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Williams Companies (WMB) stock

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NYSE: WMB NYSE Oil & Gas Storage & Transportation Next results ~February 9, 2027

C+ Fundamentals grade

Williams Companies is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$38

Valuation models combined (3)

Base case. Range ~$32–$47. Weighted average of 3 models (forward price-to-earnings vs peers, residual income, justified price-to-book), the forward price-to-earnings vs peers counting double.

Price vs value

Overvalued

The price is above our entire value range; our base value is 46% below it.

Price used: $71.19, November 2, 2026

Williams Companies valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Williams Companies files

10-Q filed November 2: Williams Companies

Model value +61.5%

Williams Companies grew revenue to $12.5bn over the twelve months to September 2026, an 8.8% increase on the prior year and broadly consistent with the pace seen a quarter earlier. Profitability told a mixed story: free-cash-flow margin tumbled to -12.6% from 16.0% a year earlier, even as operating margin widened to 37.5% from 34.3%. That improvement in operating efficiency lifts the fundamentals grade from C to C+. Our model value has climbed accordingly, moving from $23.71 to $38.30 a share. Against a share price of $72.05, however, the stock still trades well above our estimate of worth. The rating therefore remains Sell.

Source: 10-Q filed November 2, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Williams Companies stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $12.2bn, up 8.7% on a year earlier, slower than 10.7% a quarter earlier. Free-cash-flow margin fell to -0.9% from 17.0% a year earlier. Operating margin widened to 38.2% from 32.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 0 of our 2 financial-health checks. Our cash-flow model value is $27.42 a share, against a share price of $70.96.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 9, 2027 (estimated)

Williams Companies's trailing-twelve-month revenue grew 8.8% year on year, with a free-cash-flow margin of -12.6%. Where it stands out: net margin of 25.0% ranks 6 of 29 oil & gas storage & transportation companies we cover. Where it lags: free-cash-flow margin of -12.6% ranks 26 of 28 oil & gas storage & transportation companies we cover.

Current signal Capital expenditure surging: TTM capex grew 106% year over year and now absorbs 61.1% of revenue.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 37.5% of revenue is left as operating profit, against a median of 28.1% for oil & gas storage & transportation companies we cover.
  • Margins widening. Operating margin is up 3.2 points on a year ago.

Things to watch

  • Priced above our value. The share price of $71.19 is 46% above our value per share of $38.
  • Burning cash. Free cash flow was -12.6% of revenue over the last 12 months.
  • High debt. Long-term debt exceeds cash by $30.0bn, more than 1.5 times annual revenue.
  • Insiders selling. 7 insiders sold $11M of stock over the past 365 days and none bought (14% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was -50% of net income over the last 12 months.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed November 2, 2026
Earnings per share
$0.50 against an average estimate of $0.50: beat by 0.2%
Revenue
$3.22bn, up 10.3% on a year earlier
Guidance given
adjusted EBITDA $8.3bn to $8.5bn (2026); growth capex $7.3bn to $7.9bn (2026)
Next report
November 2, 2026; average EPS estimate $0.54

Williams Companies' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.3%
  • 1 week-0.8%
  • 1 month+0.9%
  • This year+21.0%
  • 1 year+26.8%
  • 5 years+213.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$12.5B
Operating margin
37.5%
Net margin
25.0%
EPS (TTM, diluted)
$2.54

Growth

Revenue growth
+8.8%
Change in growth rate
+0.1 pts
Share count change
+0.4%

Cash

Free cash flow (TTM)
-$1.6B
FCF margin
-12.6%
Stock pay % of revenue
0.7%

Earnings

Last results
November 2, 2026
Next results (est.)
February 9, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Announcement
  4. Dividend
  5. Announcement
  6. Announcement
  7. Announcement
  8. Agreement
  9. Announcement
  10. Financing
  11. Deal
  12. Announcement
  13. Leadership
  14. Announcement
  15. Deal
  16. Results
  17. Guidance
  18. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Williams Companies valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$38
Price used
$72.53close November 3, 2026
Implied change
▼ 47%
Uncertainty
Low

