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Sempra, Southern California Gas Co

Sempra Reports Second-Quarter 2025 Results

SAN DIEGO , Aug. 7, 2025 /PRNewswire/ -- Sempra (NYSE: SRE) today reported second-quarter 2025 earnings, prepared in accordance with Generally Accepted Accounting Principles (GAAP), of $461 million or $0.71 per diluted share, compared to second-quarter 2024 GAAP earnings of $713 million or $1.12 per diluted share. On an adjusted basis, second-quarter 2025 earnings were $583 million or $0.89 per diluted share, compared to $567 million or $0.89 per diluted share in 2024.  

"We are pleased to report another solid quarter," said Jeffrey W. Martin, chairman and CEO of Sempra. "We remain focused on the disciplined execution of our value creation initiatives for 2025, with a view toward continuing to rotate capital into a more utility-centric business model."

The reported financial results reflect certain significant items as described on an after-tax basis in the following table of GAAP earnings, reconciled to adjusted earnings, for second-quarter 2025 and 2024.

‌










(Dollars and shares in millions, except EPS)

Three months ended June 30,


Six months ended June 30,



2025


2024


2025


2024



‌




GAAP Earnings

$             461


$             713


$          1,367


$          1,514



Impact from regulatory disallowances

25


—


25


—



Impact from foreign currency and inflation on monetary positions in
     Mexico

97


(152)


89


(111)



Net unrealized (gains) losses on derivatives

(25)


6


10


18



Net unrealized (gains) losses on interest rate swaps related to Port
     Arthur LNG Phase 1 project

(1)


—


8


—



Tax items related to assets held for sale

26


—


26


—



Adjusted Earnings(1)

$             583


$             567


$          1,525


$          1,421



‌










Diluted Weighted-Average Common Shares Outstanding

653


636


653


636



GAAP EPS

$            0.71


$            1.12


$            2.09


$            2.38



Adjusted EPS(1)

$            0.89


$            0.89


$            2.34


$            2.24



‌









1)

See Table A for information regarding non-GAAP financial measures.

Update on Value Creation Initiatives
During the quarter, Sempra continued to make steady progress on its five value creation initiatives for 2025. In particular, important progress was made on two transactions that form a part of Sempra's ongoing capital recycling program. On the planned sale of equity at Sempra Infrastructure, the company has extended the right of first offer process under its limited partnership agreement and signed a non-binding letter of intent with KKR. In addition, with respect to the planned sale of Ecogas México, S. de R.L. de C.V., the sales process continues to advance with strong interest from strategic and financial buyers. Both transactions are expected to close in the second or third quarter of 2026. 

Sempra Texas
In the second quarter, the state of Texas concluded its regular biennial legislative session with the passage of new legislation that is expected to help utilities support strong economic growth and increased energy demand across the state. One key example is the Unified Tracker Mechanism introduced through House Bill 5247. For qualifying utilities, this alternative tracker mechanism is expected to reduce the impacts of regulatory lag associated with new capital investment and improve earned returns on equity during periods of higher investment.

Oncor Electric Delivery Company LLC (Oncor) has commenced utilizing this alternative tracker mechanism as the company looks to advance critical transmission and distribution infrastructure projects to increase electric reliability. At the end of the second quarter of 2025, Oncor had over 1,120 active transmission point of interconnection requests in queue, split almost evenly between generation and large commercial and industrial customers. This represents a nearly 40% increase in active requests as compared to the end of second-quarter 2024. Additionally, Oncor increased its premises served by almost 20,000 in the second quarter and built, rebuilt or upgraded nearly 600 circuit miles of transmission and distribution power lines.

In light of the continued expected growth across its service territory and other drivers, Oncor filed a request for a comprehensive base rate review with the Public Utility Commission of Texas. This review is intended to support Oncor's continued delivery of safe, reliable electric service to more than 13 million Texans—and to help meet the needs of the state's growing population. In addition, the filed rate request is intended to recover storm-related costs and adjust for higher interest expense and cost inflation, while also updating Oncor's capital structure to support higher levels of capital investment in the coming years. Oncor expects a final order to be issued in its base rate review proceeding in the first quarter of 2026.

