Earnings call transcript: Sempra beats Q2 2026 EPS forecast, revenue misses
Sempra reported Q2 2026 adjusted EPS of $1.16, above the $1.03 estimate, while revenue was $3.0B versus $3.18B expected. The company reaffirmed 2026 adjusted EPS guidance of $4.80 to $5.30 and 2027 guidance of $5.10 to $5.70. Shares were about $84.39 premarket. Oncor and capital plans were highlighted, with ECA LNG damage noted.
How this was made
The 30-second read
Why it matters
Traders should weigh a clean adjusted EPS beat against a revenue miss and a concrete infrastructure setback at ECA LNG, while monitoring whether reaffirmed EPS ranges hold through the next quarter.
Market read
This is a mixed earnings/guidance update with a specific execution risk (ECA LNG) that can drive near-term valuation swings despite reaffirmed EPS ranges.
What to watch
The article notes capital recycling (SI Partners stake sale, Ecogas) and potential debt deconsolidation, which could improve balance-sheet optics and partially offset project execution concerns.
Background
Sempra is shifting emphasis toward regulated utility operations, especially Texas (Oncor), while maintaining LNG/infrastructure exposure.
Ticker impact
Sempra (SRE) beat Q2 2026 adjusted EPS at $1.16 but missed revenue at $3.0B, while reaffirming 2026-2027 EPS guidance and flagging ECA LNG damage risk.
Choppy-to-slightly negative bias versus peers until investors get clarity on ECA LNG costs/timing and the drivers behind the revenue shortfall.
The article’s incremental decision inputs are the EPS beat vs revenue miss, reaffirmed EPS ranges, and a specific project setback (ECA LNG equipment damage) that can affect timing and costs.
Market effects
Reinforces the market’s focus on regulated utility rate-base growth and execution risk in LNG/infrastructure projects, not just headline earnings.
Highlights Texas (Oncor) as the primary growth engine, which can influence relative positioning among US regulated utilities with Texas exposure.
Limited direct global spillover, but LNG project execution issues can modestly affect investor risk appetite for energy-adjacent infrastructure.
Counterpoint
The EPS beat plus reaffirmed 2026-2027 guidance may matter more than the revenue miss for regulated utilities, so the stock could re-rate if investors treat revenue as less informative than rate-base-driven earnings.
Key entities
- public_companySempra
Reported Q2 2026 adjusted EPS of $1.16 (beat) and revenue of $3.0B (miss), reaffirmed 2026-2027 EPS guidance, and disclosed ECA LNG equipment damage during maintenance.
- business_unitOncor
Texas utility growth engine with a $47.5B five-year base capital plan and additional opportunities through 2030.
- projectECA LNG
Infrastructure project where equipment damage was found during planned maintenance, pushing substantial completion expectations into Q4.
- business_partnerSI Partners
Management expects a pending sale of a 45% stake to close in Q3, with deconsolidation effects on debt.
- business_partnerEcogas
Sale expected to close later in August, cited as part of capital recycling.
