Sempra Energy Q3 2026 Earnings Recap

Sempra shares fell 3.7% after earnings, with the clearest concern in the outlook: management said California segment earnings could land toward the low end of its 2027 guidance range if regulators do not reverse a proposed decision on capital attrition rates. The company also flagged regulatory and execution risks even as it pointed to substantial planned growth at Oncor.

Key Takeaways

• Sempra expects 2026 adjusted EPS to finish at the high end of its guidance range and affirmed its 2027 range.
• Oncor’s system peak reached 33 GW, up 6% from its prior record. Sempra expects Oncor’s 2027–2031 base capital plan to be about 20% above its existing $47.5 billion plan.
• A proposed CPUC decision denied Sempra California’s petition on capital attrition rates. Management said the potential earnings impact is limited to 2027 and would be absent if the decision is not corrected.
• Sempra reported double-digit year-to-date adjusted EPS growth, driven primarily by Sempra Texas, citing capital investment, a recent Oncor rate case, and the unified tracker mechanism.
• The sale of a 45% equity stake in SI Partners is expected to close within two weeks.