Sempra Energy Stock Earnings Reports

Sempra reported solid Q1 2026 execution and affirmed full-year and multi-year targets. The company deployed $3 billion of capital in Q1 toward a targeted ~$13 billion 2026 T&D investment program and continues to execute a record $65 billion multi-year capital plan with ~11% annual rate-base growth expected through 2030. Regulatory wins at Oncor (PUCT base rate settlement: 43.5% equity layer, 9.75% ROE, 4.94% cost of debt, and surcharge authority) and the inaugural UTM filing (to recover $4.4 billion of placed-in-service T&D assets) materially reduce regulatory lag and improve expected earned returns. SDG&E submitted a FERC transmission offer of settlement that would raise authorized ROE to ~10.28% (subject to FERC approval). Sempra Infrastructure progressed operationally (Cimarron COD; ECA LNG startup with first LNG expected next month and substantial completion targeted this summer; Port Arthur on time/on budget) and is on track to close the SI Partners transaction in 2026, with key approvals received. Q1 GAAP earnings were $1.37 billion ($1.58/share); adjusted earnings were $991 million ($1.51/share), up versus prior year. Management reaffirmed 2026 adjusted EPS guidance of $4.80–$5.30 and 2027 guidance of $5.10–$5.70, and reiterated a long-term EPS growth target of 7–9%. The company is simplifying its business (capital recycling including Ecogas sale), prioritizing balance-sheet improvements post-SI close (parent debt paydown and deconsolidation), and concentrating future investment in utilities—notably Texas where Oncor’s large-load pipeline (127 GW submitted in RTP; broader queue >270 GW) creates material upside beyond the base plan. Management highlighted continued focus on supply-chain and labor diversification at Oncor, wildfire policy engagement in California, and LNG market fundamentals supporting long-term demand.