Sempra Updates 2026 GAAP Earnings Range After Third-Quarter Charge

The Tip Desk · November 5, 2026 · 3 min read

Sempra reported third-quarter 2026 revenue of $3.191 billion and GAAP earnings of $877 million, reduced by a $149 million after-tax net regulatory charge. Adjusted earnings were $1.40 a share, and the company guided to the high end of its 2026 adjusted EPS range of $4.80 to $5.30.

Sempra (SRE) reported third-quarter 2026 revenue of $3.191 billion, up from $3.151 billion a year earlier, and GAAP earnings of $877 million, or $1.34 a share, compared with $77 million, or $0.12 a share, a year earlier. GAAP earnings were reduced by a $149 million after-tax net regulatory charge. Adjusted earnings were $917 million, or $1.40 a share, versus $728 million, or $1.11 a share.

The GAAP result included a $149 million after-tax charge from California regulatory disallowances related to prior years, tied to the California Public Utilities Commission’s proposed decisions on the 2024 General Rate Case Track 3 request and the Transmission Integrity Management Program application. The $149 million net charge reflected a $216 million charge at SoCalGas, including $150 million from the Track 3 proposed decision and $66 million from the TIMP proposed decision, partially offset by a $67 million benefit at SDG&E from the Track 3 proposed decision.

Other items excluded from adjusted earnings included a $65 million impact from foreign currency and inflation on monetary positions in Mexico, $67 million of net unrealized losses on commodity derivatives, $16 million of net unrealized gains on interest-rate swaps related to Port Arthur LNG Phase 1, $2 million of tax items related to assets held for sale, and a $97 million gain on the sale of Ecogas.

Total revenues were $3.191 billion, up from $3.151 billion a year earlier. Electric utility revenues rose to $1.391 billion from $1.260 billion. Natural gas utility revenues declined to $1.347 billion from $1.363 billion, and energy-related businesses revenues fell to $453 million from $528 million.

Oncor Electric Delivery Company LLC set a new all-time system peak demand record of 33.3 gigawatts, a 6% increase from the prior-year record of 31.4 gigawatts. The company said Oncor currently projects its 2027-2031 base capital plan to increase by approximately 20% relative to its 2026-2030 base capital plan, citing a portfolio of investments to maintain reliability and support load growth in ERCOT. Sempra expects to finalize and announce the 2027-2031 capital plan on its fourth-quarter earnings call in February.

Oncor submitted Certificates of Convenience and Necessity for 765-kV transmission projects comprising Import Path 1 and Import Path 2 of the Permian Basin Reliability Plan. In August, the Public Utility Commission of Texas approved both segments of Import Path 1, subject to motions for rehearing and appeals. Oncor also received conditional ERCOT classification of customer loads in Batch Zero, including approximately 24 gigawatts of large load classified as base load, of which 10 gigawatts were already energized, and 21 gigawatts as studied load.

San Diego Gas & Electric reached a new all-time peak net system energy demand of 5.2 gigawatts. On October 29, the California Public Utilities Commission issued a proposed decision denying SoCalGas and SDG&E’s request to correct the 2024 General Rate Case capital attrition mechanism to reflect appropriate post-test-year capital revenue requirement for 2027. Sempra California said it continues to pursue other regulatory avenues and, if not successful, expects 2027 earnings to be at the low end of its segment guidance range unless otherwise mitigated.

Sempra said the sale of a 45% equity interest in Sempra Infrastructure Partners to affiliates of KKR remains on track and is expected to close in the next two weeks. Sempra Infrastructure Partners completed the sale of Ecogas México in August. In the first nine months of 2026, Sempra’s businesses invested approximately $10 billion in capital.

The company updated its full-year 2026 GAAP EPS guidance range to $7.41 to $8.41, reflecting results through the third quarter, and is guiding to the high end of its 2026 adjusted EPS guidance range of $4.80 to $5.30. It affirmed 2027 EPS guidance of $5.10 to $5.70 and a 7% to 9% projected long-term EPS growth rate, noting that certain pending regulatory outcomes could place it in the lower half of the 2027 range unless otherwise mitigated.