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Atmos Energy cash flow, quarter by quarter

Latest: Q3 FY26 · from the cash-flow statements filed with the SEC

Free cash flow−$399M in Q3 FY26 · −$2.0B over twelve months

Operating cash flow$640M
Capital spending−$1.0B
Free cash flow−$399M
Cash / net income2.6×

Analysis

In Q3 FY26, Atmos Energy generated $640M of operating cash flow and spent $1.0B on capital projects, leaving free cash flow of −$399M. That is $28.9M less than in Q3 FY25 (−$371M).

Over the twelve months to Jun 30, 2026, operating cash flow was $2.0B; the largest uses were capital spending ($4.0B), dividends ($632M), other investing ($3.9M); besides operations, cash came from net borrowing (+) / repaid (−) ($1.3B), shares issued ($1.1B); the cash balance fell by $188M.

Operating cash flow was $640M against net income of $243M — 2.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$202M, other operating capital +$140M, deferred taxes +$72.2M.

Free cash flow

Atmos Energy: free cash flow by quarterAtmos Energy: free cash flow by quarter−$477MQ4 FY24−$609MQ1 FY25$83.3MQ2 FY25−$371MQ3 FY25−$615MQ4 FY25−$725MQ1 FY26−$280MQ2 FY26−$399MQ3 FY26
Operating cash flow less capital spending.
Atmos Energy: operating cash flow against capital spendingAtmos Energy: operating cash flow against capital spendingOperating cash flowCapital spending$331M$808MQ4 FY24$282M$891MQ1 FY25$923M$840MQ2 FY25$496M$867MQ3 FY25$348M$964MQ4 FY25$308M$1.0BQ1 FY26$723M$1.0BQ2 FY26$640M$1.0BQ3 FY26
Latest (Q3 FY26): Operating cash flow $640M, Capital spending $1.0B.

Capital allocation, year by year

Atmos Energy: where the cash came from (up) and went (down), by fiscal yearAtmos Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingDividendsFY21: Operating cash flow −$1.1BFY21: Net borrowing $2.8BFY21: Shares issued $623MFY21: Capital spending −$2.0BFY21: Dividends −$324M$3.4BFY21FY22: Operating cash flow $978MFY22: Net borrowing $784MFY22: Shares issued $792MFY22: Capital spending −$2.4BFY22: Dividends −$376M$2.6BFY22FY23: Operating cash flow $3.5BFY23: Net borrowing −$1.3BFY23: Shares issued $822MFY23: Capital spending −$2.8BFY23: Dividends −$430M$4.3BFY23FY24: Operating cash flow $1.7BFY24: Net borrowing $998MFY24: Shares issued $765MFY24: Capital spending −$2.9BFY24: Dividends −$493M$3.5BFY24FY25: Operating cash flow $2.0BFY25: Net borrowing $1.1BFY25: Shares issued $714MFY25: Capital spending −$3.6BFY25: Dividends −$554M$3.9BFY25
Over these 5 years operating cash flow totalled $7.1B; the largest uses were capital spending ($13.7B) and dividends ($2.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$521M
Debt$10.3B
Net debt$9.8B
Due within a year$10.0M

Atmos Energy's operations bring cash in ($2.0B over twelve months), and it spends more than that on capital projects: a gap of $2.0B funded from its $521M of cash and investments and from borrowing ($10.3B of debt, $10.0M due within a year). That is a choice to invest, not a cash runway running down.

Atmos Energy: debt maturities by year (FY25)Atmos Energy: debt maturities by year (FY25)$10.0MYear 1$500MYear 2$150MYear 3$500MYear 4$7.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $521M of cash and investments now.

Where the cash came from and went

Atmos Energy: sources (+) and uses (−) of cash, Q3 FY26Atmos Energy: sources (+) and uses (−) of cash, Q3 FY26Capital spending−$1.0BNet borrowing (+) / repaid (−)$700MOperating cash flow$640MCash drawn (+) / kept (−)−$399MShares issued$271MDividends−$166MOther financing−$5.5MOther investing−$1.0M
Atmos Energy: sources (+) and uses (−) of cash, TTM to Q3 FY26Atmos Energy: sources (+) and uses (−) of cash, 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 profit to cash

Atmos Energy: net income to operating cash flow, Q3 FY26Atmos Energy: net income to operating cash flow, Q3 FY26Net income$243MDepreciation & amortization$202MDeferred taxes$72.2MOther non-cash−$15.5MOther operating capital$140MOperating cash flow$640M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 FY2530—52-22
Q1 FY2539—177-138

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 FY26$640M−$1.0B−$166M$700M$271M−$399M−$399M
Q2 FY26$723M−$1.0B−$164M—$201M$244M−$280M
Q1 FY26$308M−$1.0B−$160M$587M$475M−$168M−$725M
Q4 FY25$348M−$964M−$141M—$134M$510M−$615M
Q3 FY25$496M−$867M−$138M$498M$193M−$168M−$371M
Q2 FY25$923M−$840M−$138M—$3.8M$44.3M$83.3M
Q1 FY25$282M−$891M−$135M$645M$384M−$281M−$609M
Q4 FY24$331M−$808M−$126M—$3.7M$370M−$477M

Atmos Energy: income statement and cash flow

Atmos Energy, Q3 FY26: revenue $879M (+5% year over year), operating margin 36.4%. The chart follows the revenue to costs, profit and cash.

Atmos Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.