Sempra (SRE) Cash Flow Statement
Where SRE’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $4.57B −7.0% vs 2024
- Capital expenditures
- $10.61B 77.4% of revenue
- Free cash flow
- −$6.05B −44.1% margin
- Returned to shareholders
- $2.60B
- Change in cash
- −$1.55B cash at year-end $31.0M
Cash from operations
$4.57B
Capital expenditures
−$10.61B
Investments (net)
−$1.95B
Acquisitions & other
+$350.0M
Dividends
−$1.64B
Share buybacks (net)
−$958.0M
Net borrowing (repayment)
+$7.32B
Shares issued
+$32.0M
Other financing
+$4.85B
Currency & other
−$3.51B
Change in cash
−$1.55B
Drawn to scale: where the cash came from and how it was used. Hover for values.
SRE operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
SRE cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.34B2016 | $4.57B2025 | +7.7%/yr | |
| Capital expenditures | $4.21B2016 | $10.61B2025 | +10.8%/yr | |
| Free cash flow | −$1.90B2016 | −$6.05B2025 | — | |
| Free cash flow margin | −18.7%2016 | −44.1%2025 | −25.4 pts | |
| Operating cash flow / net income | 1.542016 | 5.272025 | +3.73 | |
| Stock-based compensation | $52.0M2016 | $64.0M2025 | +2.3%/yr | |
| Dividends paid | $686.0M2016 | $1.64B2025 | +10.2%/yr | |
| Share buybacks (net) | $56.0M2016 | $958.0M2025 | +37.1%/yr | |
| Capex / revenue | 41.3%2016 | 77.4%2025 | +36.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SRE cash flow by activity
OperatingInvestingFinancingChange in cash
SRE net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
SRE cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $866.0M | $3.50B | $3.62B | $2.29B | $1.46B | $4.11B | $2.00B | $1.05B | $382.0M | $1.52B |
| Depreciation & amortization | $2.56B | $2.44B | $2.23B | $2.02B | $1.85B | $1.67B | $1.57B | $1.49B | $1.49B | $1.31B |
| Stock-based compensation | $64.0M | $86.0M | $80.0M | $71.0M | $63.0M | $71.0M | $75.0M | $83.0M | $82.0M | $52.0M |
| Change in working capital | $145.0M | −$612.0M | $835.0M | −$4.02B | $583.0M | −$306.0M | −$560.0M | $404.0M | $124.0M | −$131.0M |
| Other non-cash items | $927.0M | −$504.0M | −$542.0M | $789.0M | −$122.0M | −$2.94B | $5.0M | $489.0M | $1.55B | −$408.0M |
| Cash from operating activities | $4.57B | $4.91B | $6.22B | $1.14B | $3.84B | $2.59B | $3.09B | $3.52B | $3.62B | $2.34B |
| Investing activities | ||||||||||
| Capital expenditures | −$10.61B | −$8.21B | −$8.40B | −$5.36B | −$5.01B | −$4.68B | −$3.71B | −$3.78B | −$3.71B | −$4.21B |
| Investments (net) | −$1.95B | −$9.12B | −$8.16B | −$5.04B | −$542.0M | $24.0M | −$13.0M | −$21.0M | −$505.0M | −$1.57B |
| Acquisitions & other investing | $350.0M | $8.21B | $7.84B | $5.36B | $49.0M | $5.21B | −$872.0M | $2.26B | −$490.0M | $950.0M |
| Cash from investing activities | −$12.21B | −$9.12B | −$8.72B | −$5.04B | −$5.51B | $553.0M | −$4.59B | −$1.54B | −$4.70B | −$4.83B |
| Financing activities | ||||||||||
| Dividends paid | −$1.64B | −$1.54B | −$1.53B | −$1.47B | −$1.43B | −$1.33B | −$1.14B | −$966.0M | −$756.0M | −$686.0M |
