Atmos Energy
ATO · NYSENatural Gas Distribution · Fiscal year ends Sep 30
Atmos Energy reported revenue of $4.7B in the fiscal year ended Sep 2025, up 12.9% from the year before. Operating income was $1.6B, an operating margin of 33.2%, and net income was $1.2B. Operating cash flow of $2B less capital expenditure of $3.6B left free cash flow of −$1.5B. Net debt was $8.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | $3.4B | $4.2B | $4.3B | $4.2B | $4.7B |
| Cost of revenue | $1B | $1.7B | $1.5B | – | – |
| Gross profit | $2.4B | $2.5B | $2.8B | – | – |
| Operating income | $905M | $921M | $1.1B | $1.4B | $1.6B |
| Interest expense | $84M | $103M | $137M | $191M | $172M |
| Pre-tax income | $819M | $852M | $1,000M | $1.2B | $1.5B |
| Income tax | $154M | $78M | $114M | $193M | $279M |
| Net income | $666M | $774M | $886M | $1B | $1.2B |
| Diluted EPS | 5.12 | 5.60 | 6.10 | 6.83 | 7.46 |
| Diluted shares | 130M | 138M | 145M | 153M | 161M |
Balance sheet
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $117M | $52M | $15M | $307M | $203M |
| Receivables | $343M | $364M | $329M | $366M | $376M |
| Current assets | $2.8B | $3B | $886M | $1.1B | $1.1B |
| Goodwill | $731M | $731M | $731M | $731M | $731M |
| Total assets | $19.6B | $22.2B | $22.5B | $25.2B | $28.2B |
| Deferred revenue | $50M | $56M | $65M | $62M | $56M |
| Current liabilities | $3.5B | $3.6B | $1.4B | $1.2B | $1.4B |
| Short-term debt | $0 | $185M | $242M | $0 | – |
| Long-term debt | $4.9B | $5.8B | $6.6B | $7.8B | $8.9B |
| Shareholders' equity | $7.9B | $9.4B | $10.9B | $12.2B | $13.6B |
Cash flow
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$1.1B | $978M | $3.5B | $1.7B | $2B |
| Capital expenditure | $2B | $2.4B | $2.8B | $2.9B | $3.6B |
| Free cash flow | −$3.1B | −$1.5B | $654M | −$1.2B | −$1.5B |
| Depreciation & amortisation | $478M | $536M | $604M | $670M | $735M |
| Stock-based compensation | $11M | $11M | $10M | $11M | $13M |
| Dividends paid | $324M | $376M | $430M | $493M | $554M |
| Dividend per share | 2.50 | 2.72 | 2.96 | 3.22 | 3.48 |
Key ratios
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 23.3% | 1.8% | −2.6% | 12.9% |
| Operating income growth (YoY) | – | 1.8% | 15.9% | 27.0% | 15.1% |
| EPS growth (YoY) | – | 9.4% | 8.9% | 12.0% | 9.2% |
| Gross margin | 69.7% | 60.0% | 66.0% | – | – |
| Operating margin | 26.6% | 21.9% | 25.0% | 32.5% | 33.2% |
| Net margin | 19.5% | 18.4% | 20.7% | 25.0% | 25.5% |
| Return on equityBlank when equity is negative | 8.4% | 8.2% | 8.1% | 8.6% | 8.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.6% | 5.0% | 5.0% | 5.7% | 5.8% |
| Free cash flow margin | −89.6% | −34.9% | 15.3% | −28.9% | −32.2% |
| Cash conversion (CFO ÷ net income) | −1.63x | 1.26x | 3.91x | 1.66x | 1.71x |
| Receivable days | 37 | 32 | 28 | 32 | 29 |
| Interest cover | 10.8x | 8.96x | 7.77x | 7.11x | 9.09x |
| Debt ÷ equity | 0.62x | 0.63x | 0.63x | 0.64x | 0.66x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $4.8B | $5.9B | $6.8B | $7.5B | $8.7B |
| Current ratio | 0.81x | 0.85x | 0.65x | 0.94x | 0.77x |
Recent filings
More in Natural Gas Distribution
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.