What is the revenue and EPS growth rate for Atmos Energy year over year?

What factors drove the changes in Atmos Energy's revenue and profit?

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Did Atmos Energy beat or miss consensus estimates last quarter?

- **Strong Financial Performance**: Q1 net income $403M (+9.4% YoY), driven by $1B in safety-focused capex and customer growth.
- **Infrastructure Milestones**: 55 miles of pipeline, 13 miles of Line WA Loop, and doubled storage capacity at Bethel.
- **Customer Satisfaction**: 98% satisfaction rate, #1 in J.D. Power rankings for 4th year.
- **Texas Bill 4384 Impact**: $0.16 EPS benefit in Q1; annualized impact to be determined quarterly.
- **Winter Storm Resilience**: Minimal financial impact; supply chain performed well despite operational challenges.

**【CEO Summary Section】**
- Reported Q1 2026 net income of $403 million ($2.44 per diluted share), up 9.4% year-over-year.
- Capital expenditures totaled $1 billion, with 85% allocated to safety and reliability improvements.
- Added 54,000 new customers over 12 months, including 1,100 commercial and 3 industrial customers in Q1.
- Completed key infrastructure projects: 55 miles of 36-inch pipeline, 13 miles of Line WA Loop, and enhanced storage capacity at Bethel Salt Dome.
- Customer satisfaction rated 98%, ranking #1 in J.D. Power's 2025 Gas Utility Study for the fourth consecutive year.

**【CFO Financial Commentary】**
- Diluted EPS of $2.44 included $0.16 impact from Texas House Bill 4384, with $20M in Distribution and $15M in APT segments.
- Operating income increased $24M due to customer growth and load, offset by $23M rise in O&M expenses (safety compliance, headcount expansion).
- Fiscal 2026 EPS guidance updated to $8.15-$8.35, with $4.2B capital spending plan on track.
- Liquidity of $4.6 billion supports equity needs, with 60% equity capitalization.

**【Q&A Highlights】**
- **Winter Storm Fern Impact**: Minimal financial impact; supply chain resilience mitigated costs. No repeat of 2021 Uri crisis.
- **Texas Bill 4384**: Q1 benefit of $35M; annualized impact uncertain due timing of capital spending and project closures.
- **Regulatory Environment**: Mississippi rate case outcome being appealed; 5% of business, manageable within plans.
- **Storage Expansion**: Evaluating post-winter storm performance and customer growth for additional storage needs.
- **Affordability Pressures**: Regulators understand need for safety investments; no negative feedback received.

Atmos Energy Corporation (ATO) Q1 2026 Earnings Call Transcript

- **EPS Growth Acceleration**: Fiscal 2026 EPS guidance of $8.15-$8.35 reflects 6-8% annual growth through 2030, driven by Texas House Bill 4384's 95% capital recovery.
- **Customer Expansion**: Added 57,000 residential customers in 2025, with 29 industrial customers projected to consume 4 Bcf annually.
- **Capital Investment**: $26B 5-year plan (85% for safety/reliability) supports 13-15% rate base growth to $42B by 2030.
- **Dividend Growth**: 15% dividend increase in 2026, aligned with EPS growth target, marking 168th consecutive quarterly dividend.

**【Management Opening Remarks】**
- CEO John Akers highlighted fiscal 2025 diluted EPS of $7.46, marking 23 consecutive years of EPS growth and 41 years of dividend growth.
- CFO Chris Forsythe noted $3.6 billion in capital spending (87% for safety/reliability) and O&M expenses of $874 million (excluding bad debt).
- The company ended the year with $4.9 billion in liquidity and a 60% equity capitalization rate.

**【CEO Commentary】**
- Added 57,000 residential customers (+44,000 in Texas), 3,200 commercial, and 29 industrial customers (projected 4 Bcf annual gas demand).
- 5-year plan (2026-2030) includes $26 billion investment (85% for safety/reliability), targeting 6-8% EPS growth.
- Texas House Bill 4384 enables 95% capital recovery within 6 months, supporting faster earnings growth.
- Key projects: Bethel to Groesbeck pipeline (55 miles, 36-inch) and WA Loop Phase 2 (44 miles, 36-inch) nearing completion.

