filings.toolsAtmos Energy (ATO) 10-K risk factor changes: FY2025 vs FY2024
The 2025-09-30 10-K against the 2024-09-30 one, compared heading by heading and sentence by sentence.
Item 1A5 rewritten4 added2 removed138 unchanged
All filing items879 rewritten343 added294 removed2,388 unchanged
Summary
counted, not written
- Item 1A lists 22 risk factor headings: 0 new, 0 reworded and 22 unchanged since FY2024. 0 headings from FY2024 no longer appear.
- Sentence by sentence, 343 added, 294 removed, 879 rewritten and 2,388 unchanged across 18 items that differ.
New Item 1A headings (0)
No risk factor heading in this filing is absent from FY2024.
Removed Item 1A headings (0)
Every FY2024 risk factor heading is still here, word for word or reworded.
A heading is new when no FY2024 heading matches it after ignoring case and punctuation, and reworded when it shares at least 60 percent of its words with one that went away. All current risk factor headings.
Sentences by item
24 items, with every count and a link to each item that changed
Underlined words on a shaded ground are new in FY2025; struck-through words were in FY2024. Sentences that are wholly new or wholly gone are labelled rather than marked.
Item 1A. Risk Factors.
5 rewritten, 4 added, 2 removed, 138 unchanged
In the normal course of business, as a regulated entity, we often need to place assets in service and establish historical test periods before rate cases that seek to adjust [added: our allowed returns to recover that investment can be filed.]
Although we have taken steps to structure current and future transactions to comply with applicable current FERC regulations, changes in FERC regulations or their [removed: interpretation by FERC or additional regulations issued by FERC in the future could also adversely affect our business, financial condition, or financial results.]
We constantly monitor and maintain our pipeline and distribution systems to ensure that natural gas is delivered safely, reliably, and efficiently through our network of more than [removed: 80,000] [added: 81,000] miles of distribution and transmission lines.
[removed: If customer] growth slows or existing customers choose to conserve their use of gas or choose another energy product, reduced gas purchases and customer billings could adversely impact our business.
Our long-term debt is currently rated as “investment grade” by Standard & Poor’s Corporation and Moody’s Investors Service, Inc. Similar to most companies, we rely upon access to both short-term and long-term credit and capital markets to [removed: satisfy our liquidity requirements.]
interpretation by FERC or additional regulations issued by FERC in the future could also adversely affect our business, financial condition, or financial results.
If customer
The competition for talent has become increasingly intense.
satisfy our liquidity requirements.
our allowed returns to recover that investment can be filed.
The competition for talent has become increasingly intense and we may experience increased employee turnover due to a tightening labor market.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
140 rewritten, 28 added, 35 removed, 195 unchanged
These risks and uncertainties include the following: federal, state, and local regulatory and political trends and decisions, including the impact of rate proceedings before various state regulatory commissions; increased federal regulatory oversight and potential penalties; possible increased federal, state, and local regulation of the safety of our operations; possible significant costs and liabilities resulting from pipeline integrity and other similar programs and related repairs; the inherent hazards and risks involved in distributing, transporting, and storing natural gas; the availability and accessibility of contracted gas supplies, interstate pipeline, and/or storage services; increased competition from energy suppliers and alternative forms of energy; failure to attract and retain a qualified workforce; natural disasters, adverse weather, terrorist activities, or other events and other risks and uncertainties discussed herein, all of which are difficult to predict and many of which are beyond our control; failure of technology that affects the Company's business operations; the threat of cyber-attacks or acts of cyber-terrorism that could disrupt our business operations and information technology systems or result in the loss or exposure of confidential or sensitive customer, employee, or Company [added: information; the impact of new cybersecurity compliance requirements; adverse weather conditions; the impact of legislation to]
[removed: information; the impact of new cybersecurity compliance requirements; adverse weather conditions; the impact of legislation to] reduce or eliminate greenhouse gas emissions or fossil fuels; the impact of climate change; the capital-intensive nature of our business; our ability to continue to access the credit and capital markets to execute our business strategy; market risks beyond our control affecting our risk management activities, including commodity price volatility, counterparty performance or creditworthiness, and interest rate risk; the concentration of our operations in Texas; the impact of adverse economic conditions on our customers; changes in the availability and price of natural gas; and increased costs of providing health care benefits, along with pension and postretirement health care benefits and increased funding requirements.
Our commitment to this vision requires significant levels of capital spending to modernize our natural gas distribution system and operating costs to deliver natural gas safely and reliably and in [removed: full] compliance with the various safety regulations impacting our business.
| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |
| Distribution segment | | | $ | [removed: 671,413] [added: 746,781] | | | | | $ | [removed: 580,397] [added: 671,413] | | | | | $ | [removed: 521,977] [added: 580,397] | |
| Pipeline and storage segment | | | [removed: 371,482] [added: 451,973] | | | | | | [removed: 305,465] [added: 371,482] | | | | | | [removed: 252,421] [added: 305,465] | | |
| Net income | | | $ | [removed: 1,042,895] [added: 1,198,754] | | | | | $ | [removed: 885,862] [added: 1,042,895] | | | | | $ | [removed: 774,398] [added: 885,862] | |
During fiscal [removed: 2024,] [added: 2025,] we recorded net income of [removed: $1,042.9] [added: $1,198.8] million, or [removed: $6.83] [added: $7.46] per diluted share, compared to net income of [removed: $885.9] [added: $1,042.9] million, or [removed: $6.10] [added: $6.83] per diluted share in the prior year.
The year-over-year increase in net income of [removed: $157.0] [added: $155.9] million largely reflects positive rate outcomes driven by safety and reliability spending.
Additionally, our [added: pipeline and storage segment's] fiscal [removed: 2024] [added: 2025] results were favorably impacted by [removed: $21.1] [added: $7.7] million as a result of [added: Texas] legislation that became effective during the [removed: first] [added: third] quarter of fiscal [removed: 2024 to reduce property tax expenses in Texas and $13.9 million as a result of a change] [added: 2025 related] to [removed: our bad debt recovery mechanism in Mississippi.][added: infrastructure spending.]
These increases were partially offset by [added: higher bad debt expense,] increased employee-related costs, depreciation [removed: expense,] and [removed: interest expense.][added: property tax expenses, and higher spending on safety and compliance related activities.]
During the year ended September 30, [removed: 2024,] [added: 2025,] we implemented ratemaking regulatory actions which resulted in an increase in annual operating income of [removed: $376.3] [added: $333.6] million.
Excluding the impact of the refund of excess deferred income taxes resulting from previously enacted tax reform legislation, our total fiscal [removed: 2024] [added: 2025] rate outcomes were [removed: $307.1] [added: $322.8] million.
Additionally, we had ratemaking efforts in progress at September 30, [removed: 2024,] [added: 2025,] seeking a total increase in annual operating income of [removed: $218.0] [added: $231.1] million.
During fiscal year [removed: 2024,] [added: 2025,] we refunded [removed: $133.6] [added: $78.8] million in excess deferred tax liabilities to customers.
These refunds also reduced our income tax expense, resulting in an immaterial impact to our fiscal [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] results.
Capital expenditures for fiscal [removed: 2024] [added: 2025] were [removed: $2.9] [added: $3.6] billion.
Approximately [removed: 83] [added: 87] percent was invested to improve the safety and reliability of our distribution and transportation systems, with a significant portion of this investment incurred under regulatory mechanisms that reduce regulatory lag to six months or less.
During fiscal [removed: 2024,] [added: 2025,] we completed approximately [removed: $2.0] [added: $1.8] billion of long-term debt and equity financing.
As of September 30, [removed: 2024,] [added: 2025,] our equity capitalization was [removed: 61.0] [added: 60.3] percent.
As of September 30, [removed: 2024,] [added: 2025,] we had approximately [removed: $4.8] [added: $4.9] billion in total liquidity, consisting of [removed: $307.3] [added: $202.7] million in cash and cash equivalents, [removed: $1,380.6] [added: $1,558.5] million in funds available through equity forward sales agreements, and $3,094.4 million in undrawn capacity under our credit facilities.
During fiscal [removed: 2024,] [added: 2025,] we completed regulatory proceedings in our distribution segment resulting in a [removed: $266.8] [added: $256.4] million increase in annual operating income.
Excluding the impact of the refund of excess deferred income taxes resulting from previously enacted tax reform legislation, our total fiscal [removed: 2024] [added: 2025] annualized rate outcomes in our distribution segment were [removed: $234.5] [added: $245.6] million.
Financial and operational highlights for our distribution segment for the fiscal years ended September 30, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022] [added: 2023] are presented below.
| | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2024] [added: 2025] vs. [removed: 2023] [added: 2024] | | | | | | [removed: 2023] [added: 2024] vs. [removed: 2022] [added: 2023] | | |
| Operating revenues | | | $ | [removed: 3,915,141] [added: 4,425,397] | | | | | $ | [removed: 4,099,690] [added: 3,915,141] | | | | | $ | [removed: 4,035,194] [added: 4,099,690] | | | | | $ | [removed: (184,549)] [added: 510,256] | | | | | $ | [removed: 64,496] [added: (184,549)] | |
| Purchased gas cost | | | [removed: 1,620,515] [added: 1,854,323] | | | | | | [removed: 2,061,920] [added: 1,620,515] | | | | | | [removed: 2,210,302] [added: 2,061,920] | | | | | | [removed: (441,405)] [added: 233,808] | | | | | | [removed: (148,382)] [added: (441,405)] | | |
| Operating expenses | | | [removed: 1,440,192] [added: 1,607,684] | | | | | | [removed: 1,345,144] [added: 1,440,192] | | | | | | [removed: 1,220,347] [added: 1,345,144] | | | | | | [removed: 95,048] [added: 167,492] | | | | | | [removed: 124,797] [added: 95,048] | | |
| Operating income | | | [removed: 854,434] [added: 963,390] | | | | | | [removed: 692,626] [added: 854,434] | | | | | | [removed: 604,545] [added: 692,626] | | | | | | [removed: 161,808] [added: 108,956] | | | | | | [removed: 88,081] [added: 161,808] | | |
| Other non-operating income | | | [removed: 30,106] [added: 33,578] | | | | | | [removed: 24,988] [added: 30,106] | | | | | | [removed: 6,946] [added: 24,988] | | | | | | [removed: 5,118] [added: 3,472] | | | | | | [removed: 18,042] [added: 5,118] | | |
| Interest charges | | | [removed: 117,086] [added: 99,226] | | | | | | [removed: 77,185] [added: 117,086] | | | | | | [removed: 49,921] [added: 77,185] | | | | | | [removed: 39,901] [added: (17,860)] | | | | | | [removed: 27,264] [added: 39,901] | | |
| Income before income taxes | | | [removed: 767,454] [added: 897,742] | | | | | | [removed: 640,429] [added: 767,454] | | | | | | [removed: 561,570] [added: 640,429] | | | | | | [removed: 127,025] [added: 130,288] | | | | | | [removed: 78,859] [added: 127,025] | | |
| Income tax expense | | | [removed: 96,041] [added: 150,961] | | | | | | [removed: 60,032] [added: 96,041] | | | | | | [removed: 39,593] [added: 60,032] | | | | | | [removed: 36,009] [added: 54,920] | | | | | | [removed: 20,439] [added: 36,009] | | |
| Net income | | | $ | [removed: 671,413] [added: 746,781] | | | | | $ | [removed: 580,397] [added: 671,413] | | | | | $ | [removed: 521,977] [added: 580,397] | | | | | $ | [removed: 91,016] [added: 75,368] | | | | | $ | [removed: 58,420] [added: 91,016] | |
| Consolidated distribution sales volumes — MMcf | | | [removed: 283,977] [added: 289,065] | | | | | | [removed: 289,948] [added: 283,977] | | | | | | [removed: 292,266] [added: 289,948] | | | | | | [removed: (5,971)] [added: 5,088] | | | | | | [removed: (2,318)] [added: (5,971)] | | |
| Consolidated distribution transportation volumes — MMcf | | | [removed: 156,389] [added: 156,859] | | | | | | [removed: 152,963] [added: 156,389] | | | | | | [removed: 152,709] [added: 152,963] | | | | | | [removed: 3,426] [added: 470] | | | | | | [removed: 254] [added: 3,426] | | |
| Total consolidated distribution throughput — MMcf | | | [removed: 440,366] [added: 445,924] | | | | | | [removed: 442,911] [added: 440,366] | | | | | | [removed: 444,975] [added: 442,911] | | | | | | [removed: (2,545)] [added: 5,558] | | | | | | [removed: (2,064)] [added: (2,545)] | | |
| Consolidated distribution average cost of gas per Mcf sold | | | $ | [removed: 5.71] [added: 6.41] | | | | | $ | [removed: 7.11] [added: 5.71] | | | | | $ | [removed: 7.56] [added: 7.11] | | | | | $ | [removed: (1.40)] [added: 0.70] | | | | | $ | [removed: (0.45)] [added: (1.40)] | |
Fiscal year ended September 30, [removed: 2024] [added: 2025] compared with fiscal year ended September 30, [removed: 2023][added: 2024]
Operating income for our distribution segment increased [removed: 23.4] [added: 12.8] percent.
