Sempra Energy’s headquarters in downtown San Diego. (Photo courtesy of Sempra)
San Diego-based Sempra reported declines in quarterly and annual earnings on Thursday, but beat analysts’ estimates and announced plans to significantly increase capital spending.
The energy company earned $1.80 billion, or $2.75 per share in 2025, compared to $2.82 billion, or $4.42 per share, in 2024. Revenue increased to $13.7 billion from $13.2 billion last year.
For the final quarter, Sempra posted income of $352 million, or $0.54 per share, on revenue of $3.75 billion, compared to $665 million, or $1.04 per share, on revenue of $3.76 billion.
The company said the results were reduced by one-time regulatory and and tax expenses, and reported higher earnings on an adjusted basis.
The quarterly results were better than expected by Wall Street and Sempra stock rose 2.2% in early trading.
“In addition to posting strong financial results, we took important steps in 2025 to simplify our business, improve capital efficiency and strengthen our balance sheet,” said
Jeffrey W. Martin, chairman and CEO. “Taken together, these considerations support an improved outlook for future earnings growth through the end of the decade.”
The company also announced plans to increase capital spending by $9 billion to $65 billion over the period 2026 to 2030.
Sempra is the parent company of San Diego Gas & Electric and Southern California Gas in California and also has major utility operations in Texas.