[SRE] Sempra: Q3 2026 Earnings Preview, Can Oncor's New Rates Keep Texas Earnings Growing?

Sempra is an energy company built mainly around regulated utilities in California and Texas: it owns San Diego Gas & Electric (SDG&E), which serves the San Diego area with power and gas, and Southern California Gas (SoCalGas), and it holds an 80.25% interest in Oncor, the largest transmission and distribution utility in Texas, through an equity-method investment[1][2]. The company has said it will release results for the third quarter of 2026 (2026年第三季度(截至2026年9月30日的三个月)) by 8 a.m. ET on 2026-11-05[3]. In the latest reported quarter, the second quarter of 2026, Sempra earned $796 million, or $1.21 per share, under GAAP and $762 million, or $1.16 per share, on an adjusted basis, compared with adjusted EPS of $0.89 a year earlier[4]; the Texas segment earned $346 million versus $208 million, and the California segment earned $297 million[5]. On August 6 the company affirmed 2026 adjusted EPS guidance of $4.80 to $5.30 and 2027 EPS guidance of $5.10 to $5.70, updated 2026 GAAP EPS guidance to $5.02 to $5.55, and affirmed its 7% to 9% long-term EPS growth target[6]. First-half adjusted EPS already reached $2.67[7], which leaves $2.13 to $2.63 for the second half under the full-year range; the company gives no quarterly guidance.

Three things matter most in this Sempra Q3 2026 earnings report. The first is the first full quarter of Oncor's new rates, which took effect on June 1: about $50 million of the Texas segment's $346 million second-quarter profit was a catch-up belonging to the first quarter[8], so only the third quarter can show what the new rates contribute over a full quarter, and Texas growth is the main variable deciding whether full-year adjusted EPS lands in the upper part of the range. The second is whether the two California utilities can resume growth after their allowed returns were cut: the CPUC lowered SDG&E's authorized ROE from 10.23% to 9.93% and SoCalGas's from 10.08% to 9.78%[9], California's second-quarter profit was only $13 million above the prior-year adjusted figure[10], and first-half California capital spending fell about 18% year on year[5], which together decide how solid the earnings base outside Texas is. The third is whether the sale of a 45% stake in SI Partners to KKR has closed: Sempra is due to receive $4.65 billion of cash at closing[11], management said about $9 billion of consolidated debt would leave the balance sheet[10], and the company still pointed to a third-quarter close in August[6], so the report needs to say whether the deal has closed and how repairs are going after compressor damage at ECA LNG Phase 1[12].

Company Background and Business Structure

Sempra describes its mission as building America's leading utility growth business, concentrating investment in regulated utilities in California and Texas, the two largest state economies in the U.S., with the aim of stable cash flows and better earnings visibility[1]. The company is headquartered in San Diego, uses the calendar year as its fiscal year and reports in U.S. dollars[4]. In September 2025 it agreed to sell a 45% interest in SI Partners to a KKR-led group[11], while also advancing the sale of the Mexican gas distributor Ecogas; both transactions are meant to simplify the business and concentrate capital in the utilities[13].

The Sempra California segment consists of SDG&E and SoCalGas, and at the end of 2025 SDG&E provided electricity to a population of about 3.6 million and natural gas to about 3.3 million[1]. Both companies charge customers according to revenue requirements authorized by the CPUC, pass natural gas and purchased power costs through at cost, and record the difference between billings and authorized amounts in balancing accounts, so changes in fuel costs and market prices do not affect earnings[14]. Earnings are driven mainly by rate base, a 52% authorized common equity ratio and the authorized ROE, while SDG&E's transmission business has its revenue and return set separately by FERC[9].

The core of the Sempra Texas Utilities segment is Oncor. Sempra owns 100% of Oncor Holdings, which owns 80.25% of Oncor; because of ring-fencing measures and governance commitments, Sempra cannot direct Oncor's significant activities, so it accounts for the stake under the equity method and records equity earnings rather than consolidating revenue[2]. Measured by end-use customers and line miles, Oncor runs the largest transmission and distribution system in Texas, serving a territory of about 14 million people, delivering power to more than 4.1 million homes and businesses over more than 145,000 circuit miles; it neither sells nor buys electricity and mainly bills more than 100 retail electric providers for delivery, with clearly seasonal revenue[15].

