Adjusted earnings totaled $191 million compared to $207 million in Q2 2024, with weather-normalized demand growth of 1.4%.
Evergy reported Q2 2025 adjusted earnings of $0.82 per share, exceeding internal budget and overcoming $0.09 of unfavorable weather impact.
Losses of approximately $0.08 per share were recorded related to the decision to exit Evergy Ventures, excluded from adjusted earnings.
Recovery of and return on regulated investments contributed $0.09 per share, while higher O&M and infrastructure investment expenses reduced EPS by $0.05 and $0.07 respectively.
Weather-normalized demand increased 1.4% driven by residential and commercial usage, with industrial sales showing year-over-year growth in June.
Adjusted earnings for Q2 2025 were $583 million or $0.89 per share, flat compared to $567 million or $0.89 per share in Q2 2024.
First half 2025 results were solid, with execution on value creation initiatives supporting full-year guidance.
Parent company saw a $16 million increase mainly from timing of income tax benefits and net investment gains, offset by higher interest expense.
Sempra California saw a $5 million increase primarily from higher regulatory awards and electric transmission margin, offset by lower CPUC base operating margin and authorized cost of capital.
Sempra Infrastructure revenues increased by $26 million from contract modifications and higher power volumes.
Sempra reported Q2 2025 GAAP earnings of $461 million or $0.71 per share, down from $713 million or $1.12 per share in Q2 2024.
Sempra Texas had $6 million higher equity earnings due to invested capital growth and customer growth, partially offset by higher expenses and lower consumption due to weather.
Adjusted EBITDA was $87 million, down 7.6% sequentially, with margins compressing to 31.7% from 33.5%.
Cash balance increased to $405 million, up approximately $58 million sequentially, supported by positive inventory and accounts payable movements and lower CapEx.
GAAP income was $49 million in Q2 versus $54 million in Q1; adjusted net income was $53 million with EPS of $0.66.
Legal expenses and reserves related to litigation increased by approximately $2 million to $5.1 million in Q2.
Net CapEx was approximately $11.1 million in Q2, with a reduced full-year 2025 CapEx outlook of $40 million to $45 million.
Operating income declined $12 million or 22.1% sequentially, with margin compression due to tariffs, lower rental revenue, and legal expenses.
Pressure Control segment revenue declined 5.5% sequentially to $180 million, driven by lower rental business revenue and unfavorable product mix.
Q2 2025 revenue was $274 million, a sequential decline of 2.4%.
Spoolable Technologies segment revenue increased 3.9% sequentially to $96 million, with improved operating income and margins.
The Board approved an 8% increase in the quarterly dividend to $0.14 per share.
Capital investments for Q2 and year-to-date were $119.4 million and $229.5 million, representing 14.2% and 7% increases respectively over 2024.
Net income for Q2 2025 was $42.2 million or $0.71 per diluted share, compared to $40.6 million or $0.70 per diluted share in Q2 2024.
Non-GAAP EPS increased 15% year-over-year in Q2 2025, a strong performance given the third year of the California rate case.
Non-GAAP Q2 2025 revenue increased $17.9 million or 7.2% compared to Q2 2024 non-GAAP revenue.
Q2 2025 revenue increased $20.7 million or 8.5% to $265 million compared to Q2 2024 revenue of $244.3 million.
The company maintained a strong liquidity profile with $50.5 million unrestricted cash, $45.6 million restricted cash, and $240 million available credit.
The company retained its A+ stable credit rating from S&P Global.
Year-to-date 2025 revenue was $468.9 million compared to $515 million in prior year; adjusted for interim rate relief, revenue increased $41.3 million or 9.7%.
Year-to-date net income was $55.5 million or $0.93 per diluted share compared to $110.5 million or $1.90 per diluted share prior year; adjusted for interim rate relief, net income increased $9 million or 19.4%.
Dafinchi