How do AES Corporation and Atmos Energy compare by revenue?

AES Corporation reported revenue of $3.1B in Q4 2025, while Atmos Energy reported $1.3B in Q1 2026. AES Corporation is 2.3× larger by last-quarter revenue.

Which is growing revenue faster, AES Corporation or Atmos Energy?

AES Corporation's latest revenue grew 4.7% year-over-year, versus 14.2% for Atmos Energy. Atmos Energy is growing faster on a YoY basis.

Which has a higher net margin, AES Corporation or Atmos Energy?

AES Corporation's net margin is 10.3% vs Atmos Energy's 30.0%. Atmos Energy has the higher bottom-line margin.

Which generates more free cash flow, AES Corporation or Atmos Energy?

AES Corporation generated $-47.0M of free cash flow last quarter, versus $-725.3M for Atmos Energy. Free cash flow is operating cash flow minus capital expenditure — what's actually left for dividends, buybacks and debt repayment.

What is the 2-year revenue CAGR for AES Corporation vs Atmos Energy?

Over the trailing 8 quarters, AES Corporation compounded revenue at roughly 0.3% per year, versus -9.7% for Atmos Energy. AES Corporation has the faster medium-term growth trajectory.

Where does this AES vs ATO data come from?

All figures are parsed directly from SEC EDGAR 10-Q / 10-K / 20-F / 6-K filings (for US-listed issuers) or EDINET filings (for Japanese issuers), then normalised into a common schema. Numbers update automatically as new filings are released.

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Side-by-side financial comparison of AES Corporation (AES) and Atmos Energy (ATO), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.

AES Corporation is the larger business by last-quarter revenue ($3.1B vs $1.3B, roughly 2.3× Atmos Energy). Atmos Energy runs the higher net margin — 10.3% vs 30.0%, a 19.7% gap on every dollar of revenue. On growth, Atmos Energy posted the faster year-over-year revenue change (14.2% vs 4.7%). AES Corporation produced more free cash flow last quarter ($-47.0M vs $-725.3M). Over the past eight quarters, AES Corporation's revenue compounded faster (0.3% CAGR vs -9.7%).

AES CorporationAESEarnings & Financial Report

NYSE · Utilities · electricity generation

The AES Corporation is an American utility and power generation company. It owns and operates power plants, which it uses to generate and sell electricity to end users and intermediaries like utilities and industrial facilities. AES, headquartered in Arlington, Virginia, is one of the world's leading power companies, generating and distributing electric power in 15 countries and employing 10,500 people worldwide. AES Corporation is a global Fortune 500 power company.

Atmos EnergyATOEarnings & Financial Report

NYSE · Utilities · Gas Utilities

Atmos Energy Corporation, headquartered in Dallas, Texas, is one of the United States' largest natural-gas-only distributors, serving about three million natural gas distribution customers in over 1,400 communities in nine states from the Blue Ridge Mountains in the East to the Rocky Mountains in the West.

AES vs ATO — Head-to-Head

Bigger by revenue

AES

2.3× larger

$3.1B

$1.3B

Growing faster (revenue YoY)

ATO

+9.5% gap

14.2%

4.7%

Higher net margin

ATO

19.7% more per $

30.0%

10.3%

More free cash flow

AES

$678.3M more FCF

$-47.0M

$-725.3M

Faster 2-yr revenue CAGR

AES

Annualised

0.3%

-9.7%

Income Statement — Q4 2025 vs Q1 2026

Metric	AES	ATO
Revenue	$3.1B	$1.3B
Net Profit	$320.0M	$403.0M
Gross Margin	18.8%	—
Operating Margin	-8.7%	38.3%
Net Margin	10.3%	30.0%
Revenue YoY	4.7%	14.2%
Net Profit YoY	-42.9%	14.5%
EPS (diluted)	$0.45	$2.44

Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.

Revenue

AES

ATO

Q4 25	$3.1B	$1.3B
Q3 25	$3.4B	$737.5M
Q2 25	$2.9B	$838.8M
Q1 25	$2.9B	$2.0B
Q4 24	$3.0B	$1.2B
Q3 24	$3.3B	$657.9M
Q2 24	$2.9B	$701.5M
Q1 24	$3.1B	$1.6B

Net Profit

AES

ATO

Q4 25	$320.0M	$403.0M
Q3 25	$639.0M	$174.9M
Q2 25	$-95.0M	$186.4M
Q1 25	$46.0M	$485.6M
Q4 24	$560.0M	$351.9M
Q3 24	$502.0M	$134.0M
Q2 24	$185.0M	$165.6M
Q1 24	$432.0M	$432.0M

Gross Margin

AES

ATO

Q4 25	18.8%	—
Q3 25	21.9%	—
Q2 25	15.9%	—
Q1 25	15.1%	60.0%
Q4 24	14.2%	80.1%
Q3 24	22.0%	—
Q2 24	18.8%	—
Q1 24	20.1%	62.1%

Operating Margin

AES

ATO

Q4 25	-8.7%	38.3%
Q3 25	9.8%	29.8%
Q2 25	1.4%	30.1%
Q1 25	-0.8%	32.2%
Q4 24	12.3%	39.1%
Q3 24	10.0%	28.1%
Q2 24	-2.6%	31.4%
Q1 24	9.0%	33.4%

Net Margin

AES

ATO

Q4 25	10.3%	30.0%
Q3 25	19.1%	23.7%
Q2 25	-3.3%	22.2%
Q1 25	1.6%	24.9%
Q4 24	18.9%	29.9%
Q3 24	15.3%	20.4%
Q2 24	6.3%	23.6%
Q1 24	14.0%	26.2%

EPS (diluted)

AES

ATO

Q4 25	$0.45	$2.44
Q3 25	$0.89	$1.04
Q2 25	$-0.15	$1.16
Q1 25	$0.07	$3.03
Q4 24	$0.78	$2.23
Q3 24	$0.71	$0.82
Q2 24	$0.27	$1.08
Q1 24	$0.60	$2.85

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.

