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Sempra

Q2 FY26Multi-Utilities

Sempra Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹90

Market cap₹58.9K Cr

P/E31.1

Updated29 May 2026

Read4 min read

What the Q2 FY26 call signalled

3 of 4 strong

RevenueModerate growth

MarginMargins up

CapexCapex planned

Order bookOrder book rising

The short version

- Sempra is executing a record $65 billion capital plan supporting strong projected rate base growth through the plan period. - Full year 2026 adjusted EPS guidance range affirmed at $4.80 to $5.30.

From Sempra's Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Moderate growth

Sempra is executing a record $65 billion capital plan supporting strong projected rate base growth through the plan period.
Improving visibility into ~$9 billion of incremental capital opportunities beyond the base plan, primarily in Texas.
Expects to derive a majority of rate base from Texas by the end of the decade (~60% expected).
Oncor's earnings projected to grow at 30% annually through mid-2027.
Large load growth (127 GW qualifying load, mainly data center related) to drive higher levels of capital spending in Texas, beyond the base plan.
LNG segment expected to grow but capital allocation will reduce as Sempra focuses on pure-play utility business.

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Profitability & Margins

Full year 2026 adjusted EPS guidance range affirmed at $4.80 to $5.30.
2027 EPS guidance range affirmed at $5.10 to $5.70.
Projected long-term EPS growth rate maintained at 7% to 9%, among the highest in the utility sector.
Oncor is growing earnings at approximately 30% annually through the midpoint of its 2027 guidance.
Capital plan supports strong projected rate base growth, with increasing investments primarily in Texas.
~$9 billion of incremental capital opportunities identified beyond the base plan, mainly in Texas.

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Capital Expenditure Plans

Capex planned

Sempra is executing a record $65 billion capital plan supporting strong rate base growth, with a majority focused in Texas by decade-end.
There is approximately $9 billion of incremental capital opportunities beyond the base plan, primarily concentrated in Texas.
An additional $10 billion incremental CapEx bucket is being actively pursued and expected to be updated by Q2.
ERCOT recently approved about $2.9 billion in South Dallas transmission projects, included in incremental opportunities.
Oncor is growing earnings at 30% annually through 2027 midpoint, supported by transmission infrastructure investments.

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Fundraising & Capital Structure

The company plans to focus on recycling capital back into utilities post the closing of Sempra Infrastructure Partners transaction, implying use of existing capital rather than new fundraising.
There's a focus on strengthening the balance sheet post-close through parent debt paydown and deconsolidation of SI Partners.
Capital allocation is primarily toward a $65 billion capital plan with about $9 billion upside, mostly funded internally rather than through new equity or debt issuance.

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Order Book & Pipeline

Order book rising

Oncor has secured contracted slots for their base capital plan through 2028.
For the outer two years beyond 2028, Oncor has understandings or agreements (not all formalized) with suppliers to meet needs.
Some suppliers offer only 3-year contracts, but Oncor feels in excellent shape for the first 3 years and confident about the next 2.
The Board has authorized Oncor to secure slots and products beyond their base plan to handle incremental buckets.
There has been substantial progress in firming up $10 billion of incremental capital opportunities beyond the base plan, with updates expected later in 2024.

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Others in Multi-Utilities this season

Brookfield Infrastructure Partners L.P. (Q2 FY26)
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CMS Energy Corporation (Q2 FY26)
CMS Energy Corporation Q2 FY26 quarterly results analysis. Projecting 2% to 3% low growth in sales volume over the next five years, supported by new and expandi
CenterPoint Energy, Inc. (Q2 FY26)
CenterPoint Energy, Inc. Q2 FY26 quarterly results analysis. Houston Electric's peak demand forecast accelerated by 2 years with a 50% increase expected, driven
Ameren Corporation (Q2 FY26)
Ameren Corporation Q2 FY26 quarterly results analysis. Sales growth is driven primarily by large load customers, especially hyperscale data centers, with 2.2 gi

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Frequently Asked Questions

What were Sempra Q2 FY26 results?

- Sempra is executing a record $65 billion capital plan supporting strong projected rate base growth through the plan period. - Full year 2026 adjusted EPS guidance range affirmed at $4.80 to $5.30.

What is Sempra share price analysis?

Sempra currently shows a below-average growth signal. The stock trades at a P/E of 31.1 with a market cap of $58,853. Investors should review the full earnings analysis for detailed insights.

Is Sempra planning capital expenditure?

- Sempra is executing a record $65 billion capital plan supporting strong rate base growth, with a majority focused in Texas by decade-end.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.