<!-- librarian dossier written 2026-10-17; every sentence cites its source; lint-clean; figures cross-checked against the cited SEC documents -->
# SRE — Sempra — dossier 2026-10-17

Worklist reason: top of graham, no dossier yet; CIK 0001032208, NYSE, SIC 4932 Gas & Other Services Combined, state CA, fiscal year end 1231, Graham status "ok" with score 90.6 computed 2026-10-17. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)

## 1. Business

The FY2025 10-K states: "We are a holding company whose principal businesses are regulated utilities in California and Texas." [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/1032208/000103220826000010/sre-20251231.htm)
It states: "Our businesses invest in and operate electric and gas utilities and other energy infrastructure that provide energy services to customers." [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/1032208/000103220826000010/sre-20251231.htm)
The reportable segments are Sempra California (SDG&E and SoCalGas), Sempra Texas Utilities and Sempra Infrastructure, per Item 1. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/1032208/000103220826000010/sre-20251231.htm)
The 10-K states that Sempra expanded into Texas "through our 80.25% interest in Oncor and 50% interest in Sharyland Utilities", and that Sempra Texas Utilities comprises the equity method investments in Oncor Holdings and Sharyland Holdings. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/1032208/000103220826000010/sre-20251231.htm)
SDG&E provides electric services to a population of approximately 3.6 million and natural gas services to approximately 3.3 million of that population over an approximate 4,100 square mile territory, per the 10-K. [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/1032208/000103220826000010/sre-20251231.htm)
The 10-K states: "Sempra Infrastructure's assets include investments in the U.S. and Mexico with a focus on LNG, energy networks and low carbon solutions." [10-K FY2025 Item 1](https://www.sec.gov/Archives/edgar/data/1032208/000103220826000010/sre-20251231.htm)

## 2. Capital structure

The most recent balance sheet in XBRL companyfacts is March 31, 2026 (10-Q filed 2026-05-07): total assets $113,518 million, current assets $36,203 million, current liabilities $21,439 million. [XBRL companyfacts](https://data.sec.gov/api/xbrl/companyfacts/CIK0001032208.json)
Sempra shareholders' equity was $32,239 million and total equity including noncontrolling interests $39,474 million at March 31, 2026. [XBRL companyfacts](https://data.sec.gov/api/xbrl/companyfacts/CIK0001032208.json)
Long-term debt and finance lease obligations were $30,847 million noncurrent and $1,878 million current, and short-term borrowings $3,708 million, at March 31, 2026. [XBRL companyfacts](https://data.sec.gov/api/xbrl/companyfacts/CIK0001032208.json)
Cash and cash equivalents were $794 million and common shares outstanding 653,344,198 at March 31, 2026. [XBRL companyfacts](https://data.sec.gov/api/xbrl/companyfacts/CIK0001032208.json)
The 10-K states: "On October 15, 2025, we effected and paid $900 million for the redemption using proceeds received from our August 2025 issuance of junior subordinated notes and short-term debt". [10-K FY2025](https://www.sec.gov/Archives/edgar/data/1032208/000103220826000010/sre-20251231.htm)
The 10-K lists 5.75% Junior Subordinated Notes Due 2079 ($25 par value, NYSE: SREA) among registered securities. [10-K FY2025](https://www.sec.gov/Archives/edgar/data/1032208/000103220826000010/sre-20251231.htm)

## 3. Earnings record

Ten fiscal years as stored in the stock record (net income, diluted EPS as reported, revenue); each value in the record carries its own SEC accession URL. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)

| FY | Net income (USD) | Diluted EPS | Revenue (USD) | Source |
|---|---|---|---|---|
| 2016 | 1,370,000,000 | 5.46 | 10,183,000,000 | [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json) |
| 2017 | 256,000,000 | 1.01 | 9,640,000,000 | [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json) |
| 2018 | 1,126,000,000 | 3.42 | 10,102,000,000 | [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json) |
| 2019 | 2,362,000,000 | 7.29 | 10,829,000,000 | [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json) |
| 2020 | 4,105,000,000 | 12.88 | 11,370,000,000 | [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json) |
| 2021 | 1,318,000,000 | 2.01 | 12,857,000,000 | [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json) |
| 2022 | 2,139,000,000 | 3.31 | 14,439,000,000 | [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json) |
| 2023 | 3,075,000,000 | 4.79 | 16,720,000,000 | [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json) |
| 2024 | 2,862,000,000 | 4.42 | 13,185,000,000 | [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json) |
| 2025 | 1,837,000,000 | 2.75 | 13,702,000,000 | [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json) |

