SAN DIEGO GAS & ELECTRIC CO

For the period ended Sep 30, 2025. Filed Nov 5, 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.

Sep 30, 2025 · Filed Nov 5, 2025

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

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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 September 30,		Nine months ended September 30,
	2025	2024	2025	2024
(unaudited)
REVENUES
Utilities:
Natural gas	$1,363	$1,195	$5,195	$4,798
Electric	1,260	1,069	3,350	3,269
Energy-related businesses	528	512	1,408	1,360
Total revenues	3,151	2,776	9,953	9,427
EXPENSES AND OTHER INCOME
Utilities:
Cost of natural gas	(210)	(99)	(886)	(790)
Cost of electric fuel and purchased power	(122)	18	(265)	(227)
Energy-related businesses cost of sales	(117)	(134)	(321)	(297)
Operation and maintenance	(1,349)	(1,326)	(3,931)	(3,871)
Depreciation and amortization	(662)	(614)	(1,955)	(1,811)
Franchise fees and other taxes	(194)	(175)	(555)	(515)
Other income, net	49	65	199	194
Interest income	17	17	65	47
Interest expense	(403)	(328)	(1,195)	(944)
Income before income taxes and equity earnings	160	200	1,109	1,213
Income tax (expense) benefit	(482)	105	(711)	63
Equity earnings	472	454	1,190	1,235
Net income	150	759	1,588	2,511
Earnings attributable to noncontrolling interests	(55)	(110)	(103)	(325)
Preferred deemed dividends	(11)	—	(11)	—
Preferred dividends	(7)	(11)	(29)	(33)
Preferred dividends of subsidiary	—	—	(1)	(1)
Earnings attributable to common shares	$77	$638	$1,444	$2,152
Basic EPS:
Earnings	$0.12	$1.01	$2.21	$3.40
Weighted-average common shares outstanding	652,948	633,752	652,538	633,342
Diluted EPS:
Earnings	$0.12	$1.00	$2.21	$3.38
Weighted-average common shares outstanding	654,009	638,061	653,420	636,566

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 September 30, 2025 and 2024
2025:
Net income	$577	$(482)	$95	$55	$150
Other comprehensive income (loss):
Foreign currency translation adjustments	5	—	5	3	8
Financial instruments	(14)	1	(13)	(1)	(14)
Pension and other postretirement benefits	12	(1)	11	—	11
Total other comprehensive income	3	—	3	2	5
Comprehensive income	$580	$(482)	$98	$57	$155
2024:
Net income	$544	$105	$649	$110	$759
Other comprehensive income (loss):
Foreign currency translation adjustments	(12)	—	(12)	(5)	(17)
Financial instruments	(74)	20	(54)	(171)	(225)
Pension and other postretirement benefits	3	(1)	2	—	2
Total other comprehensive loss	(83)	19	(64)	(176)	(240)
Comprehensive income (loss)	$461	$124	$585	$(66)	$519
	Nine months ended September 30, 2025 and 2024
2025:
Net income	$2,196	$(711)	$1,485	$103	$1,588
Other comprehensive income (loss):
Foreign currency translation adjustments	16	—	16	8	24
Financial instruments	(86)	8	(78)	(13)	(91)
Pension and other postretirement benefits	18	(2)	16	—	16
Total other comprehensive loss	(52)	6	(46)	(5)	(51)
Comprehensive income	2,144	(705)	1,439	98	1,537
Preferred dividends of subsidiary	(1)	—	(1)	—	(1)
Comprehensive income, after preferred dividends of subsidiary	$2,143	$(705)	$1,438	$98	$1,536
2024:
Net income	$2,123	$63	$2,186	$325	$2,511
Other comprehensive income (loss):
Foreign currency translation adjustments	(25)	—	(25)	(11)	(36)
Financial instruments	(26)	4	(22)	(2)	(24)
Pension and other postretirement benefits	16	(4)	12	—	12
Total other comprehensive loss	(35)	—	(35)	(13)	(48)
Comprehensive income	2,088	63	2,151	312	2,463
Preferred dividends of subsidiary	(1)	—	(1)	—	(1)
Comprehensive income, after preferred dividends of subsidiary	$2,087	$63	$2,150	$312	$2,462

