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Gross Margin by Segment
Shows the efficiency of each segment in generating profit from sales, indicating competitive strengths or weaknesses and potential areas for cost improvement.Electric and Natural‑Gas margins have moved to sustainably higher levels since 2023—Electric running in the high‑80s/90s, benefiting from regulated upside (Oncor settlement, higher authorized equity/ROE) and aggressive T&D roll‑in, while Natural Gas recovered from early volatility as ECA/Cimarron LNG and feed‑gas commercialization progressed. Energy‑Related’s Q4‑2022 negative spike reads as an isolated one‑off with subsequent normalization. The Utilities line disappearing after 2021 reflects reporting reclassification/deconsolidation (SI Partners/Ecogas), so future margin gains depend on transaction closes, timing of rate relief, and execution risks.
Date | Natural Gas | Electric | Utilities | Energy Related |
|---|---|---|---|---|
Jun 30, 2026 | 95.00 | 90.00 | 115.00 | |
Mar 31, 2026 | 83.00 | 93.00 | 81.00 | |
Dec 31, 2025 | 81.00 | 90.00 | 89.00 | |
Sep 30, 2025 | 84.00 | 90.00 | 78.00 | |
Jun 30, 2025 | 88.00 | 91.00 | 83.00 | |
Mar 31, 2025 | 79.00 | 95.00 | 69.00 | |
Dec 31, 2024 | 85.00 | 98.00 | 79.00 | |
Sep 30, 2024 | 92.00 | 98.00 | 74.00 | |
Jun 30, 2024 | 91.00 | 86.00 | 86.00 | |
Mar 31, 2024 | 74.00 | 92.00 | 77.00 |