SREHIGH SIGNALFINANCIAL10-K

SRE experienced dramatic balance sheet restructuring with current assets surging 559% while cash collapsed 98%, accompanied by a 36% decline in net income.

The massive increase in current assets coupled with near-elimination of cash suggests a significant business transformation or asset reclassification that fundamentally altered SRE's liquidity profile. The simultaneous 36% drop in profitability and 24% increase in interest expense indicates deteriorating operational performance and higher financing costs, creating a concerning combination of reduced earnings power and constrained cash availability.

Comparing 2026-02-26 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

SRE underwent a dramatic financial restructuring with current assets exploding from $5.3B to $34.8B while cash evaporated from $1.6B to just $29M, suggesting major asset reclassifications or acquisitions funded through debt rather than cash. Profitability declined sharply with net income falling 36% to $1.8B while interest expense rose 24% to $1.3B, indicating higher leverage and deteriorating operational performance. The overall picture shows a company that has undergone significant structural changes that have strained both its cash position and earnings capacity, representing a material shift in financial risk profile that warrants close investor scrutiny.

FINANCIAL STATEMENT CHANGES
Current Assets
Balance Sheet
+559.2%
$5.3B→$34.8B

Current assets grew 559.2% — improving short-term liquidity or inventory/receivables build.

Current Liabilities
Balance Sheet
+126.3%
$9.7B→$21.9B

Current liabilities surged 126.3% — significant near-term obligations; verify ability to meet short-term debt.

Cash & Equivalents
Balance Sheet
-98.1%
$1.6B→$29.0M

Cash declined 98.1% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Net Income
P&L
-35.8%
$2.9B→$1.8B

Net income declined 35.8% — review whether driven by operations, interest costs, or non-recurring items.

Share Buybacks
Cash Flow
+34.9%
$43.0M→$58.0M

Share repurchases increased 34.9% — management returning capital, signals confidence in intrinsic value.

Interest Expense
P&L
+24.2%
$1.1B→$1.3B

Interest costs rose 24.2% — monitor debt levels and coverage ratio in rising rate environment.

Total Assets
Balance Sheet
+15.3%
$96.2B→$110.9B

Asset base grew 15.3% — expansion through organic growth, acquisitions, or capital deployment.

Accounts Receivable
Balance Sheet
-10.9%
$2.0B→$1.8B

Receivables declined — improved collection efficiency or conservative revenue recognition.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-25
ADDED
Management s Discussion and Analysis of Financial Condition and Results of Operations 72 Overview 72 Results of Operations by Registrant 73 Capital Resources and Liquidity 88 Critical Accounting Estimates 108 Item 7A.
Each such Registrant makes statements herein only as to itself and makes no statement whatsoever as to any other Registrant.
2025 Form 10-K | 4 Tab le of Cont ents The following terms and abbreviations appearing in this report have the meanings indicated below.
Department of Transportation DWR California Department of Water Resources ECA LNG ECA LNG Phase 1 and ECA LNG Phase 2, collectively ECA LNG Phase 1 ECA LNG Holdings B.V., a subsidiary of SI Partners that owns the ECA LNG Phase 1 project ECA LNG Phase 2 ECA LNG II Holdings B.V., a subsidiary of SI Partners that owns the ECA LNG Phase 2 project ECA Regas Facility Energ a Costa Azul, S.
Environmental Protection Agency EPC engineering, procurement and construction EPS earnings (losses) per common share 2025 Form 10-K | 5 Tab le of Cont ents GLOSSARY ERCOT Electric Reliability Council of Texas, Inc., the ISO and the regional coordinator of various electricity systems within Texas ESJ Energ a Sierra Ju rez, S.
+7 more — sign up free →
REMOVED
Management s Discussion and Analysis of Financial Condition and Results of Operations 66 Overview 66 Results of Operations by Registrant 67 Capital Resources and Liquidity 82 Critical Accounting Estimates 101 Item 7A.
Each such Registrant makes statements herein only as to itself and its consolidated entities and makes no statement whatsoever as to any other entity.
Department of Transportation DWR California Department of Water Resources ECA LNG ECA LNG Phase 1 and ECA LNG Phase 2, collectively ECA LNG Phase 1 ECA LNG Holdings B.V.
Environmental Protection Agency EPC engineering, procurement and construction EPS earnings (losses) per common share ERCOT Electric Reliability Council of Texas, Inc., the ISO and the regional coordinator of various electricity systems within Texas ESJ Energ a Sierra Ju rez, S.
IMG Infraestructura Marina del Golfo INEOS INEOS Energy Trading Limited, a subsidiary of INEOS Limited IOU investor-owned utility IRA Inflation Reduction Act of 2022 IRS U.S.
+7 more — sign up free →
MORE FINANCIAL SIGNALS
PNRGHIGHPNRG achieved exceptional profitability improvement with net income surging 2,21...
2026-04-16
BNAIHIGHBNAI underwent a dramatic reverse stock split that reduced share count by 86% wh...
2026-04-16
LAKEHIGHLAKE's financial performance deteriorated significantly with operating losses wo...
2026-04-16
NXXTHIGHNextNRG experienced massive financial deterioration with operating losses explod...
2026-04-16
ANALYZE ANY FILING FREE

See what changed in your portfolio's filings

500+ US-listed companies analyzed. Language delta, financial analysis, instant signal scoring.

Try Tracenotes free →