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REVENUES | 9 Months Ended
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Sep. 30, 2025
Revenue from Contract with Customer [Abstract] |
REVENUES | REVENUES We discuss revenue recognition for revenues from contracts with customers and from sources other than contracts with customers in Note 3 of the Notes to Consolidated Financial Statements in the Annual Report. The following tables disaggregate our revenues from contracts with customers by major service line and market. We also provide a reconciliation to total revenues by segment for Sempra. The majority of our revenue is recognized over time.
DISAGGREGATED REVENUES
(Dollars in millions)
| Sempra
| Sempra California |  | Sempra Infrastructure |  | Consolidating adjustments and Parent and other |  | Sempra
| Three months ended September 30, 2025
By major service line: |  |  |  |  |  |  |
Utilities | $ | 2,518 |  |  | $ | 15 |  |  | $ | (5) |  |  | $ | 2,528 |
Energy-related businesses | — |  |  | 241 |  |  | (13) |  |  | 228 |
Revenues from contracts with customers | $ | 2,518 |  |  | $ | 256 |  |  | $ | (18) |  |  | $ | 2,756 |
By market: |  |  |  |  |  |  |
Gas | $ | 1,390 |  |  | $ | 156 |  |  | $ | (3) |  |  | $ | 1,543 |
Electric | 1,128 |  |  | 100 |  |  | (15) |  |  | 1,213 |
Revenues from contracts with customers | $ | 2,518 |  |  | $ | 256 |  |  | $ | (18) |  |  | $ | 2,756 |
Revenues from contracts with customers | $ | 2,518 |  |  | $ | 256 |  |  | $ | (18) |  |  | $ | 2,756 |
Utilities regulatory revenues | 95 |  |  | — |  |  | — |  |  | 95 |
Other revenues | — |  |  | 299 |  |  | 1 |  |  | 300 |
Total revenues | $ | 2,613 |  |  | $ | 555 |  |  | $ | (17) |  |  | $ | 3,151 |
| Three months ended September 30, 2024
By major service line: |  |  |  |  |  |  |
Utilities | $ | 2,394 |  |  | $ | 15 |  |  | $ | (7) |  |  | $ | 2,402 |
Energy-related businesses | — |  |  | 179 |  |  | (12) |  |  | 167 |
Revenues from contracts with customers | $ | 2,394 |  |  | $ | 194 |  |  | $ | (19) |  |  | $ | 2,569 |
By market: |  |  |  |  |  |  |
Gas | $ | 1,237 |  |  | $ | 83 |  |  | $ | (6) |  |  | $ | 1,314 |
Electric | 1,157 |  |  | 111 |  |  | (13) |  |  | 1,255 |
Revenues from contracts with customers | $ | 2,394 |  |  | $ | 194 |  |  | $ | (19) |  |  | $ | 2,569 |
Revenues from contracts with customers | $ | 2,394 |  |  | $ | 194 |  |  | $ | (19) |  |  | $ | 2,569 |
Utilities regulatory revenues | (138) |  |  | — |  |  | — |  |  | (138) |
Other revenues | — |  |  | 344 |  |  | 1 |  |  | 345 |
Total revenues | $ | 2,256 |  |  | $ | 538 |  |  | $ | (18) |  |  | $ | 2,776 |
DISAGGREGATED REVENUES (CONTINUED)
(Dollars in millions)
| Sempra
| Sempra California |  | Sempra Infrastructure |  | Consolidating adjustments and Parent and other |  | Sempra
| Nine months ended September 30, 2025
By major service line: |  |  |  |  |  |  |
Utilities | $ | 8,430 |  |  | $ | 59 |  |  | $ | (18) |  |  | $ | 8,471 |
Energy-related businesses | — |  |  | 716 |  |  | (50) |  |  | 666 |
Revenues from contracts with customers | $ | 8,430 |  |  | $ | 775 |  |  | $ | (68) |  |  | $ | 9,137 |
By market: |  |  |  |  |  |  |
Gas | $ | 5,378 |  |  | $ | 471 |  |  | $ | (16) |  |  | $ | 5,833 |
Electric | 3,052 |  |  | 304 |  |  | (52) |  |  | 3,304 |
Revenues from contracts with customers | $ | 8,430 |  |  | $ | 775 |  |  | $ | (68) |  |  | $ | 9,137 |
