SAN DIEGO GAS & ELECTRIC CO

For the period ended Mar 31, 2026. Filed May 7, 2026.

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, 2026 · Filed May 7, 2026

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,
	2026	2025
(unaudited)
REVENUES
Utilities:
Natural gas	$2,025	$2,362
Electric	1,224	1,059
Energy-related businesses	406	381
Total revenues	3,655	3,802
EXPENSES AND OTHER INCOME
Utilities:
Cost of natural gas	(335)	(493)
Cost of electric fuel and purchased power	(81)	(52)
Energy-related businesses cost of sales	(76)	(119)
Operation and maintenance	(1,242)	(1,343)
Depreciation and amortization	(621)	(640)
Franchise fees and other taxes	(210)	(196)
Other income, net	100	91
Interest income	40	34
Interest expense	(382)	(433)
Income before income taxes and equity earnings	848	651
Income tax expense	(65)	(57)
Equity earnings	367	325
Net income	1,150	919
Earnings attributable to noncontrolling interests	(107)	(2)
Earnings attributable to contingently redeemable noncontrolling interest	(6)	—
Preferred dividends	—	(11)
Earnings attributable to common shares	$1,037	$906
Basic EPS:
Earnings	$1.59	$1.39
Weighted-average common shares outstanding	653,589	651,992
Diluted EPS:
Earnings	$1.58	$1.39
Weighted-average common shares outstanding	655,488	653,018

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in millions)
	Sempra shareholders’ equity
	Pretaxamount	Income tax(expense) benefit	Net-of-taxamount	NCI(after tax)	CRNCI(after tax)	Total
(unaudited)
	Three months ended March 31, 2026 and 2025
2026:
Net income	$1,102	$(65)	$1,037	$107	$6	$1,150
Other comprehensive income (loss):
Foreign currency translation adjustments	(2)	—	(2)	(1)	—	(3)
Financial instruments	3	(1)	2	2	—	4
Pension and other postretirement benefits	6	—	6	—	—	6
Total other comprehensive income	7	(1)	6	1	—	7
Comprehensive income	$1,109	$(66)	$1,043	$108	$6	$1,157
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

SEMPRA
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in millions)
	March 31,	December 31,
	2026	2025(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$794	$29
Restricted cash	2	2
Accounts receivable – trade, net	1,604	1,767
Accounts receivable – other, net	203	157
Due from unconsolidated affiliates	34	—
Income taxes receivable	177	71
Inventories	530	561
Regulatory assets	561	761
Greenhouse gas allowances	199	203
Assets held for sale	31,865	31,024
Other current assets	234	262
Total current assets	36,203	34,837
Other assets:
Regulatory assets	4,077	3,868
Greenhouse gas allowances	1,378	1,221
Nuclear decommissioning trusts	884	899
Dedicated assets in support of certain benefit plans	588	605
Deferred income taxes	10	10
Right-of-use assets – operating leases	1,297	1,262
Investment in Oncor Holdings	18,243	17,472
Other investments	148	147
Wildfire fund	240	246
Other long-term assets	1,261	1,300
Total other assets	28,126	27,030
Property, plant and equipment:
Property, plant and equipment	67,477	66,900
Less accumulated depreciation and amortization	(18,288)	(17,889)
Property, plant and equipment, net	49,189	49,011
Total assets	$113,518	$110,878

SEMPRA
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	March 31,	December 31,
	2026	2025(1)
(unaudited)
LIABILITIES, CONTINGENTLY REDEEMABLE NONCONTROLLING INTEREST, AND EQUITY
Current liabilities:
Short-term debt	$3,708	$4,166
Accounts payable – trade	1,134	1,461
Accounts payable – other	174	203
Due to unconsolidated affiliates	—	8
Dividends and interest payable	920	770
Accrued compensation and benefits	316	521
Regulatory liabilities	3	3
Current portion of long-term debt and finance leases	1,878	1,876
Greenhouse gas obligations	199	203
Liabilities held for sale	12,249	11,704
Other current liabilities	858	979
Total current liabilities	21,439	21,894
Long-term debt and finance leases	30,847	28,979
Deferred credits and other liabilities:
Regulatory liabilities	4,303	4,250
Greenhouse gas obligations	1,064	957
Pension and other postretirement benefit plan obligations, net of plan assets	126	124
Deferred income taxes	6,414	6,127
Asset retirement obligations	3,773	3,743
Deferred credits and other	2,824	2,805
Total deferred credits and other liabilities	18,504	18,006
Commitments and contingencies (Note 13)
Contingently redeemable noncontrolling interest	3,254	3,206
Equity:
Preferred stock (50,000,000 shares authorized; none issued)	—	—
Common stock (1,125,000,000 shares authorized; 653,344,198 and 652,731,668 sharesoutstanding at March 31, 2026 and December 31, 2025, respectively; no par value)	14,731	14,699
Retained earnings	17,699	17,092
Accumulated other comprehensive income (loss)	(191)	(197)
Total Sempra shareholders’ equity	32,239	31,594
Preferred stock of subsidiary	20	20
Other noncontrolling interests	7,215	7,179
Total equity	39,474	38,793
Total liabilities, contingently redeemable noncontrolling interest, and equity	$113,518	$110,878

