SEMPRASRE
SEMPRA Segments Disclosure
SEGMENT INFORMATION
SEMPRA
Sempra is a holding company whose principal businesses are regulated utilities in California and Texas. Our businesses invest in and operate electric and gas utilities and other energy infrastructure that provide energy services to customers. Sempra has the following three operating and reportable segments, which are managed separately based on services provided, geographic location and regulatory framework:
▪Sempra California provides natural gas and electric service to Southern California and part of central California through Sempra’s wholly owned subsidiaries, SDG&E and SoCalGas, which are regulated public utilities.
▪Sempra Texas Utilities holds our equity method investment in Oncor Holdings, which owns an 80.25% interest in Oncor, a regulated electric transmission and distribution utility serving customers in the north-central, eastern, western and panhandle regions of Texas; and our equity method investment in Sharyland Holdings, which owns Sharyland Utilities, a regulated electric transmission utility serving customers near the Texas-Mexico border.
▪Sempra Infrastructure includes the operating companies of SI Partners, in which Sempra Infrastructure owns a 70% interest, as well as a holding company and certain services companies. Sempra Infrastructure develops, constructs, operates and invests in energy infrastructure to help provide safe, sustainable and reliable access to cleaner energy in markets in the U.S., Mexico and globally.
Sempra’s CODM is its chief executive officer, who uses segment earnings attributable to common shares predominantly in the annual financial planning process to assess financial performance. Sempra’s CODM prioritizes resource allocation to each segment in a manner that aligns with Sempra’s capital expenditures plan, which is focused on safety, reliability and modernization of its segments’ infrastructure while supporting customer affordability; investing in incremental infrastructure growth projects with attractive risk-adjusted returns; maintaining a strong balance sheet; and returning cash to shareholders.
The accounting policies of the segments are consistent with those described in the summary of significant accounting policies in Note 1. Sempra accounts for intersegment sales as if the sales were to third parties, that is, at current market prices. The cost of common services shared by the reportable segments is assigned directly or allocated based on various cost factors, depending on the nature of the service provided. Parent and other allocates depreciation expense to the reportable segments without allocating the related depreciable assets to those reportable segments. Interest income and interest expense are recorded on intersegment loans. We have eliminated intersegment accounts and transactions within Sempra’s consolidated financial statements. Amounts labeled as “Parent and other,” which does not meet the definition of an operating or reportable segment, consist primarily of activities of parent organizations.
The following tables present selected information by segment and reconciliations of assets, capital expenditures for PP&E, and earnings attributable to common shares to Sempra’s consolidated totals.
| SEGMENT INFORMATION | |||||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| December 31, | |||||||||||||||||
| 2025 | 2024 | ||||||||||||||||
| ASSETS | |||||||||||||||||
| Sempra California | $ | 60,364 | $ | 56,116 | |||||||||||||
| Sempra Texas Utilities | 17,733 | 15,534 | |||||||||||||||
| Sempra Infrastructure | 32,796 | 22,954 | |||||||||||||||
| Segment totals | 110,893 | 94,604 | |||||||||||||||
Parent and other | 1,084 | 2,622 | |||||||||||||||
Intersegment eliminations(1) | (1,099) | (1,071) | |||||||||||||||
| Total Sempra | $ | 110,878 | $ | 96,155 | |||||||||||||
| EQUITY METHOD INVESTMENTS | |||||||||||||||||
| Sempra Texas Utilities | $ | 17,601 | $ | 15,522 | |||||||||||||
Sempra Infrastructure(2) | 17 | 2,411 | |||||||||||||||
| Segment totals/Total Sempra | $ | 17,618 | $ | 17,933 | |||||||||||||
GEOGRAPHIC LOCATION OF PROPERTY, PLANT AND EQUIPMENT, NET(3) | |||||||||||||||||
| United States | $ | 48,622 | $ | 52,952 | |||||||||||||
| Mexico | 389 | 8,485 | |||||||||||||||
| Total Sempra | $ | 49,011 | $ | 61,437 | |||||||||||||
| Years ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| CAPITAL EXPENDITURES FOR PROPERTY, PLANT AND EQUIPMENT | |||||||||||||||||
| Sempra California | $ | 4,543 | $ | 4,753 | $ | 4,560 | |||||||||||
| Sempra Infrastructure | 6,063 | 3,459 | 3,832 | ||||||||||||||
| Segment totals | 10,606 | 8,212 | 8,392 | ||||||||||||||
| Parent and other | 6 | 3 | 5 | ||||||||||||||
| Total Sempra | $ | 10,612 | $ | 8,215 | $ | 8,397 | |||||||||||
GEOGRAPHIC LOCATION OF REVENUES(4) | |||||||||||||||||
| United States | $ | 12,136 | $ | 11,623 | $ | 14,973 | |||||||||||
| Mexico | 1,566 | 1,562 | 1,747 | ||||||||||||||
| Total Sempra | $ | 13,702 | $ | 13,185 | $ | 16,720 | |||||||||||
(1) Primarily includes an intersegment loan from Sempra Infrastructure to Parent and other related to deferred income taxes.
