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SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE I - CONDENSED FINANCIAL INFORMATION OF PARENT
SEMPRA
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share amounts; shares in thousands)
 Years ended December 31,
 202520242023
Interest income$48 $29 $31 
Interest expense(569)(490)(444)
Operating expenses(129)(105)(101)
Other income, net45 25 31 
Income tax benefit196 165 134 
Loss before equity in earnings of subsidiaries(409)(376)(349)
Equity in earnings of subsidiaries, net of income taxes2,245 3,237 3,423 
Net income1,836 2,861 3,074 
Preferred deemed dividends(11)— — 
Preferred dividends(29)(44)(44)
Earnings$1,796 $2,817 $3,030 
Basic EPS:
Earnings$2.75 $4.44 $4.81 
Weighted-average common shares outstanding652,697 633,795 630,296 
Diluted EPS:
Earnings$2.75 $4.42 $4.79 
Weighted-average common shares outstanding653,826 637,943 632,733 
See Notes to Condensed Financial Information of Parent.
SEMPRA
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
 Years ended December 31, 2025, 2024 and 2023
 Pretax
amount
Income tax
benefit (expense)
Net-of-tax
amount
2025:
   
Net income$1,640 $196 $1,836 
Other comprehensive income (loss):   
Foreign currency translation adjustments21 — 21 
Financial instruments(76)7 (69)
Pension and other postretirement benefits19 (2)17 
Total other comprehensive loss(36)5 (31)
Comprehensive income$1,604 $201 $1,805 
2024:
   
Net income$2,696 $165 $2,861 
Other comprehensive income (loss):   
Foreign currency translation adjustments(30)— (30)
Financial instruments14 (2)12 
Pension and other postretirement benefits18 (16)2 
Total other comprehensive income (loss)2 (18)(16)
Comprehensive income$2,698 $147 $2,845 
2023:
   
Net income$2,940 $134 $3,074 
Other comprehensive income (loss):   
Foreign currency translation adjustments23 — 23 
Financial instruments57 (18)39 
Pension and other postretirement benefits(39)8 (31)
Total other comprehensive income41 (10)31 
Comprehensive income$2,981 $124 $3,105 
See Notes to Condensed Financial Information of Parent.
SEMPRA
CONDENSED BALANCE SHEETS
(Dollars in millions)
December 31,
 20252024
Assets:
Cash and cash equivalents$2 $1,416 
Restricted cash2 2 
Due from affiliates173 88 
Income taxes receivable, net— 71 
Other current assets23 10 
Total current assets200 1,587 
Investments in subsidiaries45,575 42,305 
Due from affiliates1,578 25 
Deferred income taxes135 209 
Other long-term assets1,199 1,152 
Total assets$48,687 $45,278 
Liabilities and shareholders’ equity:
Short-term debt$2,732 $— 
Due to affiliates199 241 
Other current liabilities1,260 1,410 
Total current liabilities4,191 1,651 
Long-term debt11,279 11,028 
Due to affiliates138 739 
Deferred income taxes825 — 
Other long-term liabilities660 638 
Commitments and contingencies (Note 4)
Shareholders’ equity31,594 31,222 
Total liabilities and shareholders’ equity$48,687 $45,278 
See Notes to Condensed Financial Information of Parent.
SEMPRA
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
 Years ended December 31,
 202520242023
Net cash provided by operating activities$1,007 $120 $1,576 
Expenditures for property, plant and equipment(6)(3)(5)
Proceeds from sale of assets— — 2 
Capital contributions to investees(831)(933)(1,749)
Distributions from investments351 9 108 
Purchases of trust assets(105)(63)(78)
Proceeds from sales of trust assets124 68 69 
Increase in loans to affiliates, net(1,553)(117)(90)
Other(9)(1)(1)
Net cash used in investing activities(2,029)(1,040)(1,744)
Common dividends paid(1,603)(1,499)(1,483)
Preferred dividends paid(40)(44)(44)
Redemption of preferred stock(900)— — 
Issuances of common stock, net32 1,219 145 
Repurchases of common stock(58)(43)(32)
Issuances of debt (maturities greater than 90 days)2,550 3,695 1,918 
Payments on debt (maturities greater than 90 days)(750)(350)(672)
Increase (decrease) in short-term debt, net982 (365)(89)
(Decrease) increase in loans from affiliates, net(595)(241)220 
Other(10)(38)(10)
Net cash (used in) provided by financing activities(392)2,334 (47)
Effect of exchange rate changes on cash, cash equivalents and restricted cash— (1)— 
(Decrease) increase in cash, cash equivalents and restricted cash(1,414)1,413 (215)
Cash, cash equivalents and restricted cash, January 11,418 5 220 
Cash, cash equivalents and restricted cash, December 31$4 $1,418 $5 
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued interest receivable capitalized to note receivable$18 $17 $16 
Change in equity related to allocation of interests, net of tax1,089 — — 
Preferred deemed dividends11 — — 
Preferred dividends declared but not paid— 11 11 
Common dividends declared but not paid421 393 376 
Common dividends issued in stock52 54 — 
Equitization of amounts due from affiliates56 110 92 
See Notes to Condensed Financial Information of Parent.
