Atmos Energy

Atmos Energy is a natural gas-only distribution utility. It delivers gas to about 3.4 million customers in more than 1,400 communities in eight states, mostly in Texas and the South. It also owns one of the largest intrastate gas pipeline systems in Texas, with storage.

Atmos earns a regulated return on the money it invests in pipes and other assets, and more than 85% of its capital spending is for safety and reliability. Its fiscal year ends on September 30. Rate mechanisms in Texas, Louisiana, Mississippi and Tennessee let it update rates every year without a full rate case.

The market prices Atmos as a safe utility whose growth depends on large capital spending that it must pay for with new shares and debt. Atmos spent $4.2 billion in fiscal 2026 and expects about $4.5 billion in fiscal 2027 and about $29 billion through fiscal 2031, which needs about $17 billion of new long-term financing from debt and shares. Higher interest rates make this financing more costly and make utility shares less attractive than bonds. For the gap to close, three things must be true.

Regulators, mostly in Texas, must keep approving rate increases that recover the spending, as they did with $395.4 million of annualized outcomes in fiscal 2026. Earnings per share must grow 6% to 8% a year as planned, from $8.49 in fiscal 2026 to the fiscal 2027 guidance of $9.05 to $9.25 and $12.35 to $12.55 in fiscal 2031. The equity share of capital must stay near 60%, so that credit quality stays strong. The fiscal 2026 report on November 4, 2026 met these tests.

The next evidence comes with rate outcomes and the fiscal Q1 2027 report, expected in early February 2027. If these checks continue to pass, the gap can close over the next two to four quarters. The main reason it may not close is a rise in interest rates, which lowers the value of all utility shares.

1. Nov 4, 2026Passed

   Fiscal 2026 results and five-year planFiscal 2026 EPS within $8.40 to $8.50, fiscal 2027 guidance with growth near the plan and a five-year plan with steady rate base growth pass; lower guidance or a weaker equity share fail.Outcome: Fiscal 2026 EPS was $8.49, fiscal 2027 guidance of $9.05 to $9.25 is about 7% to 9% higher, the new plan expects rate base of $45 billion to $47 billion by fiscal 2031, and the equity share stayed at 60%.
2. Feb 4, 2027 · est.Pending

   Fiscal Q1 2027 earnings: rate outcomesNew rate outcomes in Texas and other states in line with the plan pass; a large rate case denial or a cut in guidance fails.

Every passed and failed checkpoint across all picks

• November 4, 2026Atmos reported fiscal 2026 results. Net income was $1.4 billion, or $8.49 per diluted share, inside its guidance of $8.40 to $8.50. Capital spending was $4.2 billion, and annualized rate outcomes were $395.4 million. It guided fiscal 2027 EPS to $9.05 to $9.25 and capital spending to about $4.5 billion. Its new five-year plan has about $29 billion of capital spending, rate base of $45 billion to $47 billion by fiscal 2031 and EPS growth of 6% to 8% a year. The board declared a quarterly dividend of $1.09 per share, 9.0% higher.
• November 4, 2026Atmos said that its chair, Kim R. Cocklin, will retire from the board at the 2027 annual meeting because of the mandatory retirement age. CEO J. Kevin Akers will then also become chair, and Nancy K. Quinn stays lead director.
• October 9, 2026Atmos completed a public offering of $700 million of 6.000% senior notes due 2036. Net proceeds were about $691 million.

Last earnings

November 4, 2026 (8-K on sec.gov)

Next earnings

Expected about February 4, 2027. The company has not confirmed the date.

• 8-KChange of directors or officers and Investor disclosureFiled November 4, 2026 · ato-20261103
• 8-KEarnings releaseFiled November 4, 2026 · Press release and exhibits
• 8-KNew material agreementFiled October 9, 2026 · Read it on sec.gov
• 8-KOther company newsFiled October 9, 2026 · Read it on sec.gov
• 8-KChange of directors or officers and Investor disclosureFiled August 10, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 5, 2026 · ato-20260630
• 8-KEarnings releaseFiled August 5, 2026 · Press release and exhibits
• 8-KNew material agreementFiled June 18, 2026 · Read it on sec.gov
• 8-KOther company newsFiled June 18, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 6, 2026 · ato-20260331

Every filing on SEC EDGAR (CIK 731802)

• Atmos needs regular rate increases to recover its large capital spending. A less favorable decision from regulators in Texas or another state can lower returns. Most of its operations are in Texas.
• Atmos issues new shares and debt every year to pay for its spending. Higher interest rates raise its financing costs and make the shares less attractive to investors who want income.
• Gas pipelines can leak or explode, and an accident can cause injuries, fines and repair costs. Federal and state safety rules can also raise costs.
• Laws or local rules that limit new gas connections or favor electric heating can slow customer growth over time.

Atmos has a strong investment grade balance sheet. The figures are from the 10-Q for June 30, 2026, because the fiscal 2026 10-K was not yet filed on November 5, 2026. Read more

Yield at the current rate

2.3% (current annual rate, at today’s price)

Dividend yield

2.3% (last 12 months, at today’s price of $175.65)

Paid per share

$4.00 in the last 12 months (4 payments)

Current annual rate

$4.00 ($1.00 × 4 a year)

Payout ratio

47% of the last fiscal year’s earnings (the year that ended September 30, 2025)

Latest ex-dividend date

August 24, 2026, $1.00 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 9.0% a year. From 2015 to 2025, the dividend grew by about 8.5% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.