ATO
Updated: 12/10/2026, 05:13:24
Atmos Energy Corporation, alongside its subsidiaries, is a U.S.-based enterprise primarily involved in the regulated distribution of natural gas, as well as operating pipeline and storage facilities. The company functions through two core divisions: Distribution, and Pipeline and Storage. The Distribution division manages the regulated delivery and associated sales of natural gas across eight states. This division supplies natural gas to approximately three million customers, encompassing homeowners, businesses, public agencies, and industrial clients. By September 30, 2021, its extensive infrastructure comprised 71,921 miles of subterranean distribution and transmission lines. Conversely, the Pipeline and Storage division focuses on pipeline and storage activities. It is responsible for transporting natural gas on behalf of other entities and oversees five underground storage facilities located in Texas. Additionally, it offers various support services to the pipeline sector, such as gas parking, lending, and inventory transactions. As of September 30, 2021, this division maintained a network of 5,699 miles of gas transmission lines. Established in 1906, Atmos Energy Corporation maintains its principal office in Dallas, Texas.
No summaries found.
Reported and calculated KPIs plus operational exposure disclosed in the FY 2025 filing.
Revenue
N/A
FY — · Reported
Net income
$1.2B
FY 2025 · Reported
Gross margin
N/A
FY — · Reported
Free cash flow
N/A
FY — · Reported
R&D intensity
N/A
FY — · Reported
Share repurchases
N/A
FY — · Reported
Map layer
Pins show disclosed operations. The heatmap colors the filing’s reported geographies; regional figures shade the region and are not estimates for each country.
Only locations and quantities explicitly supported by the filing are displayed. A country-level manufacturing percentage or product allocation is shown only when the source discloses it; materiality scores are never presented as production shares.
Natural gas-only distributor
Natural gas-only distributor serving ~3.4 million customers in eight states, primarily in the South; headquartered in Dallas, incorporated in Texas and Virginia
“We safely deliver reliable, efficient, and abundant natural gas through regulated sales and transportation arrangements to approximately 3.4 million residential, commercial, public authority, and industrial customers in eight states located primarily in the South.”
Company vision and business model
Atmos Energy's vision is to be the safest provider of natural gas services; capital spending recovered through rate designs and mechanisms that reduce regulatory lag
“Atmos Energy's vision is to be the safest provider of natural gas services.”
Two reportable segments
Distribution and Pipeline and Storage segments
“Operating revenues Distribution segment$4,425,397 $3,915,141 $4,099,690 Pipeline and storage segment1,065,300 938,029 785,174”
Operating segments
Two reportable segments: distribution; pipeline and storage (APT plus Louisiana transmission)
“The distribution segment is comprised of our regulated natural gas distribution and related sales operations in eight states. The pipeline and storage segment is comprised primarily of the regulated pipeline and storage operations of our Atmos Pipeline-Texas division and our natural gas transmission operations in Louisiana.”
Pipeline and storage segment net income
Pipeline and storage segment net income: FY2025 $451,973K; FY2024 $371,482K; FY2023 $305,465K
“Pipeline and storage segment451,973 371,482 305,465”
Distribution segment net income
Distribution segment net income: FY2025 $746,781K; FY2024 $671,413K; FY2023 $580,397K
“Distribution segment$746,781 $671,413 $580,397”
Operating revenues by segment FY2025-FY2023
Distribution: $4,425.4M (2025), $3,915.1M (2024), $4,099.7M (2023); Pipeline & Storage: $1,065.3M, $938.0M, $785.2M; Total: $4,702.8M, $4,165.2M, $4,275.4M
“Total operating revenues4,702,755 4,165,187 4,275,357”
Jurisdictional rate base summary
Rate base (thousands) as of 9/30/2025: APT $5,237,614; Mid-Tex jurisdictions ~$7.1-8.0M; Louisiana $1,352,758; West Texas $1,231,651; Tennessee $611,649; Kentucky $611,038; Mississippi $592,236; Kansas $295,070; Colorado $229,565
“Atmos Pipeline — Texas Texas 06/17/2025 $5,237,614 8.49% 40/60 11.45%”
APT storage assets
APT owns and operates five underground storage facilities in Texas
“As part of its pipeline operations, APT owns and operates five underground storage facilities in Texas.”