We anticipate making significant capital expenditures for the foreseeable future to modernize our distribution and transmission system, to comply with the safety rules and regulations issued by the regulatory authorities responsible for the service areas in which we operate, and to prepare to serve the growing needs of the communities we serve.
Between fiscal years 2026 and 2030, we anticipate spending approximately $26 billion, with more than 80 percent dedicated to safety and reliability spending.
The magnitude and allocation of these expenditures may be affected by factors such as new policy and regulations, population growth, and increased labor and materials costs.
Although we believe these costs are ultimately recoverable through our rates based on the regulatory frameworks currently available to us, full recovery is not assured.
Additionally, our fiscal 2025 results were
favorably impacted by $26.2 million as a result of Texas legislation that became effective during the third quarter of fiscal 2025 related to infrastructure spending.
- an $18.6 million increase in system monitoring, line locating, and other compliance-related activities.
Additionally, our distribution segment's fiscal 2025 results were favorably impacted by $18.5 million as a result of Texas legislation that became effective during the third quarter of fiscal 2025 related to infrastructure spending.
| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | 2025 vs. 2024 | | | | | | 2024 vs. 2023 | | |
| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | 2025 vs. 2024 | | | | | | 2024 vs. 2023 | | |
Fiscal year ended September 30, 2025 compared with fiscal year ended September 30, 2024
- a $7.7 million increase in APT's through-system activities.
- a $9.1 million decrease in refunds of excess deferred taxes to customers, which is substantially offset in income tax expense.
- an $18.9 million increase in expenses recognized as a result of the System Safety and Integrity Rider filing approved in November 2024, which is offset in operating revenues.
Other non-operating income increased $15.2 million primarily due to higher AFUDC largely as a result of increased capital spending.
| | | | 2025 | | | | | | | | | | | | 2024 | | | | | | | | |
| | | | 2025 | | | | | | 2024 | | | | | | 2023 | | | | | | 2025 vs. 2024 | | | | | | 2024 vs. 2023 | | |
We completed a public offering of $650 million of 5.00% senior notes due December 2054, and received net proceeds from the offering, after the underwriting discount and offering expenses, of $639.4 million.
| Securitized long-term debt | | | 77,003 | | | | | | 8,767 | | | | | | 18,647 | | | | | | 20,645 | | | | | | 28,944 | | |
| Interest charges (2) | | | 7,867,907 | | | | | | 418,219 | | | | | | 827,500 | | | | | | 779,125 | | | | | | 5,843,063 | | |
| Interest charges on securitized long-term debt | | | 16,841 | | | | | | 3,860 | | | | | | 6,343 | | | | | | 4,345 | | | | | | 2,293 | | |
| Finance leases (3) | | | 63,067 | | | | | | 3,502 | | | | | | 7,203 | | | | | | 7,485 | | | | | | 44,877 | | |
| Operating leases (4) | | | 375,802 | | | | | | 56,546 | | | | | | 99,453 | | | | | | 75,059 | | | | | | 144,744 | | |
| Financial instrument obligations (5) | | | 6,485 | | | | | | 6,339 | | | | | | 146 | | | | | | — | | | | | | — | | |
| Pension and postretirement benefit plan contributions (6) | | | 286,856 | | | | | | 30,175 | | | | | | 75,661 | | | | | | 45,773 | | | | | | 135,247 | | |
| Total contractual obligations | | | $ | 17,689,293 | | | | | $ | 537,408 | | | | | $ | 1,745,285 | | | | | $ | 1,432,432 | | | | | $ | 13,974,168 | |
| Prices actively quoted | | | $ | (1,036) | | | | | $ | 4,448 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,412 | |
| Total Fair Value | | | $ | (1,036) | | | | | $ | 4,448 | | | | | $ | — | | | | | $ | — | | | | | $ | 3,412 | |
- a $2.7 million increase in property taxes, which is inclusive of a $15.7 million decrease related to the Texas property tax legislation discussed above.
- a $26.9 million increase in other operation and maintenance expense, including higher costs associated with software maintenance, compliance activities, training, and other administrative costs.
Interest charges increased $39.9 million primarily due to the issuance of long-term debt during fiscal 2024.
The increase in interest charges is also due to the amortization of the Texas regulatory asset that is discussed in Note 3 to the consolidated financial statements.
However, this increase is offset by a corresponding increase in revenue resulting in no impact to net income.
Additionally, GRIP requires a utility to file a statement of intent at least once every five years to review its costs and expenses, including capital costs filed for recovery under GRIP.
On May 19, 2023, APT filed its statement of intent seeking $107.4 million in additional annual operating income.
On December 13, 2023, the RRC approved the settlement agreement between APT and the intervening parties for an increase in annual operating income of $27.0 million, exclusive of the impact of the cessation of $36.9 million in excess deferred income tax refunds, which are substantially offset by a corresponding increase in income taxes.
New rates were implemented effective December 13, 2023.
- a $39.0 million net increase in APT's through-system activities primarily associated with increased spreads.
- a $3.1 million decrease in property taxes, which is inclusive of a $5.4 million decrease related to the Texas property tax legislation discussed above.
- an $18.1 million increase in operation and maintenance expense due to increased storage and compression maintenance and other compliance-related activities.
Interest charges increased $13.5 million primarily due to the issuance of long-term debt during fiscal 2024.
In the first half of fiscal 2025, we anticipate filing a new $8.0 billion shelf registration statement and a prospectus supplement under this new shelf registration statement for a new $1.7 billion ATM equity sales program to replace the former arrangements.
As of September 30, 2024, we had the following forward starting interest rate swaps in place to hedge future planned debt issuances:
| | | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Planned Debt Issuance Date | | | | | | Amount Hedged | | | | | | Effective Interest Rate | | |
| | | | | | | (In thousands) | | | | | | | | |
| Fiscal 2026 | | | | | | $ | 300,000 | | | | | 2.16 | | % |
| | | | | | | $ | 300,000 | | | | | | | |
Fiscal 2023 operating cash flow included $2,021.9 million of cash received as a result of the conclusion of Texas securitization proceedings.
outstanding.
Finally, Atmos Energy Kansas Securitization I, LLC, a special-purpose, wholly-owned subsidiary of Atmos Energy, issued $95 million in securitized long-term debt.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Securitized long-term debt | | | 85,078 | | | | | | 8,207 | | | | | | 17,721 | | | | | | 19,621 | | | | | | 39,529 | | |
| Interest charges (2) | | | 5,854,623 | | | | | | 318,117 | | | | | | 635,037 | | | | | | 592,054 | | | | | | 4,309,415 | | |
| Interest charges on securitized long-term debt | | | 21,071 | | | | | | 4,281 | | | | | | 7,255 | | | | | | 5,356 | | | | | | 4,179 | | |
| Finance leases (3) | | | 66,506 | | | | | | 3,438 | | | | | | 7,070 | | | | | | 7,338 | | | | | | 48,660 | | |
| Operating leases (4) | | | 320,408 | | | | | | 43,244 | | | | | | 73,917 | | | | | | 56,419 | | | | | | 146,828 | | |
| Financial instrument obligations (5) | | | 7,637 | | | | | | 7,324 | | | | | | 313 | | | | | | — | | | | | | — | | |
| Pension and postretirement benefit plan contributions (6) | | | 273,428 | | | | | | 27,596 | | | | | | 51,411 | | | | | | 65,310 | | | | | | 129,111 | | |
| Total contractual obligations | | | $ | 14,471,548 | | | | | $ | 412,207 | | | | | $ | 1,360,521 | | | | | $ | 1,396,098 | | | | | $ | 11,302,722 | |
| Prices actively quoted | | | $ | (5,233) | | | | | $ | 93,884 | | | | | $ | — | | | | | $ | — | | | | | $ | 88,651 | |
| Total Fair Value | | | $ | (5,233) | | | | | $ | 93,884 | | | | | $ | — | | | | | $ | — | | | | | $ | 88,651 | |
An excerpt. Shown here: 40 of 140 rewritten, all 28 added and all 35 removed. The counts are complete. For every sentence, read Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations. in the FY2025 filing and the FY2024 filing.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
1 rewritten, 0 added, 0 removed, 18 unchanged
Had interest rates associated with our short-term borrowings increased by an average of one percent, our interest expense would not have materially increased during [removed: 2024.][added: 2025.]
Item 1. Business.
59 rewritten, 69 added, 71 removed, 280 unchanged
Atmos Energy Corporation, [added: a natural gas-only distributor, is an S&P 500 company] headquartered in [removed: Dallas, Texas,] [added: Dallas] and incorporated in Texas and [removed: Virginia, is the country’s largest natural-gas-only distributor based on number of customers.][added: Virginia.]
We safely deliver reliable, efficient, and abundant natural gas through regulated sales and transportation arrangements to [removed: over 3.3] [added: approximately 3.4] million residential, commercial, public authority, and industrial customers in eight states located primarily in the South.
| Mid-Tex | | | | | | Texas, including the Dallas/Fort Worth Metroplex | | | | | | 550 | | | | | | [removed: 1,804,265] [added: 1,830,387] | | |
| Kentucky/Mid-States | | | | | | Kentucky | | | | | | 220 | | | | | | [removed: 176,903] [added: 176,494] | | |
| Louisiana | | | | | | Louisiana | | | | | | 270 | | | | | | [removed: 360,870] [added: 360,589] | | |
| West Texas | | | | | | Amarillo, Lubbock, Midland | | | | | | 80 | | | | | | [removed: 314,503] [added: 316,036] | | |
| Colorado-Kansas | | | | | | Colorado | | | | | | 170 | | | | | | [removed: 129,727] [added: 130,890] | | |
At September 30, [removed: 2024,] [added: 2025,] we held [removed: 1,026] [added: 1,010] franchises having terms generally ranging from five to 35 years.
Major suppliers during fiscal [removed: 2024] [added: 2025] were [added: ARM Energy Management LLC,] Cima Energy, LP, ConocoPhillips Company, [added: ECO Energy Natural Gas LLC,] EnLink Gas Marketing LP, [removed: Enterprise Navitas Midstream Midland Basin LLC, Hartree Partners, L.P.,] Sequent Energy Management LLC, Symmetry Energy Solutions, LLC, Targa Gas Marketing LLC, Tenaska Marking Ventures, and Texla Energy Management, Inc.
We estimate our peak-day availability of natural gas supply to be approximately [removed: 5.3] [added: 5.4] Bcf.
