ATO on NYSE

Atmos Energy

Logo: Unknown author Unknown author, Public domain, via Wikimedia Commons⁴

American energy company

Atmos Energy Corporation, headquartered in Dallas, Texas, is one of the United States' largest natural-gas-only distributors, serving about three million natural gas distribution customers in over 1,400 communities in nine states from the Blue Ridge Mountains in the East to the Rocky Mountains in the West. Atmos Energy also manages company-owned natural gas pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas.³ From Wikipedia, CC BY-SA 4.0

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Last updated Oct 16, 2026.

Overview

$4.7BRevenue, fiscal 2025⁵

$1.2BNet income, fiscal 2025⁵

1983Founded¹

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TickerATO on NYSE¹
IndustryNatural Gas Distribution¹
HeadquartersDallas¹
Websitewww.atmosenergy.com
Incorporated inTX⁶
Business address1800 Three Lincoln Ctr, 5430 Lbj Freeway, Dallas, Tx 75240⁶
Filer categoryLarge accelerated filer⁶

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

33.2%Operating margin⁵

25.5%Net margin⁵

12.9%Revenue growth, 2025⁵

8.8%Return on equity⁵

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Distribution brought in 79% of the revenue Atmos Energy broke down this way in fiscal 2025.

Distribution$4.4B⁵79%up 13% from 2024
Pipeline and Storage$1.1B⁵21%up 13% from 2024

Business segments by year

Business segments	2023	2024	2025
Distribution	$4.1B	$3.8B	$4.4B
Pipeline and Storage	$824.1M	$998.7M	$1.1B

Where the money goes

Where each dollar of revenue went, fiscal 2025

Other costsProfit

Other costs69¢$3.2B
Income tax6¢$279.3M
Profit25¢$1.2B

Out of $4.7B in revenue.⁵

Where each dollar of operating cash went, fiscal 2025

Dividends paidKept or used elsewhere

Dividends paid27¢$553.8M
Kept or used elsewhere73¢$1.5B

Out of $2.0B of cash from operations.⁵

Financial statements

Revenue⁸⁹¹⁰¹¹¹²⁵$4.7B in 2025+51% since 2018

Operating income⁸⁹¹⁰¹¹¹²⁵$1.6B in 2025+114% since 2018

Net income⁸⁹¹⁰¹¹¹²⁵$1.2B in 2025+99% since 2018

Every line of the income statement in the latest annual report, as filed.⁵

Period ending	2025-09-30	2024-09-30	2023-09-30
Operating revenues	$4.7B	$4.2B	$4.3B
Purchased gas cost	$1.1B	$933.7M	$1.5B
Operation and maintenance expense	$902.9M	$819.1M	$764.9M
Depreciation and amortization expense	$734.7M	$670.0M	$604.3M
Taxes, other than income	$439.0M	$387.0M	$386.8M
Operating income	$1.6B	$1.4B	$1.1B
Other non-operating income	$89.7M	$71.0M	$69.8M
Interest charges	$171.7M	$190.6M	$137.3M
Income before income taxes	$1.5B	$1.2B	$999.6M
Income tax expense	$279.3M	$192.9M	$113.8M
Net income	$1.2B	$1.0B	$885.9M
Basic net income per share (USD per share)	$7.54	$6.83	$6.10
Diluted net income per share (USD per share)	$7.46	$6.83	$6.10
Basic (in shares)	158.9M shares	152.5M shares	145.1M shares
Diluted (in shares)	160.6M shares	152.7M shares	145.2M shares
Net unrealized holding gains (losses) on available-for-sale securities, net of tax of $(3), $168 and $37	-$4.0K	$582.0K	$126.0K
Amortization and unrealized gains (losses) on interest rate agreements, net of tax of $1,103, $(15,432) and $43,148	$9.3M	-$53.4M	$149.3M
Total other comprehensive income (loss)	$9.3M	-$52.8M	$149.4M
Total comprehensive income	$1.2B	$990.1M	$1.0B
Net unrealized holding gains (losses) on available-for-sale securities, tax	-$3.0K	$168.0K	$37.0K
Amortization and unrealized gains (losses) on interest rate agreements, tax	$1.1M	-$15.4M	$43.1M