The Sempra Infrastructure segment is SI Partners, which owns LNG and natural gas infrastructure in the U.S. and Mexico and renewable energy assets in Mexico[11], including ECA LNG Phase 1 under construction with nameplate capacity of 3.25 Mtpa[12] and Port Arthur LNG Phase 1 with two trains and nameplate capacity of about 13 Mtpa[16]. After closing, the KKR partners will own 65% of SI Partners and Sempra will keep 25%[11], and the segment will move from consolidation to equity-method accounting. By revenue mix, Sempra's 2025 total revenue of $13.702 billion included $7.319 billion from natural gas utilities, $4.552 billion from electric utilities and $1.831 billion from energy-related businesses[17].

Financial History and Current Position

Sempra's 2025 earnings decline came mainly from one-time items rather than any shrinkage in the utilities themselves. According to the 2025 annual report, total revenue was $13.702 billion in 2025, against $13.185 billion in 2024 and $16.720 billion in 2023; earnings attributable to common shares were $1.796 billion, or $2.75 per diluted share, down from $2.817 billion and $4.42 in 2024[17]. The two main drivers were a $693 million deferred income tax expense at Sempra Infrastructure after SI Partners was classified as held for sale, and a $432 million regulatory disallowance at Sempra California tied to the 2024 GRC Track 2 decision[18].

The three segments moved in different directions in 2025. Sempra California earned $1.428 billion versus $1.846 billion in 2024; Sempra Texas Utilities earned $861 million versus $781 million; and Sempra Infrastructure lost $160 million after earning $911 million in 2024[14]. Texas earnings rose $80 million, or 10%, mainly on higher equity earnings from Oncor Holdings[18], making it the only one of the three segments that grew in 2025.

Earnings recovered clearly in the first half of 2026, with Texas supplying the largest increase. First-half GAAP earnings were $1.833 billion, or $2.80 per share, and adjusted earnings were $1.753 billion, or $2.67 per share, compared with adjusted EPS of $2.34 a year earlier, an increase of about 14%; second-quarter adjusted EPS was $1.16 versus $0.89[7]. Among first-half segment earnings, California contributed $1.017 billion, Texas $517 million (up 46% from $354 million) and Infrastructure $492 million (up from $218 million), while Parent and other lost $193 million[5]. Adjusted earnings exclude Mexican currency and inflation effects, unrealized derivative gains and losses, and tax items related to assets held for sale[7].

Cash flow and the balance sheet show a company in a heavy investment phase. Operating cash flow in the first half of 2026 was $3.117 billion, up from $2.266 billion, including $721 million of distributions from investments[19]; over the same period, capital expenditures on property, plant and equipment were $4.687 billion and contributions to Oncor Holdings were $1.485 billion[5], common dividends were $826 million, and the gap was filled with net borrowing, as Sempra issued $8.092 billion of long-term debt and repaid $4.544 billion[19]. At June 30, short-term debt was $3.566 billion, the current portion of long-term debt was $2.075 billion and long-term debt was $31.023 billion, for a total of $36.664 billion, up from $35.021 billion at the end of 2025, with a further $12.992 billion of liabilities held for sale[19].

Operating Model

California earnings can be summarized as rate base multiplied by the 52% common equity ratio and the authorized ROE, less interest above authorized levels and any disallowed costs[9]. Revenue consists of the CPUC-authorized revenue requirement plus pass-through fuel and purchased power costs, and volume variances are trued up through balancing accounts, so changes in fuel costs do not affect earnings[14]. Capital spending enters rate base through the GRC and annual attrition adjustments, so the pace of investment in a given year mainly shapes earnings growth one or more years later; the 2024 GRC petition for modification seeks 2026 revenue requirement increases of $87 million for SDG&E and $122 million for SoCalGas[20], and a final decision on the 2028 GRC is expected in the first quarter of 2028[21].

