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SEMPRA – INVESTMENTS IN UNCONSOLIDATED ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Investments [Abstract]  
Equity Method Investments
We provide the carrying values of our investments on the Sempra Consolidated Balance Sheets and earnings on these investments by segment on the Sempra Consolidated Statements of Operations in the following tables.
EQUITY METHOD AND OTHER INVESTMENTS(1)
(Dollars in millions)
Percent ownershipInvestment balance
 December 31,
 2025202420252024
Sempra Texas Utilities:
Oncor Holdings(2)
100 %100 %$17,472 $15,400 
Sempra Texas Utilities:
Sharyland Holdings(3)
50 %50 %$129 $122 
Sempra Infrastructure: 
Cameron LNG JV(4),(5)
50.2 50.2 17 1,149 
IMG(6)
40 40 — 723 
TAG Norte(7)
50 50 — 539 
Segment totals146 2,533 
Parent and other – Other1 1 
Total$147 $2,534 
(1)    All amounts are before NCI, where applicable.
(2)    The carrying value of our equity method investment is $2,769 and $2,884 higher than the underlying equity in the net assets of the investee at December 31, 2025 and 2024, respectively, due to $2,868 of equity method goodwill and $69 in basis differences in AOCI, offset by $44 and $53 at December 31, 2025 and 2024, respectively, due to a tax sharing liability to TTI under a tax sharing agreement and $124 of deferred income taxes at December 31, 2025.
(3)    The carrying value of our equity method investment is $41 higher than the underlying equity in the net assets of the investee due to equity method goodwill.
(4)    At December 31, 2025, $1,242 is included in Assets Held for Sale, the carrying value of which is $251 and $257 higher than the underlying equity in the net assets of the investee at December 31, 2025 and 2024, respectively, primarily due to guarantees, interest capitalized on the investment prior to the JV commencing its operations, and amortization of guarantee fees and capitalized interest thereafter.
(5)     Includes $17 and $18 at December 31, 2025 and 2024, respectively, which represents Sempra’s investment balance related to the guarantee under the SDSRA, which we discuss in Note 16, that will remain with Sempra following completion of the planned sale of a portion of our equity interest in SI Partners.
(6)    At December 31, 2025, $766 is included in Assets Held for Sale, the carrying value of which is $5 higher than the underlying equity in the net assets of the investee due to guarantees.
(7)    At December 31, 2025, $558 is included in Assets Held for Sale, the carrying value of which is $130 higher than the underlying equity in the net assets of the investee due to equity method goodwill.
EARNINGS FROM EQUITY METHOD INVESTMENTS(1)
(Dollars in millions)
 Years ended December 31,
 202520242023
EARNINGS RECORDED BEFORE INCOME TAX(2):
   
Sempra Texas Utilities:
Sharyland Holdings$7 $8 $7 
Sempra Infrastructure: 
Cameron LNG JV(3)
613 576 586 
Segment totals620 584 593 
Parent and other – RBS Sempra Commodities LLP— 19 40 
 620 603 633 
EARNINGS RECORDED NET OF INCOME TAX:   
Sempra Texas Utilities:
Oncor Holdings862 780 694 
Sempra Infrastructure:   
IMG43 136 40 
TAG Norte79 90 114 
Segment totals984 1,006 848 
Total$1,604 $1,609 $1,481 
(1)    All amounts are before NCI, where applicable.
(2)    We provide our ETR calculation in Note 8.
(3)    Includes $9 of basis differences in equity earnings related to AOCI in 2023.
We provide the expenditures for and distributions from our investments by segment in the following tables.
EXPENDITURES FOR INVESTMENTS
(Dollars in millions)
 Years ended December 31,
 202520242023
Sempra Texas Utilities:
Oncor Holdings$2,009 $972 $363 
Sharyland Holdings4 4 4 
2,013 976 367 
Sempra Infrastructure:
Cameron LNG JV2 12 15 
Total$2,015 $988 $382 
DISTRIBUTIONS FROM INVESTMENTS
(Dollars in millions)
 Years ended December 31,
 202520242023
Sempra Texas Utilities:
Oncor Holdings(1)
$634 $616 $441 
Sharyland Holdings4 4 4 
638 620 445 
Sempra Infrastructure:
Cameron LNG JV482 453 456 
IMG— 33 11 
TAG Norte45 62 36 
527 548 503 
Segment totals1,165 1,168 948 
Parent and other – RBS Sempra Commodities LLP— 9 — 
Total$1,165 $1,177 $948 
(1)    Includes a $13 noncash return on investment in 2024. When including payments received under a tax sharing agreement, cash and noncash distributions would total $666, $681 and $558 in 2025, 2024 and 2023, respectively.
Schedule of Summarized Financial Information
We provide summarized income statement and balance sheet information for Oncor Holdings in the following table.
SUMMARIZED FINANCIAL INFORMATION – ONCOR HOLDINGS
(Dollars in millions)
 Years ended December 31,
202520242023
Operating revenues$6,778 $6,082 $5,586 
Operating expenses(4,791)(4,318)(4,026)
Income from operations1,987 1,764 1,560 
Interest expense(788)(653)(536)
Income tax expense(236)(217)(192)
Net income1,062 957 849 
NCI held by TTI(211)(192)(170)
Earnings attributable to Sempra(1)
851 765 679 
December 31,
20252024
Current assets$2,016 $1,638 
Noncurrent assets45,659 38,697 
Current liabilities2,284 2,183 
Noncurrent liabilities26,397 21,958 
NCI held by TTI4,300 3,689 
(1)    Excludes adjustments to equity earnings related to amortization of a tax sharing liability associated with a tax sharing agreement and changes in basis differences in AOCI within the carrying value of our equity method investment.
The summarized financial information below represents the aggregate results of operations and aggregate financial position of 100% of each of Sempra’s equity method investments for the periods in which we were invested in the entities.
SUMMARIZED FINANCIAL INFORMATION – EQUITY METHOD INVESTMENTS(1)
(Dollars in millions)
 Years ended December 31,
 202520242023
Gross revenues$3,059 $2,962 $3,083 
Operating expenses(869)(820)(776)
Income from operations2,190 2,142 2,307 
Interest expense(487)(547)(570)
Net income/Earnings(2)(3)
1,504 1,688 1,499 
December 31,
20252024
Current assets1,104 $1,134 
Noncurrent assets14,793 14,687 
Current liabilities1,171 1,130 
Noncurrent liabilities9,705 10,051 
(1)    Excludes Oncor Holdings and RBS Sempra Commodities LLP.
(2)    Except for our investments in Mexico, there was no income tax recorded by the entities, as they are primarily domestic partnerships.
(3)    Amounts for Cameron LNG JV exclude adjustments to equity earnings related to amortization of capitalized interest and guarantee fees within the carrying value of our equity method investment and changes in basis differences in equity earnings related to AOCI in 2023.