Total assets¹⁵⁸⁹¹⁰¹¹¹²⁵$28.2B in 2025+138% since 2018

Shareholders’ equity⁹¹⁰¹¹¹²⁵$13.6B in 2025+184% since 2018

Cash¹⁵⁸⁹¹⁰¹¹¹²⁵$202.7M in 2025+1372% since 2018

Long-term debt¹⁵$3.5B in 2019+42% since 2018

Every line of the balance sheet in the latest annual report, as filed.⁵

Period ending	2025-09-30	2024-09-30	2023-09-30
Property, plant and equipment	$28.0B	$24.8B
Construction in progress	$1.2B	$1.1B
Total property, plant and equipment and construction in progress	$29.3B	$25.8B
Less accumulated depreciation and amortization	$4.0B	$3.6B
Net property, plant and equipment	$25.3B	$22.2B
Cash and cash equivalents	$202.7M	$307.3M
Restricted cash and cash equivalents	$1.1M	$1.5M
Cash and cash equivalents and restricted cash and cash equivalents	$203.8M	$308.9M	$19.2M
Accounts receivable, less allowance for uncollectible accounts of $45,259 in 2025 and $37,056 in 2024	$375.5M	$365.9M
Gas stored underground	$171.8M	$169.5M
Other current assets	$301.6M	$288.1M
Total current assets	$1.1B	$1.1B
Securitized intangible asset, less accumulated amortization of $18,473 in 2025 and $10,756 in 2024 (See Note 10)	$75.1M	$82.8M
Goodwill	$731.3M	$731.3M
Deferred charges and other assets	$1.1B	$1.0B
Total assets	$28.2B	$25.2B
Common stock, no par value (stated at $0.005 per share); 200,000,000 shares authorized; issued and outstanding: 2025 161,568,384 shares; 2024 155,258,845 shares	$808.0K	$776.0K
Additional paid-in capital	$8.2B	$7.5B
Accumulated other comprehensive income	$475.0M	$465.7M
Retained earnings	$4.9B	$4.2B
Shareholders equity	$13.6B	$12.2B	$10.9B
Long-term debt	$8.9B	$7.8B
Securitized long-term debt (See Note 10)	$68.2M	$76.9M
Total capitalization	$22.5B	$20.0B
Accounts payable and accrued liabilities	$506.5M	$445.4M
Other current liabilities	$835.6M	$750.6M
Current maturities of long-term debt	$11.8M	$1.7M
Current maturities of securitized long-term debt (See Note 10)	$8.8M	$8.2M
Total current liabilities	$1.4B	$1.2B
Deferred income taxes	$2.9B	$2.6B
Regulatory excess deferred taxes (See Note 15)	$117.5M	$177.3M
Regulatory cost of removal obligation	$532.5M	$507.8M
Deferred credits and other liabilities	$784.3M	$691.9M
Total shareholders' equity and liabilities	$28.2B	$25.2B
Accounts receivable, allowance for uncollectible accounts	$45.3M	$37.1M
Securitized intangible asset, accumulated amortization	$18.5M	$10.8M
Common stock stated value per share (USD per share)	$0.01	$0.01
Common stock shares authorized (in shares)	200.0M shares	200.0M shares
Common stock shares issued (in shares)	161.6M shares	155.3M shares
Common stock shares outstanding (in shares)	161.6M shares	155.3M shares

