How do Atmos Energy and American Water Works compare by revenue?

Atmos Energy reported revenue of $1.3B in Q1 2026, while American Water Works reported $1.3B in Q4 2025. Atmos Energy is 1.1× larger by last-quarter revenue.

Which is growing revenue faster, Atmos Energy or American Water Works?

Atmos Energy's latest revenue grew 14.2% year-over-year, versus 5.8% for American Water Works. Atmos Energy is growing faster on a YoY basis.

Which has a higher net margin, Atmos Energy or American Water Works?

Atmos Energy's net margin is 30.0% vs American Water Works's 18.7%. Atmos Energy has the higher bottom-line margin.

Which generates more free cash flow, Atmos Energy or American Water Works?

Atmos Energy generated $-725.3M of free cash flow last quarter, versus $-385.0M for American Water Works. 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 Atmos Energy vs American Water Works?

Over the trailing 8 quarters, Atmos Energy compounded revenue at roughly -9.7% per year, versus 12.6% for American Water Works. American Water Works has the faster medium-term growth trajectory.

Where does this ATO vs AWK 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 Atmos Energy (ATO) and American Water Works (AWK), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.

Atmos Energy is the larger business by last-quarter revenue ($1.3B vs $1.3B, roughly 1.1× American Water Works). Atmos Energy runs the higher net margin — 30.0% vs 18.7%, a 11.3% gap on every dollar of revenue. On growth, Atmos Energy posted the faster year-over-year revenue change (14.2% vs 5.8%). American Water Works produced more free cash flow last quarter ($-385.0M vs $-725.3M). Over the past eight quarters, American Water Works's revenue compounded faster (12.6% CAGR vs -9.7%).

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.

American Water WorksAWKEarnings & Financial Report

NYSE · Utilities · Regulated Water

American Water Works Company, Inc., through its subsidiaries, provides water and wastewater services in the United States. It offers water and wastewater services to approximately 1,700 communities in 14 states serving approximately 3.4 million active customers. The company serves residential customers; commercial customers, including food and beverage providers, commercial property developers and proprietors, and energy suppliers; fire service and private fire customers; industrial customers...

ATO vs AWK — Head-to-Head

Bigger by revenue

ATO

1.1× larger

$1.3B

Growing faster (revenue YoY)

ATO

+8.3% gap

14.2%

5.8%

Higher net margin

ATO

11.3% more per $

30.0%

18.7%

More free cash flow

AWK

$340.3M more FCF

$-385.0M

$-725.3M

Faster 2-yr revenue CAGR

AWK

Annualised

12.6%

-9.7%

Income Statement — Q1 2026 vs Q4 2025

Metric	ATO	AWK
Revenue	$1.3B	$1.3B
Net Profit	$403.0M	$238.0M
Gross Margin	—	—
Operating Margin	38.3%	31.9%
Net Margin	30.0%	18.7%
Revenue YoY	14.2%	5.8%
Net Profit YoY	14.5%	-0.4%
EPS (diluted)	$2.44	$1.22

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

ATO

AWK

Q4 25	$1.3B	$1.3B
Q3 25	$737.5M	$1.5B
Q2 25	$838.8M	$1.3B
Q1 25	$2.0B	$1.1B
Q4 24	$1.2B	$1.2B
Q3 24	$657.9M	$1.3B
Q2 24	$701.5M	$1.1B
Q1 24	$1.6B	$1.0B

Net Profit

ATO

AWK

Q4 25	$403.0M	$238.0M
Q3 25	$174.9M	$379.0M
Q2 25	$186.4M	$289.0M
Q1 25	$485.6M	$205.0M
Q4 24	$351.9M	$239.0M
Q3 24	$134.0M	$350.0M
Q2 24	$165.6M	$277.0M
Q1 24	$432.0M	$185.0M

Gross Margin

ATO

AWK

Q4 25	—	—
Q3 25	—	—
Q2 25	—	—
Q1 25	60.0%	—
Q4 24	80.1%	—
Q3 24	—	—
Q2 24	—	—
Q1 24	62.1%	—

Operating Margin

ATO

AWK

Q4 25	38.3%	31.9%
Q3 25	29.8%	42.2%
Q2 25	30.1%	38.4%
Q1 25	32.2%	32.7%
Q4 24	39.1%	33.3%
Q3 24	28.1%	40.9%
Q2 24	31.4%	39.4%
Q1 24	33.4%	32.5%

Net Margin

ATO

AWK

Q4 25	30.0%	18.7%
Q3 25	23.7%	26.1%
Q2 25	22.2%	22.7%
Q1 25	24.9%	18.1%
Q4 24	29.9%	19.9%
Q3 24	20.4%	26.4%
Q2 24	23.6%	24.3%
Q1 24	26.2%	18.4%

EPS (diluted)

ATO

AWK

Q4 25	$2.44	$1.22
Q3 25	$1.04	$1.94
Q2 25	$1.16	$1.48
Q1 25	$3.03	$1.05
Q4 24	$2.23	$1.22
Q3 24	$0.82	$1.80
Q2 24	$1.08	$1.42
Q1 24	$2.85	$0.95

