Atmos Energy Corporation (ATO): Business Model Canvas

Atmos Energy Corporation (ATO) ist ein zentraler Akteur in der Erdgasverteilungslandschaft und steuert mithilfe eines innovativen und umfassenden Geschäftsmodells strategisch komplexe Energiemärkte. Durch die nahtlose Integration fortschrittlicher Infrastruktur, robuster Einhaltung gesetzlicher Vorschriften und kundenorientierter Ansätze verwandelt das Unternehmen traditionelle Versorgungsdienstleistungen in ein dynamisches, wertorientiertes Unternehmen, das eine zuverlässige, sichere und effiziente Energieversorgung für verschiedene Kundensegmente gewährleistet. Diese Untersuchung des Business Model Canvas enthüllt die komplizierten Mechanismen, die die operative Exzellenz und strategische Positionierung von Atmos Energy im sich ständig weiterentwickelnden Energieökosystem vorantreiben.

Atmos Energy Corporation (ATO) – Geschäftsmodell: Wichtige Partnerschaften

Partner für Erdgaspipeline und -verteilungsinfrastruktur

Die Atmos Energy Corporation arbeitet mit mehreren Pipeline-Infrastrukturpartnern zusammen, um eine effiziente Gasverteilung sicherzustellen:

Partner	Einzelheiten zur Partnerschaft	Jahresvolumen
Kinder Morgan	Erdgastransportinfrastruktur	1,2 Milliarden Kubikfuß pro Tag
Partner für Unternehmensprodukte	Midstream-Gastransport	850 Millionen Kubikfuß pro Tag

Staatliche und lokale Regulierungsbehörden für Versorgungsunternehmen

Atmos Energy unterhält Partnerschaften mit wichtigen Regulierungsbehörden:

• Texas Public Utility Commission
• Kommission der Kansas Corporation
• Colorado Public Utilities Commission

Ausrüstungs- und Technologielieferanten

Lieferant	Technologie/Ausrüstung	Jährliche Investition
Emerson Electric	Pipeline-Überwachungssysteme	42 Millionen Dollar
Honeywell International	Gasmesstechnik	35 Millionen Dollar

Anbieter von Bau- und Wartungsdienstleistungen

Zu den wichtigsten Beziehungen zu Dienstleistern gehören:

• Mastec Inc. – Pipeline-Baudienstleistungen
• Primoris Services Corporation – Infrastrukturwartung
• MasTec Advanced Technologies – Technologieimplementierung

Partner für Energiehandel und Risikomanagement

Partner	Servicetyp	Jährliches Transaktionsvolumen
Goldman Sachs	Handel mit Energiederivaten	1,3 Milliarden US-Dollar
Morgan Stanley	Beratung zum Risikomanagement	980 Millionen Dollar

Atmos Energy Corporation (ATO) – Geschäftsmodell: Hauptaktivitäten

Erdgasverteilung und -übertragung

Atmos Energy betreibt 70.577 Meilen Erdgasverteilungs- und -übertragungspipelines in 8 Bundesstaaten. Das Unternehmen bedient rund 3 Millionen Privat-, Gewerbe- und Industriekunden.

Pipeline-Netzwerk	Details zur Deckung
Gesamte Pipeline-Meilen	70.577 Meilen
Staaten bedient	8 Staaten
Gesamtzahl der Kunden	3 Millionen

Wartung der Pipeline-Infrastruktur

Atmos Energy investiert jährlich 1,1 Milliarden US-Dollar in die Wartung und Modernisierung der Infrastruktur. Das Unternehmen führt jährlich über 500.000 Pipeline-Sicherheitsinspektionen durch.

• Jährliche Infrastrukturinvestitionen: 1,1 Milliarden US-Dollar
• Jährliche Sicherheitsinspektionen: 500.000+
• Leckerkennungstechnologie: Fortschrittliche Überwachungssysteme

Energiehandel und Risikomanagement

Das Unternehmen verwaltet jährlich etwa 2,3 Milliarden US-Dollar im Erdgashandel. Zu den Risikomanagementstrategien gehören finanzielle Absicherung und diversifizierte Portfolioansätze.

Handelskennzahlen	Jahreszahlen
Rohstoffhandelsvolumen	2,3 Milliarden US-Dollar
Absicherungsdeckung	80-85%

Kundenservice und Abrechnung

Atmos Energy verarbeitet jährlich über 36 Millionen Kundenabrechnungstransaktionen über digitale und traditionelle Plattformen.

• Jährliche Abrechnungstransaktionen: 36 Millionen
• Digitale Zahlungsplattformen: Mehrere Kanäle
• Kundensupportzentren: 12 regionale Standorte

Sicherheits- und Compliance-Management

Das Unternehmen unterhält ein umfassendes Sicherheitsprogramm, bei dem jährlich 150 Millionen US-Dollar für Compliance- und Sicherheitsinitiativen bereitgestellt werden.

