Atmos Energy Corporation (ATO) Cash Flow Statement
Where ATO’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $2.05B +18.2% vs FY2024
- Capital expenditures
- $3.56B 75.7% of revenue
- Free cash flow
- −$1.51B −32.2% margin
- Returned to shareholders
- $553.8M
- Change in cash
- −$105.1M cash at year-end $203.8M
Cash from operations
$2.05B
Capital expenditures
−$3.56B
Investments (net)
−$3.56B
Acquisitions & other
+$3.56B
Dividends
−$553.8M
Share buybacks (net)
+$713.7M
Net borrowing (repayment)
+$1.14B
Shares issued
+$698.5M
Other financing
−$587.0M
Change in cash
−$105.1M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ATO operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ATO cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $795.0MFY2016 | $2.05BFY2025 | +11.1%/yr | |
| Capital expenditures | $1.09BFY2016 | $3.56BFY2025 | +14.1%/yr | |
| Free cash flow | −$292.0MFY2016 | −$1.51BFY2025 | — | |
| Free cash flow margin | −11.9%FY2016 | −32.2%FY2025 | −20.3 pts | |
| Operating cash flow / net income | 2.27FY2016 | 1.71FY2025 | −0.56 | |
| Stock-based compensation | $14.8MFY2016 | $12.7MFY2025 | −1.6%/yr | |
| Dividends paid | $175.1MFY2016 | $553.8MFY2025 | +13.6%/yr | |
| Share buybacks (net) | $0FY2016 | $0FY2025 | — | |
| Capex / revenue | 44.3%FY2016 | 75.7%FY2025 | +31.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ATO cash flow by activity
OperatingInvestingFinancingChange in cash
ATO net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ATO cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $1.20B | $1.04B | $885.9M | $774.4M | $665.6M | $601.4M | $511.4M | $603.1M | $383.5M | $350.1M |
| Depreciation & amortization | $734.7M | $670.0M | $604.3M | $535.7M | $478.0M | $429.8M | $391.5M | $361.1M | $319.6M | $293.1M |
| Stock-based compensation | $12.7M | $10.7M | $10.2M | $10.7M | $11.3M | $9.6M | $11.1M | $12.9M | $14.1M | $14.8M |
| Change in working capital | −$86.0M | −$99.0M | $1.91B | −$363.8M | −$2.38B | −$133.7M | −$76.7M | $134.9M | −$73.3M | −$63.2M |
| Other non-cash items | $189.2M | $109.1M | $47.2M | $20.6M | $140.4M | $130.8M | $131.5M | $12.8M | $223.2M | $200.2M |
| Cash from operating activities | $2.05B | $1.73B | $3.46B | $977.6M | −$1.08B | $1.04B | $968.8M | $1.12B | $867.1M | $795.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$3.56B | −$2.94B | −$2.81B | −$2.44B | −$1.97B | −$1.94B | −$1.69B | −$1.47B | −$1.14B | −$1.09B |
| Investments (net) | −$3.56B | −$2.92B | −$2.80B | $4.2M | −$6.1M | $491,000 | −$2.8M | −$8.3M | −$12.5M | $758,000 |
| Acquisitions & other investing | $3.56B | $2.94B | $2.81B | $10.3M | $12.0M | $9.7M | $12.6M | $12.3M | $93.3M | $6.5M |
| Cash from investing activities | −$3.56B | −$2.92B | −$2.80B | −$2.43B | −$1.96B | −$1.93B | −$1.68B | −$1.46B | −$1.06B | −$1.08B |
| Financing activities | ||||||||||
| Dividends paid | −$553.8M | −$492.9M | −$430.3M | −$375.9M | −$323.9M | −$282.4M | −$245.7M | −$214.9M | −$191.9M | −$175.1M |