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Three months ended March 31,
	2026	2025
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$1,150	$919
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	621	640
Deferred income taxes and investment tax credits	124	(48)
Equity earnings	(367)	(325)
Share-based compensation expense	25	(2)
Fixed-price contracts and other derivatives	(9)	134
Bad debt expense	18	6
Other	8	(3)
Net change in working capital components	89	(35)
Distributions from investments	389	291
Changes in other noncurrent assets and liabilities, net	(239)	(95)
Net cash provided by operating activities	1,809	1,482
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(2,461)	(2,336)
Expenditures for investments	(876)	(486)
Purchases of nuclear decommissioning and other trust assets	(368)	(292)
Proceeds from sales of nuclear decommissioning and other trust assets	395	329
Other	(1)	—
Net cash used in investing activities	(3,311)	(2,785)
CASH FLOWS FROM FINANCING ACTIVITIES
Common dividends paid	(409)	(380)
Issuances of common stock, net	9	10
Repurchases of common stock	(20)	(57)
Issuances of debt (maturities greater than 90 days)	3,345	2,941
Payments on debt (maturities greater than 90 days) and finance leases	(673)	(994)
Decrease in short-term debt, net	(458)	(70)
Advances from unconsolidated affiliates	63	44
Contributions from noncontrolling interests	41	34
Distributions to noncontrolling interests	(65)	(38)
Termination of interest rate swaps, net of transaction costs	96	—
Other	(17)	(14)
Net cash provided by financing activities	1,912	1,476
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(3)	—
Increase in cash, cash equivalents and restricted cash	407	173
Cash, cash equivalents and restricted cash, January 1	3,552	1,589
Cash, cash equivalents and restricted cash, March 31	$3,959	$1,762

SEMPRA
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(Dollars in millions)
	Three months ended March 31,
	2026	2025
(unaudited)
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$243	$243
Income tax payments, net of refunds	20	100
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Repayments of advances from unconsolidated affiliate in lieu of distributions	$60	$45
Accrued capital expenditures for PP&E	1,122	1,061
Increase in finance lease obligations capitalized to PP&E	5	16
Unamortized debt issuance costs reclassified from noncurrent assets to long-term debt	14	22
Change in equity related to allocation of interests	42	—
Preferred dividends declared but not paid	—	11
Common dividends declared but not paid	430	420
Common dividends issued in stock	12	13

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)
	Three months ended March 31, 2026
Balance at December 31, 2025	$3,206	$—			$14,699			$17,092		$(197)		$31,594			$7,199	$38,793
Net income	6					1,037				1,037		107			1,144
Other comprehensive income							6		6		1			7
Share-based compensation expense			25						25				25
Dividends declared:
Common stock ($0.66/share)					(430)				(430)				(430)
Issuances of common stock			21						21				21
Repurchases of common stock			(20)						(20)				(20)
CRNCI and NCI activities:
Allocation of interests	42			6						6		(48)			(42)
Contributions from NCI										41		41
Distributions to NCI										(65)		(65)
Balance at March 31, 2026	$3,254	$—			$14,731			$17,699		$(191)		$32,239			$7,235	$39,474
	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)
CRNCI and NCI activities:
Contributions from NCI										34		34
Distributions to NCI										(38)		(38)
Balance at March 31, 2025	$—	$889			$13,484			$17,465		$(195)		$31,643			$6,559	$38,202