How we got here: the combined value of 3 valuation models built for a business like Williams Companies (see the models table below and how they are combined) , with a 7.66% cost of equity. The models span ~$32–~$47; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Williams Companies as an operating company, with every model that fits that kind of business. Cost of equity 7.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.6 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$37 ~$31–$44 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$32 ~$26–$42 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$47 ~$39–$59 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$38 ~$32–$47 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Williams Companies with Oil & Gas Storage & Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$14.36$18.84$19.22$14.63$16.70$15.34$21.22$28.18$31.53$51.18$58.82$71.19
Market value$10.8bn$14.1bn$15.9bn$14.2bn$20.3bn$18.6bn$25.8bn$34.5bn$38.6bn$62.6bn$72.0bn$87.5bn
+ Net debt (− = net cash)$24.4bn$23.3bn$20.0bn$22.2bn$22.0bn$22.2bn$22.0bn$22.8bn$24.3bn$26.9bn$29.3bn$32.2bn
Enterprise value$35.1bn$37.5bn$36.0bn$36.5bn$42.3bn$40.8bn$47.8bn$57.2bn$62.8bn$89.5bn$101.3bn$119.7bn
Multiples
Price / sales 1.5x1.9x2.0x1.6x2.5x2.4x2.4x3.1x3.5x6.0x6.0x7.0x
Price / earnings ——7.3x—23.9x88.3x17.0x16.8x12.1x28.1x27.5x28.0x
Price / free cash flow —6.7x23.1xn/m12.8x8.3x9.6x13.1x11.3x26.1x71.7x—
EV / EBITDA 17.9x15.3x13.5x14.6x11.6x10.4x10.7x11.4x9.8x16.1x15.5x16.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

68 /100

Moderate moat

How hard Williams Companies's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Net income has been a median 4.2% of total assets over 10 years.

  • Durability 15 / 20

    Operating margin has been a median 25.2%; its worst year was 12.7%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 8 of 10 years, at a median 25.3% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 0.9% over five years; stock-based pay has been a median 0.7% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.42 +15% $12.3bn +3%
Next $2.62 +8% $14.1bn +15%

Next year's EPS estimate has moved +2.1% in 90 days, across 16 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.0% on 90 days ago. In the last 30 days, 0 analysts raised Williams Companies's forecast and 2 cut it.

Consensus EPS forecast Williams Companies, last 90 days
$2.40 $2.50 $2.60 $2.70 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.42 Current fiscal year, 60 days ago: $2.45 Current fiscal year, 30 days ago: $2.40 Current fiscal year, 7 days ago: $2.42 Current fiscal year, Now: $2.42 $2.42 Next fiscal year, 90 days ago: $2.56 Next fiscal year, 60 days ago: $2.62 Next fiscal year, 30 days ago: $2.59 Next fiscal year, 7 days ago: $2.65 Next fiscal year, Now: $2.62 $2.62

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.42$2.56
60 days ago $2.45$2.62
30 days ago $2.40$2.59
7 days ago $2.42$2.65
Now $2.42$2.62

