At a glance
Sempra Energy is worth $56.22B, about 31 times its fiscal 2025 earnings. Revenue grew 3.9% to $13.70B in fiscal 2025, with 13.4% kept as profit; over 5 years it has grown 3.8% a year. It pays a 3.48% dividend yield, raised every year for at least 9 years, and returned $8.30B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −3.3% over the past year with dividends reinvested and +9.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.6% in the 2020 crash (S&P 500: 33.7%) and 19.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 24 months and 23 months after the lows.
The business in plain English
Sempra is a holding company that owns regulated utilities, mainly in California and Texas. Regulators set these utilities' prices and allow them to earn a return on the pipes, wires and plants they build. Sempra was formed in 1998 from the parent companies of San Diego Gas & Electric (SDG&E), which dates to 1881, and Southern California Gas (SoCalGas), which dates to 1867.
At December 31, 2025, SDG&E delivered electricity to about 3.6 million people in San Diego County and part of Orange County. SoCalGas served about 21.3 million people with natural gas in Southern and central California. Neither utility earns a profit on the energy it buys for customers. Their earnings come from the networks and plants they own. Most SDG&E electric customers buy their power from community programs or other suppliers and pay SDG&E mainly for delivery.
In Texas, Sempra owns 80.25% of Oncor and 50% of Sharyland Utilities. Sempra does not control Oncor, so Oncor's sales are not counted in Sempra's revenue. Revenue for fiscal 2025 was $13.7 billion. Sempra California produced about $11.8 billion of it (86%) and Sempra Infrastructure about $2.0 billion (14%). Sempra Infrastructure focuses on liquefied natural gas, energy networks and low-carbon projects in the US and Mexico. Mexico supplied 11% of revenue. Sempra's 10-K, filed February 26, 2026, described plans to sell 45% of its stake in this business.
Price history
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SRE -3.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Sempra California | $11.82B | 86.3% |
| Sempra Infrastructure | $1.97B | 14.3% |
By geography
| United States | $12.14B | 88.6% |
| Mexico | $1.57B | 11.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $3.00B, down 0.1% from a year earlier, and net income was $797.0M (+68.5%).
- For fiscal 2025, revenue was $13.70B (+3.9% year over year; +3.8% a year from FY2020 to FY2025) with a 13.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +3.8% watch |
|---|---|
| Free cash flow margin | -44.1% weak |
| Return on equity (FY2025) | 5.8% weak |
| Return on assets (FY2025) | 1.7% weak |
| Net cash (cash minus debt) | $-36.62B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $11.37B | $3.76B | $-2.08B |
| FY2021 | $12.86B | $1.32B | $-1.17B |
| FY2022 | $14.44B | $2.14B | $-4.21B |
| FY2023 | $16.72B | $3.08B | $-2.18B |
| FY2024 | $13.19B | $2.86B | $-3.31B |
| FY2025 | $13.70B | $1.84B | $-6.05B |
Valuation snapshot
| Market value | $56.22B |
|---|---|
| P/E ratio | 31.3 |
| Dividend yield | 3.48% |
Rank among 1514 US companies
Market value at each year end
Sempra Energy’s market value went from $25.17B at the end of 2016 to $56.22B on Nov 2, 2026, about 2.2 times as much; since the end of 2025 it is down 2%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $56.22B | -2.4% |
| 2025 | $57.63B | +3.7% |
| 2024 | $55.56B | +18.1% |
| 2023 | $47.03B | -3.2% |
| 2022 | $48.58B | +15.0% |
| 2021 | $42.24B | +14.9% |
| 2020 | $36.75B | -13.9% |
| 2019 | $42.70B | +44.2% |
| 2018 | $29.61B | +10.2% |
| 2017 | $26.87B | +6.8% |
| 2016 | $25.17B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SRE price data to Nov 2, 2026 | 0.0% | -3.3% | +9.6% | +9.5% | +9.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -0.0% |
| 2025 | +4.0% |
| 2024 | +21.1% |
| 2023 | -0.0% |
| 2022 | +20.3% |
| 2021 | +7.4% |
| 2020 | -12.8% |
| 2019 | +44.0% |
| 2018 | +4.5% |
| 2017 | +9.4% |
| 2016 | +10.6% |
| 2015 | -13.2% |
| 2014 | +27.3% |
| 2013 | +30.4% |
| 2012 | +33.8% |
| 2011 | +8.7% |
| 2010 | -3.4% |
| 2009 | +33.4% |
| 2008 | -29.9% |
| 2007 | +11.6% |
| 2006 | +29.7% |
| 2005 | +23.9% |
| 2004 | +23.8% |
| 2003 | +29.4% |
| 2002 | -1.5% |
| 2001 | +7.7% |
| 2000 | +37.2% |
| 1999 | -28.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 36.5% over that stretch · deepest drop along the way 41.4%, back to its old high 34.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 40.9% over that stretch · deepest drop along the way 44.6%, back to its old high 23.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 9% over that stretch · deepest drop along the way 19.3%, back to its old high 22.7 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 4 sales ($1.3M), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 17, 2026 | Caroline Ann Winn Executive Vice President | sell | $715K |
| May 14, 2026 | Diana L Day Chief Legal Counsel | sell (plan) | $304K |
| May 18, 2026 | Pablo Ferrero Director | sell | $233K |
| Jun 17, 2026 | Caroline Ann Winn Executive Vice President | sell | $9K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.1% | Mar 31, 2025 |
| Vanguard Capital Management | 7.54% | Mar 31, 2026 |
| Wellington Management Group LLP | 7.5% | Mar 31, 2025 |
| Vanguard Portfolio Management | 5.72% | Jun 30, 2026 |
| Capital International Investors | 3% | Mar 31, 2026 |
ETFs with the most weight in SRE
| UTES Virtus Reaves Utilities ETF | 6.26% |
| FXU First Trust Utilities AlphaDEX Fund | 4.15% |
| TPZ Tortoise Essential Energy Fund | 3.78% |
| XLU Utilities Select Sector SPDR Fund | 3.69% |
| IVRA Invesco Real Assets ESG ETF | 3.48% |
| VPU Vanguard Utilities ETF | 3.41% |
| NBET Neuberger Berman Energy Transition & Infrastructure ETF | 3.32% |
| FUTY Fidelity MSCI Utilities Index ETF | 3.25% |
What could go wrong
- Wildfire liability in California. SDG&E and SoCalGas operate across Southern California, where wildfires are a recurring threat. If utility equipment is linked to a fire, the legal claims and costs could be very large.