No year in this window shows net income at or below zero in the record. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
The record lists dividend years from 1998 through 2026 (29 entries). [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)

## 4. Recent filings

8-K filings dated 2026-04-20 through 2026-10-17, one line per item, with a verbatim extract from the item text. [EDGAR submissions](https://data.sec.gov/submissions/CIK0001032208.json)

- 2026-08-21 8-K Item 8.01: "Other Events. On August 21, 2026, Southern California Gas Company (the “Company”), an indirect subsidiary of Sempra, closed its previously announced public offering and sale of $500,000,000 aggregate principal amount of its 5.500% First Mortgage Bonds, Series GGG, due 2036 (the “Bonds”) with proceeds to the Company (after deducting the underwriting discount but before deducting the Company’s […]" [8-K 2026-08-21](https://www.sec.gov/Archives/edgar/data/1032208/000119312526361126/d417152d8k.htm)
- 2026-08-21 8-K Item 9.01: "Financial Statements and Exhibits." [8-K 2026-08-21](https://www.sec.gov/Archives/edgar/data/1032208/000119312526361126/d417152d8k.htm)
- 2026-08-18 8-K Item 8.01: "Other Events. On August 17, 2026, Southern California Gas Company (the “Company”), an indirect subsidiary of Sempra, entered into an underwriting agreement (the “Underwriting Agreement”) with Barclays Capital Inc., Credit Agricole Securities (USA) Inc., MUFG Securities Americas Inc. and TD Securitie" [8-K 2026-08-18](https://www.sec.gov/Archives/edgar/data/1032208/000119312526355501/d140628d8k.htm)
- 2026-08-18 8-K Item 9.01: "Financial Statements and Exhibits." [8-K 2026-08-18](https://www.sec.gov/Archives/edgar/data/1032208/000119312526355501/d140628d8k.htm)
- 2026-08-06 8-K Item 2.02: "Results of Operations and Financial Condition. On August 6, 2026, Sempra issued a press release announcing its financial results for the three months and six months ended June 30, 2026." [8-K 2026-08-06](https://www.sec.gov/Archives/edgar/data/1032208/000103220826000043/sempra-20260806.htm)
- 2026-08-06 8-K Item 9.01: "Financial Statements and Exhibits." [8-K 2026-08-06](https://www.sec.gov/Archives/edgar/data/1032208/000103220826000043/sempra-20260806.htm)
- 2026-07-09 8-K Item 5.02: "Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On July 6, 2026, the Board of Directors of Sempra appointed Justin C. Bird as Executive Vice President and Chief Financial Officer of Sempra, effective on a to-be-determined date on or around the closing of Sempra’s planned sale of a portion of its equity interest in Sempra Infrastructure Partners, LP, which is […]" [8-K 2026-07-09](https://www.sec.gov/Archives/edgar/data/1032208/000103220826000040/sempra-20260706.htm)
- 2026-06-16 8-K Item 7.01: "Regulation FD Disclosure SDG&E and SoCalGas 2028 GRC Applications The California Public Utilities Commission (“CPUC”) sets authorized revenue requirements through General Rate Cases (“GRCs”) designed to allow San Diego Gas & Electric Company (“SDG&E”) and Southern California Gas Company (“SoCalGas”), each a subsidiary of Sempra, to recover their reasonable operating costs while providing the […]" [8-K 2026-06-16](https://www.sec.gov/Archives/edgar/data/1032208/000103220826000037/sempra-20260615.htm)
- 2026-06-09 8-K Item 8.01: "Other Events. On June 9, 2026, Sempra (the “Company”) closed its public offering and sale of $1,000,000,000 aggregate principal amount of its Floating Rate Notes due 2028 (the “notes”)." [8-K 2026-06-09](https://www.sec.gov/Archives/edgar/data/1032208/000119312526263777/d91240d8k.htm)
- 2026-06-09 8-K Item 9.01: "Financial Statements and Exhibits." [8-K 2026-06-09](https://www.sec.gov/Archives/edgar/data/1032208/000119312526263777/d91240d8k.htm)
- 2026-05-15 8-K Item 8.01: "Other Events. On May 15, 2026, Southern California Gas Company (the “Company”), an indirect subsidiary of Sempra, closed its previously announced public offering and sale of $650,000,000 aggregate principal amount of its 5.900% First Mortgage Bonds, Series FFF, due 2056 (the “Bonds”) with proceeds to the Company (after deducting the underwriting discount but before deducting the Company’s other […]" [8-K 2026-05-15](https://www.sec.gov/Archives/edgar/data/1032208/000119312526226918/d298887d8k.htm)
- 2026-05-15 8-K Item 9.01: "Financial Statements and Exhibits." [8-K 2026-05-15](https://www.sec.gov/Archives/edgar/data/1032208/000119312526226918/d298887d8k.htm)
- 2026-05-14 8-K Item 5.07: "Submission of Matters to a Vote of Security Holders. The 2026 Annual Shareholders Meeting (the “Annual Meeting”) of Sempra (the “Company”) was held on May 12, 2026." [8-K 2026-05-14](https://www.sec.gov/Archives/edgar/data/1032208/000103220826000032/sempra-20260512.htm)
- 2026-05-12 8-K Item 8.01: "Other Events. On May 11, 2026, Southern California Gas Company (the “Company”), an indirect subsidiary of Sempra, entered into an underwriting agreement (the “Underwriting Agreement”) with BNP Paribas Securities Corp., CIBC World Markets Corp., Mizuho Securities USA LLC and Wells Fargo Securities, L" [8-K 2026-05-12](https://www.sec.gov/Archives/edgar/data/1032208/000119312526219514/d126786d8k.htm)
- 2026-05-12 8-K Item 9.01: "Financial Statements and Exhibits." [8-K 2026-05-12](https://www.sec.gov/Archives/edgar/data/1032208/000119312526219514/d126786d8k.htm)
- 2026-05-07 8-K Item 2.02: "Results of Operations and Financial Condition. On May 7, 2026, Sempra issued a press release announcing its financial results for the three months ended March 31, 2026." [8-K 2026-05-07](https://www.sec.gov/Archives/edgar/data/1032208/000103220826000027/sempra-20260507.htm)
- 2026-05-07 8-K Item 9.01: "Financial Statements and Exhibits." [8-K 2026-05-07](https://www.sec.gov/Archives/edgar/data/1032208/000103220826000027/sempra-20260507.htm)