Sicherheitskennzahlen	Jahreszahlen
Sicherheitsinvestition	150 Millionen Dollar
Mitarbeiter zur Einhaltung gesetzlicher Vorschriften	Über 350 Fachleute
Sicherheitsschulungszeiten	Über 50.000 Stunden

Atmos Energy Corporation (ATO) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Erdgas-Pipeline-Netzwerk

Atmos Energy betreibt rund 71.500 Meilen Erdgasverteilungs- und -übertragungspipelines in 8 Bundesstaaten. Die gesamte Pipeline-Infrastruktur wird im Jahr 2023 auf 7,8 Milliarden US-Dollar geschätzt.

Pipeline-Kategorie	Meilen	Geschätzter Wert
Verteilungsleitungen	66,300	6,2 Milliarden US-Dollar
Übertragungsleitungen	5,200	1,6 Milliarden US-Dollar

Fortschrittliche Mess- und Überwachungstechnologien

Investitionen in die Advanced Metering Infrastructure (AMI) in Höhe von insgesamt 312 Millionen US-Dollar im Jahr 2023.

• Smart-Meter-Einsatz: 1,5 Millionen Einheiten
• Echtzeit-Überwachungssysteme
• Digitale Leckerkennungstechnologien

Qualifizierte Arbeitskräfte

Gesamtbelegschaft: 4.700 Mitarbeiter, Stand 2023

Mitarbeiterkategorie	Nummer
Technische Fachkräfte	2,100
Feldeinsätze	1,600
Verwaltungspersonal	1,000

Finanzkapital- und Bonitätsratings

Finanzkennzahlen ab Q4 2023:

• Gesamtvermögen: 13,2 Milliarden US-Dollar
• Marktkapitalisierung: 6,8 Milliarden US-Dollar
• Kreditratings: A- (S&P), A3 (Moody's)

Fachkompetenz in den Bereichen Einhaltung gesetzlicher Vorschriften und Sicherheit

Sicherheitsinvestition: 287 Millionen US-Dollar für die Sicherheit und Modernisierung der Pipeline im Jahr 2023.

Compliance-Bereich	Jährliche Investition
Pipeline-Sicherheit	187 Millionen Dollar
Einhaltung gesetzlicher Vorschriften	100 Millionen Dollar

Atmos Energy Corporation (ATO) – Geschäftsmodell: Wertversprechen

Zuverlässige und sichere Erdgaslieferung

Atmos Energy beliefert rund 3 Millionen Erdgaskunden in 8 Bundesstaaten. Das Unternehmen betreibt Erdgasverteilungspipelines mit einer Gesamtlänge von 70.700 Meilen. Im Jahr 2022 meldete das Unternehmen eine Systemzuverlässigkeitsrate von 99,99 %.

Servicemetrik	Quantitative Daten
Gesamtzahl der Kunden	3 Millionen
Pipeline-Netzwerk	70.700 Meilen
Systemzuverlässigkeit	99.99%

Wettbewerbsfähige Energiepreise

Atmos Energy hält in seinen Servicegebieten wettbewerbsfähige Erdgastarife aufrecht. Im Jahr 2022 betrug der durchschnittliche Erdgaspreis des Unternehmens für Privathaushalte 10,25 US-Dollar pro tausend Kubikfuß, was 12 % unter dem Landesdurchschnitt liegt.

• Durchschnittlicher Erdgaspreis für Privathaushalte: 10,25 $/Mcf
• Tarifvergleich zum Bundesdurchschnitt: 12 % niedriger

Umweltfreundliche Energielösungen

Das Unternehmen hat sich verpflichtet, die Methanemissionen bis 2030 um 50 % zu reduzieren. Im Jahr 2022 investierte Atmos Energy 186 Millionen US-Dollar in die Modernisierung der Infrastruktur und Technologien zur Emissionsreduzierung.

Umweltinitiative	Quantitatives Ziel
Ziel zur Reduzierung der Methanemissionen	50 % bis 2030
Infrastrukturinvestitionen	186 Millionen Dollar

Konsistenter und transparenter Kundenservice

Atmos Energy erhält eine Kundenzufriedenheitsbewertung von 4,2 von 5. Das Unternehmen bearbeitete im Jahr 2022 98,7 % der Kundendienstanfragen innerhalb von 24 Stunden.

• Kundenzufriedenheitsbewertung: 4,2/5
• Lösungsrate für Serviceanfragen: 98,7 %

Umfassendes Energieinfrastrukturmanagement

Das Unternehmen verwaltet die Infrastruktur in 8 Bundesstaaten mit einem Vermögenswert im Wert von 14,3 Milliarden US-Dollar. Im Jahr 2022 investierte Atmos Energy 1,4 Milliarden US-Dollar in die Modernisierung und Wartung der Infrastruktur.

