$SRE · SEMPRA
Sempra filed an 8-K (Item 2.02) reporting Q3 2026 results. GAAP earnings were $877M ($1.34/diluted share) versus $77M ($0.12) a year ago; adjusted earnings were $917M ($1.40) versus $728M ($1.11). Nine-month GAAP EPS was $4.13 and adjusted EPS $4.07. The company updated full-year 2026 GAAP EPS guidance to $7.41-$8.41, guided to the high end of its $4.80-$5.30 adjusted EPS range, and affirmed 2027 EPS guidance of $5.10-$5.70.
- Q3 2026 GAAP EPS of $1.34 versus $0.12 in Q3 2025.
- Adjusted Q3 EPS of $1.40 versus $1.11 a year ago.
- Full-year 2026 GAAP EPS guidance raised to $7.41-$8.41.
- Oncor's 2027-2031 base capital plan projected to rise ~20% versus 2026-2030.
- 45% Sempra Infrastructure Partners stake sale to KKR expected to close in two weeks.
Shares fell 3.96% to $79.61 in the regular session, and are down 1.16% since filing, despite the earnings beat and guidance raise — suggesting the market is weighing the CPUC proposed decision denying the 2024 GRC capital attrition correction, which could push 2027 earnings to the low end of guidance.
A big earnings beat and guidance raise were offset by a CPUC decision that could pressure 2027 California utility earnings, driving the stock lower.
Sempra's Texas utility Oncor set an all-time peak demand record of 33.3 GW (up 6% from 31.4 GW), underscoring ERCOT load growth driving regulated infrastructure investment.
A CPUC proposed decision on October 29 denied SoCalGas and SDG&E's request to correct the 2024 GRC capital attrition mechanism; if unsuccessful, 2027 earnings could fall to the low end of segment guidance. Oncor's PBRP Import Path 1 approval is subject to motions for rehearing and appeals.