SRE Sempra
FY2025 10-K
Sempra (SRE) filed its fiscal year 2025 10-K annual report with the SEC on Feb 26, 2026. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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)
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
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
Financial SummaryXBRL
Revenue
$12.4B
Net Income
$1.8B
Net Margin
14.8%
ROE
5.8%
Total Assets
$110.9B
EPS (Diluted)
$2.75
Operating Cash Flow
$4.6B
Source: XBRL data from Sempra FY2025 10-K filing on SEC EDGAR. All figures in USD.
Other Sempra Annual Reports
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