Sempra California
Sempra California is a dual-utility platform focused on connecting roughly 25 million consumers to safe, reliable and affordable energy. In May, the California Independent System Operator finalized its 2024 – 2025 Transmission Plan, awarding an estimated $600 million of projects to San Diego Gas & Electric Company (SDGE) with a view toward supporting local load growth and evolving grid conditions.

Throughout the quarter, SDGE and Southern California Gas Company (SoCalGas) advanced strategic programs to help meet growing demand and modernize their energy networks, investing over $1.2 billion of capital during the period. In addition, both companies are executing on a series of initiatives to lower costs and improve productivity, including an effort by SDGE to save customers nearly $300 million between 2026 and 2031 by phasing out certain non-economic regulatory programs, pending California Public Utilities Commission approval.

Sempra Infrastructure
Throughout the quarter, Sempra Infrastructure continued to make progress on five significant construction projects, including infrastructure projects on both the Pacific and Gulf Coasts of North America.

Also, during the second quarter, Sempra Infrastructure's Port Arthur LNG Phase 2 development project received its non-FTA export authorization from the U.S. Department of Energy, which allows the export of up to approximately 13.5 million tonnes per annum (Mtpa) of U.S.-produced LNG. In July, Sempra Infrastructure executed a 20-year sale and purchase agreement with JERA Co. Inc. for the supply of 1.5 Mtpa of LNG offtake from Phase 2 of the development project. Sempra continues to target making a financial investment decision on Phase 2 in 2025.

Earnings Guidance
Sempra is updating its full-year 2025 GAAP earnings-per-common-share (EPS) guidance range of $4.05 to $4.45, reflecting actual results through the second quarter, affirming its full-year 2025 adjusted EPS guidance range of $4.30 to $4.70, and affirming its full-year 2026 EPS guidance range of $4.80 to $5.30. The company is also affirming its guidance to the high-end or above its projected long-term EPS compound annual growth rate of 7% to 9% for 2025 through 2029.

Non-GAAP Financial Measures
Non-GAAP financial measures include Sempra's adjusted earnings, adjusted EPS and adjusted EPS guidance range. See Table A for additional information regarding these non-GAAP financial measures.

Internet Broadcast
Sempra will broadcast a live discussion of its earnings results over the internet today at 12 p.m. ET with the company's senior management. Access is available by logging onto the Investors section of the company's website, sempra.com/investors. The webcast will be available on replay a few hours after its conclusion at sempra.com/investors.

About Sempra
Sempra is a leading North American energy infrastructure company focused on delivering energy to nearly 40 million consumers. As owner of one of the largest energy networks on the continent, Sempra is electrifying and improving the energy resilience of some of the world's most significant economic markets, including California, Texas, Mexico and global energy markets. The company is recognized as a leader in sustainable business practices and for its high-performance culture focused on safety and operational excellence, as demonstrated by Sempra's inclusion in the Dow Jones Sustainability Index North America. More information about Sempra is available at sempra.com and on social media @Sempra.

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on assumptions about the future, involve risks and uncertainties, and are not guarantees. Future results may differ materially from those expressed or implied in any forward-looking statement. These forward-looking statements represent our estimates and assumptions only as of the date of this press release. We assume no obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise.

In this press release, forward-looking statements can be identified by words such as "believe," "expect," "intend," "anticipate," "contemplate," "plan," "estimate," "project," "forecast," "envision," "should," "could," "would," "will," "confident," "may," "can," "potential," "possible," "proposed," "in process," "construct," "develop," "opportunity," "preliminary," "initiative," "target," "outlook," "optimistic," "poised," "positioned," "maintain," "continue," "progress," "advance," "goal," "aim," "commit," or similar expressions, or when we discuss our guidance, priorities, strategies, goals, vision, mission, projections, intentions or expectations.

