Atmos Energy delivered a solid QQ1 2025 performance driven by continued regulated rate mechanisms, higher industrial load, and through-system revenues from the APT expansion. Revenue rose to $1.176 billion with net income of $351.9 million and diluted EPS of $2.23 for the quarter, supported by $69 million in rate increases across operating segments and solid residential/commercial/industrial customer growth. The company also highlighted meaningful capital expenditure to modernize and expand the system, including the completion of the thirty-six-inch line s2 project and ongoing interconnects to enhance reliability and supply diversity. Management reiterated full-year guidance of $7.05 to $7.25 per share and a capital spend target of $3.7 billion, funded through a balanced mix of debt and ATM equity, with liquidity of approximately $5.2 billion. While the near-term outlook remains favorable, Atmos faces regulatory risk related to ongoing rate filings, weather and load variability, and external macro factors such as costs from supply chain tariffs. The balance sheet remains strong, with 60% direct capitalization and a robust liquidity position, though free cash flow was negative for the quarter due to heavy capex.