The peak-day demand for our distribution operations in fiscal [removed: 2024] [added: 2025] was on [removed: January 15, 2024,] [added: February 19, 2025,] when sales to customers reached approximately [removed: 4.3] [added: 4.2] Bcf.
Currently, our distribution divisions utilize [removed: 34] [added: 33] pipeline transportation companies, both interstate and intrastate, to transport our natural gas.
As a result of our ratemaking efforts [added: and legislative actions] in [added: our jurisdictions in] recent years, Atmos Energy has:
Through our annual formula rate mechanisms and infrastructure programs, we have the ability to begin recovering approximately [removed: 90] [added: 95] percent of our capital expenditures within six months and substantially all of our capital expenditures within twelve months.
- Authorization in tariffs, statute or commission rules that allows us to defer certain elements of our [added: incurred] cost of service such as depreciation, ad valorem taxes, pension costs, and certain safety related expenses, until they are included in rates.
The following tables provides a jurisdictional rate summary for our regulated operations as of September 30, [removed: 2024.][added: 2025.]
| Atmos Pipeline — Texas | | | | | | Texas | | | | | | [removed: 05/14/2024] [added: 06/17/2025] | | | | | | [removed: $4,773,699] [added: $5,237,614] | | | | | | 8.49% | | | | | | 40/60 | | | 11.45% | | |
| | | | | | | Colorado SSIR | | | | | | [removed: 01/01/2024] [added: 01/01/2025] | | | | | | [removed: 52,820] [added: 73,623] | | | | | | 7.00% / 3.97% | | | | | | 42/58 | | | (4) | | |
| [added: Colorado-Kansas] | | | | | | Kansas SIP | | | | | | [removed: 04/01/2024] [added: 12/2024] | | | | | | [removed: 19,908] [added: 612] | | | | | | [removed: (4)] [added: —] | | | | | | [removed: (4)] [added: 612] | | | [removed: (4)] | | | [added: 04/01/2025 | | |]
| | | | | | | Kentucky-PRP | | | | | | [removed: 10/01/2023] [added: 05/29/2025] | | | | | | [removed: 40,504] [added: 67,464] | | | | | | 6.94% | | | | | | 45/55 | | | 9.45% | | |
| [added: Mid-Tex] | | | | | | Mid-Tex [removed: ATM Cities] [added: Cities(5)] | | | | | | [removed: 06/07/2024] [added: 10/01/2024] | | | | | | [removed: 7,009,146(6)] [added: 7,146,843(6)] | | | | | | [removed: 7.97%] [added: 7.41%] | | | | | | [removed: 40/60] [added: 42/58] | | | 9.80% | | |
| West Texas | | | | | | Texas | | | | | | Yes | | | | | | [removed: Yes] [added: No] | | | | | | Yes | | | No | | | | | | October-May | | |
(5)The Mid-Tex Cities approved the Formula Rate Mechanism filing with rates effective October 1, [removed: 2024,] [added: 2025,] which included a rate base of [removed: $7.1] [added: $8.3] billion, an authorized return of [removed: 7.41%,] [added: 7.42%,] a debt/equity ratio of [removed: 42/58] [added: 42/58,] and an authorized ROE of 9.80%.
[removed: No] [added: The final order included an authorized return of 6.80%, a] debt/equity ratio [removed: or] [added: of 50/50, and] an authorized ROE [removed: was included in the commissions final order.][added: of 9.40%.]
[removed: (8)The West Texas Cities includes all] [added: |] West Texas [removed: Division cities except] [added: | | | | | |] Amarillo, Lubbock, Dalhart and Channing [removed: (ALDC).][added: | | | | | | 12/2023 | | | | | | 6,938 | | | | | | — | | | | | | 6,938 | | | | | | 06/09/2023 | | |]
| [added: *2025] Rate [removed: case filings] [added: Case Filings:*] | | | | | | [removed: 5,938] | | | | | | [removed: 7,379] | | | | | | [removed: 13,317] | | | [added: | | | | | | | | | | | |]
| Other ratemaking activity | | | | | | [removed: (370)] [added: 111] | | | | | | — | | | | | | [removed: (370)] [added: 111] | | |
The following ratemaking efforts seeking [removed: $218.0] [added: $231.1] million in annual operating income were initiated during fiscal [removed: 2024] [added: 2025] but had not been completed or implemented as of September 30, [removed: 2024:][added: 2025:]
| Colorado-Kansas | | | | | | Infrastructure Mechanism | | | | | | Kansas (1) | | | | | | [removed: $] [added: 1,949] | [removed: 1,998] | |
| Kentucky/Mid-States | | | | | | Infrastructure Mechanism | | | | | | Virginia (2) | | | | | | [removed: 748] [added: 550] | | |
| Kentucky/Mid-States | | | | | | Infrastructure Mechanism | | | | | | Kentucky (3) | | | | | | [removed: 3,441] [added: 7,246] | | |
| Mid-Tex | | | | | | Formula Rate Mechanism | | | | | | Mid-Tex Cities (4) | | | | | | [removed: 133,414] [added: 165,027] | | |
(1) The staff of the Kansas Corporation Commission recommended approval of the GSRS filing on October 17, [removed: 2024,] [added: 2025,] subject to commission approval.
(2) On [removed: September 4, 2024,] [added: August 22, 2025,] the State Corporation Commission of Virginia approved a rate increase of [removed: $0.7] [added: $0.5] million effective October 1, [removed: 2024.][added: 2025.]
(3) On September [removed: 27, 2024,] [added: 15, 2025,] the Kentucky Public Service Commission approved a rate increase of [removed: $3.4] [added: $7.2] million effective October 2, [removed: 2024,] [added: 2025,] subject to refund.
(4) The Mid-Tex Cities approved a rate increase of [removed: $112.1] [added: $138.5] million.
New rates were implemented October 1, [removed: 2024.][added: 2025.]
| Texas | | | | | | Gas Reliability Infrastructure Program (GRIP), (1) | | | | | | Dallas Annual Rate Review (DARR), [added: Mid-Tex] Rate Review Mechanism (RRM) | | |
(1) Infrastructure mechanisms in Texas, Louisiana, and Tennessee allow for the deferral of all expenses associated with capital expenditures incurred pursuant to these rules, which primarily consists of interest, depreciation, and other taxes (Texas [added: and Tennessee] only), until the next rate proceeding (rate case or annual rate filing), at which time investment and costs would be recoverable through base rates.
The following table summarizes our annual formula rate mechanisms with effective dates during the fiscal years ended September 30, [added: 2025,] 2024, [removed: 2023,] and [removed: 2022:][added: 2023:]
| | | | | | | Tennessee | | | | | | | | | | | | 163,667 | | |
| | | | | | | Virginia | | | | | | | | | | | | 23,836 | | |
| Mississippi | | | | | | Mississippi | | | | | | 110 | | | | | | 249,562 | | |
| | | | | | | Kansas | | | | | | | | | | | | 140,542 | | |
| | | | | | | Kansas GSRS | | | | | | 12/17/2024 | | | | | | 38,932 | | | | | | (4) | | | | | | (4) | | | (4) | | |
| | | | | | | Kansas SIP | | | | | | 04/01/2025 | | | | | | 25,707 | | | | | | (4) | | | | | | (4) | | | (4) | | |
| Kentucky/Mid-States | | | | | | Kentucky | | | | | | 05/12/2025 | | | | | | 611,038 | | | | | | 7.15% | | | | | | 46/54 | | | 9.75% | | |
| | | | | | | Tennessee | | | | | | 06/01/2025 | | | | | | 611,649 | | | | | | 7.63% | | | | | | 39/61 | | | 9.80% | | |
| | | | | | | Virginia-SAVE | | | | | | 10/01/2024 | | | | | | 21,436 | | | | | | 7.57% | | | | | | 39/61 | | | 9.90% | | |
| Louisiana | | | | | | Louisiana | | | | | | 07/01/2025 | | | | | | 1,352,758 | | | | | | 7.42% | | | | | | 42/58 | | | 9.80% | | |
| | | | | | | Mid-Tex ATM Cities | | | | | | 08/01/2025 | | | | | | 7,953,622(6) | | | | | | 7.59% | | | | | | 39/61 | | | 9.80% | | |
| | | | | | | Mid-Tex Environs | | | | | | 08/01/2025 | | | | | | 7,953,529(6) | | | | | | 7.59% | | | | | | 39/61 | | | 9.80% | | |
| | | | | | | Mid-Tex — Dallas | | | | | | 06/01/2025 | | | | | | 7,973,771(6) | | | | | | 7.52% | | | | | | 40/60 | | | 9.80% | | |
| Mississippi | | | | | | Mississippi(7) | | | | | | 11/04/2024 | | | | | | 592,236 | | | | | | 7.80% | | | | | | (4) | | | (4) | | |
| | | | | | | Mississippi - SIR(7) | | | | | | 11/04/2024 | | | | | | 629,687 | | | | | | 7.80% | | | | | | (4) | | | (4) | | |
| West Texas | | | | | | West Texas Systemwide (8) | | | | | | 06/01/2025 | | | | | | 1,231,651 | | | | | | 7.59% | | | | | | 39/61 | | | 9.80% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(7)The Mississippi SRF and SIR were filed jointly in a general rate case.
On November 4, 2025, the Mississippi Public Service Commission issued a rate order in this case.
We are required to file tariffs consistent with the final order by November 18, 2025, which we expect will determine the final impact to operating income and rate base.
We expect rates to be implemented during the first quarter of fiscal 2026.
(8)The West Texas Systemwide Statement of Intent filing included the West Texas RRM and the Amarillo, Lubbock, Dalhart and Channing (ALDC), Environs, and Triangle GRIP filings.
| *2025 Filings:* | | | | | | | | | | | | | | | | | | | | |
| Annual formula rate mechanisms | | | | | | $ | 279,724 | | | | | $ | 2,255 | | | | | $ | 281,979 | |
| Total 2025 Filings | | | | | | $ | 333,567 | | | | | $ | (10,721) | | | | | $ | 322,846 | |
| Colorado-Kansas | | | | | | Rate Case | | | | | | Kansas | | | | | | $ | 15,977 | |
| Mississippi | | | | | | Rate Case | | | | | | Mississippi (5) | | | | | | 40,301 | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | $ | 231,050 | |
(5) On November 4, 2025, the Mississippi Public Service Commission issued a rate order in this case.
We are required to file tariffs consistent with the final order by November 18, 2025, which we expect will determine the final impact to operating income and rate base.