(2) At December 31, 2025, $2,566 is included in Assets Held for Sale on the Sempra Consolidated Balance Sheet. The remaining $17 represents our investment balance in Cameron LNG JV related to our guarantee under the SDSRA, which we discuss in Note 16.
(3) At December 31, 2025, excludes total PP&E of $21,356, which is included in Assets Held for Sale on the Sempra Consolidated Balance Sheet and is comprised of $12,724 in the United States and $8,632 in Mexico.
(4) Amounts are based on where the revenue originated, after intersegment eliminations.
| SEGMENT INFORMATION (CONTINUED) | |||||||||||||||||||||||
| (Dollars in millions) | |||||||||||||||||||||||
| Sempra California | Sempra Texas Utilities(1) | Sempra Infrastructure | Sempra | ||||||||||||||||||||
| Year ended December 31, 2025 | |||||||||||||||||||||||
Revenues | $ | 11,818 | $ | 1,965 | |||||||||||||||||||
Operation and maintenance | (4,315) | (865) | |||||||||||||||||||||
| Depreciation and amortization | (2,332) | (226) | |||||||||||||||||||||
Interest income | 8 | 66 | |||||||||||||||||||||
Interest expense(2) | (926) | (28) | |||||||||||||||||||||
Income tax benefit (expense) | 166 | (1,200) | |||||||||||||||||||||
| Equity earnings | $ | 869 | 735 | ||||||||||||||||||||
| Earnings attributable to noncontrolling interests | (238) | ||||||||||||||||||||||
| Losses attributable to contingently redeemable noncontrolling interest | 3 | ||||||||||||||||||||||
Other segment items(3) | (2,991) | (8) | (372) | ||||||||||||||||||||
Segment earnings (losses) attributable to common shares | $ | 1,428 | $ | 861 | $ | (160) | $ | 2,129 | |||||||||||||||
| Parent and other | (333) | ||||||||||||||||||||||
Earnings attributable to common shares | $ | 1,796 | |||||||||||||||||||||
| Year ended December 31, 2024 | |||||||||||||||||||||||
Revenues | $ | 11,382 | $ | 1,882 | |||||||||||||||||||
Operation and maintenance | (4,398) | (858) | |||||||||||||||||||||
| Depreciation and amortization | (2,133) | (297) | |||||||||||||||||||||
Interest income | 14 | 25 | |||||||||||||||||||||
Interest expense(2) | (848) | 243 | |||||||||||||||||||||
| Income tax (expense) benefit | (184) | 164 | |||||||||||||||||||||
| Equity earnings | $ | 788 | 802 | ||||||||||||||||||||
| Earnings attributable to noncontrolling interests | (638) | ||||||||||||||||||||||
Other segment items(3) | (1,987) | (7) | (412) | ||||||||||||||||||||
| Segment earnings attributable to common shares | $ | 1,846 | $ | 781 | $ | 911 | $ | 3,538 | |||||||||||||||
| Parent and other | (721) | ||||||||||||||||||||||
| Earnings attributable to common shares | $ | 2,817 | |||||||||||||||||||||
| Year ended December 31, 2023 | |||||||||||||||||||||||
Revenues | $ | 13,761 | $ | 3,071 | |||||||||||||||||||
| Operation and maintenance | (4,591) | (793) | |||||||||||||||||||||
| Depreciation and amortization | (1,937) | (281) | |||||||||||||||||||||
Interest income | 24 | 43 | |||||||||||||||||||||
Interest expense | (782) | (129) | |||||||||||||||||||||
| Income tax benefit (expense) | 31 | (673) | |||||||||||||||||||||
| Equity earnings | $ | 701 | 740 | ||||||||||||||||||||
| Earnings attributable to noncontrolling interests | (543) | ||||||||||||||||||||||
Other segment items(3) | (4,759) | (7) | (558) | ||||||||||||||||||||
| Segment earnings attributable to common shares | $ | 1,747 | $ | 694 | $ | 877 | $ | 3,318 | |||||||||||||||
| Parent and other | (288) | ||||||||||||||||||||||
| Earnings attributable to common shares | $ | 3,030 | |||||||||||||||||||||
(1) Substantially all earnings attributable to common shares are from equity earnings.