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.50 $0.50 +0.2%
Mar 2026 $0.63 $0.73 +16.4%
Dec 2025 $0.57 $0.55 −3.1%
Sept 2025 $0.52 $0.49 −5.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 3, 2026
  • Adjusted diluted earnings per common share 2026 Guidance about $2.35 Non-GAAP
    “Adjusted income from continuing operations - diluted earnings per common share $ 2.35” source
  • Adjusted EBITDA 2026 $8.3bn to $8.5bn Non-GAAP
    “The company now expects 2026 Adjusted EBITDA of $8.3 billion to $8.5 billion and growth capex between $7.3 billion and $7.9 billion.” source
  • Growth capex 2026 $7.3bn to $7.9bn
    “The company now expects 2026 Adjusted EBITDA of $8.3 billion to $8.5 billion and growth capex between $7.3 billion and $7.9 billion.” source
  • Adjusted EBITDA guidance midpoint 2026 about $8.4bn Non-GAAP Raised
    “Raising 2026 Adjusted EBITDA guidance midpoint by $200 million to $8.4 billion, reflecting Momentum Midstream acquisition” source
  • Debt-to-Adjusted EBITDA leverage ratio midpoint 2026 about 3.75 Non-GAAP
    “Including the pro-forma impact of Adjusted EBITDA from the Momentum acquisition for the last four quarters, Williams' updated leverage ratio midpoint for 2026 is now approximately 3.75x.” source
  • Adjusted EBITDA (2026 Guidance table) 2026 Guidance about $8,400m Non-GAAP
    “Adjusted EBITDA $ 8,400” source
Show 3 more items
  • AFFO per common share 2026 Guidance about $5.15 Non-GAAP
    “AFFO per common share $ 5.15” source
  • Dividend coverage ratio (AFFO/Common dividends paid) 2026 Guidance about 2.47 Non-GAAP
    “Coverage Ratio (AFFO/Common dividends paid) 2.47x” source
  • Net income (loss) from continuing operations 2026 Guidance about $3,355m GAAP
    “Net income (loss) from continuing operations $ 3,355” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

25 analysts, Nov 2026
Buy2392%
Hold28%
Sell00%

Monthly trend

  1. Nov 2026617225
  2. Oct 2026517224
  3. Sep 2026514322

Counts of recommendations published by analysts covering Williams Companies, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.5%
of tradable shares
Days to cover
3.44
at average volume
Short interest, 1 month
+11%
to October 15, 2026
Held by institutions
92%
of shares
Held by insiders
0.4%
of shares
Employees
5,987
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +26.8%

$56.16 on October 31, 2025 to $71.19

ThenNowEffect
Revenue (last 12 months) $11.2bn $12.2bn +8.7%
Net margin 21.6% 25.2% +16.4%
P/E multiple 28.3x 28.4x +0.3%
Share count 1224m 1226m −0.1%

Biggest factor: net margin.

Last 3 years +120.7%

$32.25 on November 3, 2023 to $71.19

ThenNowEffect
Revenue (last 12 months) $11.5bn $12.2bn +6.0%
Net margin 23.1% 25.2% +9.2%
P/E multiple 14.9x 28.4x +91.2%
Share count 1223m 1226m −0.2%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
WMB+38%+33%+12%+62%+15%+21%
Industry peers (median)+41%+21%+9%+27%+8%+23%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
WMB67%67%58%75%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
WMB−14%−23%−13%−12%−12%−13%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 72% from November 3, 2015 to February 8, 2016. Getting back needed a 253% gain, reached on October 7, 2021, 2068 days after the low.

Price behaviour

52-week range
$54.84 – $78.25
From 52-week high
−9.0%
vs 50-day average
−1.2%
vs 200-day average
−0.7%
Volatility (1 year)
25%
Beta vs S&P 500
0.08

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 4 down
typical move ±2.2%
After a week
8 up, 3 down
typical move ±3.6%
After a month
9 up, 2 down
typical move ±5.8%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 0.0% +3.3% +0.4% +5.2%
May 4, 2026 +0.8% +0.4% −1.8% −5.1%
February 10, 2026 +4.8% −0.3% +6.3% +8.4%
November 3, 2025 −2.4% −1.0% +4.7% +6.4%
August 4, 2025 −2.1% +1.0% −3.7% −4.2%
May 5, 2025 −2.2% −1.4% −4.8% +0.2%
February 12, 2025 +4.0% +0.7% +5.8% +4.6%
November 6, 2024 +4.5% +3.3% +4.8% +7.2%
August 5, 2024 +1.5% −2.0% +2.6% +5.3%
May 6, 2024 +1.1% +1.1% +2.6% +7.5%
February 14, 2024 +0.4% +1.6% +2.5% +10.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Williams Companies in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Williams Companies
$10B $11B $12B $13B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $10.9B Revenue (TTM), FY24 Q1: $10.6B Revenue (TTM), FY24 Q2: $10.5B Revenue (TTM), FY24 Q3: $10.5B Revenue (TTM), FY24 Q4: $10.5B Revenue (TTM), FY25 Q1: $10.8B Revenue (TTM), FY25 Q2: $11.2B Revenue (TTM), FY25 Q3: $11.5B Revenue (TTM), FY25 Q4: $12B Revenue (TTM), FY26 Q1: $11.9B Revenue (TTM), FY26 Q2: $12.2B Revenue (TTM), FY26 Q3: $12.5B $12.5B