We expect rates to be implemented during the first quarter of fiscal 2026.
| *2025 Filings:* | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Louisiana | | | | | | Louisiana | | | | | | 12/2024 | | | | | | $ | 22,304 | | | | | $ | 1,473 | | | | | $ | 23,777 | | | | | 07/01/2025 | | |
| Atmos Pipeline - Texas | | | | | | Texas | | | | | | 12/2024 | | | | | | 77,206 | | | | | | — | | | | | | 77,206 | | | | | | 06/17/2025 | | |
| Mid-Tex | | | | | | DARR | | | | | | 09/2024 | | | | | | 25,916 | | | | | | — | | | | | | 25,916 | | | | | | 06/01/2025 | | |
| Kentucky/Mid-States | | | | | | Kentucky PRP (1) | | | | | | 09/2025 | | | | | | 3,248 | | | | | | — | | | | | | 3,248 | | | | | | 05/29/2025 | | |
| | | | | | | Tennessee | | | | | | | | | | | | 161,193 | | |
| | | | | | | Virginia | | | | | | | | | | | | 23,777 | | |
| Mississippi | | | | | | Mississippi | | | | | | 110 | | | | | | 251,147 | | |
| | | | | | | Kansas | | | | | | | | | | | | 139,435 | | |
| | | | | | | Kansas GSRS | | | | | | 11/02/2023 | | | | | | 16,546 | | | | | | (4) | | | | | | (4) | | | (4) | | |
| Kentucky/Mid-States | | | | | | Kentucky | | | | | | 05/20/2022 | | | | | | 568,506 | | | | | | 6.82% | | | | | | 45/55 | | | 9.23% | | |
| | | | | | | Tennessee | | | | | | 06/01/2024 | | | | | | 554,053 | | | | | | 7.64% | | | | | | 38/62 | | | 9.80% | | |
| | | | | | | Virginia-SAVE | | | | | | 10/01/2023 | | | | | | 16,422 | | | | | | 7.43% | | | | | | 42/58 | | | 9.20% | | |
| Louisiana | | | | | | Louisiana | | | | | | 07/01/2024 | | | | | | 1,227,842 | | | | | | 7.43% | | | | | | 42/58 | | | 9.80% | | |
| Mid-Tex | | | | | | Mid-Tex Cities(5) | | | | | | 10/01/2023 | | | | | | 6,070,321(6) | | | | | | 7.35% | | | | | | 42/58 | | | 9.80% | | |
| | | | | | | Mid-Tex Environs | | | | | | 06/01/2024 | | | | | | 7,009,154(6) | | | | | | 7.97% | | | | | | 40/60 | | | 9.80% | | |
| | | | | | | Mid-Tex — Dallas | | | | | | 06/01/2024 | | | | | | 6,844,772(6) | | | | | | 7.47% | | | | | | 40/60 | | | 9.80% | | |
| Mississippi | | | | | | Mississippi(7) | | | | | | 12/01/2023 | | | | | | 591,882 | | | | | | 7.82% | | | | | | 39/61 | | | 10.34% | | |
| | | | | | | Mississippi - SIR(7) | | | | | | 12/01/2023 | | | | | | 472,676 | | | | | | 7.82% | | | | | | 39/61 | | | 10.34% | | |
| West Texas | | | | | | West Texas Cities(8) (10) | | | | | | 10/01/2023 | | | | | | 965,289(9) | | | | | | 7.35% | | | | | | 42/58 | | | 9.80% | | |
| | | | | | | West Texas - ALDC | | | | | | 06/07/2024 | | | | | | 1,062,054(9) | | | | | | 7.35% | | | | | | 41/59 | | | (4) | | |
| | | | | | | West Texas - Environs | | | | | | 06/01/2024 | | | | | | 1,059,604(9) | | | | | | 7.97% | | | | | | 40/60 | | | 9.80% | | |
| | | | | | | West Texas - Triangle | | | | | | 06/01/2024 | | | | | | 65,124 | | | | | | 7.71% | | | | | | 40/60 | | | 9.80% | | |
(7)The Mississippi Public Service Commission approved a settlement at its meeting on November 4, 2024, which included a rate base of $1.2 billion and an authorized return of 7.80%.
(9)The West Texas rate base represents a "system-wide," or 100 percent, of the West Texas Division's rate base.
(10)The West Texas Cities approved the Formula Rate Mechanism filing with rates effective October 1, 2024, which included a rate base of $1.1 billion, an authorized return of 7.41%, a debt/equity ratio of 42/58 and an authorized ROE of 9.80%.
| *2022 Filings:* | | | | | | | | | | | | | | | | | | | | |
| Annual formula rate mechanisms | | | | | | $ | 169,354 | | | | | $ | 33,249 | | | | | $ | 202,603 | |
| Total 2022 Filings | | | | | | $ | 174,922 | | | | | $ | 40,628 | | | | | $ | 215,550 | |
| Kentucky/Mid-States | | | | | | Rate Case | | | | | | Kentucky | | | | | | 33,654 | | |
| Mississippi | | | | | | Infrastructure Mechanism | | | | | | Mississippi (5) | | | | | | 21,830 | | |
| Mississippi | | | | | | Formula Rate Mechanism | | | | | | Mississippi (5) | | | | | | 16,244 | | |
| West Texas | | | | | | Formula Rate Mechanism | | | | | | West Texas Cities (6) | | | | | | 6,709 | | |
| | | | | | | | | | | | | | | | | | | $ | 218,038 | |
(5) On November 4, 2024, the Mississippi Public Service Commission (MPSC) approved an increase in operating income of $24.0 million for the SIR filing and an increase in operating income of $3.8 million for the SRF filing.
(6) The West Texas Cities approved a rate increase of $4.4 million.
New rates were implemented on October 1, 2024.
| West Texas | | | | | | Amarillo, Lubbock, Dalhart and Channing | | | | | | 12/2022 | | | | | | 6,938 | | | | | | — | | | | | | 6,938 | | | | | | 06/09/2023 | | |
| *2022 Filings:* | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Louisiana | | | | | | Louisiana | | | | | | 12/2021 | | | | | | 17,650 | | | | | | (10,389) | | | | | | 7,261 | | | | | | 07/01/2022 | | |
| West Texas | | | | | | Amarillo, Lubbock, Dalhart and Channing | | | | | | 12/2021 | | | | | | 6,122 | | | | | | — | | | | | | 6,122 | | | | | | 06/11/2022 | | |
| West Texas | | | | | | Triangle | | | | | | 12/2021 | | | | | | 1,549 | | | | | | — | | | | | | 1,549 | | | | | | 06/11/2022 | | |
| West Texas | | | | | | Environs | | | | | | 12/2021 | | | | | | 1,221 | | | | | | — | | | | | | 1,221 | | | | | | 06/11/2022 | | |
| Mid-Tex | | | | | | ATM Cities | | | | | | 12/2021 | | | | | | 12,815 | | | | | | — | | | | | | 12,815 | | | | | | 06/10/2022 | | |
| Mid-Tex | | | | | | Environs | | | | | | 12/2021 | | | | | | 5,646 | | | | | | — | | | | | | 5,646 | | | | | | 06/10/2022 | | |
An excerpt. Shown here: 40 of 59 rewritten, 40 of 69 added and 40 of 71 removed. The counts are complete. For every sentence, read Item 1. Business. in the FY2025 filing and the FY2024 filing.
Cover and table of contents
28 rewritten, 0 added, 0 removed, 114 unchanged
For the fiscal year ended September 30, [removed: 2024][added: 2025]
The aggregate market value of the common voting stock held by non-affiliates of the registrant as of the last business day of the registrant’s most recently completed second fiscal quarter, March 31, [removed: 2024,] [added: 2025,] was [removed: $17,825,800,856.][added: $24,413,133,216.]
As of November [removed: 14, 2024,] [added: 10, 2025,] the registrant had [removed: 155,399,533] [added: 161,693,336] shares of common stock outstanding.
Portions of the registrant’s Definitive Proxy Statement to be filed for the Annual Meeting of Shareholders on February [removed: 5, 2025] [added: 4, 2026] are incorporated by reference into Part III of this report.
| [Glossary of Key [removed: Terms](#i81a86c7a28f2449ea243859e5528848d_10)] [added: Terms](#i9591964be34d49fd9e5cb6998100a581_10)] | | | | | | [removed: [3](#i81a86c7a28f2449ea243859e5528848d_10)] [added: [3](#i9591964be34d49fd9e5cb6998100a581_10)] | | |
| Item 1. | | | [removed: [Business](#i81a86c7a28f2449ea243859e5528848d_16)] [added: [Business](#i9591964be34d49fd9e5cb6998100a581_16)] | | | [removed: [4](#i81a86c7a28f2449ea243859e5528848d_16)] [added: [4](#i9591964be34d49fd9e5cb6998100a581_16)] | | |
| Item 1A. | | | [Risk [removed: Factors](#i81a86c7a28f2449ea243859e5528848d_19)] [added: Factors](#i9591964be34d49fd9e5cb6998100a581_19)] | | | [removed: [14](#i81a86c7a28f2449ea243859e5528848d_19)] [added: [14](#i9591964be34d49fd9e5cb6998100a581_19)] | | |
| Item 1B. | | | [Unresolved Staff [removed: Comments](#i81a86c7a28f2449ea243859e5528848d_22)] [added: Comments](#i9591964be34d49fd9e5cb6998100a581_22)] | | | [removed: [19](#i81a86c7a28f2449ea243859e5528848d_22)] [added: [18](#i9591964be34d49fd9e5cb6998100a581_22)] | | |
| Item 1C. | | | [removed: [Cybersecurity](#i81a86c7a28f2449ea243859e5528848d_1815)] [added: [Cybersecurity](#i9591964be34d49fd9e5cb6998100a581_25)] | | | [removed: [19](#i81a86c7a28f2449ea243859e5528848d_1815)] [added: [18](#i9591964be34d49fd9e5cb6998100a581_25)] | | |
| Item 2. | | | [removed: [Properties](#i81a86c7a28f2449ea243859e5528848d_25)] [added: [Properties](#i9591964be34d49fd9e5cb6998100a581_28)] | | | [removed: [21](#i81a86c7a28f2449ea243859e5528848d_25)] [added: [20](#i9591964be34d49fd9e5cb6998100a581_28)] | | |
| Item 3. | | | [Legal [removed: Proceedings](#i81a86c7a28f2449ea243859e5528848d_28)] [added: Proceedings](#i9591964be34d49fd9e5cb6998100a581_31)] | | | [removed: [22](#i81a86c7a28f2449ea243859e5528848d_28)] [added: [22](#i9591964be34d49fd9e5cb6998100a581_31)] | | |
| Item 4. | | | [Mine Safety [removed: Disclosures](#i81a86c7a28f2449ea243859e5528848d_31)] [added: Disclosures](#i9591964be34d49fd9e5cb6998100a581_34)] | | | [removed: [22](#i81a86c7a28f2449ea243859e5528848d_31)] [added: [22](#i9591964be34d49fd9e5cb6998100a581_34)] | | |
| Item 5. | | | [Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i81a86c7a28f2449ea243859e5528848d_37)] [added: Securities](#i9591964be34d49fd9e5cb6998100a581_40)] | | | [removed: [22](#i81a86c7a28f2449ea243859e5528848d_37)] [added: [22](#i9591964be34d49fd9e5cb6998100a581_40)] | | |
| Item 6. | | | [removed: [Reserved](#i81a86c7a28f2449ea243859e5528848d_40)] [added: [Reserved](#i9591964be34d49fd9e5cb6998100a581_43)] | | | [removed: [24](#i81a86c7a28f2449ea243859e5528848d_40)] [added: [24](#i9591964be34d49fd9e5cb6998100a581_43)] | | |
| Item 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i81a86c7a28f2449ea243859e5528848d_46)] [added: Operations](#i9591964be34d49fd9e5cb6998100a581_49)] | | | [removed: [24](#i81a86c7a28f2449ea243859e5528848d_46)] [added: [24](#i9591964be34d49fd9e5cb6998100a581_49)] | | |
| Item 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i81a86c7a28f2449ea243859e5528848d_82)] [added: Risk](#i9591964be34d49fd9e5cb6998100a581_85)] | | | [removed: [35](#i81a86c7a28f2449ea243859e5528848d_82)] [added: [34](#i9591964be34d49fd9e5cb6998100a581_85)] | | |
| Item 8. | | | [Financial Statements and Supplementary [removed: Data](#i81a86c7a28f2449ea243859e5528848d_85)] [added: Data](#i9591964be34d49fd9e5cb6998100a581_88)] | | | [removed: [36](#i81a86c7a28f2449ea243859e5528848d_85)] [added: [36](#i9591964be34d49fd9e5cb6998100a581_88)] | | |
| Item 9. | | | [Changes in and Disagreements With Accountants on Accounting and Financial [removed: Disclosure](#i81a86c7a28f2449ea243859e5528848d_175)] [added: Disclosure](#i9591964be34d49fd9e5cb6998100a581_175)] | | | [removed: [86](#i81a86c7a28f2449ea243859e5528848d_175)] [added: [86](#i9591964be34d49fd9e5cb6998100a581_175)] | | |
