Key Takeaways for Sempra Stock as of August 2026
- Earnings Beat: Adjusted EPS reached $1.16, up 30% YoY and past Street’s $1.06.
- Guidance Held: Management affirmed full-year 2026 adjusted EPS of $4.80 to $5.30, kept the 2027 range at $5.10 to $5.70, and stood by a 7% to 9% long-term growth rate.
- Texas Engine: Sempra Texas added $138M of higher YoY earnings, and Oncor’s Batch Zero pipeline of 44 GW would lift its 31 GW system peak by 140%, all of it upside to the record $65B capital plan.
- Sedgwick’s Credit Reset: CFO Karen Sedgwick pinned the balance-sheet story on the SI Partners sale closing this quarter, deconsolidating over $9B of debt and targeting a 50 to 150 basis point cushion above Moody’s thresholds.
Sempra beat on earnings while revenue slipped, and its biggest Texas driver isn’t in the numbers yet. See the full financial breakdown on TIKR for free →
Sempra’s Q2 Earnings Beat as Texas Growth Outruns a Revenue Miss
Sempra (SRE) reported second-quarter 2026 adjusted earnings of $1.16 per share on August 6, up 30% from $0.89 a year earlier and ahead of the $1.06 Street penciled in. Adjusted net income landed at $762 million. On a GAAP basis, earnings jumped to $1.21 per share from $0.71, a swing management tied to new base rates at Oncor and a favorable rate-case catch-up.
The beat didn’t come from the top line. Revenue slipped to $2.997 billion, roughly flat against last year and short of the $3.12 billion Street modeled. What drove the quarter was mix: operating income climbed 42% year over year to $832 million, and EBIT margins widened to 27.76% from 19.47%. Regulated Texas earnings did the heavy lifting.
Sempra Texas added $138 million of higher year-over-year earnings, helped by new base rates and a bigger invested-capital base. About $50 million of that reflected a first-quarter catch-up from Oncor’s base-rate settlement approved in April. Sempra California chipped in $24 million, and Sempra Infrastructure another $26 million.
Management affirmed its full-year 2026 adjusted EPS guidance of $4.80 to $5.30 and held the 2027 range at $5.10 to $5.70. The 7% to 9% long-term growth rate stayed intact too. The record $65 billion capital plan tilts harder toward Texas every quarter. CFO Karen Sedgwick put the ambition plainly on the Q2 earnings call: “we see Texas continuing to become an even larger part of our business, with a goal for it to comprise over 60% of Sempra’s total rate base in 2030.” That target frames where the growth capital goes.
The number that reframes the story sits at Oncor. ERCOT’s Batch Zero process identified 44 gigawatts of large-load interconnection requests eligible on Oncor’s system, a figure that would raise its current 31 gigawatt peak by 140%. Roughly 8 gigawatts already connects to the grid and keeps ramping. None of this lives in the $47.5 billion base plan or the $10 billion of incremental opportunities Oncor already flagged.
Not everything ran clean. Sempra Infrastructure found damage to the mixed-refrigerant compressors at ECA LNG Phase 1, pushing substantial completion into the fourth quarter. Investors shrugged. Sempra stock trades at $84, and the pending sale of a 45% stake in SI Partners will strip roughly $9 billion of debt off the balance sheet when it closes this quarter.
The 44 gigawatts of Batch Zero demand would lift Oncor’s peak load by 140%, and none of it sits in the capital plan yet. Track Oncor’s rate base growth on TIKR for free →
TIKR Values Sempra Stock at $143, Priced for Texas Rate Base Growth
TIKR’s mid-case model values Sempra at $143 by December 2030, a 71% total return from the current $84, or 13% annualized over the next 4.4 years.
A 13% annualized return from a regulated utility runs well ahead of the mid-single-digit total returns the sector typically hands investors, the kind of repricing a completed Texas pivot would justify.
The path to $143 runs through the engine the quarter put on display: Oncor’s compounding rate base and the affirmed 7% to 9% earnings growth. The Batch Zero pipeline sits as pure upside above the record capital plan, so the model reaches its target without counting a gigawatt of that demand.
TIKR’s model puts Sempra stock at $143 by 2030, a 71% climb from today’s price. See the full valuation breakdown on TIKR for free →
Should You Invest in Sempra?
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
