$SRE · SEMPRA
Sempra filed its Q3 FY2026 10-Q (period ended September 30, 2026). Revenue rose 9.9% YoY to $3.03B, net income was $883M, and GAAP EPS was $1.34 versus $0.12 in the prior-year quarter. The quarter included a $205M regulatory disallowance and a $214M gain on sales, with equity earnings of $668M.
- GAAP EPS of $1.34 versus $0.12 in Q3 2025.
- Net income of $883M, up from $150M a year earlier.
- Revenue of $3.03B, up 9.9% year over year.
- Recorded a $205M regulatory disallowance, net, in the quarter.
- Nine-month EPS of $4.14 versus $2.21 in the prior-year period.
Shares closed down 3.70% at $79.83 in the regular session, but extended-hours trading showed a +0.71% recovery to $80.40 versus the close, suggesting a modestly positive after-hours read on results.
A more than 10x year-over-year EPS jump, driven by equity earnings and a gain on sales, signals a sharp earnings inflection for the utility holding company.
Sempra's regulated California utilities (SDG&E, SoCalGas) and Texas Oncor investment continue to drive earnings, with equity earnings from unconsolidated entities a key contributor.
The $205M regulatory disallowance and ongoing CPUC/FERC proceedings pose earnings risk; wildfire-related liabilities and regulatory cost recovery remain key exposures for the California utilities.