Dallas, May 1, 2026, 08:05 CDT
- Atmos Energy will release its fiscal Q2 numbers after the bell on May 6. The earnings call follows on May 7.
- Zacks is calling for $3.36 per share this quarter on revenue of $2.22 billion. Other data providers, though, have put out lower revenue projections.
- The key issue is simple: Can price hikes cover rising expenses and still support the company’s fiscal 2026 targets?
Atmos Energy is set to report fiscal second-quarter results next week, with analysts expecting stronger earnings as the Dallas-based gas utility benefits from recent rate hikes and ongoing infrastructure projects. The company plans to post numbers after the bell on May 6, followed by a 10 a.m. Eastern conference call on May 7.
The timing comes into play as regulated gas utilities have popped up on investor radars, seen as safer bets, even as rising financing costs bite into capital-heavy sectors. Zacks is looking for $3.36 per share, which would be a 10.9% jump over last year’s number, and expects revenue to hit $2.22 billion, up 13.7%.
Earnings estimates vary by data source. MarketBeat put consensus EPS at $3.36 and revenue at $1.94 billion. Atmos closed April 30 at $189.94, marking a 2.28% gain, though shares slipped a bit in early Friday premarket moves.
Atmos, an S&P 500 name focused solely on natural gas, delivers to roughly 3.4 million customers spread across more than 1,400 communities in eight states—most of them southern. The company’s reach ensures a predictable, regulated foundation, but it also means growth depends heavily on state-level rate approvals and ongoing system upgrade projects.
Atmos posted fiscal first-quarter results in February: $2.44 per diluted share in earnings, net income hitting $403 million. Capital spending reached $1.0 billion, with over 85% funneled into safety and reliability. The company kept its full-year fiscal 2026 earnings outlook unchanged at $8.15 to $8.35 a share.
On the earnings call, Chief Executive Kevin Akers said more than 85% of Atmos’ spending is aimed at safety and reliability, describing the company as an “essential energy source” for the communities it serves. Chief Financial Officer Chris Forsythe pointed to rate hikes, expanding customer numbers, and increased load as the main drivers behind the quarter’s operating income. Investing.com
Some analysts have grown more optimistic, though not everyone is convinced. BofA Securities bumped its price target on Atmos up to $206 from $177, sticking with a Neutral stance. The firm points to a roughly $50 million boost expected from the Mid-Tex Cities rate review mechanism and the Kansas rate case, along with an additional $30 million tied to Texas House Bill 4384, as likely drivers for second-quarter earnings. A rate review mechanism lets utilities adjust customer rates for regulators’ approved costs.
Argus bumped up its price target to $190 from $175, sticking with a Buy. Analyst Marie Ferguson pointed to higher rates as the driver behind the updated earnings outlook and target. The firm’s fiscal 2026 EPS forecast now stands at $8.25, up a nickel from $8.20.
Several peers are lining up to report during the same period, offering a snapshot of both gas and wider utility demand. According to Zacks, ONE Gas is scheduled for May 4 after markets close. Duke Energy, meanwhile, is set to release results May 5 before the bell, with NiSource following on May 6 pre-market.
There’s a catch: rising costs could undercut the upside from new rates. Zacks flagged that operation and maintenance outlays might chip away at gains. BofA, for its part, cited more depreciation, higher interest expense, and softer pipeline spreads as the weather stays mild. Atmos itself has cautioned that regulatory calls, capital-market conditions, commodity swings, and the weather could all throw off results versus forecasts.
Investors want more than just an earnings beat here. The bigger question: can Atmos keep rate relief, capital spending, and dividend growth all on track—without squeezing customers or stretching its balance sheet further?
