SEMPRA Earnings Summary — Q1 2026

• Net income attributable to common shareholders rose to $1.037 billion in Q1 2026.
• Operating income remained robust at $2.95 billion, showing stability compared to the prior year period.
• Total revenue saw a slight year-over-year decline of 3.87%, primarily due to lower fuel and purchased power expenses.
• Sempra continues its aggressive asset base expansion, reaching over $110 billion in total assets.
• The energy transition strategy remains on track with significant progress at Sempra Infrastructure and LNG projects.
• Profitability metrics like operating margin improved significantly on a year-over-year basis despite lower top-line revenue.
• The firm maintains a strategic focus on high-growth regulated markets in California and Texas (Oncor).

Management emphasizes a shift toward clean energy infrastructure and LNG export leadership, targeting long-term regulated returns from a capital-intensive development strategy.

Improving

Significant recovery in net income margins and operating income relative to the end of 2025 indicates strengthening operational execution.

Sempra is positioned as a premium infrastructure compounder with visible cash flow durations supported by regulated frameworks and a massive $110B asset base.