Monitor Q2 for Oncor rate settlement revenue recognition and progress on SI Partners/Ecogas asset sales (expected H2 2026). The affirmed guidance and capital plan support the long-term utility growth narrative, but the revenue decline and negative free cash flow warrant caution for near-term trading.
Price Chart
Executive Summary
Sempra reported Q1 2026 GAAP EPS of $1.58 (up from $1.39 YoY) and adjusted EPS of $1.51 (up from $1.44), while total revenue declined 3.9% to $3.655B due to lower natural gas sales. The company affirmed its 2026 adjusted EPS guidance and 7-9% long-term growth rate, with a record $65B five-year capital plan. Results are mixed: earnings grew but revenue fell, with one-time tax benefits boosting GAAP results.
Key Financial Metrics
Key Facts
- Q1 2026 GAAP EPS $1.58 vs $1.39 YoY; adjusted EPS $1.51 vs $1.44
- Revenue $3.655B down 3.9% YoY from $3.802B
- Segment earnings: Sempra California $720M (-0.6%), Sempra Texas $171M (+17%), Sempra Infrastructure $262M (+79%)
- 2026 GAAP EPS guidance raised to $4.87-$5.37; adjusted EPS affirmed at $4.80-$5.30
- 2026-2030 capital plan of ~$65B, with 95% allocated to utility investments in Texas and California
- Oncor base rate settlement approved in April; expected to improve financial strength from Q2
- Operating cash flow $1.809B, capex $2.461B (FCF -$652M)
Financial Impact
Revenue declined ~$147M (3.9%) YoY; GAAP EPS up ~$0.19 (13.7%); adjusted EPS up ~$0.07 (4.9%)
Risk Factors
- California regulatory disallowances and wildfire fund dynamics
- Execution risk on $65B capital plan and LNG asset sales
- Revenue sensitivity to weather and gas demand
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001032208-26-000027 |
| Document: sempra-20260507.htm | 0001032208-26-000027 |
| Document: 0001032208-26-000027-index-headers.html | 0001032208-26-000027 |
| Document: 0001032208-26-000027-index.html | 0001032208-26-000027 |
| Document: 0001032208-26-000027.txt | 0001032208-26-000027 |
| 8-K Data (Synthetic) | 0001032208-26-000027 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 4, 2026 17w ago | 424B5 | $21.30 $20.45 | ▼ −3.99% | ▼ −5.87% | $19.00 (−10.80%) |
May 15, 2026 20w ago | 8-K | $21.30 $20.57 | ▼ −3.43% | ▼ −8.28% | $19.00 (−10.80%) |
May 14, 2026 20w ago | 144 | $21.29 $20.57 | ▼ −3.38% | ▼ −7.90% | $19.00 (−10.76%) |
May 7, 2026 21w ago | 8-K | $21.47 $21.00 | ▼ −2.19% | ▼ −6.02% | $19.00 (−11.50%) |
Apr 17, 2026 24w ago | 8-K | $21.93 $21.42 | ▼ −2.33% | ▼ −9.10% | $19.00 (−13.36%) |
US Market Status
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