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Sentiment · FY2026 Q3
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Richard Sunderland | Truist Securities | 12 (17%) |
| Ryan Levine | Citigroup | 11 (0%) |
| Fei She | Barclays | 8 (0%) |
| Christopher Jeffrey | Mizuho Securities | 7 (0%) |
| Paul Zimbardo | Jefferies | 5 (0%) |
| David Arcaro | Morgan Stanley | 4 (0%) |
| Julien Dumoulin-Smith | Jefferies | 4 (0%) |
| Aditya Gandhi | Wolfe Research | 4 (0%) |
| Elias Jossen | JPMorgan | 2 (0%) |
| Nick Campanella | Barclays | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Jefferies | 4 | 13 (0%) |
| Truist Securities | 1 | 12 (17%) |
| Citigroup | 1 | 11 (0%) |
| Barclays | 2 |
| 10 (0%) |
| Mizuho Securities | 3 | 10 (0%) |
| Morgan Stanley | 1 | 4 (0%) |
| Wolfe Research | 1 | 4 (0%) |
| JPMorgan | 1 | 2 (0%) |
Atmos Energy raised FY2026 EPS guidance from $8.15-$8.35 to $8.40-$8.50 in Q2, a 2.4% midpoint increase driven by the Texas Rule 7.7102 regulatory tailwind and strong rate case execution. Revenue was essentially flat at +0.6% due to gas cost pass-through dynamics, but operating income surged 21.6% and EPS grew 14.5%, reflecting the growing disconnect between top-line commodity pass-throughs and underlying regulated utility earnings power. Customer growth remained strong across all Texas segments.
Regulation Policy | Guidance Reliability | Demand | Margin | Capital Allocation | Capex Investment | Cost Pressure | Pricing | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 2 | 4 | 3 | 2 | 3 | 3 | ||
| 2025Q1 | 2 | 2 | 3 | 1 | 1 | 1 | 1 | |
| 2025Q2 | 3 | 1 | 3 | 1 | 1 | 2 | 1 | |
| 2025Q3 | 4 | 2 | 1 | 1 | 1 | 1 | ||
| 2025Q4 | 3 | 2 | 1 | 2 | 2 | 1 | ||
| 2026Q1 | 6 | 2 | 2 | 2 | 1 | |||
| 2026Q2 | 2 | 4 | 2 | 4 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Regulation Policy | 2 | 3 | 4 | 3 | 6 | 2 | |
| Guidance Reliability | 2 | 2 | 1 | 2 | 2 | 2 | 4 |
| Demand | 4 | 3 | 3 | 1 | 1 | 2 | |
| Margin | 3 | 1 | 1 | 1 | 2 | 2 | |
| Capital Allocation | 2 | 1 | 1 | 1 | 2 | 2 | |
| Capex Investment | 3 | 1 | 2 | 1 | 1 | ||
| Cost Pressure | 3 | 1 | 1 | 1 | |||
| Pricing | 4 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $658M | +12.0% | $0.88 | +10.0% | 67.4% | 28.1% | 20.4% | $-477M |
| FY2025 Q1 | $1.18B | +1.5% | $2.23 | +7.2% | 62.5% | 39.1% | 29.9% | $-609M |
| FY2025 Q2 | $1.95B | +18.4% | $3.03 |
| +6.3% |
| 48.1% |
| 32.2% |
| 24.9% |
| $83M |
| FY2025 Q3 | $839M | +19.6% | $1.16 | +7.4% | 45.0% | 30.1% | 22.2% | $-371M |
| FY2025 Q4 | $737M | +12.1% | $1.06 | +20.5% | 56.0% | 29.8% | 23.7% | $-615M |
| FY2026 Q1 | $1.34B | +14.2% | $2.44 | +9.4% | 60.8% | 38.3% | 30.0% | $-725M |
| FY2026 Q2 | $1.96B | +0.6% | $3.47 | +14.5% | 46.0% | 39.0% | 29.7% | $-280M |
| FY2026 Q3 | $879M | +4.8% | $1.43 | +23.3% | 99.1% | 36.4% | 27.6% | $-1.40B |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ATO Atmos Energy | 7 | +0.6% | |
| NI NiSource | 8 | +8.2% |