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Atmos Energy (ATO) earnings and revenue breakdown

Latest: Q3 FY26 · 10-Q filed Aug 5, 2026 · Atmos Energy (ATO) Q3 FY26 earnings results →

Q3 FY26 Revenue up 5% year over year to $879M · 28¢ of every $1 of revenue kept as net profit · operating margin 36.4%

Atmos Energy made $879M in Q3 FY26 (+5% Y/Y): Distribution segment $774M, Pipeline and storage segment $105M. Operating margin 36.4%, net earnings $243M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 5, 2026.

Revenue$879M
Year over year+5%
Operating margin36.4%
Net earnings$243M
Operating cash flow$640M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $879.1M in Q3 FY26, up 5% year over year and down 55% from the previous quarter. Distribution segment was the largest line at 88% of revenue. Pipeline and storage segment added $32.8M year over year (up 45%), 81% of the total change.

Operating profit was $320.4M, a 36.4% margin (up 6.4 points year over year). Of the extra revenue versus Q3 FY25, 170% reached operating profit, above the 30% margin then. Total costs fell 5% while revenue rose 5%. Net earnings were $242.7M, up 30% year over year. The effective tax rate was 20.0%.

Operating cash flow was $639.9M (up 29% year over year), 264% of net earnings. Non-cash charges added back $201.5M of depreciation and amortization. Working capital and other items added $195.7M. Capital expenditures of $1,039.3M exceeded it, leaving free cash flow of −$399.4M.

Quarterly history

Atmos Energy revenue by quarterAtmos Energy revenue by quarter$658MQ4 FY24$2.0BQ2 FY25$839MQ3 FY25$737MQ4 FY25$1.3BQ1 FY26$2.0BQ2 FY26$879MQ3 FY26
Atmos Energy net earnings by quarterAtmos Energy net earnings by quarter$134MQ4 FY24$486MQ2 FY25$186MQ3 FY25$175MQ4 FY25$403MQ1 FY26$582MQ2 FY26$243MQ3 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 FY2610-QAug 5, 2026$879M+5%36.4%$243M$640M
Q2 FY2610-QMay 6, 2026$2.0B+0.6%39.0%$582M$723M
Q1 FY2610-QFeb 3, 2026$1.3B+14%38.3%$403M$308M
Q4 FY2510-KNov 14, 2025$737M+12%29.8%$175M$348M
Q3 FY2510-QAug 6, 2025$839M+20%30.1%$186M$496M
Q2 FY2510-QMay 7, 2025$2.0B+18%32.2%$486M$923M
Q4 FY2410-KNov 18, 2024$658M+12%28.1%$134M$331M

Charts

Atmos Energy: revenue growth, year over year and quarter over quarterAtmos Energy: revenue growth, year over year and quarter over quarterY/YQ/Q+12%Q4 FY24+18%+196%Q2 FY25+20%-57%Q3 FY25+12%-12%Q4 FY25+14%+82%Q1 FY26+1%+46%Q2 FY26+5%-55%Q3 FY26
Latest (Q3 FY26): Y/Y +5%, Q/Q -55%.
Atmos Energy: where the cash came from (+) and went (−), TTM to Q3 FY26Atmos Energy: where the cash came from (+) and went (−), TTM to Q3 FY26Capital spending−$4.0BOperating cash flow$2.0BNet borrowing (+) / repaid (−)$1.3BShares issued$1.1BDividends−$632MCash drawn (+) / kept (−)$188MOther financing$102MOther investing−$3.9M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Atmos Energy: profit against cash, quarter by quarterAtmos Energy: profit against cash, quarter by quarterNet incomeOperating cash flow$134M$331MQ4 FY24$352M$282MQ1 FY25$486M$923MQ2 FY25$186M$496MQ3 FY25$175M$348MQ4 FY25$403M$308MQ1 FY26$582M$723MQ2 FY26$243M$640MQ3 FY26
Latest (Q3 FY26): Net income $243M, Operating cash flow $640M.
Atmos Energy: diluted shares by fiscal yearAtmos Energy: diluted shares by fiscal year123MFY20130MFY21138MFY22145MFY23153MFY24161MFY25
+30.7% since FY20: more shares outstanding (issuance, stock pay).
Atmos Energy: long-term debt falling due (FY25)Atmos Energy: long-term debt falling due (FY25)$10.0M2026$500M2027$150M2028$500M2029$7.8BLater
Cash $203M, short-term investments —, long-term debt $9.0B at 2025-09-30.
Atmos Energy in its industry: growth against margin (17 companies, SIC 4924)Atmos Energy in its industry: growth against margin (17 companies, SIC 4924)revenue growth, year over year →↑ operating marginmedian +7%median 14%LNGVGCheniere Corpus Christi Holdings, LLCCQPSabine Pass Liquefaction, LLCNFGSRSpire Alabama IncNJRMDUNFEEENorthwest Natural Gas CoNWNSLNGCETYATO (+5%, 36%)
Natural Gas Distribution; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Atmos Energy

Atmos Energy Corporation, a natural gas-only distributor, is an S&P 500 company headquartered in Dallas. We safely deliver reliable, efficient, and abundant natural gas to approximately 3.4 million distribution customers in over 1,400 communities across eight states located primarily in the South. As part of our vision to be the safest provider of natural gas services, we are modernizing our business and infrastructure while continuing to invest in safety, innovation, environmental sustainability, and our communities. Atmos Energy manages proprietary pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas. Find us online at http://www.atmosenergy.com , Facebook , Twitter , Instagram and YouTube .

In its own words, from its 8-K, filed Aug 5, 2026.

Atmos Energy against its Natural Gas Distribution peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +7%. Operating margin: 36.4% against the peers' median 31.0%.

CompanyQuarterRevenueY/YOp. margin
ATO Atmos EnergyQ3 FY26$879M+5%36.4%
LNG Cheniere EnergyQ3 2026$6.2B+39%31.0%
VG Venture GlobalQ2 2026$4.6B+48%47.8%
Cheniere Corpus Christi Holdings, LLCQ3 2026$2.7B+84%21.2%
CQP Cheniere Energy Partners, L.P.Q3 2026$2.6B+7%31.7%
Sabine Pass Liquefaction, LLCQ3 2026$2.5B+7%29.4%
NFG National Fuel GasQ3 FY26$537M+1%38.9%
SR SpireQ3 FY26$420M-0.4%5.6%
NJR New Jersey ResourcesQ3 FY26$349M+17%9.1%

Source: Atmos Energy 10-Q on SEC EDGAR · CIK 731802 · Natural Gas Distribution

13F: who owns ATO and who is buying

Largest holders of ATO (13F)Largest holders of ATO (13F)Vanguard Group$3.5BBlackRock$2.6BState Street$2.0BVanguard Capital Management LLC$1.9BVanguard Portfolio Management LLC$1.6BWellington Management Group LLP$1.6BCapital International Investors$1.3BGeode Capital Management, LLC$770MBank of America$720MInvesco$547M
Funds' net buying of ATO by quarter (13F)Funds' net buying of ATO by quarter (13F)$329M2024-09$605M2024-12$222M2025-03$499M2025-06$57.6M2025-09$85.1M2025-12−$424M2026-03$233M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ATO

History

Every quarter: Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results · Q4 FY24 results

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