## 5. Insiders

Non-derivative Form 4 transactions dated 2025-10-17 through 2026-10-17, parsed from each filing's XML (code P purchase, S sale, A grant, F tax withholding, M option exercise, G gift). [EDGAR Form 4 list](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001032208&type=4)

| Txn date | Reporting owner | Role | Security | Code | Shares | Price | Owned after | 10b5-1 / private placement | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-06-17 | Winn Caroline Ann | Executive Vice President | Common Stock | S | 100 | 89.85 | 33063.81 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000192269926000011/wk-form4_1781735448.xml) |
| 2026-06-17 | Winn Caroline Ann | Executive Vice President | Common Stock | S | 7,900 | 90.56 | 25163.81 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000192269926000011/wk-form4_1781735448.xml) |
| 2026-05-18 | Ferrero Pablo | Director | Common Stock | S | 2,600 | 89.53 | 15423.32 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000159195526000011/wk-form4_1779223979.xml) |
| 2026-05-14 | DAY DIANA L | Chief Legal Counsel | Common Stock | S | 3,300 | 92.13 | 22869.79 (D) | aff10b5One checked; footnote cites Rule 10b5-1 | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000195209526000012/wk-form4_1778799795.xml) |
| 2026-05-12 | Weaving Anya | Director | Common Stock | A | 1,499 | 0 | 3558.44 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000201818726000010/wk-form4_1778715809.xml) |
| 2026-05-12 | MARK RICHARD J | Director | Common Stock | A | 1,499 | 0 | 18913.45 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000119010026000007/wk-form4_1778715735.xml) |
| 2026-05-12 | Ferrero Pablo | Director | Common Stock | A | 1,499 | 0 | 18599.25 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000159195526000006/wk-form4_1778715695.xml) |
| 2026-05-12 | Ferrero Pablo | Director | Common Stock | F | 575.93 | 93.41 | 18023.32 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000159195526000006/wk-form4_1778715695.xml) |
| 2026-05-12 | CONESA ANDRES | Director | Common Stock | A | 1,499 | 0 | 24593.49 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000169973926000006/wk-form4_1778715672.xml) |
| 2026-05-12 | CONESA ANDRES | Director | Common Stock | F | 575.93 | 93.41 | 24017.56 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000169973926000006/wk-form4_1778715672.xml) |
| 2026-04-01 | BIRD JUSTIN CHRISTOPHER | Executive Vice President | Common Stock | S | 1,128 | 96.69 | 21631.51 (D) | aff10b5One checked; footnote cites Rule 10b5-1 | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000200464526000010/wk-form4_1775081095.xml) |
| 2026-03-16 | Wold Dyan Z. | VP, Controller and CAO | Common Stock | S | 1,539 | 95.38 | 4632.52 (D) | aff10b5One checked; footnote cites Rule 10b5-1 | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000207666826000010/wk-form4_1773709639.xml) |
| 2026-03-12 | Kirk Jennifer M | Director | Common Stock | P | 1,000 | 93.44 | 1,000 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000161334326000007/wk-form4_1773436032.xml) |
| 2026-03-11 | WARNER CYNTHIA J | Director | Common Stock | P | 2,500 | 92.95 | 11274.52 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000157021226000004/wk-form4_1773271117.xml) |
| 2026-03-11 | MARK RICHARD J | Director | Common Stock | P | 2,692 | 93.3 | 17375.99 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000119010026000004/wk-form4_1773271142.xml) |
| 2026-03-09 | Sedgwick Karen L | Executive VP and CFO | Common Stock | S | 987 | 91.36 | 42913.55 (D) | aff10b5One checked; footnote cites Rule 10b5-1 | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000185175026000012/wk-form4_1773104343.xml) |
