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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
SEMPRA
Sempra is a holding company whose principal businesses are regulated utilities in California and Texas. Our businesses invest in and operate electric and gas utilities and other energy infrastructure that provide energy services to customers. Sempra has the following three operating and reportable segments, which are managed separately based on services provided, geographic location and regulatory framework:
▪Sempra California provides natural gas and electric service to Southern California and part of central California through Sempra’s wholly owned subsidiaries, SDG&E and SoCalGas, which are regulated public utilities.
▪Sempra Texas Utilities holds our equity method investment in Oncor Holdings, which owns an 80.25% interest in Oncor, a regulated electric transmission and distribution utility serving customers in the north-central, eastern, western and panhandle regions of Texas; and our equity method investment in Sharyland Holdings, which owns Sharyland Utilities, a regulated electric transmission utility serving customers near the Texas-Mexico border.
▪Sempra Infrastructure includes the operating companies of SI Partners, in which Sempra Infrastructure owns a 70% interest, as well as a holding company and certain services companies. Sempra Infrastructure develops, constructs, operates and invests in energy infrastructure to help provide safe, sustainable and reliable access to cleaner energy in markets in the U.S., Mexico and globally.
Sempra’s CODM is its chief executive officer, who uses segment earnings attributable to common shares predominantly in the annual financial planning process to assess financial performance. Sempra’s CODM prioritizes resource allocation to each segment in a manner that aligns with Sempra’s capital expenditures plan, which is focused on safety, reliability and modernization of its segments’ infrastructure while supporting customer affordability; investing in incremental infrastructure growth projects with attractive risk-adjusted returns; maintaining a strong balance sheet; and returning cash to shareholders.
The accounting policies of the segments are consistent with those described in the summary of significant accounting policies in Note 1. Sempra accounts for intersegment sales as if the sales were to third parties, that is, at current market prices. The cost of common services shared by the reportable segments is assigned directly or allocated based on various cost factors, depending on the nature of the service provided. Parent and other allocates depreciation expense to the reportable segments without allocating the related depreciable assets to those reportable segments. Interest income and interest expense are recorded on intersegment loans. We have eliminated intersegment accounts and transactions within Sempra’s consolidated financial statements. Amounts labeled as “Parent and other,” which does not meet the definition of an operating or reportable segment, consist primarily of activities of parent organizations.
The following tables present selected information by segment and reconciliations of assets, capital expenditures for PP&E, and earnings attributable to common shares to Sempra’s consolidated totals.
SEGMENT INFORMATION
(Dollars in millions)
December 31,
20252024
ASSETS
Sempra California$60,364 $56,116 
Sempra Texas Utilities17,733 15,534 
Sempra Infrastructure32,796 22,954 
Segment totals110,893 94,604 
Parent and other
1,084 2,622 
Intersegment eliminations(1)
(1,099)(1,071)
Total Sempra$110,878 $96,155 
EQUITY METHOD INVESTMENTS
Sempra Texas Utilities$17,601 $15,522 
Sempra Infrastructure(2)
17 2,411 
Segment totals/Total Sempra$17,618 $17,933 
GEOGRAPHIC LOCATION OF PROPERTY, PLANT AND EQUIPMENT, NET(3)
United States$48,622 $52,952 
Mexico389 8,485 
Total Sempra$49,011 $61,437 
Years ended December 31,
202520242023
CAPITAL EXPENDITURES FOR PROPERTY, PLANT AND EQUIPMENT
Sempra California$4,543 $4,753 $4,560 
Sempra Infrastructure6,063 3,459 3,832 
Segment totals10,606 8,212 8,392 
Parent and other6 3 5 
Total Sempra$10,612 $8,215 $8,397 
GEOGRAPHIC LOCATION OF REVENUES(4)
United States$12,136 $11,623 $14,973 
Mexico1,566 1,562 1,747 
Total Sempra$13,702 $13,185 $16,720 
(1)     Primarily includes an intersegment loan from Sempra Infrastructure to Parent and other related to deferred income taxes.
(2)     At December 31, 2025, $2,566 is included in Assets Held for Sale on the Sempra Consolidated Balance Sheet. The remaining $17 represents our investment balance in Cameron LNG JV related to our guarantee under the SDSRA, which we discuss in Note 16.