Infrastrukturmetrik	Quantitative Daten
Gesamtvermögenswert	14,3 Milliarden US-Dollar
Infrastrukturinvestitionen	1,4 Milliarden US-Dollar
Staaten bedient	8

Atmos Energy Corporation (ATO) – Geschäftsmodell: Kundenbeziehungen

Personalisierte Kundensupportkanäle

Atmos Energy bietet Kundensupport über mehrere Kanäle mit den folgenden Kontaktmetriken:

Support-Kanal	Kontaktvolumen	Durchschnittliche Reaktionszeit
Telefonsupport	1,2 Millionen Anrufe jährlich	3-5 Minuten
Online-Chat	350.000 Interaktionen pro Jahr	2-4 Minuten
E-Mail-Support	275.000 E-Mail-Anfragen	24-48 Stunden

Digitale Self-Service-Plattformen

Zu den digitalen Engagement-Plattformen gehören:

• Mobile App mit 620.000 aktiven Nutzern
• Online-Kontoverwaltungsportal
• Automatisierte Rechnungszahlungssysteme

Regelmäßige Abrechnungs- und Nutzungsmitteilungen

Kommunikationshäufigkeit und Kennzahlen:

Kommunikationstyp	Häufigkeit	Reichweite
Monatliche Abrechnungen	12 Mal im Jahr	3,5 Millionen Kunden
Nutzungsberichte	Vierteljährlich	2,8 Millionen Kunden
Digitale Rechnungsbenachrichtigungen	Echtzeit	1,9 Millionen digitale Abonnenten

Community-Engagement- und Bildungsprogramme

Initiativen zur Öffentlichkeitsarbeit:

• Energieeffizienz-Workshops: 42 Veranstaltungen jährlich
• Sicherheitserziehungsprogramme: 35 Gemeinschaftsveranstaltungen
• Schulbildungsprogramme: 28 Unterrichtseinheiten

Proaktive Sicherheits- und Wartungsbenachrichtigungen

Kennzahlen zur Sicherheitskommunikation:

Benachrichtigungstyp	Jahresvolumen	Versandart
Pipeline-Sicherheitswarnungen	125.000 Benachrichtigungen	Mehrkanalig (SMS, E-Mail, Post)
Wartungsankündigungen	95.000 Kommunikationen	Gezielte digitale Plattformen
Notfallbenachrichtigungen	15.000 dringende Mitteilungen	Sofortige Multi-Channel-Lieferung

Atmos Energy Corporation (ATO) – Geschäftsmodell: Kanäle

Online-Kundenportal

Das Online-Kundenportal von Atmos Energy bedient rund 3 Millionen Privat- und Gewerbekunden in 8 Bundesstaaten. Die digitale Plattform wickelte im Jahr 2023 Versorgungszahlungen in Höhe von 1,2 Milliarden US-Dollar ab.

Portalfunktion	Nutzungsstatistik
Monatlich aktive Benutzer	672,000
Online-Rechnungszahlungstransaktionen	4,3 Millionen jährlich
Kontoverwaltungsfunktionen	12 verschiedene Serviceoptionen

Mobile Anwendung

Die mobile App von Atmos Energy unterstützt über 500.000 aktive monatliche Benutzer mit Echtzeit-Versorgungsverwaltungsfunktionen.

• Anzahl der App-Downloads: 782.000 im Jahr 2023
• Mobiles Zahlungsvolumen: 378 Millionen US-Dollar pro Jahr
• App Store-Bewertung: 4,2/5

Kundendienst-Callcenter

Atmos Energy betreibt sieben regionale Kundenservice-Callcenter, die jährlich etwa 2,1 Millionen Kundeninteraktionen abwickeln.

Callcenter-Metrik	Leistungsdaten
Durchschnittliches Anrufvolumen	175.000 monatlich
Durchschnittliche Wartezeit	4,2 Minuten
Kundenzufriedenheitsrate	88%

Lokale Bürostandorte

Atmos Energy unterhält 63 physische Bürostandorte in seinen Servicegebieten in Texas, Colorado, Kansas, Kentucky, Louisiana, Mississippi, Tennessee und Virginia.

Direktabrechnungs- und Kommunikationssysteme

Das Unternehmen verarbeitet 3,8 Millionen monatliche Abrechnungen mit einem jährlichen Abrechnungsvolumen von 4,6 Milliarden US-Dollar.

• Verteilung von Papierrechnungen: 1,2 Millionen monatlich
• Elektronische Rechnungsverteilung: 2,6 Millionen monatlich
• Durchschnittlicher Rechnungswert: 255 $ pro Kunde

Atmos Energy Corporation (ATO) – Geschäftsmodell: Kundensegmente

Privatkunden von Erdgas

Im Jahr 2022 beliefert Atmos Energy etwa 3 Millionen Privatkunden in 8 Bundesstaaten der Vereinigten Staaten.

