SEMPRA

For the period ended Mar 31, 2025. Filed May 8, 2025.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2025 · Filed May 8, 2025

SRE$78.77+0.8%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Item 1. Financial Statements

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in millions, except per share amounts; shares in thousands)
	Three months ended March 31,
	2025	2024
(unaudited)
REVENUES
Utilities:
Natural gas	$2,362	$2,109
Electric	1,059	1,056
Energy-related businesses	381	475
Total revenues	3,802	3,640
EXPENSES AND OTHER INCOME
Utilities:
Cost of natural gas	(493)	(554)
Cost of electric fuel and purchased power	(52)	(89)
Energy-related businesses cost of sales	(119)	(109)
Operation and maintenance	(1,343)	(1,212)
Depreciation and amortization	(640)	(594)
Franchise fees and other taxes	(196)	(184)
Other income, net	91	99
Interest income	34	13
Interest expense	(433)	(305)
Income before income taxes and equity earnings	651	705
Income tax expense	(57)	(172)
Equity earnings	325	348
Net income	919	881
Earnings attributable to noncontrolling interests	(2)	(69)
Preferred dividends	(11)	(11)
Earnings attributable to common shares	$906	$801
Basic EPS:
Earnings	$1.39	$1.27
Weighted-average common shares outstanding	651,992	632,821
Diluted EPS:
Earnings	$1.39	$1.26
Weighted-average common shares outstanding	653,018	635,354

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
	Sempra shareholders’ equity
	Pretaxamount	Income tax(expense) benefit	Net-of-taxamount	Noncontrollinginterests (after tax)	Total
(unaudited)
	Three months ended March 31, 2025 and 2024
2025:
Net income	$974	$(57)	$917	$2	$919
Other comprehensive income (loss):
Financial instruments	(36)	4	(32)	(5)	(37)
Pension and other postretirement benefits	3	—	3	—	3
Total other comprehensive loss	(33)	4	(29)	(5)	(34)
Comprehensive income (loss)	$941	$(53)	$888	$(3)	$885
2024:
Net income	$984	$(172)	$812	$69	$881
Other comprehensive income (loss):
Foreign currency translation adjustments	3	—	3	1	4
Financial instruments	43	(4)	39	114	153
Pension and other postretirement benefits	5	(1)	4	—	4
Total other comprehensive income	51	(5)	46	115	161
Comprehensive income	$1,035	$(177)	$858	$184	$1,042

SEMPRA
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
	March 31,	December 31,
	2025	2024(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$1,739	$1,565
Restricted cash	20	21
Accounts receivable – trade, net	2,107	1,983
Accounts receivable – other, net	432	397
Due from unconsolidated affiliates	15	13
Income taxes receivable	66	90
Inventories	568	559
Prepaid expenses	227	255
Regulatory assets	86	60
Fixed-price contracts and other derivatives	136	91
Greenhouse gas allowances	218	217
Other current assets	51	34
Total current assets	5,665	5,285
Other assets:
Restricted cash	3	3
Regulatory assets	4,272	3,937
Greenhouse gas allowances	1,053	845
Nuclear decommissioning trusts	865	875
Dedicated assets in support of certain benefit plans	566	585
Deferred income taxes	194	172
Right-of-use assets – operating leases	1,177	1,177
Investment in Oncor Holdings	15,871	15,400
Other investments	2,501	2,534
Goodwill	1,602	1,602
Other intangible assets	286	292
Wildfire fund	258	262
Other long-term assets	1,656	1,749
Total other assets	30,304	29,433
Property, plant and equipment:
Property, plant and equipment	82,437	80,397
Less accumulated depreciation and amortization	(19,396)	(18,960)
Property, plant and equipment, net	63,041	61,437
Total assets	$99,010	$96,155

