Sempra Q3 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Sempra Q3 2026 Earnings Summary

  • GAAP Earnings: $877M ($1.34/share) vs. Q3 2025: $77M ($0.12/share)
  • Adjusted Earnings: $917M ($1.40/share), +26% YoY vs. Q3 2025: $728M ($1.11/share)
  • Rate Base: Projected to exceed $65B in 2026 (up from ~$14B in 2018, all in California)
  • Key Drivers: Strong growth at Sempra Texas (Oncor) due to capital investment, rate case completion, and unified tracker mechanism; new system peak of 33 GW (+6% YoY)

Financial Guidance & Outlook

  • Guiding to high end of 2026 adjusted EPS range ($4.80-$5.30); affirming 2027 range ($5.10-$5.70), though potential regulatory outcomes in California could push toward lower half
  • Long-term adjusted EPS growth: 7%-9% affirmed (supported by ~11% rate base CAGR)
  • 2026-2030 Oncor base capital plan: Expected ~20% increase over current $47.5B (to be detailed in Feb 2027 update); incremental opportunities tracked separately
  • SI Partners 45% stake sale: Expected close within 2 weeks; proceeds to pay down debt and strengthen balance sheet

Business Updates

  • Sempra Texas (Oncor): Robust demand growth; advancing 765 kV Permian projects (Path 1 approved); focus on affordability via potential 12CP methodology and large-load tariffs (PUC decision expected Dec)
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Operator: Good day, and welcome to Sempra's Third 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 third 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 Bird, executive vice president of Sempra, chief executive officer of Sempra Infrastructure; Caroline A. Winn, executive vice president of Sempra Alan Nye, chief executive officer of Oncor; Faisal Khan, chief commercial officer of Sempra; Dyan Z. 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 this presentation are shown on a diluted basis, and we will be
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