Staatliche Berichterstattung	Anzahl der Privatkunden	Durchschnittlicher Jahresverbrauch
Texas	1,650,000	72 MMBtu pro Haushalt
Colorado	350,000	65 MMBtu pro Haushalt
Andere Staaten	1,000,000	68 MMBtu pro Haushalt

Gewerbliche und industrielle Energieverbraucher

Atmos Energy bietet Erdgasdienstleistungen für rund 120.000 Gewerbe- und Industriekunden an.

• Verbrauch im gewerblichen Sektor: 250 Millionen Kubikfuß pro Tag
• Verbrauch im Industriesektor: 180 Millionen Kubikfuß pro Tag
• Durchschnittlicher Jahresumsatz im kommerziellen/industriellen Segment: 1,2 Milliarden US-Dollar

Kommunale und staatliche Stellen

Atmos Energy bedient über 1.500 kommunale und staatliche Kunden in seinen Servicegebieten.

Kundentyp	Anzahl der Kunden	Jährlicher Erdgasverbrauch
Kommunale Gebäude	850	45 Millionen Kubikfuß
Regierungseinrichtungen	650	38 Millionen Kubikfuß

Agrarbetriebe

Atmos Energy betreut rund 15.000 landwirtschaftliche Kunden in seinen Versorgungsregionen.

• Primäre landwirtschaftliche Sektoren bedient: Landwirtschaft, Viehzucht, Gewächshausbetriebe
• Durchschnittlicher jährlicher Erdgasverbrauch pro landwirtschaftlichem Kunden: 120.000 Kubikfuß
• Gesamtumsatz des Agrarsegments: 180 Millionen US-Dollar

Versorgungskooperative Netzwerke

Atmos Energy unterhält Partnerschaften mit 75 kooperativen Versorgungsnetzwerken in seinen Betriebsgebieten.

Genossenschaftstyp	Anzahl der Partnerschaften	Insgesamt verbundene Kunden
Ländliche Elektrizitätsgenossenschaften	42	350,000
Erdgasgenossenschaften	33	250,000

Atmos Energy Corporation (ATO) – Geschäftsmodell: Kostenstruktur

Wartung der Pipeline-Infrastruktur

Für das Geschäftsjahr 2023 meldete Atmos Energy Investitionsausgaben in Höhe von 583,4 Millionen US-Dollar im Zusammenhang mit der Wartung der Pipeline-Infrastruktur und Sicherheitsverbesserungen.

Kategorie „Infrastrukturwartung“.	Jährliche Kosten (Mio. USD)
Pipeline-Austausch	276.2
Korrosionsschutz	89.7
Integritätsmanagement	117.5

Personal- und Betriebskosten

Die Gesamtbetriebskosten für Atmos Energy beliefen sich im Jahr 2023 auf 1,2 Milliarden US-Dollar, wobei die Arbeitskosten einen erheblichen Anteil ausmachten.

• Durchschnittliche Mitarbeitervergütung: 95.300 USD pro Jahr
• Gesamtzahl der Mitarbeiter: 4.963
• Zuweisung von Leistungen an Arbeitnehmer: 187,4 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Atmos Energy hat im Jahr 2023 76,3 Millionen US-Dollar speziell für Programme zur Einhaltung gesetzlicher Vorschriften und für Sicherheitsprogramme bereitgestellt.

Compliance-Bereich	Jährliche Ausgaben (Mio. USD)
Sicherheitsschulung	22.6
Umweltkonformität	34.7
Regulatorische Berichterstattung	19.0

Technologie und digitale Infrastruktur

Die Technologieinvestitionen beliefen sich im Jahr 2023 auf insgesamt 43,7 Millionen US-Dollar und konzentrierten sich auf die digitale Transformation und Cybersicherheit.

• Investitionen in Cybersicherheit: 18,2 Millionen US-Dollar
• Modernisierung der digitalen Infrastruktur: 25,5 Millionen US-Dollar

Energiebeschaffungs- und Handelskosten

Die Gesamtkosten für die Energiebeschaffung beliefen sich im Jahr 2023 auf 2,9 Milliarden US-Dollar und stellen damit die größte Betriebsausgabenkategorie dar.

Beschaffungskategorie	Jährliche Kosten ($B)
Erdgasbeschaffung	2.6
Transportkosten	0.3

Atmos Energy Corporation (ATO) – Geschäftsmodell: Einnahmequellen

Verkauf von Erdgas für Privathaushalte

Atmos Energy meldete im Geschäftsjahr 2023 einen Erdgasumsatz für Privathaushalte in Höhe von 2,86 Milliarden US-Dollar. Das Unternehmen beliefert rund 3 Millionen Privatkunden in acht Bundesstaaten.