(2) Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project.
(3) Includes cost of natural gas, cost of electric fuel and purchased power, regulatory disallowances, franchise fees and other taxes, other income (expense), net, and preferred dividends for Sempra California; O&M, interest expense, and income tax (expense) benefit for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas, energy-related businesses cost of sales, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure.
The following table presents revenues by services by segment, reconciled to Sempra’s consolidated revenues.
| REVENUES BY SERVICES | |||||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| Sempra California | Sempra Infrastructure | Sempra | |||||||||||||||
| Year ended December 31, 2025 | |||||||||||||||||
| Revenues from external customers: | |||||||||||||||||
| Utilities | $ | 11,429 | $ | 78 | |||||||||||||
| Energy-related businesses | — | 911 | |||||||||||||||
Total revenues from external customers(1) | 11,429 | 989 | $ | 12,418 | |||||||||||||
Other revenues(2): | |||||||||||||||||
| Utilities | 364 | — | |||||||||||||||
| Energy-related businesses | — | 920 | |||||||||||||||
| Total other revenues | 364 | 920 | 1,284 | ||||||||||||||
Intersegment revenues(3): | |||||||||||||||||
| Utilities | 25 | — | |||||||||||||||
| Energy-related businesses | — | 56 | |||||||||||||||
| Total intersegment revenues | 25 | 56 | 81 | ||||||||||||||
| Segment revenues | $ | 11,818 | $ | 1,965 | 13,783 | ||||||||||||
| Intersegment eliminations | (81) | ||||||||||||||||
| Revenues | $ | 13,702 | |||||||||||||||
| Year ended December 31, 2024 | |||||||||||||||||
| Revenues from external customers: | |||||||||||||||||
| Utilities | $ | 10,985 | $ | 78 | |||||||||||||
| Energy-related businesses | — | 755 | |||||||||||||||
Total revenues from external customers(1) | 10,985 | 833 | $ | 11,818 | |||||||||||||
Other revenues(2): | |||||||||||||||||
| Utilities | 374 | — | |||||||||||||||
| Energy-related businesses | — | 993 | |||||||||||||||
| Total other revenues | 374 | 993 | 1,367 | ||||||||||||||
Intersegment revenues(3): | |||||||||||||||||
| Utilities | 23 | — | |||||||||||||||
| Energy-related businesses | — | 56 | |||||||||||||||
| Total intersegment revenues | 23 | 56 | 79 | ||||||||||||||
| Segment revenues | $ | 11,382 | $ | 1,882 | 13,264 | ||||||||||||
| Intersegment eliminations | (79) | ||||||||||||||||
| Revenues | $ | 13,185 | |||||||||||||||
| Year ended December 31, 2023 | |||||||||||||||||
| Revenues from external customers: | |||||||||||||||||
| Utilities | $ | 13,668 | $ | 87 | |||||||||||||
| Energy-related businesses | — | 1,094 | |||||||||||||||
Total revenues from external customers(1) | 13,668 | 1,181 | $ | 14,849 | |||||||||||||
Other revenues(2): | |||||||||||||||||
| Utilities | 75 | — | |||||||||||||||
| Energy-related businesses | — | 1,796 | |||||||||||||||
| Total other revenues | 75 | 1,796 | 1,871 | ||||||||||||||
Intersegment revenues(3): | |||||||||||||||||
| Utilities | 18 | — | |||||||||||||||
| Energy-related businesses | — | 94 | |||||||||||||||
| Total intersegment revenues | 18 | 94 | 112 | ||||||||||||||
| Segment revenues | $ | 13,761 | $ | 3,071 | 16,832 | ||||||||||||
| Intersegment eliminations | (112) | ||||||||||||||||
| Revenues | $ | 16,720 | |||||||||||||||
(1) We did not have revenues from transactions with a single external customer that amounted to 10% or more of Sempra’s total revenues.
(2) See “Revenues from Sources Other Than Contracts with Customers” in Note 3 for a description of this revenue source, which may be additive or subtractive from period to period.
(3) See “Transactions with Affiliates” in Note 1 for a description of services provided by one operating segment to another operating segment within Sempra.
SDG&E
SDG&E is a regulated public utility that provides electric service to San Diego and southern Orange counties and natural gas service to San Diego County. SDG&E has one operating and reportable segment.
