Sempra (NYSE:SRE) reported third-quarter 2026 earnings results on November 5, 2026, disclosing GAAP earnings of $877 million and updating its full-year 2026 GAAP EPS guidance range, while announcing an expected 20% increase to Oncor's base capital plan.

Key Highlights

  • Q3 2026 GAAP earnings: $877 million, or $1.34 per diluted share, compared to $77 million, or $0.12 per diluted share, in Q3 2025, according to the filing.
  • Q3 2026 adjusted earnings: $917 million, or $1.40 per diluted share, compared to $728 million, or $1.11 per diluted share, in Q3 2025.
  • Nine-month 2026 GAAP earnings: $2.710 billion, or $4.13 per diluted share, versus $1.444 billion, or $2.21 per diluted share, in the first nine months of 2025.
  • Full-year 2026 GAAP EPS guidance updated to a range of $7.41 to $8.41, with the company guiding to the high end of its adjusted EPS guidance range of $4.80 to $5.30.
  • Oncor's 2027-2031 base capital plan is projected to increase by approximately 20% relative to its 2026-2030 base capital plan, the filing states.
  • KKR transaction: The sale of a 45% equity interest in Sempra Infrastructure Partners to affiliates of KKR remained on track and was expected to close within two weeks of the filing date.
  • Capital invested: Sempra's businesses invested approximately $10 billion in capital in the first nine months of 2026, according to the filing.

Sempra's Q3 2026 Financial Results and Strategic Updates

Sempra reported third-quarter 2026 GAAP earnings of $877 million, or $1.34 per diluted share, a significant increase from $77 million, or $0.12 per diluted share, in the same period of 2025. The filing noted that the prior-year quarter was affected by tax items related to assets held for sale totaling $514 million. On an adjusted basis, which excludes items such as regulatory disallowances, foreign currency impacts, and unrealized derivative gains or losses, Q3 2026 earnings were $917 million, or $1.40 per diluted share, compared to $728 million, or $1.11 per diluted share, in Q3 2025.

For the first nine months of 2026, the company reported GAAP earnings of $2.710 billion, or $4.13 per diluted share, against $1.444 billion, or $2.21 per diluted share, in the same period of 2025. Adjusted earnings for the nine-month period were $2.670 billion, or $4.07 per diluted share, compared to $2.253 billion, or $3.45 per diluted share, in the prior-year period. The filing disclosed that diluted weighted-average common shares outstanding were 656 million for Q3 2026 and 654 million for Q3 2025.

On the operational side, Oncor set a new all-time system peak demand record of 33.3 gigawatts during the third quarter, a 6% increase from the prior year's record of 31.4 GW. The filing also noted that San Diego Gas and Electric reached a new all-time peak net system energy demand of 5.2 GW during the quarter. Regarding California regulatory matters, the filing stated that on October 29, the California Public Utilities Commission issued a proposed decision denying SoCalGas and SDGE's request related to the 2024 General Rate Case capital attrition mechanism, and that if the matter is not resolved successfully, Sempra California expects its 2027 earnings to be "at the low end of its segment guidance range, unless otherwise mitigated through various business initiatives." Sempra also affirmed a 7% to 9% projected long-term EPS growth rate and a 2027 EPS guidance range of $5.10 to $5.70.

What Was Disclosed

Sempra disclosed Q3 and year-to-date 2026 GAAP and adjusted earnings results, updated its full-year 2026 GAAP EPS guidance range to $7.41 to $8.41, announced an expected 20% increase to Oncor's base capital plan, and provided updates on the KKR transaction and California regulatory proceedings.