- Pressure to move away from natural gas. SoCalGas served about 21.3 million people with natural gas at the end of 2025. California policy supports a shift to electricity, and efforts to cut gas use could shrink demand for its network.
- Limited control over Oncor. Sempra owns 80.25% of the Texas utility Oncor. However, ring-fencing rules, which wall off a utility's finances from its parent, limit Sempra's influence. Oncor's large spending plan may also need more money from Sempra.
- Dependence on California regulators. The California Public Utilities Commission (CPUC) sets rates for SDG&E and SoCalGas, which produced 86% of 2025 revenue. Unfavorable rulings, or a failure to reform SDG&E's electric rate structure, could cut earnings.
- Infrastructure projects and Mexico exposure. Sempra Infrastructure's liquefied natural gas and energy projects may run late or over budget. Mexico adds currency, legal and property-title risks. The planned sale of 45% of Sempra's stake may not go as expected.
- Heavy debt and possible new shares. Debt was about $36.7 billion as of June 30, 2026, and 2025 spending exceeded cash from operations. To protect its credit ratings, Sempra may issue new shares, diluting existing owners, or sell business stakes.
Recent events
- Other company announcement
- Quarterly results released
- Executive or board change
- Investor presentation or announcement
- Other company announcement
- Other company announcement
- Shareholder vote results
- Quarterly results released
- Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
Sempra has raised its dividend at least 9 years in a row through fiscal 2025, and the true streak may be longer. Dividends per share grew from $2.09 in 2020 to $2.58 in 2025, or 4.3% a year. The yield was 3.53% as of October 28, 2026. Dividends paid took about 87% of 2025 net income, a high share. Free cash flow (cash from operations minus capital spending) was negative $6.0 billion in 2025, so spending and dividends needed outside financing. Buybacks were small ($58 million in 2025), and the share count rose 2.4% from November 2021 to August 2026.
In past crises the stock fell 41.4% (2008 financial crisis) and 44.6% (2020 COVID crash). It took about 35 and 24 months to recover. It rose 9% between the market's January 2022 peak and its October 2022 low. A 19.3% drop from September to October 2022 then took 23 months to recover. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Sempra make money?
Sempra makes most of its money from regulated utilities. Regulators allow these utilities to earn a return on the pipes, wires and plants they build. In fiscal 2025, the Sempra California segment, which holds San Diego Gas & Electric and Southern California Gas, brought in about $11.8 billion of $13.7 billion in revenue. Sempra Infrastructure, which focuses on liquefied natural gas (LNG) and energy networks in the US and Mexico, added about $2.0 billion. Sempra also owns 80.25% of the Texas utility Oncor.
Does Sempra raise its dividend every year?
Yes. Based on SEC filings, Sempra has raised its dividend at least 9 years in a row through fiscal 2025, and the true streak may be longer. Dividends per share reached $2.58 in 2025, up from $2.09 in 2020, or about 4.3% a year. The dividend yield was 3.53% as of October 28, 2026. Dividends paid took about 87% of 2025 net income, which leaves a thin cushion if earnings fall.
How much of Oncor does Sempra own?
Sempra owns 80.25% of Oncor, a Texas electric utility, and 50% of Sharyland Utilities. Despite its majority stake, Sempra does not control Oncor. Ring-fencing measures separate a utility's finances from its parent. These measures and other governance commitments limit Sempra's influence over Oncor's management, policies and operations. Sempra depends on payouts from businesses like Oncor to help cover its own dividends and debts. Oncor's large spending plan may also require more investment from Sempra.
How much debt does Sempra have?
Sempra had about $36.7 billion of total debt as of June 30, 2026. Against that it had $48 million of cash and about $32.7 billion of shareholders' equity. Utilities often borrow heavily to build long-lasting networks. Even so, Sempra's spending has run well ahead of the cash its businesses bring in: free cash flow was negative $6.0 billion in fiscal 2025. Its 10-K warns that keeping its credit ratings could mean issuing more shares or selling stakes in subsidiaries or projects.
How has Sempra stock performed over the long term?
Based on its share price, Sempra returned about 8.3% a year over the 10 years to October 28, 2026, and 8.9% a year over five years. It lost 5.4% over the latest 12 months. It has had deep falls, including 44.6% in the 2020 COVID crash and 41.4% in the 2008 financial crisis. As of October 28, 2026, it traded at 30.8 times fiscal 2025 earnings. That multiple is high partly because diluted earnings per share fell from $4.42 to $2.75 in 2025.