The Texas transmission chain is longer, but it follows the same pattern of investment first and rates later. Population growth and large loads such as data centers in North Texas drive Oncor's transmission and distribution capital spending, Sempra contributes capital to Oncor Holdings in line with its stake, capital tracking mechanisms and base rate reviews bring that investment into rate base, and 80.25% of Oncor's net income flows into Sempra Texas Utilities segment earnings as equity earnings[2]. The settlement approved by the PUCT in April 2026 set Oncor's annual revenue requirement at about $6.97 billion, an increase of about $560 million or 8.7%, raised the authorized equity ratio from 42.5% to 43.5% and the ROE from 9.70% to 9.75%; the new rates took effect on June 1, and the difference for January through May is recovered through a surcharge that began on August 1[8]. Because Oncor collects delivery charges rather than selling power, delivery volume growth affects earnings mainly indirectly through customer growth and rate base expansion, while higher depreciation, interest and operating costs erode returns until the next rate adjustment.

Infrastructure earnings come from long-term contracted fees for LNG liquefaction and regasification, Mexican pipeline transportation and wind and solar power sales. SI Partners stopped recording depreciation while held for sale, and the segment's second-quarter depreciation and amortization was only $3 million versus $78 million a year earlier[22]; after closing, Sempra will record earnings only on its 25% stake, and the earnings lift from paused depreciation will disappear. Before ECA LNG Phase 1 reaches substantial completion, net proceeds from LNG sales offset project capital expenditures, and sales under the long-term SPAs begin to count in operations only after substantial completion[12].

On the cash side, the key is funding an unprecedented capital plan with operating cash flow, borrowing and asset sales. Sempra's 2026-2030 capital plan totals about $64.9 billion, with $38.2 billion (59%) for Texas, $23.5 billion (36%) for California and $3.2 billion (5%) for Infrastructure[23], and 95% goes to the Texas and California utilities[24]. Management said that after the KKR transaction closes, the current base capital plan will not require new common equity[10]; at the parent level, the first-half loss was $193 million[5], and additional borrowing lowers EPS directly through interest.

Industry and Competitive Position

Texas sits at the center of Sempra's growth case because electricity demand growth there stands out nationally. ERCOT set an all-time peak load record of 91 GW in July 2026; earlier in the year ERCOT endorsed high-voltage transmission projects requiring more than $7 billion of incremental investment and supporting about 16 GW of new demand, and Oncor expects to build most of them[24]. About 44 GW of large-load requests in Oncor's territory are expected to be eligible for the Batch Zero interconnection process, comprising about 27 GW of base load and 17 GW of studied load and including 8 GW of already interconnected load that is ramping up; if fully realized, these requests would represent more than 140% growth over Oncor's current 31 GW system peak[24]. End-use customers in Texas can choose their retail electricity provider, but delivery service in Oncor's certificated areas is provided by Oncor[15], so competition shows up mainly in how new transmission projects are allocated.

The two California utilities are regional regulated monopolies, but they face policy pressure over affordability, wildfire liability and declining natural gas demand. On the August call, management said California rate base is growing about 5% a year, in line with the state's focus on affordability, and said it would not pre-emptively adjust its capital plan before final wildfire liability legislation text is available[10]. Total California natural gas deliveries were 374 Bcf in the first half versus 436 Bcf a year earlier[25], but under the balancing account mechanism lower volumes do not flow directly into earnings.

The LNG business is positioned for export growth from the U.S. and Mexico, but the available material offers limited competitive comparison. The first and second trains of Port Arthur LNG Phase 1 are expected to begin commercial operations at or near the end of 2027 and in 2028, respectively[16], and ECA LNG Phase 1 has initial offtake capacity of 2.5 Mtpa[12]. The material does not provide like-for-like comparisons with other Texas or California utilities on rate base growth, allowed returns or financing costs, so Sempra's relative position can be inferred mainly from regulatory parameters and demand data.

Core Debates

Can the first full quarter of Oncor's new rates keep Sempra's Texas earnings growing strongly?

