v3.25.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
SEMPRA
Sempra is a California-based holding company whose businesses invest in, develop and operate energy infrastructure in North America and provide electric and gas services to customers. Sempra has the following three operating and reportable segments, which are managed separately based on services provided, geographic location and regulatory framework:
▪Sempra California provides natural gas and electric service to Southern California and part of central California through Sempra’s wholly owned subsidiaries, SDG&E and SoCalGas, which are regulated public utilities.
▪Sempra Texas Utilities holds our equity method investment in Oncor Holdings, which owns an 80.25% interest in Oncor, a regulated electric transmission and distribution utility serving customers in the north-central, eastern, western and panhandle regions of Texas; and our equity method investment in Sharyland Holdings, L.P., which owns Sharyland Utilities, a regulated electric transmission utility serving customers near the Texas-Mexico border.
▪Sempra Infrastructure includes the operating companies of SI Partners, in which Sempra Infrastructure owns a 70% interest, as well as a holding company and certain services companies. Sempra Infrastructure develops, builds, operates and invests in energy infrastructure to help provide safe, sustainable and reliable access to cleaner energy in markets in the U.S., Mexico and globally.
Sempra’s CODM is its chief executive officer, who uses segment earnings attributable to common shares predominantly in the annual financial planning process to assess financial performance. Sempra’s CODM prioritizes resource allocation to each segment in a manner that aligns with Sempra’s capital expenditures plan.
Amounts labeled as “Parent and other,” which does not meet the definition of an operating or reportable segment, consist primarily of activities of parent organizations.
The following tables present selected information by segment and reconciliations of assets, capital expenditures for PP&E, and earnings attributable to common shares to Sempra’s consolidated totals.
SEGMENT INFORMATION
(Dollars in millions)
June 30,
2025		December 31,
2024
ASSETS
Sempra California$57,910 $56,116 
Sempra Texas Utilities16,540 15,534 
Sempra Infrastructure25,282 22,954 
Segment totals99,732 94,604 
Parent and other
1,234 2,622 
Intersegment eliminations(1)
(1,059)(1,071)
Total Sempra$99,907 $96,155 
EQUITY METHOD INVESTMENTS
Sempra Texas Utilities$16,527 $15,522 
Sempra Infrastructure2,460 2,411 
Segment totals/Total Sempra$18,987 $17,933 
Three months ended June 30,Six months ended June 30,
2025202420252024
EQUITY EARNINGS
Equity earnings, before income tax:
Sempra Texas Utilities$1 $2 $3 $4 
Sempra Infrastructure168 158 307 290 
Segment totals169 160 310 294 
Equity earnings, net of income tax:
Sempra Texas Utilities209 202 355 385 
Sempra Infrastructure15 71 53 102 
Segment totals224 273 408 487 
Total Sempra$393 $433 $718 $781 
CAPITAL EXPENDITURES FOR PROPERTY, PLANT AND EQUIPMENT
Sempra California$2,315 $2,212 
Sempra Infrastructure2,322 1,617 
Segment totals4,637 3,829 
Parent and other3 1 
Total Sempra$4,640 $3,830 
(1)     Primarily includes an intersegment loan related to deferred income taxes from Sempra Infrastructure to Parent and other.
SEGMENT INFORMATION (CONTINUED)
(Dollars in millions)
Sempra California
Sempra Texas Utilities(1)
Sempra InfrastructureSempra
Three months ended June 30, 2025
Revenues
$2,490 $530 
Depreciation and amortization(574)(78)
Interest income
3 5 
Interest expense(2)
(228)6 
Income tax expense(13)(231)
Equity earnings— $210 183 
Earnings attributable to noncontrolling interests— — (46)
Other segment items(3)
(1,419)(2)(297)
Segment earnings attributable to common shares$259 $208 $72 $539 
Parent and other(78)
Earnings attributable to common shares$461 
Three months ended June 30, 2024
Revenues
$2,625 $409 
Depreciation and amortization(528)(73)
Interest income
5 7 
Interest expense
(209)— 
Income tax (expense) benefit(44)133 
Equity earnings— $204 229 
Earnings attributable to noncontrolling interests— — (146)
Other segment items(3)
(1,533)(2)(268)
Segment earnings attributable to common shares$316 $202 $291 $809 
Parent and other(96)
Earnings attributable to common shares$713 
(1)    Substantially all earnings attributable to common shares are from equity earnings.
