The strong EPS beat and high-end guidance reaffirmation are positive, but the CPUC proposed decision on the rate case correction introduces regulatory risk for 2027 California earnings. Watch for the KKR transaction closing and any resolution of the CPUC matter on the next earnings call.
Price Chart
Executive Summary
Sempra reported Q3 2026 adjusted EPS of $1.40, beating the $1.21 consensus by 15.7%, and guided to the high end of its 2026 adjusted EPS range of $4.80-$5.30. The company also announced an expected 20% increase to Oncor's base capital plan for 2027-2031 and expects to close the KKR Sempra Infrastructure Partners sale within two weeks. However, a CPUC proposed decision denying a rate case correction could pressure 2027 California segment earnings.
Key Financial Metrics
Key Facts
- Q3 2026 adjusted EPS $1.40 vs consensus $1.21 (beat by 15.7%)
- Q3 2026 GAAP EPS $1.34 vs $0.12 YoY (prior year included large tax items)
- Q3 2026 total revenue $3.191B vs consensus $3.31B (miss by 3.6%)
- Guiding to high end of 2026 adjusted EPS range of $4.80-$5.30
- Updated 2026 GAAP EPS guidance range to $7.41-$8.41
- Affirmed 2027 EPS guidance range of $5.10-$5.70 and 7%-9% long-term EPS growth
- Oncor projects ~20% increase in 2027-2031 base capital plan vs 2026-2030 plan
- Sale of 45% equity interest in Sempra Infrastructure Partners to KKR expected to close in next two weeks
- CPUC proposed decision denying rate case correction could push 2027 California earnings to low end of segment guidance
- Sempra California segment earnings fell to $223M from $370M YoY, partly due to $149M regulatory disallowance charge
Financial Impact
Q3 adjusted EPS $1.40 beat consensus by $0.19 (15.7%); revenue $3.191B missed $3.31B consensus by $119M (3.6%)
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Sempra California | $2.7B | +4.6% |
| Sempra Texas Utilities | $474.0M | -14.6% |
| Sempra Infrastructure | $3.2B | +1.2% |
Risk Factors
- CPUC proposed decision denying rate case correction could pressure 2027 California segment earnings to low end of guidance
- Revenue miss of 3.6% versus consensus may indicate top-line pressure
- Pending motions for rehearing and appeals on PUCT approval of Permian Basin Reliability Plan transmission projects
- Execution risk on $65B five-year capital plan and KKR transaction closing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001032208-26-000051 |
| Document: sempra-20261105.htm | 0001032208-26-000051 |
| Document: 0001032208-26-000051-index-headers.html | 0001032208-26-000051 |
| Document: 0001032208-26-000051-index.html | 0001032208-26-000051 |
| Document: 0001032208-26-000051.txt | 0001032208-26-000051 |
| 8-K Data (Synthetic) | 0001032208-26-000051 |
Track record
13 reports on SRE
The track record builds as more bullish or bearish reports settle.
Filters
- Nov 11, 2026today Press Release Neutral 2/10 Entry $78.56 Now $78.38 −0.23% settles Nov 13
- Nov 5, 20266d ago 8-K Bullish 6/10 Viewing No price data
- Nov 5, 20266d ago Press Release Bullish 6/10 Entry $79.83 to $78.17 Now $78.38 −1.82% ▼ −2.08% −2.39% vs SPY
- Aug 6, 202613w ago Press Release Neutral Not scored Entry $84.35 to $83.88 Now $78.38 −7.08% ▼ −0.56% −1.17% vs SPY
- Jun 16, 202621w ago 8-K Neutral 3/10 Entry $91.77 to $90.25 Now $78.38 −14.59% ▼ −1.66% −0.41% vs SPY
- May 19, 202625w ago Insider Cluster Neutral 3/10 Entry $91.46 to $91.55 Now $78.38 −14.30% ▲ +0.10% −0.10% vs SPY
- Mar 27, 202632w ago DEFA14A Neutral 3/10 Entry $95.88 to $96.58 Now $78.38 −18.25% ▲ +0.73% +1.09% vs SPY
- Mar 12, 202635w ago Insider Cluster Bearish 6/10 Entry $92.54 to $94.45 Now $78.38 +15.31% ▼ −2.06% −2.66% vs SPY
- Mar 11, 202635w ago Insider Cluster Mixed 5/10 Entry $93.19 to $95.11 Now $78.38 −15.89% ▲ +2.06% +2.63% vs SPY
- Mar 9, 202635w ago Insider Cluster Neutral 4/10 Entry $92.86 to $92.33 Now $78.38 −15.60% ▼ −0.58% −0.39% vs SPY
US Market Status
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