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ATOAtmos Energy

Utilities · Gas Utilities · NYSE

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

ATO quote by TradingView
Employees
5,487
Headquarters
Dallas, TX
CEO
John K. Akers
Next results
around Feb 2, 2027
Compare with peers → Embed
All key numbers (41, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)8.39Sales (ttm)4.9BNet income (ttm)1.4BSales growth+12.9%EPS growth+9.2%Sales Q/Q+4.8%
Free cash flow-2.0BGross margin-Oper. margin37.0%Net margin28.5%FCF margin-41.1%ROE9.2%
ROA4.4%R&D / sales-Dividend3.48Debt/Eq0.67Curr. ratio0.81Cash521.0M
Op. cash flow (ttm)2.0BEBITDA2.3BEBITDA margin48.8%Net debt9.7BQuick ratio0.81Interest cover9.09
ROIC5.0%Payout ratio46.6%Tax rate18.9%Stock pay / sales0.3%Shares out.169.0MShares Y/Y+5.2%
Book / share90.29Cash / share3.08Sales / share29.12Asset turnover0.16Days sales out.29Sales 3Y CAGR+3.8%
Sales 5Y CAGR+10.8%EPS 3Y CAGR+10.0%EPS 5Y CAGR+8.8%Employees5,487Sales / employee897K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth sped up to +12.9%-2.6% → +12.9% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
What management wrote about it → · Every company →

ATO against Utilities peers

Ten years, side by side → · All 31 →
GrowthProfitBalanceCleanInsiders
ATOPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 31 companies, the better end on the right. Hover a dot for the company.

Sales growth
+12.9%9th of 31 · median +9.7%
Net margin
28.5%2nd of 31 · median 13.8%
Return on equity
9.2%23rd of 31 · median 10.3%
Free cash flow margin
-41.1%22nd of 24 · median -13.7%
Debt / equity (less is better)
0.671st of 30 · median 1.70
ATO and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
ATO Atmos Energy$4.9B +12.9%-28.5%9.2%-41.1%0.67
NI NiSource$6.8B +23.5%-13.8%9.8%-23.0%1.91
EVRG Evergy$6.0B +2.0%-14.6%8.7%-18.2%1.52
PNW Pinnacle West Capital$5.7B +4.2%-11.6%8.8%-16.3%1.53
AWK American Water Works$5.3B +9.7%-21.3%9.5%-21.7%1.37
LNT Alliant Energy$4.4B +9.6%85.8%18.6%11.1%-1.54

From $3.4B of sales to $665.6M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $2.4BRevenue to Cost of revenue: $1.0BGross profit to Operating profit: $905.0MGross profit to Operating expenses: $1.5BOperating profit to Net profit: $665.6MOperating profit to Tax & other: $239.4M Revenue: $3.4B Revenue$3.4B +21% Y/Y Gross profit: $2.4B · 70% margin Gross profit$2.4B70% margin Cost of revenue: $1.0B · 30% of revenue Cost of revenue$1.0B30% of revenue Operating profit: $905.0M · 27% margin Operating profit$905.0M27% margin +10% Y/Y Operating expenses: $1.5B · 43% of revenue Operating expenses$1.5B43% of revenue Net profit: $665.6M · 20% margin Net profit$665.6M20% margin +11% Y/Y Tax & other: $239.4M · 7% of revenue Tax & other$239.4M7% of revenue

Swipe sideways for the whole flow →

From $4.2B of sales to $774.4M of profit

FY2022, from the 10-K income statement
Revenue to Gross profit: $2.5BRevenue to Cost of revenue: $1.7BGross profit to Operating profit: $921.0MGross profit to Operating expenses: $1.6BOperating profit to Net profit: $774.4MOperating profit to Tax & other: $146.6M Revenue: $4.2B Revenue$4.2B +23% Y/Y Gross profit: $2.5B · 60% margin Gross profit$2.5B60% margin Cost of revenue: $1.7B · 40% of revenue Cost of revenue$1.7B40% of revenue Operating profit: $921.0M · 22% margin Operating profit$921.0M22% margin +2% Y/Y Operating expenses: $1.6B · 38% of revenue Operating expenses$1.6B38% of revenue Net profit: $774.4M · 18% margin Net profit$774.4M18% margin +16% Y/Y Tax & other: $146.6M · 3% of revenue Tax & other$146.6M3% of revenue

