Logo

ATO

Atmos Energy Corporation

ATO

Atmos Energy Corporation • NYSE
$176.37 ▲ 0.36% (+0.63)
Market Cap $28.51 B
52w High $180.65
52w Low $136.05
Dividend Yield 3.61%
P/E 23.64
Volume 336.51K
Outstanding Shares 161.63M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $737.48M ▼ $193.5M ▲ $174.978M ▼ 23.726% ▲ $1.07 ▼ $431.096M ▼
Q3-2025 $838.774M ▼ $124.981M ▼ $186.342M ▼ 22.216% ▼ $1.17 ▼ $452.853M ▼
Q2-2025 $1.951B ▲ $309.034M ▲ $485.576M ▲ 24.895% ▼ $3.05 ▲ $835.861M ▲
Q1-2025 $1.176B ▲ $275.427M ▲ $351.858M ▲ 29.92% ▲ $2.25 ▲ $664.647M ▲
Q4-2024 $657.944M $258.238M $134.016M 20.369% $0.88 $375.025M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $203.803M ▼ $28.906B ▲ $15.347B ▲ $13.559B ▲
Q3-2025 $709.378M ▲ $27.713B ▲ $14.327B ▲ $13.386B ▲
Q2-2025 $543.504M ▼ $26.98B ▲ $13.842B ▲ $13.138B ▲
Q1-2025 $584.536M ▲ $26.497B ▲ $13.717B ▲ $12.78B ▲
Q4-2024 $307.34M $25.194B $13.037B $12.158B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $186.342M ▼ $496.373M ▼ $-876.128M ▼ $548.236M ▲ $168.481M ▲ $-370.557M ▼
Q2-2025 $485.576M ▲ $922.937M ▲ $-828.597M ▲ $-138.626M ▼ $-44.286M ▼ $83.271M ▲
Q1-2025 $351.858M ▲ $282.022M ▼ $-888.941M ▼ $887.469M ▲ $280.55M ▲ $-609.169M ▼
Q4-2024 $134.016M ▼ $330.682M ▼ $-803.675M ▼ $102.587M ▼ $-370.406M ▼ $-477.305M ▼
Q3-2024 $165.477M $411.191M $-709.83M $714.132M $415.493M $-302.42M

Revenue by Products

Product Q1-2025Q2-2025Q3-2025Q4-2025
Distribution Segment
Distribution Segment
 $1.11Bn ▲$1.90Bn ▲$770.00M ▼$650.00M ▼
Pipeline and Storage Segment
Pipeline and Storage Segment
 $270.00M ▲$270.00M ▲$290.00M ▲$300.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Earnings have moved in a generally positive direction. Revenue jumped coming out of 2021 and has since been roughly flat, but profits have grown faster than sales. Margins have widened as the company has controlled costs and benefited from its regulated model. Net income and earnings per share have increased each year, which suggests effective rate management, stable customer demand, and good cost discipline. The overall picture is one of steady, predictable profit growth rather than rapid expansion, consistent with a mature regulated utility.

Balance Sheet

Balance Sheet The balance sheet shows a capital‑intensive utility that has been investing heavily but also building its equity base. Total assets have climbed each year as Atmos adds more infrastructure. Debt has also risen over time, which is common in this sector, but shareholders’ equity has grown strongly as well, which helps keep leverage in check. Cash levels are modest, again typical for a regulated utility that relies on steady cash inflows and access to debt markets. Overall, the financial foundation looks solid, but it depends on continued access to low‑cost financing and constructive regulation.

Cash Flow

Cash Flow Cash flow is more volatile than the income statement suggests, mainly because of large and rising investment in the network. Operating cash flow has swung from weak to very strong and then normalized, reflecting working capital swings and timing of collections and gas costs. Free cash flow has been negative in most recent years because capital spending is so high, with only one recent year showing meaningful surplus after investment. This pattern signals that Atmos is in an investment‑heavy phase and is relying on external financing to fund growth and modernization, which is normal but does add funding and interest‑rate sensitivity.

Competitive Edge

Competitive Edge Atmos operates as a regulated natural gas distributor with monopoly‑like positions in its service territories. Its vast pipeline and distribution network, built over decades, creates very high barriers to entry. Regulation provides visibility into returns and reduces exposure to commodity price swings, though it also caps upside and adds political and regulatory risk. The company’s focus on safety, reliability, and community programs supports its standing with regulators and customers. Within its footprint, competition is more about regulatory outcomes and service quality than fighting for the same end customers, which gives Atmos a relatively stable and durable competitive position.

Innovation and R&D

Innovation and R&D Innovation is focused on making the system safer, cleaner, and more efficient rather than on flashy new products. Atmos is modernizing its network with advanced materials and using sophisticated leak‑detection tools to reduce risk and emissions. It is also experimenting with lower‑carbon fuels, such as renewable natural gas, and exploring the potential for hydrogen blending over time. Projects like fuel cells powered by gas and eventually renewable gas show a willingness to adapt its infrastructure to a lower‑carbon future. While spending on classic “R&D” is not the main story, the company is clearly investing in technology and new fuel types to keep its gas network relevant.

Summary

Atmos Energy looks like a steady, infrastructure‑heavy regulated utility that is gradually improving profitability while pouring cash into its network. Earnings and equity have been climbing, supported by favorable regulation and disciplined operations, even as revenue growth has been modest. The main financial trade‑off is strong earnings versus weak free cash flow due to heavy capital spending, which requires ongoing access to debt and equity markets. Strategically, Atmos benefits from a strong local monopoly position and deep infrastructure, but it must navigate regulatory scrutiny and the long‑term shift toward lower‑carbon energy. Its focus on modernizing pipelines, enhancing safety, and integrating renewable gas and potentially hydrogen suggests it is actively preparing for that transition rather than resisting it.

NEWS

November 5, 2025 · 4:31 PM UTC

Atmos Energy Corporation Reports Earnings for Fiscal 2025; Initiates Fiscal 2026 Guidance; Raises Dividend

Read more

November 5, 2025 · 4:30 PM UTC

Atmos Energy Increases Quarterly Dividend

Read more

October 7, 2025 · 4:30 PM UTC

Atmos Energy Corporation to Host Fiscal 2025 Year End Earnings Conference Call on November 6, 2025

Read more