SRE Q4 2025 Earnings
Reported Feb 26, 2026 at 5:57 AM ET · SEC Source
Q4 25 EPS
$1.28
BEAT +4.07%
Est. $1.23
Q4 25 Revenue
$3.75B
Full Year 2025 Results
FY 25 EPS
$4.69
BEAT +1.89%
Est. $4.60
FY 25 Revenue
$13.70B
MISS 1.41%
Est. $13.90B
Did SRE Beat Earnings? Q4 2025 Results
Sempra delivered a mixed but strategically charged fourth quarter, posting adjusted earnings per share of $1.28 against a consensus estimate of $1.23, a 4.07% beat, even as revenue of $3.75 billion fell short of the $3.92 billion analysts had expecte… Read more Sempra delivered a mixed but strategically charged fourth quarter, posting adjusted earnings per share of $1.28 against a consensus estimate of $1.23, a 4.07% beat, even as revenue of $3.75 billion fell short of the $3.92 billion analysts had expected, landing essentially flat year over year with a 0.1% decline. The headline GAAP result told a harsher story: net income collapsed to $352 million, or $0.54 per diluted share, from $665 million a year ago, weighed down by a $432 million after-tax charge tied to regulatory disallowances from the 2024 General Rate Case Track 2 final decision at Sempra California. Analysts have noted the stock appears modestly undervalued despite recent share price gains, with strong Texas demand growth viewed as the primary earnings catalyst ahead. That optimism found concrete support in Sempra's record $65 billion five-year capital plan, more than 95% directed to regulated utilities, alongside 2026 adjusted EPS guidance of $4.80 to $5.30 and a longer-range 2030 outlook of $6.70 to $7.50.
Key Takeaways
- • Approximately $13 billion invested in 2025 to modernize energy infrastructure, primarily at Texas and California utilities
- • Improving financial returns at Oncor driven by greater capital efficiency following implementation of the Unified Tracker Mechanism
- • Sempra Texas Utilities segment earnings grew from $135 million in Q4 2024 to $201 million in Q4 2025
- • Oncor electric deliveries increased to 40,782 million kWh in Q4 2025 from 38,827 million kWh in Q4 2024
- • SDG&E earned ReliabilityOne Award for Outstanding Reliability Performance for 20th consecutive year
SRE Forward Guidance & Outlook
Sempra affirmed its full-year 2026 adjusted EPS guidance range of $4.80 to $5.30. The company also issued full-year 2027 EPS guidance of $5.10 to $5.70 and a full-year 2030 EPS outlook of $6.70 to $7.50. Sempra announced a company-record five-year (2026–2030) capital plan of approximately $65 billion (up from $56 billion for 2025–2029), with over 95% directed to regulated utility investments in Texas and California. An additional $9 billion of potential incremental capital expenditures through 2030 was identified, primarily to support Oncor's continued grid expansion. The KKR transaction (45% stake in SI Partners for $10 billion) and the Ecogas sale (~$500 million) are both expected to close in Q2–Q3 2026.
SRE YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
SRE Revenue by Segment
With YoY comparisons, source: SEC Filings
“In addition to posting strong financial results, we took important steps in 2025 to simplify our business, improve capital efficiency and strengthen our balance sheet. Taken together, these considerations support an improved outlook for future earnings growth through the end of the decade.”
— Jeffrey W. Martin, Q4 2025 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
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 BEAT FY | $1.23 | $1.28 | +4.07% | $3.75B | — |
| 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 | — | $1.44 | — | $3.80B | — |