Swipe sideways for the whole flow →

From $4.3B of sales to $885.9M of profit

FY2023, from the 10-K income statement
Revenue to Gross profit: $2.8BRevenue to Cost of revenue: $1.5BGross profit to Operating profit: $1.1BGross profit to Operating expenses: $1.8BOperating profit to Net profit: $885.9MOperating profit to Tax & other: $181.3M Revenue: $4.3B Revenue$4.3B +2% Y/Y Gross profit: $2.8B · 66% margin Gross profit$2.8B66% margin Cost of revenue: $1.5B · 34% of revenue Cost of revenue$1.5B34% of revenue Operating profit: $1.1B · 25% margin Operating profit$1.1B25% margin +16% Y/Y Operating expenses: $1.8B · 41% of revenue Operating expenses$1.8B41% of revenue Net profit: $885.9M · 21% margin Net profit$885.9M21% margin +14% Y/Y Tax & other: $181.3M · 4% of revenue Tax & other$181.3M4% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3
  • ✓
    Net margin above the peer median28.5% vs 13.8%
  • !
    Return on equity below 15%9.2%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 14.3% → 25.5%

Balance sheet

2 of 3
  • ✓
    Interest covered more than 5 timesOperating income is 9.1× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.67 on the latest balance sheet (peer median 1.70)
  • !
    Current ratio below 1Current ratio 0.81
Debt / equity at each year end, FY2016 to FY2025: 0.94 → 0.66
What the debt is made of ↓

Cash and shareholders

2 of 4
  • !
    Free cash flow positive in 1 of 10 years−$1.5B last year
  • !
    Share count up over 5 years+30.7%
  • ✓
    Dividend per share up over 5 years$2.30 → $3.48
  • ✓
    Cash from operations above net income$2.0B vs $1.2B
Free cash flow, FY2016 to FY2025: -292.0M → -1.5B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Jun 30, 2026 · schedule of Sep 30, 2025
Debt: $10.3B Debt$10.3B Long-term debt: $9.7B · 95% Long-term debt$9.7B · 95% Due within a year: $502.5M · 5% Due within a year$502.5M · 5% Next 12 months: $10.0M · 0% Next 12 months$10.0M · 0% Year 2: $500.0M · 5% Year 2$500.0M · 5% Year 3: $150.0M · 1% Year 3$150.0M · 1% Year 4: $500.0M · 5% Year 4$500.0M · 5% After year 5: $7.8B · 76% After year 5$7.8B · 76%

The debt note's own lines, 2025-09-30

Line, as the company names itKindRateFixed or floatingAmount
Unsecured 4.125% Senior Notes, due October 2044Secured4.12%not stated$750.0M
Unsecured 5.90% Senior Notes, due November 2033Secured5.90%not stated$725.0M
Unsecured 5.00% Senior Notes, due December 2054Secured5.00%not stated$650.0M
Unsecured 1.50% Senior Notes, due January 2031Secured1.50%not stated$600.0M
Unsecured 2.85% Senior Notes, due February 2052Secured2.85%not stated$600.0M
Unsecured 4.30% Senior Notes, due October 2048Secured4.30%not stated$600.0M
Unsecured 2.625% Senior Notes, due September 2029Secured2.62%not stated$500.0M
Unsecured 3.00% Senior Notes, due June 2027Secured3.00%not stated$500.0M
Unsecured 3.375% Senior Notes, due September 2049Secured3.38%not stated$500.0M
Unsecured 4.15% Senior Notes, due January 2043Secured4.15%not stated$500.0M
Unsecured 5.20% Senior Notes, due August 2035Secured5.20%not stated$500.0M
Unsecured 5.75% Senior Notes, due October 2052Secured5.75%not stated$500.0M
Unsecured 6.20% Senior Notes, due November 2053Secured6.20%not stated$500.0M
Unsecured 4.125% Senior Notes, due March 2049Secured4.12%not stated$450.0M
Unsecured 5.50% Senior Notes, due June 2041Secured5.50%not stated$400.0M
Unsecured 5.45% Senior Notes, due October 2032Secured5.45%not stated$300.0M
Unsecured 5.95% Senior Notes, due October 2034Secured5.95%not stated$200.0M
Unsecured 6.75% Debentures, due July 2028Secured6.75%not stated$150.0M
Medium term Series A notes, 1995-1, 6.67%, due December 2025Notes and bonds6.67%not stated$10.0M
All 19 lines