Factors, among others, that could cause actual results and events to differ materially from those expressed or implied in any forward-looking statement include: California wildfires, including potential liability for damages regardless of fault and any inability to recover all or a substantial portion of costs from insurance, the wildfire fund established by California Assembly Bill 1054, rates from customers or a combination thereof; decisions, denials of cost recovery, audits, investigations, inquiries, ordered studies, regulations, denials or revocations of permits, consents, approvals or other authorizations, renewals of franchises, and other actions, including the failure to honor contracts and commitments, by the (i) California Public Utilities Commission (CPUC), Comisión Nacional de Energía, U.S. Department of Energy, U.S. Federal Energy Regulatory Commission, U.S. Internal Revenue Service, Public Utility Commission of Texas and other regulatory bodies and (ii) U.S., Mexico and states, counties, cities and other jurisdictions therein and in other countries where we do business; the success of business development efforts, construction projects, acquisitions, divestitures, and other significant transactions, including risks related to (i) being able to make a final investment decision, (ii) negotiating pricing and other terms in definitive contracts, (iii) completing construction projects or other transactions on schedule and budget, (iv) realizing anticipated benefits from any of these efforts if completed, (v) obtaining regulatory and other approvals and (vi) third parties honoring their contracts and commitments; changes to our capital expenditure plans and their potential impact on rate base or other growth; changes, due to evolving economic, political and other factors, to (i) trade and other foreign policy, including the imposition of tariffs by the U.S. and foreign countries, and (ii) laws and regulations, including those related to tax and the energy industry in the U.S. and Mexico; litigation, arbitration, property disputes and other proceedings; cybersecurity threats, including by state and state-sponsored actors, of ransomware or other attacks on our systems or the systems of third parties with which we conduct business, including the energy grid or other energy infrastructure; the availability, uses, sufficiency, and cost of capital resources and our ability to borrow money or otherwise raise capital on favorable terms and meet our obligations, which can be affected by, among other things, (i) actions by credit rating agencies to downgrade our credit ratings or place those ratings on negative outlook, (ii) instability in the capital markets, and (iii) fluctuating interest rates and inflation; the impact on affordability of San Diego Gas & Electric Company's (SDG&E) and Southern California Gas Company's (SoCalGas) customer rates and their cost of capital and on SDG&E's, SoCalGas' and Sempra Infrastructure's ability to pass through higher costs to customers due to (i) volatility in inflation, interest rates and commodity prices and the imposition of tariffs, (ii) with respect to SDG&E's and SoCalGas' businesses, the cost of meeting the demand for lower carbon and reliable energy in California, and (iii) with respect to Sempra Infrastructure's business, volatility in foreign currency exchange rates; the impact of climate policies, laws, rules, regulations, trends and required disclosures, including actions to reduce or eliminate reliance on natural gas, increased uncertainty in the political or regulatory environment for California natural gas distribution companies, the risk of nonrecovery for stranded assets, and uncertainty related to emerging technologies; weather, natural disasters, pandemics, accidents, equipment failures, explosions, terrorism, information system outages or other events, such as work stoppages, that disrupt our operations, damage our facilities or systems, cause the release of harmful materials or fires or subject us to liability for damages, fines and penalties, some of which may not be recoverable through regulatory mechanisms or insurance or may impact our ability to obtain satisfactory levels of affordable insurance; the availability of electric power, natural gas and natural gas storage capacity, including disruptions caused by failures in the transmission grid or pipeline and storage systems or limitations on the injection and withdrawal of natural gas from storage facilities; Oncor Electric Delivery Company LLC's (Oncor) ability to reduce or eliminate its quarterly dividends due to regulatory and governance requirements and commitments, including by actions of Oncor's independent directors or a minority member director; and other uncertainties, some of which are difficult to predict and beyond our control.

These risks and uncertainties are further discussed in the reports that Sempra has filed with the U.S. Securities and Exchange Commission (SEC). These reports are available through the EDGAR system free-of-charge on the SEC's website, www.sec.gov, and on Sempra's website, www.sempra.com. Investors should not rely unduly on any forward-looking statements.

Sempra Infrastructure, Sempra Infrastructure Partners, Sempra Texas, Sempra Texas Utilities, Oncor and Infraestructura Energética Nova, S.A.P.I. de C.V. (IEnova) are not the same companies as the California utilities, SDG&E or SoCalGas, nor are they regulated by the CPUC.

None of the website references in this press release are active hyperlinks, and the information contained on, or that can be accessed through, any such website is not, and shall not be deemed to be, part of this document.

