ATO ATMOS ENERGY CORP

Overview and Growth

In fiscal 2025, ATMOS ENERGY CORP recorded $4.70B of revenue, net income of $1.20B, and an operating cash inflow of $2.05B. The $4.70B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Revenue was 12.9% above fiscal 2024 revenue of $4.17B, marking a year-over-year increase. Diluted earnings per share were $7.46, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $6.83 in fiscal 2024, the current result was 9.2% higher. The company employed $28.25B of total assets, the balance-sheet base supporting its current operating and cash-flow results. Asset turnover was 0.17x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The reported operating result was $1.56B, capturing profitability after direct costs and the operating expenses reflected in the statements. Operating margin measured 33.2%, showing the portion of revenue preserved after the full set of operating costs. Net income came to $1.20B, completing the progression from revenue through gross and operating profitability to the final reported result. Measured against reported revenue, net income produced a 25.5% margin after operating costs and the remaining recognized items. The earnings statement records $1.48B of pretax income, the profit base against which the reported tax provision can be assessed. Pretax income represented 31.4% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized $279.28M of income tax for the period, completing the transition from pretax income to net income. Relative to pretax income, the tax provision measured 18.9%, quantifying the portion of pre-tax earnings paid in income tax. Net income equaled 8.8% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 4.2% of period-end assets, placing the company’s bottom-line result against the total resource base employed. The company moved from fiscal 2024 net income of $1.04B to $1.20B, with the current outcome ending above that comparison.

Liquidity and Capital Structure

Current assets were $1.05B against $1.36B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 0.77x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. Reported cash and equivalents were $202.69M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 14.9% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Cash and equivalents equaled 0.7% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 12.1% from $25.19B in fiscal 2024, leaving current total assets higher year over year. Book equity was 11.5% higher than fiscal 2024 equity of $12.16B, showing how shareholder capital changed year over year. Compared with $307.34M in fiscal 2024, the current cash balance moved 34.1% and finished lower.

Cash Flow and Earnings Quality

The company reported $2.05B of operating cash flow, a cash inflow that shows the cash generated by operations. Operating cash flow equaled 1.71x of net income, showing how strongly accounting earnings converted into cash from operations. Capital expenditures used $3.56B, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 173.8%, connecting investment intensity with the company’s cash-generation base. Operating cash flow and capital spending combined to leave a $1.51B cash deficit after capital spending. Free-cash-flow margin was -32.2%, reflecting a cash deficit equal to 32.2% of revenue after capital spending. Relative to total assets, the post-investment cash deficit measured 5.4%.

Based on the annual report for the fiscal year ending Sep 30, 2025. Analysis generated Sep 24, 2026.