Atmos Energy Corporation (ATO): Business Model Canvas [Jan-2025 Mise à jour]

Atmos Energy Corporation (ATO) est un acteur charnière dans le paysage de la distribution du gaz naturel, naviguant stratégiquement des marchés énergétiques complexes grâce à un modèle commercial innovant et complet. En intégrant de manière transparente des infrastructures avancées, de la conformité réglementaire robuste et des approches centrées sur le client, l'entreprise transforme les services d'utilité traditionnels en une entreprise dynamique et axée sur la valeur qui garantit une prestation d'énergie fiable, sûre et efficace à travers divers segments de clients. Cette exploration de la toile du modèle commercial dévoile les mécanismes complexes qui propulsent l'excellence opérationnelle et le positionnement stratégique de l'atmos énergétique dans l'écosystème énergétique en constante évolution.

Atmos Energy Corporation (ATO) - Modèle d'entreprise: partenariats clés

Papinage de gaz naturel et Infrastructures de distribution

Atmos Energy Corporation collabore avec plusieurs partenaires d'infrastructure de pipeline pour assurer une distribution efficace du gaz:

Partenaire	Détails du partenariat	Volume annuel
Kinder Morgan	Infrastructure de transmission du gaz naturel	1,2 milliard de pieds cubes par jour
Partners des produits d'entreprise	Transport de gaz au milieu	850 millions de pieds cubes par jour

Agences de réglementation des services publics et locaux

Atmos Energy maintient des partenariats avec les principaux organismes de réglementation:

• Commission des services publics du Texas
• Commission Kansas Corporation
• Commission des services publics du Colorado

Fournisseurs d'équipement et de technologie

Fournisseur	Technologie / équipement	Investissement annuel
Emerson Electric	Systèmes de surveillance des pipelines	42 millions de dollars
Honeywell International	Technologie de mesure du gaz	35 millions de dollars

Fournisseurs de services de construction et d'entretien

Les relations clés des fournisseurs de services comprennent:

• Mastec Inc. - Services de construction de pipelines
• Primoris Services Corporation - Maintenance des infrastructures
• Mastec Advanced Technologies - Mise en œuvre de la technologie

Partners de négociation d'énergie et de gestion des risques

Partenaire	Type de service	Volume de transaction annuel
Goldman Sachs	Échange de dérivés énergétiques	1,3 milliard de dollars
Morgan Stanley	Conseil de gestion des risques	980 millions de dollars

Atmos Energy Corporation (ATO) - Modèle d'entreprise: activités clés

Distribution et transmission du gaz naturel

Atmos Energy exploite 70 577 miles de pipelines de distribution et de transmission du gaz naturel dans 8 États. La société dessert environ 3 millions de clients résidentiels, commerciaux et industriels.

Réseau de pipelines	Détails de la couverture
Total des miles de pipeline	70 577 miles
États servis	8 États
Total des clients	3 millions

Maintenance des infrastructures de pipeline

Atmos Energy investit 1,1 milliard de dollars par an en maintenance et modernisation des infrastructures. La société effectue plus de 500 000 inspections de sécurité des pipelines par an.

• Investissement annuel sur les infrastructures: 1,1 milliard de dollars
• Inspections de sécurité annuelles: 500 000+
• Technologie de détection des fuites: systèmes de surveillance avancés

Trading d'énergie et gestion des risques

La société gère environ 2,3 milliards de dollars de négociation de produits de gaz naturel par an. Les stratégies de gestion des risques comprennent la couverture financière et les approches de portefeuille diversifiées.

Trading Metrics	Chiffres annuels
Volume de trading de produits	2,3 milliards de dollars
Couverture de couverture	80-85%

Service client et facturation

Atmos Energy traite plus de 36 millions de transactions de facturation des clients par an via des plateformes numériques et traditionnelles.

• Transactions de facturation annuelles: 36 millions
• Plates-formes de paiement numérique: plusieurs canaux
• Centres de support client: 12 emplacements régionaux

Gestion de la sécurité et de la conformité

La société maintient un programme de sécurité complet avec 150 millions de dollars dédiés aux initiatives de conformité et de sécurité chaque année.

