Company: SREA
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001032208-25-000065
Chunk: 124

Company: SEMPRA
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 1
Chunk 124
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 in reported amounts Three months ended September 30, 2025202420252024Other income, net$49 $65 $3 $(4)Income tax (expense) benefit(482)105 (45)78 Equity earnings472 454 (6)26 Net income150 759 (48)100 Earnings attributable to noncontrolling interests(55)(110)16 (33)Earnings attributable to common shares77 638 (32)67  Nine months ended September 30, 2025202420252024Other income, net$199 $194 $8 $(4)Income tax (expense) benefit(711)63 (157)211 Equity earnings1,190 1,235 (33)56 Net income1,588 2,511 (182)263 Earnings attributable to noncontrolling interests(103)(325)61 (85)Earnings attributable to common shares1,444 2,152 (121)178 

109

We discuss herein SDG&E’s results of operations and significant changes in earnings, revenues and costs for the three months (Q3) and nine months (YTD) ended September 30, 2025 compared to the same period in 2024.

Due to the delay in the issuance of the CPUC’s FD in the SDG&E 2024 GRC, SDG&E recorded revenues in the first three quarters of 2024 based on levels authorized for 2023 under the 2019 GRC. In December 2024, the CPUC approved an FD in the 2024 GRC, effective retroactive to January 1, 2024, for which SDG&E recorded the retroactive impacts in the fourth quarter of 2024. SDG&E’s authorized base revenues for the first three quarters of 2025 are based on the revenues authorized for the 2024 test year plus the amount authorized for attrition for 2025. We provide additional information on the 2024 GRC FD in Note 4 of the Notes to Condensed Consolidated Financial Statements in this report and in Note 4 of the Notes to Consolidated Financial Statements in the Annual Report.

RESULTS OF OPERATIONS

RESULTS OF OPERATIONS(Dollars in millions)

In the three months ended September 30, 2025 compared to the same period in 2024, the increase in earnings of $