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Atmos Energy Corp Financials

ATO
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 Currency USD FYE September

This page shows Atmos Energy Corp (ATO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ATO FY2025

Higher earnings are being consumed by a capital-heavy expansion cycle, keeping free cash flow negative even as margins improve.

FY2023’s cash surplus was not a new steady state: by FY2025, net income reached $1.2B and operating cash flow was $2.0B, yet capital spending of $3.6B drove free cash flow to -$1.5B. The key operating mechanic is that accounting profit is rising faster than spendable cash because the business is reinvesting heavily into assets before that earnings growth can show up as surplus cash.

From FY2023 to FY2025, total assets expanded by about $5.7B while long-term debt increased by about $2.4B. With the current ratio still below 1.0x in FY2025, liquidity is managed tightly, meaning growth relies on long-lived funding rather than large cash reserves.

Revenue moved from $4.3B in FY2023 to $4.7B in FY2025, but operating margin rose from 25.0% to 33.2%. That spread suggests the profit improvement came more from a better cost structure and fixed-cost absorption than from top-line growth alone.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 56 / 100
Financial Health Score 56/100
Scored as: Utilities peer group

Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Atmos Energy Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
78
Growth
49
Leverage
67
Liquidity
46
Cash Flow
17
Returns
78
Altman Z-Score Distress
1.80

Atmos Energy Corp scores 1.80, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($30.0B) relative to total liabilities ($14.7B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial
5/8

Atmos Energy Corp passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed
1.71x

For every $1 of reported earnings, Atmos Energy Corp generates $1.71 in operating cash flow ($2.0B OCF vs $1.2B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
9.1x

Atmos Energy Corp earns $9.1 in operating income for every $1 of interest expense ($1.6B vs $171.7M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$4.7B
YoY+12.9%
5Y CAGR+10.8%

Atmos Energy Corp generated $4.7B in revenue in fiscal year 2025. This represents an increase of 12.9% from the prior year.

EBITDA
$2.3B
YoY+13.3%
5Y CAGR+12.8%
10Y CAGR+10.0%

Atmos Energy Corp's EBITDA was $2.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.3% from the prior year.

Net Income
$1.2B
YoY+14.9%
5Y CAGR+14.8%
10Y CAGR+14.3%

Atmos Energy Corp reported $1.2B in net income in fiscal year 2025. This represents an increase of 14.9% from the prior year.

EPS (Diluted)
$7.46
YoY+9.2%
5Y CAGR+8.8%
10Y CAGR+9.2%

Atmos Energy Corp earned $7.46 per diluted share (EPS) in fiscal year 2025. This represents an increase of 9.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
-$1.5B
YoY-25.6%

Atmos Energy Corp generated -$1.5B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 25.6% from the prior year.

Cash & Debt
$202.7M
YoY-34.1%
5Y CAGR+57.7%
10Y CAGR+21.6%

Atmos Energy Corp held $202.7M in cash against $8.9B in long-term debt as of fiscal year 2025.

Dividends Per Share
$3.48
YoY+8.1%
5Y CAGR+8.6%
10Y CAGR+8.4%

Atmos Energy Corp paid $3.48 per share in dividends in fiscal year 2025. This represents an increase of 8.1% from the prior year.

Shares Outstanding
162M
YoY+4.1%
5Y CAGR+5.1%
10Y CAGR+4.8%

Atmos Energy Corp had 162M shares outstanding in fiscal year 2025. This represents an increase of 4.1% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
33.2%
YoY+0.6pp
5Y CAGR+4.0pp

Atmos Energy Corp's operating margin was 33.2% in fiscal year 2025, reflecting core business profitability. This is up 0.6 percentage points from the prior year.

Net Margin
25.5%
YoY+0.5pp
5Y CAGR+4.2pp

Atmos Energy Corp's net profit margin was 25.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.5 percentage points from the prior year.

Return on Equity
8.8%
YoY+0.3pp
5Y CAGR-0.0pp
10Y CAGR-1.0pp

Atmos Energy Corp's ROE was 8.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.3 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
N/A
Capital Expenditures
$3.6B
YoY+21.3%
5Y CAGR+13.0%
10Y CAGR+14.0%

Atmos Energy Corp invested $3.6B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 21.3% from the prior year.