SEMPRA

Table A

‌








CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in millions, except per share amounts; shares in thousands)









Three months ended June 30,


Six months ended June 30,


2025


2024


2025


2024

‌








REVENUES








Utilities:








Natural gas

$          1,470


$          1,494


$          3,832


$          3,603

Electric

1,031


1,144


2,090


2,200

Energy-related businesses

499


373


880


848

Total revenues

3,000


3,011


6,802


6,651

‌








EXPENSES AND OTHER INCOME








Utilities:








Cost of natural gas

(183)


(137)


(676)


(691)

Cost of electric fuel and purchased power

(91)


(156)


(143)


(245)

Energy-related businesses cost of sales

(85)


(54)


(204)


(163)

Operation and maintenance

(1,239)


(1,333)


(2,582)


(2,545)

Depreciation and amortization

(653)


(603)


(1,293)


(1,197)

Franchise fees and other taxes

(165)


(156)


(361)


(340)

Other income, net

59


30


150


129

Interest income

14


17


48


30

Interest expense

(359)


(311)


(792)


(616)

Income before income taxes and equity earnings

298


308


949


1,013

Income tax (expense) benefit

(172)


130


(229)


(42)

Equity earnings

393


433


718


781

Net income

519


871


1,438


1,752

Earnings attributable to noncontrolling interests

(46)


(146)


(48)


(215)

Preferred dividends

(11)


(11)


(22)


(22)

Preferred dividends of subsidiary

(1)


(1)


(1)


(1)

Earnings attributable to common shares

$             461


$             713


$          1,367


$          1,514

‌








Basic earnings per common share (EPS):








Earnings

$            0.71


$            1.13


$            2.10


$            2.39

Weighted-average common shares outstanding

652,664


633,450


652,330


633,135

‌








Diluted EPS:








Earnings

$            0.71


$            1.12


$            2.09


$            2.38

Weighted-average common shares outstanding

653,224


636,279


653,123


635,817

SEMPRA
 Table A (Continued)

RECONCILIATION OF SEMPRA ADJUSTED EARNINGS TO SEMPRA GAAP EARNINGS

Sempra Adjusted Earnings and Adjusted EPS exclude items (after the effects of income taxes and, if applicable, noncontrolling interests (NCI)) in 2025 and 2024 as follows:

Three months ended June 30, 2025:

  • $(25) million impact from regulatory disallowances related to the recovery of coronavirus disease 2019 (COVID-19) costs at Sempra California
  • $(97) million impact from foreign currency and inflation on our monetary positions in Mexico
  • $25 million net unrealized gains on commodity derivatives
  • $1 million net unrealized gains on interest rate swaps related to the initial phase of the Port Arthur LNG liquefaction project (PA LNG Phase 1 project)
  • $(26) million income tax expense in 2025 due to the recognition of a Mexican deferred tax liability on our outside basis difference in Ecogas México, S. de R.L. de C.V. (Ecogas) as a result of management's decision to hold the asset for sale

Three months ended June 30, 2024:

  • $152 million impact from foreign currency and inflation on our monetary positions in Mexico
  • $(6) million net unrealized losses on commodity derivatives

Six months ended June 30, 2025:

  • $(25) million impact from regulatory disallowances related to the recovery of COVID-19 costs at Sempra California
  • $(89) million impact from foreign currency and inflation on our monetary positions in Mexico
  • $(10) million net unrealized losses on commodity derivatives
  • $(8) million net unrealized losses on interest rate swaps related to the PA LNG Phase 1 project
  • $(26) million income tax expense in 2025 due to the recognition of a Mexican deferred tax liability on our outside basis difference in Ecogas as a result of management's decision to hold the asset for sale

Six months ended June 30, 2024:

  • $111 million impact from foreign currency and inflation on our monetary positions in Mexico
  • $(18) million net unrealized losses on commodity derivatives

Sempra Adjusted Earnings and Adjusted EPS are non-GAAP financial measures (GAAP represents generally accepted accounting principles in the United States of America). These non-GAAP financial measures exclude significant items that are generally not related to our ongoing business activities and/or are infrequent in nature. These non-GAAP financial measures also exclude the impact from foreign currency and inflation on our monetary positions in Mexico and net unrealized gains and losses on commodity and interest rate derivatives, which we expect to occur in future periods, and which can vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the performance of Sempra's business operations to prior and future periods. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles for historical periods these non-GAAP financial measures to Sempra GAAP Earnings and GAAP EPS, which we consider to be the most directly comparable financial measures calculated in accordance with GAAP.

