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Sempra Energy: A $9 Billion Upside Pipeline Adds To The Capital Debate

Sempra reported fourth-quarter and full-year 2025 results that reflected continued execution on a strategy centered on simplification, stronger financial positioning, and growth led increasingly by regulated utility investment. Adjusted EPS for 2025 reached a record $4.69, landing at the high end of guidance, supported by $13 billion of capital spending and improved performance across regulated utility operations, especially in California and Texas. The company introduced a $65 billion capital plan for 2026 through 2030, up 17% from the prior plan. Roughly 95% of this spending is directed toward regulated utility infrastructure, with a major concentration in Oncor’s Texas transmission network. Oncor’s rate base is expected to grow at an 18% compound annual rate over the plan period, driven by large transmission projects including the Permian Basin Reliability Plan and a 765 kV upgrade.