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions)
	Three months ended March 31,
	2026	2025
(unaudited)
Operating revenues:
Electric	$1,228	$1,064
Natural gas	319	356
Total operating revenues	1,547	1,420
Operating expenses:
Cost of electric fuel and purchased power	94	73
Cost of natural gas	90	87
Operation and maintenance	423	440
Depreciation and amortization	344	320
Franchise fees and other taxes	123	110
Total operating expenses	1,074	1,030
Operating income	473	390
Other income, net	38	40
Interest income	1	—
Interest expense	(147)	(135)
Income before income taxes	365	295
Income tax expense	(69)	(14)
Net income/Earnings attributable to common shares	$296	$281

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, 2026 and 2025
2026:
Net income/Comprehensive income	$365	$(69)	$296
2025:
Net income/Comprehensive income	$295	$(14)	$281

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED BALANCE SHEETS
(Dollars in millions)
	March 31,	December 31,
	2026	2025(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$747	$7
Accounts receivable – trade, net	897	809
Accounts receivable – other, net	105	92
Due from unconsolidated affiliates	1	1
Income taxes receivable, net	2	30
Inventories	263	267
Prepaid expenses	104	121
Regulatory assets	361	433
Greenhouse gas allowances	24	28
Other current assets	26	18
Total current assets	2,530	1,806
Other assets:
Regulatory assets	1,994	1,953
Greenhouse gas allowances	298	286
Nuclear decommissioning trusts	884	899
Right-of-use assets – operating leases	1,025	1,047
Wildfire fund	240	246
Other long-term assets	135	141
Total other assets	4,576	4,572
Property, plant and equipment:
Property, plant and equipment	35,383	35,033
Less accumulated depreciation and amortization	(8,946)	(8,729)
Property, plant and equipment, net	26,437	26,304
Total assets	$33,543	$32,682

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	March 31,	December 31,
	2026	2025(1)
(unaudited)
LIABILITIES AND SHAREHOLDER’S EQUITY
Current liabilities:
Short-term debt	$—	$531
Accounts payable – trade	622	712
Accounts payable – other	35	42
Due to unconsolidated affiliates	70	59
Interest payable	137	94
Accrued compensation and benefits	85	174
Regulatory liabilities	3	3
Current portion of long-term debt and finance leases	799	798
Greenhouse gas obligations	24	28
Asset retirement obligations	109	107
Other current liabilities	340	273
Total current liabilities	2,224	2,821
Long-term debt and finance leases	11,159	10,081
Deferred credits and other liabilities:
Regulatory liabilities	3,003	2,960
Greenhouse gas obligations	140	137
Pension obligation, net of plan assets	30	19
Deferred income taxes	3,343	3,286
Asset retirement obligations	747	746
Deferred credits and other	1,668	1,699
Total deferred credits and other liabilities	8,931	8,847
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	9,575	9,279
Accumulated other comprehensive income (loss)	(6)	(6)
Total shareholder’s equity	11,229	10,933
Total liabilities and shareholder’s equity	$33,543	$32,682

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Three months ended March 31,
	2026	2025
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$296	$281
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	344	320
Deferred income taxes and investment tax credits	22	(3)
Bad debt expense	19	16
Other	(1)	(5)
Net change in working capital components	10	30
Changes in noncurrent assets and liabilities, net	(16)	(61)
Net cash provided by operating activities	674	578
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(486)	(539)
Purchases of nuclear decommissioning trust assets	(283)	(258)
Proceeds from sales of nuclear decommissioning trust assets	291	274
Net cash used in investing activities	(478)	(523)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuances of debt (maturities greater than 90 days)	1,096	848
Payments on finance leases	(12)	(10)
Decrease in short-term debt, net	(531)	(280)
Debt issuance costs	(9)	(6)
Net cash provided by financing activities	544	552
Increase in cash and cash equivalents	740	607
Cash and cash equivalents, January 1	7	—
Cash and cash equivalents, March 31	$747	$607
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$101	$102
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures for PP&E	$185	$199
Increase in finance lease obligations capitalized to PP&E	4	2

SAN DIEGO GAS & ELECTRIC COMPANY
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDER’S EQUITY
(Dollars in millions)
Commonstock · Retainedearnings · AOCI · Totalshareholder’sequity
(unaudited)
	Three months ended March 31, 2026
Balance at December 31, 2025	$1,660		$9,279		$(6)	$10,933
Net income		296		296
Balance at March 31, 2026	$1,660		$9,575		$(6)	$11,229
	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