Metric	AES	ATO
Cash + ST InvestmentsLiquidity on hand	$1.6B	$367.0M
Total DebtLower is stronger	—	$9.6B
Stockholders' EquityBook value	$4.1B	$14.3B
Total Assets	$51.8B	$29.8B
Debt / EquityLower = less leverage	—	0.67×

8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.

Cash + ST Investments

AES

ATO

Q4 25	$1.6B	$367.0M
Q3 25	$1.8B	$202.7M
Q2 25	$1.4B	$709.4M
Q1 25	$1.8B	$543.5M
Q4 24	$1.6B	$584.5M
Q3 24	$2.0B	$307.3M
Q2 24	$1.8B	$674.6M
Q1 24	$2.4B	$262.5M

Total Debt

AES

ATO

Q4 25	—	$9.6B
Q3 25	—	$8.9B
Q2 25	—	$8.9B
Q1 25	—	$8.4B
Q4 24	—	$8.4B
Q3 24	—	$7.8B
Q2 24	—	$7.8B
Q1 24	—	$7.4B

Stockholders' Equity

AES

ATO

Q4 25	$4.1B	$14.3B
Q3 25	$3.9B	$13.6B
Q2 25	$3.4B	$13.4B
Q1 25	$3.5B	$13.1B
Q4 24	$3.6B	$12.8B
Q3 24	$3.3B	$12.2B
Q2 24	$3.1B	$12.2B
Q1 24	$2.9B	$11.6B

Total Assets

AES

ATO

Q4 25	$51.8B	$29.8B
Q3 25	$50.8B	$28.2B
Q2 25	$48.5B	$27.7B
Q1 25	$48.6B	$27.0B
Q4 24	$47.4B	$26.5B
Q3 24	$50.1B	$25.2B
Q2 24	$47.7B	$24.9B
Q1 24	$47.0B	$24.0B

Debt / Equity

AES

ATO

Q4 25	—	0.67×
Q3 25	—	0.66×
Q2 25	—	0.67×
Q1 25	—	0.64×
Q4 24	—	0.66×
Q3 24	—	0.64×
Q2 24	—	0.64×
Q1 24	—	0.64×

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.

Metric	AES	ATO
Operating Cash FlowLast quarter	$1.5B	$308.1M
Free Cash FlowOCF − Capex	$-47.0M	$-725.3M
FCF MarginFCF / Revenue	-1.5%	-54.0%
Capex IntensityCapex / Revenue; lower = less reinvestment burden	49.5%	77.0%
Cash ConversionOCF / Net Profit; >1× = earnings back up with cash	4.65×	0.76×
TTM Free Cash FlowTrailing 4 quarters	$-1.6B	$-1.6B

8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.

Operating Cash Flow

AES

ATO

Q4 25	$1.5B	$308.1M
Q3 25	$1.3B	$348.1M
Q2 25	$976.0M	$496.4M
Q1 25	$545.0M	$922.9M
Q4 24	$1.1B	$282.0M
Q3 24	$985.0M	$330.7M
Q2 24	$392.0M	$411.2M
Q1 24	$287.0M	$746.6M

Free Cash Flow

AES

ATO

Q4 25	$-47.0M	$-725.3M
Q3 25	$-511.0M	$-615.5M
Q2 25	$-356.0M	$-370.6M
Q1 25	$-709.0M	$83.3M
Q4 24	$-639.0M	$-609.2M
Q3 24	$-847.0M	$-477.3M
Q2 24	$-1.3B	$-302.4M
Q1 24	$-1.9B	$100.7M

FCF Margin

AES

ATO

Q4 25	-1.5%	-54.0%
Q3 25	-15.2%	-83.5%
Q2 25	-12.5%	-44.2%
Q1 25	-24.2%	4.3%
Q4 24	-21.6%	-51.8%
Q3 24	-25.8%	-72.5%
Q2 24	-43.9%	-43.1%
Q1 24	-60.3%	6.1%

Capex Intensity

AES

ATO

Q4 25	49.5%	77.0%
Q3 25	54.0%	130.7%
Q2 25	46.7%	103.4%
Q1 25	42.9%	43.0%
Q4 24	58.3%	75.8%
Q3 24	55.7%	122.8%
Q2 24	57.3%	101.7%
Q1 24	69.6%	39.2%

Cash Conversion

AES

ATO

Q4 25	4.65×	0.76×
Q3 25	2.03×	1.99×
Q2 25	—	2.66×
Q1 25	11.85×	1.90×
Q4 24	1.94×	0.80×
Q3 24	1.96×	2.47×
Q2 24	2.12×	2.48×
Q1 24	0.66×	1.73×

Financial Flow Comparison

Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.