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SEMPRA - EQUITY AND EARNINGS PER COMMON SHARE | 6 Months Ended
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Jun. 30, 2026
Earnings Per Share [Abstract] |
SEMPRA – EQUITY AND EARNINGS PER COMMON SHARE | SEMPRA – EQUITY AND EARNINGS PER COMMON SHARE PREFERRED STOCK SoCalGas Preferred Stock SoCalGas is authorized to issue up to an aggregate of 11,000,000 shares of preferred stock, series preferred stock and preference stock. The table below presents preferred stock outstanding at SoCalGas:
PREFERRED STOCK OUTSTANDING
(Dollars in millions, except per share amounts)
| June 30, 2026 |  | December 31, 2025
$25 par value, authorized 1,000,000 shares: |  |  |
6% Series, 79,011 shares outstanding | $ | 3 |  |  | $ | 3 |
6% Series A, 783,032 shares outstanding | 19 |  |  | 19 |
SoCalGas - Total preferred stock | $ | 22 |  |  | $ | 22 |
Less: 50,970 shares of the 6% Series outstanding owned by Pacific Enterprises | (2) |  |  | (2) |
Sempra - Total preferred stock of subsidiary | $ | 20 |  |  | $ | 20 |
On August 6, 2026, SoCalGas will hold a special shareholders meeting at which shareholders will vote on a proposal to approve the retirement of SoCalGas’ outstanding preferred stock. Because the proposed retirement remains subject to shareholder approval, no retirement has been recognized in the accompanying financial statements. If approved and effective, holders of SoCalGas preferred stock would receive a cash payment of $31.00 per share plus accrued and unpaid dividends thereon to, but excluding, the effective date of the retirement, or approximately $27 million in total. COMMON STOCK OFFERINGS ATM Program In November 2024, we established an ATM program providing for the offer and sale of shares of Sempra common stock having an aggregate gross sales price of up to $3.0 billion through agents acting as our sales agents or as forward sellers or directly to the agents as principals. The shares may be offered and sold in amounts and at times to be determined by us from time to time. Each agent will be entitled to a commission that will not exceed 1.0% of the gross sales price of all shares sold through it as agent pursuant to the Sales Agreement. Under the ATM program, we may enter into separate forward sale agreements with affiliates of the agents as forward purchasers. We expect to fully physically settle each forward sale agreement. However, we will generally have the right, subject to certain exceptions, to elect to cash settle or net share settle all or any portion of our obligations under any such forward sale agreement. With respect to forward sale agreements with any forward purchaser, we expect that such forward purchaser (or its affiliate) will attempt to borrow from third parties and sell, through the relevant agent acting as sales agent for such forward purchaser, shares of our common stock to hedge such forward purchaser’s exposure under such forward sale agreement. We will not receive any proceeds from any sale of shares borrowed by a forward purchaser (or its affiliate) and sold through a forward seller. The forward seller will receive a commission, in the form of a reduction to the initial forward price under the related forward sale agreement, at a mutually agreed rate that will not exceed (subject to certain exceptions) 1.0% of the volume-weighted average of the gross sales price per share of all of the borrowed shares of Sempra common stock sold through such forward seller. We intend to use a substantial portion of the net proceeds we receive from the issuance and sale by us of any shares of our common stock to or through the agents and any net proceeds we receive through the settlement of any forward sale agreements with the forward purchasers for working capital and other general corporate purposes, including to partly finance our long-term capital plan and to repay outstanding commercial paper and potentially other indebtedness. At June 30, 2026, approximately $2.6 billion of common stock remained available for sale under the ATM program, which reflects the forward sale agreements that we describe below. Forward Sale Agreements We have entered into two forward sale agreements for the sale of shares of Sempra common stock under the ATM program that remain subject to future