EarningsQ2 2026 Earnings Report
MX:SRE Q2 2026 EPS Results
Actual EPS$21.33
Consensus EPS$19.46
Beat/MissBeat by +$1.88
One Year Ago EPS$16.37
MX:SRE Q2 2026 Revenue Results
Actual Revenue$51.24B
Expected Revenue$57.72B
Beat/MissMissed by -$6.48B
YoY Revenue Growth-6.07%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
MX:SRE Upcoming Earnings
Sempra Energy's next earnings date is estimated for October 30, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:SRE Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive, supported by strong second-quarter and year-to-date earnings growth, reaffirmed guidance, progress on strategic asset sales, substantial utility capital opportunities, and rising Texas electricity demand. The main challenges were ECA LNG equipment damage, uncertainty around ERCOT's batch zero process and 765-kV approvals, unresolved California wildfire legislation, and Moody's negative outlook. Management nevertheless characterized its outlook for Sempra, Oncor, Texas growth, and the balance sheet as improving and constructive.Company Guidance
Strong Second-Quarter Earnings Growth
Second-quarter 2026 GAAP earnings were $796 million, or $1.21 per diluted share, compared with $461 million, or $0.71 per share, in the second quarter of 2025. Adjusted earnings were $762 million, or $1.16 per share, versus $583 million, or $0.89 per share, a year earlier.
Double-Digit Year-to-Date Adjusted EPS Gains
Management reported double-digit gains in year-to-date adjusted EPS, with positive contributions from all three growth segments.
2026 and 2027 Guidance Reaffirmed
Sempra reaffirmed its full-year 2026 adjusted EPS guidance range of $4.80 to $5.30, 2027 EPS guidance of $5.10 to $5.70, and projected long-term EPS growth rate of 7% to 9%.
Sempra Texas Earnings Increase
Sempra Texas reported $138 million of higher equity earnings, driven by new base rates including interim rates, higher invested capital, and customer growth. The increase was partially offset by higher depreciation, interest expense, and O&M. Results also included approximately $50 million related to the first quarter of 2026 from the timing of Oncor's comprehensive base rate settlement.
Sempra California and Infrastructure Contributions
Sempra California reported $24 million of increased earnings, primarily from higher CPUC-based operating margin net of operating expenses and higher electric transmission margin. Sempra Infrastructure earnings increased by $26 million, primarily from lower depreciation due to assets held for sale, lower O&M, and other items.
SI Partners Transaction Supports Capital Recycling and Deleveraging
The pending sale of a 45% equity stake in SI Partners is expected to close later in the quarter. Management said the transaction will simplify the business model, recycle capital into regulated utilities, displace the need for common equity in the current base capital plan, and deconsolidate close to $9 billion of debt from Sempra's balance sheet.
Progress on Ecogas Sale
Sempra Infrastructure received a critical regulatory approval for the sale of Ecogas, putting the transaction on track to close later this month.
Port Arthur LNG Projects on Time and on Budget
Port Arthur LNG Phase 1 and Phase 2 were described as proceeding on time and on budget.
Oncor Positioned for Long-Term Texas Grid Investment
Texas reached an ERCOT all-time peak load of 91 gigawatts in the prior month. Oncor is executing a five-year base capital plan of $47.5 billion, with $10 billion of incremental capital opportunities through 2030, supported by new transmission projects, reliability investments, and system upgrades.
Additional Oncor Capital Opportunities Firming Up
Oncor has made progress firming up incremental opportunities, including $4 billion of North and Central Texas transmission upgrades endorsed by ERCOT, an additional $3 billion of non-Permian-Basin reliability plan projects endorsed by ERCOT in 2025, and approximately $3 billion associated with a planned system resiliency plan filing.
Large Batch Zero Load Opportunity
Approximately 44 gigawatts of large-load requests in Oncor's territory are expected to be eligible for ERCOT's batch zero process, including 27 gigawatts of base load and 17 gigawatts of studied load. The 44 gigawatts represents a 140% increase relative to Oncor's current 31-gigawatt system peak load. Approximately 8 gigawatts is already connected and ramping toward full utilization.
Strong Customer and Interconnection Demand
Oncor's total queue increased to 298 gigawatts from 283 gigawatts in the prior quarter. Total active transmission point-of-interconnection requests were up 15% year to date, LC&I requests excluding data centers were up 8% quarter over the same quarter last year, and active requests were up approximately 22% in the second quarter of 2026 versus the second quarter of 2025.
Substantial Customer Collateral on Hand
Oncor holds nearly $6 billion in collateral from large-load customers, including more than $2 billion associated with the 44 gigawatts of batch zero submissions.
Expected Growth in Oncor's Capital Plan
Management expects Oncor's roll-forward capital plan to increase and said portions of the $10 billion incremental opportunity could be incorporated into the $47.5 billion base plan. Management also expects a large upside bucket beyond that amount.
Improving Balance-Sheet Outlook
Management said closing the SI transaction should improve funding capacity, help pay down parent debt, and deconsolidate more than $9 billion of debt. Sempra expects to improve its balance-sheet cushion to at least 50 to 150 basis points on average above rating-agency thresholds, with those thresholds improving.
Utility-Focused Capital Plan
Sempra is advancing a record $65 billion capital plan centered on utility growth, with investments increasingly directed toward Sempra Texas. Management said Texas could comprise over 60% of Sempra's total rate base in 2023.
California Wildfire Mitigation and Utility Investment Continues
Sempra California said it will continue operating the system safely, work on wildfire mitigation plans, maintain financial discipline, and invest in the system to support customers, communities, and long-term shareholder value. California rate base is growing at about 5%.
MX:SRE Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed