Sempra (SRE) Q2 2026: GAAP EPS Jumps 70%, but Adjusted EPS Rises 30% as Sempra Infrastructure Leads the Quarter
Sempra's second-quarter earnings jumped while revenue did not move at all. Earnings attributable to common shares reached $796 million versus $461 million a year earlier, and diluted EPS rose to $1.21 from $0.71, even though total revenues came in at $2,997 million against $3,000 million. That headline number needs a qualifier the 10-Q does not carry: in its Aug. 6 earnings release, Sempra reported adjusted earnings of $762 million, or $1.16 per share, against $583 million and $0.89 a year earlier — a 30% gain, not 70%. The company also affirmed 2026 adjusted EPS guidance of $4.80 to $5.30 while lifting the GAAP range to $5.02–$5.55, which is itself an admission that the gap is one-off in nature.
The entire move happened below the revenue line: the Texas utility Oncor delivered $137 million more, and Sempra Infrastructure added $158 million that came mostly from suspended depreciation, tax adjustments and unrealized derivative gains tied to the pending KKR transaction. For a regulated utility, where revenue is largely a pass-through of fuel costs and rate awards, the quality of that earnings mix matters more than the headline growth rate.
1. Consolidated Balance Sheet
1-1. Major asset lines
| Item ($M) | Dec 31, 2025 | Jun 30, 2026 | Change |
|---|---|---|---|
| Cash and cash equivalents | 29 | 48 | +65.5% |
| Accounts receivable – trade, net | 1,767 | 1,442 | -18.4% |
| Inventories | 561 | 496 | -11.6% |
| Regulatory assets (noncurrent) | 3,868 | 4,297 | +11.1% |
| Property, plant and equipment, net | 49,011 | 49,736 | +1.5% |
| Investment in Oncor Holdings | 17,472 | 19,002 | +8.8% |
| Assets held for sale | 31,024 | 32,939 | +6.2% |
| Total assets | 110,878 | 115,281 | +4.0% |
Source: Sempra Form 10-Q for the quarter ended June 30, 2026, condensed consolidated balance sheets.