| Item 9A. | | | [Controls and [removed: Procedures](#i81a86c7a28f2449ea243859e5528848d_178)] [added: Procedures](#i9591964be34d49fd9e5cb6998100a581_178)] | | | [removed: [86](#i81a86c7a28f2449ea243859e5528848d_178)] [added: [86](#i9591964be34d49fd9e5cb6998100a581_178)] | | |
| Item 9B. | | | [Other [removed: Information](#i81a86c7a28f2449ea243859e5528848d_181)] [added: Information](#i9591964be34d49fd9e5cb6998100a581_181)] | | | [removed: [88](#i81a86c7a28f2449ea243859e5528848d_181)] [added: [88](#i9591964be34d49fd9e5cb6998100a581_181)] | | |
| Item 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i81a86c7a28f2449ea243859e5528848d_184)] [added: Inspections](#i9591964be34d49fd9e5cb6998100a581_184)] | | | [removed: [88](#i81a86c7a28f2449ea243859e5528848d_184)] [added: [88](#i9591964be34d49fd9e5cb6998100a581_184)] | | |
| Item 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i81a86c7a28f2449ea243859e5528848d_190)] [added: Governance](#i9591964be34d49fd9e5cb6998100a581_190)] | | | [removed: [88](#i81a86c7a28f2449ea243859e5528848d_190)] [added: [88](#i9591964be34d49fd9e5cb6998100a581_190)] | | |
| Item 11. | | | [Executive [removed: Compensation](#i81a86c7a28f2449ea243859e5528848d_193)] [added: Compensation](#i9591964be34d49fd9e5cb6998100a581_193)] | | | [removed: [89](#i81a86c7a28f2449ea243859e5528848d_193)] [added: [89](#i9591964be34d49fd9e5cb6998100a581_193)] | | |
| Item 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i81a86c7a28f2449ea243859e5528848d_196)] [added: Matters](#i9591964be34d49fd9e5cb6998100a581_196)] | | | [removed: [89](#i81a86c7a28f2449ea243859e5528848d_196)] [added: [89](#i9591964be34d49fd9e5cb6998100a581_196)] | | |
| Item 13. | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i81a86c7a28f2449ea243859e5528848d_199)] [added: Independence](#i9591964be34d49fd9e5cb6998100a581_199)] | | | [removed: [89](#i81a86c7a28f2449ea243859e5528848d_199)] [added: [89](#i9591964be34d49fd9e5cb6998100a581_199)] | | |
| Item 14. | | | [Principal Accountant Fees and [removed: Services](#i81a86c7a28f2449ea243859e5528848d_202)] [added: Services](#i9591964be34d49fd9e5cb6998100a581_202)] | | | [removed: [89](#i81a86c7a28f2449ea243859e5528848d_202)] [added: [89](#i9591964be34d49fd9e5cb6998100a581_202)] | | |
| Item 15. | | | [Exhibits and Financial Statement [removed: Schedules](#i81a86c7a28f2449ea243859e5528848d_208)] [added: Schedules](#i9591964be34d49fd9e5cb6998100a581_208)] | | | [removed: [89](#i81a86c7a28f2449ea243859e5528848d_208)] [added: [89](#i9591964be34d49fd9e5cb6998100a581_208)] | | |
| Item 16. | | | [Form 10-K [removed: Summary](#i81a86c7a28f2449ea243859e5528848d_211)] [added: Summary](#i9591964be34d49fd9e5cb6998100a581_211)] | | | [removed: [94](#i81a86c7a28f2449ea243859e5528848d_211)] [added: [95](#i9591964be34d49fd9e5cb6998100a581_211)] | | |
Item 1C. Cybersecurity.
2 rewritten, 1 added, 0 removed, 33 unchanged
Atmos Energy has implemented policies, procedures, and controls to identify, protect, detect, and respond to [removed: cyberattacks or acts of online terrorism.]
The RMCC is overseen by the Company’s Management Committee, which is comprised of the President and Chief Executive Officer, Senior Vice President and Chief Financial Officer, Senior Vice President, Utility Operations, Senior Vice President, General Counsel & Corporate [removed: Secretary and] [added: Secretary,] Senior Vice President, Human [removed: Resources.][added: Resources, and Senior Advisor.]
cyberattacks or acts of online terrorism.
Item 2. Properties.
10 rewritten, 7 added, 4 removed, 29 unchanged
In our distribution segment, we owned an aggregate of [removed: 74,596] [added: approximately 76,000] miles of underground distribution and transmission mains throughout our distribution systems.
Through our pipeline and storage segment we owned [removed: 5,682] [added: approximately 5,700] miles of gas transmission lines.
The following table summarizes certain information regarding our underground gas storage facilities at September 30, [removed: 2024:][added: 2025:]
| Kentucky | | | | | | 7,956,991 | | | | | | 9,562,283 | | | | | | 17,519,274 | | | | | | [removed: 146,660] [added: 151,719] | | |
| *Total* | | | | | | 13,103,562 | | | | | | 14,305,200 | | | | | | 27,408,762 | | | | | | [removed: 207,796] [added: 212,855] | | |
The following table summarizes our contracted storage capacity at September 30, [removed: 2024:][added: 2025:]
| | | | | | | Colorado-Kansas Division | | | | | | [removed: 6,343,728] [added: 7,343,728] | | | | | | [removed: 147,692] [added: 157,692] | | |
| | | | | | | Kentucky/Mid-States Division | | | | | | [removed: 8,175,103] [added: 11,699,976] | | | | | | [removed: 226,320] [added: 281,320] | | |
| | | | | | | Mid-Tex Division | | | | | | [removed: 6,000,000] [added: 46,771,428] | | | | | | [removed: 190,000] [added: 1,260,000] | | |
| Total Contracted Storage Capacity | | | | | | | | | | | | [removed: 36,913,242] [added: 82,209,543] | | | | | | [removed: 1,281,791] [added: 2,416,791] | | |
To manage the integrity and safety of our natural gas distribution and transmission systems, consistent with PHMSA regulations, we have integrity management programs that integrate information sources and data, identify risks to infrastructure integrity, rank risks, and designate measures and actions to reduce or mitigate risks as appropriate.
These programs take into consideration numerous input factors and no single factor is determinative in our decision to take mitigative actions on our distribution or transmission pipeline systems.
Based upon these programs, along with the oversight of state regulators responsible for adopting and enforcing the federal pipeline safety regulations, we believe that our distribution and transmission pipeline systems are suitable and adequate for our purposes.
| Texas | | | | | | 52,761,317 | | | | | | 20,155,025 | | | | | | 72,916,342 | | | | | | 1,653,000 | | |
| *Total* | | | | | | 53,172,357 | | | | | | 20,411,925 | | | | | | 73,584,282 | | | | | | 1,709,000 | | |
| Total | | | | | | 66,275,919 | | | | | | 34,717,125 | | | | | | 100,993,044 | | | | | | 1,921,855 | | |
| *Total* | | | | | | | | | | | | 80,709,543 | | | | | | 2,345,541 | | |
| Texas | | | | | | 53,083,549 | | | | | | 19,678,025 | | | | | | 72,761,574 | | | | | | 2,460,000 | | |
| *Total* | | | | | | 53,494,589 | | | | | | 19,934,925 | | | | | | 73,429,514 | | | | | | 2,516,000 | | |
| Total | | | | | | 66,598,151 | | | | | | 34,240,125 | | | | | | 100,838,276 | | | | | | 2,723,796 | | |
| *Total* | | | | | | | | | | | | 35,413,242 | | | | | | 1,210,541 | | |
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
9 rewritten, 5 added, 14 removed, 19 unchanged
Our stock trades on the New York Stock Exchange under the trading symbol “ATO.” The dividends paid per share of our common stock [added: was $3.48] for fiscal [removed: 2024 and 2023 are listed below.][added: 2025.]
As of October 31, [removed: 2024,] [added: 2025,] there were [removed: 8,968] [added: 8,446] holders of record of our common stock.
We sold no securities during fiscal [removed: 2024] [added: 2025] that were not registered under the Securities Act of 1933, as amended.
The graph and table below assume that $100.00 was invested on September 30, [removed: 2019] [added: 2020] in our common stock, the S&P 500 and the S&P 500 Utilities Industry Index, as well as a reinvestment of dividends paid on such investments throughout the period.
[removed: ][added: ]
| | | | [removed: 9/30/2019] [added: 9/30/2020] | | | | | | [removed: 9/30/2020] [added: 9/30/2021] | | | | | | [removed: 9/30/2021] [added: 9/30/2022] | | | | | | [removed: 9/30/2022] [added: 9/30/2023] | | | | | | [removed: 9/30/2023] [added: 9/30/2024] | | | | | | [removed: 9/30/2024] [added: 9/30/2025] | | |
The following table sets forth the number of securities authorized for issuance under our equity compensation plans at September 30, [removed: 2024.][added: 2025.]
| Total equity compensation plans approved by security holders | | | [removed: 737,219] [added: 703,176] | | | | | | — | | | | | | [removed: 407,966] [added: 2,166,340] | | |
(1)Comprised of a total of [removed: 259,666] [added: 229,681] time-lapse restricted stock units, [removed: 215,515] [added: 151,684] director share units, and [removed: 262,038] [added: 321,811] performance-based restricted stock units at the target level of performance granted under our 1998 Long-Term Incentive Plan.
| Atmos Energy Corporation | | | 100.00 | | | | | | 94.68 | | | | | | 112.14 | | | | | | 119.61 | | | | | | 161.00 | | | | | | 202.67 | | |
| S&P 500 Stock Index | | | 100.00 | | | | | | 130.01 | | | | | | 109.89 | | | | | | 133.65 | | | | | | 182.23 | | | | | | 214.30 | | |
| S&P 500 Utilities Stock Index | | | 100.00 | | | | | | 111.01 | | | | | | 117.20 | | | | | | 108.98 | | | | | | 154.55 | | | | | | 171.86 | | |
| 1998 Long-Term Incentive Plan | | | 703,176 | | | (1) | | | $ | — | | | | | 2,166,340 | | |
| Total | | | 703,176 | | | | | | $ | — | | | | | 2,166,340 | | |
| | | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| | | | | | | Fiscal 2024 | | | | | | Fiscal 2023 | | |
| Quarter ended: | | | | | | | | | | | | | | |
| December 31 | | | | | | $ | 0.805 | | | | | $ | 0.740 | |
| March 31 | | | | | | 0.805 | | | | | | 0.740 | | |
| June 30 | | | | | | 0.805 | | | | | | 0.740 | | |
| September 30 | | | | | | 0.805 | | | | | | 0.740 | | |
| | | | | | | $ | 3.22 | | | | | $ | 2.96 | |
| Atmos Energy Corporation | | | 100.00 | | | | | | 85.77 | | | | | | 81.21 | | | | | | 96.19 | | | | | | 102.59 | | | | | | 138.10 | | |
| S&P 500 Stock Index | | | 100.00 | | | | | | 115.15 | | | | | | 149.70 | | | | | | 126.54 | | | | | | 153.89 | | | | | | 209.84 | | |
| S&P 500 Utilities Stock Index | | | 100.00 | | | | | | 95.03 | | | | | | 105.49 | | | | | | 111.38 | | | | | | 103.56 | | | | | | 146.87 | | |
| 1998 Long-Term Incentive Plan | | | 737,219 | | | (1) | | | $ | — | | | | | 407,966 | | |
| Total | | | 737,219 | | | | | | $ | — | | | | | 407,966 | | |
Item 8. Financial Statements and Supplementary Data.