Revenues from contracts with customers | $ | 8,430 |  |  | $ | 775 |  |  | $ | (68) |  |  | $ | 9,137 |
Utilities regulatory revenues | 74 |  |  | — |  |  | — |  |  | 74 |
Other revenues | — |  |  | 736 |  |  | 6 |  |  | 742 |
Total revenues | $ | 8,504 |  |  | $ | 1,511 |  |  | $ | (62) |  |  | $ | 9,953 |
| Nine months ended September 30, 2024
By major service line: |  |  |  |  |  |  |
Utilities | $ | 8,129 |  |  | $ | 63 |  |  | $ | (18) |  |  | $ | 8,174 |
Energy-related businesses | — |  |  | 625 |  |  | (49) |  |  | 576 |
Revenues from contracts with customers | $ | 8,129 |  |  | $ | 688 |  |  | $ | (67) |  |  | $ | 8,750 |
By market: |  |  |  |  |  |  |
Gas | $ | 4,961 |  |  | $ | 356 |  |  | $ | (15) |  |  | $ | 5,302 |
Electric | 3,168 |  |  | 332 |  |  | (52) |  |  | 3,448 |
Revenues from contracts with customers | $ | 8,129 |  |  | $ | 688 |  |  | $ | (67) |  |  | $ | 8,750 |
Revenues from contracts with customers | $ | 8,129 |  |  | $ | 688 |  |  | $ | (67) |  |  | $ | 8,750 |
Utilities regulatory revenues | (107) |  |  | — |  |  | — |  |  | (107) |
Other revenues | — |  |  | 778 |  |  | 6 |  |  | 784 |
Total revenues | $ | 8,022 |  |  | $ | 1,466 |  |  | $ | (61) |  |  | $ | 9,427 |
DISAGGREGATED REVENUES
(Dollars in millions) |  |  |  |
| SDG&E |  | SoCalGas
| Three months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
By major service line: |  |  |  |  |  |  |
Revenues from contracts with customers – Utilities | $ | 1,349 |  |  | $ | 1,327 |  |  | $ | 1,217 |  |  | $ | 1,110 |
By market: |  |  |  |  |  |  |
Gas | $ | 218 |  |  | $ | 167 |  |  | $ | 1,217 |  |  | $ | 1,110 |
Electric | 1,131 |  |  | 1,160 |  |  | — |  |  | — |
Revenues from contracts with customers | $ | 1,349 |  |  | $ | 1,327 |  |  | $ | 1,217 |  |  | $ | 1,110 |
Revenues from contracts with customers | $ | 1,349 |  |  | $ | 1,327 |  |  | $ | 1,217 |  |  | $ | 1,110 |
Utilities regulatory revenues | 131 |  |  | (84) |  |  | (36) |  |  | (56) |
Total revenues | $ | 1,480 |  |  | $ | 1,243 |  |  | $ | 1,181 |  |  | $ | 1,054 |
| Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
By major service line: |  |  |  |  |  |  |
Revenues from contracts with customers – Utilities | $ | 3,851 |  |  | $ | 3,836 |  |  | $ | 4,706 |  |  | $ | 4,416 |
By market: |  |  |  |  |  |  |
Gas | $ | 789 |  |  | $ | 658 |  |  | $ | 4,706 |  |  | $ | 4,416 |
Electric | 3,062 |  |  | 3,178 |  |  | — |  |  | — |
Revenues from contracts with customers | $ | 3,851 |  |  | $ | 3,836 |  |  | $ | 4,706 |  |  | $ | 4,416 |
Revenues from contracts with customers | $ | 3,851 |  |  | $ | 3,836 |  |  | $ | 4,706 |  |  | $ | 4,416 |
Utilities regulatory revenues | 311 |  |  | 141 |  |  | (237) |  |  | (248) |
Total revenues | $ | 4,162 |  |  | $ | 3,977 |  |  | $ | 4,469 |  |  | $ | 4,168 |
REVENUES FROM CONTRACTS WITH CUSTOMERS Remaining Performance Obligations For contracts greater than one year, at September 30, 2025, we expect to recognize revenue related to the fixed fee component of the consideration as shown below. Sempra’s remaining performance obligations primarily relate to capacity agreements for natural gas storage and transportation at Sempra Infrastructure and transmission line projects at SDG&E. SoCalGas did not have any remaining performance obligations for contracts greater than one year at September 30, 2025.