SEMPRA
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	March 31,	December 31,
	2025	2024(1)
(unaudited)
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt	$2,113	$2,016
Accounts payable – trade	1,976	2,238
Accounts payable – other	179	208
Dividends and interest payable	909	773
Accrued compensation and benefits	398	558
Regulatory liabilities	490	141
Current portion of long-term debt and finance leases	2,331	2,274
Greenhouse gas obligations	218	217
Other current liabilities	1,320	1,251
Total current liabilities	9,934	9,676
Long-term debt and finance leases	33,286	31,558
Deferred credits and other liabilities:
Due to unconsolidated affiliates	355	352
Regulatory liabilities	3,847	3,817
Greenhouse gas obligations	755	506
Pension and other postretirement benefit plan obligations, net of plan assets	188	168
Deferred income taxes	5,988	5,845
Asset retirement obligations	3,751	3,737
Deferred credits and other	2,704	2,708
Total deferred credits and other liabilities	17,588	17,133
Commitments and contingencies (Note 12)
Equity:
Preferred stock (50,000,000 shares authorized; 900,000 shares of series C outstanding)	889	889
Common stock (1,125,000,000 shares authorized; 651,930,398 and 650,629,876 sharesoutstanding at March 31, 2025 and December 31, 2024, respectively; no par value)	13,484	13,520
Retained earnings	17,465	16,979
Accumulated other comprehensive income (loss)	(195)	(166)
Total Sempra shareholders’ equity	31,643	31,222
Preferred stock of subsidiary	20	20
Other noncontrolling interests	6,539	6,546
Total equity	38,202	37,788
Total liabilities and equity	$99,010	$96,155

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Three months ended March 31,
	2025	2024
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$919	$881
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	640	594
Deferred income taxes and investment tax credits	(48)	137
Equity earnings	(325)	(348)
Share-based compensation expense	(2)	21
Fixed-price contracts and other derivatives	134	16
Bad debt expense	6	42
Other	(3)	7
Net change in working capital components	(35)	319
Distributions from investments	291	232
Changes in other noncurrent assets and liabilities, net	(95)	(50)
Net cash provided by operating activities	1,482	1,851
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(2,336)	(1,933)
Expenditures for investments	(486)	(193)
Purchases of nuclear decommissioning and other trust assets	(292)	(197)
Proceeds from sales of nuclear decommissioning and other trust assets	329	217
Other	—	(1)
Net cash used in investing activities	(2,785)	(2,107)
CASH FLOWS FROM FINANCING ACTIVITIES
Common dividends paid	(380)	(362)
Issuances of common stock	10	10
Repurchases of common stock	(57)	(40)
Issuances of debt (maturities greater than 90 days)	2,941	2,044
Payments on debt (maturities greater than 90 days) and finance leases	(994)	(846)
Decrease in short-term debt, net	(70)	(498)
Advances from unconsolidated affiliates	44	45
Contributions from noncontrolling interests	34	474
Distributions to noncontrolling interests	(38)	(111)
Other	(14)	(16)
Net cash provided by financing activities	1,476	700
Effect of exchange rate changes on cash, cash equivalents and restricted cash	—	1
Increase in cash, cash equivalents and restricted cash	173	445
Cash, cash equivalents and restricted cash, January 1	1,589	389
Cash, cash equivalents and restricted cash, March 31	$1,762	$834

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Dollars in millions)
	Three months ended March 31,
	2025	2024
(unaudited)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$243	$274
Income tax payments, net of refunds	100	25
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Repayments of advances from unconsolidated affiliate in lieu of distributions	$45	$62
Accrued capital expenditures for PP&E	1,061	915
Decrease in ARO capitalized to PP&E	11	1
Increase in finance lease obligations capitalized to PP&E	16	7
Unamortized debt issuance costs reclassed from noncurrent asset to long-term debt	22	1
Preferred dividends declared but not paid	11	11
Common dividends declared but not paid	420	392
Common dividends issued in stock	13	14