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	ATO	AWK
Cash + ST InvestmentsLiquidity on hand	$367.0M	$98.0M
Total DebtLower is stronger	$9.6B	$12.8B
Stockholders' EquityBook value	$14.3B	$10.8B
Total Assets	$29.8B	$35.4B
Debt / EquityLower = less leverage	0.67×	1.18×

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

Cash + ST Investments

ATO

AWK

Q4 25	$367.0M	$98.0M
Q3 25	$202.7M	$166.0M
Q2 25	$709.4M	$94.0M
Q1 25	$543.5M	$114.0M
Q4 24	$584.5M	$96.0M
Q3 24	$307.3M	$127.0M
Q2 24	$674.6M	$48.0M
Q1 24	$262.5M	$584.0M

Total Debt

ATO

AWK

Q4 25	$9.6B	$12.8B
Q3 25	$8.9B	$13.0B
Q2 25	$8.9B	$12.3B
Q1 25	$8.4B	$13.3B
Q4 24	$8.4B	$12.5B
Q3 24	$7.8B	$12.6B
Q2 24	$7.8B	$12.6B
Q1 24	$7.4B	$12.6B

Stockholders' Equity

ATO

AWK

Q4 25	$14.3B	$10.8B
Q3 25	$13.6B	$10.9B
Q2 25	$13.4B	$10.7B
Q1 25	$13.1B	$10.5B
Q4 24	$12.8B	$10.3B
Q3 24	$12.2B	$10.4B
Q2 24	$12.2B	$10.2B
Q1 24	$11.6B	$10.0B

Total Assets

ATO

AWK

Q4 25	$29.8B	$35.4B
Q3 25	$28.2B	$34.7B
Q2 25	$27.7B	$33.9B
Q1 25	$27.0B	$33.2B
Q4 24	$26.5B	$32.8B
Q3 24	$25.2B	$31.8B
Q2 24	$24.9B	$31.2B
Q1 24	$24.0B	$31.1B

Debt / Equity

ATO

AWK

Q4 25	0.67×	1.18×
Q3 25	0.66×	1.19×
Q2 25	0.67×	1.15×
Q1 25	0.64×	1.26×
Q4 24	0.66×	1.21×
Q3 24	0.64×	1.21×
Q2 24	0.64×	1.24×
Q1 24	0.64×	1.26×

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	ATO	AWK
Operating Cash FlowLast quarter	$308.1M	$663.0M
Free Cash FlowOCF − Capex	$-725.3M	$-385.0M
FCF MarginFCF / Revenue	-54.0%	-30.3%
Capex IntensityCapex / Revenue; lower = less reinvestment burden	77.0%	82.5%
Cash ConversionOCF / Net Profit; >1× = earnings back up with cash	0.76×	2.79×
TTM Free Cash FlowTrailing 4 quarters	$-1.6B	$-1.1B

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

Operating Cash Flow

ATO

AWK

Q4 25	$308.1M	$663.0M
Q3 25	$348.1M	$764.0M
Q2 25	$496.4M	$301.0M
Q1 25	$922.9M	$331.0M
Q4 24	$282.0M	$639.0M
Q3 24	$330.7M	$679.0M
Q2 24	$411.2M	$345.0M
Q1 24	$746.6M	$382.0M

Free Cash Flow

ATO

AWK

Q4 25	$-725.3M	$-385.0M
Q3 25	$-615.5M	$-33.0M
Q2 25	$-370.6M	$-432.0M
Q1 25	$83.3M	$-217.0M
Q4 24	$-609.2M	$-255.0M
Q3 24	$-477.3M	$-4.0M
Q2 24	$-302.4M	$-325.0M
Q1 24	$100.7M	$-227.0M

FCF Margin

ATO

AWK

Q4 25	-54.0%	-30.3%
Q3 25	-83.5%	-2.3%
Q2 25	-44.2%	-34.0%
Q1 25	4.3%	-19.1%
Q4 24	-51.8%	-21.2%
Q3 24	-72.5%	-0.3%
Q2 24	-43.1%	-28.5%
Q1 24	6.1%	-22.6%

Capex Intensity

ATO

AWK

Q4 25	77.0%	82.5%
Q3 25	130.7%	54.8%
Q2 25	103.4%	57.6%
Q1 25	43.0%	48.3%
Q4 24	75.8%	74.4%
Q3 24	122.8%	51.4%
Q2 24	101.7%	58.8%
Q1 24	39.2%	60.7%

Cash Conversion

ATO

AWK

Q4 25	0.76×	2.79×
Q3 25	1.99×	2.02×
Q2 25	2.66×	1.04×
Q1 25	1.90×	1.61×
Q4 24	0.80×	2.67×
Q3 24	2.47×	1.94×
Q2 24	2.48×	1.25×
Q1 24	1.73×	2.06×

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.