Major fiscal 2025 gas suppliers
Major fiscal 2025 suppliers: ARM Energy Management, Cima Energy, ConocoPhillips, ECO Energy, EnLink Gas Marketing, Sequent Energy Management, Symmetry Energy Solutions, Targa Gas Marketing, Tenaska, Texla Energy Management
“Major suppliers during fiscal 2025 were ARM Energy Management LLC, Cima Energy, LP, ConocoPhillips Company, ECO Energy Natural Gas LLC, EnLink Gas Marketing LP, Sequent Energy Management LLC, Symmetry Energy Solutions, LLC, Targa Gas Marketing LLC, Tenaska Marking Ventures, and Texla Energy Management, Inc.”
Pipeline transportation companies
Distribution divisions utilize 33 pipeline transportation companies under firm agreements
“Currently, our distribution divisions utilize 33 pipeline transportation companies, both interstate and intrastate, to transport our natural gas.”
Stock-based compensation
Stock-based compensation $33.2M in FY2025 ($20.5M capitalized); $21.6M unrecognized cost over ~1.3 years
“Total stock-based compensation cost was $33.2 million, $25.4 million, and $23.7 million for the fiscal years ended September 30, 2025, 2024, and 2023.”
Property, plant and equipment composition
Net PP&E $25.29B (2025) vs $22.20B (2024); distribution plant $19.79B, transmission $6.31B, CIP $1.24B
“Distribution plant19,788,099 17,304,207”
Five-year capital spending plan FY2026-2030
Between fiscal years 2026 and 2030, we anticipate spending approximately $26 billion, with more than 80 percent dedicated to safety and reliability spending
“Between fiscal years 2026 and 2030, we anticipate spending approximately $26 billion, with more than 80 percent dedicated to safety and reliability spending.”
Primary competition is electricity
Competes with electricity and propane in residential/commercial markets; new pipelines may increase pipeline and storage competition
“Our primary product competition is with electricity for heating, water heating, and cooking.”
Factors affecting capex magnitude
Capex magnitude/allocation may be affected by new policy and regulations, population growth, and increased labor and materials costs
“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.”
Rate outcomes FY2025
FY2025 ratemaking regulatory actions increased annual operating income by $333.6 million; total rate outcomes $322.8 million excluding excess deferred income tax refund
“ratemaking regulatory actions which resulted in an increase in annual operating income of $333.6 million”
Purchased gas cost volatility
Total purchased gas cost $1,066.1M (2025), $933.7M (2024), $1,452.2M (2023) — a key swing factor in operating results
“Total purchased gas cost1,066,054 933,693 1,452,173”
FY2025 offsetting cost pressures
Higher bad debt expense, employee-related costs, depreciation and property tax expenses, and higher safety/compliance spending partially offset gains
“partially offset by higher bad debt expense, increased employee-related costs, depreciation and property tax expenses, and higher spending on safety and compliance related activities”
Long-term debt balance
Long-term debt $8.91B at 9/30/2025, up from $7.78B; current maturities $11.8M
“Long-term debt8,907,169 7,783,646”
Equity issuances fund capital program
Annual public offerings: $698.5M (2025), $750.0M (2024), $806.9M (2023)
“Public offering5,931,289 30 698,432 — — 698,462”
Three-year senior unsecured credit facility
$1.5B three-year senior unsecured facility expiring March 28, 2028 with $250M accordion; no borrowings outstanding at 9/30/2025 and 2024
“We also have a $1.5 billion three-year senior unsecured credit facility, which expires March 28, 2028, that is used to provide additional working capital funding.”
Five-year unsecured credit facility backing commercial paper
$1.5B five-year unsecured facility expiring March 28, 2030; $250M accordion to $1.75B; SOFR margin 0.75%-1.25%; no amounts outstanding at 9/30/2025 and 2024
“a five-year unsecured $1.5 billion credit facility that expires on March 28, 2030. ... the facility contains a $250 million accordion feature, which provides the opportunity to increase the total committed loan to $1.75 billion.”
