Short answer
Sempra (SRE) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $12.4B (+5.1% year over year) and net income of $1.8B.
- Top risk flagged: California Wildfire Legislation (2019 & 2025) creates strict inverse condemnation liability for SDG&E/SoCalGas; Wildfire Fund potentially near exhaustion after ~$1.26B in prior IOU claims
FY2025 key financial metrics · XBRL
- Revenue
- $12.4B
- +5.1% YoY
- Net income
- $1.8B
- −35.8% YoY
- EPS (diluted)
- $2.75
- −37.8% YoY
- ROE
- 5.8%
- −3.4 pp YoY
- Operating cash flow
- $4.6B
- −7.0% YoY
Source: XBRL data from the Sempra (SRE) FY2025 10-K on SEC EDGAR. USD.
Sempra FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Holding company owning CA/TX regulated utilities (SDG&E, SoCalGas, 80.25% Oncor) plus LNG and energy infrastructure via Sempra Infrastructure
- Landmark portfolio restructuring: agreed Sept 2025 to sell 45% SI Partners stake to KKR for $9.99B, reducing Sempra ownership from 70% to 25% with KKR assuming control; Ecogas sale separately agreed for ~$500M (9.0B Mexican pesos)
- PA LNG Phase 2 FID reached Sept 2025: construction commenced on 2-train, ~13 Mtpa nameplate facility with offtake SPAs to ConocoPhillips, EQT, and JERA; ECA LNG Phase 1 achieved mechanical completion Dec 2025, first LNG cargoes targeted spring 2026
- Texas UTM legislation signed 2025 enabling Oncor to file single annual interim rate update through 2035 for T&D capital recovery: Oncor's first filing anticipated March 2026 for assets placed in service 2025
- Total Sempra headcount 15,938 (excluding equity method investees), with 3,048 employees inside the SI Partners disposal group classified as held for sale
Management Discussion & Analysis
- Earnings attributable to common shares fell to $1,796M vs $2,817M in 2024, down 36% YoY, hit by $703M tax charge from SI Partners/Ecogas held-for-sale classification
- Worst segment: Sempra Infrastructure swung to $(160)M loss vs $911M earnings in 2024; best segment: Sempra Texas Utilities up 10% to earnings growth driven by UTM, rate updates and customer growth
- Sempra California earnings dropped $418M (23%) to $1,428M, primarily from $432M after-tax regulatory disallowance charge tied to 2024 GRC Track 2 WMP cost ruling
- Capex $10.6B for PP&E in 2025 vs $8.2B in 2024; total capital including investments $12.6B; dividends paid $1,603M common + $40M preferred; $900M preferred stock redeemed; common stock buybacks only $58M
- Forward: $8.6B capex planned 2026, $38.7B over 2026–2030; key risks include Wildfire Fund depletion (LA Fires claims from other IOUs ~$1.4B), Oncor rate case settlement seeking ~$560M annualized revenue increase pending PUCT approval in H1 2026
Risk Factors
- California Wildfire Legislation (2019 & 2025) creates strict inverse condemnation liability for SDG&E/SoCalGas; Wildfire Fund potentially near exhaustion after ~$1.26B in prior IOU claims
- U.S. tariffs on steel, aluminum, copper, and threatened tariffs on power grid equipment directly impact LNG construction costs; China retaliatory tariff on U.S. LNG threatens SI Partners export demand
- Mexico's 2025 Energy Laws grant broad permit revocation powers and preferential treatment to CFE/PEMEX, threatening SI Partners' $9.99B asset base and development pipeline
- Sempra holding-company structure dependent on subsidiary distributions; S&P revised outlook to negative Jan 2025, Moody's followed Mar 2025, citing SoCalGas credit downgrade and wildfire exposure
- 4,996,591 shares outstanding under ATM forward sale agreements subject to forced physical settlement at counterparty discretion, risking EPS dilution outside Sempra's control
Generated from the filing text; verify against the original. How to read a 10-K
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