Sempra reported strong 2025 results, including record adjusted EPS at the high end of guidance, and unveiled a record $65B capital plan for 2026-2030. The company provided a clear path to fund this growth without new equity issuance, driven by asset sales and improved cash flows. Management expressed high confidence in the growth trajectory, particularly from its Texas utility Oncor, and provided detailed EPS guidance through 2030. Launched a record $65B capital plan for 2026-2030, a 17% increase over last year's plan.
Sempra reported strong 2025 results, including record adjusted EPS at the high end of guidance, and unveiled a record $65B capital plan for 2026-2030. The company provided a clear path to fund this growth without new equity issuance, driven by asset sales and improved cash flows. Management expressed high confidence in the growth trajectory, particularly from its Texas utility Oncor, and provided detailed EPS guidance through 2030. Launched a record $65B capital plan for 2026-2030, a 17% increase over last year's plan.
Management is raising its capital plan to a record $65 billion for 2026-2030, a 17% increase from last year, primarily driven by transmission investments in Texas. They expect rate base to grow at an 11% CAGR to $97 billion by 2030, with nearly 70% of Encore's CapEx dedicated…
Guidance tone
Projected rate base to grow at an 11% CAGR to $97B by 2030, anchored by 18% growth in Texas.
Management is raising its capital plan to a record $65 billion for 2026-2030, a 17% increase from last year, primarily driven by transmission investments in Texas. They expect rate base to grow at an 11% CAGR to $97 billion by 2030, with nearly 70% of Encore's CapEx dedicated…
Management highlighted significant AI-related data center growth in Texas, with Encore's service territory having high concentration of AI-related and data center growth, representing additional potential investment opportunities. They also discussed a large load queue of 273 gigawatts, with 255 gigawatts from data centers, indicating strong demand from AI-driven customers.
Management raised its long-term outlook, eliminated the need for new equity issuance, and pointed to a record $65B capital plan, all indicating a positive and confident tone about future earnings growth and financial strength.
Management is raising its capital plan to a record $65 billion for 2026-2030, a 17% increase from last year, primarily driven by transmission investments in Texas. They expect rate base to grow at an 11% CAGR to $97 billion by 2030, with nearly 70% of Encore's CapEx dedicated to transmission. They also highlighted $9 billion of upside capital opportunities that could be added to the plan.
Management is confident due to record capital plan, improved regulatory outcomes, and strong growth prospects, while emphasizing reduced risk and no need for common equity issuance.
“what comes out of Batch Zero or other ERCOT transmission plans are not presently included in what we have in the base plan.”
“Today, the collateral that we have from not only these large load customers, but also from other customers, but it's around $3.5 billion as we sit here today”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| EPS | FY2026 | $4.80–$5.30 | $5.05 | INITIATED |
| EPS | FY2027 | $5.10–$5.70 | $5.40 | INITIATED |
| EPS | FY2030 | $6.70–$7.50 | $7.10 | INITIATED |