Sempra Raises Annual Earnings Guidance as Infrastructure Profits Climb
The energy infrastructure company reported second-quarter GAAP earnings of $796 million, up from $461 million a year earlier.
Sempra (SRE) reported a rise in second-quarter GAAP earnings to $796 million, or $1.21 a diluted share, compared with $461 million, or $0.71 a diluted share, in the second quarter of 2025.
The results reflect a period of growth across the company's primary business segments despite a slight decline in overall revenue. Total revenues for the second quarter of 2026 were $2.997 billion, down from $3.000 billion in the prior-year period.
Earnings growth was driven by gains in all three major divisions. Sempra Infrastructure earnings rose to $230 million from $72 million, while Sempra Texas Utilities increased to $346 million from $208 million. Sempra California earnings rose to $297 million from $259 million.
Revenue shifts occurred between utility types, as a decrease in natural gas utility revenues to $1.364 billion from $1.470 billion was partially offset by electric utility revenues, which rose to $1.158 billion from $1.031 billion. Adjusted earnings for the quarter increased to $762 million, or $1.16 a diluted share, from $583 million, or $0.89 a diluted share.
Sempra updated its full-year 2026 GAAP EPS guidance range to $5.02 to $5.55, up from the $4.87 to $5.37 range provided in the first quarter of 2026. The company affirmed its full-year 2026 adjusted EPS guidance of $4.80 to $5.30 and its 2027 EPS guidance of $5.10 to $5.70.
Capital expenditures for the first half of 2026 exceeded $6 billion, an increase from $5.563 billion for the same period in 2025. GAAP earnings for the first half of 2026 totaled $1.833 billion, up from $1.367 billion in 2025.
The company is managing several asset transactions. The sale of Ecogas México is expected to close in August 2026 following antitrust approval in Mexico. Additionally, the sale of a 45% equity interest in Sempra Infrastructure Partners to KKR affiliates is now expected to close in the third quarter of 2026.