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Dollars in millions)
Preferred stock · Common stock · Retained earnings · Accumulatedothercomprehensiveincome (loss) · Semprashareholders’equity · Non-controllinginterests · Totalequity
(unaudited)
	Three months ended March 31, 2025
Balance at December 31, 2024	$889		$13,520		$16,979	$(166)		$31,222			$6,566	$37,788
Net income				917		917		2			919
Other comprehensive loss					(29)	(29)		(5)			(34)
Share-based compensation expense		(2)				(2)				(2)
Dividends declared:
Series C preferred stock ($12.19/share)				(11)		(11)				(11)
Common stock ($0.65/share)				(420)		(420)				(420)
Issuances of common stock		23				23				23
Repurchases of common stock		(57)				(57)				(57)
Noncontrolling interest activities:
Contributions							34		34
Distributions							(38)		(38)
Balance at March 31, 2025	$889		$13,484		$17,465	$(195)		$31,643			$6,559	$38,202
	Three months ended March 31, 2024
Balance at December 31, 2023	$889		$12,204		$15,732	$(150)		$28,675			$4,979	$33,654
Net income				812		812		69			881
Other comprehensive income					46	46		115			161
Share-based compensation expense		21				21				21
Dividends declared:
Series C preferred stock ($12.19/share)				(11)		(11)				(11)
Common stock ($0.62/share)				(392)		(392)				(392)
Issuances of common stock		24				24				24
Repurchases of common stock		(40)				(40)				(40)
Noncontrolling interest activities:
Contributions							474		474
Distributions							(111)		(111)
Balance at March 31, 2024	$889		$12,209		$16,141	$(104)		$29,135			$5,526	$34,661

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions)
	Three months ended March 31,
	2025	2024
(unaudited)
Operating revenues:
Electric	$1,064	$1,060
Natural gas	356	319
Total operating revenues	1,420	1,379
Operating expenses:
Cost of electric fuel and purchased power	73	107
Cost of natural gas	87	102
Operation and maintenance	440	411
Depreciation and amortization	320	298
Franchise fees and other taxes	110	104
Total operating expenses	1,030	1,022
Operating income	390	357
Other income, net	40	33
Interest income	—	1
Interest expense	(135)	(128)
Income before income taxes	295	263
Income tax expense	(14)	(40)
Net income/Earnings attributable to common shares	$281	$223

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
	Pretaxamount	Income tax expense	Net-of-taxamount
(unaudited)
	Three months ended March 31, 2025 and 2024
2025:
Net income/Comprehensive income	$295	$(14)	$281
2024:
Net income/Comprehensive income	$263	$(40)	$223

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED BALANCE SHEETS
(Dollars in millions)
	March 31,	December 31,
	2025	2024(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$607	$—
Accounts receivable – trade, net	830	774
Accounts receivable – other, net	104	89
Income taxes receivable, net	10	27
Inventories	232	202
Prepaid expenses	123	139
Regulatory assets	60	16
Greenhouse gas allowances	27	27
Other current assets	28	27
Total current assets	2,021	1,301
Other assets:
Regulatory assets	2,174	2,024
Greenhouse gas allowances	281	272
Nuclear decommissioning trusts	865	875
Right-of-use assets – operating leases	801	795
Wildfire fund	258	262
Other long-term assets	129	133
Total other assets	4,508	4,361
Property, plant and equipment:
Property, plant and equipment	33,586	33,162
Less accumulated depreciation and amortization	(8,259)	(8,051)
Property, plant and equipment, net	25,327	25,111
Total assets	$31,856	$30,773