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $10.9B
FY24 Q1 $10.6B
FY24 Q2 $10.5B
FY24 Q3 $10.5B
FY24 Q4 $10.5B
FY25 Q1 $10.8B
FY25 Q2 $11.2B
FY25 Q3 $11.5B
FY25 Q4 $12B
FY26 Q1 $11.9B
FY26 Q2 $12.2B
FY26 Q3 $12.5B
Revenue growth, TTM YoY Williams Companies
-10% 0% 10% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -0.5% Revenue growth, TTM YoY, FY24 Q1: -8.0% Revenue growth, TTM YoY, FY24 Q2: -9.2% Revenue growth, TTM YoY, FY24 Q3: -4.6% Revenue growth, TTM YoY, FY24 Q4: -3.7% Revenue growth, TTM YoY, FY25 Q1: 1.7% Revenue growth, TTM YoY, FY25 Q2: 7.4% Revenue growth, TTM YoY, FY25 Q3: 9.0% Revenue growth, TTM YoY, FY25 Q4: 13.8% Revenue growth, TTM YoY, FY26 Q1: 10.7% Revenue growth, TTM YoY, FY26 Q2: 8.7% Revenue growth, TTM YoY, FY26 Q3: 8.8% 8.8%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -0.5%
FY24 Q1 -8.0%
FY24 Q2 -9.2%
FY24 Q3 -4.6%
FY24 Q4 -3.7%
FY25 Q1 1.7%
FY25 Q2 7.4%
FY25 Q3 9.0%
FY25 Q4 13.8%
FY26 Q1 10.7%
FY26 Q2 8.7%
FY26 Q3 8.8%
Operating margin (TTM) Williams Companies
30% 32% 34% 36% 38% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 39.5% Operating margin (TTM), FY24 Q1: 37.4% Operating margin (TTM), FY24 Q2: 36.3% Operating margin (TTM), FY24 Q3: 34.5% Operating margin (TTM), FY24 Q4: 31.8% Operating margin (TTM), FY25 Q1: 31.7% Operating margin (TTM), FY25 Q2: 32.7% Operating margin (TTM), FY25 Q3: 34.3% Operating margin (TTM), FY25 Q4: 35.1% Operating margin (TTM), FY26 Q1: 37.1% Operating margin (TTM), FY26 Q2: 38.2% Operating margin (TTM), FY26 Q3: 37.5% 37.5%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 39.5%
FY24 Q1 37.4%
FY24 Q2 36.3%
FY24 Q3 34.5%
FY24 Q4 31.8%
FY25 Q1 31.7%
FY25 Q2 32.7%
FY25 Q3 34.3%
FY25 Q4 35.1%
FY26 Q1 37.1%
FY26 Q2 38.2%
FY26 Q3 37.5%
FCF margin (TTM) Williams Companies
-20% 0% 20% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 31.4% FCF margin (TTM), FY24 Q1: 29.7% FCF margin (TTM), FY24 Q2: 29.4% FCF margin (TTM), FY24 Q3: 29.3% FCF margin (TTM), FY24 Q4: 22.9% FCF margin (TTM), FY25 Q1: 19.8% FCF margin (TTM), FY25 Q2: 17.0% FCF margin (TTM), FY25 Q3: 16.0% FCF margin (TTM), FY25 Q4: 8.4% FCF margin (TTM), FY26 Q1: 6.9% FCF margin (TTM), FY26 Q2: -0.9% FCF margin (TTM), FY26 Q3: -12.6% -12.6%