BASIS OF PRESENTATION
The condensed financial information of Sempra has been prepared in accordance with SEC Regulation S-X Rule 5-04 and Rule 12-04. We apply the same accounting policies as in the consolidated financial statements of Sempra, except that Sempra accounts for the earnings of its subsidiaries under the equity method in this unconsolidated financial information. This financial information should be read in conjunction with Sempra’s consolidated financial statements and the accompanying notes thereto included in this Form 10-K.
Sempra received cash dividends from its subsidiaries totaling $1.5 billion, $908 million and $1.9 billion in 2025, 2024 and 2023, respectively.
NEW ACCOUNTING STANDARDS
We describe in Note 2 of the Notes to Consolidated Financial Statements recent pronouncements that have had or may have a significant effect on Sempra’s results of operations, financial condition, cash flows or disclosures.
DEBT AND CREDIT FACILITY
SHORT-TERM DEBT
Committed Line of Credit
At December 31, 2025, Sempra had capacity of $4.0 billion under a committed line of credit that expires in October 2030, which provides liquidity and supports its commercial paper program, with available unused credit of $3.0 billion before reductions of any unamortized discounts.
The principal terms of Sempra’s committed line of credit include the following:
▪The facility has a syndicate of 23 lenders. No single lender has greater than a 6% share in the facility.
▪The facility provides for the issuance of $200 million of letters of credit. Subject to obtaining commitments from existing or new lenders and satisfaction of other specified conditions, Sempra has the right to increase its letter of credit commitment to up to $500 million. No letters of credit were outstanding at December 31, 2025.
▪Borrowings bear interest at a benchmark rate plus a margin that varies with Sempra’s credit rating.
▪Sempra must maintain a ratio of indebtedness to total capitalization (as defined in its credit facility) of no more than 65% at the end of each quarter. At December 31, 2025, Sempra was in compliance with this ratio under its credit facility.
LONG-TERM DEBT
The following table shows the detail and maturities of uncollateralized long-term debt outstanding.
LONG-TERM DEBT
(Dollars in millions)
December 31,
 20252024
3.30% Notes April 1, 2025
$— $750 
5.40% Notes August 1, 2026
550 550 
3.25% Notes June 15, 2027
750 750 
3.40% Notes February 1, 2028
1,000 1,000 
3.70% Notes April 1, 2029
500 500 
5.50% Notes August 1, 2033
700 700 
3.80% Notes February 1, 2038
1,000 1,000 
6.00% Notes October 15, 2039
750 750 
4.00% Notes February 1, 2048
800 800 
4.125% (next rate reset on April 1, 2027) Junior Subordinated Notes April 1, 2052(1)
1,000 1,000 
6.40% (next rate reset on October 1, 2034) Junior Subordinated Notes October 1, 2054(1)
1,250 1,250 
6.875% (next rate reset on October 1, 2029) Junior Subordinated Notes October 1, 2054(1)
600 600 
6.875% (next rate reset on October 1, 2029) Junior Subordinated Notes October 1, 2054(1)
500 500 
6.55% (next rate reset on April 1, 2035) Junior Subordinated Notes April 1, 2055(1)
600 600 
6.625% (next rate reset on April 1, 2030) Junior Subordinated Notes April 1, 2055(1)
400 400 
6.375% (next rate reset on April 1, 2031) Junior Subordinated Notes April 1, 2056(1)
800 — 
5.75% Junior Subordinated Notes July 1, 2079(1)
758 758 
 11,958 11,908 
Current portion of long-term debt(549)(750)
Unamortized discount on long-term debt(26)(30)
Unamortized debt issuance costs(104)(100)
Total long-term debt$11,279 $11,028 
(1)    Callable long-term debt not subject to make-whole provisions.
