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REGULATORY MATTERS (Tables)
 12 Months Ended
Dec. 31, 2025
Regulated Operations [Abstract]  
Schedule of Regulatory Assets
We show the details of regulatory assets and liabilities in the following table and discuss them below. With the exception of regulatory balancing accounts, we generally do not earn a return on our regulatory assets until a related cash expenditure has been made. Upon the occurrence of a cash expenditure associated with a regulatory asset, the related amounts are recoverable through a regulatory account mechanism for which we earn a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. The periods during which we recognize a regulatory asset while we do not earn a return vary by regulatory asset.
REGULATORY ASSETS (LIABILITIES) AT DECEMBER 31
(Dollars in millions)
SempraSDG&ESoCalGas
 202520242025202420252024
Fixed-price contracts and other derivatives$50 $53 $7 $11 $43 $42 
Deferred income taxes recoverable in rates(1)
2,314 1,689 1,098 802 1,189 817 
Pension and PBOP plan obligations(610)(458)(1)(2)(609)(456)
Employee benefit costs18 19 3 3 15 16 
Removal obligations(3,540)(3,295)(2,913)(2,676)(627)(619)
Environmental costs152 149 113 115 39 34 
Sunrise Powerlink fire mitigation125 124 125 124 — — 
Regulatory balancing accounts(2)(3):
Commodity – electric186 (313)186 (313)— — 
Commodity – gas, including transportation173 (47)17 86 156 (133)
Safety and reliability894 820 286 227 608 593 
Public purpose programs(347)(439)(175)(219)(172)(220)
2024 GRC retroactive impacts299 631 124 277 175 354 
Wildfire mitigation plan(4)
530 808 530 808 — — 
Liability insurance premium(62)(24)(53)(15)(9)(9)
Other balancing accounts90 158 4 (51)86 209 
Other regulatory assets, net(3)
104 164 72 87 32 79 
Total$376 $39 $(577)$(736)$926 $707 
(1)    At December 31, 2025, $54 is included in Assets Held for Sale on the Sempra Consolidated Balance Sheet.
(2)    At December 31, 2025 and 2024, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra was $1,060 and $1,731, respectively, for SDG&E was $502 and $873, respectively, and for SoCalGas was $558 and $858, respectively.
(3)    Includes regulatory assets earning a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate.
(4)    Includes a $508 decrease in 2025 from regulatory disallowances associated with SDG&E’s 2024 GRC Track 2 FD.
Schedule of Regulatory Liabilities
We show the details of regulatory assets and liabilities in the following table and discuss them below. With the exception of regulatory balancing accounts, we generally do not earn a return on our regulatory assets until a related cash expenditure has been made. Upon the occurrence of a cash expenditure associated with a regulatory asset, the related amounts are recoverable through a regulatory account mechanism for which we earn a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate. The periods during which we recognize a regulatory asset while we do not earn a return vary by regulatory asset.
REGULATORY ASSETS (LIABILITIES) AT DECEMBER 31
(Dollars in millions)
SempraSDG&ESoCalGas
 202520242025202420252024
Fixed-price contracts and other derivatives$50 $53 $7 $11 $43 $42 
Deferred income taxes recoverable in rates(1)
2,314 1,689 1,098 802 1,189 817 
Pension and PBOP plan obligations(610)(458)(1)(2)(609)(456)
Employee benefit costs18 19 3 3 15 16 
Removal obligations(3,540)(3,295)(2,913)(2,676)(627)(619)
Environmental costs152 149 113 115 39 34 
Sunrise Powerlink fire mitigation125 124 125 124 — — 
Regulatory balancing accounts(2)(3):
Commodity – electric186 (313)186 (313)— — 
Commodity – gas, including transportation173 (47)17 86 156 (133)
Safety and reliability894 820 286 227 608 593 
Public purpose programs(347)(439)(175)(219)(172)(220)
2024 GRC retroactive impacts299 631 124 277 175 354 
Wildfire mitigation plan(4)
530 808 530 808 — — 
Liability insurance premium(62)(24)(53)(15)(9)(9)
Other balancing accounts90 158 4 (51)86 209 
Other regulatory assets, net(3)
104 164 72 87 32 79 
Total$376 $39 $(577)$(736)$926 $707 
(1)    At December 31, 2025, $54 is included in Assets Held for Sale on the Sempra Consolidated Balance Sheet.
(2)    At December 31, 2025 and 2024, the noncurrent portion of regulatory balancing accounts – net undercollected for Sempra was $1,060 and $1,731, respectively, for SDG&E was $502 and $873, respectively, and for SoCalGas was $558 and $858, respectively.
(3)    Includes regulatory assets earning a return authorized by applicable regulators, which generally approximates the three-month commercial paper rate.
(4)    Includes a $508 decrease in 2025 from regulatory disallowances associated with SDG&E’s 2024 GRC Track 2 FD.
Schedule of Regulated Operations
The following table summarizes the location of balances related to the Wildfire Fund on Sempra’s and SDG&E’s Consolidated Balance Sheets.
WILDFIRE FUND
(Dollars in millions)
December 31,
Location20252024
Wildfire Fund asset:
Current
Prepaid Expenses
$14 $14 
Noncurrent
Wildfire Fund
246 262 
Wildfire Fund obligation:
Current
Other Current Liabilities
13 13 
NoncurrentDeferred Credits and Other20 31 
The following table summarizes the CPUC-approved cost of capital for SDG&E and SoCalGas for 2023 through 2025. The authorized weighting remained unchanged for each of the years presented.
AUTHORIZED COST OF CAPITAL
Authorized weighting202320242025
2023(1)
20242025
Return on rate baseWeighted return on rate base
SDG&E:
Long-Term Debt45.25 %4.05 %4.34 %4.34 %1.83 %1.96 %1.96 %
Preferred Equity2.75 6.22 6.22 6.22 0.17 0.17 0.17 
Common Equity52.00 9.95 10.65 10.23 5.17 5.54 5.32 
100.00 %7.18 %7.67 %7.45 %
SoCalGas:
Long-Term Debt45.60 %4.07 %4.54 %4.63 %1.86 %2.07 %2.11 %
Preferred Equity2.40 6.00 6.00 6.00 0.14 0.14 0.14 
Common Equity52.00 9.80 10.50 10.08 5.10 5.46 5.24 
100.00 %7.10 %7.67 %7.49 %
(1)    Total weighted return on rate base for SDG&E does not sum due to rounding differences.

In December 2025, the CPUC approved the following cost of capital for SDG&E and SoCalGas that became effective on January 1, 2026 and will remain in effect through December 31, 2028, subject to the CCM.
AUTHORIZED COST OF CAPITAL FOR 2026 – 2028
SDG&ESoCalGas
Authorized weightingReturn on
rate base		Weighted
return on
rate base		Authorized weightingReturn on
rate base		Weighted
return on
rate base
45.25 %4.59 %2.08 %Long-Term Debt45.60 %5.02 %2.29 %
2.75 6.22 0.17 Preferred Equity2.40 6.00 0.14 
52.00 9.93 5.16 Common Equity52.00 9.78 5.09 
100.00 %7.41 %100.00 %7.52 %