Sempra Raises Five-Year Capital Plan to $65 B After Strong 2025 Results
Sempra posted full-year 2025 adjusted earnings of $3.07 billion ($4.69 per share) versus $2.97 billion ($4.65), while GAAP earnings fell to $1.80 billion ($2.75) from $2.82 billion ($4.42). The company raised its five-year capital plan to $65 billion and announced initiatives underpinning a robust 2030 EPS outlook.
1. Full-Year 2025 Financial Performance
Sempra’s full-year 2025 GAAP earnings declined to $1.80 billion ($2.75 per share) from $2.82 billion ($4.42), reflecting regulatory disallowances and higher depreciation. On an adjusted basis, earnings rose 3% year-over-year to $3.07 billion ($4.69 per share), driven by improved returns at its utilities.
2. 2025 Strategic Actions and Transactions
During 2025 Sempra invested approximately $13 billion in Texas and California energy infrastructure and completed a strategic transaction selling a 45% stake in its SI Partners unit for $10 billion, with a planned Ecogas México sale adding roughly $500 million. These moves simplified the business and bolstered the balance sheet.
3. 2026–2030 Capital Plan and Outlook
The company elevated its 2026–2030 capital plan to $65 billion, up from prior guidance, focusing on utility modernization, reliability and safety enhancements. Management also issued a strengthened 2030 EPS outlook supported by capital efficiency, regulatory reforms and ongoing value creation initiatives.