settlement. The shares offered pursuant to the forward sale agreements were borrowed by the applicable forward purchaser and therefore were not newly issued shares. We did not initially receive any proceeds from the sale of shares pursuant to the forward sale agreements. These forward sale agreements may be settled on one or more dates specified by us occurring no later than the final settlement date under the applicable agreement. Although we may settle the forward sale agreements entirely by the physical delivery of shares of our common stock in exchange for cash proceeds, we may, subject to certain conditions, elect cash settlement or net share settlement for all or a portion of our obligations under the forward sale agreements. The forward sale agreements are also subject to acceleration by the applicable forward purchaser upon the occurrence of certain events. The principal terms of these forward sale agreements at June 30, 2026 are as follows:
FORWARD SALE AGREEMENTS UNDER THE ATM PROGRAM THAT REMAIN SUBJECT TO FUTURE SETTLEMENT
(Dollars in millions, except per share amounts)
Date of agreement | Number of shares subject to agreement | Number of shares that remain to be settled | Initial forward price per share | Expected net proceeds(1) | Forward purchaser | Sales commissions | Final settlement date
November 18, 2024 | 2,909,274 | 2,909,274 | $92.1546 | $268 | Bank of America, N.A. | $2.4 | December 31, 2027
February 26, 2025 | 2,087,317 | 2,087,317 | $70.6593 | $147 | Wells Fargo Bank, N.A. | $1.3 | March 31, 2027
(1) Expected net proceeds assumes full physical settlement, is net of sales commission but does not deduct other equity issuance costs, and is subject to certain adjustments pursuant to the applicable forward sale agreement. We provide additional information about these forward sale agreements in Note 13 of the Notes to Consolidated Financial Statements in the Annual Report. COMMON STOCK REPURCHASES In the six months ended June 30, 2026 and 2025, we withheld 235,027 shares for $21 million and 678,705 shares for $58 million, respectively, of our common stock that would otherwise be issued to long-term incentive plan participants who do not elect otherwise upon the vesting of RSUs and exercise of stock options in an amount sufficient to satisfy minimum statutory tax withholding requirements. Such share withholding is considered a share repurchase for accounting purposes. NONCONTROLLING INTERESTS Ownership interests in a consolidated entity that are held by unconsolidated owners are accounted for and reported as NCI. In the six months ended June 30, 2026 and 2025, Sempra Infrastructure distributed $135 million and $91 million, respectively, to its NCI owners, and NCI owners contributed $74 million and $83 million, respectively, to Sempra Infrastructure. The following table summarizes net income attributable to Sempra and transfers (to) from CRNCI and NCI, which shows the effects of changes in Sempra’s ownership interest in its subsidiaries on Sempra’s shareholders’ equity.
NET INCOME ATTRIBUTABLE TO SEMPRA AND TRANSFERS (TO) FROM CRNCI AND NCI
(Dollars in millions)
| Three months ended |  | Six months ended
| June 30, 2026
Sempra: |  |  |
Net income attributable to Sempra | $ | 797 |  |  | $ | 1,834 |
Transfers (to) from CRNCI and NCI: |  |  |
Decrease in shareholders’ equity from allocation of interests(1) | (20) |  |  | (14) |
Net transfers (to) from CRNCI and NCI | (20) |  |  | (14) |
Change from net income attributable to Sempra and transfers (to) from CRNCI and NCI | $ | 777 |  |  | $ | 1,820 |
(1) We describe the allocation of interests in Note 10. SI Partners Subsidiaries Both SI Partners and ConocoPhillips have provided guarantees relating to their respective affiliate’s commitment to make its pro rata equity share of capital contributions to fund 110% of the development budget of the PA LNG Phase 1 project, in an aggregate amount of up to $9.0 billion. SI Partners’ guarantee covers 70% of this amount plus enforcement costs of its guarantee. As of June 30, 2026, an aggregate amount of $2.7 billion has been paid by SI Partners’ subsidiary in satisfaction of its commitment to fund its portion of the development budget of the PA LNG Phase 1 project. EARNINGS PER COMMON SHARE Basic EPS is calculated by dividing earnings attributable to common shares by the weighted-average number of common shares outstanding for the period. Diluted EPS includes the potential dilution of common stock equivalent shares that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