(2)    Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project.
(3)    Includes cost of natural gas, cost of electric fuel and purchased power, O&M, franchise fees and other taxes, other income (expense), net, and preferred dividends for Sempra California; O&M and interest expense for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas, energy-related businesses cost of sales, O&M, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure.
SEGMENT INFORMATION (CONTINUED)
(Dollars in millions)
Sempra California
Sempra Texas Utilities(1)
Sempra InfrastructureSempra
Six months ended June 30, 2025
Revenues
$5,891 $956 
Depreciation and amortization(1,136)(154)
Interest income
5 24 
Interest expense(2)
(453)(71)
Income tax expense(65)(253)
Equity earnings— $358 360 
Earnings attributable to noncontrolling interests— — (48)
Other segment items(3)
(3,259)(4)(596)
Segment earnings attributable to common shares$983 $354 $218 $1,555 
Parent and other(188)
Earnings attributable to common shares$1,367 
Six months ended June 30, 2024
Revenues
$5,766 $928 
Depreciation and amortization(1,049)(145)
Interest income
8 12 
Interest expense
(414)— 
Income tax (expense) benefit(127)24 
Equity earnings— $389 392 
Earnings attributable to noncontrolling interests— — (215)
Other segment items(3)
(3,286)(4)(574)
Segment earnings attributable to common shares$898 $385 $422 $1,705 
Parent and other(191)
Earnings attributable to common shares$1,514 
(1)    Substantially all earnings attributable to common shares are from equity earnings.
(2)    Sempra Infrastructure includes net unrealized gains (losses) from undesignated interest rate swaps related to the PA LNG Phase 1 project.
(3)    Includes cost of natural gas, cost of electric fuel and purchased power, O&M, franchise fees and other taxes, other income (expense), net, and preferred dividends for Sempra California; O&M and interest expense for Sempra Texas Utilities related to activities at the holding company; and cost of natural gas, energy-related businesses cost of sales, O&M, franchise fees and other taxes, and other income (expense), net, for Sempra Infrastructure.
The following table presents revenues by services by segment, reconciled to Sempra’s consolidated revenues.
REVENUES BY SERVICES
(Dollars in millions)
Sempra CaliforniaSempra InfrastructureSempraSempra CaliforniaSempra Infrastructure Sempra
Three months ended June 30, 2025Three months ended June 30, 2024
Revenues from external customers:
Utilities$2,442 $18 $2,251 $18 
Energy-related businesses— 240 — 214 
Total revenues from external customers(1)
2,442 258 $2,700 2,251 232 $2,483 
Other revenues(2):
Utilities41 — 369 — 
Energy-related businesses— 259 — 158 
Total other revenues41 259 300 369 158 527 
Intersegment revenues(3):
Utilities7 — 5 — 
Energy-related businesses— 13 — 19 
Total intersegment revenues7 13 20 5 19 24 
Segment revenues$2,490 $530 3,020 $2,625 $409 3,034 
Adjustments— 1
Intersegment eliminations(20)(24)
Revenues$3,000 $3,011 
Six months ended June 30, 2025Six months ended June 30, 2024
Revenues from external customers:
Utilities$5,899 $44 $5,725 $48 
Energy-related businesses— 438 — 408 
Total revenues from external customers(1)
5,899 482 $6,381 5,725 456 $6,181 
Other revenues(2):
Utilities(21)— 31 — 
Energy-related businesses— 442 — 439 
Total other revenues(21)442 421 31 439 470 
Intersegment revenues(3):
Utilities13 — 10 — 
Energy-related businesses— 32 — 33 
Total intersegment revenues13 32 45 10 33 43 
Segment revenues$5,891 $956 6,847 $5,766 $928 6,694 
Intersegment eliminations(45)(43)
Revenues$6,802 $6,651 
(1)    We did not have revenues from transactions with a single external customer that amounted to 10% or more of Sempra’s total revenues.