576 rewritten, 217 added, 160 removed, 1,314 unchanged
| [Report of independent registered public accounting [removed: firm](#i81a86c7a28f2449ea243859e5528848d_88)] [added: firm](#i9591964be34d49fd9e5cb6998100a581_91)] (PCAOB ID: 42) | | | [removed: [37](#i81a86c7a28f2449ea243859e5528848d_88)] [added: [37](#i9591964be34d49fd9e5cb6998100a581_91)] | | |
| [Consolidated balance sheets at September 30, [removed: 202](#i81a86c7a28f2449ea243859e5528848d_91)[4](#i81a86c7a28f2449ea243859e5528848d_91) [and 202](#i81a86c7a28f2449ea243859e5528848d_91)[3](#i81a86c7a28f2449ea243859e5528848d_91)] [added: 2025 and 2024](#i9591964be34d49fd9e5cb6998100a581_94)] | | | [removed: [39](#i81a86c7a28f2449ea243859e5528848d_91)] [added: [39](#i9591964be34d49fd9e5cb6998100a581_94)] | | |
| [Consolidated statements of comprehensive income for the years ended September 30, [removed: 202](#i81a86c7a28f2449ea243859e5528848d_94)[4](#i81a86c7a28f2449ea243859e5528848d_94)[, 202](#i81a86c7a28f2449ea243859e5528848d_94)[3](#i81a86c7a28f2449ea243859e5528848d_94)[,](#i81a86c7a28f2449ea243859e5528848d_94) [and 202](#i81a86c7a28f2449ea243859e5528848d_94)[2](#i81a86c7a28f2449ea243859e5528848d_94)] [added: 2025, 2024, and 2023](#i9591964be34d49fd9e5cb6998100a581_97)] | | | [removed: [40](#i81a86c7a28f2449ea243859e5528848d_94)] [added: [40](#i9591964be34d49fd9e5cb6998100a581_97)] | | |
| [Consolidated statements of shareholders' equity for the years ended September 30, [removed: 202](#i81a86c7a28f2449ea243859e5528848d_97)[4](#i81a86c7a28f2449ea243859e5528848d_97)[, 202](#i81a86c7a28f2449ea243859e5528848d_97)[3](#i81a86c7a28f2449ea243859e5528848d_97)[,](#i81a86c7a28f2449ea243859e5528848d_97) [and 202](#i81a86c7a28f2449ea243859e5528848d_97)[2](#i81a86c7a28f2449ea243859e5528848d_97)] [added: 2025, 2024, and 2023](#i9591964be34d49fd9e5cb6998100a581_100)] | | | [removed: [41](#i81a86c7a28f2449ea243859e5528848d_97)] [added: [41](#i9591964be34d49fd9e5cb6998100a581_100)] | | |
| [Consolidated statements of cash [removed: flow](#i81a86c7a28f2449ea243859e5528848d_100)[s](#i81a86c7a28f2449ea243859e5528848d_100) [for] [added: flows for] the years ended September 30, [removed: 202](#i81a86c7a28f2449ea243859e5528848d_100)[4](#i81a86c7a28f2449ea243859e5528848d_100)[, 202](#i81a86c7a28f2449ea243859e5528848d_100)[3](#i81a86c7a28f2449ea243859e5528848d_100)[,](#i81a86c7a28f2449ea243859e5528848d_100) [and 202](#i81a86c7a28f2449ea243859e5528848d_100)[2](#i81a86c7a28f2449ea243859e5528848d_100)] [added: 2025, 2024, and 2023](#i9591964be34d49fd9e5cb6998100a581_103)] | | | [removed: [42](#i81a86c7a28f2449ea243859e5528848d_100)] [added: [42](#i9591964be34d49fd9e5cb6998100a581_103)] | | |
| [Notes to consolidated financial [removed: statements](#i81a86c7a28f2449ea243859e5528848d_103)] [added: statements](#i9591964be34d49fd9e5cb6998100a581_106)] | | | [removed: [44](#i81a86c7a28f2449ea243859e5528848d_103)] [added: [44](#i9591964be34d49fd9e5cb6998100a581_106)] | | |
We have audited the accompanying consolidated balance sheets of Atmos Energy Corporation (the Company) as of September 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended September 30, [removed: 2024,] [added: 2025,] and the related notes (collectively referred to as the "consolidated financial statements").
In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at September 30, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended September 30, [removed: 2024,] [added: 2025,] in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of September 30, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated November [removed: 18, 2024] [added: 14, 2025] expressed an unqualified opinion thereon.
| *Description of the Matter* | | | As discussed in Note 3 to the consolidated financial statements, the Company’s distribution and pipeline and storage operations are subject to regulation with respect to rates, service, maintenance of accounting records and various other matters by the respective regulatory authorities in the states in which they operate. The Company’s accounting policies recognize the financial effects of the ratemaking and accounting practices and policies of the various regulatory commissions and are subject to accounting principles for rate-regulated activities. As a result, certain costs are permitted to be capitalized rather than expensed because they can be recovered through rates. The Company records certain costs as regulatory assets when future recovery through customer rates is considered probable. Regulatory liabilities are recorded when it is probable that revenues will be reduced for amounts that will be credited to customers through the ratemaking process. The amounts to be recovered or recognized are based upon the Company’s historical experience and understanding of the regulations. As of September 30, [removed: 2024,] [added: 2025,] there were [removed: $579.4] [added: $608.7] million of deferred costs included in regulatory assets and [removed: $1,227.9] [added: $1,269.6] million of regulatory liabilities awaiting cash outflow or potential refund. Auditing the effects of regulatory matters is complex as it requires specialized knowledge of rate-regulated activities and assessments as to matters that could affect the recording or updating of regulatory assets and liabilities. | | |
| | | | [added: 2025 | | | | | |] 2024 | | | | | | 2023 | | |
| Property, plant and equipment | | | $ | [removed: 24,784,285] [added: 28,028,820] | | | | | $ | [removed: 21,958,447] [added: 24,784,285] | |
| Construction in progress | | | [removed: 1,063,798] [added: 1,235,316] | | | | | | [removed: 939,927] [added: 1,063,798] | | |
| Less accumulated depreciation and amortization | | | [removed: 3,643,716] [added: 3,971,146] | | | | | | [removed: 3,291,791] [added: 3,643,716] | | |
| Net property, plant and equipment | | | [removed: 22,204,367] [added: 25,292,990] | | | | | | [removed: 19,606,583] [added: 22,204,367] | | |
| Cash and cash equivalents | | | [removed: 307,340] [added: 202,687] | | | | | | [removed: 15,404] [added: 307,340] | | |
| Restricted cash and cash equivalents [removed: (See Note 10)] | | | [removed: 1,516] [added: 1,116] | | | | | | [removed: 3,844] [added: 1,516] | | |
| Cash and cash equivalents and restricted cash and cash equivalents [added: at beginning of year] | | | 308,856 | | | | | | 19,248 | | | [added: | | | 51,554 | | |]
| Accounts receivable, less allowance for uncollectible accounts of [removed: $37,056] [added: $45,259] in [removed: 2024] [added: 2025] and [removed: $40,840] [added: $37,056] in [removed: 2023] [added: 2024] | | | [removed: 365,882] [added: 375,509] | | | | | | [removed: 328,654] [added: 365,882] | | |
| Gas stored underground | | | [removed: 169,508] [added: 171,756] | | | | | | [removed: 245,830] [added: 169,508] | | |
| Other current assets | | | [removed: 288,068] [added: 301,627] | | | | | | [removed: 292,036] [added: 288,068] | | |
| Total current assets | | | [removed: 1,132,314] [added: 1,052,695] | | | | | | [removed: 885,768] [added: 1,132,314] | | |
| Securitized intangible asset, less accumulated amortization of [removed: $10,756] [added: $18,473] in [removed: 2024] [added: 2025] and [removed: $1,398] [added: $10,756] in [removed: 2023] [added: 2024] (See Note 10) | | | [removed: 82,844] [added: 75,127] | | | | | | [removed: 92,202] [added: 82,844] | | |
| Deferred charges and other assets | | | [removed: 1,043,683] [added: 1,097,453] | | | | | | [removed: 1,201,158] [added: 1,043,683] | | |
| Common stock, no par value (stated at $0.005 per share); 200,000,000 shares authorized; issued and outstanding: [removed: 2024] [added: 2025] — [removed: 155,258,845] [added: 161,568,384] shares; [removed: 2023] [added: 2024] — [removed: 148,492,783] [added: 155,258,845] shares | | | $ | [removed: 776] [added: 808] | | | | | $ | [removed: 742] [added: 776] | |
| Additional paid-in capital | | | [removed: 7,474,559] [added: 8,221,455] | | | | | | [removed: 6,684,120] [added: 7,474,559] | | |
| Accumulated other comprehensive income | | | [removed: 465,715] [added: 475,015] | | | | | | [removed: 518,528] [added: 465,715] | | |
| Retained earnings | | | [removed: 4,216,619] [added: 4,861,612] | | | | | | [removed: 3,666,674] [added: 4,216,619] | | |
| Shareholders’ equity | | | [removed: 12,157,669] [added: 13,558,890] | | | | | | [removed: 10,870,064] [added: 12,157,669] | | |
| Long-term debt | | | [removed: 7,783,646] [added: 8,907,169] | | | | | | [removed: 6,554,133] [added: 7,783,646] | | |
| Securitized long-term debt (See Note 10) | | | [removed: 76,871] [added: 68,236] | | | | | | [removed: 85,078] [added: 76,871] | | |
| Total capitalization | | | [removed: 20,018,186] [added: 22,534,295] | | | | | | [removed: 17,509,275] [added: 20,018,186] | | |
| Accounts payable and accrued liabilities | | | [removed: 445,397] [added: 506,516] | | | | | | [removed: 336,083] [added: 445,397] | | |
| Other current liabilities | | | [removed: 750,620] [added: 835,557] | | | | | | [removed: 763,086] [added: 750,620] | | |
| [removed: Short-term] [added: Net increase (decrease) in short-term] debt | | | — | | | | | | [removed: 241,933] [added: (241,933)] | | | [added: | | | 56,966 | | |]
| Current maturities of long-term debt | | | [removed: 1,651] [added: 11,775] | | | | | | [removed: 1,568] [added: 1,651] | | |
| Current maturities of securitized long-term debt (See Note 10) | | | [removed: 8,207] [added: 8,767] | | | | | | [removed: 9,922] [added: 8,207] | | |
| Total current liabilities | | | [removed: 1,205,875] [added: 1,362,615] | | | | | | [removed: 1,352,592] [added: 1,205,875] | | |
| Deferred income taxes | | | [removed: 2,593,342] [added: 2,918,347] | | | | | | [removed: 2,304,974] [added: 2,593,342] | | |
| Regulatory excess deferred taxes (See Note 15) | | | [removed: 177,315] [added: 117,482] | | | | | | [removed: 253,212] [added: 177,315] | | |
| | | | 2025 | | | | | | 2024 | | |
| | | | 29,264,136 | | | | | | 25,848,083 | | |
| | | | $ | 28,249,522 | | | | | $ | 25,194,465 | |
| | | | $ | 28,249,522 | | | | | $ | 25,194,465 | |
| Net income | | | $ | 1,198,754 | | | | | $ | 1,042,895 | | | | | $ | 885,862 | |
| Net income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,198,754 | | | | | | 1,198,754 | | |
| Public offering | | | 5,931,289 | | | | | | 30 | | | | | | 698,432 | | | | | | — | | | | | | — | | | | | | 698,462 | | |
| 1998 Long-term incentive plan | | | 276,263 | | | | | | 2 | | | | | | 2,683 | | | | | | — | | | | | | — | | | | | | 2,685 | | |
| Balance, September 30, 2025 | | | 161,568,384 | | | | | | $ | 808 | | | | | $ | 8,221,455 | | | | | $ | 475,015 | | | | | $ | 4,861,612 | | | | | $ | 13,558,890 | |
| Net income | | | $ | 1,198,754 | | | | | $ | 1,042,895 | | | | | $ | 885,862 | |
*Accounting pronouncements adopted in fiscal 2025*
We adopted this amendment as of September 30, 2025 and applied it retrospectively for all periods presented.