From the debt note in the 10-K's XBRL (0000731802-25-000056), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 4.7B Net income 1.2B
FY2016 revenue 2.5B · Revenues, 0000731802-18-000039 FY2016 net income 350.1M · NetIncomeLoss, 0000731802-18-000039 2.5B FY2016 FY2017 revenue 2.8B · Revenues, 0000731802-19-000037 FY2017 net income 396.4M · NetIncomeLoss, 0000731802-19-000037 2.8B FY2017 FY2018 revenue 3.1B · Revenues, 0000731802-20-000040 FY2018 net income 603.1M · NetIncomeLoss, 0000731802-20-000040 3.1B FY2018 FY2019 revenue 2.9B · Revenues, 0000731802-21-000040 FY2019 net income 511.4M · NetIncomeLoss, 0000731802-21-000040 2.9B FY2019 FY2020 revenue 2.8B · Revenues, 0000731802-22-000037 FY2020 net income 601.4M · NetIncomeLoss, 0000731802-22-000037 2.8B FY2020 FY2021 revenue 3.4B · Revenues, 0000731802-23-000028 FY2021 net income 665.6M · NetIncomeLoss, 0000731802-23-000028 3.4B FY2021 FY2022 revenue 4.2B · Revenues, 0000731802-24-000030 FY2022 net income 774.4M · NetIncomeLoss, 0000731802-24-000030 4.2B FY2022 FY2023 revenue 4.3B · Revenues, 0000731802-25-000056 FY2023 net income 885.9M · NetIncomeLoss, 0000731802-25-000056 4.3B FY2023 FY2024 revenue 4.2B · Revenues, 0000731802-25-000056 FY2024 net income 1.0B · NetIncomeLoss, 0000731802-25-000056 4.2B FY2024 FY2025 revenue 4.7B · Revenues, 0000731802-25-000056 FY2025 net income 1.2B · NetIncomeLoss, 0000731802-25-000056 4.7B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

ATO's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue4.7B
FY2016: 2.5BFY2017: 2.8BFY2018: 3.1BFY2019: 2.9BFY2020: 2.8BFY2021: 3.4BFY2022: 4.2BFY2023: 4.3BFY2024: 4.2BFY2025: 4.7B FY2017FY2019FY2021FY2023FY2025
Net income1.2B
FY2016: 350.1MFY2017: 396.4MFY2018: 603.1MFY2019: 511.4MFY2020: 601.4MFY2021: 665.6MFY2022: 774.4MFY2023: 885.9MFY2024: 1.0BFY2025: 1.2B FY2017FY2019FY2021FY2023FY2025
Free cash flow-1.5B
FY2016: -292.0MFY2017: -270.0MFY2018: -342.9MFY2019: -724.7MFY2020: -897.7MFY2021: -3.1BFY2022: -1.5BFY2023: 653.8MFY2024: -1.2BFY2025: -1.5B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)7.46
FY2016: 3.38FY2017: 3.73FY2018: 5.43FY2019: 4.35FY2020: 4.89FY2021: 5.12FY2022: 5.60FY2023: 6.10FY2024: 6.83FY2025: 7.46 FY2017FY2019FY2021FY2023FY2025
Dividend per share3.48
FY2016: 1.68FY2017: 1.80FY2018: 1.94FY2019: 2.10FY2020: 2.30FY2021: 2.50FY2022: 2.72FY2023: 2.96FY2024: 3.22FY2025: 3.48 FY2017FY2019FY2021FY2023FY2025
Diluted shares160.6M
FY2016: 103.5MFY2017: 106.1MFY2018: 111.0MFY2019: 117.5MFY2020: 122.9MFY2021: 129.8MFY2022: 138.1MFY2023: 145.2MFY2024: 152.7MFY2025: 160.6M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Sep 30, 2025
RevenueSharevs year before
Distribution 4.4B94.1% +13.0%
Pipelineand Storage 1.1B22.7% +13.6%

