Atmos Energy Corp.: Q4 FY2025 earnings call

What management said about Q4 FY2025, from the documents filed with the SEC on 5 November 2025: press release. Guidance figures: 1 raised, 2 new. The quarter’s numbers.

Key takeaways

Full-year EPS and net income: The company reported fiscal 2025 earnings of $7.46 per diluted share on net income of $1.2 billion. Source
Regulatory outcomes rose to $333.6 million: Annualized regulatory outcomes implemented were $333.6 million, up from $321.8 million in the third quarter release. Source
Customer base grew to 3.4 million: The company serves approximately 3.4 million distribution customers in over 1,400 communities across eight states, compared with over 3.3 million in the third quarter release. Source
Safety and reliability share of capex: About 87% of fiscal 2025 capital expenditures of $3.6 billion went to safety and reliability. Source
Equity capitalization and liquidity: The company reported 60.3% equity capitalization and $4.9 billion in available liquidity. Source
Quarterly dividend raised to $1.00: The Board declared a quarterly dividend of $1.00 per common share, up from $0.87 in the third quarter release. Source

“Fiscal 2025 marked the 14th year of executing our proven strategy of operating safely and reliably while we modernize our natural gas distribution, transmission, and storage systems,”
Kevin Akers, president and chief executive officer

Guidance

Area	Period	Figure	Against last quarter
Earnings per diluted share Source	fiscal 2026	$8.15 - $8.35	New
Capital expenditures Source	fiscal 2026	approximately $4.2 billion	New
Dividend Source	fiscal 2026	$1.00 quarterly; $4.00 indicated annual	Raised from $0.87 quarterly

What changed from last quarter

New guidance: Fiscal 2026 EPS guidance of $8.15 to $8.35 per diluted share was initiated in this release, alongside capital expenditure guidance of approximately $4.2 billion. Source
Fiscal 2025 EPS guidance of $7.35 to $7.45 from the third quarter release was followed by reported full-year EPS of $7.46.
Guidance raised: Quarterly dividend raised to $1.00 from $0.87 declared in the third quarter release. Source

Fiscal year results

Full-year EPS and net income: The company reported fiscal 2025 earnings of $7.46 per diluted share on net income of $1.2 billion. Source
Reporting period covered: The company reported consolidated results for the fourth fiscal quarter and the year ended September 30, 2025. Source
Year-to-date EPS through third quarter: The third quarter release reported year-to-date EPS of $6.40 on net income of $1.0 billion.

Capital spending and regulatory outcomes

Fiscal 2025 capex against guidance: Capital expenditures were $3.6 billion, compared with fiscal 2025 guidance of approximately $3.7 billion given in the third quarter release.
Regulatory outcomes rose to $333.6 million: Annualized regulatory outcomes implemented were $333.6 million, up from $321.8 million in the third quarter release. Source
Third-quarter capex was $2.6 billion: Through the third quarter, capital expenditures were $2.6 billion, about 86% focused on safety and reliability.

“This strategy, along with our employees' focus on our vision to be the safest provider of natural gas services continue to benefit our customers, and our communities,”
Kevin Akers, president and chief executive officer

Customers and service territory

Customer base grew to 3.4 million: The company serves approximately 3.4 million distribution customers in over 1,400 communities across eight states, compared with over 3.3 million in the third quarter release. Source
S&P 500 gas-only distributor in Dallas: The company describes itself as a natural gas-only distributor, headquartered in Dallas and included in the S&P 500. Source
Texas intrastate pipeline and storage: The company manages proprietary pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas. Source

Safety and reliability focus

Safety and reliability share of capex: About 87% of fiscal 2025 capital expenditures of $3.6 billion went to safety and reliability. Source
Safest-provider vision and modernization: The company states its vision to be the safest provider of natural gas services while it modernizes its business and infrastructure. Source
Employee focus credited for results: Akers credits the strategy and employees' focus on the safety vision with benefiting customers and communities. Source

Financial position and dividend

Equity capitalization and liquidity: The company reported 60.3% equity capitalization and $4.9 billion in available liquidity. Source
Third quarter equity and liquidity: The third quarter release reported 60% equity capitalization and $5.5 billion in available liquidity.
Quarterly dividend raised to $1.00: The Board declared a quarterly dividend of $1.00 per common share, up from $0.87 in the third quarter release. Source

Strategy and reporting schedule

Modernizing business and infrastructure: Management describes modernizing its business and infrastructure while investing in safety, innovation, sustainability and communities. Source
Fourth quarter conference call: Management will host a conference call with financial analysts on November 6, 2025, at 10:00 a.m. Eastern Time. Source
Playback posted after the call: The call is webcast live on the company website, and a playback will be available there later that day. Source

Figures management reported

Figure	Reported
Rate cases Source	$333.6 million annualized regulatory outcomes implemented (third quarter release: $321.8 million)
Capital plan Source	fiscal 2025 capital expenditures $3.6 billion; fiscal 2026 guidance approximately $4.2 billion
Customer growth Source	approximately 3.4 million distribution customers (third quarter release: over 3.3 million)

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Atmos Energy Corporation Reports Earnings for Fiscal 2025;

Initiates Fiscal 2026 Guidance; Raises Dividend

DALLAS (November 5, 2025) - Atmos Energy Corporation (NYSE: ATO) today reported consolidated results for its fourth fiscal quarter and year ended September 30, 2025. This news release should be read in conjunction with our earnings slides which are concurrently being posted at www.atmosenergy.com.

