Atmos Energy (ATO) Operating Margin (2009 - 2026)
Atmos Energy (ATO) posted quarterly Operating Margin of 38.97% for Q1 2026, up 673.0% year-over-year from 5.04% in Q1 2025, and up 1.65% quarter-over-quarter from 38.34% in Q4 2025.
Atmos Energy (ATO) Operating Margin (2009 - 2026) Analysis & Trends
Atmos Energy (ATO) has reported Operating Margin for 18 consecutive years, with 38.97% the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Margin rose 673.0% year-over-year to 38.97%; the TTM figure through Mar 2026 stood at 35.87% (up 258.0% YoY), while the FY2025 annual figure was 33.17%, up 63.0% from the prior year.
- Operating Margin rose to 38.97% in Q1 2026 per ATO's latest filing, from 38.34% in the prior quarter.
- Across five years, Operating Margin topped out at 39.07% in Q4 2024 and bottomed at 14.59% in Q3 2022.
- Historically, Operating Margin has averaged 29.03% across 5 years, with a median of 29.76% in 2025.
- Annual changes were most pronounced in 2022 — Operating Margin plunged 560 bps — and 2023, when it surged 1281 bps.
- Atmos Energy's Operating Margin stood at 21.64% in 2022, then surged by 59 bps to 34.45% in 2023, then grew by 13 bps to 39.07% in 2024, then declined by 2 bps to 38.34% in 2025, then advanced by 2 bps to 38.97% in 2026.
- Business Quant data shows ATO's Operating Margin at 38.97% in Q1 2026, 38.34% in Q4 2025, and 29.76% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Atmos Energy | 29.11 Bn | 28.58 Bn | - | 36.45% |
| 2 | Nisource | 20.25 Bn | 20.18 Bn | 867.50 Mn | 16.99% |
| 3 | Ugi | 8.27 Bn | 7.79 Bn | 573.00 Mn | -3.31% |
| 4 | Black Hills | 5.62 Bn | 5.54 Bn | - | 21.42% |
| 5 | New Jersey Resources | 5.60 Bn | 5.56 Bn | 243.61 Mn | 9.13% |
| 6 | ONE Gas | 5.18 Bn | 5.15 Bn | 272.01 Mn | 20.08% |
| 7 | Mdu Resources | 4.32 Bn | 4.28 Bn | - | 12.78% |
| 8 | Chesapeake Utilities | 3.32 Bn | 3.30 Bn | 150.20 Mn | 26.20% |
| 9 | Brookfield Infrastructure | 2.21 Bn | 1.44 Bn | 572.00 Mn | 58.51% |
| 10 | Centuri Holdings | 2.20 Bn | 2.16 Bn | 69.14 Mn | 2.51% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 36.45% |
| Mar 31, 2026 | 38.97% |
| Dec 31, 2025 | 38.34% |
| Sep 30, 2025 | 29.76% |
| Jun 30, 2025 | 30.05% |
| Mar 31, 2025 | 32.24% |
| Dec 31, 2024 | 39.07% |
| Sep 30, 2024 | 28.12% |
| Jun 30, 2024 | 31.40% |
| Mar 31, 2024 | 33.45% |
| Dec 31, 2023 | 34.45% |
| Sep 30, 2023 | 26.22% |
| Jun 30, 2023 | 25.54% |
| Mar 31, 2023 | 27.43% |
| Dec 31, 2022 | 21.64% |
| Sep 30, 2022 | 14.59% |
| Jun 30, 2022 | 18.93% |
| Mar 31, 2022 | 23.34% |
| Dec 31, 2021 | 27.24% |
| Sep 30, 2021 | 16.00% |