Sempra (SRE) FY2025 results: revenue $13.7 billion, up 3.9% on the year

Sempra is a holding company whose principal businesses are regulated utilities in California and Texas, investing in and operating electric and gas utilities and other energy infrastructure. It was formed in 1998 through a combination of the holding companies of its two California utilities, SDG&E, which began operations in 1881, and SoCalGas, which began in 1867. It has since extended into Texas through an 80.25 percent interest in Oncor and a 50 percent interest in Sharyland Utilities. Its three reportable segments are Sempra California, Sempra Texas Utilities and Sempra Infrastructure. The filing states that its mission is to build America's leading utility growth business, focused primarily on California and Texas.

Sempra California

SDG&E is a regulated public utility providing electric service to a population of approximately 3.6 million and natural gas service to approximately 3.3 million of that population, across an approximate 4,100 square mile territory in Southern California covering San Diego County and an adjacent part of Orange County. Its electric transmission and distribution system consisted of 2,018 miles of transmission lines, 24,210 miles of distribution lines and 158 substations at the end of 2025.

Two 500-kV lines give it import capability of 3,900 MW: the Southwest Powerlink, shared with Arizona Public Service and the Imperial Irrigation District and running from Palo Verde, Arizona to San Diego, of which SDG&E's share is 1,163 MW, and the Sunrise Powerlink, which it built across Southern California. Both are operated by the California grid operator. Its system also connects to Mexico's Baja California transmission system through two 230-kV interconnections with capacity up to 600 MW southbound and 800 MW northbound, and to Edison's system through five 230-kV lines.

SDG&E supplies power from its own generation and buys the rest on long-term agreements approved by the state regulator or on the spot market, and it earns no return on commodity sales volumes. Its own gas-fired generation was 1,217 MW of net operating capacity, 26 percent of its electric resources, against 1,546 MW of contracted solar at 32 percent and 962 MW of contracted wind at 20 percent.

SoCalGas is a regulated public utility owning and operating a natural gas distribution, transmission and storage system serving a population of approximately 21.3 million across an approximate 24,000 square mile territory in Southern and parts of central California, excluding San Diego County, the City of Long Beach and the desert area of San Bernardino County. Its facilities were 52,765 miles of distribution pipelines, 3,030 miles of transmission and storage pipelines, 48,900 miles of service pipelines and seven transmission compressor stations, while SDG&E's gas facilities were 9,206 miles of distribution pipelines, 177 miles of transmission pipelines, 6,795 miles of service pipelines and one compressor station.

SoCalGas owns four natural gas storage facilities with combined working gas capacity of 137 Bcf and 122 injection, withdrawal and observation wells. The Aliso Canyon facility holds 86 Bcf of that, 63 percent of the working capacity, and the state regulator had authorised the use of up to 68.6 Bcf of working gas there at the end of 2025. Core customers of both utilities and certain third-party market participants are allocated a share of the storage, and the rest is used for load balancing and for noncore customers. The filing says natural gas withdrawn from storage is important to help maintain service reliability during peak demand periods, including consumer heating needs in the winter and peak electric generation needs in the summer.

Sempra Texas Utilities

Equity method investments in two holding companies. Oncor is a regulated electricity transmission and distribution utility in the north-central, eastern, western and panhandle regions of Texas, delivering electricity to end users and providing grid connections to merchant generation facilities and interconnections to other Texas transmission grids. Its assets sit in over 120 counties and more than 400 incorporated municipalities, including Dallas, Fort Worth and their suburbs, along with Waco, Wichita Falls, Odessa, Midland, Tyler, Temple, Killeen and Round Rock. It had approximately 5,600 employees at the end of 2025, 860 of them under a collective bargaining agreement. Sempra holds 80.25 percent through a wholly owned entity, with the remaining 19.75 percent held by another party.

Sharyland Utilities, half owned, is a regulated electric transmission utility owning and operating approximately 64 miles of electric transmission lines in south Texas, including a direct current line connecting Mexico and assets in McAllen, Texas, with transmission billed under tariffs approved by the Texas regulator.

Sempra Infrastructure

This segment consolidates the non-U.S. utility energy infrastructure assets in North America: LNG and natural gas infrastructure in the United States and Mexico, and renewable energy, LPG and refined products infrastructure in Mexico, run through three business lines, LNG, Energy Networks and Low Carbon Solutions.

The LNG line is a natural gas liquefaction and regasification portfolio in development, under construction or in operation. It includes the Cameron LNG Phase 1 facility at Hackberry, Louisiana on the Calcasieu Ship Channel, held through a 50.2 percent interest in a joint venture accounted for under the equity method, with affiliates of TotalEnergies and Mitsui and a company jointly owned by Mitsubishi and Nippon Yusen each holding 16.6 percent. The filing says no single owner controls or can unilaterally direct the venture's significant activities. Its three liquefaction trains have a combined nameplate capacity of 13.9 Mtpa of LNG and an export capacity of 12 Mtpa, or approximately 1.7 Bcf of natural gas a day. A 12.5 Bcf salt dome natural gas storage facility in Louisiana is under construction to support a further LNG phase, including an 11-mile connecting pipeline.

The Energy Networks line is a natural gas transportation and distribution network. The partnership also purchases, transports and sells natural gas and LNG to customers in the United States and Mexico, substantially backed by long-term, dollar-based contracts. A refined products storage business develops, builds, owns and operates systems for receiving, storing and delivering gasoline, diesel and jet fuel across six Mexican states, with combined storage capacity of 4.6 million barrels fully operating at the end of 2025 under long-term, dollar-denominated firm capacity agreements.

From Sempra's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.