| 2026-03-09 | Sedgwick Karen L | Executive VP and CFO | Common Stock | S | 2,699 | 92.61 | 40214.55 (D) | aff10b5One checked; footnote cites Rule 10b5-1 | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000185175026000012/wk-form4_1773104343.xml) |
| 2026-03-09 | Sedgwick Karen L | Executive VP and CFO | Common Stock | S | 1,186 | 93.52 | 39028.55 (D) | aff10b5One checked; footnote cites Rule 10b5-1 | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000185175026000012/wk-form4_1773104343.xml) |
| 2026-01-27 | Wold Dyan Z. | VP, Controller and CAO | Common Stock | A | 309.58 | 0 | 5999.1 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000207666826000006/wk-form4_1769653806.xml) |
| 2026-01-27 | Wold Dyan Z. | VP, Controller and CAO | Common Stock | A | 426.86 | 0 | 6425.97 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000207666826000006/wk-form4_1769653806.xml) |
| 2026-01-27 | Wold Dyan Z. | VP, Controller and CAO | Common Stock | F | 254.44 | 87.11 | 6171.52 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000207666826000006/wk-form4_1769653806.xml) |
| 2026-01-27 | Winn Caroline Ann | Executive Vice President | Common Stock | A | 1902.63 | 0 | 33254.85 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000192269926000007/wk-form4_1769653786.xml) |
| 2026-01-27 | Winn Caroline Ann | Executive Vice President | Common Stock | A | 2623.43 | 0 | 35878.28 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000192269926000007/wk-form4_1769653786.xml) |
| 2026-01-27 | Winn Caroline Ann | Executive Vice President | Common Stock | F | 1575.06 | 87.11 | 34303.22 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000192269926000007/wk-form4_1769653786.xml) |
| 2026-01-27 | Sedgwick Karen L | Executive VP and CFO | Common Stock | A | 2165.78 | 0 | 42697.33 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000185175026000007/wk-form4_1769653762.xml) |
| 2026-01-27 | Sedgwick Karen L | Executive VP and CFO | Common Stock | A | 2986.26 | 0 | 45683.59 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000185175026000007/wk-form4_1769653762.xml) |
| 2026-01-27 | Sedgwick Karen L | Executive VP and CFO | Common Stock | F | 1783.04 | 87.11 | 43900.55 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000185175026000007/wk-form4_1769653762.xml) |
| 2026-01-27 | Sagara Kevin C. | Director | Common Stock | A | 3133.22 | 0 | 4175.29 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000181536026000004/wk-form4_1769653827.xml) |
| 2026-01-27 | Sagara Kevin C. | Director | Common Stock | A | 4320.2 | 0 | 8495.49 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000181536026000004/wk-form4_1769653827.xml) |
| 2026-01-27 | Sagara Kevin C. | Director | Common Stock | F | 3605.42 | 87.11 | 4890.07 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000181536026000004/wk-form4_1769653827.xml) |
| 2026-01-27 | Martin Jeffrey W | Director, Chairman, CEO and President | Common Stock | A | 16085.31 | 0 | 16087.74 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000146144626000008/wk-form4_1769653735.xml) |
| 2026-01-27 | Martin Jeffrey W | Director, Chairman, CEO and President | Common Stock | A | 22179.06 | 0 | 38266.8 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000146144626000008/wk-form4_1769653735.xml) |
| 2026-01-27 | Martin Jeffrey W | Director, Chairman, CEO and President | Common Stock | F | 17281.38 | 87.11 | 20985.42 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000146144626000008/wk-form4_1769653735.xml) |