In August 2025, Sempra issued $800 million aggregate principal amount of 6.375% fixed-to-fixed reset rate junior subordinated notes maturing on April 1, 2056. Interest on the notes accrues from and including August 29, 2025 and is payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026. The notes bear interest (i) from and including August 29, 2025 to, but excluding, April 1, 2031 at the rate of 6.375% per annum and (ii) from and including April 1, 2031, during each subsequent five-year period beginning on April 1 of every fifth year, at a rate per annum equal to the Five-year U.S. Treasury Rate (as defined in the notes) as of the day falling two business days before the first day of such five-year period plus a spread of 2.632%, to be reset on April 1 of every fifth year beginning in 2031; provided that the interest rate during any such five-year period will not reset below 6.375% per annum. We received proceeds of $791 million (net of underwriting discounts and debt issuance costs of $9 million). We used the proceeds from the offering to pay a portion of the cost to redeem all outstanding shares of Sempra’s series C preferred stock.
We may redeem some or all of the notes before their maturity, as follows:
▪in whole or in part, (i) on any day in the period commencing on the date falling 90 days prior to, and ending on and including April 1, 2031 and (ii) after April 1, 2031, on any interest payment date, at a redemption price in cash equal to 100% of the principal amount of the notes being redeemed, plus, subject to the terms of the notes, accrued and unpaid interest on the notes to be redeemed to, but excluding, the redemption date;
▪in whole but not in part, at any time following the occurrence and during the continuance of a tax event (as defined in the notes) at a redemption price in cash equal to 100% of the principal amount of the notes, plus, subject to the terms of the notes, accrued and unpaid interest on the notes to, but excluding, the redemption date; and
▪in whole but not in part, at any time following the occurrence and during the continuance of a rating agency event (as defined in the notes) at a redemption price in cash equal to 102% of the principal amount of the notes, plus, subject to the terms of the notes, accrued and unpaid interest on the notes to, but excluding, the redemption date.
The notes are unsecured obligations and rank junior and subordinate in right of payment to our existing and future senior indebtedness. The notes rank equally in right of payment with our existing 4.125% fixed-to-fixed reset rate junior subordinated notes due 2052, 6.40% fixed-to-fixed reset rate junior subordinated notes due 2054, 6.875% fixed-to-fixed reset rate junior subordinated notes due 2054, 6.55% fixed-to-fixed reset rate junior subordinated notes due 2055, 6.625% fixed-to-fixed reset rate junior subordinated notes due 2055, and 5.75% junior subordinated notes due 2079 and with any future unsecured indebtedness that we may incur if the terms of such indebtedness provide that it ranks equally with the notes in right of payment. The notes are effectively subordinated in right of payment to any secured indebtedness we have incurred or may incur (to the extent of the value of the collateral securing such secured indebtedness) and to all existing and future indebtedness and other liabilities and any preferred equity of our subsidiaries.
At December 31, 2025, scheduled maturities of Sempra’s long-term debt are $550 million in 2026, $750 million in 2027, $1.0 billion in 2028, $500 million in 2029, none in 2030, and $9.2 billion thereafter.
Additional information on Sempra’s short-term and long-term debt is provided in Note 7 of the Notes to Consolidated Financial Statements.
COMMITMENTS AND CONTINGENCIES
At December 31, 2025 and 2024, Sempra had operating leases for real and personal property of $145 million and $150 million, respectively. Sempra expects undiscounted lease payments for its operating leases to be $12 million in 2026, $13 million in each of 2027 through 2030, and $139 million thereafter through 2040 for a total of $203 million. Operating lease costs were $14 million in each year ended December 31, 2025, 2024 and 2023, with a weighted-average discount rate of 4.67% and 4.66% at December 31, 2025 and 2024, respectively.
For other contingencies and guarantees related to Sempra, refer to Note 16 of the Notes to Consolidated Financial Statements.