Sempra Q2 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Results

  • GAAP Earnings: Q2 2026 net income $796 million or $1.21 diluted EPS, compared to Q2 2025 GAAP earnings of $461 million or $0.71 per share.
  • Adjusted Earnings: Q2 2026 adjusted EPS $1.16 (earnings $762 million), up from Q2 2025 adjusted EPS of $0.89 (earnings $583 million).
  • Segment Variances (Q2 2026 vs Q2 2025): Sempra Texas +$138 million (new base rates, UTM, invested capital, customer growth, offset by depreciation/interest/O&M; includes ~$50 million Q1 catch-up from April 2026 rate settlement); Sempra California +$24 million (higher CPUC margin and electric transmission, offset by lower AFUDC and higher interest); Sempra Infrastructure +$26 million (lower depreciation from held-for-sale assets and O&M, offset by taxes); Sempra Parent flat.

Strategic & Operational Highlights

  • Pending sale of 45% equity stake in SI Partners expected to close later in Q3 2026: simplifies model, recycles capital to utilities, displaces common equity needs, deconsolidates ~$9 billion debt.
  • Sale of Ecogas in Mexico on track to close later in August 2026 after regulatory approval.

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Operator: Good day, and welcome to Sempra's Second Quarter Earnings Call. Today's conference is being recorded. At this time, I would like to turn the conference over to Louise Bick. Please go ahead. Louise Bick: Good morning, and welcome to Sempra's second quarter 2026 earnings call. A live webcast of this teleconference and slide presentation are available on our website under the Events and Presentations section. We have several members of our management team with us today. Including Jeff Martin, Chairman and Chief Executive Officer; Karen L. Sedgwick, Executive Vice President and Chief Financial Officer; Justin Christopher Bird, Executive Vice President of Sempra and chief executive officer of Sempra Infrastructure. Caroline Nguyen, executive vice president of Sempra Alan Nye, chief executive officer of Encore Diane Wold, Vice President, Controller, and Chief Accounting Officer and other members of our senior management team. Before starting, I would like to remind everyone that we will be discussing forward looking statements within the meaning of the Private Securities Litigation Reform Act of 2000. Actual results may differ materially from those projected in any forward looking statement we make today. The factors that could cause our actual results to differ materially are discussed in the company's most recent 10 Q filed with the SEC. Earnings per common share amounts in our presentation are shown on a diluted basis, and we will be discussing certain non GAAP financi

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