Sempra (SRE) reported net income of $877 million in the third quarter of 2026, equivalent to $1.34 per diluted share, under GAAP accounting rules. In 3Q25, net income was $77 million, or $0.12 per share. Total revenue was $3.2 billion ($3,191 million), compared with $3,151 million a year earlier.
Adjusted earnings (non-GAAP, which excludes items the company considers non-recurring) were $917 million, or $1.40 per share, versus $728 million, or $1.11 per share, in 3Q25. Excluded items include a $149 million impact from regulatory disallowances in California and a $97 million gain from the sale of Ecogas. In the first nine months of 2026, GAAP earnings were $2.7 billion ($2,710 million), or $4.13 per share, compared with $1.4 billion ($1,444 million) in the same period of 2025. Adjusted earnings for the nine months were $2.7 billion ($2,670 million), or $4.07 per share.
By segment, Sempra Texas Utilities had earnings of $460 million in the quarter, versus $306 million. Sempra California recorded $223 million, versus $370 million, and Sempra Infrastructure, $346 million, versus a loss of $580 million. Oncor, in Texas, expects its 2027-2031 base capital plan to be about 20% larger than its 2026-2030 plan. Sempra is expected to release the consolidated capital plan in February, on the 4th-quarter conference call.
The company updated its 2026 GAAP EPS guidance to a range of $7.41 to $8.41. It indicated that adjusted EPS will be at the top of the $4.80 to $5.30 range and reaffirmed its 2027 EPS guidance of $5.10 to $5.70. The sale of a 45% stake in Sempra Infrastructure Partners to KKR is expected to close within the next two weeks. On October 29, the California public utilities commission proposed denying the request to correct the capital mechanism for SoCalGas and SDG&E for 2027. If it is not reversed, Sempra California expects 2027 earnings at the low end of the segment's guidance range.