This question matters because Texas is Sempra's fastest-growing and most capital-intensive business. Sempra Texas Utilities earned $517 million in the first half of 2026, up 46% year on year[5]; 59% of the $64.9 billion five-year capital plan goes to Texas[23], and management aims for Texas to exceed 60% of the company's rate base by 2030[10]. With first-half adjusted EPS at $2.67[7] against a full-year range of $4.80 to $5.30[6], Texas growth is the main variable deciding whether the second half reaches the upper part of the range.

The evidence so far shows the new rates starting to contribute. Oncor Holdings' second-quarter operating revenue was $2.062 billion versus $1.654 billion, up about 25%, and income from operations was $711 million versus $487 million[2]. Management attributed a $138 million increase in Texas adjusted equity earnings to new base rates (including interim rates), higher invested capital and customer growth, while acknowledging partial offsets from higher depreciation, interest and operating costs[10]. On the load side, Oncor delivered 84,784 million kWh in the first half, up about 4.4%, and had 4.141 million meters, up about 1.4%[25].

The numeric baseline is second-quarter Texas segment earnings of $346 million, including about $50 million of first-quarter catch-up, or about $296 million excluding it, against $208 million a year earlier[5][8]; second-quarter deliveries of 44,595 million kWh, up 5.6%[25]; and first-half contributions to Oncor Holdings of $1.485 billion versus $971 million, followed by a further $610 million on July 29[2]. The unresolved alternative explanation is that part of the first-half surge came from a low base in the first half of 2025, because the relevant tracking mechanism was only set up in mid-2025; the third-quarter comparison already includes that mechanism, so year-on-year growth could be clearly lower than in the first half. For large loads, the Batch Zero timeline is still undetermined, and management said the related capital will not be included in the five-year plan update in the fourth quarter[10].

Three things to watch in the third quarter: whether Texas segment earnings grow more than 25% year on year with the company confirming no new catch-up items; whether Oncor deliveries keep growing about 5%; and whether contributions to Oncor Holdings stay near the first-half pace of about $740 million a quarter. If third-quarter growth falls below 15% and the company attributes it to costs, it would show that regulatory lag from depreciation, interest and operating costs is absorbing the new-rate increment, weakening the current understanding of Texas growth; longer approval timelines for Batch Zero or 765 kV projects would delay capital deployment[10].

After regulators cut their allowed returns, can Sempra's two California utilities still grow earnings?

This question decides how solid Sempra's earnings base is outside Texas. California segment earnings were $1.017 billion in the first half of 2026, about half of the $2.026 billion total for the three segments[5]; the prior-year first half was $983 million under GAAP, or about $1.008 billion after adding back the $25 million COVID-19 cost disallowance[5][7], so the two are roughly flat. The CPUC cut both utilities' authorized ROE from 2026[9], and first-half California capital spending was $1.901 billion, down about 18% year on year, an annualized pace of about $3.8 billion[5], below the roughly $4.7 billion a year implied by the $23.5 billion five-year plan[23].

Second-quarter data gave a signal of modest growth. Sempra California earned $297 million in the second quarter, $13 million more than the prior-year adjusted $284 million; management said higher CPUC base operating margin and transmission margin added $24 million, offsetting an $11 million increase in net interest expense[10]. The TO6 settlement approved by FERC in June set SDG&E's base transmission ROE at about 10.28%, retroactive to June 1, 2025[24][9]. On costs, California operation and maintenance expense was $995 million in the second quarter versus $1.000 billion a year earlier[22].

The numeric baselines are second-quarter California earnings of $297 million (versus $284 million adjusted a year earlier, up about 4.6%) and second-quarter California capital spending of $934 million (versus $1.221 billion, down about 24%)[5]. The alternative explanation is that second-quarter growth came mainly from one-time items such as the TO6 true-up, that the lower ROE and rising interest are the normal state, and that third-quarter earnings could return to flat or lower; the drop in capital spending may also mean the company is slowing investment to contain bills, which would leave future rate base growth below the roughly 5% management cites. On the regulatory side, the 2024 GRC petition for modification seeks a combined increase of about $209 million in 2026 revenue requirements, with no CPUC timetable yet[20]; the 2028 GRC has been filed, with a decision expected in the first quarter of 2028[21].

