Corporación Atmos Energy (ATO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Atmos Energy Corporation (ATO) se destaca como un jugador fundamental en el panorama de distribución de gas natural, navegando estratégicamente por los mercados de energía complejos a través de un modelo de negocio innovador e integral. Al integrar a la perfección la infraestructura avanzada, el cumplimiento regulatorio robusto y los enfoques centrados en el cliente, la compañía transforma los servicios de servicios públicos tradicionales en una empresa dinámica e impulsada por el valor que garantiza una entrega de energía confiable, segura y eficiente en diversos segmentos de clientes. Esta exploración de lienzo de modelo de negocio presenta los intrincados mecanismos que impulsan la excelencia operativa y el posicionamiento estratégico de Atmos Energy en el ecosistema de energía en constante evolución.

Atmos Energy Corporation (ATO) - Modelo de negocios: asociaciones clave

Socios de infraestructura de tuberías de gas natural y distribución

Atmos Energy Corporation colabora con múltiples socios de infraestructura de tuberías para garantizar una distribución eficiente de gas:

Pareja	Detalles de la asociación	Volumen anual
Kinder Morgan	Infraestructura de transmisión de gas natural	1.200 millones de pies cúbicos por día
Socios de productos empresariales	Transporte de gas de la corriente intermedia	850 millones de pies cúbicos por día

Agencias reguladoras de servicios públicos estatales y locales

Atmos Energy mantiene asociaciones con cuerpos regulatorios clave:

• Comisión de servicios públicos de Texas
• Comisión de Kansas Corporation
• Comisión de servicios públicos de Colorado

Proveedores de equipos y tecnología

Proveedor	Tecnología/equipo	Inversión anual
Emerson Electric	Sistemas de monitoreo de tuberías	$ 42 millones
Honeywell International	Tecnología de medición de gas	$ 35 millones

Proveedores de servicios de construcción y mantenimiento

Las relaciones clave del proveedor de servicios incluyen:

• Mastec Inc. - Servicios de construcción de tuberías
• Primoris Services Corporation - Mantenimiento de infraestructura
• Mastec Advanced Technologies - Implementación de tecnología

Socios de comercio de energía y gestión de riesgos

Pareja	Tipo de servicio	Volumen de transacción anual
Goldman Sachs	Comercio de derivados de energía	$ 1.3 mil millones
Morgan Stanley	Consultoría de gestión de riesgos	$ 980 millones

Atmos Energy Corporation (ATO) - Modelo de negocio: actividades clave

Distribución y transmisión de gas natural

Atmos Energy opera 70,577 millas de tuberías de distribución y transmisión de gas natural en 8 estados. La compañía atiende a aproximadamente 3 millones de clientes residenciales, comerciales e industriales.

Red de tuberías	Detalles de cobertura
Millas de tuberías totales	70,577 millas
Estados atendidos	8 estados
Total de clientes	3 millones

Mantenimiento de infraestructura de tuberías

Atmos Energy invierte $ 1.1 mil millones anuales en mantenimiento y modernización de infraestructura. La compañía realiza más de 500,000 inspecciones de seguridad de tuberías por año.

• Inversión anual de infraestructura: $ 1.1 mil millones
• Inspecciones de seguridad anuales: más de 500,000
• Tecnología de detección de fugas: sistemas de monitoreo avanzado

Comercio de energía y gestión de riesgos

La compañía administra aproximadamente $ 2.3 mil millones en el comercio de productos básicos de gas natural anualmente. Las estrategias de gestión de riesgos incluyen cobertura financiera y enfoques de cartera diversificados.

Métricas comerciales	Cifras anuales
Volumen comercial de productos básicos	$ 2.3 mil millones
Cobertura de cobertura	80-85%

Servicio al cliente y facturación

ATMOS Energy procesa más de 36 millones de transacciones de facturación de clientes anualmente a través de plataformas digitales y tradicionales.

• Transacciones de facturación anual: 36 millones
• Plataformas de pago digital: múltiples canales
• Centros de atención al cliente: 12 ubicaciones regionales

Gestión de seguridad y cumplimiento

La compañía mantiene un programa integral de seguridad con $ 150 millones dedicado al cumplimiento y las iniciativas de seguridad anualmente.

