How do Ameren and Atmos Energy compare by revenue?

Ameren reported revenue of $1.8B in Q4 2025, while Atmos Energy reported $1.3B in Q1 2026. Ameren is 1.3× larger by last-quarter revenue.

Which is growing revenue faster, Ameren or Atmos Energy?

Ameren's latest revenue grew -8.2% year-over-year, versus 14.2% for Atmos Energy. Atmos Energy is growing faster on a YoY basis.

Which has a higher net margin, Ameren or Atmos Energy?

Ameren's net margin is 14.2% vs Atmos Energy's 30.0%. Atmos Energy has the higher bottom-line margin.

Which generates more free cash flow, Ameren or Atmos Energy?

Ameren generated $-54.0M 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 Ameren vs Atmos Energy?

Over the trailing 8 quarters, Ameren compounded revenue at roughly -0.9% per year, versus -9.7% for Atmos Energy. Ameren has the faster medium-term growth trajectory.

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

Ameren is the larger business by last-quarter revenue ($1.8B vs $1.3B, roughly 1.3× Atmos Energy). Atmos Energy runs the higher net margin — 14.2% vs 30.0%, a 15.8% gap on every dollar of revenue. On growth, Atmos Energy posted the faster year-over-year revenue change (14.2% vs -8.2%). Ameren produced more free cash flow last quarter ($-54.0M vs $-725.3M). Over the past eight quarters, Ameren's revenue compounded faster (-0.9% CAGR vs -9.7%).

AmerenAEEEarnings & Financial Report

NYSE · Utilities · Regulated Electric

Ameren Corporation, together with its subsidiaries, operates as a public utility holding company in the United States. It operates through four segments: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Transmission. The company engages in the rate-regulated electric generation, transmission, and distribution activities; and rate-regulated natural gas distribution and transmission businesses. It primarily generates electricity through coal, nucle...

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.

AEE vs ATO — Head-to-Head

Bigger by revenue

AEE

1.3× larger

$1.8B

$1.3B

Growing faster (revenue YoY)

ATO

+22.4% gap

14.2%

-8.2%

Higher net margin

ATO

15.8% more per $

30.0%

14.2%

More free cash flow

AEE

$671.3M more FCF

$-54.0M

$-725.3M

Faster 2-yr revenue CAGR

AEE

Annualised

-0.9%

-9.7%

Income Statement — Q4 2025 vs Q1 2026

Metric	AEE	ATO
Revenue	$1.8B	$1.3B
Net Profit	$253.0M	$403.0M
Gross Margin	—	—
Operating Margin	20.2%	38.3%
Net Margin	14.2%	30.0%
Revenue YoY	-8.2%	14.2%
Net Profit YoY	21.6%	14.5%
EPS (diluted)	$0.92	$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

AEE

ATO

Q4 25	$1.8B	$1.3B
Q3 25	$2.7B	$737.5M
Q2 25	$2.2B	$838.8M
Q1 25	$2.1B	$2.0B
Q4 24	$1.9B	$1.2B
Q3 24	$2.2B	$657.9M
Q2 24	$1.7B	$701.5M
Q1 24	$1.8B	$1.6B

Net Profit

AEE

ATO

Q4 25	$253.0M	$403.0M
Q3 25	$641.0M	$174.9M
Q2 25	$277.0M	$186.4M
Q1 25	$290.0M	$485.6M
Q4 24	$208.0M	$351.9M
Q3 24	$457.0M	$134.0M
Q2 24	$260.0M	$165.6M
Q1 24	$262.0M	$432.0M

Gross Margin

AEE

ATO

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

Operating Margin

AEE

ATO

Q4 25	20.2%	38.3%
Q3 25	30.6%	29.8%
Q2 25	18.5%	30.1%
Q1 25	20.5%	32.2%
Q4 24	10.2%	39.1%
Q3 24	27.0%	28.1%
Q2 24	21.3%	31.4%
Q1 24	20.4%	33.4%

Net Margin

AEE

ATO

Q4 25	14.2%	30.0%
Q3 25	23.7%	23.7%
Q2 25	12.5%	22.2%
Q1 25	13.8%	24.9%
Q4 24	10.7%	29.9%
Q3 24	21.0%	20.4%
Q2 24	15.4%	23.6%
Q1 24	14.4%	26.2%

EPS (diluted)