Métriques de sécurité	Chiffres annuels
Investissement en sécurité	150 millions de dollars
Personnel de conformité réglementaire	350+ professionnels
Heures de formation à la sécurité	Plus de 50 000 heures

Atmos Energy Corporation (ATO) - Modèle d'entreprise: Ressources clés

Réseau de gazoducs naturel

Atmos Energy exploite environ 71 500 miles de pipelines de distribution de gaz naturel et de transmission dans 8 États. Infrastructure totale de pipeline d'une valeur de 7,8 milliards de dollars en 2023.

Catégorie de pipeline	Kilomètres	Valeur estimée
Pipelines de distribution	66,300	6,2 milliards de dollars
Pipelines de transmission	5,200	1,6 milliard de dollars

Technologies avancées de mesure et de surveillance

L'investissement dans les infrastructures de comptage avancé (AMI) totalisant 312 millions de dollars en 2023.

• Déploiement de compteur intelligent: 1,5 million d'unités
• Systèmes de surveillance en temps réel
• Technologies de détection des fuites numériques

Main-d'œuvre qualifiée

Total de la main-d'œuvre: 4 700 employés en 2023

Catégorie des employés	Nombre
Professionnels techniques	2,100
Opérations sur le terrain	1,600
Personnel administratif	1,000

Capitaux financiers et cotes de crédit

Mesures financières auprès du quatrième trimestre 2023:

• Actif total: 13,2 milliards de dollars
• Capitalisation boursière: 6,8 milliards de dollars
• Ratings de crédit: A- (S&P), A3 (Moody's)

Expertise en matière de conformité réglementaire et de sécurité

Investissement en sécurité: 287 millions de dollars en sécurité et modernisation des pipelines en 2023.

Zone de conformité	Investissement annuel
Sécurité des pipelines	187 millions de dollars
Conformité réglementaire	100 millions de dollars

Atmos Energy Corporation (ATO) - Modèle d'entreprise: propositions de valeur

Livraison de gaz naturel fiable et sûr

Atmos Energy dessert environ 3 millions de clients de gaz naturel dans 8 États. La société exploite 70 700 miles de pipelines de distribution de gaz naturel. En 2022, la société a déclaré un taux de fiabilité du système de 99,99%.

Métrique de service	Données quantitatives
Total des clients	3 millions
Réseau de pipelines	70 700 miles
Fiabilité du système	99.99%

Prix ​​de l'énergie compétitive

Atmos Energy maintient des taux de gaz naturel compétitifs dans ses territoires de service. En 2022, le taux de gaz naturel résidentiel moyen de l'entreprise était de 10,25 $ par mille pieds cubes, soit 12% en dessous de la moyenne nationale.

• Taux de gaz naturel résidentiel moyen: 10,25 $ / MCF
• Comparaison des taux à la moyenne nationale: 12% inférieur

Solutions d'énergie respectueuses de l'environnement

La société s'est engagée à réduire les émissions de méthane de 50% d'ici 2030. En 2022, Atmos Energy a investi 186 millions de dollars dans les technologies de modernisation des infrastructures et de réduction des émissions.

Initiative environnementale	Cible quantitative
Objectif de réduction des émissions de méthane	50% d'ici 2030
Investissement en infrastructure	186 millions de dollars

Service client cohérent et transparent

Atmos Energy maintient une cote de satisfaction client de 4,2 sur 5. La société a traité 98,7% des demandes de service client dans les 24 heures en 2022.

• Évaluation de satisfaction du client: 4.2 / 5
• Taux de résolution de la demande de service: 98,7%

Gestion complète des infrastructures énergétiques

La société gère l'infrastructure dans 8 États avec une base d'actifs d'une valeur de 14,3 milliards de dollars. En 2022, Atmos Energy a investi 1,4 milliard de dollars dans les mises à niveau et la maintenance des infrastructures.

Métrique d'infrastructure	Données quantitatives
Valeur totale de l'actif	14,3 milliards de dollars
Investissement en infrastructure	1,4 milliard de dollars
États servis	8

Atmos Energy Corporation (ATO) - Modèle d'entreprise: relations clients

Canaux de support client personnalisés

Atmos Energy fournit un support client via plusieurs canaux avec les mesures de contact suivantes:

Canal de support	Volume de contact	Temps de réponse moyen
Support téléphonique	1,2 million d'appels par an	3-5 minutes
Chat en ligne	350 000 interactions par an	2-4 minutes
Assistance par e-mail	275 000 demandes de messagerie électronique	24-48 heures

Plates-formes de libre-service numériques

Les plateformes d'engagement numérique comprennent:

• Application mobile avec 620 000 utilisateurs actifs
• Portail de gestion des comptes en ligne
• Systèmes de paiement de factures automatisées

Communications de facturation et d'utilisation régulières

Fréquence de communication et mesures:

Type de communication	Fréquence	Atteindre
Déclarations de facturation mensuelles	12 fois par an	3,5 millions de clients
Rapports d'utilisation	Trimestriel	2,8 millions de clients
Notifications de facturation numérique	En temps réel	1,9 million d'abonnés numériques

Programmes d'engagement communautaire et d'éducation

Initiatives de sensibilisation communautaire:

• Ateliers d'efficacité énergétique: 42 événements par an
• Programmes d'éducation à la sécurité: 35 événements communautaires
• Programmes d'éducation scolaire: 28 séances éducatives

Notifications de sécurité et d'entretien proactives

Métriques de communication de sécurité:

Type de notification	Volume annuel	Méthode de livraison
Alertes de sécurité des pipelines	125 000 notifications	Multicanal (SMS, e-mail, courrier)
Annonces de maintenance	95 000 communications	Plates-formes numériques ciblées
Notifications d'urgence	15 000 communications urgentes	Livraison multicanal immédiate

Atmos Energy Corporation (ATO) - Modèle d'entreprise: canaux

Portail client en ligne

Le portail client en ligne d'Atmos Energy dessert environ 3 millions de clients résidentiels et commerciaux dans 8 États. La plate-forme numérique a traité 1,2 milliard de dollars de paiements de services publics en 2023.

Caractéristique du portail	Statistiques d'utilisation
Utilisateurs actifs mensuels	672,000
Transactions de paiement de factures en ligne	4,3 millions par an
Fonctions de gestion du compte	12 options de service différentes

Application mobile

L'application mobile d'Amos Energy prend en charge plus de 500 000 utilisateurs mensuels actifs avec des capacités de gestion des services publics en temps réel.

• Compte de téléchargement d'applications: 782 000 en 2023
• Volume de paiement mobile: 378 millions de dollars par an
• Évaluation de l'App Store: 4.2 / 5

Centres d'appels de service client

Atmos Energy exploite 7 centres d'appels de service à la clientèle régionaux gantant environ 2,1 millions d'interactions client par an.

Métrique du centre d'appel	Données de performance
Volume d'appel moyen	175 000 mensuels
Temps d'attente moyen	4,2 minutes
Taux de satisfaction client	88%

Emplacements de bureaux locaux

Atmos Energy maintient 63 emplacements de bureaux physiques sur ses territoires de service au Texas, au Colorado, au Kansas, au Kentucky, à la Louisiane, au Mississippi, au Tennessee et en Virginie.

Systèmes de facturation directe et de communication

La société traite 3,8 millions de déclarations de facturation mensuelles avec un volume de facturation annuel de 4,6 milliards de dollars.

• Distribution des factures de papier: 1,2 million par mois
• Distribution électronique des factures: 2,6 millions
• Valeur moyenne de la facture: 255 $ par client

Atmos Energy Corporation (ATO) - Modèle d'entreprise: segments de clientèle

Consommateurs de gaz naturel résidentiel

En 2022, Atmos Energy dessert environ 3 millions de clients résidentiels dans 8 États aux États-Unis.

Couverture de l'État	Nombre de clients résidentiels	Consommation annuelle moyenne
Texas	1,650,000	72 MMBTU par ménage
Colorado	350,000	65 MMBTU par ménage
Autres États	1,000,000	68 MMBTU par ménage

Utilisateurs d'énergie commerciale et industrielle

Atmos Energy fournit des services de gaz naturel à environ 120 000 clients commerciaux et industriels.

• Consommation du secteur commercial: 250 millions de pieds cubes par jour
• Consommation du secteur industriel: 180 millions de pieds cubes par jour
• Revenus annuels moyens des segments commerciaux / industriels: 1,2 milliard de dollars

Entités municipales et gouvernementales

Atmos Energy dessert plus de 1 500 clients municipaux et gouvernementaux dans ses territoires de service.

Type de client	Nombre de clients	Utilisation annuelle du gaz naturel
Bâtiments municipaux	850	45 millions de pieds cubes
Installations gouvernementales	650	38 millions de pieds cubes

Entreprises agricoles

Atmos Energy prend en charge environ 15 000 clients agricoles dans ses régions de service.