Kundensegment	Jahresumsatz	Anzahl der Kunden
Erdgas für Privathaushalte	2,86 Milliarden US-Dollar	3 Millionen

Kommerzielle und industrielle Energieverträge

Das kommerzielle und industrielle Segment generierte im Jahr 2023 einen Umsatz von 1,42 Milliarden US-Dollar für Atmos Energy. Zu den wichtigsten Vertragsarten gehören:

• Großindustrielle Gasversorgung
• Kommunale Versorgungsverträge
• Energiedienstleistungen für gewerbliche Gebäude

Vertragstyp	Jahresumsatz
Handelsverträge	1,42 Milliarden US-Dollar

Übertragungs- und Vertriebsgebühren

Übertragungs- und Verteilungsdienste generierten im Geschäftsjahr 2023 Gebühren in Höhe von 687 Millionen US-Dollar. Das Unternehmen betreibt etwa 70.177 Meilen Pipeline-Infrastruktur.

Servicekategorie	Jährliche Gebühren	Pipeline-Meilen
Übertragungsdienste	687 Millionen US-Dollar	70.177 Meilen

Energiehandel und Risikomanagement

Die Energiehandelsaktivitäten von Atmos Energy trugen im Jahr 2023 214 Millionen US-Dollar zum Gesamtumsatz bei. Die Handelsstrategien konzentrieren sich auf die Absicherung von Erdgas und die Marktoptimierung.

Handelsaktivität	Jahresumsatz
Energiehandel	214 Millionen Dollar

Versorgungs- und Wartungsgebühren

Der Service und die Wartung der Versorgungsunternehmen generierten für Atmos Energy im Jahr 2023 zusätzliche Einnahmen in Höhe von 156 Millionen US-Dollar. Zu den Dienstleistungen gehören:

• Zählerinstallation
• Wartung der Pipeline
• Notfall-Reparaturdienste

Servicekategorie	Jahresumsatz
Versorgungsdienste	156 Millionen Dollar

Atmos Energy Corporation (ATO) - Canvas Business Model: Value Propositions

You're looking at the core promises Atmos Energy Corporation makes to its customers and stakeholders, grounded in the reality of their regulated utility structure as of late 2025. This isn't just about delivering gas; it's about the stability and modernization that underpins that delivery.

Safe and reliable delivery of natural gas service remains the foundational promise. This reliability is directly tied to massive, ongoing capital deployment. For instance, the company has an ambitious capital expenditure program, planning to invest approximately $3.7 billion in fiscal 2025 alone. This spending is crucial for maintaining service integrity across the communities Atmos Energy serves in its eight states.

The value proposition of a regulated, stable, and affordable energy supply is inherent to the utility model. Atmos Energy boasts a strong track record, having delivered 22 consecutive years of EPS growth and raising its dividend for 40 consecutive years. Management projects continued 6% to 8% fully regulated EPS growth annually through fiscal 2029. This structure provides cash flow stability, with about 99% of annual capital spending starting to earn a return within 12 months, which minimizes regulatory lag.

Infrastructure modernization for enhanced safety and integrity is the primary driver for this capital spending. Over 86% of the planned capital investment-which totals an estimated $24 billion through fiscal 2029-is dedicated to safety and reliability projects like replacing aging infrastructure. This investment directly grows the rate base, which is expected to expand from approximately $19 billion at the end of fiscal 2024 to between $36 billion and $38 billion by the end of fiscal 2029. Here's the quick math: the investment is designed to support the rate base growth that underpins earnings.

The commitment to environmental goals is clearly quantified. Atmos Energy is working towards a goal to reduce methane emissions from its natural gas distribution system mains and services by 50 percent by 2035 from 2017 levels. As of calendar year end 2023, the company reported achieving an approximate 23% reduction from those 2017 values.

Regarding the competitive average monthly customer bill, while investments lead to rate adjustments, the company positions itself favorably against peers. For example, following a recent rate case approval in Kentucky, the average residential bill rose to about $33.73, but Atmos Energy noted it still maintains the lowest residential rates in Kentucky among all major distribution operators in the state. In another jurisdiction, a proposed rate change in Dallas would increase the average residential bill by $8.28/month or 8.38% with gas costs. Still, another data point shows average bills moved from $72 to $80 over a recent year. What this estimate hides is that future projections suggest average bills could rise to $121 by 2030, a more than 50 percent increase over five years.

The tangible outputs of these value propositions can be summarized:

• Forecasted Fiscal 2025 EPS Guidance: $7.05 to $7.25
• Indicated Fiscal 2025 Annual Dividend: $3.48 (an 8.1% increase)
• Total Capital Investment Planned (FY2025-FY2029): $24 billion
• Methane Reduction Achieved (as of CYE 2023): 23% reduction from 2017 levels
• Rate Base Target (End of FY 2029): $36 billion to $38 billion

The financial commitment underpinning these promises is substantial, as shown by the planned capital allocation:

Metric	Value (Late 2025 Data)	Context/Timeframe
Fiscal 2025 Capital Expenditure Guidance	$3.7 billion	Fiscal 2025
Capital Investment Allocation to Safety/Reliability	Over 86%	Of current capital program
Rate Base (End of Fiscal 2024)	Approximately $19 billion	End of Fiscal 2024
Average Residential Bill Increase (Kentucky)	$6.38 (23.34%)	Following recent PSC approval
Consecutive Years of Dividend Growth	40	As of Fiscal 2025

The company is executing on its vision to be the safest provider of natural gas services, which translates directly into these large, safety-focused investments and measurable environmental progress. Finance: draft 13-week cash view by Friday.

