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Atmos Energy vs Spire: revenue, profit, margins and growth compared

Atmos Energy brought in $4.7B of revenue in fiscal 2025, Spire $2.5B in fiscal 2025. Revenue changed by +12.9% at Atmos Energy and -4.5% at Spire on the year before, so Atmos Energy grew faster. Atmos Energy kept 25.5% of its revenue as net profit, Spire 11.0%. Free cash flow was -$1.5B at Atmos Energy and -$344.4M at Spire.

Side by side, latest fiscal year

ATOSR
Fiscal year endedFY2025 (September 30, 2025)FY2025 (September 30, 2025)
Revenue$4.7B$2.5B
Revenue growth+12.9%-4.5%
Net income$1.2B$271.7M
Net margin25.5%11.0%
Free cash flow-$1.5B-$344.4M
Free cash flow margin-32.2%-13.9%
Earnings per share (diluted)$7.46$4.37
Cash$202.7M$5.7M
Debt$8.9B$3.9B
Price to earnings21.117.7
Market value$26.6B$4.6B
Dividend yield2.21%4.07%
Rank by revenue in sector#42 of 109 · Utilities#53 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: $4.7BSR FY2018: $2BSR FY2019: $2BSR FY2020: $1.9BSR FY2021: $2.2BSR FY2022: $2.2BSR FY2023: $2.7BSR FY2024: $2.6BSR FY2025: $2.5BFY18FY19FY20FY21FY22FY23FY24FY25
ATO $4.7BSR $2.5B
Net income
ATO FY2018: $603.1MATO FY2019: $511.4MATO FY2020: $601.4MATO FY2021: $665.6MATO FY2022: $774.4MATO FY2023: $885.9MATO FY2024: $1BATO FY2025: $1.2BSR FY2018: $214.2MSR FY2019: $184.6MSR FY2020: $88.6MSR FY2021: $271.7MSR FY2022: $220.8MSR FY2023: $217.5MSR FY2024: $250.9MSR FY2025: $271.7MFY18FY19FY20FY21FY22FY23FY24FY25
ATO $1.2BSR $271.7M
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%SR FY2018: 10.9%SR FY2019: 9.5%SR FY2020: 4.8%SR FY2021: 12.2%SR FY2022: 10.0%SR FY2023: 8.2%SR FY2024: 9.7%SR FY2025: 11.0%FY18FY19FY20FY21FY22FY23FY24FY25
ATO 25.5%SR 11.0%
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%SR FY2019: -0.6%SR FY2020: -5.0%SR FY2021: +20.5%SR FY2022: -1.7%SR FY2023: +21.3%SR FY2024: -2.7%SR FY2025: -4.5%FY19FY20FY21FY22FY23FY24FY25
ATO +12.9%SR -4.5%
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: -$1.5BSR FY2018: -$42.8MSR FY2019: -$372.4MSR FY2020: -$168.5MSR FY2021: -$375MSR FY2022: -$497.2MSR FY2023: -$222.3MSR FY2024: $51.1MSR FY2025: -$344.4MFY18FY19FY20FY21FY22FY23FY24FY25
ATO -$1.5BSR -$344.4M

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

Questions about Atmos Energy and Spire

Which is bigger by revenue, Atmos Energy or Spire?

Atmos Energy is bigger by revenue: $4.7B in fiscal 2025, against $2.5B for Spire in fiscal 2025.

Which keeps more of its revenue as profit, Atmos Energy or Spire?

Atmos Energy had a net margin of 25.5% in fiscal 2025; Spire had 11.0% in fiscal 2025.

Which grew revenue faster, Atmos Energy or Spire?

In their latest fiscal years revenue changed by +12.9% at Atmos Energy and -4.5% at Spire.

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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