10-K 0000731802-25-000056, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue2.5B2.8B3.1B2.9B2.8B3.4B4.2B4.3B4.2B4.7B
Cost of revenue--1.2B858.8M658.9M1.0B1.7B1.5B--
Gross profit1.7B---------
Operating income657.2M735.6M727.9M746.1M824.1M905.0M921.0M1.1B1.4B1.6B
Interest expense114.8M120.2M106.6M103.2M84.5M83.6M102.8M137.3M190.6M171.7M
Pretax income542.2M604.1M611.1M650.3M746.8M819.3M851.9M999.6M1.2B1.5B
Income tax196.6M221.4M8.1M138.9M145.4M153.7M77.5M113.8M192.9M279.3M
Net income350.1M396.4M603.1M511.4M601.4M665.6M774.4M885.9M1.0B1.2B
EPS (diluted)3.383.735.434.354.895.125.606.106.837.46
Diluted shares103.5M106.1M111.0M117.5M122.9M129.8M138.1M145.2M152.7M160.6M
Depreciation & amortization293.1M319.6M361.1M391.5M429.8M478.0M535.7M604.3M670.0M734.7M
EBITDA950.3M1.1B1.1B1.1B1.3B1.4B1.5B1.7B2.0B2.3B
Gross margin71.1%---------
Operating margin26.8%26.7%23.4%25.7%29.2%26.6%21.9%25.0%32.5%33.2%
Net margin14.3%14.4%19.4%17.6%21.3%19.5%18.4%20.7%25.0%25.5%
Revenue growth-+12.4%+12.9%-6.9%-2.8%+20.8%+23.3%+1.8%-2.6%+12.9%
EPS growth-+10.4%+45.6%-19.9%+12.4%+4.7%+9.4%+8.9%+12.0%+9.2%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash47.5M26.4M13.8M24.6M20.8M116.7M51.6M15.4M307.3M202.7M
Receivables215.9M222.3M253.3M230.6M230.6M343.0M363.7M328.7M365.9M375.5M
Current assets681.7M539.6M478.9M458.0M471.3M2.8B3.0B885.8M1.1B1.1B
Goodwill727.0M730.1M730.4M730.7M731.3M731.3M731.3M731.3M731.3M731.3M
Total assets10.0B10.7B11.9B13.4B15.4B19.6B22.2B22.5B25.2B28.2B
Current liabilities1.8B1.0B1.9B1.2B782.4M3.5B3.6B1.4B1.2B1.4B
Total debt3.3B3.5B3.6B4.0B4.5B7.3B8.1B6.8B7.8B8.9B
Shareholders' equity3.5B3.9B4.8B5.8B6.8B7.9B9.4B10.9B12.2B13.6B
Retained earnings1.3B1.5B1.9B2.2B2.5B2.8B3.2B3.7B4.2B4.9B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow795.0M867.1M1.1B968.8M1.0B-1.1B977.6M3.5B1.7B2.0B
Capital spending1.1B1.1B1.5B1.7B1.9B2.0B2.4B2.8B2.9B3.6B
Free cash flow-292.0M-270.0M-342.9M-724.7M-897.7M-3.1B-1.5B653.8M-1.2B-1.5B
Stock-based pay (added back)14.8M14.1M12.9M11.1M9.6M11.3M10.7M10.2M10.7M12.7M
Dividends paid175.1M191.9M214.9M245.7M282.4M323.9M375.9M430.3M492.9M553.8M
Debt raised0884.9M01.0B999.5M2.8B798.8M797.3M1.2B1.1B
Debt repaid0250.0M0575.0M00200.0M2.2B00
Investing cash flow-1.1B-1.1B-1.5B-1.7B-1.9B-2.0B-2.4B-2.8B-2.9B-3.6B
Financing cash flow303.6M168.1M326.3M725.7M883.8M3.1B1.4B-696.8M1.5B1.4B
Dividend per share1.681.801.942.102.302.502.722.963.223.48

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)14.8M14.1M12.9M11.1M9.6M11.3M10.7M10.2M10.7M12.7M
Stock-based pay / revenue0.6%0.5%0.4%0.4%0.3%0.3%0.3%0.2%0.3%0.3%
Operating lease cost----40.9M42.3M43.4M44.1M48.4M56.7M
Operating lease cash paid----37.8M42.0M45.1M45.5M47.1M52.5M
Right-of-use assets----227.1M222.4M214.7M223.4M249.6M293.9M
Operating lease liabilities----236.8M232.4M222.9M230.3M258.8M307.6M
Finance lease liabilities---08.6M18.7M51.9M50.4M48.9M47.2M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on ATO in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/ATO/export.csv") into a cell.