan of approximately $65 billion for 2026-2030, an increase from the previous $56 billion plan.
positiveOver 95% of projected capital expenditures are focused on regulated utility investments in Texas and California.
positiveSan Diego Gas & Electric earned the ReliabilityOne® Award for Outstanding Reliability Performance in the Western Region for the 20th consecutive year.
positiveFourth-quarter 2025 GAAP earnings were $352 million ($0.54 per diluted share), down from $665 million ($1.04 per diluted share) in Q4 2024.
negativeFourth-quarter 2025 adjusted earnings were $841 million ($1.28 per diluted share), down from $960 million ($1.50 per diluted share) in Q4 2024.
negativeFull-year 2025 GAAP earnings were $1.80 billion ($2.75 per diluted share), down from $2.82 billion ($4.42 per diluted share) in 2024.
negativeSignificant charges from regulatory disallowances at Sempra California impacted earnings, totaling $432 million for Q4 2025 and $457 million for FY2025.
negativeCash and cash equivalents decreased significantly from $1,565 million at December 31, 2024, to $29 million at December 31, 2025.
attentionShort-term debt increased to $4,166 million in 2025 from $2,016 million in 2024.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Sempra California | N/A | — | — | — |
Sempra Texas Utilities | N/A | — | — | — |
Sempra Infrastructure | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| adjusted EPS | $4.69 | FY2025 | — | — |
| capital plan | $65 billion | 2026-2030 | — | — |
| adjusted EPS | $1.28 | Q4 2025 | — | — |
| adjusted EPS | $4.69 | FY2025 | — | — |
| capital plan | $65 billion | 2026-2030 | — | — |
| rate base growth | 11% | 2025-2030 | — | — |
| Texas rate base growth | 18% | FY2025-FY2030 | — | — |
| adjusted EPS | $4.80 to $5.30 | FY2026 | — | — |
| EPS | $5.10 to $5.70 | FY2027 | — | — |
| EPS | $6.70 to $7.50 | 2030 | — | — |
| dividend growth | 2-4% | 2026-2030 | — | — |
| adjusted EPS | $7.50 | 2030 | — | — |
| adjusted EPS | $7.50 | 2030 | — | — |
| adjusted EPS | $7.50 | 2030 | — | — |
| adjusted EPS | $7.50 | 2030 | — | — |
| adjusted EPS | $5.70 | FY2027 | — | — |
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Sempra took important steps in 2025 to simplify its business, improve capital efficiency and strengthen its balance sheet, supporting an improved outlook for future earnings growth.
The company is advancing a set of complementary initiatives in 2026 to support earnings growth and drive enhanced benefits for customers and communities.
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.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.