Short-term borrowing program
$1.5 billion commercial paper program plus four committed revolving credit facilities providing $3.1 billion total working capital funding
“Our short-term borrowing requirements are satisfied through a combination of a $1.5 billion commercial paper program and four committed revolving credit facilities with third-party lenders that provide $3.1 billion of total working capital funding.”
364-day unsecured facilities
Two $50M 364-day unsecured facilities (renewed April 1, 2025 and March 31, 2025); no borrowings outstanding; letters of credit reduced second facility availability to $44.4 million
“we have a $50 million 364-day unsecured revolving credit facility, which was renewed March 31, 2025 ... outstanding letters of credit reduced the total amount available to us to $44.4 million.”
Shelf registration and ATM program
$8.0 billion shelf registration (filed 12/3/2024, expires 12/3/2027) for common stock and/or debt securities; $5.2 billion remaining available; ATM equity sales program established
“a shelf registration statement with the Securities and Exchange Commission (SEC) that allows us to issue up to $8.0 billion in common stock and/or debt securities, which expires December 3, 2027. ... $5.2 billion of securities remained available for issuance”
Texas legislation benefit FY2025
Fiscal 2025 results favorably impacted by $26.2 million from Texas legislation related to infrastructure spending effective Q3 FY2025
“favorably impacted by $26.2 million as a result of Texas legislation that became effective during the third quarter of fiscal 2025 related to infrastructure spending”
Rate regulation of distribution and pipeline operations
Distribution and pipeline & storage operations regulated by state authorities on rates, service, accounting records
“the Company's distribution and pipeline and storage operations are subject to regulation with respect to rates, service, maintenance of accounting records and various other matters by the respective regulatory authorities in the states in which they operate”
Ratemaking mechanisms reduce regulatory lag
Formula rate mechanisms in 4 states; infrastructure programs in all states; ~95% of capex recoverable within six months; WNA in 7 states covering ~97% of residential/commercial revenues
“we have the ability to begin recovering approximately 95 percent of our capital expenditures within six months and substantially all of our capital expenditures within twelve months”
Regulatory lag risk
Regulatory lag risk: rate mechanisms could be modified/terminated and gas costs or cost-of-service items could be adjusted or disallowed
“Regulatory lag could significantly increase if the regulatory authorities modify or terminate these rate mechanisms.”
Texas concentration risk
Forward-looking statement risk: 'the concentration of our operations in Texas'
“the concentration of our operations in Texas”
Cybersecurity and technology risks
Threat of cyber-attacks or cyber-terrorism that could disrupt business operations and IT systems or expose sensitive information
“the threat of cyber-attacks or acts of cyber-terrorism that could disrupt our business operations and information technology systems”
Cybersecurity risk
Cyber-attacks or cyber-terrorism could disrupt operations and IT systems or expose sensitive data
“Cyber-attacks or acts of cyber-terrorism 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.”
Pipeline integrity and safety compliance costs
PHMSA integrity management requirements impose significant costs, potentially rising with new safety standards
“The Company incurs significant costs to comply with existing PHMSA and comparable state regulations.”
Workforce risk
Failure to attract and retain a qualified workforce could adversely affect results
“If we are unable to recruit and retain an appropriately qualified workforce, the Company could encounter operating challenges primarily due to a loss of institutional knowledge and expertise.”
Energy transition and climate legislation risk
Impact of legislation to reduce or eliminate greenhouse gas emissions or fossil fuels; impact of climate change
“the impact of legislation to reduce or eliminate greenhouse gas emissions or fossil fuels; the impact of climate change”
Capital markets access and cost recovery risk
Capital-intensive business requiring continued capital markets access; full recovery of costs through rates is not assured
“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.”
Distribution revenues are set by state regulatory authorities with cost adjustment mechanisms; income is generally not affected by gas cost fluctuations due to purchased gas cost adjustment mechanisms.
“Revenues in this operating segment are established by regulatory authorities in the states in which we operate.”
Distribution segment generated $4,425.4M of FY2025 operating revenues, ~94% of reported total revenue before eliminations.