Source: SEC EDGAR filings. Retrieved November 2, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 31.4%
FY24 Q1 29.7%
FY24 Q2 29.4%
FY24 Q3 29.3%
FY24 Q4 22.9%
FY25 Q1 19.8%
FY25 Q2 17.0%
FY25 Q3 16.0%
FY25 Q4 8.4%
FY26 Q1 6.9%
FY26 Q2 -0.9%
FY26 Q3 -12.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Williams Companies took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $11.9B
  2. Selling, general and admin $721M · 6.0%
  3. Other operating costs $7B · 58.9%
  4. Operating income $4.2B · 35.1%
  5. Income tax $857M · 7.2%
  6. Interest and other $721M · 6.0%
  7. Net income $2.6B · 21.9%

Shares of revenue. Source: Williams Companies's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 5.3 6.6 7.9 7.5 6.9 7.6 7.4 7.5 8.0 8.7 8.2 7.7 10.6 11.0 10.9 10.5 12.0 12.5
EBITDA 2.6 2.9 2.5 2.4 2.2 2.7 2.0 2.5 2.7 2.5 3.6 3.9 4.5 5.0 6.4 5.6 6.5 7.1
Operating income 1.1 1.4 1.9 1.6 1.4 1.6 0.2 0.7 0.9 0.8 1.9 2.2 2.6 3.0 4.3 3.3 4.2 4.7
Net income 0.3 −1.1 0.4 0.9 0.4 2.1 −0.6 −0.4 2.2 −0.2 0.9 0.2 1.5 2.0 3.2 2.2 2.6 3.1
Diluted EPS $0.49 −$1.86 $0.63 $1.37 $0.62 $2.92 −$0.76 −$0.57 $2.62 −$0.16 $0.70 $0.17 $1.24 $1.67 $2.60 $1.82 $2.14 $2.54
Growth (year on year)
Revenue −55.6% +25.8% +19.5% −5.6% −8.4% +11.3% −3.6% +1.9% +7.1% +8.2% −5.6% −5.9% +37.7% +3.2% −0.5% −3.7% +13.8% +8.8%
EBITDA −33.0% +13.2% −13.2% −6.3% −7.5% +25.3% −28.5% +24.8% +8.6% −6.4% +45.8% +7.9% +14.0% +12.4% +27.0% −12.9% +17.7% +13.0%
Operating income −56.3% +27.2% +32.7% −13.7% −14.7% +14.1% −85.6% +204.9% +34.5% −17.2% +150.1% +14.6% +19.5% +14.7% +42.8% −22.5% +25.7% +18.9%
Net income −79.9% −484.9% — +128.5% −49.9% +391.6% −127.0% — — −107.1% — −75.2% +619.0% +35.1% +55.1% −30.0% +17.7% +31.9%
Diluted EPS −79.6% −479.6% — +117.5% −54.7% +371.0% −126.0% — — −106.1% — −75.7% +629.4% +34.7% +55.7% −30.0% +17.6% +31.4%
Margins
EBITDA margin 48.8% 43.9% 31.9% 31.6% 31.9% 35.9% 26.7% 32.7% 33.2% 28.7% 44.3% 50.8% 42.1% 45.8% 58.5% 52.9% 54.8% 56.6%
Operating margin 21.0% 21.2% 23.5% 21.5% 20.0% 20.5% 3.1% 9.2% 11.5% 8.8% 23.4% 28.5% 24.8% 27.5% 39.5% 31.8% 35.1% 37.5%