• Secteurs agricoles primaires servis: agriculture, bétail, opérations de serre
• Consommation annuelle moyenne du gaz naturel par client agricole: 120 000 pieds cubes
• Revenu total des segments agricoles: 180 millions de dollars

Réseaux coopératifs des services publics

Atmos Energy maintient des partenariats avec 75 réseaux coopératifs de services publics dans ses territoires opérationnels.

Type coopératif	Nombre de partenariats	Clients connectés totaux
Coopératives électriques rurales	42	350,000
Coopératives de gaz naturel	33	250,000

Atmos Energy Corporation (ATO) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures de pipeline

Pour l'exercice 2023, Atmos Energy a déclaré 583,4 millions de dollars de dépenses en capital liées à la maintenance des infrastructures et à la sécurité des infrastructures de pipelines.

Catégorie de maintenance des infrastructures	Coût annuel ($ m)
Remplacement du pipeline	276.2
Protection contre la corrosion	89.7
Gestion de l'intégrité	117.5

Effectif et dépenses opérationnelles

Les dépenses opérationnelles totales pour ATMOS Energy en 2023 étaient de 1,2 milliard de dollars, les coûts de main-d'œuvre représentant une partie importante.

• Compensation moyenne des employés: 95 300 $ par an
• Nombre total d'employés: 4 963
• Attribution des avantages sociaux: 187,4 millions de dollars

Coûts de conformité réglementaire

Atmos Energy a alloué 76,3 millions de dollars spécifiquement pour les programmes de conformité et de sécurité réglementaires en 2023.

Zone de conformité	Dépenses annuelles ($ m)
Formation à la sécurité	22.6
Conformité environnementale	34.7
Représentation réglementaire	19.0

Technologie et infrastructure numérique

Les investissements technologiques ont totalisé 43,7 millions de dollars en 2023, en se concentrant sur la transformation numérique et la cybersécurité.

• Investissements en cybersécurité: 18,2 millions de dollars
• Mises à niveau des infrastructures numériques: 25,5 millions de dollars

Frais d'achat d'énergie et de négociation

Les coûts totaux d'approvisionnement en énergie pour 2023 étaient de 2,9 milliards de dollars, ce qui représente la plus grande catégorie de dépenses opérationnelles.

Catégorie d'approvisionnement	Coût annuel ($ b)
Acquisition de gaz naturel	2.6
Frais de transport	0.3

Atmos Energy Corporation (ATO) - Modèle d'entreprise: Strots de revenus

Ventes de gaz naturel résidentiel

Atmos Energy a déclaré des revenus résidentiels en gaz naturel de 2,86 milliards de dollars au cours de l'exercice 2023. La société dessert environ 3 millions de clients résidentiels dans huit États.

Segment de clientèle	Revenus annuels	Nombre de clients
Gaz naturel résidentiel	2,86 milliards de dollars	3 millions

Contrats énergétiques commerciaux et industriels

Le segment commercial et industriel a généré 1,42 milliard de dollars de revenus pour Atmos Energy en 2023. Les types de contrats clés comprennent:

• Approvisionnement en gaz industriel à grande échelle
• Contrats de services publics municipaux
• Services d'énergie commerciale du bâtiment

Type de contrat	Revenus annuels
Contrats commerciaux	1,42 milliard de dollars

Frais de transmission et de distribution

Les services de transmission et de distribution ont généré 687 millions de dollars de frais au cours de l'exercice 2023. La société exploite environ 70 177 miles d'infrastructure de pipeline.

Catégorie de service	Frais annuels	Pipeline miles
Services de transmission	687 millions de dollars	70 177 miles

Trading d'énergie et gestion des risques

Les activités de trading d'énergie d'ATMOS Energy ont contribué à 214 millions de dollars aux revenus totaux en 2023. Les stratégies de trading se concentrent sur la couverture du gaz naturel et l'optimisation du marché.

Activité commerciale	Revenus annuels
Trading d'énergie	214 millions de dollars

Frais de service public et de maintenance

Les services de services publics et la maintenance ont généré 156 millions de dollars de revenus supplémentaires pour Atmos Energy en 2023. Les services comprennent:

• Installation du compteur
• Maintenance des pipelines
• Services de réparation d'urgence

Catégorie de service	Revenus annuels
Services publics	156 millions de dollars

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.