Q2 FY26 · Ended Jun 30, 2026 · View SEC filing
Stakes Sempra does not control out-earn its own operations
Equity earnings, led by Texas utility Oncor, topped the pretax income of every business Sempra consolidates, taken together.
For investorsWhat carries earnings once the one-off items fall away?
For foundersSelling the output before building the plant
Revenue slipped 0.1%, so the gain came from below the sales line: equity earnings, paused depreciation, lower tax and derivative gains.
Gas costs pass to customers without markup, so falling prices shrank gas revenue, not earnings, which come from returns on capital.
Capital spending exceeded operating cash flow in every year of the record, so borrowing costs now shape how far growth can go.
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Business Lens describes Sempra from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
