Sempra Beat on EPS, Missed on Revenue — and Is Mid-Sale of 45% of Its Infrastructure Arm to KKR

Sempra reported second-quarter 2026 GAAP earnings of $796 million, or $1.21 per diluted share, up sharply from $461 million, or $0.71 per share, in the same quarter a year earlier. Adjusted earnings of $1.16 per share beat the $1.07 analyst estimate by $0.09, also up from $0.89 a year ago. Revenue of roughly $3.0 billion, however, missed the approximately $3.22 billion analyst estimate — an EPS beat paired with a revenue miss that typically reflects margin or one-time items driving the bottom line more than underlying volume growth.

The more consequential context for how to read this quarter is Sempra's ongoing portfolio restructuring. The pending sale of a 45% equity interest in Sempra Infrastructure Partners to affiliates of KKR remains on track, expected to close in the third quarter of 2026. Separately, the planned sale of Ecogas Mexico is also advancing and is expected to close in August 2026. Both are real, dated divestitures already in motion, not speculative strategic reviews — meaning this quarter's results describe a company mid-transition, with two pending asset sales that will change its consolidated financial profile once they close.

Reading Sempra's Q2 2026 results in isolation, without accounting for the KKR stake sale and the Ecogas Mexico divestiture both landing within weeks of the print, would miss the more important story: management is actively reshaping which assets sit on Sempra's balance sheet at the same time it is reporting quarterly performance on the assets it currently holds.