Sempra
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.86%.
Did SRE Beat Earnings? Q2 2025 Results
Sempra delivered a mixed but broadly encouraging second quarter, posting adjusted earnings per share of $0.89 against a Wall Street consensus of $0.8455 — a 5.26% beat — even as revenue of $3.00 billion fell just short of the $3.10 billion estimate and rose only 1.1% year over year. The headline GAAP figure of $0.71 per diluted share, down from $1.12 a year ago, was dragged lower by a $97 million hit from foreign currency and inflation swings on Mexican monetary positions, along with $25 million in COVID-19 regulatory disallowances at Sempra California — items the company stripped out of its adjusted results. On the infrastructure front, Oncor reported a nearly 40% surge in active transmission interconnection requests, a figure that reflects the relentless <a href="https://247wallst.com/investing/2025/07/17/ai-data-centers-and-big-tech-are-devouring-electricity-jim-cramer-has-4-favorite-utility-stocks/">demand for utility-scale power</a> across Texas. Sempra affirmed its 2025 adjusted EPS guidance range of $4.30–$4.70 and its 2026 range of $4.80–$5.30, with planned asset sales at Sempra Infrastructure and Ecogas México expected to provide additional upside not yet reflected in those figures.
- Oncor active transmission point of interconnection requests increased nearly 40% year-over-year to over 1,120
- Oncor increased premises served by almost 20,000 in Q2 and built, rebuilt or upgraded nearly 600 circuit miles
- Sempra California invested over $1.2 billion of capital during Q2
- CAISO awarded approximately $600 million of transmission projects to SDGE
- Port Arthur LNG Phase 2 received non-FTA export authorization for approximately 13.5 Mtpa
- Oncor total deliveries grew to 42,226 million kWhs from 40,343 million kWhs year-over-year
“We are pleased to report another solid quarter. We remain focused on the disciplined execution of our value creation initiatives for 2025, with a view toward continuing to rotate capital into a more utility-centric business model.”
Sempra CEO, on the earnings call
Forward Guidance & Outlook
Sempra updated its full-year 2025 GAAP EPS guidance range to $4.05–$4.45 reflecting actual results through Q2, affirmed its full-year 2025 adjusted EPS guidance range of $4.30–$4.70, and affirmed its full-year 2026 EPS guidance range of $4.80–$5.30. The company also affirmed guidance to the high-end or above its projected long-term EPS compound annual growth rate of 7%–9% for 2025 through 2029. The adjusted EPS guidance does not contemplate anticipated impacts of the proposed sale of Ecogas and the proposed sale of an equity interest in Sempra Infrastructure Partners, which combined are expected to be accretive.
SRE YoY Financials
SRE Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.