In connection with certain organizational changes, effective July 5, 2025, SDG&E’s president assumed the responsibilities of the CODM. The CODM utilizes earnings attributable to common shares to manage the business, assess performance and allocate resources. SDG&E’s CODM allocates resources to support the delivery of safe, reliable and affordable energy to customers. SDG&E’s CODM was previously its chief executive officer.
Total assets at SDG&E were $32.7 billion and $30.8 billion at December 31, 2025 and 2024, respectively. The following table presents selected information for SDG&E’s single segment and reconciliation of earnings attributable to common shares.
| SEGMENT INFORMATION | |||||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| Years ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| SDG&E: | |||||||||||||||||
| Revenues from external customers: | |||||||||||||||||
| Electric | $ | 4,122 | $ | 4,164 | $ | 4,750 | |||||||||||
| Natural gas | 1,043 | 878 | 1,204 | ||||||||||||||
Total revenues from external customers(1) | 5,165 | 5,042 | 5,954 | ||||||||||||||
Other revenues(2): | |||||||||||||||||
| Electric | 446 | 149 | (401) | ||||||||||||||
| Natural gas | 86 | 150 | 44 | ||||||||||||||
| Total other revenues | 532 | 299 | (357) | ||||||||||||||
| Total revenues | 5,697 | 5,341 | 5,597 | ||||||||||||||
| Operation and maintenance | (1,725) | (1,692) | (1,846) | ||||||||||||||
| Depreciation and amortization | (1,316) | (1,223) | (1,098) | ||||||||||||||
| Interest income | 2 | 5 | 15 | ||||||||||||||
| Interest expense | (559) | (525) | (497) | ||||||||||||||
| Income tax benefit (expense) | 128 | (153) | 26 | ||||||||||||||
Other segment items(3) | (1,664) | (862) | (1,261) | ||||||||||||||
| Earnings attributable to common shares | $ | 563 | $ | 891 | $ | 936 | |||||||||||
| Capital expenditures for property, plant and equipment | $ | 2,427 | $ | 2,522 | $ | 2,540 | |||||||||||
(1) SDG&E did not have revenues from transactions with a single external customer that amounted to 10% or more of its total revenues.
(2) See “Revenues from Sources Other Than Contracts with Customers” in Note 3 for a description of this revenue source, which may be additive or subtractive from period to period.
(3) Includes cost of electric fuel and purchased power, cost of natural gas, regulatory disallowances, franchise fees and other taxes, and other income (expense), net.
SOCALGAS
SoCalGas is a regulated public natural gas distribution utility, serving customers throughout most of Southern California and part of central California. SoCalGas has one operating and reportable segment.
SoCalGas’ CODM, who is its chief executive officer, utilizes earnings attributable to common shares to manage the business, assess performance and allocate resources. SoCalGas’ CODM allocates resources to support the delivery of safe, reliable and affordable energy to customers.
Total assets at SoCalGas were $27.7 billion and $25.4 billion at December 31, 2025 and 2024, respectively. The following table presents selected information for SoCalGas’ single segment and reconciliation of earnings attributable to common shares.
| SEGMENT INFORMATION | |||||||||||||||||
| (Dollars in millions) | |||||||||||||||||
| Years ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| SoCalGas: | |||||||||||||||||
| Natural gas: | |||||||||||||||||
Revenues from external customers(1) | $ | 6,459 | $ | 6,134 | $ | 7,857 | |||||||||||
Other revenues(2) | (168) | 75 | 432 | ||||||||||||||
| Total revenues | 6,291 | 6,209 | 8,289 | ||||||||||||||
| Operation and maintenance | (2,689) | (2,791) | (2,821) | ||||||||||||||
| Depreciation and amortization | (1,016) | (910) | (839) | ||||||||||||||
| Interest income | 6 | 9 | 9 | ||||||||||||||
| Interest expense | (367) | (323) | (285) | ||||||||||||||
| Income tax benefit (expense) | 38 | (31) | 5 | ||||||||||||||
Other segment items(3) | (1,398) | (1,208) | (3,547) | ||||||||||||||
| Earnings attributable to common shares | $ | 865 | $ | 955 | $ | 811 | |||||||||||
| Capital expenditures for property, plant and equipment | $ | 2,116 | $ | 2,231 | $ | 2,020 | |||||||||||
(1) SoCalGas did not have revenues from transactions with a single external customer that amounted to 10% or more of its total revenues.
(2) See “Revenues from Sources Other Than Contracts with Customers” in Note 3 for a description of this revenue source, which may be additive or subtractive from period to period.
(3) Includes cost of natural gas, franchise fees and other taxes, other income (expense), net, and preferred dividends.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 25, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 27, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 26, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.