How does Atmos Energy (ATO) make money?

Atmos Energy (ATO) generates revenue primarily from Distribution Segment, which accounted for 78.7% of total revenue in TTM through Q1 2026. The company reported $4.88B in revenue and converted 27.6% of it into net profit, equivalent to roughly $1.35B in net income — what's left after the cost of revenue, operating expenses, interest, and income taxes.

What is the gross profit margin of Atmos Energy (ATO)?

Atmos Energy (ATO) reported a gross profit margin of 51.4% in TTM through Q1 2026, equivalent to $2.51B in gross profit on $4.88B in revenue. Gross margin measures how much of each dollar of revenue remains after the direct cost of producing or delivering the product — a higher figure typically signals pricing power, scale, or a less capital-intensive business model.

What is the operating profit margin of Atmos Energy (ATO)?

Atmos Energy (ATO) reported an operating profit margin of 35.9% in TTM through Q1 2026, equivalent to $1.75B in operating income. Operating margin captures profitability after research & development, sales & marketing, and general & administrative expenses — but before interest, taxes, and one-off items — and is the cleanest single read on the underlying business's efficiency.

What is the net profit margin of Atmos Energy (ATO)?

Atmos Energy (ATO) reported a net profit margin of 27.6% in TTM through Q1 2026, equivalent to $1.35B in net income. Net margin is the bottom-line share of revenue that survives every expense — operating costs, interest, and income taxes — and is the figure that flows directly into earnings per share.

Is Atmos Energy (ATO) profitable?

Yes. Atmos Energy (ATO) reported $1.35B in net income for TTM through Q1 2026, with a net profit margin of 27.6%. The company earned more from its operations than it paid out in costs, interest, and income taxes, leaving positive earnings on the bottom line.

How much does Atmos Energy (ATO) spend on capital expenditures?

Atmos Energy (ATO) spent $3.87B on capital expenditures (CapEx) during TTM through Q1 2026, roughly 79.2% of total revenue. CapEx represents long-lived investment in property, equipment, data centres, and other physical infrastructure, and is subtracted from operating cash flow to arrive at free cash flow.

How much free cash flow does Atmos Energy (ATO) generate?

Atmos Energy (ATO) generated -$1.99B in free cash flow during TTM through Q1 2026, a free-cash-flow margin of -40.8%. Free cash flow is the cash left after capital expenditures and represents the discretionary pool the company can use to pay dividends, repurchase shares, repay debt, or fund acquisitions without raising external capital.

What is the effective tax rate of Atmos Energy (ATO)?

Atmos Energy (ATO) had an effective tax rate of 19.9% in TTM through Q1 2026. The effective rate is the actual share of pre-tax income paid as income taxes and can differ materially from the statutory rate due to foreign earnings mix, tax credits (such as R&D), share-based compensation deductions, and one-off discrete items.

What are the main business segments of Atmos Energy (ATO)?

Atmos Energy (ATO) reports revenue across 2 reportable product segments, led by Distribution at 78.7% of total revenue in TTM through Q1 2026. See the revenue-by-segment table on this page for the full breakdown and how each segment feeds into the income-statement waterfall above.

How Atmos Energy Makes Money: 2026 Visual Revenue Map

Atmos Energy (ATO) Income Statement Flow — TTM through Q1 2026

Calculated from the four most recent reported quarters, ending March 31, 2026 (reported May 6, 2026).

Atmos Energy discloses geographic revenue only in annual filings. to view the full breakdown.

Atmos Energy (ATO) Revenue by Product Segment — TTM through Q1 2026

Aggregated from the four quarterly disclosures behind this TTM. Minor differences vs the company's annual filing can occur if reported segments changed mid-year.

Revenue contribution by product segment for Atmos Energy (ATO), TTM through Q1 2026.
Segment	Revenue (USD)	% of total
Distribution	$3.84B	78.7%
Pipeline & Storage	$1.04B	21.3%
Total	$4.88B	100%

Distribution$3.84B
Pipeline & Storage$1.04B
Total$4.88B

Revenue Breakdown — TTM through Q1 2026

In TTM through Q1 2026, Atmos Energy (ATO) reports revenue across 2 reportable product segments; the largest segment was Distribution at 78.7%, followed by Pipeline & Storage (21.3%).

Frequently asked questions

Data & methodology

Atmos Energy (ATO) Key Financials

Charts, filings, and peer comparison for every metric

Trains Company Knowledge

Explore more

Deep-dives across the income statement, cash flow, capital return, and valuation

Overview

ATO Overview

Counters

Income Statement

Cash Flow

Capital Return

How this company returns cash to shareholders — buybacks, dividends, and stock splits.

Forecast & Valuation