Atmos Energy Corporation (ATO) - Canvas Business Model: Customer Relationships

You're managing customer relationships in a regulated utility space; it means the interaction is less about upselling and more about trust, safety, and mandated service quality. Atmos Energy Corporation focuses its customer relationship strategy on direct support, clear communication, and deep community investment.

Dedicated customer support associates and service technicians

Atmos Energy Corporation emphasizes having personnel ready to respond, which is central to maintaining service reliability. The company noted its team of customer support associates and service technicians as key to their performance recognition. In a recent period, the company highlighted its approximately 5,200 employees as a testament to their service streak excellence. Furthermore, the customer advocacy team actively helped over 57,000 customers secure nearly $23 million in energy assistance funding during fiscal year 2024.

High-touch, regulated relationship model

The relationship is inherently high-touch because it is fully regulated, meaning service standards and rates are overseen. This structure demands consistent, reliable interaction. For customers needing immediate help with their service, Atmos Energy directs them to contact customer service at 888-286-6700 or use the account center online. The company's vision explicitly includes being recognized for Exceptional Customer Service.

Proactive communication on safety and service interruptions

Proactive communication centers on safety and service continuity, which are paramount for a natural gas utility. The company's strategy focuses on the safe and reliable modernization of its natural gas distribution, transmission, and storage systems. For fiscal year 2025, capital expenditures totaled $3.6 billion, with approximately 87% focused on safety and reliability improvements, directly impacting the customer experience.

Customer feedback encouraged via surveys (98% satisfaction rating)

Atmos Energy Corporation actively solicits feedback to gauge performance. The company reports receiving a 98 percent satisfaction rating from customers in the surveys they conduct internally. This internal metric is reinforced by external recognition, such as being ranked number one in J.D. Power studies in specific categories for multiple consecutive years. To be fair, the American Customer Satisfaction Index (ACSI) score for residential customers in the 2025 study was 74 out of 100.

Community engagement and energy assistance programs

Community support is woven into the culture through the Fueling Safe and Thriving Communities program. This effort involves financial contributions, employee volunteerism, and direct utility bill assistance. Here's a look at some recent commitment figures:

• $175,000 contributed to EOAC's Energy Assistance Program in September and October 2025.
• $30,000 donated to Communities In Schools of North Texas in March 2025.
• $2 million contributed in 2024 to organizations like No Kid Hungry.
• Employee contributions to No Kid Hungry exceeded $120,000 in the first half of 2025.
• In fiscal year 2023, employees volunteered nearly 43,000 hours.

The utility assistance efforts are substantial, often involving partnerships. The Sharing the Warmth program, supported by customer and company donations, received $3.4 million from Atmos Energy in the past year, helping 26,517 eligible individuals with natural gas bills. In 2023, the company helped approximately 62,000 households access $29 million via LIHEAP, Sharing the Warmth, and other assistance avenues.

Program/Metric	Amount/Value	Period/Context
Total FY2025 Capital Expenditures	$3.6 billion	Fiscal Year Ended September 30, 2025
Capital Allocation to Safety/Reliability	Approximately 87%	Fiscal Year 2025
Atmos Energy FY2025 Net Income	$1.2 billion	Fiscal Year Ended September 30, 2025
Sharing the Warmth Contribution (ATO Portion)	$3.4 million	Past Year (Likely FY2024)
Households Assisted via Various Programs	Approximately 62,000	2023

The overall financial health in fiscal 2025 supported these external commitments, with Earnings per diluted share reaching $7.46.

Atmos Energy Corporation (ATO) - Canvas Business Model: Channels

Atmos Energy Corporation moves natural gas through its physical infrastructure to serve its customer base.

The core of the physical channel is the extensive pipeline network. Atmos Energy Corporation maintains a vast system to deliver gas.

Channel Asset Metric	Value as of Late 2025
Total Distribution and Transmission Mains	~76,000 miles
Intrastate Transmission Pipeline Mileage (Texas)	~5,700 miles
Distribution Customers Served	3.4 million
Communities Served	Over 1,400
States in Distribution Territory	Eight
Fiscal Year 2025 Capital Expenditure Guidance	$3.7 billion

Direct customer interaction for billing and support relies on established communication methods.

• Direct billing is managed through the primary website, www.atmosenergy.com.
• Customer Service phone support is available via 888-286-6700.
• Emergency contact is provided through 866-322-8667.

Digital channels facilitate information access and transaction processing for customers.

