Sempra · SRE · FY2025 Q1 · Calendar Q2 2025

Sempra leans on utilities, LNG and capital recycling

The call supports a constructive operating thesis: regulated utility investment, transmission demand, LNG completions and capital recycling provide potential growth support. That case remains dependent on regulatory approvals, project execution, tariff control and the durability of data-center load forecasts.

Reported Before market openNYSEUtilities $52.28B market cap
70quality score

Earnings scorecard

Reported versus consensus
Reported EPS — Consensus $1.25
EPS surprise — Reported versus consensus
Reported revenue — Consensus $3.93B
Revenue surprise — Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -0.1% Event window
SPY move +0.7% Same window
Abnormal move -0.8% Stock minus SPY
Volume 1.0× Versus trailing sessions
Subsequent drift +1.4% Up to 20 sessions
SRESPY benchmark

Ask FN2 about SRE FY2025 Q1

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Transcript intelligence

What changed

Management highlighted a planned minority-interest sale, expanded Westside Canal battery storage by 100 MW, and disclosed a large Oncor data-center interconnection pipeline. The company also emphasized $13 billion of planned capex and Fit For 2025 productivity actions.

Guidance delta

Management maintained 2025 adjusted EPS guidance of $4.34-$4.70 and 2026 guidance of $4.80-$5.30.

Key takeaways

  • Management described Q1 adjusted EPS of $1.44, up from $1.34 year over year.
  • The company outlined a $13 billion 2025 capex plan, with more than $10 billion directed to U.S. utilities.
  • Sempra plans to recycle capital through an Ecogas divestiture and sale of a minority stake in Sempra Infrastructure Partners.
  • Texas transmission, California storage and LNG projects were central to the growth plan.
  • Fit For 2025 targets productivity gains and affordability support, including AI adoption and headcount reductions.

Management priorities

  • Execute the $13 billion capex program focused on utilities and transmission
  • Advance Cimarron and Port Arthur LNG projects
  • Complete planned divestitures and recycle capital
  • Expand battery storage and renewable integration
  • Deliver Fit For 2025 productivity initiatives

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Earnings History

Estimate Beat Miss Match
SRE EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $1.34 Q1 '24 actual $1.34, match Q2 '24 estimate $0.94 Q2 '24 actual $0.89, miss Q3 '24 estimate $1.05 Q3 '24 actual $0.89, miss Q2 '25 estimate $0.85 Q2 '25 actual $0.89, beat Q3 '25 estimate $0.91 Q3 '25 actual $1.11, beat Q4 '25 estimate $1.24 Q4 '25 actual $1.28, beat Q1 '26 estimate $1.51 Q1 '26 actual $1.51, match Q2 '26 estimate $1.01 Q2 '26 actual $1.16, beat Q3 '26 estimate $1.09 Q4 '26 estimate $1.44 Q1 '27 estimate $1.60
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Analyst Consensus ?

ConsensusBuy24 ratings
Bullish2083.3%
Neutral416.7%
Bearish00.0%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$79.97Previous close
$36.25Low
$86.26Average
$118High

Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 7, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Morgan Stanley Overweight OverweightMaintainSep 18, 2026
Truist Securities Buy BuyMaintainSep 3, 2026
JP Morgan Overweight OverweightMaintainSep 2, 2026
Jefferies Buy HoldUpgradeSep 1, 2026
Mizuho Neutral OutperformDowngradeAug 31, 2026
BMO Capital Outperform OutperformMaintainJul 22, 2026
Barclays Overweight OverweightMaintainJul 9, 2026
Wells Fargo Overweight OverweightMaintainMar 23, 2026
UBS Neutral NeutralMaintainMar 6, 2026
Evercore ISI Group Outperform OutperformMaintainMar 5, 2026
Argus Research Buy HoldUpgradeMar 4, 2026
Citigroup Neutral NeutralMaintainNov 24, 2025
Goldman Sachs Buy NeutralUpgradeNov 14, 2025
Guggenheim Buy BuyMaintainFeb 26, 2025
Ladenburg Thalmann Buy BuyMaintainMay 29, 2024
RBC Capital Outperform OutperformMaintainMar 6, 2024
B of A Securities Buy BuyMaintainMar 28, 2023
Credit Suisse Outperform OutperformMaintainApr 26, 2022
Keybanc Sector Weight OverweightDowngradeMar 7, 2022
Seaport Global Neutral BuyDowngradeApr 7, 2021
CFRA Strong Buy BuyUpgradeMar 18, 2020
Bank of America Buy NeutralUpgradeOct 11, 2018
Argus Buy HoldUpgradeMay 21, 2018
ISI Group Buy NeutralUpgradeJun 9, 2014
Bank oferica Buy BuyMaintainMay 4, 2012
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Named analyst price targets