Net margin 5.4% −16.5% 4.7% 11.5% 6.3% 27.7% −7.8% −5.7% 27.1% −1.8% 10.4% 2.7% 14.3% 18.7% 29.1% 21.2% 21.9% 25.0%
Free-cash-flow margin 3.5% −2.1% 8.1% −9.3% −19.8% −25.1% −6.2% 28.1% 8.6% 0.4% 19.3% 29.2% 25.5% 24.0% 31.4% 22.9% 8.4% −12.6%
Cash flow
Cash from operations 2.6 2.7 3.4 1.8 2.2 2.1 2.7 4.2 3.1 3.3 3.7 3.5 3.9 4.9 5.9 5.0 5.9 6.1
Capital spending 2.4 2.8 2.8 2.5 3.6 4.0 3.2 2.1 2.4 3.3 2.1 1.2 1.2 2.3 2.5 2.6 4.9 7.6
Free cash flow 0.2 −0.1 0.6 −0.7 −1.4 −1.9 −0.5 2.1 0.7 0.0 1.6 2.3 2.7 2.6 3.4 2.4 1.0 −1.6
Stock-based pay 0.0 0.0 0.1 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.1 −0.2 0.6 −0.7 −1.4 −2.0 −0.5 2.0 0.6 −0.0 1.5 2.2 2.6 2.6 3.3 2.3 0.9 −1.7
Balance sheet
Cash 1.9 0.8 0.9 0.8 0.7 0.2 0.1 0.2 0.9 0.2 0.3 0.1 1.7 0.2 2.2 0.1 0.1 1.8
Total debt 8.3 9.1 8.7 10.7 11.6 21.6 24.5 23.5 20.9 22.4 22.3 22.3 23.7 22.9 26.4 26.9 29.4 33.9
Net debt (negative = net cash) 6.4 8.3 7.8 9.9 10.9 21.3 24.4 23.3 20.0 22.2 22.0 22.2 22.0 22.8 24.3 26.9 29.3 32.2
Diluted shares 586m 591m 598m 625m 687m 724m 749m 751m 829m 974m 1,214m 1,215m 1,218m 1,223m 1,223m 1,223m 1,225m 1,229m
Returned to shareholders
Dividends 0.3 0.3 0.5 0.7 1.0 1.4 1.8 1.3 1.0 1.4 1.8 1.9 2.0 2.1 2.2 2.3 2.4 2.6
Buybacks 0.0 — — — — — — — — — — — 0.0 0.0 0.1 0.0 0.0 —
Total returned 0.3 0.3 0.5 0.7 1.0 1.4 1.8 1.3 1.0 1.4 1.8 1.9 2.0 2.1 2.3 2.3 2.4 2.6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 6 checks passed · September 30, 2026
What it owns · $70.7bn
Short-term assets $4.7bnLonger-term assets $65.9bn
What it owes, and who funded it · $22.1bn
Short-term liabilities $6.3bnShareholders' equity $15.7bn
  • Short-term assets cover short-term liabilities $4.7bn of assets due within a year against $6.3bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $1.8bn of cash against $31.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 202% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 184% to 202% over five years.
  • A year's operating cash flow covers at least 20% of debt $6.1bn of operating cash flow against $31.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of $4.7bn against $1.5bn of interest.