See Note 4 for further discussion.
We early adopted this amendment as of September 30, 2025 and applied it retrospectively for all periods presented.
See Note 15 for further discussion.
*Accounting pronouncements that will be effective after fiscal 2025*
In September 2025, the FASB issued guidance which provides qualitative updates to the determination of capitalizing internal-use software costs by expanding the scope to allow for various software development methods.
Early adoption is permitted, and the amendment may be applied prospectively, retrospectively, or with a modified transition approach.
| | | | 2025 | | | | | | 2024 | | |
| | | | $ | 608,729 | | | | | $ | 579,390 | |
| | | | $ | 1,269,648 | | | | | $ | 1,227,882 | |
(3)In our APT and West Texas Divisions and portions of our Mid-Tex Division, the RRC has approved the deferral of certain system safety and integrity costs incurred in excess of a specified benchmark.
These costs are eligible for recovery in a future filing after such costs are approved by the RRC.
In
Our Chief Operating Decision Maker (CODM), the Chief Executive Officer, evaluates performance for each reportable segment based on net income, which is used to help inform the allocation of resources as part of the Company's process for budgeting and monitoring financial performance.
| Operating revenues from external parties | | | $ | 4,422,355 | | | | | $ | 280,400 | | | | | $ | 4,702,755 | |
| Intersegment revenues | | | 3,042 | | | | | | 784,900 | | | | | | 787,942 | | |
| Total operating revenues | | | 4,425,397 | | | | | | 1,065,300 | | | | | | 5,490,697 | | |
| Operation and maintenance expense | | | 644,924 | | | | | | 229,986 | | | | | | 874,910 | | |
| Depreciation and amortization expense (2) | | | 543,840 | | | | | | 190,905 | | | | | | 734,745 | | |
| Interest charges (2) | | | 99,226 | | | | | | 72,452 | | | | | | 171,678 | | |
| Income tax expense (2) | | | 150,961 | | | | | | 128,319 | | | | | | 279,280 | | |
| Other segment items (1) | | | 2,239,665 | | | | | | (8,335) | | | | | | 2,231,330 | | |
| Net income (2) | | | $ | 746,781 | | | | | $ | 451,973 | | | | | $ | 1,198,754 | |
| Capital expenditures (2) | | | $ | 2,662,703 | | | | | $ | 898,696 | | | | | $ | 3,561,399 | |
| *Reconciliation to consolidated total operating revenues:* | | | | | | | | | | | | | | | | | |
| Total operating revenues of reportable segments | | | | | | | | | | | | | | | $ | 5,490,697 | |
| Elimination of intersegment revenues | | | | | | | | | | | | | | | (787,942) | | |
| Consolidated total operating revenues | | | | | | | | | | | | | | | $ | 4,702,755 | |
| Operation and maintenance expense | | | 589,864 | | | | | | 218,571 | | | | | | 808,435 | | |
November 18, 2024
| | | | 25,848,083 | | | | | | 22,898,374 | | |
| | | | $ | 25,194,465 | | | | | $ | 22,516,968 | |
| Balance, September 30, 2021 | | | 132,419,754 | | | | | | $ | 662 | | | | | $ | 5,023,751 | | | | | $ | 69,803 | | | | | $ | 2,812,673 | | | | | $ | 7,906,889 | |
| Net income | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 774,398 | | | | | | 774,398 | | |
| Public offering | | | 7,907,883 | | | | | | 40 | | | | | | 776,765 | | | | | | — | | | | | | — | | | | | | 776,805 | | |
| 1998 Long-term incentive plan | | | 427,929 | | | | | | 2 | | | | | | 2,396 | | | | | | — | | | | | | — | | | | | | 2,398 | | |
| Net increase (decrease) in short-term debt | | | (241,933) | | | | | | 56,966 | | | | | | 184,967 | | |
| | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
Early
adoption is permitted, and the amendments should be applied retrospectively.
We are currently evaluating the impact this may have on our financial statement disclosures.
The amendment is effective for fiscal years beginning after December 15, 2024, with early adoption permitted.
The amendments should be applied prospectively; however, retrospective application is also permitted.
This amendment will be effective for our Form 10-K for fiscal 2027 and our Form 10-Q for the first quarter of fiscal 2028.
of regulatory excess deferred taxes and regulatory cost of removal obligation are reported separately.
| | | | $ | 579,390 | | | | | $ | 554,928 | |
| | | | $ | 1,227,882 | | | | | $ | 1,284,334 | |
(3)In APT's general rate case settlement in December 2023, the RRC approved a new annual compliance filing that allows APT to recover certain system safety and integrity costs incurred each year.
Costs above a specified benchmark are deferred onto the balance sheet as incurred.
Once the filing is approved by the RRC, the revenue and expense are recognized over 12 months resulting in no impact to operating income.
See Note 10 to the consolidated financial statements for securitization and other information related to Atmos Energy Kansas Securitization I, LLC (AEK).
In 2021, the Texas Legislature passed House Bill 1520, which authorized the RRC to issue a statewide securitization financing order directing the Texas Public Finance Authority (TPFA) to issue bonds (customer rate relief bonds) for gas utilities that chose to participate to recover extraordinary costs incurred to secure gas supply and to provide service during Winter Storm Uri, and to restore gas utility systems after that event, thereby providing rate relief to customers by extending the period during which these extraordinary costs would otherwise be recovered and supporting the financial strength and stability of gas utility companies.
We collected $2.02 billion of this amount and relieved the regulatory asset.
Additionally, we deferred $32.4 million in carrying costs incurred after September 1, 2022.
During fiscal 2024, we have recovered $22.0 million of this amount.
Of the remaining $10.4 million, $4.0 million has been recorded as a current asset in other current assets as of September 30, 2024 and $6.4 million has been recorded as a long-term asset in deferred charges and other assets as of September 30, 2024 as we anticipate recovering this amount in future regulatory proceedings.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Purchased gas cost | | | 1,620,515 | | | | | | 146 | | | | | | | | | | | | (686,968) | | | | | | 933,693 | | |
| Operation and maintenance expense | | | 601,370 | | | | | | 218,782 | | | | | | | | | | | | (1,015) | | | | | | 819,137 | | |
| Taxes, other than income | | | 346,840 | | | | | | 40,183 | | | | | | | | | | | | — | | | | | | 387,023 | | |
| Operating income | | | 854,434 | | | | | | 500,928 | | | | | | | | | | | | — | | | | | | 1,355,362 | | |
| Other non-operating income | | | 30,106 | | | | | | 40,940 | | | | | | | | | | | | — | | | | | | 71,046 | | |
| Income before income taxes | | | 767,454 | | | | | | 468,322 | | | | | | | | | | | | — | | | | | | 1,235,776 | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Purchased gas cost | | | 2,061,920 | | | | | | (1,220) | | | | | | (608,527) | | | | | | 1,452,173 | | |
| Operation and maintenance expense | | | 565,179 | | | | | | 200,707 | | | | | | (980) | | | | | | 764,906 | | |
An excerpt. Shown here: 40 of 576 rewritten, 40 of 217 added and 40 of 160 removed. The counts are complete. For every sentence, read Item 8. Financial Statements and Supplementary Data. in the FY2025 filing and the FY2024 filing.
Item 9A. Controls and Procedures.
6 rewritten, 2 added, 2 removed, 34 unchanged
Based on this evaluation, the Company’s principal executive officer and principal financial officer have concluded that the Company’s disclosure controls and procedures were effective as of September 30, [removed: 2024] [added: 2025] to provide reasonable assurance that information required to be disclosed by us, including our consolidated entities, in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified by the SEC’s rules and forms, including a reasonable level of assurance that such information is accumulated and communicated to our management, including our principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
Based on our evaluation under the framework in *Internal Control-Integrated Framework* issued by COSO and applicable Securities and Exchange Commission rules, our management concluded that our internal control over financial reporting was effective as of September 30, [removed: 2024,] [added: 2025,] in providing reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
We have audited Atmos Energy Corporation’s internal control over financial reporting as of September 30, [removed: 2024,] [added: 2025,] based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).
In our opinion, Atmos Energy Corporation (the Company) maintained, in all material respects, effective internal control over financial reporting as of September 30, [removed: 2024,] [added: 2025,] based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the [removed: 2024] [added: 2025] consolidated financial statements of the Company and our report dated November [removed: 18, 2024] [added: 14, 2025] expressed an unqualified opinion thereon.
We did not make any changes in our internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Act) during the fourth quarter of the fiscal year ended September 30, [removed: 2024] [added: 2025] that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
| November 14, 2025 | | | | | | | | |
November 14, 2025
| November 18, 2024 | | | | | | | | |
November 18, 2024
Item 9B. Other Information.
1 rewritten, 0 added, 0 removed, 2 unchanged
During the three months ended September 30, [removed: 2024,] [added: 2025,] no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
Item 10. Directors, Executive Officers and Corporate Governance.
10 rewritten, 5 added, 1 removed, 36 unchanged
Information regarding directors is incorporated herein by reference to the Company’s Definitive Proxy Statement for the Annual Meeting of Shareholders on February [removed: 5, 2025] [added: 4, 2026] under the heading "Proposal One - Election of Directors." Information regarding executive officers is reported below:
The following table sets forth certain information as of September 30, [removed: 2024,] [added: 2025,] regarding the executive officers of the Company.
| John K. Akers | | | | | | [removed: 61] [added: 62] | | | | | | [removed: 33] [added: 34] | | | | | | President, Chief Executive Officer and Director | | |
| Christopher T. Forsythe | | | | | | [removed: 53] [added: 54] | | | | | | [removed: 21] [added: 22] | | | | | | Senior Vice President and Chief Financial Officer | | |
| John S. McDill | | | | | | [removed: 60] [added: 61] | | | | | | [removed: 37] [added: 38] | | | | | | Senior Vice President, Utility Operations | | |
| [removed: Karen E. Hartsfield] [added: Jessica W. Bateman] | | | | | | [removed: 54] [added: 48] | | | | | | [removed: 9] [added: 1] | | | | | | Senior Vice President, General Counsel and Corporate Secretary | | |
| John M. Robbins | | | | | | [removed: 54] [added: 55] | | | | | | [removed: 11] [added: 12] | | | | | | Senior Vice President, Human Resources | | |
[removed: Hartsfield] [added: Bateman] was named Senior Vice President, General Counsel and Corporate [removed: Secretary of Atmos Energy,] [added: Secretary,] effective [removed: August 7, 2017.][added: January 1, 2025.]
Ms. Hartsfield joined the Company in June 2015, after having served in private practice for 19 years, [added: most recently as Managing Partner of Jackson Lewis LLP in its Dallas office from July 2013 to June 2015.]
Identification of the members of the Audit Committee of the Board of Directors as well as the Board of Directors’ determination as to whether one or more audit committee financial experts are serving on the Audit Committee of the Board of Directors is incorporated herein by reference to the Company’s Definitive Proxy Statement for the Annual Meeting of Shareholders on February [removed: 5, 2025.][added: 4, 2026.]
| Karen E. Hartsfield | | | | | | 55 | | | | | | 10 | | | | | | Senior Advisor | | |
Jessica W.
Prior to joining Atmos Energy in January 2025, Ms. Bateman was in private practice for over 20 years at Baker Botts L.L.P., serving as a partner in the Dallas office.
Hartsfield was named Senior Advisor, effective January 1, 2025.
Previously, Ms. Hartsfield had served as Senior Vice President, General Counsel and Corporate Secretary from August 2017 to December 2024.
most recently as Managing Partner of Jackson Lewis LLP in its Dallas office from July 2013 to June 2015.