**【CFO Financial Commentary】**
- Fiscal 2026 EPS guidance: $8.15-$8.35 (rebased due to HB 4384), with 6-8% annual growth through 2030.
- 2026 capital spending: $4.2 billion (80% in Texas, $15B for distribution, $6B for APT).
- O&M expenses expected to grow 4% annually, driven by safety, monitoring, and employee costs.
- 5-year plan includes $16B in incremental financing, maintaining 60% equity capitalization via ATM program.

**【Q&A Highlights】**
- **Capital Recovery**: HB 4384 allows 95% capital recovery within 12 months, up from 90% previously. Distribution segment captures 60% of benefits, APT 40%.
- **O&M Budgeting**: 2026 O&M expected to range $865M-$885M, with 4% annual growth for safety and compliance.
- **Gas Prices**: Waha gas price volatility not incorporated into guidance; 75% of price impact flows to customers.
- **Dividend Policy**: 2026 dividend increased 15% to $4 annualized, aligned with EPS growth target of 6-8%.
- **Customer Growth**: Industrial customers add 4 Bcf annual demand (equivalent to 74,000 residential customers).

Atmos Energy Corporation (ATO) Q4 2025 Earnings Call Transcript

- **EPS Guidance Expansion**: FY25 EPS raised to $7.35-$7.45 (+$0.15) driven by Texas legislation and improved collections.
- **Customer Growth Momentum**: Added 58,000 residential and 22 industrial customers (equivalent to 67,000 residential) in FY25.
- **Strategic Infrastructure Investment**: 80% of $3.7B FY25 capital budget allocated to APT for storage, transmission, and distribution expansion.
- **Regulatory Tailwind**: Texas legislation enables deferral of $0.10 EPS in Q4 FY25, with full impact over asset life cycle.
- **Operational Excellence**: 97% customer satisfaction rate and $17.5M in energy assistance provided to 48,000 customers.

**【CEO Summary Section】**
- Reported year-to-date 2025 net income of $1 billion ($6.40 per diluted share) and updated FY25 EPS guidance to $7.35-$7.45.
- Added 58,000 new residential customers and 22 industrial customers (equivalent to 67,000 residential customers) in FY25.
- Secured a 30 Bcf/year data center contract in Abilene, with 75% of revenue benefiting LDC customers.
- Achieved 97% customer satisfaction rating and provided $17.5 million in energy assistance to 48,000 customers.
- Texas legislation HB4384 expanded eligible capital spending for deferral treatment from 45% to 80% of total capital, primarily benefiting APT's infrastructure investments.

**【CFO Financial Commentary】**
- FY25 year-to-date O&M expenses increased $85 million due to safety, reliability, and customer growth initiatives.
- Capital spending $2.6 billion (86% for safety/reliability), on track for $3.7 billion FY25.
- Implemented $351 million in regulatory outcomes, with $205 million from APT's RIP filings and Mississippi rate case pending.
- Updated FY25 EPS guidance includes $0.10 impact from Texas legislation (effective June 20, 2025) and improved pass-through collections.
- Maintained strong financial position with 60% equity capitalization and $5.5 billion liquidity.

**【Q&A Highlights】**
- **Texas Legislation Impact**: $0.10 EPS increase reflects one-quarter (Q4 FY25) of the deferral benefit, with full impact materializing over asset life.
- **Through-System Business**: FY25 contribution expected flat to FY24 levels (~$12.5 million Q3), with FY26 outlook dependent on market conditions.
- **Capital Allocation**: 80% of FY25 capital spending allocated to APT for storage, transmission, and distribution expansion.
- **Financing Strategy**: Will maintain balanced debt/equity mix, with FY25 equity needs fully covered by forward sales.


