Sempra (SRE) Q4 FY2025 earnings: revenue $3.7 billion, down 0.2% on the year

Sempra (SRE) reported revenue of $3.7 billion for Q4 FY2025, the quarter ended 31 December 2025, down 0.2% on the same quarter a year earlier. Net income was $352 million, down 47.9% on the year, and diluted earnings per share $0.54. The figures are the company's own, from the 10-K it filed with the SEC on 26 February 2026.

Revenue

$3.7 billion

-0.2% on the year · +19.0% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

n/a

Q1 FY2024Q4 FY2025

Net income

$352 million

-47.9% on the year · +270.5% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$0.54

-48.1% on the year · +350.0% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 3 new, 1 kept.

Full-year GAAP EPS was $2.75: Full-year 2025 GAAP earnings were $1.80 billion, or $2.75 per diluted share, against $2.82 billion, or $4.42, in 2024. Adjusted full-year earnings were $3.07 billion, or $4.69 per diluted share, against $2.97 billion or $4.65.
Track 2 disallowance drove the gap: Fourth-quarter GAAP results include a $432 million after-tax charge from regulatory disallowances at Sempra California, excluded from adjusted earnings. The pre-tax amount was $605 million.
Texas utilities earnings rose for the year: Sempra Texas Utilities earned $861 million in 2025 against $781 million, and $201 million in the fourth quarter against $135 million. The release cites greater capital efficiency at Oncor after the Unified Tracker Mechanism.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	3,749	3,151	3,758	+19.0%	-0.2%
Interest expense	337	403	105	-16.4%	+221.0%
Pre-tax income	237	293	1,074	-19.1%	-77.9%
Income tax	-10.0	482	282
Effective tax rate	-4.2%	164.5%	26.3%
Net income	352	95.0	676	+270.5%	-47.9%
Net margin	9.4%	3.0%	18.0%
Diluted EPS	$0.54	$0.12	$1.04	+350.0%	-48.1%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,189	1,110	1,365	+7.1%	-12.9%
Capital expenditure	3,411	2,561	2,450	+33.2%	+39.2%
Free cash flow	-2,222	-1,451	-1,085
Free cash flow margin	-59.3%	-46.0%	-28.9%
Cash from investing	-3,932	-3,042	-2,822
Cash from financing	3,269	4,770	2,358	-31.5%	+38.6%
Depreciation and amortisation	608	662	626	-8.2%	-2.9%
Share-based compensation	39.0	14.0	23.0	+178.6%	+69.6%
Buybacks	0.0	0.0	2.0
Dividends paid	408	408	378	0.0%	+7.9%
Dividend per share	n/a	$0.65	n/a
Diluted shares, weighted	654m	654m	638m	-0.0%	+2.5%
Shares outstanding at period end	653m	653m	651m	+0.0%	+0.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	31,594	31,152	31,222	+1.4%	+1.2%
Non-controlling interest	7,199	7,134	6,566	+0.9%	+9.6%
Redeemable equity	3,206	1,933	0.0	+65.9%
Debt	35,021	32,693	35,848	+7.1%	-2.3%
Operating lease liabilities	1,176	n/a	1,019		+15.4%
Finance lease liabilities	1,220	n/a	1,250		-2.4%
Other liabilities	31,462	34,007	20,250	-7.5%	+55.4%
Total liabilities and equity	110,878	106,919	96,155	+3.7%	+15.3%
Goodwill	0.0	0.0	1,602
Intangible assets	0.0	0.0	292
Cash and equivalents	29.0	5.0	1,565	+480.0%	-98.1%
Receivables	1,767	1,409	1,983	+25.4%	-10.9%
Inventory	561	565	559	-0.7%	+0.4%
Other assets	108,521	104,940	90,154	+3.4%	+20.4%
Total assets	110,878	106,919	96,155	+3.7%	+15.3%

Questions

What was Sempra's revenue in Q4 FY2025?

Sempra (SRE) reported revenue of $3.7 billion for Q4 FY2025, the quarter ended 31 December 2025, down 0.2% on the same quarter a year earlier.

How much did Sempra earn in Q4 FY2025?

Net income for Q4 FY2025 was $352 million, down 47.9% on the year, and diluted earnings per share $0.54.

When did Sempra report Q4 FY2025 results?

Sempra filed its 10-K for the year that ended with the quarter on 26 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,844	3,820	3,547	3,617	3,455	6,560	3,335	3,334	3,491	3,640	3,011	2,776	3,758	3,802	3,000	3,151	3,749	3,655	2,997	3,191
Interest expense	422	243	271	282	258	366	317	312	314	305	311	328	105	433	359	403	337	382	430	298
Pre-tax income	692	808	523	299	379	1,461	676	456	667	839	468	332	1,074	792	467	293	237	996	674	603
Tax rate	21%	41%	15%	7%	32%	26%	26%	-11%	-1%	21%	-28%	-32%	26%	7%	37%	165%	-4%	7%	17%	2%
Net income	604	612	559	485	438	980	615	732	748	812	725	649	676	917	473	95.0	352	1,037	797	883
Net margin	16%	16%	16%	13%	13%	15%	18%	22%	21%	22%	24%	23%	18%	24%	16%	3%	9%	28%	27%	28%
Diluted EPS	$0.90	$0.96	$0.89	$0.77	$0.69	$1.53	$0.95	$1.14	$1.16	$1.26	$1.12	$1.00	$1.04	$1.39	$0.71	$0.12	$0.54	$1.58	$1.21	$1.34
Operating cash flow	861	1,607	757	-909	-313	1,980	1,757	1,392	1,089	1,851	669	1,022	1,365	1,482	784	1,110	1,189	1,809	1,308	1,563
Capital expenditure	1,409	1,204	1,157	1,179	1,817	1,830	2,452	1,792	2,323	1,933	1,897	1,935	2,450	2,336	2,304	2,561	3,411	2,461	2,226	2,640
Free cash flow	-548	403	-400	-2,088	-2,130	150	-695	-400	-1,234	-82.0	-1,228	-913	-1,085	-854	-1,520	-1,451	-2,222	-652	-918	-1,077
Buybacks	300	226	250	2.0	0.0	31.0	0.0	1.0	0.0	40.0	0.0	1.0	2.0	57.0	1.0	0.0	0.0	20.0	1.0	0.0
Dividends paid	350	349	362	359	360	360	374	375	374	362	379	380	378	380	407	408	408	409	417	419
Shares outstanding	634m	632m	628m	628m	629m	630m	630m	629m	631m	633m	633m	633m	651m	652m	652m	653m	653m	653m	654m	654m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 26 February 2026: the filing.