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How Atmos Energy (ATO) makes money

Atmos Energy (ATO) made $879M of revenue in the third quarter fiscal 2026 (Q3 FY26), +5% from a year earlier. Distribution segment brought in $774M (88%); Pipeline and storage segment brought in $105M (12%). Of every dollar of revenue, 36¢ was left as operating profit, 28¢ was left as net earnings.

Drawing the Sankey…

Atmos Energy revenue by segment, Q3 FY26Atmos Energy revenue by segment, Q3 FY26Distribution segment$774MPipeline and storage segment$105M
Atmos Energy: revenue by line, Q1 FY26 to Q3 FY26Atmos Energy: revenue by line, Q1 FY26 to Q3 FY26Distribution segmentPipeline and storage …Distribution segment: $774M latest$774MPipeline and storage segment: $105M latestQ1 FY26Q2 FY26Q3 FY26
Pipeline and storage segment went from 6% of revenue in Q1 FY26 to 12% in Q3 FY26, the largest shift in the mix.
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: where each dollar of revenue goesAtmos Energy: where each dollar of revenue goesOperating profit36¢Income tax7¢Net earnings28¢Operating cash flow73¢

Revenue by segment, Q3 FY26

SegmentRevenueShareQ/QY/Y
Distribution segment$774M88.0%-59%+1%
Pipeline and storage segment$105M12.0%+23%+45%

Where each dollar of revenue goes

LineQ3 FY26% of revenue
Revenue$879M100.0%
Operating profit$320M36.4%
Income tax$60.6M6.9%
Net earnings$243M27.6%
Operating cash flow$640M72.8%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 FY26$879M+5%
Q2 FY26$2.0B+0.6%
Q1 FY26$1.3B+14%
Q4 FY25$737M+12%
Q3 FY25$839M+20%
Q2 FY25$2.0B+18%
Q4 FY24$658M+12%

From Atmos Energy's 10-Q filed Aug 5, 2026 (on EDGAR).

Questions

How does Atmos Energy make money?

Atmos Energy (ATO) made $879M of revenue in the third quarter fiscal 2026 (Q3 FY26), +5% from a year earlier. Distribution segment brought in $774M (88%); Pipeline and storage segment brought in $105M (12%). Of every dollar of revenue, 36¢ was left as operating profit, 28¢ was left as net earnings.

What is Atmos Energy's biggest business?

Distribution segment: $774M in the third quarter fiscal 2026, 88% of revenue, +1% from a year earlier.

What is Atmos Energy's profit margin?

Net earnings were $243M, 27.6% of revenue, in the third quarter fiscal 2026; the operating margin was 36.4%.

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Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.