EARNINGS PER COMMON SHARE COMPUTATIONS
(Dollars in millions, except per share amounts; shares in thousands) |  |  |  |  |  |  |
| Three months ended June 30, |  | Six months ended June 30,
| 2026 |  | 2025 |  | 2026 |  | 2025
Sempra: |  |  |  |  |  |  |
Numerator: |  |  |  |  |  |  |
Earnings attributable to common shares | $ | 796 |  |  | $ | 461 |  |  | $ | 1,833 |  |  | $ | 1,367 |
Denominator: |  |  |  |  |  |  |
Weighted-average common shares outstanding for basic EPS(1) | 654,038 |  |  | 652,664 |  |  | 653,815 |  |  | 652,330 |
Dilutive effect of common shares sold forward | 518 |  |  | 101 |  |  | 500 |  |  | 51 |
Dilutive effect of stock options and RSUs(2) | 1,389 |  |  | 459 |  |  | 1,403 |  |  | 742 |
Weighted-average common shares outstanding for diluted EPS | 655,945 |  |  | 653,224 |  |  | 655,718 |  |  | 653,123 |
EPS: |  |  |  |  |  |  |
Basic | $ | 1.22 |  |  | $ | 0.71 |  |  | $ | 2.80 |  |  | $ | 2.10 |
Diluted | $ | 1.21 |  |  | $ | 0.71 |  |  | $ | 2.80 |  |  | $ | 2.09 |
(1) Includes 365 and 499 fully vested RSUs held in our deferred compensation plan in the three months ended June 30, 2026 and 2025, respectively, and 375 and 507 of such RSUs in the six months ended June 30, 2026 and 2025, respectively. These fully vested RSUs are included in weighted-average common shares outstanding for basic EPS because there are no conditions under which the corresponding shares will not be issued. (2) Due to market fluctuations of both Sempra common stock and the comparative indices used to determine the vesting percentage of our total shareholder return performance-based RSUs, which we discuss in Note 14 of the Notes to Consolidated Financial Statements in the Annual Report, dilutive RSUs may vary widely from period-to-period. The potentially dilutive impact from stock options and RSUs is calculated under the treasury stock method. Under this method, proceeds based on the exercise price and unearned compensation are assumed to be used to repurchase shares on the open market at the average market price for the period, reducing the number of potential new shares to be issued and sometimes causing an antidilutive effect. The computation of diluted EPS for the three months and six months ended June 30, 2026 excludes 595,546 and 578,643 potentially dilutive shares, respectively, and the computation of diluted EPS for the three months and six months ended June 30, 2025 excludes 1,376,618 and 949,450 potentially dilutive shares, respectively, because to include them would be antidilutive for the period. However, these shares could potentially dilute basic EPS in the future. The potentially dilutive impact from the forward sale of our common stock pursuant to the forward sale agreements that we discuss above is reflected in our diluted EPS calculation using the treasury stock method. We anticipate there will be a dilutive effect on our EPS when the average market price of our common stock shares is above the applicable adjusted forward price, subject to increase or decrease based on the overnight bank funding rate, less a spread, and subject to decrease by amounts related to expected dividends on shares of our common stock during the term of the forward sale agreements. Additionally, if we decide to physically settle or net share settle the forward sale agreements, delivery of our shares to the forward purchasers on any such physical settlement or net share settlement of the forward sale agreements would result in dilution to our EPS. Pursuant to Sempra’s share-based compensation plans, the Compensation and Talent Development Committee of Sempra’s board of directors granted 568,052 nonqualified stock options, 441,749 performance-based RSUs and 191,383 service-based RSUs in the six months ended June 30, 2026, primarily in January. We discuss share-based compensation plans and related awards and the terms and conditions of Sempra’s equity securities further in Notes 13 and 14 of the Notes to Consolidated Financial Statements in the Annual Report.

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