(2)    See “Revenues from Sources Other Than Contracts with Customers” in Note 3 of the Notes to Consolidated Financial Statements in the Annual Report for a description of this revenue source, which may be additive or subtractive from period to period.
(3)    See “Transactions with Affiliates” in Note 1 of the Notes to Consolidated Financial Statements in the Annual Report for a description of services provided by one operating segment to another operating segment within Sempra.
SDG&E
SDG&E is a regulated public utility that provides electric service to San Diego and southern Orange counties and natural gas service to San Diego County. SDG&E has one operating and reportable segment.
In connection with certain organizational changes, effective July 5, 2025, SDG&E’s president assumed the responsibilities of the CODM. The CODM utilizes earnings attributable to common shares to manage the business, assess performance and allocate resources. SDG&E’s CODM was previously its chief executive officer.
Total assets at SDG&E were $31.9 billion and $30.8 billion at June 30, 2025 and December 31, 2024, respectively. The following table presents selected information for SDG&E’s single segment and reconciliation of earnings attributable to common shares.
SEGMENT INFORMATION
(Dollars in millions)
Three months ended June 30,Six months ended June 30,
2025202420252024
SDG&E:
Revenues from external customers:
Electric$856 $886 $1,931 $2,018 
Natural gas212 161 571 491 
Total revenues from external customers(1)
1,068 1,047 2,502 2,509 
Regulatory revenues(2):
Electric179 263 168 191 
Natural gas15 45 12 34 
Total regulatory revenues194 308 180 225 
Total revenues1,262 1,355 2,682 2,734 
Depreciation and amortization(323)(304)(643)(602)
Interest income2 3 2 4 
Interest expense(139)(131)(274)(259)
Income tax expense(7)(34)(21)(74)
Other segment items(3)
(620)(703)(1,290)(1,394)
Earnings attributable to common shares$175 $186 $456 $409 
Capital expenditures for property, plant and equipment$1,270 $1,234 
(1)    SDG&E did not have revenues from transactions with a single external customer that amounted to 10% or more of its total revenues.
(2)    See “Revenues from Sources Other Than Contracts with Customers” in Note 3 of the Notes to Consolidated Financial Statements in the Annual Report for a description of this revenue source, which may be additive or subtractive from period to period.
(3)    Includes cost of electric fuel and purchased power, cost of natural gas, O&M, franchise fees and other taxes, and other income (expense), net.
SOCALGAS
SoCalGas is a regulated public natural gas distribution utility, serving customers throughout most of Southern California and part of central California. SoCalGas has one operating and reportable segment.
SoCalGas’ CODM is its chief executive officer, who utilizes earnings attributable to common shares to manage the business, assess performance and allocate resources.
Total assets at SoCalGas were $26.1 billion and $25.4 billion at June 30, 2025 and December 31, 2024, respectively. The following table presents selected information for SoCalGas’ single segment and reconciliation of earnings attributable to common shares.
SEGMENT INFORMATION
(Dollars in millions)
Three months ended June 30,Six months ended June 30,
2025202420252024
SoCalGas:
Natural gas:
Revenues from external customers(1)
$1,421 $1,246 $3,489 $3,306 
Regulatory revenues(2)
(153)63 (201)(192)
Total revenues1,268 1,309 3,288 3,114 
Depreciation and amortization(251)(224)(493)(447)
Interest income1 2 3 4 
Interest expense(89)(78)(179)(155)
Income tax expense(6)(10)(44)(53)
Other segment items(3)
(839)(869)(2,048)(1,974)
Earnings attributable to common shares$84 $130 $527 $489 
Capital expenditures for property, plant and equipment$1,045 $978 
(1)    SoCalGas did not have revenues from transactions with a single external customer that amounted to 10% or more of its total revenues.
(2)    See “Revenues from Sources Other Than Contracts with Customers” in Note 3 of the Notes to Consolidated Financial Statements in the Annual Report for a description of this revenue source, which may be additive or subtractive from period to period.
(3)    Includes cost of natural gas, O&M, franchise fees and other taxes, other income (expense), net