Atmos Energy (ATO) financial statements
Atmos Energy reported revenue of $4.7B in fiscal 2025, up 7.5% a year over 9 years.
Net income was $1.2B and the operating margin 33.2%, against 26.8% in 2016.
Free cash flow was -$1.5B, and the company returned $554M in dividends.
The diluted share count rose 55% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Atmos Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.5B | $2.8B | $3.1B | $2.9B | $2.8B | $3.4B | $4.2B | $4.3B | $4.2B | $4.7B |
| Cost of revenue | — | — | $1.2B | $859M | $659M | $1.0B | $1.7B | $1.5B | — | — |
| Gross profit | $1.7B | — | $1.9B | $2.0B | $2.2B | $2.4B | $2.5B | $2.8B | — | — |
| Operating income | $657M | $736M | $728M | $746M | $824M | $905M | $921M | $1.1B | $1.4B | $1.6B |
| Interest expense | $115M | $120M | $107M | $103M | $84M | $84M | $103M | $137M | $191M | $172M |
| Pre-tax income | $542M | $604M | $611M | $650M | $747M | $819M | $852M | $1000M | $1.2B | $1.5B |
| Income tax | $197M | $221M | $8M | $139M | $145M | $154M | $78M | $114M | $193M | $279M |
| Net income | $350M | $396M | $603M | $511M | $601M | $666M | $774M | $886M | $1.0B | $1.2B |
| EPS (diluted) | $3.38 | $3.73 | $5.43 | $4.35 | $4.89 | $5.12 | $5.60 | $6.10 | $6.83 | $7.46 |
| Diluted shares | 104M | 106M | 111M | 117M | 123M | 130M | 138M | 145M | 153M | 161M |
| Gross margin | 71.1% | — | 62.5% | 70.4% | 76.6% | 69.7% | 60.0% | 66.0% | — | — |
| Operating margin | 26.8% | 26.7% | 23.4% | 25.7% | 29.2% | 26.6% | 21.9% | 25.0% | 32.5% | 33.2% |
| Net margin | 14.3% | 14.4% | 19.4% | 17.6% | 21.3% | 19.5% | 18.4% | 20.7% | 25.0% | 25.5% |
Balance sheet
Fiscal years, from Atmos Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $48M | $26M | $14M | $25M | $21M | $117M | $52M | $15M | $307M | $203M |
| Receivables | $216M | $222M | $253M | $231M | $231M | $343M | $364M | $329M | $366M | $376M |
| Total current assets | $682M | $540M | $479M | $458M | $471M | $2.8B | $3.0B | $886M | $1.1B | $1.1B |
| Goodwill | $727M | $730M | $730M | $731M | $731M | $731M | $731M | $731M | $731M | $731M |
| Total assets | $10.0B | $10.7B | $11.9B | $13.4B | $15.4B | $19.6B | $22.2B | $22.5B | $25.2B | $28.2B |
| Total current liabilities | $1.8B | $1.0B | $1.9B | $1.2B | $782M | $3.5B | $3.6B | $1.4B | $1.2B | $1.4B |
| Long-term debt | $2.2B | $3.1B | $2.5B | $3.5B | $4.5B | $4.9B | $5.8B | $6.6B | $7.8B | $8.9B |
| Total liabilities | $6.5B | $6.9B | $7.1B | $7.6B | $8.6B | $11.7B | $12.8B | $11.6B | $13.0B | $14.7B |
| Shareholders' equity | $3.5B | $3.9B | $4.8B | $5.8B | $6.8B | $7.9B | $9.4B | $10.9B | $12.2B | $13.6B |
| Net debt | $2.4B | $3.0B | $3.1B | $3.5B | $4.5B | $4.8B | $5.7B | $6.5B | $7.5B | $8.7B |
Cash flow
Fiscal years, from Atmos Energy's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $795M | $867M | $1.1B | $969M | $1.0B | -$1.1B | $978M | $3.5B | $1.7B | $2.0B |
| Capital spending | $1.1B | $1.1B | $1.5B | $1.7B | $1.9B | $2.0B | $2.4B | $2.8B | $2.9B | $3.6B |
| Free cash flow | -$292M | -$270M | -$343M | -$725M | -$898M | -$3.1B | -$1.5B | $654M | -$1.2B | -$1.5B |
| Stock-based compensation | $15M | $14M | $13M | $11M | $10M | $11M | $11M | $10M | $11M | $13M |
| Dividends paid | $175M | $192M | $215M | $246M | $282M | $324M | $376M | $430M | $493M | $554M |
| Net borrowing | $372M | $253M | $128M | $359M | $535M | $2.8B | $784M | -$1.3B | $998M | $1.1B |
| Free cash flow margin | -11.9% | -9.8% | -11.0% | -25.0% | -31.8% | -89.6% | -34.9% | 15.3% | -28.9% | -32.2% |
| Dividends per share | $1.69 | $1.81 | $1.94 | $2.09 | $2.30 | $2.49 | $2.72 | $2.96 | $3.23 | $3.45 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for ATO.
Open ATO in InvestinglyQuestions
What was Atmos Energy's revenue in 2025?
$4.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does Atmos Energy generate?
-$1.5B in fiscal 2025 (operating cash flow minus capital spending).
From Atmos Energy's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.