| 2026-01-27 | Larroque Alexander Lisa | SVP, Corp Affairs and HR | Common Stock | A | 700.43 | 0 | 16396.87 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000177139326000007/wk-form4_1769653638.xml) |
| 2026-01-27 | Larroque Alexander Lisa | SVP, Corp Affairs and HR | Common Stock | A | 965.78 | 0 | 17362.65 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000177139326000007/wk-form4_1769653638.xml) |
| 2026-01-27 | Larroque Alexander Lisa | SVP, Corp Affairs and HR | Common Stock | F | 577.2 | 87.11 | 16785.45 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000177139326000007/wk-form4_1769653638.xml) |
| 2026-01-27 | DAY DIANA L | Chief Legal Counsel | Common Stock | A | 758.47 | 0 | 25872.62 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000195209526000008/wk-form4_1769653703.xml) |
| 2026-01-27 | DAY DIANA L | Chief Legal Counsel | Common Stock | A | 1045.81 | 0 | 26918.43 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000195209526000008/wk-form4_1769653703.xml) |
| 2026-01-27 | DAY DIANA L | Chief Legal Counsel | Common Stock | F | 508.43 | 87.11 | 26,410 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000195209526000008/wk-form4_1769653703.xml) |
| 2026-01-27 | BIRD JUSTIN CHRISTOPHER | Executive Vice President | Common Stock | A | 2070.32 | 0 | 21608.83 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000200464526000006/wk-form4_1769653671.xml) |
| 2026-01-27 | BIRD JUSTIN CHRISTOPHER | Executive Vice President | Common Stock | A | 2854.64 | 0 | 24463.48 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000200464526000006/wk-form4_1769653671.xml) |
| 2026-01-27 | BIRD JUSTIN CHRISTOPHER | Executive Vice President | Common Stock | F | 1703.97 | 87.11 | 22759.51 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000200464526000006/wk-form4_1769653671.xml) |
| 2026-01-15 | Wold Dyan Z. | VP, Controller and CAO | Common Stock | F | 5.31 | 91.77 | 5677.36 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000207666826000004/wk-form4_1768607208.xml) |
| 2026-01-15 | Winn Caroline Ann | Executive Vice President | Common Stock | F | 16.45 | 91.77 | 31252.27 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000192269926000005/wk-form4_1768607174.xml) |
| 2026-01-15 | Sedgwick Karen L | Executive VP and CFO | Common Stock | F | 6.19 | 91.77 | 40336.59 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000185175026000005/wk-form4_1768607252.xml) |
| 2026-01-15 | Larroque Alexander Lisa | SVP, Corp Affairs and HR | Common Stock | F | 10.06 | 91.77 | 15676.88 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000177139326000005/wk-form4_1768607324.xml) |
| 2026-01-15 | DAY DIANA L | Chief Legal Counsel | Common Stock | F | 9.4 | 91.77 | 25082.28 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000195209526000006/wk-form4_1768607279.xml) |
| 2026-01-15 | BIRD JUSTIN CHRISTOPHER | Executive Vice President | Common Stock | F | 6.44 | 91.77 | 19411.71 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000200464526000004/wk-form4_1768607301.xml) |
| 2026-01-05 | Martin Jeffrey W | Director, Chairman, CEO and President | Common Stock | S | 20,533 | 87.13 | 2580.41 (D) | aff10b5One checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000146144626000006/wk-form4_1767662627.xml) |
| 2026-01-05 | Martin Jeffrey W | Director, Chairman, CEO and President | Common Stock | S | 2,278 | 87.74 | 302.41 (D) | aff10b5One checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000146144626000006/wk-form4_1767662627.xml) |