Cash from operations⁸⁹¹⁰¹¹¹²⁵$2.0B in 2025+82% since 2018

Dividends paid⁸⁹¹⁰¹¹¹²⁵$553.8M in 2025+158% since 2018

Every line of the cash flow in the latest annual report, as filed.⁵

Period ending	2025-09-30	2024-09-30	2023-09-30
Net income	$1.2B	$1.0B	$885.9M
Depreciation and amortization	$734.7M	$670.0M	$604.3M
Deferred income taxes	$268.6M	$172.7M	$108.2M
Stock-based compensation	$12.7M	$10.7M	$10.2M
Amortization of debt issuance costs	-$15.0M	-$6.9M	$3.6M
Equity component of AFUDC	-$75.4M	-$58.2M	-$64.0M
Other	$11.0M	$1.5M	-$591.0K
(Increase) decrease in accounts receivable	-$1.4M	-$40.9M	$46.9M
(Increase) decrease in gas stored underground	-$2.2M	$76.3M	$112.1M
Decrease in Winter Storm Uri current regulatory asset (see Note 10)	$0	$0	$2.0B
(Increase) decrease in other current assets	$19.5M	$17.1M	-$36.0M
Increase in deferred charges and other assets	-$211.3M	-$195.4M	-$172.6M
Increase (decrease) in accounts payable and accrued liabilities	$31.6M	-$4.6M	-$132.6M
Increase (decrease) in other current liabilities	$31.4M	-$10.3M	$30.7M
Increase in deferred credits and other liabilities	$46.5M	$58.7M	$41.8M
Net cash provided by operating activities	$2.0B	$1.7B	$3.5B
Capital expenditures	-$3.6B	-$2.9B	-$2.8B
Purchases of debt and equity securities	-$34.3M	-$19.7M	-$46.8M
Proceeds from sale of debt and equity securities	$7.3M	$6.0M	$25.1M
Maturities of debt securities	$22.8M	$12.1M	$13.3M
Other, net	$4.4M	$16.1M	$19.0M
Net cash used in investing activities	-$3.6B	-$2.9B	-$2.8B
Net increase (decrease) in short-term debt	$0	-$241.9M	$57.0M
Proceeds from issuance of long-term debt, net of premium/discount	$1.1B	$1.2B	$797.3M
Proceeds from issuance of securitized long-term debt by AEK	$0	$0	$95.0M
Net proceeds from equity offering	$698.5M	$750.0M	$806.9M
Issuance of common stock through stock purchase and employee retirement plans	$15.3M	$15.1M	$15.4M
Settlement of interest rate swaps	$122.9M	$231.1M	$171.1M
Proceeds from term loan	$0	$0	$2.0B
Repayment of term loan	$0	$0	-$2.0B
Repayment of long-term debt	$0	$0	-$2.2B
Repayment of securitized long-term debt by AEK	-$8.1M	-$9.9M	$0
Cash dividends paid	-$553.8M	-$492.9M	-$430.3M
Debt issuance costs	-$10.4M	-$11.8M	-$7.9M
Securitized debt issuance costs	$0	$0	-$1.3M
Other	-$1.1M	-$1.1M	$0
Net cash provided by (used in) financing activities	$1.4B	$1.5B	-$696.8M
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	-$105.1M	$289.6M	-$32.3M

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The story

Atmos Energy Corporation's history dates back to 1906 in the Panhandle of Texas. Over the years, through various business combinations and mergers, the company became known as Pioneer Corporation, a large diversified West Texas energy company. In 1981, the company was incorporated and became a fully regulated natural-gas-only distributor.

In 1983, Energas, the natural gas distribution division of Pioneer, was spun off and became an independent, publicly held natural gas distribution company. In October 1988, Energas changed its corporate name to Atmos Energy Corporation and its stock began trading on the New York Stock Exchange under the ticker symbol "ATO".

Atmos Energy has grown through acquisitions, its most recent acquisition was the distribution and pipeline operations of TXU Gas Company in October 2004. Today, Atmos Energy Corporation is one of the largest all-natural-gas distributors in the United States. Atmos sold the Gaffney, South Carolina operations of United Cities Gas to Piedmont Natural Gas in 2000. Atmos sold its Missouri, Iowa, Illinois, and Georgia operations to Liberty Utilities in 2012 and 2013.

From Wikipedia’s article on Atmos Energy, shared under CC BY-SA 4.0.⁷

Products and brands

natural gas

Listed on Wikidata.¹

Utility Operations

Colorado-Kansas Division

Formerly Greeley Gas, acquired 1993; added Kansas units of United Cities Gas in 1999

Kentucky/Mid-States Division

Western Kentucky Gas Company acquired 1989 from Texas American Energy; United Cities Gas acquired 1997

Louisiana Division

Trans Louisiana Gas acquired 1988, Louisiana Gas Service acquired 2001 from Citizens Utilities

Mid-Tex Division

Formerly Lone Star Gas and TXU Gas, acquired 2004

Read the full text

Mississippi Division

Formerly Mississippi Valley Gas, acquired 2001

West Texas Division

Formerly Amarillo Gas, Pioneer Natural Gas, and Energas

Non-Utility Operations

Atmos Pipeline - Texas

Atmos Pipeline - Texas is an intrastate natural gas transmission pipeline network which is connected to three major Texas market centers at Waha, Carthage, and Katy. The Atmos Pipeline - Texas Pipeline infrastructure is located at or near existing, new and proposed gas production fields including the Barnett Shale in north Texas and the Bossier Sand in east Texas. Atmos Pipeline - Texas' system includes approximately 6,000 miles of transmission pipelines within the state of Texas.

The Atmos Pipeline - Texas system transports gas to the largest local distribution company in the state of Texas along with other smaller utilities, industrial end-users, independent power plants, and other pipelines.

Gas Supply and Services

Atmos Energy Gas Supply and Planning (Gas Supply) acquires the natural gas supply for the gas requirements of Atmos Energy's residential, commercial and industrial sales customers located in various states. Annual purchases are approximately 290-300 Bcf for its distribution customers. Gas Supply acquires natural gas from a diverse portfolio of wellhead producers and commercial suppliers utilizing a combination of long and short term commitments, including purchases from the daily spot market.