Company file · SRE
Sempra
Sempra's revenue rose 5.1% in FY2025, to $12.4B, and net income fell 35.8% to $1.8B
Revenue rose 5.1% to $12.4B in FY2025, from $11.8B in FY2024. Net income fell 35.8% to $1.8B. Sempra California was the largest segment, at 92% of the segment total.
Key facts
Sempra (NYSE: SRE) reported revenue of $12.4B for fiscal 2025, the year ended Dec 31, 2025, up 5.1% from fiscal 2024. Net income was $1.8B, down 35.8%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $3.0B, up 9.9% from the same quarter a year earlier, and net income was $883M. The largest piece by segment was Sempra California, at 92% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 26, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026).
Source: 10-K FY2025, filed Feb 26, 2026
Source: 10-Q filed May 7, 2026 · 10-Q filed Nov 5, 2026
How it makes money
By segment, FY2025
Source: 10-K FY2025, XBRL breakdown
By segment in FY2025: Sempra California (92%) and Sempra Infrastructure (8%), as shares of the segment total. Total revenue was $12.4B.
Source: 10-K FY2025
By product or service, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: Sempra 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026
By segment
Source: Sempra 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026
The bull case and the bear case
The bull case
- Revenue rose 5.1% in FY2025 to $12.4B, from $11.8B a year earlier. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $3.0B, up 9.9% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Net income in the quarter ended Sep 30, 2026 was $883M, up 829.5% on a year earlier. 10-Q, quarter ended Sep 30, 2026
- Sempra Infrastructure revenue grew 17.4% in FY2025 to $1.1B. 10-K, FY2025
The bear case
- Net income fell 35.8% in FY2025 to $1.8B, from $2.9B. 10-K, FY2025
- Operating cash flow fell 7.0% in FY2025 to $4.6B. 10-K, FY2025
- Diluted shares rose 2.5% in FY2025, which spreads profit across more shares. 10-K, FY2025
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Sempra is in the Multi-Utilities industry, part of the utilities sector. The SEC files it under Gas & Other Services Combined.
Sempra reports 2 segments: Sempra California and Sempra Infrastructure.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the Multi-Utilities industry. They are not a summary of Sempra’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Rates and regulatorsRegulators set much of what it can charge, so decisions can limit earnings.
- Capital spendingBuilding and upgrading networks needs large investment financed with debt.
- Weather and operationsStorms, wildfires and outages can cause costs and liability.
- Fuel and power costsFuel and purchased-power costs can change faster than rates.
- Interest ratesHigher borrowing costs raise the cost of funding projects.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $14.8B | $11.8B | $12.4B |
| Net income | $3.1B | $2.9B | $1.8B |
| Operating cash flow | $6.2B | $4.9B | $4.6B |
| Cash & equivalents (year end) | $236M | $1.6B | $29M |
| Total debt (year end) | $31.1B | $35.8B | $35.0B |
| Diluted shares | 633M | 638M | 654M |
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term borrowings and the current part of long-term debt and lease obligations plus long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Net debt and net cash
- Debt-to-equity ratio
- The cash flow statement
- Risk factors (Item 1A)
- Index funds vs. ETFs
- Market orders and limit orders
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- Segment figures are shown before eliminations and other items, so shares are of the segment total rather than of consolidated revenue.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Nov 5, 2026 | Sep 30, 2026 |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 |
| 10-Q | May 7, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 27, 2026 | May 12, 2026 |
| 10-K | Feb 26, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about Sempra
How does Sempra make money?
Sempra's revenue was $12.4B in fiscal 2025. By segment in FY2025: Sempra California (92%) and Sempra Infrastructure (8%), as shares of the segment total. Total revenue was $12.4B. Source: 10-K for fiscal 2025, filed Feb 26, 2026.
What was Sempra's revenue in fiscal 2025?
$12.4B of revenue for the fiscal year ended Dec 31, 2025, up 5.1% from $11.8B in fiscal 2024. Fiscal 2023 was $14.8B. Source: 10-K for fiscal 2025, filed Feb 26, 2026.
Is Sempra profitable?
Sempra reported net income of $1.8B for fiscal 2025, down 35.8% from $2.9B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $883M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 26, 2026.
What did Sempra report in its latest quarterly filing?
Revenue was $3.0B in the quarter ended Sep 30, 2026, up 9.9% from $2.8B a year earlier. Net income was $883M, up 829.5% from $95M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 5, 2026.
How much cash and debt does Sempra have?
Sempra had $34M in cash and cash equivalents and $37.5B of total debt on Sep 30, 2026. Total debt here is short-term borrowings and the current part of long-term debt and lease obligations plus long-term debt, at carrying value. Source: 10-Q filed Nov 5, 2026.
What are the main risks Sempra faces?
Sempra's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 26, 2026. Risks that are common among companies in the Multi-Utilities industry include Rates and regulators; capital spending; weather and operations; fuel and power costs; interest rates. The first: Regulators set much of what it can charge, so decisions can limit earnings. Source: 10-K, Item 1A Risk Factors.
Where do these Sempra numbers come from?
From Sempra's own SEC filings: the 10-K for fiscal 2025 (filed Feb 26, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Nov 5, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning Sempra
- Millennium Management: 2,865,477 shares, reported value $265.7M at Jun 30, 2026 (+30.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Soros Fund Management: 441,114 shares, reported value $40.9M at Jun 30, 2026 (+306.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 360,700 shares, reported value $33.4M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 13, 2026.
- Citadel Advisors: 296,960 shares, reported value $27.5M at Jun 30, 2026 (−76.5% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Two Sigma Investments: 89,336 shares, reported value $8.3M at Jun 30, 2026 (+120.1% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in SRE
- The editor holds no position in Sempra (SRE). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell SRE from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Nov 6, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold SRE, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| SempraSRE | FY2025 | $12.4B | +5.1% | $1.8B |
| NextEra EnergyNEE | FY2025 | $27.4B | +10.7% | $6.8B |
| Dominion EnergyD | FY2025 | $16.5B | +16.5% | $3.0B |
| Xcel EnergyXEL | FY2025 | $14.7B | +9.1% | $2.0B |
| Consolidated EdisonED | FY2025 | $17.0B | +10.2% | $2.0B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.