RECONCILIATION OF ADJUSTED EARNINGS TO GAAP EARNINGS AND ADJUSTED EPS TO GAAP EPS

(Dollars in millions, except per share amounts; shares in thousands)






Pretax
amount

Income
tax
(benefit)
expense(1)

Non-
controlling
interests

Earnings


Diluted
EPS


Pretax
amount

Income
tax
benefit(1)

Non-
controlling
interests

Earnings


Diluted
EPS


Three months ended June 30, 2025


Three months ended June 30, 2024


‌















Sempra GAAP Earnings and GAAP EPS




$        461


$       0.71





$        713


$       1.12

Excluded items:















Impact from regulatory disallowances

$         36

$        (11)

$          —

25


0.04


$          —

$          —

$          —

—


—


Impact from foreign currency and inflation
     on monetary positions in Mexico

24

122

(49)

97


0.14


(37)

(186)

71

(152)


(0.24)


Net unrealized (gains) losses on
     commodity derivatives

(46)

6

15

(25)


(0.04)


12

(2)

(4)

6


0.01


Net unrealized gains on interest rate
     swaps related to PA LNG Phase 1
     project

(9)

1

7

(1)


—


—

—

—

—


—


Tax items related to assets held for sale

—

38

(12)

26


0.04


—

—

—

—


—

Sempra Adjusted Earnings and Adjusted EPS




$        583


$       0.89





$        567


$       0.89
















Weighted-average common shares
     outstanding, diluted






653,224







636,279


‌
















Six months ended June 30, 2025


Six months ended June 30, 2024



‌














Sempra GAAP Earnings and GAAP EPS




$     1,367


$       2.09





$     1,514


$       2.38

Excluded items:















Impact from regulatory disallowances

$         36

$        (11)

$          —

25


0.04


$          —

$          —

$          —

—


—


Impact from foreign currency and inflation
     on monetary positions in Mexico

22

112

(45)

89


0.14


(30)

(133)

52

(111)


(0.17)


Net unrealized losses on commodity
     derivatives

23

(9)

(4)

10


0.02


35

(5)

(12)

18


0.03


Net unrealized losses on interest rate
     swaps related to PA LNG Phase 1
     project

56

(3)

(45)

8


0.01


—

—

—

—


—


Tax items related to assets held for sale

—

38

(12)

26


0.04


—

—

—

—


—

Sempra Adjusted Earnings and Adjusted EPS




$     1,525


$       2.34





$     1,421


$       2.24


‌














Weighted-average common shares
     outstanding, diluted






653,123







635,817

(1)

Except for adjustments that are solely income tax and tax related to outside basis differences, income taxes on pretax amounts were primarily calculated based on
applicable statutory tax rates.

SEMPRA
 Table A (Continued)

RECONCILIATION OF SEMPRA 2025 ADJUSTED EPS GUIDANCE RANGE TO SEMPRA 2025 GAAP EPS GUIDANCE RANGE

Sempra 2025 Adjusted EPS Guidance Range of $4.30 to $4.70 excludes items (after the effects of income taxes and, if applicable, NCI) as follows:

  • $(25) million impact from regulatory disallowances related to the recovery of COVID-19 costs at Sempra California
  • $(89) million impact from foreign currency and inflation on our monetary positions in Mexico
  • $(10) million net unrealized losses on commodity derivatives
  • $(8) million net unrealized losses on interest rate swaps related to the PA LNG Phase 1 project
  • $(26) million income tax expense in 2025 due to the recognition of a Mexican deferred tax liability on our outside basis difference in Ecogas as a result of management's decision to hold the asset for sale

Sempra 2025 Adjusted EPS Guidance is a non-GAAP financial measure. This non-GAAP financial measure excludes significant items that are generally not related to our ongoing business activities and/or infrequent in nature. This non-GAAP financial measure also excludes the impact from foreign currency and inflation on our monetary positions in Mexico and net unrealized gains and losses on commodity and interest rate derivatives for the six months ended June 30, 2025, which we expect to occur in future periods, and which can vary significantly from one period to the next. Exclusion of these items is useful to management and investors because it provides a meaningful comparison of the performance of Sempra's business operations to prior and future periods. This non-GAAP financial measure does not contemplate the anticipated impacts of the proposed sale of Ecogas and the proposed sale of an equity interest in Sempra Infrastructure Partners, which combined, are expected to be accretive. Sempra 2025 Adjusted EPS Guidance Range should not be considered an alternative to Sempra 2025 GAAP EPS Guidance Range. Non-GAAP financial measures are supplementary information that should be considered in addition to, but not as a substitute for, the information prepared in accordance with GAAP. The table below reconciles Sempra 2025 Adjusted EPS Guidance Range to Sempra 2025 GAAP EPS Guidance Range, which we consider to be the most directly comparable financial measure calculated in accordance with GAAP.