In the third quarter, watch whether California adjusted earnings grow more than 4% and whether the growth comes from base operating margin, whether the year-on-year decline in capital spending narrows and whether the $23.5 billion five-year plan is adjusted, and whether the CPUC rules on the 2024 GRC petition for modification and California wildfire liability legislation advances. If the lower ROE and higher interest costs together outweigh rate base growth so that earnings stay flat or fall, or if capital spending keeps running below plan, the current view that California still provides a stable growth base would be disproved.

When will the sale of Sempra's LNG platform stake close, and will the equipment damage at ECA LNG get in the way?

This transaction is the key step in concentrating Sempra's capital in its Texas and California utilities. The base purchase price is about $9.99 billion, with $4.65 billion of cash paid to Sempra at closing[11]; management said closing would remove about $9 billion of SI Partners' consolidated debt, eliminate the need for new common equity in the current base capital plan, and that Moody's negative outlook on Sempra's Baa2 rating is not likely to be revised until early 2027 after closing and project milestones[10]. The company still pointed to a third-quarter close in August[6], and the third-quarter report needs to explain where the deal stands.

The deal terms set the timing and conditions of cash receipts. The consideration has three parts: $4.65 billion of cash at closing; $4.14 billion of instruments accruing 7.5% interest compounded quarterly and maturing on December 31, 2027, totaling about $4.6 billion with interest under a third-quarter closing assumption; and $1.2 billion of long-dated promissory notes. A ticking fee of 0.625% per month on the base purchase price has accrued daily since April 1, 2026; closing conditions include consents or waivers from certain lenders and partners, the absence of a material adverse effect on SI Partners and the absence of specific downgrade events; and any party may terminate if closing has not occurred within 12 months of signing[11].

Project execution is the second variable. After exporting its first cargo on July 7, 2026, ECA LNG Phase 1 was shut for planned inspections that found damage in its refrigerant compressors, and the company expects substantial completion in the fourth quarter provided the root cause investigation and remediation proceed as management expects; as of August 3, no customer had given notice to terminate its SPA[12]. Management said substantial completion of ECA is not a condition precedent to closing[10]; Port Arthur Phase 1 is on schedule, with SI Partners' subsidiary having paid $2.7 billion as of June 30[16]. The alternative explanation is that the lack of a closing announcement may reflect unmet conditions such as lender consents, and delayed cash would make Texas and California investment more dependent on borrowing; even with a timely close, about half of the consideration is deferred notes, so the near-term cash improvement is smaller than the headline amount, and the earnings lift from paused depreciation during the held-for-sale period will disappear on closing[22].

The numeric baselines are that the deal was still open as of August 6 and that consolidated debt was $36.664 billion at June 30, with a further $12.992 billion of liabilities held for sale[19]. In the third quarter, watch whether the deal has closed and, if not, the new timetable and reasons; whether consolidated debt falls clearly from the end of June after closing; and whether ECA Phase 1 repairs remain on track for fourth-quarter substantial completion and whether any customer exercises a termination right. If conditions remain unmet, the ECA repair widens or Port Arthur's schedule shifts, the current view that the balance sheet improves significantly after closing would be weakened.

Risks and Falsifiers

California wildfire liability is a tail risk for SDG&E. On the August call, management said the final text of California wildfire liability reform legislation was still not available[10]; a major fire caused by utility equipment could produce damages beyond insurance and wildfire fund coverage, and the wildfire fund asset on the June 30 balance sheet was $235 million[19]. If California passes legislation that clearly limits utility wildfire liability and no major fire involving SDG&E equipment occurs in the third quarter, the pressure from this risk on the current view would ease.

Financing and credit risk acts directly on realized returns in Texas and California. The $64.9 billion five-year capital plan relies on continued borrowing and capital recycling[23], Moody's rates Sempra Baa2 with a negative outlook[10], and consolidated debt rose from $35.021 billion at the end of 2025 to $36.664 billion at June 30, 2026[19]; a downgrade would raise financing costs and erode returns in the regulated businesses. Lower consolidated debt after the KKR closing and a Moody's return to a stable outlook would disprove this concern.

