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.
ATOAtmos Energy
Atmos Energy Corporation, a natural gas-only distributor, is an S&P 500 company headquartered in Dallas and incorporated in Texas and Virginia. 10-K, Item 1
- Employees
- 5,487
- Headquarters
- Dallas, TX
- CEO
- John K. Akers
- Next results
- around Feb 2, 2027
10-K 0000731802-25-000056 (2025-11-14) vs 10-K 0000731802-24-000030 (2024-11-18)
| Section | Compared text | Words now | Changed |
|---|---|---|---|
| Risk Factors | Item 1A | 3,616 | 5.6% |
| MD&A | Item 7 | 5,830 | 8.2% |
| Legal Proceedings | Item 3, via Note 14 – Commitments and Contingencies | 488 | 5.4% |
| Accounting Policies | Item 8, Note 2 – Summary of Significant Accounting Policies | 5,352 | 1.7% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, 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 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.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
RewordedRisk Factors
Although we have taken steps to structure current and future transactions to comply with applicable current FERC regulations, changes in FERC regulations or their interpretation by FERC or additional regulations issued by FERC in the future could also adversely affect our business, financial condition, or financial results.
RewordedRisk Factors
The competition for talent has become increasingly intense and we may experience increased employee turnover due to a tightening labor market. intense.
RewordedRisk Factors
In the normal course of business, as a regulated entity, we often need to place assets in service and establish historical test periods before rate cases that seek to adjust our allowed returns to recover that investment can be filed.
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.
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RewordedMD&A
Additionally, our pipeline and storage segment's fiscal 2024 2025 results were favorably impacted by $21.1 $7.7 million as a result of Texas legislation that became effective during the first third quarter of fiscal 2024 2025 related 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. infrastructure spending.
RewordedMD&A
During fiscal 2024, 2025, we recorded net income of $1,198.8 million, or $7.46 per diluted share, compared to net income of $1,042.9 million, or $6.83 per diluted share, compared to net income of $885.9 million, or $6.10 per diluted share in the prior year.
RewordedMD&A
RewordedMD&A
These increases were partially offset by higher bad debt expense, increased employee-related costs, depreciation expense, and interest expense. property tax expenses, and higher spending on safety and compliance related activities.
RewordedMD&A
On April 1, 2024, 2, 2025, Moody's reaffirmed its long-term and short-term credit ratings ratings, downgraded our long-term credit rating to A2, and placed our ratings under negative stable outlook.
RewordedMD&A
These risks and uncertainties include the following: federal, state, and local regulatory and political trends and decisions, including the impact of rate proceedings before various state regulatory commissions; increased federal regulatory oversight and potential penalties; possible increased federal, state, and local regulation of the safety of our operations; possible significant costs and liabilities resulting from pipeline integrity and other similar programs and related repairs; the inherent hazards and risks involved in distributing, transporting, and storing natural gas; the availability and accessibility of contracted gas supplies, interstate pipeline, and/or storage services; increased competition from energy suppliers and alternative forms of energy; failure to attract and retain a qualified workforce; natural disasters, adverse weather, terrorist activities, or other events and other risks and uncertainties discussed herein, all of which are difficult to predict and many of which are beyond our control; failure of technology that affects the Company's business operations; the threat of cyber-attacks or acts of cyber-terrorism that could disrupt our business operations and information technology systems or result in the loss or exposure of confidential or sensitive customer, employee, or Company information; the impact of new cybersecurity compliance requirements; adverse weather conditions; the impact of legislation to
RewordedMD&A
We also completed a public offering of $325 $650 million of 5.90% 5.00% senior notes due October 2033, December 2054, and received net proceeds from the offering, after the underwriting discount and offering expenses, of $339.0 $639.4 million.
RewordedMD&A
On February 27, 2024, 26, 2025, APT made a GRIP filing that covered changes in net property, plant and equipment investment from January 1, 2023 2024 through December 31, 2023 2024 with a requested increase in operating income of $82.4 $77.2 million.
RewordedMD&A
Our financing activities provided $1,478.6 $1,406.8 million of cash for fiscal year 2024 2025 compared with $696.8 $1,478.6 million of cash used provided by financing activities for fiscal year 2023. 2024.
RewordedMD&A
We also completed a public offering of $325 $500 million of 5.90% 5.20% senior notes due October 2033, August 2035, and received net proceeds from the offering, after the underwriting discount and offering expenses, of $339.0 $493.7 million.
RewordedMD&A
As of the date of this report, $1.1 $5.2 billion of securities remained available for issuance under the shelf registration statement, which expires March 31, 2026. December 3, 2027.
RewordedMD&A
We also have an at-the-market (ATM) equity sales program that allows us to issue and sell shares of our common stock up to an aggregate offering price of $1.0 $1.7 billion (including shares of common stock that may be sold pursuant to forward sale agreements entered into in connection with the ATM equity sales program), which expires March 31, 2026. December 3, 2027.
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