Sempra Q3 Adjusted EPS Rises to $1.40; Oncor Base Capex Plan Seen Up 20%
Sempra posted stronger third-quarter results and raised the stakes on Texas growth, saying Oncor’s next five-year base capital plan is expected to rise 20% while the company guides to the high end of its 2026 adjusted earnings range.
The San Diego energy company reported GAAP earnings of $877 million, or $1.34 per diluted share, for the quarter ended Sept. 30, 2026, compared with $77 million, or $0.12 per diluted share, a year earlier, according to its earnings release filed with an 8-K Thursday. On an adjusted basis, earnings were $917 million, or $1.40 per diluted share, versus $728 million, or $1.11, in the year-earlier quarter.
For the first nine months of 2026, GAAP earnings were $2.710 billion, or $4.13 per diluted share, compared with $1.444 billion, or $2.21, a year earlier. Adjusted earnings were $2.670 billion, or $4.07 per diluted share, versus $2.253 billion, or $3.45.
Guidance and capital plan
Sempra updated full-year 2026 GAAP EPS guidance to $7.41 to $8.41 and said it is guiding to the high end of its 2026 adjusted EPS guidance range of $4.80 to $5.30. It affirmed 2027 EPS guidance of $5.10 to $5.70 and a projected long-term EPS growth rate of 7% to 9%. The company cautioned that certain pending California regulatory outcomes could push 2027 results into the lower half of that range unless mitigated.
Oncor Electric Delivery currently projects its 2027-2031 base capital plan to increase by 20% relative to its 2026-2030 plan, driven by load growth across ERCOT, Sempra said. The company expects to finalize and announce its own 2027-2031 capital plan on the fourth-quarter earnings call in February. In the first nine months of 2026, Sempra’s businesses invested an estimated $10 billion in capital, the company said.
During the quarter, Oncor set a system peak demand record of 33.3 gigawatts, 6% above the prior-year record of 31.4 GW.
Asset sales and CEO framing
The planned sale of a 45% equity interest in Sempra Infrastructure Partners to affiliates of KKR “remains on track” and is “expected to close in the next two weeks,” Sempra said. Sempra Infrastructure Partners completed the sale of Ecogas México in August.
“Our year-to-date results reflect disciplined execution across the company and continued progress on our 2026 value creation initiatives,” Chairman and CEO Jeffrey W. Martin said. “As a next step, we look forward to completing the planned sale of an equity stake in Sempra Infrastructure Partners, with a view toward supporting strong growth in our Texas and California utilities and strengthening our financial position.”
Shares of Sempra were trading at $79.87 as of 12:09 p.m. ET Thursday on Yahoo Finance, versus a prior close of $82.90.
By the numbers
- Q3 2026 GAAP earnings: $877 million / $1.34 diluted EPS
- Q3 2026 adjusted earnings: $917 million / $1.40 diluted EPS
- 9M 2026 GAAP: $2.710 billion / $4.13; adjusted: $2.670 billion / $4.07
- FY2026 GAAP EPS guidance: $7.41 to $8.41
- FY2026 adjusted EPS guidance: $4.80 to $5.30 (guiding to high end)
- 2027 EPS guidance: $5.10 to $5.70 (affirmed)
- Long-term EPS growth: 7% to 9% (affirmed)
- Oncor peak demand record: 33.3 GW
- Expected Oncor 2027-2031 base capital plan increase vs prior plan: 20%
Sources
- Sempra Form 8-K Item 2.02 with Exhibit 99.1 third-quarter 2026 earnings release, filed Nov. 5, 2026 (accession 0001032208-26-000051)
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