Sempra
sempra.comWhat Do They Do?
Operates regulated electric and gas utilities and other energy infrastructure serving households, businesses, and utilities.
10-K for FY2025, filed Feb 26, 2026We are a holding company whose principal businesses are regulated utilities in California and Texas. Our businesses invest in and operate…View ↗
Sempra was formed in 1998 through a business combination of Enova Corporation and Pacific Enterprises, the holding companies of our…View ↗
Sempra California provides natural gas and electric service to Southern California and part of central California through Sempra’s wholly…View ↗
How Do They Make Money?
Utility customers pay rates set by regulators for delivered electricity and gas, after invoicing. Energy-related customers pay for delivered natural gas, liquefied natural gas and power, as well as reserved pipeline or storage capacity under long-term agreements.
10-K for FY2025, filed Feb 26, 2026The payment terms in customer contracts vary. Typically, we have an unconditional right to customer payments, which are due after the…View ↗
Utilities revenues are derived from and recognized upon the delivery of natural gas or electricity services to customers. Amounts that we…View ↗
Revenues at Sempra Infrastructure typically represent revenues from long-term, U.S. dollar-based contracts with customers for the sale of…View ↗
We generate pipeline transportation revenues from firm agreements, under which customers pay a fee for reserving transportation capacity.…View ↗
We recognize storage revenue from firm capacity reservation agreements, under which we collect a fee for reserving storage capacity for…View ↗
Sempra Infrastructure sells natural gas to the CFE and other customers under supply agreements. Sempra Infrastructure recognizes the…View ↗
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10-K for FY2025, filed Feb 26, 2026
FY2025 revenue by product or service (Revenues from contracts with customers) ↗
$13.7B
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10-K for FY2025, filed Feb 26, 2026
$13.7B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Utilities
Usage-based
10-K for FY2025, filed Feb 26, 2026 |
93%
FY2022: 88%
|
Utilities, FY2025
$11.5B Sources
|
Usage-based |
|
Energy-related businesses
Mix
|
7.3%
FY2022: 12%
|
Energy-related businesses, FY2025
$911M Sources
|
Mix |
|
Natural Gas, Gathering, Transportation, Marketing and Processing
|
64%
FY2022: 62%
|
Natural Gas, Gathering, Transportation, Marketing and Processing, FY2025
$8B Sources
|
|
|
Electric transmission, distribution and generation
|
36%
FY2022: 38%
|
Electric transmission, distribution and generation, FY2025
$4.5B Sources
|
Who Are Their Customers?
Residential and commercial electric customers receive utility service, though many SDG&E customers get power procurement from another provider. Core gas customers usually buy directly from SoCalGas or SDG&E; infrastructure businesses serve utilities, load-serving entities and industrial users.
10-K for FY2025, filed Feb 26, 2026Customers and Demand. SDG&E provides electric services through the generation, transmission and distribution of electricity to the…View ↗
SDG&E currently provides procurement service for a portion of its customer load. Most customers receive electric commodity service from a…View ↗
Most core customers purchase natural gas directly from SoCalGas or SDG&E. While core customers are permitted to purchase their natural gas…View ↗
SoCalGas’ noncore customers consist primarily of electric generation, wholesale, and large commercial and industrial customers. A portion…View ↗
Sempra Infrastructure develops, invests in and operates solar and wind facilities that have long-term PPAs to sell the electricity and the…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 13 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$6B.
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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Jul 9, 2026
Sempra appointed Justin C. Bird as chief financial officer
He is expected to take over from Karen L. Sedgwick around the closing of Sempra’s planned sale of part of its Sempra Infrastructure interest.
Sources
8-K, filed Jul 9, 2026
On July 6, 2026, the Board of Directors of Sempra appointed Justin C. Bird as Executive Vice President and Chief Financial Officer of…View ↗
Flat. Revenue was $13.7B in FY2025, about the same as the $12.9B of FY2021.
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