| Share repurchases & issuance (net) | −$958.0M | −$43.0M | −$32.0M | −$478.0M | −$339.0M | −$566.0M | −$26.0M | −$21.0M | −$15.0M | −$56.0M |
| Net borrowing (repayment) | $7.32B | $4.78B | $1.93B | $4.24B | $197.0M | −$1.57B | $1.28B | $5.51B | $1.67B | $1.59B |
| Shares issued | $32.0M | $1.22B | $145.0M | $4.0M | $5.0M | $902.0M | $1.83B | $4.53B | $0 | $0 |
| Other financing | $4.85B | $1.01B | $1.91B | $1.49B | $2.83B | $194.0M | −$479.0M | −$200.0M | $290.0M | $1.66B |
| Cash from financing activities | $9.60B | $5.42B | $2.42B | $3.78B | $1.26B | −$2.37B | $1.48B | $8.85B | $1.19B | $2.50B |
| Summary | ||||||||||
| Net change in cash | −$1.55B | $1.20B | −$73.0M | −$119.0M | −$404.0M | $768.0M | −$29.0M | −$118.0M | −$61.0M | −$25.0M |
| Cash at end of period | $31.0M | $1.59B | $389.0M | $462.0M | $581.0M | $985.0M | $217.0M | $246.0M | $364.0M | $425.0M |
| Free cash flow | −$6.05B | −$3.31B | −$2.18B | −$4.21B | −$1.17B | −$2.08B | −$620.0M | −$28.0M | −$324.0M | −$1.90B |
| Free cash flow margin | −44.1% | −25.5% | −13.8% | −27.1% | −9.0% | −18.4% | −5.7% | −0.3% | −2.9% | −18.7% |
| Capex / revenue | 77.4% | 63.4% | 53.1% | 34.4% | 38.4% | 41.2% | 34.3% | 37.6% | 33.1% | 41.3% |
| Operating cash flow / net income | 5.27 | 1.40 | 1.72 | 0.50 | 2.63 | 0.63 | 1.54 | 3.35 | 9.49 | 1.54 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $942.0M | $1.04B | $484.0M | $150.0M | $519.0M | $919.0M | $989.0M | $759.0M | $871.0M | $881.0M | $856.0M | $854.0M |
| Depreciation & amortization | $612.0M | $621.0M | $608.0M | $662.0M | $653.0M | $640.0M | $626.0M | $614.0M | $603.0M | $594.0M | $576.0M | $1.65B |
| Stock-based compensation | $19.0M | $25.0M | $39.0M | $14.0M | $13.0M | −$2.0M | $23.0M | $22.0M | $20.0M | $21.0M | $27.0M | $22.0M |
| Change in working capital | −$2.0M | $239.0M | −$342.0M | −$148.0M | −$355.0M | −$130.0M | −$406.0M | −$29.0M | −$446.0M | $269.0M | −$218.0M | $93.0M |
| Other non-cash items | −$263.0M | −$113.0M | $400.0M | $432.0M | −$46.0M | $55.0M | $133.0M | −$344.0M | −$379.0M | $86.0M | −$152.0M | −$1.23B |
| Cash from operating activities | $1.31B | $1.81B | $1.19B | $1.11B | $784.0M | $1.48B | $1.36B | $1.02B | $669.0M | $1.85B | $1.09B | $1.39B |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.23B | −$2.46B | −$3.41B | −$2.56B | −$2.30B | −$2.34B | −$2.45B | −$1.94B | −$1.90B | −$1.93B | −$2.32B | −$1.79B |
| Investments (net) | −$607.0M | −$849.0M | −$541.0M | $3.80B | −$2.78B | −$2.79B | −$2.82B | −$2.13B | −$2.06B | −$2.11B | −$2.41B | −$1.88B |
| Acquisitions & other investing | −$20.0M | $40.0M | −$3.00B | −$4.25B | $2.30B | $2.34B | $2.45B | $1.94B | $1.90B | $1.93B | $2.32B | −$2.63B |
| Cash from investing activities | −$2.85B | −$3.27B | −$6.95B | −$3.01B | −$2.78B | −$2.79B | −$2.82B | −$2.13B | −$2.06B | −$2.11B | −$2.41B | −$6.30B |
| Financing activities | ||||||||||||
