SAN DIEGO – November 05, 2026 -- Sempra (NYSE: SRE) reported third-quarter 2026 adjusted earnings of $917 million, or $1.40 per diluted share, up from $728 million, or $1.11 per share, a year earlier, and said its Oncor unit expects to raise its base capital plan by roughly 20%.
GAAP earnings reached $877 million, or $1.34 per diluted share, against $77 million, or $0.12 per share, in the third quarter of 2025. For the first nine months, GAAP earnings were $2.710 billion ($4.13 per share), compared with $1.444 billion ($2.21 per share) a year earlier. Nine-month adjusted earnings were $2.670 billion ($4.07 per share), up from $2.253 billion ($3.45 per share).
Sempra guides to the high end of its $4.80-$5.30 adjusted EPS range for 2026
The company updated its 2026 GAAP EPS guidance range to $7.41-$8.41. It affirmed its 2027 EPS guidance range of $5.10-$5.70 and a projected long-term EPS growth rate of 7% to 9%. Sempra said pending regulatory outcomes could put 2027 EPS in the lower half of that range unless mitigated.
Oncor projects a 20% larger 2027-2031 base capital plan on ERCOT load growth
Oncor expects its 2027-2031 base capital plan to be about 20% above its 2026-2030 plan. It cites investments needed to maintain reliability and support load growth in the ERCOT market. Sempra plans to finalize and announce its 2027-2031 capital plan on the fourth-quarter earnings call in February. Sempra's businesses invested approximately $10 billion in capital in the first nine months of 2026.
Oncor set an all-time system peak demand record of 33.3 GW during the quarter, 6% above the prior record of 31.4 GW. Within its footprint, ERCOT conditionally classified about 24 GW of large load as base load, including 10 GW already energized, and 21 GW as studied load, under the Batch Zero process.
Oncor has submitted Certificates of Convenience and Necessity for 765-kV projects covering Import Path 1 and Import Path 2 of the Permian Basin Reliability Plan. In August, the Public Utility Commission of Texas approved both segments of Import Path 1. That approval remains subject to filed motions for rehearing and to appeals.
KKR's 45% stake purchase in Sempra Infrastructure Partners is due to close within two weeks
Sempra said the sale of a 45% equity interest in Sempra Infrastructure Partners to KKR affiliates remains on track. Sempra Infrastructure Partners also completed the sale of Ecogas México in August. Both transactions form part of a capital recycling program aimed at simplifying the business model and strengthening the balance sheet.
California regulator's proposed decision threatens Sempra's 2027 earnings
On October 29, the California Public Utilities Commission issued a proposed decision denying a request by SoCalGas and SDGE to correct the 2024 General Rate Case capital attrition mechanism for 2027. Sempra California is pursuing other regulatory avenues. If unsuccessful, it expects 2027 earnings at the low end of its segment guidance range, absent mitigation through business initiatives.
SDGE reached an all-time peak net system energy demand of 5.2 GW during the quarter. SoCalGas and SDGE began construction on compressor station modernization projects, and SoCalGas launched a new customer information system.