REMAINING PERFORMANCE OBLIGATIONS
(Dollars in millions)
| Sempra(1) |  | SDG&E
2025 (excluding first nine months of 2025) | $ | 104 |  |  | $ | 1 |
2026 | 292 |  |  | 4 |
2027 | 291 |  |  | 4 |
2028 | 245 |  |  | 4 |
2029 | 217 |  |  | 4 |
Thereafter | 2,143 |  |  | 52 |
Total revenues to be recognized | $ | 3,292 |  |  | $ | 69 |
(1) Excludes intercompany transactions. Includes obligations within the disposal group that is held for sale. Contract Liabilities from Revenues from Contracts with Customers Activities within Sempra’s and SDG&E’s contract liabilities are presented below. There were no contract liabilities at SoCalGas in the nine months ended September 30, 2025 or 2024.
CONTRACT LIABILITIES
(Dollars in millions)
| 2025 |  | 2024
Sempra: |  |  |
Contract liabilities at January 1 | $ | (196) |  |  | $ | (198) |
Revenue from performance obligations satisfied during reporting period(1) | 83 |  |  | 5 |
Payments received in advance(1) | (1) |  |  | (3) |
Reclassification to liabilities held for sale | 45 |  |  | — |
Contract liabilities at September 30(2) | $ | (69) |  |  | $ | (196) |
SDG&E: |  |  |
Contract liabilities at January 1 | $ | (72) |  |  | $ | (75) |
Revenue from performance obligations satisfied during reporting period | 3 |  |  | 3 |
Contract liabilities at September 30(2) | $ | (69) |  |  | $ | (72) |
(1) Includes activities within the disposal group that is held for sale. (2) Balance at September 30, 2025 includes $4 in Other Current Liabilities and $65 in Deferred Credits and Other. Receivables from Revenues from Contracts with Customers The table below shows receivable balances, net of allowances for credit losses, associated with revenues from contracts with customers on the Condensed Consolidated Balance Sheets.
RECEIVABLES FROM REVENUES FROM CONTRACTS WITH CUSTOMERS |
(Dollars in millions) |
| September 30, 2025 |  | December 31, 2024 |
Sempra: |  |  |  |
Accounts receivable – trade, net(1) | $ | 1,409 |  |  | $ | 1,787 |  |
Accounts receivable – other, net | 12 |  |  | 12 |  |
Due from unconsolidated affiliates – current(2) | — |  |  | 4 |  |
Assets held for sale | 125 |  |  | — |  |
Other long-term assets(3) | 19 |  |  | 18 |  |
Total | $ | 1,565 |  |  | $ | 1,821 |  |
SDG&E: |  |  |  |
Accounts receivable – trade, net(1) | $ | 849 |  |  | $ | 774 |  |
Accounts receivable – other, net | 10 |  |  | 11 |  |
Due from unconsolidated affiliates – current(2) | 12 |  |  | 6 |  |
Other long-term assets(3) | 3 |  |  | 4 |  |
Total | $ | 874 |  |  | $ | 795 |  |
SoCalGas: |  |  |  |
Accounts receivable – trade, net | $ | 560 |  |  | $ | 932 |  |
Accounts receivable – other, net | 2 |  |  | 1 |  |
Other long-term assets(3) | 16 |  |  | 14 |  |
Total | $ | 578 |  |  | $ | 947 |  |
(1) At September 30, 2025 and December 31, 2024, includes $218 and $144, respectively, of receivables due from customers that were billed on behalf of CCAs, which are not included in revenues. (2) Amount is presented net of amounts due to unconsolidated affiliates on the Condensed Consolidated Balance Sheets, when right of offset exists. (3) In January 2024, the CPUC directed SDG&E and SoCalGas to offer long-term repayment plans to eligible residential customers with past-due balances.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-7 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-9 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-10 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-15 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-12 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479806/606-10-50-13 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org/606/tableOfContent + Details
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