AEE

ATO

Q4 25	$0.92	$2.44
Q3 25	$2.35	$1.04
Q2 25	$1.01	$1.16
Q1 25	$1.07	$3.03
Q4 24	$0.77	$2.23
Q3 24	$1.70	$0.82
Q2 24	$0.97	$1.08
Q1 24	$0.98	$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	AEE	ATO
Cash + ST InvestmentsLiquidity on hand	$13.0M	$367.0M
Total DebtLower is stronger	$19.4B	$9.6B
Stockholders' EquityBook value	$13.4B	$14.3B
Total Assets	$48.5B	$29.8B
Debt / EquityLower = less leverage	1.45×	0.67×

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

Cash + ST Investments

AEE

ATO

Q4 25	$13.0M	$367.0M
Q3 25	$9.0M	$202.7M
Q2 25	$11.0M	$709.4M
Q1 25	$23.0M	$543.5M
Q4 24	$7.0M	$584.5M
Q3 24	$17.0M	$307.3M
Q2 24	$19.0M	$674.6M
Q1 24	$85.0M	$262.5M

Total Debt

AEE

ATO

Q4 25	$19.4B	$9.6B
Q3 25	—	$8.9B
Q2 25	—	$8.9B
Q1 25	—	$8.4B
Q4 24	$17.8B	$8.4B
Q3 24	—	$7.8B
Q2 24	—	$7.8B
Q1 24	—	$7.4B

Stockholders' Equity

AEE

ATO

Q4 25	$13.4B	$14.3B
Q3 25	$12.8B	$13.6B
Q2 25	$12.3B	$13.4B
Q1 25	$12.2B	$13.1B
Q4 24	$12.1B	$12.8B
Q3 24	$11.8B	$12.2B
Q2 24	$11.5B	$12.2B
Q1 24	$11.4B	$11.6B

Total Assets

AEE

ATO

Q4 25	$48.5B	$29.8B
Q3 25	$47.4B	$28.2B
Q2 25	$46.6B	$27.7B
Q1 25	$45.7B	$27.0B
Q4 24	$44.6B	$26.5B
Q3 24	$43.3B	$25.2B
Q2 24	$42.3B	$24.9B
Q1 24	$41.3B	$24.0B

Debt / Equity

AEE

ATO

Q4 25	1.45×	0.67×
Q3 25	—	0.66×
Q2 25	—	0.67×
Q1 25	—	0.64×
Q4 24	1.47×	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	AEE	ATO
Operating Cash FlowLast quarter	$956.0M	$308.1M
Free Cash FlowOCF − Capex	$-54.0M	$-725.3M
FCF MarginFCF / Revenue	-3.0%	-54.0%
Capex IntensityCapex / Revenue; lower = less reinvestment burden	56.7%	77.0%
Cash ConversionOCF / Net Profit; >1× = earnings back up with cash	3.78×	0.76×
TTM Free Cash FlowTrailing 4 quarters	$-775.0M	$-1.6B

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

Operating Cash Flow

AEE

ATO

Q4 25	$956.0M	$308.1M
Q3 25	$1.1B	$348.1M
Q2 25	$862.0M	$496.4M
Q1 25	$431.0M	$922.9M
Q4 24	$817.0M	$282.0M
Q3 24	$897.0M	$330.7M
Q2 24	$557.0M	$411.2M
Q1 24	$492.0M	$746.6M

Free Cash Flow

AEE

ATO

Q4 25	$-54.0M	$-725.3M
Q3 25	$116.0M	$-615.5M
Q2 25	$-204.0M	$-370.6M
Q1 25	$-633.0M	$83.3M
Q4 24	$-473.0M	$-609.2M
Q3 24	$-240.0M	$-477.3M
Q2 24	$-445.0M	$-302.4M
Q1 24	$-398.0M	$100.7M

FCF Margin

AEE

ATO

Q4 25	-3.0%	-54.0%
Q3 25	4.3%	-83.5%
Q2 25	-9.2%	-44.2%
Q1 25	-30.2%	4.3%
Q4 24	-24.4%	-51.8%
Q3 24	-11.0%	-72.5%
Q2 24	-26.3%	-43.1%
Q1 24	-21.9%	6.1%

Capex Intensity

AEE

ATO

Q4 25	56.7%	77.0%
Q3 25	36.6%	130.7%
Q2 25	48.0%	103.4%
Q1 25	50.7%	43.0%
Q4 24	66.5%	75.8%
Q3 24	52.3%	122.8%
Q2 24	59.2%	101.7%
Q1 24	49.0%	39.2%

Cash Conversion

AEE

ATO

Q4 25	3.78×	0.76×
Q3 25	1.72×	1.99×
Q2 25	3.11×	2.66×
Q1 25	1.49×	1.90×
Q4 24	3.93×	0.80×
Q3 24	1.96×	2.47×
Q2 24	2.14×	2.48×
Q1 24	1.88×	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.