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	March 31,	December 31,
	2025	2024(1)
(unaudited)
LIABILITIES AND SHAREHOLDER’S EQUITY
Current liabilities:
Short-term debt	$137	$417
Accounts payable	715	742
Due to unconsolidated affiliates	67	59
Interest payable	115	84
Accrued compensation and benefits	101	175
Accrued franchise fees	71	54
Regulatory liabilities	205	75
Current portion of long-term debt and finance leases	43	42
Greenhouse gas obligations	27	27
Asset retirement obligations	96	97
Other current liabilities	234	215
Total current liabilities	1,811	1,987
Long-term debt and finance leases	10,851	10,018
Deferred credits and other liabilities:
Regulatory liabilities	2,750	2,701
Greenhouse gas obligations	85	62
Pension obligation, net of plan assets	37	28
Deferred income taxes	3,258	3,211
Asset retirement obligations	792	803
Deferred credits and other	1,427	1,399
Total deferred credits and other liabilities	8,349	8,204
Commitments and contingencies (Note 12)
Shareholder’s equity:
Preferred stock (45,000,000 shares authorized; none issued)	—	—
Common stock (255,000,000 shares authorized; 116,583,358 shares outstanding;no par value)	1,660	1,660
Retained earnings	9,197	8,916
Accumulated other comprehensive income (loss)	(12)	(12)
Total shareholder’s equity	10,845	10,564
Total liabilities and shareholder's equity	$31,856	$30,773

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Three months ended March 31,
	2025	2024
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$281	$223
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	320	298
Deferred income taxes and investment tax credits	(3)	25
Bad debt expense	16	6
Other	(5)	(5)
Net change in working capital components	30	(1)
Changes in noncurrent assets and liabilities, net	(61)	130
Net cash provided by operating activities	578	676
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(539)	(624)
Purchases of nuclear decommissioning trust assets	(258)	(168)
Proceeds from sales of nuclear decommissioning trust assets	274	181
Net cash used in investing activities	(523)	(611)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of debt (maturities greater than 90 days)	848	594
Payments on debt (maturities greater than 90 days) and finance leases	(10)	(411)
Decrease in short-term debt, net	(280)	—
Debt issuance costs	(6)	(5)
Net cash provided by financing activities	552	178
Increase in cash and cash equivalents	607	243
Cash and cash equivalents, January 1	—	50
Cash and cash equivalents, March 31	$607	$293
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$102	$107
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures for PP&E	$199	$182
Increase in finance lease obligations capitalized to PP&E	2	2
Decrease in ARO capitalized to PP&E	6	—

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDER’S EQUITY
(Dollars in millions)
Commonstock · Retainedearnings · Accumulatedothercomprehensiveincome (loss) · Totalshareholder'sequity
(unaudited)
	Three months ended March 31, 2025
Balance at December 31, 2024	$1,660		$8,916		$(12)	$10,564
Net income		281		281
Balance at March 31, 2025	$1,660		$9,197		$(12)	$10,845
	Three months ended March 31, 2024
Balance at December 31, 2023	$1,660		$8,250		$(8)	$9,902
Net income		223		223
Balance at March 31, 2024	$1,660		$8,473		$(8)	$10,125

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions)
	Three months ended March 31,
	2025	2024
(unaudited)
Operating revenues	$2,020	$1,805
Operating expenses:
Cost of natural gas	415	465
Operation and maintenance	757	613
Depreciation and amortization	242	223
Franchise fees and other taxes	79	74
Total operating expenses	1,493	1,375
Operating income	527	430
Other income, net	42	47
Interest income	2	2
Interest expense	(90)	(77)
Income before income taxes	481	402
Income tax expense	(38)	(43)
Net income/Earnings attributable to common shares	$443	$359

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
	Pretaxamount	Income tax expense	Net-of-taxamount
(unaudited)
	Three months ended March 31, 2025 and 2024
2025:
Net income	$481	$(38)	$443
Other comprehensive income (loss):
Pension and other postretirement benefits	2	—	2
Total other comprehensive income	2	—	2
Comprehensive income	$483	$(38)	$445
2024:
Net income	$402	$(43)	$359
Other comprehensive income (loss):
Pension and other postretirement benefits	1	—	1
Total other comprehensive income	1	—	1
Comprehensive income	$403	$(43)	$360