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF OPERATIONS
(Dollars in millions)
	Three months ended March 31,
	2026	2025
(unaudited)
Operating revenues	$1,728	$2,020
Operating expenses:
Cost of natural gas	256	415
Operation and maintenance	621	757
Depreciation and amortization	273	242
Franchise fees and other taxes	81	79
Total operating expenses	1,231	1,493
Operating income	497	527
Other income, net	43	42
Interest income	1	2
Interest expense	(97)	(90)
Income before income taxes	444	481
Income tax expense	(20)	(38)
Net income/Earnings attributable to common shares	$424	$443

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, 2026 and 2025
2026:
Net income/Comprehensive income	$444	$(20)	$424
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

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED BALANCE SHEETS
(Dollars in millions)
	March 31,	December 31,
	2026	2025(1)
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$1	$14
Accounts receivable – trade, net	706	958
Accounts receivable – other, net	88	61
Due from unconsolidated affiliates	10	8
Inventories	267	294
Regulatory assets	200	328
Greenhouse gas allowances	175	175
Other current assets	74	91
Total current assets	1,521	1,929
Other assets:
Regulatory assets	2,048	1,888
Greenhouse gas allowances	1,080	935
Right-of-use assets – operating leases	126	68
Other long-term assets	705	738
Total other assets	3,959	3,629
Property, plant and equipment:
Property, plant and equipment	31,249	31,078
Less accumulated depreciation and amortization	(9,127)	(8,948)
Property, plant and equipment, net	22,122	22,130
Total assets	$27,602	$27,688

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED BALANCE SHEETS (CONTINUED)
(Dollars in millions)
	March 31,	December 31,
	2026	2025(1)
(unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$499	$903
Accounts payable – trade	473	727
Accounts payable – other	139	161
Due to unconsolidated affiliates	44	35
Accrued compensation and benefits	155	219
Current portion of long-term debt and finance leases	529	529
Greenhouse gas obligations	175	175
Asset retirement obligations	96	98
Other current liabilities	434	536
Total current liabilities	2,544	3,383
Long-term debt and finance leases	7,615	7,619
Deferred credits and other liabilities:
Regulatory liabilities	1,300	1,290
Greenhouse gas obligations	924	820
Pension obligation, net of plan assets	18	18
Deferred income taxes	2,397	2,271
Asset retirement obligations	3,023	2,994
Deferred credits and other	521	457
Total deferred credits and other liabilities	8,183	7,850
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	6,939	6,515
Accumulated other comprehensive income (loss)	(17)	(17)
Total shareholders’ equity	9,260	8,836
Total liabilities and shareholders’ equity	$27,602	$27,688

(1) Derived from audited financial statements.

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in millions)
	Three months ended March 31,
	2026	2025
(unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$424	$443
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	273	242
Deferred income taxes and investment tax credits	(20)	(33)
Bad debt expense	7	8
Other	(6)	(5)
Net change in working capital components	210	76
Changes in noncurrent assets and liabilities, net	(9)	48
Net cash provided by operating activities	879	779
CASH FLOWS FROM INVESTING ACTIVITIES
Expenditures for property, plant and equipment	(481)	(555)
Net cash used in investing activities	(481)	(555)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on finance leases	(7)	(6)
Decrease in short-term debt, net	(404)	(190)
Net cash used in financing activities	(411)	(196)
(Decrease) increase in cash and cash equivalents	(13)	28
Cash and cash equivalents, January 1	14	12
Cash and cash equivalents, March 31	$1	$40
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Interest payments, net of amounts capitalized	$56	$64
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Accrued capital expenditures for PP&E	$189	$199
Increase in finance lease obligations capitalized to PP&E	1	14

SOUTHERN CALIFORNIA GAS COMPANY
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Dollars in millions)
Preferredstock · Commonstock · Retainedearnings · AOCI · Totalshareholders’equity
(unaudited)
	Three months ended March 31, 2026
Balance at December 31, 2025	$22	$2,316		$6,515	$(17)	$8,836
Net income			424		424
Dividends declared:
Preferred stock ($0.38/share)			—		—
Balance at March 31, 2026	$22	$2,316		$6,939	$(17)	$9,260
	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

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