Earnings are down, the stock is up, and San Diego's hometown energy giant is getting ready to pour even more cash into the grid.
San Diego-based Sempra reported today lower quarterly and full-year GAAP earnings, even as its adjusted results topped Wall Street expectations and the share price moved higher in early trading. The company also rolled out a beefed-up five-year capital plan centered on its California and Texas utilities, signaling a bigger bet on regulated infrastructure and grid upgrades.
Numbers at a glance
In a press release via Sempra, the company reported full-year 2025 GAAP earnings of $1.80 billion, or $2.75 per diluted share, down from $2.82 billion, or $4.42 per share in 2024.
On an adjusted basis, Sempra said full-year 2025 earnings were $3.07 billion, or $4.69 per diluted share. For the fourth quarter, GAAP net income came in at $352 million, or $0.54 per share, on revenue of roughly $3.75 billion, with adjusted Q4 earnings of $841 million, or $1.28 per share.
One-time hits and a bigger plan
The company said one-time regulatory and tax expenses weighed on results, arguing that adjusted earnings give a clearer view of ongoing operations. Jeffrey W. Martin, Sempra's chairman and CEO, said in the release that "Taken together, these considerations support an improved outlook for future earnings growth through the end of the decade" via Sempra.
Sempra also lifted its five-year capital plan to about $65 billion for 2026 to 2030 and flagged roughly $9 billion of potential incremental projects. The company said most of that pipeline is tied to utility investments in Texas and California, meaning more spending on poles, wires, pipes, and related infrastructure rather than splashy one-off projects.
What it means for San Diego and investors
For locals, the numbers hit close to home. Sempra is the parent company of San Diego Gas & Electric and Southern California Gas, so a larger capital plan points toward more regional utility work and infrastructure projects, as reported by the Times of San Diego.
Despite the headline drop in GAAP earnings, the quarterly results beat analyst expectations on an adjusted basis, and the stock rose about 2.2% in early trading, according to the Times of San Diego. Investors, it seems, were more focused on the forward-looking spending plan and earnings outlook than the one-time hits.
What to watch next
Sempra plans to host an investor webcast at noon Eastern and has reaffirmed its 2026 adjusted earnings-per-share guidance of $4.80 to $5.30 while laying out longer-term 2030 EPS targets, according to the company's release republished by PR Newswire.
The board also declared a quarterly dividend of $0.6575 per share, payable April 15, offering shareholders a near-term cash payout as the company leans into its expanded capital program, per PR Newswire.