RECONCILIATION OF ADJUSTED EPS GUIDANCE RANGE TO GAAP EPS GUIDANCE RANGE

‌


Full-Year 2025

Sempra GAAP EPS Guidance Range

$        4.05

to

$        4.45

Excluded items:




Impact from regulatory disallowances

0.04


0.04

Impact from foreign currency and inflation on monetary positions in Mexico

0.14


0.14

Net unrealized losses on commodity derivatives

0.02


0.02

Net unrealized losses on interest rate swaps related to PA LNG Phase 1 project

0.01


0.01

Tax items related to assets held for sale

0.04


0.04

Sempra Adjusted EPS Guidance Range

$        4.30

to

$        4.70

Weighted-average common shares outstanding, diluted (millions)



654

 

SEMPRA

Table B

‌




CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions)





June 30,


December 31,


2025


2024(1)

‌




ASSETS




Current assets:




Cash and cash equivalents

$               155


$            1,565

Restricted cash

25


21

Accounts receivable – trade, net

1,612


1,983

Accounts receivable – other, net

433


397

Due from unconsolidated affiliates

3


13

Income taxes receivable

148


90

Inventories

625


559

Prepaid expenses

157


255

Regulatory assets

343


60

Fixed-price contracts and other derivatives

142


91

Greenhouse gas allowances

217


217

Assets held for sale

273


—

Other current assets

36


34

Total current assets

4,169


5,285

‌




Other assets:




Restricted cash

3


3

Regulatory assets

4,196


3,937

Greenhouse gas allowances

1,229


845

Nuclear decommissioning trusts

878


875

Dedicated assets in support of certain benefit plans                                        

591


585

Deferred income taxes

159


172

Right-of-use assets – operating leases

1,152


1,177

Investment in Oncor Holdings

16,402


15,400

Other investments

2,586


2,534

Goodwill

1,602


1,602

Other intangible assets

279


292

Wildfire fund

255


262

Other long-term assets

1,604


1,749

Total other assets

30,936


29,433

Property, plant and equipment, net

64,802


61,437

Total assets

$          99,907


$          96,155

(1)

Derived from audited financial statements.

 

SEMPRA

Table B (Continued)

‌




CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions)





June 30,


December 31,


2025


2024(1)

‌




LIABILITIES AND EQUITY




Current liabilities:




Short-term debt

$            2,282


$            2,016

Accounts payable – trade

2,026


2,238

Accounts payable – other

265


208

Due to unconsolidated affiliates

8


—

Dividends and interest payable

818


773

Accrued compensation and benefits

402


558

Regulatory liabilities

54


141

Current portion of long-term debt and finance leases

1,372


2,274

Greenhouse gas obligations

217


217

Other current liabilities

1,163


1,251

Total current liabilities

8,607


9,676

‌




Long-term debt and finance leases

34,936


31,558

‌




Deferred credits and other liabilities:




Due to unconsolidated affiliates

359


352

Regulatory liabilities

3,906


3,817

Greenhouse gas obligations

879


506

Pension and other postretirement benefit plan obligations, net of plan assets

163


168

Deferred income taxes

6,161


5,845

Asset retirement obligations

3,848


3,737

Deferred credits and other

2,752


2,708

Total deferred credits and other liabilities

18,068


17,133

Equity:




Sempra shareholders' equity

31,697


31,222

Preferred stock of subsidiary

20


20

Other noncontrolling interests

6,579


6,546

Total equity

38,296


37,788

Total liabilities and equity

$          99,907


$          96,155

(1)

Derived from audited financial statements.

