Sempra recorded a 15% increase in first-quarter earnings, signaling a strong start to the year for the San Diego-based energy company. Net income climbed to $1.04 billion, or $1.58 per share, compared to $906 million, or $1.39 per share, in the same period last year, despite a slight decline in revenue.
While total revenue fell to $3.655 billion from $3.802 billion, the company’s Texas utility business, Oncor, posted significantly higher profits, rising to $171 million from $146 million. Meanwhile, Sempra’s California utilities—including San Diego Gas & Electric and Southern California Gas—reported earnings of $720 million, a marginal decrease from $724 million the previous year.
Reflecting confidence in its growth strategy, Sempra increased its full-year earnings guidance to a range between $4.87 and $5.37 per share. This outlook represents continued improvement over earnings per share of $4.42 in 2024 and $2.75 in 2025, with management targeting long-term annual growth between 7% and 9%. The company emphasized ongoing investments, reporting capital expenditures near $3 billion during the quarter, with the vast majority focused on California and Texas operations.
Despite meeting Wall Street expectations, Sempra’s stock closed slightly lower at $91.57 amid a broadly down market. The chairman noted that the company remains committed to modernizing its utilities and expanding its infrastructure through capital recycling initiatives to support sustained growth.