Atmos Energy Corporation (ATO) Q3 2025 Earnings Call Transcript

- **Record Q2 Performance**: $837M net income ($5.26 EPS) vs $7.05-$7.25 prior guidance
- **Texas Growth Engine**: +59,000 customers FYTD, 1.4% job growth, 11 Bcf industrial load added
- **Infrastructure Expansion**: $3.7B capex for 44 miles of new pipe, 1 Bcf+ new gas supplies
- **Financial Strength**: $1.7B ATM proceeds, 61% equity ratio, $5.3B liquidity
- **Regulatory Wins**: $37.3M annual OI from pending GR cases, cloud computing cost capitalization
- **Customer Impact**: $10M energy assistance, 98% satisfaction rate


**【CEO Summary Section】**
- Fiscal 2025 Q2 net income of $837 million ($5.26 EPS), up 6.7% YoY. Updated FY25 EPS guidance to $7.20-$7.30 (prev $7.05-$7.25). 
- Texas customer growth robust: +59,000 new customers FYTD (46,000 in TX), 1.4% job growth in TX. 
- Industrial demand strong: 20 new industrial customers FYTD with 11 Bcf annual load (equivalent to 204,000 residential customers). 
- Major APT infrastructure projects: 
  - Phase 2 Line WA Loop (44 miles of 36" pipe) on track for CY25 completion 
  - Bethel to Groesbeck project (55 miles of 36" pipe) for DFW growth, in-service late CY25 
  - 1 Bcf+ new gas supplies added FYTD via interconnect projects
- Customer satisfaction at 98%, with $10M in energy assistance provided to 32,000 customers

**【CFO Financial Commentary】**
- Operating income $1.1B (14.6% growth), driven by:
  - $185M rate increases across segments
  - $14.4M from residential/commercial growth and industrial load
  - $11.4M from APT pipeline volume growth and spread widening
- O&M expenses up $74M due to:
  - $27M employee costs (headcount/overtime)
  - $15M bad debt (vs $14M non-recurring reduction last year)
  - $14M pipeline safety/maintenance
  - $9.4M APT system integrity costs (offset by revenue)
- Regulatory progress:
  - West TX GR case: $30.6M annual OI if approved May 13
  - Mid-Tex GR case: $6.7M annual OI if approved June 10
  - APT GRIP line of $77.2M to be considered June 10
- Capital spending guidance remains $3.7B, with $1.7B ATM proceeds to cover FY25 equity needs

**【Q&A Highlights】**
1. **2026 Growth Outlook**: 
   - APT through-system business expected to normalize vs FY24, but timing of revenues will differ
   - O&M costs partially pulled forward from FY26 to stay ahead of compliance
2. **Regulatory Assets**: 
   - System safety/integrity tracker allows deferral of O&M costs >$3.5M post June 30, 2024
   - Cloud computing costs capitalized as 15-year fixed assets
3. **Financing Strategy**: 
   - Maintain 61% equity ratio
   - $1.7B ATM proceeds to cover FY25/FY26 equity needs
   - Interest rate swaps hedging long-term debt issuance
4. **Project Pipeline**: 
   - No formal backlog, but 85% of FY25 capital spent on safety/reliability
   - Projects driven by city models and LDC NVQs, refreshed post-winter


Atmos Energy (ATO)-8 May 25-2025 Q2 Earnings call transcript

- **Revenue Growth**: Q1 net income up 7.2% YoY to $352M, driven by rate hikes and customer expansion.
- **Customer Expansion**: +59,000 new customers (46,000 in Texas), 11 industrial clients adding 2.3 Bcf/year demand.
- **Capital Plan**: $3.7B 2025 capex, 60% equity target maintained despite $380M equity forward settlement.
- **Regulatory Momentum**: $152M rate increases implemented, $126M in pending filings targeting Texas and Kentucky.
- **Credit Resilience**: Moody's review pending; 60% equity seen as stable post-Uri recovery.