(3)     At December 31, 2025, excludes total PP&E of $21,356, which is included in Assets Held for Sale on the Sempra Consolidated Balance Sheet and is comprised of $12,724 in the United States and $8,632 in Mexico.
(4)     Amounts are based on where the revenue originated, after intersegment eliminations.
SEGMENT INFORMATION (CONTINUED)
(Dollars in millions)
Sempra California
Sempra Texas Utilities(1)
Sempra InfrastructureSempra
Year ended December 31, 2025
Revenues
$11,818 $1,965 
Operation and maintenance
(4,315)(865)
Depreciation and amortization(2,332)(226)
Interest income
8 66 
Interest expense(2)
(926)(28)
Income tax benefit (expense)
166 (1,200)
Equity earnings$869 735 
Earnings attributable to noncontrolling interests  (238)
Losses attributable to contingently redeemable noncontrolling interest3 
Other segment items(3)
(2,991)(8)(372)
Segment earnings (losses) attributable to common shares
$1,428 $861 $(160)$2,129 
Parent and other(333)
Earnings attributable to common shares
$1,796 
Year ended December 31, 2024
Revenues
$11,382 $1,882 
Operation and maintenance
(4,398)(858)
Depreciation and amortization(2,133)(297)
Interest income
14 25 
Interest expense(2)
(848)243 
Income tax (expense) benefit(184)164 
Equity earnings$788 802 
Earnings attributable to noncontrolling interests(638)
Other segment items(3)
(1,987)(7)(412)
Segment earnings attributable to common shares$1,846 $781 $911 $3,538 
Parent and other(721)
Earnings attributable to common shares$2,817 
Year ended December 31, 2023
Revenues
$13,761 $3,071 
Operation and maintenance(4,591)(793)
Depreciation and amortization(1,937)(281)
Interest income
24 43 
Interest expense
(782)(129)
Income tax benefit (expense)31 (673)
Equity earnings$701 740 
Earnings attributable to noncontrolling interests(543)
Other segment items(3)
(4,759)(7)(558)
Segment earnings attributable to common shares$1,747 $694 $877 $3,318 
Parent and other(288)
Earnings attributable to common shares$3,030 
(1)    Substantially all earnings attributable to common shares are from equity earnings.
(2)    Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project.
(3)    Includes cost of natural gas, cost of electric fuel and purchased power, regulatory disallowances, franchise fees and other taxes, other income (expense), net, and preferred dividends for Sempra California; O&M, interest expense, and income tax (expense) benefit for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas, energy-related businesses cost of sales, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure.
The following table presents revenues by services by segment, reconciled to Sempra’s consolidated revenues.
REVENUES BY SERVICES
(Dollars in millions)
Sempra CaliforniaSempra Infrastructure Sempra
Year ended December 31, 2025
Revenues from external customers:
Utilities$11,429 $78 
Energy-related businesses— 911 
Total revenues from external customers(1)
11,429 989 $12,418 
Other revenues(2):
Utilities364 — 
Energy-related businesses— 920 
Total other revenues364 920 1,284 
Intersegment revenues(3):
Utilities25 — 
Energy-related businesses— 56 
Total intersegment revenues25 56 81 
Segment revenues$11,818 $1,965 13,783 
Intersegment eliminations(81)
Revenues$13,702 
Year ended December 31, 2024
Revenues from external customers:
Utilities$10,985 $78 
Energy-related businesses— 755 
Total revenues from external customers(1)
10,985 833 $11,818 
Other revenues(2):
Utilities374 — 
Energy-related businesses— 993 
Total other revenues374 993 1,367 
Intersegment revenues(3):
Utilities23 — 
Energy-related businesses— 56 
Total intersegment revenues23 56 79 
Segment revenues$11,382 $1,882 13,264 
Intersegment eliminations(79)
Revenues$13,185 
Year ended December 31, 2023
Revenues from external customers:
Utilities$13,668 $87 
Energy-related businesses— 1,094 
Total revenues from external customers(1)
13,668 1,181 $14,849 
Other revenues(2):
Utilities75 — 
Energy-related businesses— 1,796 
Total other revenues75 1,796 1,871 
Intersegment revenues(3):
Utilities18 — 
Energy-related businesses— 94 
Total intersegment revenues18 94 112 
Segment revenues$13,761 $3,071 16,832 
Intersegment eliminations(112)
Revenues$16,720 
(1)    We did not have revenues from transactions with a single external customer that amounted to 10% or more of Sempra’s total revenues.