The Texas risk is that higher costs offset the new-rate increment, pulling segment earnings growth well below the first-half 46%. Using the quarterly average of 2025 Texas segment earnings of $861 million[14], each 10 percentage points of lower third-quarter growth means about $20 million less profit, or about $0.03 per share on roughly 656 million diluted shares[7]. If third-quarter Texas segment earnings grow at least 25% year on year and the company attributes the growth to rates and invested capital, this risk is disproved.

The California risk is that the lower ROE and higher net interest keep earnings flat or falling, while slower capital spending depresses future rate base growth. Annualizing first-half California segment earnings of $1.017 billion[5], each 1% change in earnings is about $20 million, or about $0.03 per share; if capital spending runs about $900 million a year below the annual average of the $23.5 billion plan, about $4.5 billion less investment would enter rate base over five years[23]. Third-quarter California adjusted earnings growth of at least 4% and a narrowing of the capital spending decline to within 10% would disprove this risk.

A delayed or altered KKR closing would push back the recycled cash, and further delay to the ECA Phase 1 repair would also hold back the start of project revenue. The $4.65 billion of closing cash[11] equals about 12.7% of consolidated debt of $36.664 billion at June 30[19], and during any delay about $9 billion of SI Partners debt stays on the consolidated balance sheet[10]. Closing within the third quarter, lower consolidated debt and ECA Phase 1 holding to fourth-quarter substantial completion would disprove this risk.

What to Watch Next

• Texas new rates: Sempra Texas Utilities earned $346 million in Q2 2026, about $296 million excluding the roughly $50 million catch-up, versus $208 million a year earlier. Growth above 25% with no new catch-up items confirms the view; growth below 15% blamed on costs weakens it.
• Texas new rates: Oncor delivered 44,595 million kWh in Q2 2026, up 5.6%. A clear slowdown from about 5% growth would weaken the load-driven investment case.
• Texas new rates: Sempra contributed $1.485 billion to Oncor Holdings in the first half and another $610 million on July 29. A slower pace than about $740 million a quarter would signal delayed capital deployment.
• California return reset: Sempra California earned $297 million in Q2 2026 versus $284 million adjusted a year earlier. Growth above 4% driven by base operating margin confirms the view; flat or lower earnings weaken it.
• California return reset: California capital spending was $934 million in Q2 2026, down about 24%. A decline narrowing to within 10% confirms the view; spending persistently below plan weakens it.
• LNG platform sale: the KKR deal was open as of August 6, and consolidated debt was $36.664 billion at June 30. Closing with lower debt confirms the view; a further delay without a new timetable weakens it.
• LNG platform sale: ECA LNG Phase 1 found compressor damage after its July 7 first cargo and targets fourth-quarter substantial completion. Holding that schedule confirms the view; another delay or a customer termination weakens it.

Conclusion

Sempra's earnings rest on three lines: the two California utilities earn regulated returns on rate base at the authorized ROE, Texas shares in transmission and distribution investment growth through its 80.25% interest in Oncor, and the Infrastructure segment still contributes long-term contracted earnings on a consolidated basis until the 45% SI Partners stake is sold. First-half 2026 adjusted EPS was $2.67, up about 14%, with Texas segment earnings up 46% and California roughly flat[7][5]; at the same time, consolidated debt rose to $36.664 billion at June 30[19], and the $64.9 billion five-year capital plan is still accelerating[23]. The central unresolved relationships are whether the Texas new-rate increment survives rising costs, whether California can resume growth after the ROE cut, and whether the KKR cash arrives on time to ease financing pressure.

Between the second-quarter release on August 6, 2026 and November 1, the news that could be found consisted mainly of the company's own announcements and California wildfire liability policy discussion, with no independent analysis of Sempra's results or of the three core debates above, so no outside views are summarized here. Readers assessing the third-quarter results can only compare them with company disclosures, regulatory filings and management's statements on the call, keeping in mind that those statements carry the company's own perspective.