SEMPRA
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
	September 30,	December 31,
	2025	2024(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$5	$1,565
Restricted cash	2	21
Accounts receivable – trade, net	1,409	1,983
Accounts receivable – other, net	200	397
Due from unconsolidated affiliates	—	13
Income taxes receivable	79	90
Inventories	565	559
Prepaid expenses	247	255
Regulatory assets	500	60
Fixed-price contracts and other derivatives	35	91
Greenhouse gas allowances	200	217
Assets held for sale	28,465	—
Other current assets	19	34
Total current assets	31,726	5,285
Other assets:
Restricted cash	—	3
Regulatory assets	4,298	3,937
Greenhouse gas allowances	1,237	845
Nuclear decommissioning trusts	897	875
Dedicated assets in support of certain benefit plans	585	585
Deferred income taxes	19	172
Right-of-use assets – operating leases	1,219	1,177
Investment in Oncor Holdings	17,038	15,400
Other investments	144	2,534
Goodwill	—	1,602
Other intangible assets	—	292
Wildfire fund	250	262
Other long-term assets	1,155	1,749
Total other assets	26,842	29,433
Property, plant and equipment:
Property, plant and equipment	65,951	80,397
Less accumulated depreciation and amortization	(17,600)	(18,960)
Property, plant and equipment, net	48,351	61,437
Total assets	$106,919	$96,155

SEMPRA
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	September 30,	December 31,
	2025	2024(1)
(unaudited)
LIABILITIES, CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY
Current liabilities:
Short-term debt	$1,833	$2,016
Accounts payable – trade	1,301	2,238
Accounts payable – other	219	208
Due to unconsolidated affiliates	17	—
Dividends and interest payable	910	773
Accrued compensation and benefits	486	558
Regulatory liabilities	4	141
Mandatorily redeemable preferred stock	900	—
Current portion of long-term debt and finance leases	1,875	2,274
Greenhouse gas obligations	200	217
Liabilities held for sale	11,175	—
Other current liabilities	1,068	1,251
Total current liabilities	19,988	9,676
Long-term debt and finance leases	28,985	31,558
Deferred credits and other liabilities:
Due to unconsolidated affiliates	—	352
Regulatory liabilities	4,027	3,817
Greenhouse gas obligations	947	506
Pension and other postretirement benefit plan obligations, net of plan assets	127	168
Deferred income taxes	6,105	5,845
Asset retirement obligations	3,781	3,737
Deferred credits and other	2,740	2,708
Total deferred credits and other liabilities	17,727	17,133
Commitments and contingencies (Note 13)
Contingently redeemable noncontrolling interest	1,933	—
Equity:
Preferred stock (50,000,000 shares authorized; 900,000 shares of series C outstanding at December 31, 2024)	—	889
Common stock (1,125,000,000 shares authorized; 652,525,871 and 650,629,876 sharesoutstanding at September 30, 2025 and December 31, 2024, respectively; no par value)	14,203	13,520
Retained earnings	17,161	16,979
Accumulated other comprehensive income (loss)	(212)	(166)
Total Sempra shareholders’ equity	31,152	31,222
Preferred stock of subsidiary	20	20
Other noncontrolling interests	7,114	6,546
Total equity	38,286	37,788
Total liabilities, contingently redeemable noncontrolling interest, and equity	$106,919	$96,155

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Nine months ended September 30,
	2025	2024
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$1,588	$2,511
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,955	1,811
Deferred income taxes and investment tax credits	558	(223)
Equity earnings	(1,190)	(1,235)
Share-based compensation expense	25	63
Fixed-price contracts and other derivatives	133	11
Bad debt expense	109	149
Other	3	7
Net change in working capital components	(745)	55
Distributions from investments	828	654
Changes in other noncurrent assets and liabilities, net	112	(261)
Net cash provided by operating activities	3,376	3,542
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(7,201)	(5,765)
Expenditures for investments	(1,492)	(588)
Purchases of nuclear decommissioning and other trust assets	(746)	(658)
Proceeds from sales of nuclear decommissioning and other trust assets	831	704
Other	3	11
Net cash used in investing activities	(8,605)	(6,296)
CASH FLOWS FROM FINANCING ACTIVITIES
Common dividends paid	(1,195)	(1,121)
Preferred dividends paid	(22)	(22)
Issuances of common stock	26	26
Repurchases of common stock	(58)	(41)
Issuances of debt (maturities greater than 90 days)	8,892	6,437
Payments on debt (maturities greater than 90 days) and finance leases	(4,142)	(2,216)
Decrease in short-term debt, net	(170)	(929)
Advances from unconsolidated affiliates	96	85
Contributions from contingently redeemable noncontrolling interest, net of transaction costs	3,212	—
Proceeds from investor equity subscription	106	—
Contributions from noncontrolling interests	137	1,121
Distributions to noncontrolling interests	(131)	(235)
Other	(90)	(39)
Net cash provided by financing activities	6,661	3,066
Effect of exchange rate changes on cash, cash equivalents and restricted cash	4	(11)
Increase in cash, cash equivalents and restricted cash	1,436	301
Cash, cash equivalents and restricted cash, January 1	1,589	389
Cash, cash equivalents and restricted cash, September 30	$3,025	$690