(2)    See “Revenues from Sources Other Than Contracts with Customers” in Note 3 for a description of this revenue source, which may be additive or subtractive from period to period.
(3)    See “Transactions with Affiliates” in Note 1 for a description of services provided by one operating segment to another operating segment within Sempra.
SDG&E
SDG&E is a regulated public utility that provides electric service to San Diego and southern Orange counties and natural gas service to San Diego County. SDG&E has one operating and reportable segment.
In connection with certain organizational changes, effective July 5, 2025, SDG&E’s president assumed the responsibilities of the CODM. The CODM utilizes earnings attributable to common shares to manage the business, assess performance and allocate resources. SDG&E’s CODM allocates resources to support the delivery of safe, reliable and affordable energy to customers. SDG&E’s CODM was previously its chief executive officer.
Total assets at SDG&E were $32.7 billion and $30.8 billion at December 31, 2025 and 2024, respectively. The following table presents selected information for SDG&E’s single segment and reconciliation of earnings attributable to common shares.
SEGMENT INFORMATION
(Dollars in millions)
Years ended December 31,
202520242023
SDG&E:
Revenues from external customers:
Electric$4,122 $4,164 $4,750 
Natural gas1,043 878 1,204 
Total revenues from external customers(1)
5,165 5,042 5,954 
Other revenues(2):
Electric446 149 (401)
Natural gas86 150 44 
Total other revenues532 299 (357)
Total revenues5,697 5,341 5,597 
Operation and maintenance(1,725)(1,692)(1,846)
Depreciation and amortization(1,316)(1,223)(1,098)
Interest income2 5 15 
Interest expense(559)(525)(497)
Income tax benefit (expense)128 (153)26 
Other segment items(3)
(1,664)(862)(1,261)
Earnings attributable to common shares$563 $891 $936 
Capital expenditures for property, plant and equipment$2,427 $2,522 $2,540 
(1)    SDG&E did not have revenues from transactions with a single external customer that amounted to 10% or more of its total revenues.
(2)    See “Revenues from Sources Other Than Contracts with Customers” in Note 3 for a description of this revenue source, which may be additive or subtractive from period to period.
(3)    Includes cost of electric fuel and purchased power, cost of natural gas, regulatory disallowances, franchise fees and other taxes, and other income (expense), net.
SOCALGAS
SoCalGas is a regulated public natural gas distribution utility, serving customers throughout most of Southern California and part of central California. SoCalGas has one operating and reportable segment.
SoCalGas’ CODM, who is its chief executive officer, utilizes earnings attributable to common shares to manage the business, assess performance and allocate resources. SoCalGas’ CODM allocates resources to support the delivery of safe, reliable and affordable energy to customers.
Total assets at SoCalGas were $27.7 billion and $25.4 billion at December 31, 2025 and 2024, respectively. The following table presents selected information for SoCalGas’ single segment and reconciliation of earnings attributable to common shares.
SEGMENT INFORMATION
(Dollars in millions)
Years ended December 31,
202520242023
SoCalGas:
Natural gas:
Revenues from external customers(1)
$6,459 $6,134 $7,857 
Other revenues(2)
(168)75 432 
Total revenues6,291 6,209 8,289 
Operation and maintenance(2,689)(2,791)(2,821)
Depreciation and amortization(1,016)(910)(839)
Interest income6 9 9 
Interest expense(367)(323)(285)
Income tax benefit (expense)38 (31)5 
Other segment items(3)
(1,398)(1,208)(3,547)
Earnings attributable to common shares$865 $955 $811 
Capital expenditures for property, plant and equipment$2,116 $2,231 $2,020 
(1)    SoCalGas did not have revenues from transactions with a single external customer that amounted to 10% or more of its total revenues.
(2)    See “Revenues from Sources Other Than Contracts with Customers” in Note 3 for a description of this revenue source, which may be additive or subtractive from period to period.
(3)    Includes cost of natural gas, franchise fees and other taxes, other income (expense), net, and preferred dividends.