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED BALANCE SHEETS
(Dollars in millions)
	March 31,	December 31,
	2025	2024(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$40	$12
Accounts receivable – trade, net	1,018	932
Accounts receivable – other, net	83	71
Due from unconsolidated affiliates	34	16
Inventories	238	287
Regulatory assets	25	42
Greenhouse gas allowances	178	176
Other current assets	73	71
Total current assets	1,689	1,607
Other assets:
Regulatory assets	2,029	1,844
Greenhouse gas allowances	671	526
Right-of-use assets – operating leases	14	18
Other long-term assets	607	609
Total other assets	3,321	2,997
Property, plant and equipment:
Property, plant and equipment	29,479	29,084
Less accumulated depreciation and amortization	(8,482)	(8,330)
Property, plant and equipment, net	20,997	20,754
Total assets	$26,007	$25,358

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	March 31,	December 31,
	2025	2024(1)
(unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$847	$1,037
Accounts payable – trade	502	752
Accounts payable – other	137	158
Due to unconsolidated affiliates	25	38
Accrued compensation and benefits	182	245
Regulatory liabilities	283	64
Current portion of long-term debt and finance leases	374	373
Greenhouse gas obligations	178	176
Asset retirement obligations	89	91
Other current liabilities	616	451
Total current liabilities	3,233	3,385
Long-term debt and finance leases	7,039	7,031
Deferred credits and other liabilities:
Regulatory liabilities	1,097	1,115
Greenhouse gas obligations	633	410
Pension obligation, net of plan assets	57	45
Deferred income taxes	2,101	2,005
Asset retirement obligations	2,865	2,839
Deferred credits and other	376	367
Total deferred credits and other liabilities	7,129	6,781
Commitments and contingencies (Note 12)
Shareholders’ equity:
Preferred stock (11,000,000 shares authorized; 862,043 shares outstanding)	22	22
Common stock (100,000,000 shares authorized; 91,300,000 shares outstanding;no par value)	2,316	2,316
Retained earnings	6,293	5,850
Accumulated other comprehensive income (loss)	(25)	(27)
Total shareholders’ equity	8,606	8,161
Total liabilities and shareholders’ equity	$26,007	$25,358

(1) Derived from audited financial statements.

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Three months ended March 31,
	2025	2024
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$443	$359
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	242	223
Deferred income taxes and investment tax credits	(33)	40
Bad debt expense	8	26
Other	(5)	(4)
Net change in working capital components	76	405
Changes in noncurrent assets and liabilities, net	48	(162)
Net cash provided by operating activities	779	887
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(555)	(519)
Net cash used in investing activities	(555)	(519)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of debt (maturities greater than 90 days)	—	497
Payments on finance leases	(6)	(6)
Decrease in short-term debt, net	(190)	(803)
Debt issuance costs	—	(4)
Net cash used in financing activities	(196)	(316)
Increase in cash and cash equivalents	28	52
Cash and cash equivalents, January 1	12	2
Cash and cash equivalents, March 31	$40	$54
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$64	$52
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures for PP&E	$199	$204
Increase in finance lease obligations capitalized to PP&E	14	5

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Dollars in millions)
Preferredstock · Commonstock · Retainedearnings · Accumulatedothercomprehensiveincome (loss) · Totalshareholders’equity
(unaudited)
	Three months ended March 31, 2025
Balance at December 31, 2024	$22	$2,316		$5,850	$(27)	$8,161
Net income			443		443
Other comprehensive income				2	2
Dividends declared:
Preferred stock ($0.38/share)			—		—
Balance at March 31, 2025	$22	$2,316		$6,293	$(25)	$8,606
	Three months ended March 31, 2024
Balance at December 31, 2023	$22	$2,316		$5,095	$(23)	$7,410
Net income			359		359
Other comprehensive income				1	1
Dividends declared:
Preferred stock ($0.38/share)			—		—
Balance at March 31, 2024	$22	$2,316		$5,454	$(22)	$7,770

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