ATO Income Statement

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Revenue $2.0B+46.2% $1.3B+82.1% $737.5M-12.1% $838.8M-57.0% $2.0B+65.9% $1.2B+78.7% $657.9M-6.2% $701.5M
Cost of Revenue N/A N/A N/A N/A $779.2M+232.9% $234.0M N/A N/A
Gross Profit N/A N/A N/A N/A $1.2B+24.3% $942.0M N/A N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses N/A N/A N/A N/A N/A N/A N/A N/A
Operating Income $764.8M+48.6% $514.8M+134.5% $219.5M-12.9% $252.1M-59.9% $628.9M+36.9% $459.5M+148.4% $185.0M-16.0% $220.3M
Interest Expense $48.7M+45.8% $33.4M+22.8% $27.2M-34.5% $41.5M-16.9% $50.0M-5.5% $52.9M+25.5% $42.2M+2.4% $41.2M
Income Tax $151.7M+50.8% $100.6M+163.2% $38.2M-13.5% $44.2M-62.4% $117.5M+48.1% $79.3M+212.3% $25.4M-24.0% $33.4M
Net Income $581.9M+44.4% $403.0M+130.4% $174.9M-6.2% $186.4M-61.6% $485.6M+38.0% $351.9M+162.5% $134.0M-19.1% $165.6M
EPS (Diluted) $3.47+42.2% $2.44 N/A $1.16-61.7% $3.03+35.9% $2.23 N/A $1.08

ATO Balance Sheet

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Total Assets $30.4B+2.0% $29.8B+5.5% $28.2B+1.9% $27.7B+2.7% $27.0B+1.8% $26.5B+5.2% $25.2B+1.2% $24.9B
Current Assets $1.3B-22.9% $1.6B+55.4% $1.1B-32.2% $1.6B-2.5% $1.6B-13.0% $1.8B+61.5% $1.1B-33.7% $1.7B
Cash & Equivalents $125.7M-65.8% $367.0M+81.1% $202.7M-71.4% $709.4M+30.5% $543.5M-7.0% $584.5M+90.2% $307.3M-54.4% $674.6M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $644.6M-11.8% $731.1M+94.7% $375.5M-6.0% $399.5M-39.5% $660.6M+5.1% $628.9M+71.9% $365.9M-6.6% $391.6M
Goodwill $731.3M0.0% $731.3M0.0% $731.3M0.0% $731.3M0.0% $731.3M0.0% $731.3M0.0% $731.3M0.0% $731.3M
Total Liabilities $15.5B-0.3% $15.5B+5.6% $14.7B+2.5% $14.3B+3.5% $13.8B+0.9% $13.7B+5.2% $13.0B+2.6% $12.7B
Current Liabilities $1.3B-13.0% $1.4B+6.2% $1.4B+20.5% $1.1B-5.7% $1.2B+2.0% $1.2B-2.6% $1.2B+22.4% $984.9M
Long-Term Debt $9.6B0.0% $9.6B+7.3% $8.9B0.0% $8.9B+5.9% $8.4B0.0% $8.4B+8.1% $7.8B0.0% $7.8B
Total Equity $14.9B+4.4% $14.3B+5.3% $13.6B+1.3% $13.4B+1.9% $13.1B+2.8% $12.8B+5.1% $12.2B-0.2% $12.2B
Retained Earnings $5.5B+8.1% $5.1B+5.0% $4.9B+0.7% $4.8B+1.0% $4.8B+7.8% $4.4B+5.1% $4.2B+0.2% $4.2B

ATO Cash Flow Statement

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Operating Cash Flow $723.5M+134.9% $308.1M-11.5% $348.1M-29.9% $496.4M-46.2% $922.9M+227.3% $282.0M-14.7% $330.7M-19.6% $411.2M
Capital Expenditures $1.0B-2.9% $1.0B+7.2% $963.6M+11.2% $866.9M+3.2% $839.7M-5.8% $891.2M+10.3% $808.0M+13.2% $713.6M
Free Cash Flow -$280.1M+61.4% -$725.3M-17.8% -$615.5M-66.1% -$370.6M-545.0% $83.3M+113.7% -$609.2M-27.6% -$477.3M-57.8% -$302.4M
Investing Cash Flow -$1.0B+3.4% -$1.0B-7.0% -$967.6M-10.4% -$876.1M-5.7% -$828.6M+6.8% -$888.9M-10.6% -$803.7M-13.2% -$709.8M
Financing Cash Flow $32.2M-96.4% $895.3M+716.2% $109.7M-80.0% $548.2M+495.5% -$138.6M-115.6% $887.5M+765.1% $102.6M-85.6% $714.1M
Dividends Paid $164.1M+2.3% $160.4M+13.4% $141.4M+2.2% $138.4M0.0% $138.4M+2.2% $135.5M+7.3% $126.2M+0.9% $125.2M
Share Buybacks N/A N/A N/A N/A N/A N/A N/A N/A