• The official website, www.atmosenergy.com, is a key digital touchpoint.
• Website satisfaction for natural gas providers scored 80 in a recent ACSI study.
• Atmos Energy Corporation achieved an ACSI customer satisfaction score of 80 in 2024, leading its industry peers.

Local service centers and field operations provide the necessary physical presence across the service territory.

Atmos Energy Corporation serves customers in these eight states:

• Texas
• Louisiana
• Mississippi
• Kentucky
• Tennessee
• Kansas
• Colorado
• Virginia

The distribution rate base shows a heavy concentration in one state, indicating a primary service focus for local centers and field deployment.

• Distribution rate base located in Texas is ~63%.

Field service technicians execute installations and maintenance, supported by significant capital allocation toward system integrity.

For Fiscal Year 2025, capital expenditures guidance is approximately $3.7 billion, with approximately 86% focused on safety and reliability upgrades.

Atmos Energy Corporation (ATO) - Canvas Business Model: Customer Segments

Atmos Energy Corporation (ATO) serves a diverse set of natural gas consumers across its regulated distribution operations.

Residential customers form the largest segment by volume of meters served. As of late 2025, Atmos Energy Corporation is a leading natural gas-only distributor serving approximately 3.4 million customers across eight states, up from more than 3.3 million customers reported previously. In the twelve months ending March 31, 2025, the company added nearly 59,000 new customers overall, with approximately 46,000 of those additions located in Texas. For the twelve months ending June 30, 2025, the company added nearly 58,000 new residential customers.

The customer base spans regulated utility operations in eight states: Colorado, Kansas, Kentucky, Louisiana, Mississippi, Tennessee, Texas, and Virginia.

Commercial businesses represent a significant portion of the customer base, often grouped with residential for growth reporting. In the twelve months ending December 31, 2024, Atmos Energy added approximately 3,500 commercial customers. More recently, in the first fiscal quarter of 2025, the company added nearly 1,100 commercial customers.

Industrial users requiring large, consistent natural gas supply are also key. In Fiscal 2024, the company added 39 industrial customers. During the first fiscal quarter of 2025, Atmos Energy added eleven new industrial customers, projected to utilize 2.3 billion cubic feet (bcf) of gas annually once fully operational.

To give you a concrete example of customer distribution within a major operating area, here are the approximate customer counts by class for the Mid-Tex Division, based on a filing using data through June 30, 2024:

Customer Class	Number of Customers (Mid-Tex Division, as of June 30, 2024)
Residential	175,675
Commercial	10,823
Industrial and Transportation	69

The company also serves other local distribution companies (LDCs) through its non-regulated pipeline and storage segment, Atmos Pipeline-Texas (APT). APT provides transportation and storage services to Atmos Energy's Mid-Tex Division, other third party local distribution companies, industrial and electric generation customers, marketers, and producers. The pipeline and storage segment accounted for approximately 37% of the business mix as of September 2025.

The customer segments served by the regulated distribution operations include:

• Residential customers (largest segment by volume)
• Commercial businesses across eight states
• Industrial users and public-authority customers
• Agricultural customers (mentioned in one report)

The overall business mix as of September 2025 shows the distribution segment accounting for approximately 63% of the business, with Pipeline & Storage at about 37%.

Atmos Energy Corporation (ATO) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Atmos Energy Corporation's operations, which are heavily weighted toward maintaining a vast, regulated physical network. The cost structure is defined by significant, unavoidable spending necessary to keep the gas flowing safely across eight states.

High fixed costs from capital expenditures ($3.6 billion in FY2025)

Atmos Energy Corporation's investment in its infrastructure is massive and forms a bedrock of its cost base, even though it is largely recoverable through regulated rates. For the fiscal year ended September 30, 2025, capital expenditures totaled $3.6 billion. This spending is not discretionary in the way a tech company's R&D might be; it's mandated for system integrity. You should note that approximately 87% of this $3.6 billion CapEx was dedicated specifically to safety and reliability projects. This focus means a large portion of the fixed cost base is directly tied to pipeline repair and replacement.

The scale of this investment is clear when you see the projected rate base growth, moving from approximately $21 billion in fiscal 2025 toward a target of $40-44 billion by fiscal 2030.

Significant operating expenses for system maintenance and safety

Beyond the capital spending, day-to-day operations require substantial outlay for maintenance, which falls under Operation and Maintenance (O&M) expense. For instance, O&M expense for the three months ended March 31, 2025, was reported at $233,296 thousand, and for the three months ended June 30, 2025, it was $222,100 thousand. These figures cover the ongoing work to keep the system running safely, which is a non-negotiable cost of doing business for a utility.

Cost of purchased natural gas (mostly a pass-through cost)

The largest variable cost is the commodity itself, the natural gas purchased for resale to customers. While this cost is generally passed directly through to the customer via rates, it heavily influences working capital and revenue recognition timing. For the three months ended March 31, 2025, the total purchased gas cost for Atmos Energy Corporation was $779,233 thousand. The company noted that purchased gas cost accounts for approximately 40% of the customer bill in FY25.

