Sempra Delivers Record $4.69 EPS, Unveils $65B Plan and $10B Stake Sale
In Q4 2025 Sempra delivered record adjusted EPS of $4.69 and agreed to sell a $10 billion SI Partners stake (implying >$22 billion equity) by Q3 2026 while deploying $13 billion in capital. The company unveiled a $65 billion 2026–2030 plan to grow rate base from $57 billion to $97 billion.
1. Q4 and Full-Year Financials
Sempra reported record adjusted EPS of $4.69 for 2025, at the high end of its guidance, and $1.28 per share in Q4. GAAP earnings were $352 million, or $0.54 per share, in the fourth quarter versus $665 million a year earlier, and the company deployed $13 billion in capital during the year.
2. Asset Sales and Portfolio Simplification
Management agreed to sell a 45% stake in SI Partners for $10 billion (implying over $22 billion of equity value) and to divest Ecogas for approximately $500 million at a 12.7x EBITDA multiple. Both transactions are expected to close in Q2–Q3 2026 and aim to shift Sempra toward roughly 95% regulated earnings.
3. 2026–2030 Capital Plan
The company unveiled a $65 billion capital program for 2026–2030, with about 95% earmarked for utility investments led by Sempra Texas and Oncor transmission. This plan is designed to support an 11% CAGR in rate base growth from $57 billion in 2025 to $97 billion by 2030 without issuing new common equity.
4. LNG and Infrastructure Developments
Sempra Infrastructure declared FID on Port Arthur LNG phase II, reached mechanical completion at ECA LNG phase I, and maintains Port Arthur phase I COD near end-2027. Utility operations saw improved CPUC-based operating margins and customer reliability recognition for SDG&E in California.