Q2 26 EPS Adjusted
$1.16
BEAT +9.65%
Est. $1.06
Q2 26 Revenue
$3.00B
MISS 3.38%
Est. $3.10B
Market Reaction
Did SRE Beat Earnings? Q2 2026 Results
Sempra delivered a notably strong second quarter, with adjusted EPS of $1.16 beating the Wall Street consensus of $1.06 by 9.84%, marking the fourth consecutive quarter the company has topped EPS estimates. The earnings beat was powered by surging co… Read more Sempra delivered a notably strong second quarter, with adjusted EPS of $1.16 beating the Wall Street consensus of $1.06 by 9.84%, marking the fourth consecutive quarter the company has topped EPS estimates. The earnings beat was powered by surging contributions across all three segments, most visibly at Sempra Texas Utilities, where earnings climbed to $346 million from $208 million a year ago, and at Sempra Infrastructure, which jumped to $230 million from $72 million. Revenue of $3.00 billion came in 3.38% below the $3.10 billion consensus and was essentially flat year over year, down just 0.1%, though that softness did little to dampen the broader earnings picture. Record power demand in Texas, fueled by population growth, data centers, and industrial activity, continues to underpin the investment case, with Oncor's service territory carrying roughly 44 GW of large-load interconnection requests. Sempra affirmed its 2026 adjusted EPS guidance range of $4.80 to $5.30 and its 2027 range of $5.10 to $5.70, while maintaining a 7% to 9% long-term EPS growth target backed by a $65 billion five-year capital plan.
Key Takeaways
- • Strong equity earnings growth from Sempra Texas Utilities driven by Oncor rate base growth
- • Sempra Infrastructure earnings increased significantly year-over-year
- • Oncor new base rates became effective June 1, 2026
- • ERCOT set new all-time peak load of 91 GW in July
- • FERC approved SDG&E electric transmission rate settlement with ~10.28% base ROE
SRE Forward Guidance & Outlook
Sempra updated its full-year 2026 GAAP EPS guidance range to $5.02–$5.55 (reflecting actual results through Q2), affirmed its 2026 adjusted EPS guidance range of $4.80–$5.30, and affirmed its full-year 2027 EPS guidance range of $5.10–$5.70. The company also affirmed a 7%–9% projected long-term EPS growth rate. The planned sale of a 45% equity interest in Sempra Infrastructure Partners to KKR affiliates is expected to close in Q3 2026 and is expected to be accretive. The sale of Ecogas is expected to close in August 2026. The company's record five-year capital plan of approximately $65 billion (2026–2030) has 95% allocated to Texas and California utility investments.
SRE YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
SRE Revenue by Segment
With YoY comparisons, source: SEC Filings
“Across our management team, there is a consistent emphasis on execution, and our progress through the first half of the year is reflected in strong financial performance.”
— Jeffrey W. Martin, Q2 2026 Earnings Press Release
SRE Earnings Trends
SRE vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
SRE EPS Trend
Earnings per share: estimate vs actual
SRE Revenue Trend
Quarterly revenue: estimate vs actual
SRE Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $1.06 | $1.16 | +9.65% | $3.00B | -3.38% |
| Q4 25 BEAT FY | $1.17 | $1.28 | +9.20% | $3.75B | -7.38% |
| FY Full Year | $4.60 | $4.69 | +1.89% | $13.70B | -1.41% |
| Q3 25 BEAT | $0.91 | $1.11 | +21.74% | $3.15B | +6.95% |
| Q2 25 BEAT | $0.85 | $0.89 | +5.26% | $3.00B | -3.12% |
| Q1 25 BEAT | $1.32 | $1.44 | +9.33% | $3.80B | -2.94% |