Regulatory compliance and depreciation expenses

Depreciation is a significant, non-cash expense reflecting the wear and tear on the massive asset base. For the quarter ending March 31, 2025, depreciation and amortization expense was $182,750 thousand. Regulatory compliance costs are embedded in O&M and other expenses, but the outcome of regulatory actions is key; Atmos Energy Corporation implemented $333.6 million in annualized regulatory outcomes in FY2025.

Key cost-related regulatory items include:

• Implemented $333.6 million in annualized regulatory outcomes in FY2025.
• Distribution segment rate adjustments contributed a net increase of $184.1 million to operating income in FY2025.
• The company has investment-grade credit ratings: S&P A-, Moody's A2.

Interest expense on long-term debt

Financing the capital expenditures requires substantial debt, leading to interest expense. As of September 30, 2025, Atmos Energy Corporation reported $8.92 billion in long-term debt. The interest charges reflect the cost of servicing this debt load. For example, interest charges for the quarter ending March 31, 2025, were $50,014 thousand, and for the quarter ending June 30, 2025, they were $41,537 thousand. The weighted average cost of debt was projected to be 4.2% in FY2025.

Here's a look at some of the major financial figures that define the Cost Structure for Atmos Energy Corporation in FY2025:

Cost/Financial Metric	Amount (FY2025 or Latest Reported)	Notes
Capital Expenditures	$3.6 billion	FY2025 actual spend.
CapEx Allocation to Safety/Reliability	87%	Of the $3.6 billion CapEx.
Total Purchased Gas Cost (Q1 2025)	$779,233 thousand	Three months ended March 31, 2025.
Depreciation & Amortization (Q1 2025)	$182,750 thousand	Three months ended March 31, 2025.
Operation & Maintenance Expense (Q1 2025)	$233,296 thousand	Three months ended March 31, 2025.
Interest Charges (Q1 2025)	$50,014 thousand	Three months ended March 31, 2025.
Long-Term Debt (Year-End)	$8.92 billion	As of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Atmos Energy Corporation (ATO) - Canvas Business Model: Revenue Streams

You're looking at how Atmos Energy Corporation generates its money, which is almost entirely from its regulated natural gas business. This structure means revenue is highly predictable because it's tied to assets (the rate base) approved by regulators, not volatile commodity prices.

The core of Atmos Energy Corporation's revenue generation splits neatly between its two primary regulated operations. This mix is key to understanding its financial stability, as the distribution side provides the bulk of the volume, while the pipeline and storage side offers more stable, fee-based income.

Here's the quick math on the business mix as of late 2025:

Revenue Segment	Approximate Business Mix Percentage
Regulated Distribution Revenue	~63%
Regulated Pipeline and Storage Revenue	~37%

The distribution segment, serving over 3.3 million customers across eight states, is the larger component. Its revenue comes from tariff-based rates covering the cost of delivering gas to homes and businesses. For context, in Fiscal 2024, distribution income was $854.5 million, compared to pipeline income of $500.9 million.

The pipeline and storage segment revenue is derived from operating proprietary assets, including one of the largest intrastate natural gas pipeline systems in Texas, which spans multiple key shale gas formations. This segment benefits from a higher allowed Return on Equity (ROE) compared to distribution, at 11.45% versus the distribution segment's blended allowed ROE of 9.8%.

A major driver for current and future revenue is the continuous investment in infrastructure, which grows the rate base. Regulators approve these investments, allowing Atmos Energy Corporation to earn a return on them. For Fiscal 2025, the company implemented $333.6 million in annualized regulatory outcomes, directly boosting recurring revenue streams.

This focus on capital spending and regulatory recovery is designed to support steady earnings growth. The company is executing a safety-driven, organic growth strategy targeting 6% to 8% earnings per share growth through Fiscal 2029. This strategy is supported by transparent capital spending horizons, where Atmos Energy Corporation expects to earn on approximately 99% of its annual capital expenditures within 12 months.

The overall financial result of this regulated model is strong profitability. The total net income for Fiscal 2025 was approximately $1.2 billion. To give you a sense of the run rate leading up to that, the net income for the nine months ended June 30, 2025, was $1,023,863 thousand, or about $1.024 billion.

Here are some key financial metrics related to the revenue generation and outlook:

• Indicated annual dividend for fiscal 2026 is $4.00 per share.
• The fiscal 2026 dividend represents a 14.9% increase over fiscal 2025.
• Fiscal 2026 capital expenditure guidance is approximately $4.2 billion.
• Fiscal 2024 saw 22 consecutive years of EPS growth.
• The company has 41 consecutive years of dividend growth.

These regulatory mechanisms ensure that revenue streams are directly linked to the value of the assets in service, which are growing. Finance: draft 13-week cash view by Friday.