ATO Financial Ratios

Metric Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24
Gross Margin N/A N/A N/A N/A 60.1%-20.1pp 80.1% N/A N/A
Operating Margin 39.0%+0.6pp 38.3%+8.6pp 29.8%-0.3pp 30.0%-2.2pp 32.2%-6.8pp 39.1%+10.9pp 28.1%-3.3pp 31.4%
Net Margin 29.6%-0.4pp 30.0%+6.3pp 23.7%+1.5pp 22.2%-2.7pp 24.9%-5.0pp 29.9%+9.6pp 20.4%-3.2pp 23.6%
Return on Equity 3.9%+1.1pp 2.8%+1.5pp 1.3%-0.1pp 1.4%-2.3pp 3.7%+0.9pp 2.8%+1.7pp 1.1%-0.3pp 1.4%
Return on Assets 1.9%+0.6pp 1.4%+0.7pp 0.6%-0.1pp 0.7%-1.1pp 1.8%+0.5pp 1.3%+0.8pp 0.5%-0.1pp 0.7%
Current Ratio 1.00-0.1 1.13+0.4 0.77-0.6 1.37+0.0 1.33-0.2 1.56+0.6 0.94-0.8 1.73
Debt-to-Equity 0.64-0.0 0.67+0.0 0.660.0 0.67+0.0 0.64-0.0 0.66+0.0 0.640.0 0.64
FCF Margin -14.3%+39.8pp -54.0%+29.4pp -83.5%-39.3pp -44.2%-48.5pp 4.3%+56.1pp -51.8%+20.7pp -72.5%-29.4pp -43.1%

Note: The current ratio is below 1.0 (0.77), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Atmos Energy Corp (ATO) reported $4.7B in total revenue for fiscal year 2025. This represents a 12.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Atmos Energy Corp (ATO) revenue grew by 12.9% year-over-year, from $4.2B to $4.7B in fiscal year 2025.

Yes, Atmos Energy Corp (ATO) reported a net income of $1.2B in fiscal year 2025, with a net profit margin of 25.5%.

Atmos Energy Corp (ATO) reported diluted earnings per share of $7.46 for fiscal year 2025. This represents a 9.2% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Atmos Energy Corp (ATO) had EBITDA of $2.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Atmos Energy Corp (ATO) had $202.7M in cash and equivalents against $8.9B in long-term debt.

Atmos Energy Corp (ATO) had an operating margin of 33.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Atmos Energy Corp (ATO) had a net profit margin of 25.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Atmos Energy Corp (ATO) paid $3.48 per share in dividends during fiscal year 2025.

Atmos Energy Corp (ATO) has a return on equity of 8.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Atmos Energy Corp (ATO) generated -$1.5B in free cash flow during fiscal year 2025. This represents a -25.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Atmos Energy Corp (ATO) generated $2.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Atmos Energy Corp (ATO) had $28.2B in total assets as of fiscal year 2025, including both current and long-term assets.

Atmos Energy Corp (ATO) invested $3.6B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Atmos Energy Corp (ATO) had 162M shares outstanding as of fiscal year 2025.

Atmos Energy Corp (ATO) had a current ratio of 0.77 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Atmos Energy Corp (ATO) had a debt-to-equity ratio of 0.66 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Atmos Energy Corp (ATO) had a return on assets of 4.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Atmos Energy Corp (ATO) has an Altman Z-Score of 1.80, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Atmos Energy Corp (ATO) has a Piotroski F-Score of 5 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Atmos Energy Corp (ATO) has an earnings quality ratio of 1.71x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Atmos Energy Corp (ATO) has an interest coverage ratio of 9.1x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Atmos Energy Corp (ATO) scores 56 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.

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