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Sep 30, 2025
Sempra Q3 2025 Earnings Report
Sempra reported lower GAAP earnings for Q3 2025 compared to the prior year, but delivered stronger adjusted results, driven by improvements in its core California and Texas utility segments.
Key Takeaways
Sempra posted Q3 2025 GAAP net income of $77 million and adjusted earnings of $728 million. Despite a significant GAAP earnings drop due to tax-related items, adjusted EPS rose to $1.11, reflecting strong operating performance from its utility businesses.
GAAP net income fell to $77 million from $638 million due to tax impacts related to held-for-sale assets.
Adjusted earnings increased to $728 million, up from $566 million in Q3 2024.
Strong contributions from Sempra California ($370M) and Sempra Texas ($306M) segments.
Equity sale of 45% in Sempra Infrastructure Partners expected to close in mid-2026.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Sempra affirmed its 2025 adjusted EPS guidance of $4.30–$4.70 and its 2026 guidance of $4.80–$5.30, supported by solid year-to-date performance and growth expectations from capital investments.
Positive Outlook
- Affirmed full-year 2025 adjusted EPS guidance: $4.30–$4.70
- Affirmed 2026 adjusted EPS guidance: $4.80–$5.30
- Expects long-term EPS CAGR of 7–9% through 2029
- Major capital plan increase expected for Oncor (30%+)
- Strong YTD performance across core utility businesses
Challenges Ahead
- Significant GAAP earnings drag from tax items related to asset sales
- Foreign currency and inflationary pressure in Mexico
- Ongoing regulatory and legal risks in California and Texas
- Interest rate volatility impacting financing costs
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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