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Dollars in millions)
	Nine months ended September 30,
	2025	2024
(unaudited)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$940	$814
Income tax payments, net of refunds	339	272
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued interest receivable capitalized to note receivable	$13	$13
Repayments of advances from unconsolidated affiliate in lieu of distributions	45	62
Accrued capital expenditures for PP&E	1,619	1,059
Increase (decrease) in ARO capitalized to PP&E	59	(9)
Increase in finance lease obligations capitalized to PP&E	41	27
Unamortized debt issuance costs reclassified from noncurrent asset to long-term debt	49	2
Redemption of preferred stock	900	—
Preferred deemed dividends	(11)	—
Preferred dividends declared but not paid	18	22
Common dividends declared but not paid	421	392
Common dividends issued in stock	39	40

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY AND CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST
(Dollars in millions)
CRNCI · Preferred stock · Common stock · Retained earnings · AOCI · Semprashareholders'equity · NCI · Total equity
(unaudited)
	Three months ended September 30, 2025
Balance at June 30, 2025	$—		$889			$13,518			$17,505		$(215)		$31,697			$6,599		$38,296
Net income						95				95		55			150
Other comprehensive income								3		3		2			5
Share-based compensation expense				14						14				14
Dividends declared:
Series C preferred stock ($12.19/share)						(7)				(7)				(7)
Common stock ($0.65/share)						(421)				(421)				(421)
Redemption of preferred stock		(900)								(900)				(900)
Preferred deemed dividends		11					(11)				—				—
Issuances of common stock				20						20				20
CRNCI and NCI activities:
Contributions from CRNCI	3,166
Investor equity subscription	76				16						16		9			25
Allocation of interests	(1,309)				635						635		455			1,090
Contributions from NCI											54		54
Distributions to NCI											(40)		(40)
Balance at September 30, 2025	$1,933		$—			$14,203			$17,161		$(212)		$31,152			$7,134		$38,286
	Three months ended September 30, 2024
Balance at June 30, 2024		$889			$12,250			$16,461		$(121)		$29,479			$5,940		$35,419
Net income						649				649		110			759
Other comprehensive loss								(64)		(64)		(176)			(240)
Share-based compensation expense				22						22				22
Dividends declared:
Series C preferred stock ($12.19/share)						(11)				(11)				(11)
Common stock ($0.62/share)						(392)				(392)				(392)
Issuances of common stock				21						21				21
Repurchases of common stock				(1)						(1)				(1)
Noncontrolling interest activities:
Contributions											335		335
Distributions											(32)		(32)
Balance at September 30, 2024		$889			$12,292			$16,707		$(185)		$29,703			$6,177		$35,880

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST AND EQUITY
(Dollars in millions)
CRNCI · Preferred stock · Common stock · Retained earnings · AOCI · Semprashareholders’equity · NCI · Totalequity
(unaudited)
	Nine months ended September 30, 2025
Balance at December 31, 2024	$—		$889			$13,520			$16,979		$(166)		$31,222			$6,566		$37,788
Net income						1,485				1,485		103			1,588
Other comprehensive loss								(46)		(46)		(5)			(51)
Share-based compensation expense				25						25				25
Dividends declared:
Series C preferred stock ($36.57/share)						(29)				(29)				(29)
Common stock ($1.94/share)						(1,262)				(1,262)				(1,262)
Redemption of preferred stock		(900)								(900)				(900)
Preferred deemed dividends		11					(11)				—				—
Preferred dividends of subsidiary						(1)				(1)				(1)
Issuances of common stock				65						65				65
Repurchases of common stock				(58)						(58)				(58)
CRNCI and NCI activities:
Contributions from CRNCI	3,166
Investor equity subscription	76				16						16		9			25
Allocation of interests	(1,309)				635						635		455			1,090
Contributions from NCI											137		137
Distributions to NCI											(131)		(131)
Balance at September 30, 2025	$1,933		$—			$14,203			$17,161		$(212)		$31,152			$7,134		$38,286
	Nine months ended September 30, 2024
Balance at December 31, 2023		$889			$12,204			$15,732		$(150)		$28,675			$4,979		$33,654
Net income						2,186				2,186		325			2,511
Other comprehensive loss								(35)		(35)		(13)			(48)
Share-based compensation expense				63						63				63
Dividends declared:
Series C preferred stock ($36.57/share)						(33)				(33)				(33)
Common stock ($1.86/share)						(1,177)				(1,177)				(1,177)
Preferred dividends of subsidiary						(1)				(1)				(1)
Issuances of common stock				66						66				66
Repurchases of common stock				(41)						(41)				(41)
Noncontrolling interest activities:
Contributions											1,121		1,121
Distributions											(235)		(235)
Balance at September 30, 2024		$889			$12,292			$16,707		$(185)		$29,703			$6,177		$35,880