Item 11. Executive Compensation.
1 rewritten, 0 added, 0 removed, 2 unchanged
Information on executive compensation is incorporated herein by reference to the Company’s Definitive Proxy Statement for the Annual Meeting of Shareholders on February [removed: 5, 2025,] [added: 4, 2026,] under the captions "Director Compensation," "Compensation Discussion and Analysis," "Other Executive Compensation Matters," and "Named Executive Officer Compensation."
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
1 rewritten, 0 added, 0 removed, 2 unchanged
Security ownership of certain beneficial owners and of management is incorporated herein by reference to the Company’s Definitive Proxy Statement for the Annual Meeting of Shareholders on February [removed: 5, 2025,] [added: 4, 2026,] under the heading "Beneficial Ownership of Common Stock." Information concerning our equity compensation plans is provided in Part II, Item 5, “Market for Registrant’s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities”, of this Annual Report on Form 10-K.
Item 13. Certain Relationships and Related Transactions, and Director Independence.
1 rewritten, 0 added, 0 removed, 2 unchanged
Information on certain relationships and related transactions as well as director independence is incorporated herein by reference to the Company’s Definitive Proxy Statement for the Annual Meeting of Shareholders on February [removed: 5, 2025,] [added: 4, 2026,] under the heading "Corporate Governance and Other Board Matters," and "Proposal One – Election of Directors."
Item 14. Principal Accountant Fees and Services.
1 rewritten, 0 added, 0 removed, 3 unchanged
Information on our principal accountant’s fees and services is incorporated herein by reference to the Company’s Definitive Proxy Statement for the Annual Meeting of Shareholders on February [removed: 5, 2025,] [added: 4, 2026,] under the heading "Proposal [removed: Three] [added: Two] – Ratification of Appointment of Independent Registered Public Accounting Firm."
Item 15. Exhibits and Financial Statement Schedules.
13 rewritten, 5 added, 0 removed, 107 unchanged
| 4.1(b) | | | | | | [removed: [Description] [added: Description] of Registrant's [removed: Securities](https://www.sec.gov/Archives/edgar/data/731802/000073180224000030/ato2024930ex-41b.htm)] [added: Securities] | | | | | | [added: [Exhibit 4.1(b) to Form 10-K for fiscal year ended September 30, 2024 (File No. 1-10042)](https://www.sec.gov/Archives/edgar/data/731802/000073180224000030/ato2024930ex-41b.htm)] | | |
| 10.3(a) | | | | | | Equity Distribution Agreement, dated as of [removed: March 31, 2023,] [added: May 8, 2024,] among Atmos Energy Corporation and the Managers and Forward Purchasers named in Schedule A thereto | | | | | | [Exhibit 1.1 to Form 8-K dated [removed: March 31, 2023] [added: May 8, 2024] (File No. [removed: 1-10042)](https://www.sec.gov/Archives/edgar/data/731802/000119312523088377/d470311dex11.htm)] [added: 1-10042)](https://www.sec.gov/Archives/edgar/data/731802/000119312524134363/d829330dex11.htm)] | | |
| 10.3(b) | | | | | | Form of Master Forward Sale Confirmation | | | | | | [Exhibit 1.2 to Form 8-K dated [removed: March 31, 2023] [added: May 8, 2024] (File No. [removed: 1-10042)](https://www.sec.gov/Archives/edgar/data/731802/000119312523088377/d470311dex12.htm)] [added: 1-10042)](https://www.sec.gov/Archives/edgar/data/731802/000119312524134363/d829330dex12.htm)] | | |
| 10.4(a) | | | | | | Equity Distribution Agreement, dated as of [removed: May 8,] [added: December 3,] 2024, among Atmos Energy Corporation and the Managers and Forward Purchasers named in Schedule A thereto | | | | | | [Exhibit 1.1 to Form 8-K dated [removed: May 8,] [added: December 3,] 2024 (File No. [removed: 1-10042)](https://www.sec.gov/Archives/edgar/data/731802/000119312524134363/d829330dex11.htm)] [added: 1-10042)](https://www.sec.gov/Archives/edgar/data/731802/000119312524269563/d817932dex11.htm)] | | |
| 10.4(b) | | | | | | Form of Master Forward Sale Confirmation | | | | | | [Exhibit 1.2 to Form 8-K dated [removed: May 8,] [added: December 3,] 2024 (File No. [removed: 1-10042)](https://www.sec.gov/Archives/edgar/data/731802/000119312524134363/d829330dex12.htm)] [added: 1-10042)](https://www.sec.gov/Archives/edgar/data/731802/000119312524269563/d817932dex12.htm)] | | |
| 10.13(a)* | | | | | | [removed: Atmos] [added: [Atmos] Energy Corporation 1998 Long-Term Incentive Plan (as amended and restated February [removed: 3, 2021)] [added: 5, 2025)](https://www.sec.gov/Archives/edgar/data/731802/000073180225000056/ato20250930ex-1013a.htm)] | | | | | | [removed: [Exhibit 10.14(a) to Form 10-K for fiscal year ended September 30, 2022 (File No. 1-10042)](https://www.sec.gov/Archives/edgar/data/731802/000073180222000037/ato20220930ex-1014a.htm)] | | |
| 10.13(b)* | | | | | | [removed: Form] [added: [Form] of Award Agreement of Time-Lapse Restricted Stock Units under the Atmos Energy Corporation 1998 Long-Term Incentive [removed: Plan] [added: Plan](https://www.sec.gov/Archives/edgar/data/731802/000073180225000056/ato20250930ex-1013b.htm)] | | | | | | [removed: [Exhibit 10.13(b) to Form 10-K for fiscal year ended September 20, 2020 (File No. 1-10042)](https://www.sec.gov/Archives/edgar/data/0000731802/000073180220000040/ato2020930ex-1013b.htm)] | | |
| 19 | | | | | | [Insider Trading [removed: Policy](https://www.sec.gov/Archives/edgar/data/731802/000073180224000030/ato20240930ex-19.htm)] [added: Policy](https://www.sec.gov/Archives/edgar/data/731802/000073180225000056/ato20250930ex-19.htm)] | | | | | | | | |
| 21 | | | | | | [Subsidiaries of the [removed: registrant](https://www.sec.gov/Archives/edgar/data/731802/000073180224000030/ato20240930ex-21.htm)] [added: registrant](https://www.sec.gov/Archives/edgar/data/731802/000073180225000056/ato20250930ex-21.htm)] | | | | | | | | |
| 23.1 | | | | | | [Consent of independent registered public accounting firm, Ernst & Young [removed: LLP](https://www.sec.gov/Archives/edgar/data/731802/000073180224000030/ato20240930ex-231.htm)] [added: LLP](https://www.sec.gov/Archives/edgar/data/731802/000073180225000056/ato20250930ex-231.htm)] | | | | | | | | |
| 24 | | | | | | Power of Attorney | | | | | | Signature page of Form 10-K for fiscal year ended September 30, [removed: 2024] [added: 2025] | | |
| 31 | | | | | | [Rule 13a-14(a)/15d-14(a) [removed: Certifications](https://www.sec.gov/Archives/edgar/data/731802/000073180224000030/ato2024930ex-31.htm)] [added: Certifications](https://www.sec.gov/Archives/edgar/data/731802/000073180225000056/ato20250930ex-31.htm)] | | | | | | | | |
| 32 | | | | | | [Section 1350 [removed: Certifications](https://www.sec.gov/Archives/edgar/data/731802/000073180224000030/ato2024930ex-32.htm)] [added: Certifications](https://www.sec.gov/Archives/edgar/data/731802/000073180225000056/ato20250930ex-32.htm)] | | | | | | | | |
| 4.9(mm) | | | | | | Officers' Certificate dated June 26, 2025 | | | | | | [Exhibit 4.2 to Form 8-K dated June 26, 2005 (File No. 1-10042)](https://www.sec.gov/Archives/edgar/data/731802/000119312525149018/d28440dex42.htm) | | |
| 4.9(nn) | | | | | | Global Security for the 5.200% Senior Notes due 2035 | | | | | | [Exhibit 4.3 to Form 8-K dated June 26, 2005 (File No. 1-10042)](https://www.sec.gov/Archives/edgar/data/731802/000119312525149018/d28440dex43.htm) | | |
| 4.9(oo) | | | | | | Officers' Certificate dated October 1, 2025 | | | | | | [Exhibit 4.2 to Form 8-K dated October 1, 2025 (File No. 1-10042)](https://www.sec.gov/Archives/edgar/data/731802/000119312525226779/d80338dex42.htm) | | |
| 4.9(pp) | | | | | | Global Security for the 5.450% Senior Notes due 2056 | | | | | | [Exhibit 4.3 to Form 8-K dated October 1, 2025 (File No. 1-10042)](https://www.sec.gov/Archives/edgar/data/731802/000119312525226779/d80338dex43.htm) | | |
| 4.9(qq) | | | | | | Global Security for the 5.450% Senior Notes due 2056 | | | | | | [Exhibit 4.4 to Form 8-K dated October 1, 2025 (File No. 1-10042)](https://www.sec.gov/Archives/edgar/data/731802/000119312525226779/d80338dex44.htm) | | |
Item 16. Form 10-K Summary.
15 rewritten, 0 added, 5 removed, 41 unchanged
Date: November [removed: 18, 2024][added: 14, 2025]
| /s/ KIM R. COCKLIN | | | | | | Chairman of the Board | | | | | | November [removed: 18, 2024] [added: 14, 2025] | | |
| /s/ JOHN K. AKERS | | | | | | President, Chief Executive Officer and Director | | | | | | November [removed: 18, 2024] [added: 14, 2025] | | |
| /s/ CHRISTOPHER T. FORSYTHE | | | | | | Senior Vice President and Chief Financial Officer | | | | | | November [removed: 18, 2024] [added: 14, 2025] | | |
| /s/ MICHELLE H. FAULK | | | | | | Vice President and Controller (Principal Accounting Officer) | | | | | | November [removed: 18, 2024] [added: 14, 2025] | | |
| /s/ JOHN C. ALE | | | | | | Director | | | | | | November [removed: 18, 2024] [added: 14, 2025] | | |
| /s/ KELLY H. COMPTON | | | | | | Director | | | | | | November [removed: 18, 2024] [added: 14, 2025] | | |
| /s/ SEAN DONOHUE | | | | | | Director | | | | | | November [removed: 18, 2024] [added: 14, 2025] | | |
| /s/ RAFAEL G. GARZA | | | | | | Director | | | | | | November [removed: 18, 2024] [added: 14, 2025] | | |
| /s/ EDWARD [added: J.] GEISER | | | | | | Director | | | | | | November [removed: 18, 2024] [added: 14, 2025] | | |
| Edward [added: J.] Geiser | | | | | | | | | | | | | | |
| /s/ RICHARD [removed: K. GORDON] [added: A. SAMPSON] | | | | | | Director | | | | | | November [removed: 18, 2024] [added: 14, 2025] | | |
| /s/ NANCY K. QUINN | | | | | | Director | | | | | | November [removed: 18, 2024] [added: 14, 2025] | | |
| /s/ TELISA TOLIVER | | | | | | Director | | | | | | November [removed: 18, 2024] [added: 14, 2025] | | |
| /s/ FRANK YOHO | | | | | | Director | | | | | | November [removed: 18, 2024] [added: 14, 2025] | | |
| | | | | | | | | | | | | | | |
| Richard K. Gordon | | | | | | | | | | | | | | |
| /s/ RICHARD A. SAMPSON | | | | | | Director | | | | | | November 18, 2024 | | |
| /s/ DIANA J. WALTERS | | | | | | Director | | | | | | November 18, 2024 | | |
| Diana J. Walters | | | | | | | | | | | | | | |