 

SEMPRA

Table C

‌




CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in millions)





Six months ended June 30,


2025


2024

‌


CASH FLOWS FROM OPERATING ACTIVITIES




Net income

$             1,438


$             1,752

Adjustments to reconcile net income to net cash provided by operating activities

797


540

Net change in working capital components

(498)


(99)

Distributions from investments

516


405

Changes in other noncurrent assets and liabilities, net

13


(78)

  Net cash provided by operating activities

2,266


2,520

‌




CASH FLOWS FROM INVESTING ACTIVITIES




Expenditures for property, plant and equipment

(4,640)


(3,830)

Expenditures for investments

(972)


(387)

Purchases of nuclear decommissioning and other trust assets

(531)


(401)

Proceeds from sales of nuclear decommissioning and other trust assets

580


442

Other

—


8

  Net cash used in investing activities

(5,563)


(4,168)

‌




CASH FLOWS FROM FINANCING ACTIVITIES




Common dividends paid

(787)


(741)

Preferred dividends paid

(22)


(22)

Issuances of common stock

19


18

Repurchases of common stock

(58)


(40)

Issuances of debt (maturities greater than 90 days)

5,458


3,812

Payments on debt (maturities greater than 90 days) and finance leases

(3,411)


(1,197)

Increase (decrease) in short-term debt, net

682


(817)

Advances from unconsolidated affiliates

44


45

Contributions from noncontrolling interests

83


786

Distributions to noncontrolling interests

(91)


(203)

Other

(26)


(23)

  Net cash provided by financing activities

1,891


1,618

‌




Effect of exchange rate changes on cash, cash equivalents and restricted cash

1


(8)

‌




Less: Increase in cash held for sale

(1)


—

‌




Decrease in cash, cash equivalents and restricted cash

(1,406)


(38)

Cash, cash equivalents and restricted cash, January 1

1,589


389

Cash, cash equivalents and restricted cash, June 30

$                183


$                351

 

SEMPRA

Table D

‌








SEGMENT EARNINGS (LOSSES) AND CAPITAL EXPENDITURES

(Dollars in millions)


Three months ended June 30,


Six months ended June 30,


2025


2024


2025


2024

EARNINGS (LOSSES) ATTRIBUTABLE TO COMMON SHARES





Sempra California

$             259


$             316


$             983


$             898

Sempra Texas Utilities

208


202


354


385

Sempra Infrastructure

72


291


218


422

Segment earnings attributable to common shares

539


809


1,555


1,705

Parent and other

(78)


(96)


(188)


(191)

Sempra earnings attributable to common shares

$             461


$             713


$          1,367


$          1,514

CAPITAL EXPENDITURES FOR PROPERTY, PLANT AND EQUIPMENT








Sempra California

$          1,221


$          1,069


$          2,315


$          2,212

Sempra Infrastructure

1,081


827


2,322


1,617

Segment totals

2,302


1,896


4,637


3,829

Parent and other

2


1


3


1

Total Sempra

$          2,304


$          1,897


$          4,640


$          3,830

CAPITAL EXPENDITURES FOR INVESTMENTS








Sempra Texas Utilities

$             485


$             192


$             971


$             385

Sempra Infrastructure

1


2


1


2

Total Sempra

$             486


$             194


$             972


$             387

 

SEMPRA

Table E

‌





OTHER OPERATING STATISTICS





‌






Three months ended
June 30,


Six months ended or at
June 30,


2025


2024


2025


2024

‌



UTILITIES








Sempra California








Gas sales (Bcf)(1)

75


78


191


200

Transportation (Bcf)(1)

114


120


245


262

Total deliveries (Bcf)(1)

189


198


436


462

‌








Total gas customer meters (thousands)





7,135


7,098


‌








Electric sales (millions of kWhs)(1)

610


661


1,325


1,596

Community Choice Aggregation and Direct Access (millions of kWhs)

3,104


2,892


6,536


6,061

Total deliveries (millions of kWhs)(1)

3,714


3,553


7,861


7,657

‌








Total electric customer meters (thousands)





1,540


1,525









Oncor Electric Delivery Company LLC (Oncor)(2)








Total deliveries (millions of kWhs)

42,226


40,343


81,232


77,656

Total electric customer meters (thousands)





4,084


4,008

‌








Ecogas








Natural gas sales (Bcf)

1


1


2


2

Natural gas customer meters (thousands)





166


160

‌








ENERGY-RELATED BUSINESSES








Sempra Infrastructure








Termoeléctrica de Mexicali (millions of kWhs)

776


650


1,478


1,630

Wind and solar (millions of kWhs)(1)

842


888


1,588


1,607

(1)

Includes intercompany sales.