“Distribution segment$4,425,397 $3,915,141 $4,099,690”
Recovery of costs and capital returns depend on state ratemaking; $608.7M regulatory assets and $1,269.6M regulatory liabilities await recovery/refund through rates.
“certain costs are permitted to be capitalized rather than expensed because they can be recovered through rates”
Purchased gas costs fluctuate with gas prices but are offset dollar-for-dollar through purchased gas cost adjustment mechanisms, so operating income is generally not affected.
“Purchased gas cost adjustment mechanisms provide a method of recovering purchased gas costs on an ongoing basis without filing a rate case because they provide a dollar-for-dollar offset to increases or decreases in the cost of natural gas.”
Rate outcomes from state regulatory proceedings drove FY2025 operating income increase of $333.6 million; regulatory accounting is a critical estimate
“rate proceedings before various state regulatory commissions”
Ability to meet customer demand depends on sufficient gas supply, interstate pipeline capacity, and storage capacity; disruptions could impair operations.
“If contracted gas supplies, interstate pipeline, and/or storage services are not available or delivered in a timely manner, our ability to meet our customers' natural gas requirements may be impaired and our financial condition may be adversely affected.”
Company explicitly identifies concentration of operations in Texas as a risk; Texas legislation also provided a $26.2M FY2025 benefit
“the concentration of our operations in Texas”
Purchased gas cost is the largest operating expense ($1,066.1M FY2025) and swings materially year to year, though largely passed through via deferred gas cost mechanisms.
“Purchased gas cost Distribution segment1,854,323 1,620,515 2,061,920”
APT is one of the largest intrastate pipelines in Texas, serving Mid-Tex Division and third parties; GRIP allows annual rate base updates for qualifying capital.
“APT is one of the largest intrastate pipeline operations in Texas with a heavy concentration in the established natural gas-producing areas of central, northern, and eastern Texas.”
Peak-day demand is weather-driven; WNA mechanisms in seven states minimize weather effects on ~97% of residential and commercial revenues.
“WNA mechanisms in seven states that serve to minimize the effects of weather on approximately 97 percent of our distribution residential and commercial revenues.”
PHMSA integrity management requirements drive significant compliance, repair, and capital costs, though believed recoverable through rates.
“PHMSA requires pipeline operators to develop integrity management programs to comprehensively evaluate certain areas along their pipelines”
Pipeline and storage segment generated $1,065.3M of FY2025 operating revenues.
“Pipeline and storage segment1,065,300 938,029 785,174”
Capital-intensive business dependent on capital markets access; interest rate risk listed among market risks affecting financial performance
“market risks beyond our control affecting our risk management activities, including commodity price volatility, counterparty performance or creditworthiness, and interest rate risk”
Interest charges of $171.7M FY2025 and cash paid for interest of $349.2M against $8.9B long-term debt make rate levels a meaningful cost driver.
“Interest charges171,678 190,632 137,281”
Changes in availability and price of natural gas and commodity price volatility listed as risks affecting results and risk management activities
“changes in the availability and price of natural gas”
Increased labor and materials costs cited as factors affecting the magnitude and allocation of the $26 billion capex program
“increased labor and materials costs”
Availability and accessibility of contracted gas supplies, interstate pipeline, and storage services is listed as a risk factor
“the availability and accessibility of contracted gas supplies, interstate pipeline, and/or storage services”
Winter Storm Uri incremental costs and regulatory asset appear on the balance sheet, evidencing weather-driven cost/recovery exposure.
“Winter Storm Uri incremental costs5,841 3,949”
Legislation to reduce or eliminate greenhouse gas emissions or fossil fuels is listed as a risk to results
“the impact of legislation to reduce or eliminate greenhouse gas emissions or fossil fuels”
FERC regulates use and release of interstate pipeline and storage capacity with market manipulation rules and increased penalties.
“FERC has regulatory authority over some of our operations, including the use and release of interstate pipeline and storage capacity.”
Adverse economic conditions on customers raised bad debt expense, an offsetting cost in FY2025
“the impact of adverse economic conditions on our customers”
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