Sempra, the San Diego-based energy heavyweight behind San Diego Gas & Electric and Southern California Gas, opened 2026 on a high note, telling investors Thursday that first-quarter GAAP earnings climbed 15% to $1.04 billion, or $1.58 per share, up from $906 million and $1.39 a year earlier. Executives called the showing a great start to the year as the company kept plowing money into its grid and nudged its outlook higher.
Quarter By The Numbers
In its earnings release via Sempra, the company reported first-quarter GAAP earnings of $1.04 billion, or $1.58 per diluted share. On an adjusted basis, earnings were $991 million, or $1.51 per diluted share. “At Sempra, our first quarter results represent a great start to the year,” Chairman and CEO Jeffrey W. Martin said in the statement.
Local Utilities’ Share
Sempra’s California utility operations, including SDG&E and SoCalGas, did the heavy lifting, generating about $720 million in profit for the quarter. Its Texas utility, Oncor, contributed another $171 million. Overall revenue for the period totaled $3.655 billion, a modest dip from $3.802 billion a year earlier, according to the Times of San Diego.
Where The Money Is Going
Sempra told investors it put roughly $3 billion to work in the first quarter and plans to steer about 95% of its near-term capital spending into regulated utility projects in California and Texas. That is part of a record five-year, $65 billion capital plan. The company also updated its full-year GAAP earnings-per-share guidance to a range of $4.87 to $5.37 and reaffirmed its projected long-term EPS growth rate of 7% to 9%, according to the release from Sempra.
Market Reaction And Outlook
On Wall Street, the quarter landed largely as expected. Sempra said its results matched analyst estimates even as revenue slipped, and investors shrugged. The stock finished the day down about 2% in what was already a broadly weaker market, as detailed by the Times of San Diego.
What This Means For San Diego
For San Diego, the numbers point to continued investment in the local power grid, a trend that could mean more construction work and ongoing rate-base growth for SDG&E as it pushes ahead with upgrades and seeks regulatory approvals. Analysts say the results highlight Sempra’s steady shift toward growth driven by regulated utilities, a theme noted in Associated Press coverage carried by WTOP.
