AddedRisk Factors
interpretation by FERC or additional regulations issued by FERC in the future could also adversely affect our business, financial condition, or financial results.
The 10-K against last year's
30 changes: 4 added, 7 removed, 19 reworded
10-K 0000731802-25-000056 (2025-11-14) vs 10-K 0000731802-24-000030 (2024-11-18)
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 88 words changed in this paragraph; it is 46% similar to last year's version.
Our long-term debt is currently rated as “investment grade” by Standard & Poor’s Corporation and Moody’s Investors Service, Inc. Similar to most companies, we rely upon access to both short-term and long-term credit and capital markets to satisfy our liquidity requirements. If adverse credit conditions were to cause a significant limitation on our access to the private credit and public capital markets, we could see a reduction in our liquidity. A significant reduction in our liquidity could in turn trigger a negative change in our ratings outlook or even a reduction in our credit ratings by one or more of the credit rating agencies. Such a downgrade could further limit our access to private credit and/or public capital markets and increase our costs of borrowing.
Source: Item 1A, 10-K 0000731802-25-000056 vs Item 1A, 10-K 0000731802-24-000030
Accounting Policies 66 words changed in this paragraph; it is 64% similar to last year's version.
In December 2023, the FASB issued guidance which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The We early adopted this amendment is effective as of September 30, 2025 and applied it retrospectively for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments should be applied prospectively; however, retrospective application is also permitted. This amendment will be effective all periods presented. See Note 15 for our Form 10-K for fiscal 2026. We are currently evaluating the impact this may have on our financial statement disclosures. further discussion.
Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0000731802-25-000056 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0000731802-24-000030
MD&A 58 words changed in this paragraph; it is 66% similar to last year's version.
During fiscal 2024, 2025, we recorded net income of $1,042.9 $1,198.8 million, or $6.83 $7.46 per diluted share, compared to net income of $885.9 $1,042.9 million, or $6.10 $6.83 per diluted share in the prior year. The year-over-year increase in net income of $157.0 $155.9 million largely reflects positive rate outcomes driven by safety and reliability spending. Additionally, our fiscal 2024 2025 results were favorably impacted by $21.1 million as a result of legislation that became effective during the first quarter of fiscal 2024 to reduce property tax expenses in Texas and $13.9 million as a result of a change to our bad debt recovery mechanism in Mississippi. These increases were partially offset by increased employee-related costs, depreciation expense, and interest expense.
Source: Item 7, 10-K 0000731802-25-000056 vs Item 7, 10-K 0000731802-24-000030
Legal Proceedings New paragraph this year (50 words), with no similar paragraph last year.
The NTSB issued a Preliminary Report on December 30, 2024 relating to its investigation of an incident that occurred in Avondale, Louisiana on December 2, 2024 that resulted in one fatality. Atmos Energy is working closely with the NTSB and other state and federal regulators to help determine causal factors.
Source: Item 3, via Note 14 – Commitments and Contingencies, 10-K 0000731802-25-000056 vs Item 3, via Note 14 – Commitments and Contingencies, 10-K 0000731802-24-000030
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of ATO's Risk Factors and MD&A, 10-K 2025-11-14 against 10-K 2024-11-18. Each links to the text at sec.gov.
AddedMD&A
We anticipate making significant capital expenditures for the foreseeable future to modernize our distribution and transmission system, to comply with the safety rules and regulations issued by the regulatory authorities responsible for the service areas in which we operate, and to prepare to serve the growing needs of the communities we serve. Between fiscal years 2026 and 2030, we anticipate spending approximately $26 billion, with more than 80 percent dedicated to safety and reliability spending. The magnitude and allocation of these expenditures may be affected by factors such as new policy and regulations, population growth, and increased labor and materials costs. Although we believe these costs are ultimately recoverable through our rates based on the regulatory frameworks currently available to us, full recovery is not assured.
AddedMD&A
Additionally, our distribution segment's fiscal 2025 results were favorably impacted by $18.5 million as a result of Texas legislation that became effective during the third quarter of fiscal 2025 related to infrastructure spending.
AddedMD&A
•an $18.9 million increase in expenses recognized as a result of the System Safety and Integrity Rider filing approved in November 2024, which is offset in operating revenues.