Sempra (SRE) FY2024 10-K Annual Report
Sempra (SRE) 10-K annual report for fiscal year 2024, filed with SEC EDGAR on Feb 25, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Sempra FY2024 10-K Analysis
Business Overview
- • Core business model: Energy infrastructure company focusing on regulated utilities and energy services across North America
- • No new products, services, or segments explicitly introduced or emphasized in 2025 filing
- • Continued emphasis on robust equity compensation plan with 4.2 million shares under 2019 LTIP and 7.6 million available for future issuance
- • Audit fees for 2024 totaled $15.5 million, up slightly from $15.2 million in 2023, reflecting consistent investment in financial oversight
- • Amended and Restated Articles of Incorporation updated May 2023, affecting shareholder rights and corporate governance arrangements
Management Discussion & Analysis
- • No revenue or net income figures disclosed; focus on currency and inflation impact
- • Inflationary pressure on SDG&E, SoCalGas and Sempra Texas Utilities increasing costs; partial rate recovery risks noted
- • Sempra Infrastructure faces inflation effects but secured mostly U.S. dollar contracts; some risk from lump-sum construction contracts
- • $89M hypothetical earnings reduction from 10% Mexican inflation increase due to higher tax expense and lower JV equity earnings
- • No explicit cash flow, capital allocation or forward guidance information provided in this section
Risk Factors
- • Regulatory risk from CPUC and FERC rulings affecting rate base recovery for SDG&E and SoCalGas, with weighted-average rate base rising $2.2B in 2024
- • Macroeconomic exposure to escalation in SONGS nuclear decommissioning costs, with $471M ARO liability increasing $62M per 1% cost escalation rise
- • Operational risk from reliance on large capital investments to sustain rate base growth: SDG&E $16.8B, SoCalGas $12.4B, Oncor $26.6B at year-end 2024
- • Competitive/market disruption risk from rising interest rates potentially requiring interim goodwill impairment tests on Mexico reporting units with significant goodwill
- • Financial risk from dividend restrictions imposed by CPUC limiting dividend loans from SDG&E ($672M) and SoCalGas ($457M) to Sempra under current capital structures
Sempra FY2024 Key Financial MetricsXBRL
Revenue
$11.8B
▼ -20.4% YoY
Net Income
$2.9B
▼ -6.9% YoY
Net Margin
24.2%
▲ +351bp YoY
ROE
9.2%
▼ -156bp YoY
Total Assets
$96.2B
▲ +10.3% YoY
EPS (Diluted)
$4.42
▼ -7.7% YoY
Operating Cash Flow
$4.9B
▼ -21.1% YoY
Source: XBRL data from Sempra FY2024 10-K filing on SEC EDGAR. All figures in USD.
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