Sempra reported second-quarter 2026 earnings of $796 million, or $1.21 per diluted share, up from $461 million, or $0.71 per share, in the same quarter of 2025. Adjusted earnings were $762 million, or $1.16 per share, compared with $583 million, or $0.89 per share, a year earlier.
Sempra also raised its full-year 2026 GAAP earnings-per-share guidance to a range of $5.02 to $5.55. It affirmed its adjusted 2026 EPS guidance of $4.80 to $5.30, its 2027 EPS guidance of $5.10 to $5.70, and a long-term EPS growth rate of 7% to 9%.
Chairman and CEO Jeffrey W. Martin said the company's management has kept a "consistent emphasis on execution" through the first half of the year.
In the first half of 2026, Sempra's businesses spent more than $6 billion on capital projects. That spending is part of a five-year, 2026-2030 capital plan of about $65 billion, with 95% of it going to the company's Texas and California utilities.
Texas grid demand keeps climbing
Oncor's new base rates took effect June 1, and a surcharge approved in its base rate review took effect August 1 to recover the gap between the new rates and the rates that applied from January through May. The Electric Reliability Council of Texas set a new peak-load record of 91 gigawatts in July. ERCOT has endorsed transmission projects requiring more than $7 billion in new investment to support about 16 gigawatts of new demand, with in-service dates between 2026 and 2034; Oncor expects to build most of those projects, pending regulatory approval.
The Public Utility Commission of Texas also approved ERCOT's Batch Zero process, a standardized framework for connecting large loads to the grid. Sempra said about 44 gigawatts of large-load requests in Oncor's territory are expected to qualify as base or studied load under that process, split between roughly 27 gigawatts of base load and 17 gigawatts of studied load, and including 8 gigawatts of already-connected load still ramping up to full capacity. Sempra said that figure would be more than 140% above Oncor's current system peak of 31 gigawatts if fully realized.
California utilities file rate cases
San Diego Gas & Electric and Southern California Gas Company filed their 2028 General Rate Case applications during the quarter. The Federal Energy Regulatory Commission approved SDGE's electric transmission rate settlement, which sets an authorized base return on equity of about 10.28%. The California Independent System Operator's 2025-2026 transmission plan included more than $160 million in reliability projects for SDGE. SoCalGas said its energy-efficiency programs saved customers more than $100 million on their bills last year, and SDGE expanded its battery storage capacity during the quarter and launched a weather-response research collaboration with Qualcomm Technologies and the Scripps Institution of Oceanography.
Infrastructure sales on track
Sempra's planned sale of a 45% stake in Sempra Infrastructure Partners to affiliates of KKR remains on schedule to close in the third quarter of 2026. The sale of Ecogas México cleared Mexican antitrust review without conditions and is expected to close in August.
We reported last month that Sempra planned to report its second-quarter 2026 results on August 6.