**【CEO Opening Remarks】**
- Q1 2025 net income: $352 million ($2.23/diluted share), up 7.2% YoY.
- Capital spending: $891 million for system modernization and growth.
- Customer growth: +59,000 new customers (12 months ending Dec 2024), 46,000 in Texas.
- Industrial demand: 11 new customers expected to use 2.3 Bcf/year.
- Key projects: 36-inch Line S-2 expansion, Bethel-to-Grow Spec pipeline, and interconnect upgrades.
- Customer satisfaction: 98% satisfaction rate, ranked #1 in Midwest by J.D. Power.

**【CFO Financial Highlights】**
- Operating income: $459 million (+15% YoY), driven by rate increases ($69M), customer growth ($10M), and APT throughput ($8M).
- O&M expenses: +$41 million due to headcount growth, overtime, and safety compliance.
- Regulatory progress: $152M annualized operating income implemented, $126M in pending filings.
- Financing: $1B raised in Q1 (including $650M debt and $380M equity forwards), 60% equity capitalization.
- FY25 EPS guidance: $7.05-$7.25.

**【Q&A Key Takeaways】**
1. **Capital Allocation**: 2025 capex of $3.7B, with 70%+ for Texas growth. Equity issuance expected $600-800M, balanced with debt.
2. **Industrial Growth**: 11 new customers span manufacturing, distilling, and battery plants; no power plants in current pipeline.
3. **Regulatory Outlook**: Texas GRIP filings ($90M) and Kentucky case ($34M) expected to resolve by Q2. Incentive riders sought for SSI programs.
4. **Credit Metrics**: Moody's outlook review expected Q2; 60% equity target seen as resilient post-Uri.
5. **Tariff Impact**: Minimal direct impact; monitoring supply chain for potential cost pressures.


Actual											1.95	0.79	0.53	1.71	2.3	0.78	0.37	1.86	2.37	0.92	0.51	1.91	2.48	0.94	0.8	2.08	2.85	1.08	0.86	2.23	3.03	1.16	1.07	2.44
Forecast											1.918	0.7581	0.514	1.5775	2.0457	0.7261	0.3429	1.85	2.3486	0.8454	0.4273	1.9255	2.446	0.9935	0.7201	2.0479	2.5333	1.0513	0.8025	2.2015	2.8931	1.1404	0.9898	2.4384
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	+1.67%	+4.21%	+3.11%	+8.40%	+12.43%	+7.42%	+7.90%	+0.54%	+0.91%	+8.82%	+19.35%	-0.80%	+1.39%	-5.39%	+11.10%	+1.57%	+12.50%	+2.73%	+7.17%	+1.29%	+4.73%	+1.72%	+8.10%	+0.07%

Actual	--	--	--	--	--	--	--	--	--	--	977.66M	493.00M	474.91M	914.48M	1.32B	605.55M	568.38M	1.01B	1.65B	816.43M	722.63M	1.48B	1.54B	662.73M	587.64M	1.16B	1.65B	702.85M	671.68M	1.18B	1.95B	838.77M	739.48M	1.31B
Forecast	--	--	--	--	--	--	--	--	--	--	1.18B	580.71M	603.72M	985.11M	1.08B	582.73M	549.64M	1.02B	1.39B	682.07M	559.54M	1.14B	1.82B	959.54M	959.12M	1.50B	1.54B	816.86M	878.39M	1.35B	1.67B	822.15M	721.30M	1.30B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-17.09%	-15.10%	-21.34%	-7.17%	+21.62%	+3.92%	+3.41%	-0.77%	+18.41%	+19.70%	+29.15%	+30.29%	-15.24%	-30.93%	-38.73%	-22.88%	+7.07%	-13.96%	-23.53%	-12.87%	+16.58%	+2.02%	+2.52%	+1.15%

ATO

ATO fundamentals

ATO Q1 2026 Earnings

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ATO

ATO fundamentals

ATO Q1 2026 Earnings

Earnings Call

ATO Earnings Call Summary for Q1/20269:00 AM on Feb 4, 2026

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ATO Earnings Call Summary for Q3/202510:00 AM on Aug 7, 2025

ATO Earnings Call Summary for Q2/202510:00 AM on May 8, 2025

ATO Earnings Call Summary for Q1/20259:00 AM on Feb 5, 2025

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