Sempra (NYSE: SRE) is an energy infrastructure company that owns and operates regulated electric and natural gas utilities in California and Texas, along with liquefied natural gas infrastructure. It makes money through rate-regulated utility operations, where returns are set by state regulators and tied to approved rate bases, plus energy infrastructure investments. Its primary operating subsidiaries are San Diego Gas & Electric Company and Southern California Gas Company, both California-regulated utilities, along with Texas-based operations. The 10-K filed 2026-02-26 (accession 000103220826000010) covers the fiscal year ended in that period and is a combined filing for Sempra, San Diego Gas & Electric Company, and Southern California Gas Company. Sempra is headquartered in San Diego, California. Revenue is generated primarily through regulated utility rates charged to residential, commercial, and industrial customers for electricity and natural gas delivery.

Revenue model

Rate-regulated utility revenues from electric and natural gas delivery through San Diego Gas & Electric and Southern California Gas Company, with returns tied to state-approved rate bases. Additional revenue from energy infrastructure operations.

Products and services

Regulated electric distribution and transmission (San Diego Gas & Electric), regulated natural gas distribution and transmission (Southern California Gas Company), and energy infrastructure including liquefied natural gas facilities.

Customers and end markets

Residential, commercial, and industrial customers in California served by San Diego Gas & Electric and Southern California Gas Company. Texas energy market customers through separate operations.

Value-chain role

Regulated utility operator and energy infrastructure owner. Delivers electricity and natural gas to end customers under state-regulated rate structures.

Geographic exposure

California (primary, through SDG&E and SoCalGas) and Texas. Operations disclosed in 10-K filed 2026-02-26.

Source: SEC 10-K, filed 2026-02-26

Industry: Gas & Other Services Combined Peers: Ameren Corp CenterPoint Energy Inc CMS Energy Corp Consolidated Edison Inc Dominion Energy Inc DTE Energy Co NiSource Inc PUBLIC SERVICE ENTERPRISE GROUP INC WEC Energy Group Inc