Fiscal Year Highlights

Earnings per diluted share of $7.46 on net income of $1.2 billion.
Capital expenditures were $3.6 billion; approximately 87% focused on safety and reliability.
Strong financial profile with 60.3% equity capitalization and $4.9 billion in available liquidity.
Implemented $333.6 million in annualized regulatory outcomes.

Outlook

Fiscal 2026 earnings per diluted share guidance expected to be in the range of $8.15 - $8.35 per diluted share.
Fiscal 2026 capital expenditure guidance expected to be approximately $4.2 billion.
The company's Board of Directors has declared a quarterly dividend of $1.00 per common share. The indicated annual dividend for fiscal 2026 is $4.00, which represents a 14.9% increase over fiscal 2025.

"Fiscal 2025 marked the 14th year of executing our proven strategy of operating safely and reliably while we modernize our natural gas distribution, transmission, and storage systems," said Kevin Akers, president and chief executive officer of Atmos Energy Corporation. "This strategy, along with our employees' focus on our vision to be the safest provider of natural gas services continue to benefit our customers, and our communities,” Akers concluded.

Conference Call to be Webcast November 6, 2025

Atmos Energy will host a conference call with financial analysts to discuss the fiscal 2025 fourth quarter and year end financial results on Thursday, November 6, 2025, at 10:00 a.m. Eastern Time. The domestic telephone number is 800-715-9871 and the international telephone number is 646-307-1963. The conference ID is 15904. The conference call will be webcast live on the Atmos Energy website at www.investors.atmosenergy.com/events-and-presentations. A playback of the call will be available on the website later that day.

Forward-Looking Statements

Forward-looking statements notice

The matters discussed in this news release may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical fact included in this news release are forward-looking statements made in good faith by the company and are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. When used in this news release or any of the company’s other documents or oral presentations, the words “anticipate”, “believe”, “estimate”, “expect”, “forecast”, “goal”, “intend”, “objective”, “plan”, “projection”, “seek”, “strategy” or similar words are intended to identify forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in this release, including the risks relating to regulatory trends and decisions, the company’s ability to continue to access the credit and capital markets, and the other factors discussed in the company’s reports filed with the Securities and Exchange Commission. These risks and uncertainties include the following: federal, state, and local regulatory and political trends and decisions, including the impact of rate proceedings before various state regulatory commissions; increased federal regulatory oversight and potential penalties; possible increased federal, state, and local regulation of the safety of our operations; possible significant costs and liabilities resulting from pipeline integrity and other similar programs and related repairs; the inherent hazards and risks involved in distributing, transporting, and storing natural gas; the availability and accessibility of contracted gas supplies, interstate pipeline, and/or storage services; increased competition from energy suppliers and alternative forms of energy; failure to attract and retain a qualified workforce; natural disasters, adverse weather, terrorist activities, or other events and other risks and uncertainties discussed herein, all of which are difficult to predict and many of which are beyond our control; failure of technology that affects the Company's business operations; the threat of cyber-attacks or acts of cyber-terrorism that could disrupt our business operations and information technology systems or result in the loss or exposure of confidential or sensitive customer, employee, or Company information; the impact of new cybersecurity compliance requirements; adverse weather conditions; the impact of legislation to reduce or eliminate greenhouse gas emissions or fossil fuels; the impact of climate change; the capital-intensive nature of our business; our ability to continue to access the credit and capital markets to execute our business strategy; market risks beyond our control affecting our risk management activities, including commodity price volatility, counterparty performance or creditworthiness, and interest rate risk; the concentration of our operations in Texas; the impact of adverse economic conditions on our customers; changes in the availability and price of natural gas; and increased costs of providing health care benefits, along with pension and postretirement health care benefits and increased funding requirements.

Accordingly, while we believe these forward-looking statements to be reasonable, there can be no assurance that they will approximate actual experience or that the expectations derived from them will be realized. Further, the company undertakes no obligation to update or revise any of our forward-looking statements whether as a result of new information, future events or otherwise.

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.

Contacts
Analysts and Media Contact:
Dan Meziere (972) 855-3729