| 2026-01-05 | Martin Jeffrey W | Director, Chairman, CEO and President | Common Stock | S | 300 | 88.93 | 2.41 (D) | aff10b5One checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000146144626000006/wk-form4_1767662627.xml) |
| 2026-01-02 | Wold Dyan Z. | VP, Controller and CAO | Common Stock | F | 700.98 | 89.71 | 2780.36 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000207666826000002/wk-form4_1767662870.xml) |
| 2026-01-02 | Wold Dyan Z. | VP, Controller and CAO | Common Stock | A | 2,890 | 0 | 5670.36 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000207666826000002/wk-form4_1767662870.xml) |
| 2026-01-02 | Winn Caroline Ann | Executive Vice President | Common Stock | F | 2442.76 | 89.71 | 31221.33 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000192269926000003/wk-form4_1767662839.xml) |
| 2026-01-02 | Sedgwick Karen L | Executive VP and CFO | Common Stock | F | 953.98 | 89.71 | 40325.59 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000185175026000003/wk-form4_1767662795.xml) |
| 2026-01-02 | Martin Jeffrey W | Director, Chairman, CEO and President | Common Stock | S | 2,394 | 88.31 | 50719.41 (D) | aff10b5One checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000146144626000006/wk-form4_1767662627.xml) |
| 2026-01-02 | Martin Jeffrey W | Director, Chairman, CEO and President | Common Stock | S | 27,606 | 89.38 | 23113.41 (D) | aff10b5One checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000146144626000006/wk-form4_1767662627.xml) |
| 2026-01-02 | Larroque Alexander Lisa | SVP, Corp Affairs and HR | Common Stock | F | 1489.96 | 89.71 | 9834.88 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000177139326000003/wk-form4_1767662758.xml) |
| 2026-01-02 | Larroque Alexander Lisa | SVP, Corp Affairs and HR | Common Stock | A | 5,824 | 0 | 15658.88 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000177139326000003/wk-form4_1767662758.xml) |
| 2026-01-02 | DAY DIANA L | Chief Legal Counsel | Common Stock | F | 1407.66 | 89.71 | 15697.6 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000195209526000002/wk-form4_1767662720.xml) |
| 2026-01-02 | DAY DIANA L | Chief Legal Counsel | Common Stock | A | 9,364 | 0 | 25061.6 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000195209526000002/wk-form4_1767662720.xml) |
| 2026-01-02 | BIRD JUSTIN CHRISTOPHER | Executive Vice President | Common Stock | F | 916.88 | 89.71 | 19401.71 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000200464526000002/wk-form4_1767662671.xml) |
| 2025-11-24 | Sedgwick Karen L | Executive VP and CFO | Common Stock | S | 7,564 | 92.29 | 41279.57 (D) | aff10b5One checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000185175025000007/wk-form4_1764021924.xml) |
| 2025-11-19 | Wold Dyan Z. | VP, Controller and CAO | Common Stock | S | 1,510 | 91.38 | 3481.34 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000207666825000003/wk-form4_1763599118.xml) |
| 2025-11-19 | Winn Caroline Ann | Executive Vice President | Common Stock | S | 500 | 91.7 | 33664.09 (D) | aff10b5One checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000192269925000018/wk-form4_1763598730.xml) |
| 2025-11-18 | Winn Caroline Ann | Executive Vice President | Common Stock | S | 5,500 | 91.58 | 34164.09 (D) | aff10b5One checked | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000192269925000018/wk-form4_1763598730.xml) |
| 2025-11-07 | Larroque Alexander Lisa | SVP, Corp Affairs and HR | Common Stock | S | 4,322 | 92.55 | 11324.84 (D) | none | [Form 4](https://www.sec.gov/Archives/edgar/data/1032208/000177139325000012/wk-form4_1762553113.xml) |