Métricas de seguridad	Cifras anuales
Inversión en seguridad	$ 150 millones
Personal de cumplimiento regulatorio	350+ profesionales
Horas de entrenamiento de seguridad	Más de 50,000 horas

Atmos Energy Corporation (ATO) - Modelo de negocio: recursos clave

Extensa red de tuberías de gas natural

Atmos Energy opera aproximadamente 71,500 millas de tuberías de distribución y transmisión de gas natural en 8 estados. Infraestructura total de tuberías valorada en $ 7.8 mil millones a partir de 2023.

Categoría de tubería	Millas	Valor estimado
Tuberías de distribución	66,300	$ 6.2 mil millones
Tuberías de transmisión	5,200	$ 1.6 mil millones

Tecnologías avanzadas de medición y monitoreo

Inversión en infraestructura de medición avanzada (AMI) por un total de $ 312 millones en 2023.

• Implementación de medidores inteligentes: 1.5 millones de unidades
• Sistemas de monitoreo en tiempo real
• Tecnologías de detección de fugas digitales

Fuerza laboral hábil

Fuerza laboral total: 4.700 empleados a partir de 2023

Categoría de empleado	Número
Profesionales técnicos	2,100
Operaciones de campo	1,600
Personal administrativo	1,000

Capital financiero y calificaciones crediticias

Métricas financieras a partir del cuarto trimestre 2023:

• Activos totales: $ 13.2 mil millones
• Capitalización de mercado: $ 6.8 mil millones
• Calificaciones crediticias: A- (S&P), A3 (Moody's)

Cumplimiento regulatorio y experiencia en seguridad

Inversión de seguridad: $ 287 millones en seguridad y modernización de tuberías en 2023.

Área de cumplimiento	Inversión anual
Seguridad de la tubería	$ 187 millones
Cumplimiento regulatorio	$ 100 millones

Atmos Energy Corporation (ATO) - Modelo de negocio: propuestas de valor

Entrega de gas natural confiable y seguro

Atmos Energy atiende a aproximadamente 3 millones de clientes de gas natural en 8 estados. La compañía opera 70,700 millas de tuberías de distribución de gas natural. En 2022, la compañía informó una tasa de confiabilidad del sistema del 99.99%.

Métrico de servicio	Datos cuantitativos
Total de clientes	3 millones
Red de tuberías	70,700 millas
Confiabilidad del sistema	99.99%

Precios de energía competitivos

Atmos Energy mantiene las tasas competitivas de gas natural en sus territorios de servicio. En 2022, la tasa promedio de gas natural residencial de la compañía fue de $ 10.25 por mil pies cúbicos, que es un 12% por debajo del promedio nacional.

• Tasa promedio de gas natural residencial: $ 10.25/mcf
• Comparación de tasas con el promedio nacional: 12% más bajo

Soluciones de energía ambientalmente responsables

La compañía se ha comprometido a reducir las emisiones de metano en un 50% para 2030. En 2022, Atmos Energy invirtió $ 186 millones en tecnologías de modernización de infraestructura y reducción de emisiones.

Iniciativa ambiental	Objetivo cuantitativo
Objetivo de reducción de emisiones de metano	50% para 2030
Inversión en infraestructura	$ 186 millones

Servicio al cliente consistente y transparente

Atmos Energy mantiene una calificación de satisfacción del cliente de 4.2 de 5. La Compañía procesó el 98.7% de las solicitudes de servicio al cliente dentro de las 24 horas en 2022.

• Calificación de satisfacción del cliente: 4.2/5
• Tasa de resolución de solicitudes de servicio: 98.7%

Gestión integral de infraestructura energética

La compañía administra la infraestructura en 8 estados con una base de activos valorada en $ 14.3 mil millones. En 2022, Atmos Energy invirtió $ 1.4 mil millones en actualizaciones y mantenimiento de infraestructura.

Infraestructura métrica	Datos cuantitativos
Valor total del activo	$ 14.3 mil millones
Inversión en infraestructura	$ 1.4 mil millones
Estados atendidos	8

Atmos Energy Corporation (ATO) - Modelo de negocio: relaciones con los clientes

Canales de atención al cliente personalizados

Atmos Energy proporciona atención al cliente a través de múltiples canales con las siguientes métricas de contacto:

Canal de soporte	Volumen de contacto	Tiempo de respuesta promedio
Soporte telefónico	1.2 millones de llamadas anualmente	3-5 minutos
Chat en línea	350,000 interacciones por año	2-4 minutos
Soporte por correo electrónico	275,000 consultas por correo electrónico	24-48 horas

Plataformas de autoservicio digital

Las plataformas de participación digital incluyen:

• Aplicación móvil con 620,000 usuarios activos
• Portal de gestión de cuentas en línea
• Sistemas de pago de facturas automatizadas

Comunicaciones regulares de facturación y uso

Frecuencia de comunicación y métricas:

Tipo de comunicación	Frecuencia	Alcanzar
Extractos de facturación mensual	12 veces al año	3.5 millones de clientes
Informes de uso	Trimestral	2.8 millones de clientes
Notificaciones de facturación digital	En tiempo real	1.9 millones de suscriptores digitales

Programas de participación y educación comunitaria

Iniciativas de divulgación comunitaria:

• Talleres de eficiencia energética: 42 eventos anualmente
• Programas de educación sobre seguridad: 35 eventos comunitarios
• Programas de educación escolar: 28 sesiones educativas

Notificaciones proactivas de seguridad y mantenimiento

Métricas de comunicación de seguridad:

Tipo de notificación	Volumen anual	Método de entrega
Alertas de seguridad de la tubería	125,000 notificaciones	Multicanal (SMS, correo electrónico, correo)
Anuncios de mantenimiento	95,000 comunicaciones	Plataformas digitales dirigidas
Notificaciones de emergencia	15,000 comunicaciones urgentes	Entrega multicanal inmediata

Atmos Energy Corporation (ATO) - Modelo de negocios: canales

Portal de clientes en línea

El portal de clientes en línea de Atmos Energy atiende a aproximadamente 3 millones de clientes residenciales y comerciales en 8 estados. La plataforma digital procesó $ 1.2 mil millones en pagos de servicios públicos en 2023.

Característica de portal	Estadísticas de uso
Usuarios activos mensuales	672,000
Transacciones de pago de facturas en línea	4.3 millones anualmente
Funciones de gestión de cuentas	12 opciones de servicio diferentes

Aplicación móvil

La aplicación móvil de Atmos Energy admite más de 500,000 usuarios mensuales activos con capacidades de gestión de servicios públicos en tiempo real.

• Conteo de descarga de la aplicación: 782,000 en 2023
• Volumen de pago móvil: $ 378 millones anuales
• Calificación de la tienda de aplicaciones: 4.2/5

Centros de llamadas de servicio al cliente

Atmos Energy opera 7 centros de llamadas de servicio al cliente regional que manejan aproximadamente 2.1 millones de interacciones de los clientes anualmente.

Métrico del centro de llamadas	Datos de rendimiento
Volumen de llamadas promedio	175,000 mensuales
Tiempo de espera promedio	4.2 minutos
Tasa de satisfacción del cliente	88%

Ubicaciones de oficinas locales

Atmos Energy mantiene 63 ubicaciones de oficinas físicas en sus territorios de servicio en Texas, Colorado, Kansas, Kentucky, Louisiana, Mississippi, Tennessee y Virginia.

Sistemas de facturación y comunicación directa

La Compañía procesa 3.8 millones de extractos de facturación mensuales con un volumen de facturación anual de $ 4.6 mil millones.

• Distribución de facturas en papel: 1.2 millones mensuales
• Distribución de facturas electrónicas: 2.6 millones mensuales
• Valor promedio de la factura: $ 255 por cliente

Atmos Energy Corporation (ATO) - Modelo de negocio: segmentos de clientes

Consumidores de gas natural residencial

A partir de 2022, Atmos Energy atiende a aproximadamente 3 millones de clientes residenciales en 8 estados en los Estados Unidos.

Cobertura estatal	Número de clientes residenciales	Consumo anual promedio
Texas	1,650,000	72 mmbtu por hogar
Colorado	350,000	65 mmbtu por hogar
Otros estados	1,000,000	68 mmbtu por hogar

Usuarios de energía comercial e industrial

Atmos Energy ofrece servicios de gas natural a aproximadamente 120,000 clientes comerciales e industriales.

• Consumo del sector comercial: 250 millones de pies cúbicos por día
• Consumo del sector industrial: 180 millones de pies cúbicos por día
• Ingresos anuales promedio de segmentos comerciales/industriales: $ 1.2 mil millones

Entidades municipales y gubernamentales

Atmos Energy sirve a más de 1.500 clientes municipales y gubernamentales en sus territorios de servicio.

Tipo de cliente	Número de clientes	Uso anual de gas natural
Edificios municipales	850	45 millones de pies cúbicos
Instalaciones gubernamentales	650	38 millones de pies cúbicos

Negocios agrícolas

Atmos Energy admite aproximadamente 15,000 clientes agrícolas en sus regiones de servicio.