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions)
	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024
(unaudited)
Operating revenues:
Electric	$1,264	$1,073	$3,362	$3,282
Natural gas	216	170	800	695
Total operating revenues	1,480	1,243	4,162	3,977
Operating expenses:
Cost of electric fuel and purchased power	135	(5)	314	277
Cost of natural gas	44	38	175	177
Operation and maintenance	451	420	1,294	1,254
Depreciation and amortization	334	308	977	910
Franchise fees and other taxes	116	106	324	301
Total operating expenses	1,080	867	3,084	2,919
Operating income	400	376	1,078	1,058
Other income, net	32	30	103	86
Interest income	—	1	2	5
Interest expense	(141)	(131)	(415)	(390)
Income before income taxes	291	276	768	759
Income tax benefit (expense)	33	(15)	12	(89)
Net income/Earnings attributable to common shares	$324	$261	$780	$670

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
	Pretaxamount	Income tax benefit (expense)	Net-of-taxamount
(unaudited)
	Three months ended September 30, 2025 and 2024
2025:
Net income/Comprehensive income	$291	$33	$324
2024:
Net income/Comprehensive income	$276	$(15)	$261
	Nine months ended September 30, 2025 and 2024
2025:
Net income/Comprehensive income	$768	$12	$780
2024:
Net income/Comprehensive income	$759	$(89)	$670

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED BALANCE SHEETS
(Dollars in millions)
	September 30,	December 31,
	2025	2024(1)
(unaudited)
ASSETS
Current assets:
Accounts receivable – trade, net	$849	$774
Accounts receivable – other, net	120	89
Due from unconsolidated affiliates	13	—
Income taxes receivable, net	33	27
Inventories	263	202
Prepaid expenses	156	139
Regulatory assets	213	16
Greenhouse gas allowances	26	27
Other current assets	28	27
Total current assets	1,701	1,301
Other assets:
Regulatory assets	2,419	2,024
Greenhouse gas allowances	283	272
Nuclear decommissioning trusts	897	875
Right-of-use assets – operating leases	1,061	795
Wildfire fund	250	262
Other long-term assets	135	133
Total other assets	5,045	4,361
Property, plant and equipment:
Property, plant and equipment	34,674	33,162
Less accumulated depreciation and amortization	(8,581)	(8,051)
Property, plant and equipment, net	26,093	25,111
Total assets	$32,839	$30,773

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	September 30,	December 31,
	2025	2024(1)
(unaudited)
LIABILITIES AND SHAREHOLDER’S EQUITY
Current liabilities:
Short-term debt	$27	$417
Accounts payable	811	742
Due to unconsolidated affiliates	65	59
Interest payable	138	84
Accrued compensation and benefits	165	175
Accrued franchise fees	71	54
Regulatory liabilities	3	75
Current portion of long-term debt and finance leases	796	42
Greenhouse gas obligations	26	27
Asset retirement obligations	101	97
Other current liabilities	273	215
Total current liabilities	2,476	1,987
Long-term debt and finance leases	10,086	10,018
Deferred credits and other liabilities:
Regulatory liabilities	2,891	2,701
Greenhouse gas obligations	119	62
Pension obligation, net of plan assets	38	28
Deferred income taxes	3,376	3,211
Asset retirement obligations	793	803
Deferred credits and other	1,716	1,399
Total deferred credits and other liabilities	8,933	8,204
Commitments and contingencies (Note 13)
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	9,696	8,916
Accumulated other comprehensive income (loss)	(12)	(12)
Total shareholder’s equity	11,344	10,564
Total liabilities and shareholder's equity	$32,839	$30,773