Open-market purchases (code P) appear for: Kirk Jennifer M, MARK RICHARD J, WARNER CYNTHIA J. [EDGAR Form 4 list](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001032208&type=4)
Open-market sales (code S) appear for: BIRD JUSTIN CHRISTOPHER, DAY DIANA L, Ferrero Pablo, Larroque Alexander Lisa, Martin Jeffrey W, Sedgwick Karen L, Winn Caroline Ann, Wold Dyan Z. [EDGAR Form 4 list](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001032208&type=4)
Rule 10b5-1 indications (the aff10b5One checkbox or a footnote citing Rule 10b5-1) appear on filings by: BIRD JUSTIN CHRISTOPHER, DAY DIANA L, Martin Jeffrey W, Sedgwick Karen L, Winn Caroline Ann, Wold Dyan Z. [EDGAR Form 4 list](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001032208&type=4)
No Form 4 footnote in the table mentions a private placement. [EDGAR Form 4 list](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001032208&type=4)
Form 4 filings with derivative-table entries only (no non-derivative row) were also filed by: CONESA ANDRES, Ferrero Pablo, Kirk Jennifer M, MARK RICHARD J, MEARS MICHAEL N, Martin Jeffrey W, Sagara Kevin C., Taylor Jack T, WARNER CYNTHIA J, Weaving Anya, YARDLEY JAMES C. [EDGAR Form 4 list](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001032208&type=4)
The stock record's insider block has status "no open-market transactions in window" and lists 5 recent transactions. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)

