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Analyst Report: Atmos Energy Corp.

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Summary

Atmos Energy Corp., headquartered in Dallas, is a natural gas distribution company with six main utility subsidiaries and no electricity operations. The company serves more than 3.3 million customers with regulated utilities in 8 states from Colorado to Virginia. The company’s gas distribution, pipeline and storage operations serve Texas, Louisiana, and Mississippi, and include one of the largest intrastate natural gas pipeline systems in Texas. At the beginning of 2025, the company had about 75,000 miles of underground pipeline and 5,600 gas transmission lines.

The company is unique among peers with a fiscal year ending September 30. With natural gas as a leading domestic heating fuel, the company has significantly stronger results in cold-weather quarters. In fiscal 2024, revenues totaled almost

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