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Atmos Energy vs National Fuel Gas: revenue, profit, margins and growth compared

Atmos Energy brought in $4.7B of revenue in fiscal 2025, National Fuel Gas $2.3B in fiscal 2025. Revenue changed by +12.9% at Atmos Energy and +17.1% at National Fuel Gas on the year before, so National Fuel Gas grew faster. Atmos Energy kept 25.5% of its revenue as net profit, National Fuel Gas 22.8%. Free cash flow was -$1.5B at Atmos Energy and $187.2M at National Fuel Gas.

Side by side, latest fiscal year

ATONFG
Fiscal year endedFY2025 (September 30, 2025)FY2025 (September 30, 2025)
Revenue$4.7B$2.3B
Revenue growth+12.9%+17.1%
Net income$1.2B$518.5M
Net margin25.5%22.8%
Free cash flow-$1.5B$187.2M
Free cash flow margin-32.2%8.2%
Earnings per share (diluted)$7.46$5.68
Cash$202.7M$43.2M
Debt$8.9B$2.7B
Price to earnings21.113.9
Market value$26.6B$7.5B
Dividend yield2.21%2.66%
Rank by revenue in sector#42 of 109 · Utilities#56 of 109 · Utilities

Over the years

Revenue
ATO FY2018: $3.1BATO FY2019: $2.9BATO FY2020: $2.8BATO FY2021: $3.4BATO FY2022: $4.2BATO FY2023: $4.3BATO FY2024: $4.2BATO FY2025: $4.7BNFG FY2018: $1.6BNFG FY2019: $1.7BNFG FY2020: $1.5BNFG FY2021: $1.7BNFG FY2022: $3.1BNFG FY2023: $2.3BNFG FY2024: $1.9BNFG FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
ATO $4.7BNFG $2.3B
Net income
ATO FY2018: $603.1MATO FY2019: $511.4MATO FY2020: $601.4MATO FY2021: $665.6MATO FY2022: $774.4MATO FY2023: $885.9MATO FY2024: $1BATO FY2025: $1.2BNFG FY2018: $391.5MNFG FY2019: $304.3MNFG FY2020: -$123.8MNFG FY2021: $363.6MNFG FY2022: $566MNFG FY2023: $476.9MNFG FY2024: $77.5MNFG FY2025: $518.5MFY18FY19FY20FY21FY22FY23FY24FY25
ATO $1.2BNFG $518.5M
Net margin
ATO FY2018: 19.4%ATO FY2019: 17.6%ATO FY2020: 21.3%ATO FY2021: 19.5%ATO FY2022: 18.4%ATO FY2023: 20.7%ATO FY2024: 25.0%ATO FY2025: 25.5%NFG FY2018: 24.6%NFG FY2019: 18.0%NFG FY2020: -8.0%NFG FY2021: 20.9%NFG FY2022: 18.5%NFG FY2023: 21.1%NFG FY2024: 4.0%NFG FY2025: 22.8%FY18FY19FY20FY21FY22FY23FY24FY25
ATO 25.5%NFG 22.8%
Revenue growth
ATO FY2019: -6.9%ATO FY2020: -2.8%ATO FY2021: +20.8%ATO FY2022: +23.3%ATO FY2023: +1.8%ATO FY2024: -2.6%ATO FY2025: +12.9%NFG FY2019: +6.3%NFG FY2020: -8.7%NFG FY2021: +12.7%NFG FY2022: +75.7%NFG FY2023: -26.3%NFG FY2024: -13.8%NFG FY2025: +17.1%FY19FY20FY21FY22FY23FY24FY25
ATO +12.9%NFG +17.1%
Free cash flow
ATO FY2018: -$342.9MATO FY2019: -$724.7MATO FY2020: -$897.7MATO FY2021: -$3.1BATO FY2022: -$1.5BATO FY2023: $653.8MATO FY2024: -$1.2BATO FY2025: -$1.5BNFG FY2018: $31.3MNFG FY2019: -$94.5MNFG FY2020: $24.7MNFG FY2021: $39.8MNFG FY2022: $695KNFG FY2023: $227.2MNFG FY2024: $134.7MNFG FY2025: $187.2MFY18FY19FY20FY21FY22FY23FY24FY25
ATO -$1.5BNFG $187.2M

Fiscal years as each company reports them; the two may end in different months.

Questions about Atmos Energy and National Fuel Gas

Which is bigger by revenue, Atmos Energy or National Fuel Gas?

Atmos Energy is bigger by revenue: $4.7B in fiscal 2025, against $2.3B for National Fuel Gas in fiscal 2025.

Which keeps more of its revenue as profit, Atmos Energy or National Fuel Gas?

Atmos Energy had a net margin of 25.5% in fiscal 2025; National Fuel Gas had 22.8% in fiscal 2025.

Which grew revenue faster, Atmos Energy or National Fuel Gas?

In their latest fiscal years revenue changed by +12.9% at Atmos Energy and +17.1% at National Fuel Gas.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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