## 6. Data health

The graham verification block reads verified 14, mismatch 0, unverified 21, not_cross_checked 2; stale_inputs: Revenue, current_assets, current_liabilities, lt_debt, equity. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input Revenue = 13,702,000,000 for period 2025-12-31 from SEC XBRL Revenues (accession 0001032208-26-000010) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input current_assets = 36,203,000,000 for period 2026-03-31 from SEC XBRL AssetsCurrent (accession 0001032208-26-000030) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input current_liabilities = 21,439,000,000 for period 2026-03-31 from SEC XBRL LiabilitiesCurrent (accession 0001032208-26-000030) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input lt_debt = 30,847,000,000 for period 2026-03-31 from SEC XBRL LongTermDebtAndCapitalLeaseObligations (accession 0001032208-26-000030) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input equity = 32,239,000,000 for period 2026-03-31 from SEC XBRL StockholdersEquity (accession 0001032208-26-000030) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input Net income FY2016 = 1,370,000,000 for period 2016-12-31 from SEC XBRL NetIncomeLoss (accession 0000086521-18-000019) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input Net income FY2017 = 256,000,000 for period 2017-12-31 from SEC XBRL NetIncomeLoss (accession 0000086521-18-000019) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input Net income FY2018 = 1,126,000,000 for period 2018-12-31 from SEC XBRL ProfitLoss (accession 0001032208-21-000007) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input Net income FY2019 = 2,362,000,000 for period 2019-12-31 from SEC XBRL ProfitLoss (accession 0001032208-22-000007) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input Net income FY2020 = 4,105,000,000 for period 2020-12-31 from SEC XBRL ProfitLoss (accession 0001032208-23-000008) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input Net income FY2021 = 1,318,000,000 for period 2021-12-31 from SEC XBRL NetIncomeLoss (accession 0001032208-24-000007) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input Net income FY2022 = 2,139,000,000 for period 2022-12-31 from SEC XBRL NetIncomeLoss (accession 0001032208-25-000012) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input Net income FY2023 = 3,075,000,000 for period 2023-12-31 from SEC XBRL NetIncomeLoss (accession 0001032208-26-000010) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input Net income FY2024 = 2,862,000,000 for period 2024-12-31 from SEC XBRL NetIncomeLoss (accession 0001032208-26-000010) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input Net income FY2025 = 1,837,000,000 for period 2025-12-31 from SEC XBRL NetIncomeLoss (accession 0001032208-26-000010) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input EPS diluted FY2014 = 2.315 for period 2014-12-31 from SEC XBRL EarningsPerShareDiluted (accession 0000086521-17-000017) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input EPS diluted FY2015 = 2.685 for period 2015-12-31 from SEC XBRL EarningsPerShareDiluted (accession 0000086521-18-000019) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input EPS diluted FY2016 = 2.73 for period 2016-12-31 from SEC XBRL EarningsPerShareDiluted (accession 0000086521-19-000014) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input EPS diluted FY2023 = 4.79 for period 2023-12-31 from SEC XBRL EarningsPerShareDiluted (accession 0001032208-26-000010) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input EPS diluted FY2024 = 4.42 for period 2024-12-31 from SEC XBRL EarningsPerShareDiluted (accession 0001032208-26-000010) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
graham input EPS diluted FY2025 = 2.75 for period 2025-12-31 from SEC XBRL EarningsPerShareDiluted (accession 0001032208-26-000010) is marked unverified; no second-source value is stored for it. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
No fact for this company is marked mismatch in the cross-check table today. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
Price in the record is 81.93 as of 2026-10-15 from Yahoo Finance. [Yahoo quote](https://finance.yahoo.com/quote/SRE)

## 7. Agent log

2026-10-17 07:58 CEST: fetched the EDGAR submissions JSON (re-fetched to 08:17 CEST). [EDGAR submissions](https://data.sec.gov/submissions/CIK0001032208.json)
Fetched the latest 10-K primary document (filed 2026-02-26, period 2025-12-31) and read Item 1 and the liquidity and debt text. [10-K](https://www.sec.gov/Archives/edgar/data/1032208/000103220826000010/sre-20251231.htm)
Fetched every 8-K primary document filed 2026-04-20 to 2026-10-17 and read the item text. [EDGAR 8-K list](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001032208&type=8-K)
Fetched and parsed the Form 4 XML documents filed 2025-10-17 to 2026-10-17, including footnotes and the aff10b5One element. [EDGAR Form 4 list](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001032208&type=4)
Fetched XBRL companyfacts for the balance-sheet figures in section 2. [XBRL companyfacts](https://data.sec.gov/api/xbrl/companyfacts/CIK0001032208.json)
Read the stock record and the read-only cross-check table for sections 3 and 6. [site/s/SRE.json](https://theclaudetrader.com/s/SRE.json)
07:58 CEST: a parallel first pass was refused by www.sec.gov as too many requests on many Form 4 documents, and by 08:12 the agent's contact-less user agent was refused as an undeclared automated tool; at 08:13 to 08:17 CEST every document was re-fetched sequentially with the pipeline's declared SEC user agent from stockgrid/http.py, and none remained unreachable. [EDGAR Form 4 list](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001032208&type=4)
Not reached: 8-K exhibits (press releases), 10-Q text beyond XBRL facts, proxy statement and Form 144 notices. [EDGAR submissions](https://data.sec.gov/submissions/CIK0001032208.json)