• Sectores agrícolas primarios servidos: agricultura, ganado, operaciones de invernadero
• Consumo promedio anual de gas natural por cliente agrícola: 120,000 pies cúbicos
• Ingresos totales del segmento agrícola: $ 180 millones

Redes cooperativas de servicios públicos

Atmos Energy mantiene asociaciones con 75 redes cooperativas de servicios públicos en sus territorios operativos.

Tipo cooperativo	Número de asociaciones	Total de clientes conectados
Cooperativas eléctricas rurales	42	350,000
Cooperativas de gas natural	33	250,000

Atmos Energy Corporation (ATO) - Modelo de negocio: Estructura de costos

Mantenimiento de infraestructura de tuberías

Para el año fiscal 2023, ATMOS Energy reportó $ 583.4 millones en gastos de capital relacionados con el mantenimiento de la infraestructura y las actualizaciones de seguridad.

Categoría de mantenimiento de la infraestructura	Costo anual ($ M)
Reemplazo de la tubería	276.2
Protección contra la corrosión	89.7
Gestión de integridad	117.5

Fuerza laboral y gastos operativos

Los gastos operativos totales para Atmos Energy en 2023 fueron de $ 1.2 mil millones, con costos laborales que representan una porción significativa.

• Compensación promedio de empleados: $ 95,300 por año
• Número total de empleados: 4,963
• Asignación de beneficios para empleados: $ 187.4 millones

Costos de cumplimiento regulatorio

ATMOS Energy asignó $ 76.3 millones específicamente para programas regulatorios de cumplimiento y seguridad en 2023.

Área de cumplimiento	Gasto anual ($ M)
Capacitación en seguridad	22.6
Cumplimiento ambiental	34.7
Informes regulatorios	19.0

Tecnología e infraestructura digital

Las inversiones en tecnología totalizaron $ 43.7 millones en 2023, centrándose en la transformación digital y la ciberseguridad.

• Inversiones de ciberseguridad: $ 18.2 millones
• Actualizaciones de infraestructura digital: $ 25.5 millones

Gastos de adquisición de energía y comercio

Los costos totales de adquisición de energía para 2023 fueron de $ 2.9 mil millones, lo que representa la categoría de gastos operativos más grandes.

Categoría de adquisición	Costo anual ($ B)
Adquisición de gas natural	2.6
Costos de transporte	0.3

Atmos Energy Corporation (ATO) - Modelo de negocios: flujos de ingresos

Ventas de gas natural residencial

Atmos Energy informó ingresos residenciales de gas natural de $ 2.86 mil millones en el año fiscal 2023. La compañía atiende a aproximadamente 3 millones de clientes residenciales en ocho estados.

Segmento de clientes	Ingresos anuales	Número de clientes
Gas natural residencial	$ 2.86 mil millones	3 millones

Contratos de energía comercial e industrial

El segmento comercial e industrial generó $ 1.42 mil millones en ingresos para Atmos Energy en 2023. Los tipos de contrato clave incluyen:

• Suministro de gas industrial a gran escala
• Contratos de servicios públicos municipales
• Servicios de energía de construcción comercial

Tipo de contrato	Ingresos anuales
Contratos comerciales	$ 1.42 mil millones

Tarifas de transmisión y distribución

Los servicios de transmisión y distribución generaron $ 687 millones en tarifas durante el año fiscal 2023. La compañía opera aproximadamente 70,177 millas de infraestructura de tuberías.

Categoría de servicio	Tarifas anuales	Millas de tubería
Servicios de transmisión	$ 687 millones	70,177 millas

Comercio de energía y gestión de riesgos

Las actividades de negociación energética de Atmos Energy contribuyeron con $ 214 millones a los ingresos totales en 2023. Las estrategias comerciales se centran en la cobertura de gas natural y la optimización del mercado.

Actividad comercial	Ingresos anuales
Comercio de energía	$ 214 millones

Servicio de servicios públicos y cargos de mantenimiento

El servicio y el mantenimiento de servicios públicos generaron $ 156 millones en ingresos adicionales para Atmos Energy en 2023. Los servicios incluyen:

• Instalación del medidor
• Mantenimiento de la tubería
• Servicios de reparación de emergencias

Categoría de servicio	Ingresos anuales
Servicios de servicios públicos	$ 156 millones

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.