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Nine months ended September 30,
	2025	2024
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$780	$670
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	977	910
Deferred income taxes and investment tax credits	(26)	94
Bad debt expense	39	46
Other	(1)	(19)
Net change in working capital components	(321)	(204)
Changes in noncurrent assets and liabilities, net	(105)	(54)
Net cash provided by operating activities	1,343	1,443
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(1,811)	(1,838)
Purchases of nuclear decommissioning trust assets	(672)	(605)
Proceeds from sales of nuclear decommissioning trust assets	709	639
Other	12	11
Net cash used in investing activities	(1,762)	(1,793)
CASH FLOWS FROM FINANCING ACTIVITIES
Common dividends paid	—	(225)
Issuances of debt (maturities greater than 90 days)	848	594
Payments on debt (maturities greater than 90 days) and finance leases	(32)	(432)
(Decrease) increase in short-term debt, net	(390)	384
Debt issuance costs	(7)	(6)
Net cash provided by financing activities	419	315
Decrease in cash and cash equivalents	—	(35)
Cash and cash equivalents, January 1	—	50
Cash and cash equivalents, September 30	$—	$15
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$355	$348
Income tax payments, net of refunds	23	—
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures for PP&E	$206	$214
Increase in finance lease obligations capitalized to PP&E	8	8

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 September 30, 2025
Balance at June 30, 2025	$1,660		$9,372		$(12)	$11,020
Net income		324		324
Balance at September 30, 2025	$1,660		$9,696		$(12)	$11,344
	Three months ended September 30, 2024
Balance at June 30, 2024	$1,660		$8,659		$(8)	$10,311
Net income		261		261
Dividends declared:
Common stock ($1.93/share)		(225)		(225)
Balance at September 30, 2024	$1,660		$8,695		$(8)	$10,347
	Nine months ended September 30, 2025
Balance at December 31, 2024	$1,660		$8,916		$(12)	$10,564
Net income		780		780
Balance at September 30, 2025	$1,660		$9,696		$(12)	$11,344
	Nine months ended September 30, 2024
Balance at December 31, 2023	$1,660		$8,250		$(8)	$9,902
Net income		670		670
Dividends declared:
Common stock ($1.93/share)		(225)		(225)
Balance at September 30, 2024	$1,660		$8,695		$(8)	$10,347

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions)
	Three months ended September 30,		Nine months ended September 30,
	2025	2024	2025	2024
(unaudited)
Operating revenues	$1,181	$1,054	$4,469	$4,168
Operating expenses:
Cost of natural gas	182	82	749	661
Operation and maintenance	623	678	2,002	1,998
Depreciation and amortization	257	228	750	675
Franchise fees and other taxes	74	66	215	200
Total operating expenses	1,136	1,054	3,716	3,534
Operating income	45	—	753	634
Other (expense) income, net	(3)	13	37	73
Interest income	2	3	5	7
Interest expense	(93)	(82)	(272)	(237)
(Loss) income before income taxes	(49)	(66)	523	477
Income tax benefit (expense)	95	52	51	(1)
Net income (loss)	46	(14)	574	476
Preferred dividends	—	—	(1)	(1)
Earnings (losses) attributable to common shares	$46	$(14)	$573	$475

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
	Pretaxamount	Income tax benefit (expense)	Net-of-taxamount
(unaudited)
	Three months ended September 30, 2025 and 2024
2025:
Net (loss) income	$(49)	$95	$46
Other comprehensive income (loss):
Financial instruments	1	—	1
Pension and other postretirement benefits	7	(2)	5
Total other comprehensive income	8	(2)	6
Comprehensive (loss) income	$(41)	$93	$52
2024:
Net loss/Comprehensive loss	$(66)	$52	$(14)
	Nine months ended September 30, 2025 and 2024
2025:
Net income	$523	$51	$574
Other comprehensive income (loss):
Financial instruments	1	—	1
Pension and other postretirement benefits	10	(2)	8
Total other comprehensive income	11	(2)	9
Comprehensive income	$534	$49	$583
2024:
Net income	$477	$(1)	$476
Other comprehensive income (loss):
Financial instruments	1	—	1
Pension and other postretirement benefits	1	—	1
Total other comprehensive income	2	—	2
Comprehensive income	$479	$(1)	$478

