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Atmos Energy vs National Fuel Gas: ATO and NFG compared
Atmos Energy is the larger company: $879M of revenue in its latest quarter (Q3 FY26) against $537M for National Fuel Gas (Q3 FY26). Atmos Energy is growing faster (+5% against +1% a year earlier). National Fuel Gas is more profitable, with an operating margin of 38.9% against 36.4%.
Where the money goes: ATO and NFG
Atmos Energy (ATO) · Q3 FY26
Atmos Energy, Q3 FY26: revenue $879M (+5% year over year), operating margin 36.4%, net earnings $243M, operating cash flow $640M. The chart follows the revenue to costs, profit and cash.
National Fuel Gas (NFG) · Q3 FY26
National Fuel Gas, Q3 FY26: revenue $537M (+1% year over year), operating margin 38.9%, net earnings $139M, operating cash flow $377M. The chart follows the revenue to costs, profit and cash.
| Atmos Energy (ATO) | National Fuel Gas (NFG) | |
|---|---|---|
| Latest quarter | Q3 FY26 | Q3 FY26 |
| Revenue | $879M | $537M |
| Revenue growth, Y/Y | +5% | +1% |
| Operating margin | 36.4% | 38.9% |
| Net earnings | $243M | $139M |
| Net margin | 27.6% | 25.8% |
| Operating cash flow | $640M | $377M |
| Free cash flow | — | $111M |
| Market value | $29.3B | $7.0B |
| P/E | 20.9× | 10.4× |
| Analysts’ mean target | $182.73 | $93.00 |
Where the revenue comes from
Atmos Energy
- Distribution segment: $774M (88%)
- Pipeline and storage segment: $105M (12%)
National Fuel Gas
- Integrated Upstream and Gathering: $303M (56%)
- Utility: $165M (31%)
- Pipeline and Storage: $69.6M (13%)
Questions
Which is bigger, Atmos Energy or National Fuel Gas?
Atmos Energy is the larger company: $879M of revenue in its latest quarter (Q3 FY26) against $537M for National Fuel Gas (Q3 FY26).
Is Atmos Energy or National Fuel Gas growing faster?
Atmos Energy is growing faster (+5% against +1% a year earlier).
Which is more profitable, Atmos Energy or National Fuel Gas?
National Fuel Gas is more profitable, with an operating margin of 38.9% against 36.4%.
More: Atmos Energy earnings · how Atmos Energy makes money · National Fuel Gas earnings · how National Fuel Gas makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 5, 2026; 10-Q filed Jul 30, 2026). Fiscal quarters can end on different dates. Not investment advice.