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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Steve Fleishman | Wolfe Research | 15 (13%) |
| David Arcaro | Morgan Stanley | 12 (0%) |
| Carly Davenport | Goldman Sachs | 12 (0%) |
| Nick Campanella | Barclays | 11 (9%) |
| Julien Dumoulin-Smith | Jefferies | 9 (22%) |
| Shar Pourreza | Wells Fargo | 9 (0%) |
| Ross Fowler | Bank of America | 7 (0%) |
| Anthony Crowdell | Mizuho Securities | 6 (17%) |
| Aidan Kelly | JPMorgan | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wolfe Research | 1 | 15 (13%) |
| Morgan Stanley | 1 | 12 (0%) |
| Goldman Sachs | 1 | 12 (0%) |
| Barclays | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $3.75B | +11.8% | $1.04 | -10.8% | 28.4% | 18.0% | $-1.08B |
| FY2025 Q1 | $3.80B | +6.7% | $1.39 | +10.0% | 25.5% | 24.1% | $-854M |
| FY2025 Q2 | $3.00B | +1.1% | $0.71 | -36.6% | 19.5% |
| 11 (9%) |
| Jefferies | 1 | 9 (22%) |
| Wells Fargo | 1 | 9 (0%) |
| Bank of America | 1 | 7 (0%) |
| Mizuho Securities | 1 | 6 (17%) |
Q1 adjusted EPS of $1.51 grew 5% year-over-year on $3 billion of investment capital deployed, though revenue declined 3.8% as the quarter's mix shifted. Sempra affirmed all guidance including 2026 EPS of $4.80-$5.30 and 2027 EPS of $5.10-$5.70. The Oncor rate case and UTM approval strengthened Texas returns while the data center load queue surged to 127 gigawatts, ECA LNG Phase 1 neared first production, and California wildfire legislation gained momentum.
Regulation Policy | Capex Investment | Capital Allocation | Guidance Reliability | Demand | Revenue Growth | M&A | Cloud & AI | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 8 | 1 | 2 | 9 | 1 | 3 | ||
| 2025Q1 | 2 | 2 | 5 | 1 | 2 | 1 | 3 | 1 |
| 2025Q2 | 2 | 5 | 3 | 2 | 3 | 1 | ||
| 2025Q3 | 3 | 2 | 3 | 2 | 2 | 2 | 1 | 1 |
| 2025Q4 | 3 | 3 | 3 | 5 | 2 | 2 | 1 | 2 |
| 2026Q1 | 4 | 6 | 3 | 3 | 1 | 1 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Regulation Policy | 8 | 2 | 2 | 3 | 3 | 4 |
| Capex Investment | 1 | 2 | 5 | 2 | 3 | 6 |
| Capital Allocation | 2 | 5 | 3 | 3 | 3 | 3 |
| Guidance Reliability | 9 | 1 | 2 | 5 | ||
| Demand | 1 | 2 | 2 | 2 | 2 | 3 |
| Revenue Growth | 3 | 1 | 2 | 2 | 1 | |
| M&A | 3 | 3 | 1 | 1 | 1 | |
| Cloud & AI | 1 | 1 | 1 | 2 | 2 |
| 15.8% |
| $-1.52B |
| FY2025 Q3 | $3.18B | +18.9% | $0.12 | -88.0% | 19.7% | 3.0% | $-1.45B |
| FY2025 Q4 | $3.77B | +0.3% | $0.54 | -47.9% | 29.3% | 9.3% | $-2.22B |
| FY2026 Q1 | $3.65B | -3.8% | $1.58 | +13.9% | 29.8% | 28.4% | $-652M |
| FY2026 Q2 | $3.00B | -0.1% | $1.22 | +71.8% | 27.8% | 26.6% | $-1.57B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What SRE and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“Moody’s also wants to see some further progress on our construction projects, so they are tracking pipe installation and those things.”
Moody's is conditioning improved credit thresholds for Sempra on further LNG construction progress, tracking pipe installation milestones — a rating-agency expectation.
“Our relationship with KKR remains strong, and we are working closely with them to close the transaction in Q2 or Q3.”
KKR is the counterparty acquiring a stake in Sempra Infrastructure Partners, with the transaction on track to close in Q2/Q3 2026 — a read-through on KKR's infrastructure investment.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
SRE Sempra | 5 | -3.8% | |
| AES AES Corporation | 8 | +8.7% |