The current understanding would be clearly strengthened if the third quarter shows this combination: Texas segment earnings up more than 25% with no new catch-up items, California earnings up more than 4% with a narrower decline in capital spending, the KKR deal closed with consolidated debt falling, and ECA Phase 1 still on track for fourth-quarter substantial completion. Conversely, if Texas growth falls below 15% and is blamed on costs, California earnings are flat or lower, and closing slips again without a new timetable, the pressure on Sempra from funding a large capital plan with debt would rise and the current understanding would be weakened.

Sources

[1] SRE 10-K filed 2026-02-26 · business description · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000010/sre-20251231.htm

[2] SRE Q2 2026 10-Q filed 2026-08-06 · Oncor Holdings · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000045/sre-20260630.htm

[3] Sempra Q3 2026 results date announcement 2026-10-19 · 2026-10-19 · Sempra announcement via Drillr news

[4] SRE Q2 2026 8-K filed 2026-08-06 · results and guidance · 2026-08-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000043/ex99_1x20260630xearningsta.htm

[5] SRE Q2 2026 8-K filed 2026-08-06 · segment earnings and capex · 2026-08-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000043/ex99_1x20260630xearningsta.htm

[6] SRE Q2 2026 8-K filed 2026-08-06 · outlook · 2026-08-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000043/ex99_1x20260630xearningsta.htm

[7] SRE Q2 2026 8-K filed 2026-08-06 · adjusted earnings reconciliation · 2026-08-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000043/ex99_1x20260630xearningsta.htm

[8] SRE Q2 2026 10-Q filed 2026-08-06 · Oncor base rate review · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000045/sre-20260630.htm

[9] SRE Q2 2026 10-Q filed 2026-08-06 · CPUC cost of capital · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000045/sre-20260630.htm

[10] SRE Q2 2026 earnings call 2026-08-06 · 2026-08-06 · earnings_call · https://investor.sempra.com/

[11] SRE Q2 2026 10-Q filed 2026-08-06 · SI Partners sale · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000045/sre-20260630.htm

[12] SRE Q2 2026 10-Q filed 2026-08-06 · ECA LNG Phase 1 · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000045/sre-20260630.htm

[13] SRE Q2 2026 10-Q filed 2026-08-06 · Ecogas sale · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000045/sre-20260630.htm

[14] SRE 10-K filed 2026-02-26 · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000010/sre-20251231.htm

[15] SRE 10-K filed 2026-02-26 · Oncor description · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000010/sre-20251231.htm

[16] SRE Q2 2026 10-Q filed 2026-08-06 · PA LNG Phase 1 · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000045/sre-20260630.htm

[17] SRE 10-K filed 2026-02-26 · income statement · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000010/sre-20251231.htm

[18] SRE 10-K filed 2026-02-26 · segment results · 2026-02-26 · 10-K · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000010/sre-20251231.htm

[19] SRE Q2 2026 8-K filed 2026-08-06 · cash flows and balance sheet · 2026-08-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000043/ex99_1x20260630xearningsta.htm

[20] SRE Q2 2026 10-Q filed 2026-08-06 · GRC proceedings · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000045/sre-20260630.htm

[21] SRE Q2 2026 10-Q filed 2026-08-06 · 2028 GRC · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000045/sre-20260630.htm

[22] SRE Q2 2026 8-K filed 2026-08-06 · segment statements · 2026-08-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000043/ex99_1x20260630xearningsta.htm

[23] SRE Q2 2026 8-K filed 2026-08-06 · capital plan · 2026-08-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000043/ex99_1x20260630xearningsta.htm

[24] SRE Q2 2026 8-K filed 2026-08-06 · Texas and California update · 2026-08-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000043/ex99_1x20260630xearningsta.htm

[25] SRE Q2 2026 8-K filed 2026-08-06 · operating statistics · 2026-08-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1032208/000103220826000043/ex99_1x20260630xearningsta.htm