| Share repurchases & issuance (net) | $713.7M | $765.1M | $2.97B | $15.4M | $15.8M | $999.5M | $934.4M | $19.6M | $26.5M | $34.3M |
| Net borrowing (repayment) | $1.14B | $988.3M | −$1.25B | $783.8M | $2.80B | $526.8M | $348.1M | $128.0M | $252.8M | $371.9M |
| Shares issued | $698.5M | $750.0M | $822.3M | $792.2M | $622.5M | $643.9M | $713.4M | $414.7M | $0 | $0 |
| Other financing | −$587.0M | −$531.8M | −$2.81B | $171.7M | $32.0M | −$1.00B | −$1.02B | −$21.1M | $80.7M | $72.6M |
| Cash from financing activities | $1.41B | $1.48B | −$696.8M | $1.39B | $3.14B | $883.8M | $725.7M | $326.3M | $168.1M | $303.6M |
| Summary | ||||||||||
| Net change in cash | −$105.1M | $289.6M | −$32.3M | −$65.2M | $95.9M | −$3.7M | $10.8M | −$12.6M | −$21.1M | $18.9M |
| Cash at end of period | $203.8M | $308.9M | $19.2M | $51.6M | $116.7M | $20.8M | $24.6M | $13.8M | $26.4M | $47.5M |
| Free cash flow | −$1.51B | −$1.20B | $653.8M | −$1.47B | −$3.05B | −$897.7M | −$724.7M | −$342.9M | −$270.0M | −$292.0M |
| Free cash flow margin | −32.2% | −28.9% | 15.3% | −34.9% | −89.6% | −31.8% | −25.0% | −11.0% | −9.8% | −11.9% |
| Capex / revenue | 75.7% | 70.5% | 65.6% | 58.2% | 57.8% | 68.6% | 58.4% | 47.1% | 41.2% | 44.3% |
| Operating cash flow / net income | 1.71 | 1.66 | 3.91 | 1.26 | −1.63 | 1.73 | 1.89 | 1.86 | 2.26 | 2.27 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $242.9M | $581.7M | $403.0M | $174.9M | $186.3M | $485.6M | $351.9M | $134.0M | $165.5M | $431.8M | $311.3M | $118.5M |
| Depreciation & amortization | $201.5M | $195.7M | $194.6M | $185.7M | $185.8M | $182.8M | $180.5M | $173.4M | $166.8M | $165.1M | $164.6M | $159.3M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $5.6M | $1.5M |
| Change in working capital | $139.0M | −$177.9M | −$359.3M | −$51.2M | $97.2M | $169.2M | −$302.2M | $7.2M | $61.6M | $94.7M | −$257.9M | −$61.5M |
| Other non-cash items | $56.5M | $124.0M | $69.8M | $38.7M | $27.0M | $85.4M | $51.8M | $16.0M | $17.3M | $55.1M | $21.7M | $20.4M |
| Cash from operating activities | $639.9M | $723.5M | $308.1M | $348.1M | $496.4M | $922.9M | $282.0M | $330.7M | $411.2M | $746.6M | $245.3M | $238.2M |
| Investing activities | ||||||||||||
| Capital expenditures | −$1.04B | −$1.00B | −$1.03B | −$963.6M | −$866.9M | −$839.7M | −$891.2M | −$808.0M | −$713.6M | −$645.9M | −$769.6M | −$722.5M |
| Investments (net) | −$849,000 | −$789,000 | −$4.5M | −$967.6M | −$876.1M | −$828.6M | −$888.9M | −$803.7M | −$709.8M | −$644.9M | −$764.4M | −$718.0M |
| Acquisitions & other investing | −$171,000 | $4.3M | $2.2M | $963.6M | $866.9M | $839.7M | $891.2M | $808.0M | $713.6M | $645.9M | $769.6M | $722.5M |
| Cash from investing activities | −$1.04B | −$1.00B | −$1.04B | −$967.6M | −$876.1M | −$828.6M | −$888.9M | −$803.7M | −$709.8M | −$644.9M | −$764.4M | −$718.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$166.2M | −$164.1M | −$160.4M | −$141.4M | −$138.4M | −$138.4M | −$135.5M | −$126.2M | −$125.2M | −$121.7M | −$119.9M | −$111.3M |
