SRE

SEMPRA

2 filings tracked

utilitieselectric, natural gas & renewable utilitiesLARGE ($10B-200B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

The investment narrative has shifted from a defensive utility play to a growth-oriented infrastructure story. By pivoting toward a fee-based model through the KKR partnership, Sempra is attempting to decouple its earnings from the volatility of construction-phase risks.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

Conversely, the financial risk profile has intensified as the company balances aggressive growth against a tightening liquidity position.…

Risk Factors

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Synthesis (Verdict & Resolution)

Sempra is currently navigating a high-stakes transition from a traditional regulated utility to a diversified energy infrastructure platform.…

Latest Available Quarter (Q2 '26 (10-Q))

Core Takeaway

Sempra is successfully growing its energy-related income but faces significant regulatory and liquidity risks.

Investor Lens

The trade-off between aggressive growth in energy infrastructure and the risk of a liquidity crunch.

Watch Next

The closing of the SI Partners divestiture and the CPUC's decision on the 2024 GRC Track 2 filing.

Calculated Financial Trajectory (Click to filter signals)

Net Income / Loss$1037M

the quarter ended March 31, '26: $1037M

Operating Income / Loss$160.00M

the fiscal year ended December 31, '25: $160.00M

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

Signal Timeline

bullishMay 7

Net income increased 25% year-over-year to $1.15 billion.

earnings beat

70%

bullishMay 7

Operating expenses decreased 8% year-over-year despite increased capital deployment.

margin expansion

60%

bullishMay 7

Planned $9.99 billion recapitalization of SI Partners to reduce balance sheet volatility.

divestiture

90%

bearishMay 7

Active ATM program and forward sale agreements may dilute EPS if stock prices remain high.

dilution risk

40%

bullishMay 7

Net income increased 25% year-over-year to $1.15 billion.

earnings beat

70%

bullishMay 7

Operating expenses decreased 8% year-over-year despite increased capital deployment.

margin expansion

60%

bullishMay 7

Planned $9.99 billion recapitalization of SI Partners to reduce balance sheet volatility.

divestiture

90%

bearishMay 7

Active ATM program and forward sale agreements may dilute EPS if stock prices remain high.

dilution risk

40%

bullishMay 7

Net income increased 25% year-over-year to $1.15 billion.

earnings beat

70%

bullishMay 7

Operating expenses decreased 8% year-over-year despite increased capital deployment.

margin expansion

60%

bullishMay 7

Planned $9.99 billion recapitalization of SI Partners to reduce balance sheet volatility.

divestiture

90%

bearishMay 7

Active ATM program and forward sale agreements may dilute EPS if stock prices remain high.

dilution risk

40%

bullishMay 7

Net income increased 25% year-over-year to $1.15 billion.

earnings beat

70%

bullishMay 7

Operating expenses decreased 8% year-over-year despite increased capital deployment.

margin expansion

60%

bullishMay 7

Planned $9.99 billion recapitalization of SI Partners to reduce balance sheet volatility.

divestiture

90%

bearishMay 7

Active ATM program and forward sale agreements may dilute EPS if stock prices remain high.

dilution risk

40%

bullishMay 7

Net income increased 25% year-over-year to $1.15 billion.

earnings beat

70%

bullishMay 7

Operating expenses decreased 8% year-over-year despite increased capital deployment.

margin expansion

60%

bullishMay 7

Planned $9.99 billion recapitalization of SI Partners to reduce balance sheet volatility.

divestiture

90%

bearishMay 7

Active ATM program and forward sale agreements may dilute EPS if stock prices remain high.

dilution risk

40%

bullishMay 7

Net income increased 25% year-over-year to $1.15 billion.

earnings beat

70%

bullishMay 7

Operating expenses decreased 8% year-over-year despite increased capital deployment.

margin expansion

60%

bullishMay 7

Planned $9.99 billion recapitalization of SI Partners to reduce balance sheet volatility.

divestiture

90%

bearishMay 7

Active ATM program and forward sale agreements may dilute EPS if stock prices remain high.

dilution risk

40%

bullishMay 7

Net income increased 25% year-over-year to $1.15 billion.

earnings beat

70%

bullishMay 7

Operating expenses decreased 8% year-over-year despite increased capital deployment.

margin expansion

60%

bullishMay 7

Planned $9.99 billion recapitalization of SI Partners to reduce balance sheet volatility.

divestiture

90%

bearishMay 7

Active ATM program and forward sale agreements may dilute EPS if stock prices remain high.

dilution risk

40%

bullishFeb 26

Pending capital recycling plan with KKR to shift to an asset-light model.

divestiture

90%

bearishFeb 26

Facing a $432 million regulatory disallowance and ongoing wildfire liabilities.

regulatory action

70%

neutralFeb 26

Active management of debt load with new 6.375% notes issued in 2025.

debt restructure

50%

Filing History

10-QMay 7, 2026

Expand Sequence

Sempra's latest filing reveals a company in the midst of a high-stakes transformation, trading the predictability of a traditional utility for the growth potential of a global energy infrastructure player. While the shift toward LNG and renewables is driving a 13.1% year-over-year increase in net income, the transition is being funded through a complex combination of debt and asset sales. The company's ability to maintain its investment-grade profile while executing a massive capital expenditure plan remains a critical focal point for investors. The overall impact of the filing suggests a business at a crossroads where operational success is heavily dependent on regulatory approvals and the successful closing of major divestitures. The contrast between surging energy-related operating income and the looming risks of regulatory refunds in California creates a volatile risk-reward profile. Investors must now weigh the promise of a high-growth infrastructure platform against the reality of a highly leveraged balance sheet.

10-KFeb 26, 2026

Expand Sequence

The 2025 10-K reveals a company at a critical inflection point, attempting to outrun its legacy capital requirements through a bold re-rating of its business model. The successful closing of the KKR transaction in the second quarter of 2026 serves as the primary catalyst that could validate the asset-light thesis and provide necessary liquidity to stabilize the balance sheet. However, the narrow margin between operating cash flow and dividend obligations leaves the company vulnerable to any execution delays. Ultimately, Sempra's trajectory depends on its ability to navigate the tension between aggressive growth spending and regulatory volatility. While the shift toward a fee-based model is logically sound, the immediate financial pressures and looming debt maturities suggest that the path to a compounding infrastructure platform remains fraught with risk.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.