Short answer
Sempra (SRE) filed its fiscal 2024 10-K annual report with the SEC on Feb 25, 2025. It reported revenue of $11.8B (−20.4% year over year) and net income of $2.9B.
- Top risk flagged: 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
FY2024 key financial metrics · XBRL
- Revenue
- $11.8B
- −20.4% YoY
- Net income
- $2.9B
- −6.9% YoY
- EPS (diluted)
- $4.42
- −7.7% YoY
- ROE
- 9.2%
- −1.6 pp YoY
- Operating cash flow
- $4.9B
- −21.1% YoY
Source: XBRL data from the Sempra (SRE) FY2024 10-K on SEC EDGAR. USD.
Sempra FY2024 10-K analysis
AI summary of each section, grounded in the filing text
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
- 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
Generated from the filing text; verify against the original. How to read a 10-K
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