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED BALANCE SHEETS
(Dollars in millions)
	September 30,	December 31,
	2025	2024(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$—	$12
Accounts receivable – trade, net	560	932
Accounts receivable – other, net	73	71
Due from unconsolidated affiliates	2	16
Inventories	302	287
Regulatory assets	287	42
Greenhouse gas allowances	174	176
Other current assets	115	71
Total current assets	1,513	1,607
Other assets:
Regulatory assets	1,855	1,844
Greenhouse gas allowances	954	526
Right-of-use assets – operating leases	9	18
Other long-term assets	608	609
Total other assets	3,426	2,997
Property, plant and equipment:
Property, plant and equipment	30,525	29,084
Less accumulated depreciation and amortization	(8,811)	(8,330)
Property, plant and equipment, net	21,714	20,754
Total assets	$26,653	$25,358

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	September 30,	December 31,
	2025	2024(1)
(unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$411	$1,037
Accounts payable – trade	488	752
Accounts payable – other	174	158
Due to unconsolidated affiliates	62	38
Accrued compensation and benefits	221	245
Contributions in aid of construction	172	117
Regulatory liabilities	1	64
Current portion of long-term debt and finance leases	530	373
Greenhouse gas obligations	174	176
Asset retirement obligations	82	91
Other current liabilities	436	334
Total current liabilities	2,751	3,385
Long-term debt and finance leases	7,622	7,031
Deferred credits and other liabilities:
Regulatory liabilities	1,136	1,115
Greenhouse gas obligations	828	410
Pension obligation, net of plan assets	17	45
Deferred income taxes	2,193	2,005
Asset retirement obligations	2,986	2,839
Deferred credits and other	377	367
Total deferred credits and other liabilities	7,537	6,781
Commitments and contingencies (Note 13)
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	6,423	5,850
Accumulated other comprehensive income (loss)	(18)	(27)
Total shareholders’ equity	8,743	8,161
Total liabilities and shareholders’ equity	$26,653	$25,358

(1) Derived from audited financial statements.

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Nine months ended September 30,
	2025	2024
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$574	$476
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	750	675
Deferred income taxes and investment tax credits	(82)	4
Bad debt expense	43	70
Other	(10)	(21)
Net change in working capital components	(110)	321
Changes in noncurrent assets and liabilities, net	261	(155)
Net cash provided by operating activities	1,426	1,370
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(1,523)	(1,491)
Net cash used in investing activities	(1,523)	(1,491)
CASH FLOWS FROM FINANCING ACTIVITIES
Preferred dividends paid	(1)	(1)
Issuances of debt (maturities greater than 90 days)	1,090	1,594
Payments on debt (maturities greater than 90 days) and finance leases	(1,069)	(517)
Increase (decrease) in short-term debt, net	74	(946)
Debt issuance costs	(9)	(9)
Net cash provided by financing activities	85	121
Decrease in cash and cash equivalents	(12)	—
Cash and cash equivalents, January 1	12	2
Cash and cash equivalents, September 30	$—	$2
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$222	$189
Income tax payments, net of refunds	58	—
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures for PP&E	$244	$265
Increase in finance lease obligations capitalized to PP&E	33	19
Increase (decrease) in ARO capitalized to PP&E	59	(9)

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 September 30, 2025
Balance at June 30, 2025	$22	$2,316		$6,377	$(24)	$8,691
Net income			46		46
Other comprehensive income				6	6
Dividends declared:
Preferred stock ($0.38/share)			—		—
Balance at September 30, 2025	$22	$2,316		$6,423	$(18)	$8,743
	Three months ended September 30, 2024
Balance at June 30, 2024	$22	$2,316		$5,584	$(21)	$7,901
Net loss			(14)		(14)
Dividends declared:
Preferred stock ($0.38/share)			—		—
Balance at September 30, 2024	$22	$2,316		$5,570	$(21)	$7,887
	Nine months ended September 30, 2025
Balance at December 31, 2024	$22	$2,316		$5,850	$(27)	$8,161
Net income			574		574
Other comprehensive income				9	9
Dividends declared:
Preferred stock ($1.13/share)			(1)		(1)
Balance at September 30, 2025	$22	$2,316		$6,423	$(18)	$8,743
	Nine months ended September 30, 2024
Balance at December 31, 2023	$22	$2,316		$5,095	$(23)	$7,410
Net income			476		476
Other comprehensive income				2	2
Dividends declared:
Preferred stock ($1.13/share)			(1)		(1)
Balance at September 30, 2024	$22	$2,316		$5,570	$(21)	$7,887

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