DBA Sempra
Sempra is a U.S.-based holding company whose principal businesses are regulated electric and natural gas utilities in California and Texas, together with energy infrastructure assets in North America. Through its utility subsidiaries and infrastructure platform, it develops, owns, and operates transmission, distribution, storage, and LNG-related assets that serve residential, commercial, industrial, and energy-market customers.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueElectric generation, transmission, distribution, and related customer service in California.
Natural gas sales, transportation, and delivery to core and noncore customers in California.
Ownership interests in Texas electric and gas utility infrastructure, including Oncor.
Liquefaction, regasification, storage, and pipeline assets serving North American and global markets.
Renewable power, LPG, refined products, and related infrastructure projects in Mexico and the U.S.
Products
Reported · share of revenue- Utilities Service Line92.7 %
- Energy Related Businesses7.3 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Sempra serves regulated utility customers in California and Texas, including residential households, small businesses, large commercial users, industrial customers, and electric generators. Its infrastructure platform also serves LNG buyers, pipeline shippers, storage users, and project counterparties that need long-term energy transport and supply solutions.
Households in Southern California and utility service areas that buy electric and gas delivery for essential daily use.
Businesses and industrial users that buy gas and electric service for operations, heating, and process needs.
Power producers, utilities, and wholesale counterparties that use gas transportation and electric transmission services.
Customers and partners that contract for LNG liquefaction, regasification, storage, and pipeline capacity.
Strategy
Sempra’s strategy centers on expanding regulated utility investment in California and Texas while using infrastructure assets to complement long-duration cash flows. The company also develops LNG and energy-network projects that connect North American supply with domestic and international demand, supporting a broader energy infrastructure platform.
Regulated investments support predictable returns and earnings visibility.
Long-term contracted infrastructure can broaden the earnings base beyond utilities.
A diversified footprint across California, Texas, the U.S., and Mexico reduces reliance on one asset class.
Geography
Sempra’s core utility footprint is concentrated in California, especially Southern California, and Texas through its ownership interests in regulated utility assets. Its infrastructure platform extends into Mexico and other North American markets, with LNG and pipeline assets that connect U.S. supply to regional and global demand.
Risks
Sempra is exposed to regulated-utility oversight, permitting, and rate-case outcomes, which can affect allowed returns and the timing of cost recovery. Its infrastructure business adds project-development risk, including financing, customer commitments, construction execution, and LNG/export approvals, while the holding-company structure makes dividend capacity dependent on subsidiary performance.
- Regulatory and rate-case riskImpact: HighLikelihood: High
Utility earnings depend on CPUC, FERC, and PUCT approvals and authorized returns.
Exposure - Project development and construction riskImpact: HighLikelihood: Medium
Infrastructure projects may fail to reach FID, face delays, or exceed budgets.
Exposure - Permitting and cross-border approval riskImpact: HighLikelihood: Medium
LNG export, environmental, and Mexico approvals are required for many projects.
Exposure: U.S. and Mexico infrastructure portfolio
- Subsidiary cash flow dependenceImpact: MediumLikelihood: Medium
Parent-level obligations and dividends rely on distributions from operating subsidiaries.
Exposure: Sempra holding company
- Pension and PBOP funding riskImpact: MediumLikelihood: Medium
Lower asset values or assumption changes can increase required contributions.
Exposure: Defined benefit and retiree benefit plans
Accounting
Judgemental itemsUtility costs are deferred or recognized based on expected recovery in future rates.
Impact: Affects revenue timing, balance-sheet assets/liabilities, and earnings stability
Reporting-unit fair value depends on future cash flows, discount rates, and market assumptions.
Impact: Can create large non-cash charges if assumptions weaken
Energy-related optimization and hedging can create unrealized gains or losses.
Impact: Adds volatility to reported earnings and other comprehensive income
LNG and infrastructure projects may require capitalization, milestone assessment, and impairment review.
Impact: Can affect asset values and the timing of expense recognition
Sempra owns partial interests in several infrastructure assets and partnerships.
Impact: Changes the share of earnings attributable to Sempra and minority owners
Similar listed companies
Publicly listed companies with a comparable business focus.
NextEra Energy, Inc
NEE · Electric Services
NextEra Energy is a U.S.
Excelerate Energy, Inc.
EE · Natural Gas Distribution
Excelerate Energy owns and operates LNG and natural gas infrastructure that receives liquefied gas, regasifies it, and delivers it into local energy systems.
Tetra Tech, Inc
TTEK · Services-Engineering Services
Tetra Tech is a U.S.-based consulting and engineering services company focused on water, environment, and sustainable infrastructure.
Vistra Corp.
VST · Electric Services
TC Energy Corporation
TRP · Natural Gas Transmission
Net Power Inc.
NPWR-WT · Electrical Industrial Apparatus
Last updated: 24/09/2026