Analyst Report: Atmos Energy Corp.

Summary

Atmos Energy Corp., headquartered in Dallas, is a natural gas distribution company with six main utility subsidiaries and no electricity operations. As of the beginning of 2026, the company serves more than 3.4 million customers with regulated utilities in eight 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. Atmos currently has about 76,000 miles of distribution and pipeline and 5,700 miles of intrastate pipeline. Management feels that its regulatory and legislative environment is favorable.

The company is unique among peers, as its fiscal year ends in September. With natural gas as a leading domestic heating fuel, the company has significantly stronger results in cold-weather quarters. The company has had favorable annual earnings comparisons for 23 consecutive years and issued dividend inc