Sempra Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw strong double-digit adjusted EPS growth, with all segments contributing positively and guidance reaffirmed. Major capital investments are focused on Texas, where electricity demand is surging, and key transactions are set to strengthen the balance sheet.
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Q1 2026 saw strong earnings growth, regulatory wins in Texas and California, and progress on LNG and wind projects. Affirmed EPS guidance and capital plan, with Texas as a key growth driver and proactive management of supply chain and legislative risks.
Fiscal Year 2025
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Record adjusted EPS and robust cash flows in 2025 set the stage for a $65B capital plan focused on utility growth, especially in Texas, with strong long-term EPS guidance and no need for new equity issuances. Regulatory certainty and major transactions underpin the outlook.
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Third quarter adjusted EPS rose to $1.11, with strong year-to-date execution and full-year guidance affirmed. Major capital investments and a $10 billion asset sale are strengthening the balance sheet, while Texas and LNG growth drive a robust long-term outlook.
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A 45% stake in Sempra Infrastructure will be sold to KKR for ~$10 billion, enabling capital recycling into utility growth and eliminating the need for new equity issuances. The transaction is EPS and credit accretive, with a strong focus on regulated utility earnings and continued progress on LNG and other value initiatives.
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Q2 2025 adjusted EPS was $0.89, matching last year, with full-year guidance affirmed. Major capital deployment continues, Oncor's Texas growth accelerates, and LNG projects advance. Regulatory and legislative changes in Texas and California support improved returns and risk profile.
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Q1 2025 adjusted EPS rose to $1.44, with strong performance across regulated utilities and infrastructure. Affirmed 2025 EPS guidance and long-term growth targets, while advancing major asset sales and cost initiatives. Regulated earnings mix is expected to exceed 90% by 2029.
Fiscal Year 2024
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2024 adjusted EPS was $4.65, with 2025 guidance lowered to $4.30-$4.70 due to regulatory and cost headwinds, but a record $56B capital plan and strong Texas growth support a raised long-term EPS growth rate of 7%-9%. Dividend was increased for the 15th year.
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Q3 2024 adjusted EPS was $0.89, with full-year guidance reaffirmed and a $3B equity program launched to fund robust capital growth, especially in Texas and LNG infrastructure. Oncor's capital plan is set to increase 40%-50%, and major regulatory decisions in California remain pending.