| Dividends paid | −$417.0M | −$409.0M | −$426.0M | −$408.0M | −$429.0M | −$380.0M | −$400.0M | −$380.0M | −$401.0M | −$362.0M | −$396.0M | −$375.0M |
| Share repurchases & issuance (net) | −$1.0M | −$20.0M | −$900.0M | −$32.0M | −$1.0M | −$57.0M | −$2.0M | −$1.0M | $0 | −$40.0M | $32.0M | −$1.0M |
| Net borrowing (repayment) | $734.0M | $2.21B | $2.74B | $1.85B | $852.0M | $1.88B | $1.49B | $1.49B | — | — | — | −$295.0M |
| Shares issued | $21.0M | $9.0M | $6.0M | $7.0M | $9.0M | $10.0M | $1.19B | $8.0M | $8.0M | $10.0M | $145.0M | $0 |
| Other financing | −$55.0M | $77.0M | $4.87B | $3.32B | −$16.0M | $26.0M | $81.0M | $327.0M | $1.31B | $1.09B | $440.0M | $1.41B |
| Cash from financing activities | $282.0M | $1.87B | $6.29B | $4.74B | $415.0M | $1.48B | $2.36B | $1.45B | $918.0M | $700.0M | $221.0M | $741.0M |
| Summary | ||||||||||||
| Net change in cash | −$1.26B | $765.0M | $24.0M | −$173.0M | −$1.58B | $173.0M | $899.0M | $339.0M | −$483.0M | $445.0M | −$1.10B | $249.0M |
| Cash at end of period | $2.70B | $796.0M | $31.0M | $7.0M | $183.0M | $1.76B | $1.59B | $690.0M | $351.0M | $834.0M | $389.0M | $1.49B |
| Free cash flow | −$918.0M | −$652.0M | −$2.22B | −$1.45B | −$1.52B | −$854.0M | −$1.08B | −$913.0M | −$1.23B | −$82.0M | −$1.23B | −$400.0M |
| Free cash flow margin | −30.6% | −17.8% | −59.0% | −45.6% | −50.7% | −22.5% | −28.9% | −34.1% | −41.4% | −2.3% | −36.7% | −12.3% |
| Capex / revenue | 74.3% | 67.3% | 90.6% | 80.4% | 76.8% | 61.5% | 65.3% | 72.3% | 63.9% | 54.3% | 69.2% | 55.1% |
| Operating cash flow / net income | 1.39 | 1.74 | 2.46 | 7.40 | 1.51 | 1.61 | 1.38 | 1.35 | 0.77 | 2.10 | 1.27 | 1.63 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
SRE cash generation
In fiscal 2025 (ended December 31, 2025), Sempra generated $4.6 billion of cash from operations (down 7.0%) and spent $10.6 billion on capital expenditures, leaving free cash flow of -$6.0 billion, −44.1% of revenue. It returned $2.6 billion to shareholders through dividends ($1.6 billion) and net share buybacks ($958.0 million). Cash and equivalents fell by $1.6 billion over the year.
Related: SRE income statement, SRE balance sheet, SRE dividend history. See the SRE stock overview for the latest quote and news.
SRE cash flow FAQ
What is Sempra's free cash flow?
Sempra's free cash flow was -$6.0 billion in fiscal 2025: $4.6 billion of operating cash flow minus $10.6 billion of capital expenditures It was -$3.3 billion a year earlier..
How much cash does Sempra generate from operations?
Sempra generated $4.6 billion of cash from operating activities in fiscal 2025, 5.27 times its net income of $866.0 million.
How much does Sempra spend on capital expenditures?
Sempra spent $10.6 billion on capital expenditures in fiscal 2025, 77.4% of revenue, compared with $8.2 billion the year before.
How much stock does Sempra buy back?
Sempra spent $958.0 million on net share repurchases in fiscal 2025.
How much does Sempra pay in dividends?
Sempra paid $1.6 billion in dividends in fiscal 2025.