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Atmos Energy Corporation

Q2 FY26Gas Utilities

Atmos Energy Corporation Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹173

Market cap₹28.9K Cr

P/E21.9

Updated29 May 2026

Read4 min read

What the Q2 FY26 call signalled

2 of 4 strong

RevenueSlow growth

MarginMargins steady

CapexCapex planned

FundraiseFundraise planned

The short version

- Atmos Energy expects 6% to 8% growth in earnings per share for fiscal year 2027 and beyond, based on an updated guidance range of $8.40 to $8.50 per share. - Updated fiscal 2026 EPS guidance raised to $8.40 to $8.50, serving as a base for future growth.

From Atmos Energy Corporation's Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Slow growth

Atmos Energy expects 6% to 8% growth in earnings per share for fiscal year 2027 and beyond, based on an updated guidance range of $8.40 to $8.50 per share.
The company anticipates steady growth in customer additions, with over 51,000 new customers added in the past 12 months and strong growth especially in Texas.
Capital expenditures remain significant, with a focus on safety and reliability, supporting long-term volume growth.
The updated Texas Rule 7.7102 is expected to provide steady-state benefits post-2026, reflecting better visibility and no further rebasing impacting future earnings.
Customer demand across residential, commercial, and industrial sectors is strong, driving volume expansion across service territories.

2 more points from Atmos Energy Corporation's call on revenue

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Profitability & Margins

Updated fiscal 2026 EPS guidance raised to $8.40 to $8.50, serving as a base for future growth.
Expected long-term EPS growth of 6% to 8% annually starting fiscal 2027 and beyond.
Growth outlook incorporates impacts from Texas Rule 7.7102 and capital expenditure plans.
Stable post-2026 benefits from Texas legislation estimated at $155-$165 million pre-tax annually, supporting steady-state growth.
Customer growth remains strong, adding over 51,000 new customers in the past 12 months, fueling volume increases.
Capital expenditures of approximately $4.2 billion planned for fiscal 2026 focused on safety, reliability, system expansion, supporting growth.

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Capital Expenditure Plans

Capex planned

Capital expenditures for the first half of fiscal 2026 totaled $2 billion, with over 89% focused on enhancing safety and reliability of distribution, transmission, and underground storage systems.
Completed Phase 2 of the Line WA project: installed ~44 miles of 36-inch pipeline west of Fort Worth to support growth in the Dallas-Fort Worth Metroplex.
APT completed 5 interconnect projects, adding nearly 100,000 Mcf/day of additional natural gas supply to enhance system supply optionality, reliability, and versatility.

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Fundraising & Capital Structure

As of March 31, the company had an equity capitalization of 61% and no short-term debt outstanding.
Extended 4 credit facilities during the second quarter, providing $3.1 billion in total liquidity.
Had $4.1 billion in available liquidity to support operations at quarter end.

Included in liquidity is approximately $890 million in net proceeds from existing forward sale agreements, expected to satisfy the remainder of anticipated fiscal ’26 equity needs and part of fiscal ’27 equity needs.
No ATM (at-the-market) equity pricing occurred during Q2; company remains cautious due to market volatility and will evaluate pricing opportunities going forward to address fiscal ’27 equity needs at the right time.

2 more points from Atmos Energy Corporation's call on fundraising

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Order Book & Pipeline

Related insights include: - The company is advancing capital expenditures with $2 billion spent in the first half of fiscal 2026, primarily focused on safety and system reliability. - Major completed projects include Phase 2 of the Line WA pipeline project (44 miles) and 5 interconnect projects adding nearly 100,000 Mcf/day of supply.

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Frequently Asked Questions

What were Atmos Energy Corporation Q2 FY26 results?

- Atmos Energy expects 6% to 8% growth in earnings per share for fiscal year 2027 and beyond, based on an updated guidance range of $8.40 to $8.50 per share. - Updated fiscal 2026 EPS guidance raised to $8.40 to $8.50, serving as a base for future growth.

What is Atmos Energy Corporation share price analysis?

Atmos Energy Corporation currently shows a neutral. The stock trades at a P/E of 21.9 with a market cap of $28,882. Investors should review the full earnings analysis for detailed insights.

Is Atmos Energy Corporation planning capital expenditure?

- Capital expenditures for the first half of fiscal 2026 totaled $2 billion, with over 89% focused on enhancing safety and reliability of distribution, transmission, and underground storage systems.

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This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.