| Share repurchases & issuance (net) | $4.8M | $3.7M | $2.6M | $713.7M | $11.5M | $7.9M | $4.0M | $765.1M | — | — | $3.7M | $57.0M |
| Net borrowing (repayment) | $699.7M | −$4.4M | $586.5M | −$4.0M | $498.1M | −$4.1M | $645.4M | −$4.2M | — | — | — | $241.9M |
| Shares issued | $271.1M | $200.7M | $474.6M | $118.3M | $192.8M | $3.8M | $383.5M | $0 | $499.6M | $4.0M | $257.8M | $139.1M |
| Other financing | −$10.3M | −$3.7M | −$8.1M | −$576.9M | −$15.7M | −$7.9M | −$10.0M | −$532.1M | $339.7M | −$5.7M | $643.7M | $114.2M |
| Cash from financing activities | $799.1M | $32.2M | $895.3M | $109.7M | $548.2M | −$138.6M | $887.5M | $102.6M | $714.1M | −$123.4M | $785.3M | $440.9M |
| Summary | ||||||||||||
| Net change in cash | $398.7M | −$244.4M | $167.7M | −$509.8M | $168.5M | −$44.3M | $280.6M | −$370.4M | $415.5M | −$21.7M | $266.2M | −$38.9M |
| Cash at end of period | $525.8M | $127.1M | $371.5M | $203.8M | $713.6M | $545.1M | $589.4M | $308.9M | $679.3M | $263.8M | $285.4M | $19.2M |
| Free cash flow | −$399.4M | −$280.1M | −$725.3M | −$615.5M | −$370.6M | $83.3M | −$609.2M | −$477.3M | −$302.4M | $100.7M | −$524.4M | −$484.3M |
| Free cash flow margin | −45.4% | −14.3% | −54.0% | −83.5% | −44.2% | 4.3% | −51.8% | −72.5% | −43.1% | 6.1% | −45.3% | −82.4% |
| Capex / revenue | 118.2% | 51.1% | 77.0% | 130.7% | 103.4% | 43.0% | 75.8% | 122.8% | 101.7% | 39.2% | 66.4% | 122.9% |
| Operating cash flow / net income | 2.63 | 1.24 | 0.76 | 1.99 | 2.66 | 1.90 | 0.80 | 2.47 | 2.48 | 1.73 | 0.79 | 2.01 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ATO cash generation
In fiscal 2025 (ended September 30, 2025), Atmos Energy generated $2.0 billion of cash from operations (up 18.2%) and spent $3.6 billion on capital expenditures, leaving free cash flow of -$1.5 billion, −32.2% of revenue. It returned $553.8 million to shareholders through dividends ($553.8 million) and net share buybacks ($0). Cash and equivalents fell by $105.1 million over the year.
Related: ATO income statement, ATO balance sheet, ATO dividend history. See the ATO stock overview for the latest quote and news.
ATO cash flow FAQ
What is Atmos Energy's free cash flow?
Atmos Energy's free cash flow was -$1.5 billion in fiscal 2025: $2.0 billion of operating cash flow minus $3.6 billion of capital expenditures It was -$1.2 billion a year earlier..
How much cash does Atmos Energy generate from operations?
Atmos Energy generated $2.0 billion of cash from operating activities in fiscal 2025, 1.71 times its net income of $1.2 billion.
How much does Atmos Energy spend on capital expenditures?
Atmos Energy spent $3.6 billion on capital expenditures in fiscal 2025, 75.7% of revenue, compared with $2.9 billion the year before.
How much does Atmos Energy pay in dividends?
Atmos Energy paid $553.8 million in dividends in fiscal 2025.