Sempra raised its full-year 2026 earnings outlook and said Oncor expects a five-year capital plan about 20% larger, reflecting rising electricity use and reliability investments in Texas.
Sempra’s adjusted profit reached $917 million, or $1.40 per diluted share, versus $728 million, or $1.11, in the year-earlier quarter. The company disclosed the results Nov. 5 in a release attached to a filing with the Securities and Exchange Commission.
On a generally accepted accounting principles (GAAP) basis, earnings attributable to common shares reached $877 million, or $1.34 per diluted share, versus $77 million, or $0.12, a year earlier. The 2025 result included a $514 million tax item related to assets held for sale. Adjusted earnings exclude specified items.
For full-year 2026, Sempra set GAAP earnings-per-share guidance at $7.41 to $8.41 and expects adjusted earnings per share near the top of its $4.80 to $5.30 range. It reaffirmed its 2027 earnings-per-share guidance range of $5.10 to $5.70.
Sempra said the California Public Utilities Commission issued a proposed decision Oct. 29. Sempra California is pursuing other regulatory avenues. If those efforts fail, 2027 earnings for the segment would be at the low end of its range unless business initiatives mitigate the effect, the company said.
Sempra holds an interest in Oncor Electric Delivery Company LLC, which projects its 2027-2031 base capital plan will be about 20% larger than its 2026-2030 plan. The higher forecast reflects infrastructure spending to maintain reliability amid rising electricity use in the Electric Reliability Council of Texas (ERCOT). Oncor said quarterly peak system demand reached 33.3 gigawatts, 6% above its previous year’s record.
Sempra expects to present its final 2027-2031 plan at its February 2027 fourth-quarter earnings call. Separately, Sempra said it still expects the sale of a 45% stake in Sempra Infrastructure Partners to KKR affiliates to close within two weeks of the Nov. 5 announcement. Sempra described the sale as capital recycling to strengthen its finances and support long-term utility growth in Texas and California. Its 2026 GAAP guidance reconciliation estimates a $2.00 billion to $2.40 billion gain, subject to post-closing adjustments, and $325 million to $400 million in estimated ancillary costs.
