Sempra (SRE) FY2025 10-K Annual Report
Sempra (SRE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 26, 2026. 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 FY2025 10-K Analysis
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
Sempra FY2025 Key Financial MetricsXBRL
Revenue
$12.4B
▲ +5.1% YoY
Net Income
$1.8B
▼ -35.8% YoY
Net Margin
14.8%
▼ -942bp YoY
ROE
5.8%
▼ -335bp YoY
Total Assets
$110.9B
▲ +15.3% YoY
EPS (Diluted)
$2.75
▼ -37.8% YoY
Operating Cash Flow
$4.6B
▼ -7.0% YoY
Source: XBRL data from Sempra FY2025 10-K filing on SEC EDGAR. All figures in USD.
Other Sempra Annual Reports
Get deeper insights on Sempra
Access full AI analysis, insider trading data, fund holdings, and cross-signal detection on SignalX.