(2)

Includes 100% of the electric deliveries and customer meters of Oncor, in which we hold an 80.25% interest through
our investment in Oncor Electric Delivery Holdings Company LLC.

 

SEMPRA

Table F

‌










STATEMENTS OF OPERATIONS DATA BY SEGMENT

(Dollars in millions)


Sempra California


Sempra Texas
Utilities(1)


Sempra
Infrastructure


Consolidating
Adjustments,
Parent & Other


Total


Three months ended June 30, 2025

‌










Revenues

$                   2,490




$                      530


$                      (20)


$                   3,000

Depreciation and amortization

(574)




(78)


(1)


(653)

Interest income

3




5


6


14

Interest expense(2)

(228)




6


(137)


(359)

Income tax (expense) benefit

(13)




(231)


72


(172)

Equity earnings

—


$                      210


183


—


393

Earnings attributable to noncontrolling interests

—


—


(46)


—


(46)

Other segment items(3)

(1,419)


(2)


(297)


2


(1,716)

Earnings (losses) attributable to common shares

$                      259


$                      208


$                        72


$                      (78)


$                      461

‌











Three months ended June 30, 2024

‌










Revenues

$                   2,625




$                      409


$                      (23)


$                   3,011

Depreciation and amortization

(528)




(73)


(2)


(603)

Interest income

5




7


5


17

Interest expense

(209)




—


(102)


(311)

Income tax (expense) benefit

(44)




133


41


130

Equity earnings

—


$                      204


229


—


433

Earnings attributable to noncontrolling interests

—


—


(146)


—


(146)

Other segment items(3)

(1,533)


(2)


(268)


(15)


(1,818)

Earnings (losses) attributable to common shares

$                      316


$                      202


$                      291


$                      (96)


$                      713

(1)

Substantially all earnings attributable to common shares are from equity earnings.

(2)

Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project.

(3)

Includes cost of natural gas, cost of electric fuel and purchased power, operation and maintenance expense (O&M), franchise fees and other taxes, other
income (expense), net, and preferred dividends for Sempra California; O&M and interest expense for Sempra Texas Utilities related to activities at the holding
company; and cost of natural gas, energy-related businesses cost of sales, O&M, franchise fees and other taxes, and other income (expense), net, for
Sempra Infrastructure.

 

SEMPRA

Table F (Continued)

‌










STATEMENTS OF OPERATIONS DATA BY SEGMENT

(Dollars in millions)


Sempra California


Sempra Texas
Utilities(1)


Sempra
Infrastructure


Consolidating
Adjustments,
Parent & Other


Total


Six months ended June 30, 2025

‌










Revenues

$                   5,891




$                      956


$                      (45)


$                   6,802

Depreciation and amortization

(1,136)




(154)


(3)


(1,293)

Interest income

5




24


19


48

Interest expense(2)

(453)




(71)


(268)


(792)

Income tax (expense) benefit

(65)




(253)


89


(229)

Equity earnings

—


$                      358


360


—


718

Earnings attributable to noncontrolling interests

—


—


(48)


—


(48)

Other segment items(3)

(3,259)


(4)


(596)


20


(3,839)

Earnings (losses) attributable to common shares

$                      983


$                      354


$                      218


$                    (188)


$                   1,367

‌











Six months ended June 30, 2024

‌










Revenues

$                   5,766




$                      928


$                      (43)


$                   6,651

Depreciation and amortization

(1,049)




(145)


(3)


(1,197)

Interest income

8




12


10


30

Interest expense

(414)




—


(202)


(616)

Income tax (expense) benefit

(127)




24


61


(42)

Equity earnings

—


$                      389


392


—


781

Earnings attributable to noncontrolling interests

—


—


(215)


—


(215)

Other segment items(3)

(3,286)


(4)


(574)


(14)


(3,878)

Earnings (losses) attributable to common shares

$                      898


$                      385


$                      422


$                    (191)


$                   1,514

(1)

Substantially all earnings attributable to common shares are from equity earnings.

(2)

Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project.

(3)

Includes cost of natural gas, cost of electric fuel and purchased power, O&M, franchise fees and other taxes, other income (expense), net, and preferred
dividends for Sempra California; O&M and interest expense for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas,
energy-related businesses cost of sales, O&M, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure.

 

 

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SOURCE Sempra