Upside is calculated against the persisted previous close $79.97. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
ScotiabankAnalyst unavailable$83$76.9 +3.8%Sep 29, 2026
Truist FinancialRichard Sunderland$96$83.8 +20.0%Sep 3, 2026
JefferiesAnalyst unavailable$97$81.7 +21.3%Sep 1, 2026
Mizuho SecuritiesAnalyst unavailable$84$84.32 +5.0%Aug 31, 2026
Truist FinancialAnalyst unavailable$100$86.53 +25.0%Aug 13, 2026
Morgan StanleyDavid Arcaro$108$92.88 +35.1%Jul 22, 2026
BMO CapitalAnalyst unavailable$102$92.79 +27.5%Jul 22, 2026
JefferiesAnalyst unavailable$101$92.78 +26.3%Jul 16, 2026
BarclaysAnalyst unavailable$103$95.15 +28.8%Jul 9, 2026
Morgan StanleyAnalyst unavailable$105$91.9 +31.3%Jun 24, 2026
Truist FinancialAnalyst unavailable$104$90.43 +30.0%May 18, 2026
Morgan StanleyAnalyst unavailable$104$93.27 +30.0%Apr 21, 2026
Wells FargoAnalyst unavailable$118$93.38 +47.6%Apr 21, 2026
Truist FinancialRichard Sunderland$108$93.38 +35.1%Apr 20, 2026
BarclaysAnalyst unavailable$105$96.16 +31.3%Apr 15, 2026
Morgan StanleyAnalyst unavailable$101$93.34 +26.3%Feb 20, 2026
BarclaysNicholas Campanella$95$86.22 +18.8%Feb 3, 2026
Morgan StanleyDavid Arcaro$97$86.8 +21.3%Feb 2, 2026
UBSAnalyst unavailable$100$85.98 +25.0%Jan 22, 2026
UBSAnalyst unavailable$92$85.98 +15.0%Jan 22, 2026
BarclaysNicholas Campanella$97$85.98 +21.3%Jan 22, 2026
Morgan StanleyAnalyst unavailable$95$84.89 +18.8%Jan 21, 2026
Wells FargoShahriar Pourreza$112$92.55 +40.1%Jan 20, 2026
UBSAnalyst unavailable$96$87.91 +20.0%Dec 17, 2025
Morgan StanleyAnalyst unavailable$91$88.57 +13.8%Dec 16, 2025
Morgan StanleyAnalyst unavailable$98$91.12 +22.5%Nov 20, 2025
Wells FargoAnalyst unavailable$115$93.17 +43.8%Oct 27, 2025
Morgan StanleyDavid Arcaro$99$91.88 +23.8%Oct 22, 2025
BMO CapitalJames Thalacker$99$92.29 +23.8%Oct 22, 2025
JefferiesAnalyst unavailable$89$92.29 +11.3%Oct 22, 2025
BTIGAnalyst unavailable$106$92.29 +32.5%Oct 21, 2025
BarclaysAnalyst unavailable$101$91.29 +26.3%Oct 20, 2025
Evercore ISIAnalyst unavailable$105$92.46 +31.3%Oct 6, 2025
BarclaysAnalyst unavailable$80$81.72 +0.0%Aug 26, 2025
BarclaysNicholas Campanella$71$74.9 -11.2%Jul 10, 2025
Morgan StanleyDavid Arcaro$87$76.75 +8.8%May 22, 2025
Morgan StanleyDavid Arcaro$89$73.31 +11.3%Apr 23, 2025
JefferiesJulien Dumoulin-Smith$75$69.73 -6.2%Apr 14, 2025
Morgan StanleyAnalyst unavailable$86$70 +7.5%Mar 20, 2025
JefferiesJulian Dumoulin-Smith$98$85.96 +22.5%Oct 24, 2024
BMO CapitalJames Thalacker$96$84.83 +20.0%Oct 21, 2024
Mizuho SecuritiesAnthony Crowdell$93$84.83 +16.3%Oct 21, 2024
BarclaysNicholas Campanella$89$83.63 +11.3%Oct 1, 2024
Morgan StanleyDavid Arcaro$85$83.02 +6.3%Sep 25, 2024
BMO CapitalJames Thalacker$93$81.37 +16.3%Sep 12, 2024
Morgan StanleyDavid Arcaro$80$81.67 +0.0%Aug 23, 2024
Mizuho SecuritiesAnthony Crowdell$88$79.96 +10.0%Aug 16, 2024
BarclaysNicholas Campanella$87$78.99 +8.8%Aug 13, 2024
BMO CapitalJames Thalacker$90$77.57 +12.5%Aug 9, 2024
Mizuho SecuritiesAnthony Crowdell$86$77.67 +7.5%May 17, 2024
Mizuho SecuritiesAnthony Crowdell$79$70.97 -1.2%Apr 4, 2024
BarclaysEric Beaumont$77$71.96 -3.7%Feb 22, 2024
Raymond JamesJames Thalacker$84$74.8 +5.0%Jan 11, 2024
BMO CapitalJames Thalacker$84$74.84 +5.0%Jan 11, 2024
J.P. MorganChristopher Turnure$86$76.01 +7.5%Jan 4, 2024
BarclaysEric Beaumont$76$70.12 -5.0%Nov 1, 2023
BarclaysEric Beaumont$156$70.3 +95.1%Oct 19, 2023
CitigroupAnalyst unavailable$42.75$41.21 -46.5%Apr 28, 2022
Credit SuisseAnalyst unavailable$45$41.34 -43.7%Apr 26, 2022
Morgan StanleyAnalyst unavailable$42$43.12 -47.5%Apr 20, 2022
RBC CapitalShelby Tucker$39.5$32.68 -50.6%Jan 24, 2022
Vertical ResearchJonathan Arnold$39.5$34.18 -50.6%Jan 10, 2022
Wells FargoSarah Akers$36.25$30.9 -54.7%Nov 8, 2021
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Company context

Snapshot as of publication

Sempra, an energy holding company founded in 1998 and headquartered in San Diego, California, conducts its operations both domestically and internationally. The firm adopted its current name in July 2021, having previously been known as Sempra Energy. Through its San Diego Gas & Electric Company division, Sempra delivers electricity to approximately 3.6 million individuals and natural gas to roughly 3.3 million individuals across a 4,100 square mile service area.…

Historical context

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2025-04-24T00:01:17.206701+00:00
  3. Polygon adjusted daily market bars · 2026-10-07T11:50:43.822392+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-07T11:50:43.820012+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-07. For educational purposes only; not investment advice.