From Williams Companies's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$2.5B
Buybacks, last 3 fiscal years
$130M
Diluted share count
+0.4%
year over year
Total shareholder yield
2.9%
dividends 2.9% + buybacks 0.0% of market value
Dividend payout ratio
82%
of net income paid out
Sales & admin spending
6.2%
of revenue

Competitors: side by side with peers

Closest by revenue in oil & gas storage & transportation
Last 12 months unless stated WMB MPLX CQP TRP TRGP KMI Median
Revenue, last 12 months $12.5bn $13.2bn $11.7bn $10.9bn $16.7bn $18.3bn $2.0bn
Revenue growth, last 12 months 8.8% 8.7% 13.2% 8.5% −2.0% 11.7% 8.8%
Revenue growth, 3-year average 4.2% 4.9% −0.1% 8.5% −2.1% 4.9% 4.0%
Revenue growth, latest quarter 10.3% 10.3% 7.1% — 4.2% 9.3% 10.7%
Gross margin — — 47.3% 98.6% 43.2% 51.8% 42.6%
Operating margin 37.5% 44.4% 34.2% 52.7% 22.9% 29.0% 27.3%
Operating margin, 3-year average 35.4% 44.0% 34.6% 39.3% 18.4% 28.4% 20.8%
Net margin 25.0% 35.7% 28.1% 23.1% 13.5% 19.6% 13.1%
Cash from operations / revenue 48.5% 45.2% 29.5% 48.2% 25.6% 36.7% 29.5%
Free-cash-flow margin −12.6% 25.2% 24.8% 13.6% 4.4% 16.8% 11.8%
Free-cash-flow margin, 3-year average 10.9% 35.0% 27.1% −1.4% 3.2% 19.9% 8.8%
Stock pay / revenue 0.7% 0.2% — 0.0% 0.5% — 0.5%
Change in share count 0.4% — 11.7% 0.2% −1.5% 0.1% 0.2%

Median of all 29 companies we cover in oil & gas storage & transportation. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

29 oil & gas storage & transportation companies
Measure Company Peer median Rank
Revenue growth Growth 8.8% 8.8% 14 of 29
Change in growth rate Growth +0.1pp +0.5pp 16 of 29
Operating margin Profitability 37.5% 28.1% 8 of 27
Net margin Profitability 25.0% 13.1% 6 of 29
Free-cash-flow margin Cash generation -12.6% 13.6% 26 of 28
Stock pay as % of revenue Cash generation 0.7% 0.8% 10 of 20
Long-term debt as % of assets Balance sheet 44.9% 46.2% 13 of 26
Change in share count Balance sheet 0.4% 0.2% 12 of 19

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Services $8.3B ▲ 9.4%
Non Regulated Service Monetary Consideration $4.4B ▲ 10.1%
Regulated Service $3.7B ▲ 8.8%
Products $3.3B ▲ 10.0%
Non Regulated Service Commodity Consideration $192M ▲ 43.3%
Other Service $155M ▲ 10.7%
Energy Commodities and Service $120M —

These categories overlap or exclude eliminations, so shares aren't shown.

From Williams Companies's 10-K filed February 24, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$81.6B
Institutions reporting
1,821
Shares held vs prior quarter
▲ 4.4%
Positions opened / closed
129 / 116

Top buyers and sellers, Q2 2026: 852 institutions bought and 777 sold ; the biggest buyer was Wellington Management Group LLP (+10.0M shares) and the biggest seller Qube Research & Technologies Ltd (−3.8M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $8.6B 115.5M 10.5% ▲ 3.2%
Vanguard Capital Management LLC $5.9B 79.8M 7.3% ▲ 0.6%
State Street Corp $5.4B 72.0M 6.6% ▼ 1.3%
Bank Of America Corp $3.3B 44.7M 4.1% ▲ 0.5%
Vanguard Portfolio Management LLC $3.2B 43.5M 4.0% ▲ 0.6%
Wellington Management Group LLP $2.5B 33.1M 3.0% ▲ 43.4%
Morgan Stanley $2.4B 31.8M 2.9% ▼ 5.7%
Geode Capital Management, LLC $2.2B 29.9M 2.7% ▲ 1.1%
Clearbridge Investments, LLC $1.8B 24.2M 2.2% ▲ 4.2%
Jpmorgan Chase & Co $1.6B 21.4M 2.0% ▼ 3.1%
Invesco Ltd. $1.4B 19.3M 1.8% ▲ 6.7%
Deutsche Bank Ag\ $1.3B 17.6M 1.6% ▼ 7.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Williams Companies's complete shareholder register. Values are as reported by the filers ; 9 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $11.1M 22 trades by 7 insiders · 14% under pre-set plans
Net ▼ $11.1M net selling
Insider Date Trade Shares Price Value
Wilson Terrance Lane SVP & General Counsel October 1, 2026 Sell pre-set plan 2,000 $67.85 $135,700
Wilson Terrance Lane SVP & General Counsel September 1, 2026 Sell pre-set plan 2,000 $75.56 $151,120
Wilson Terrance Lane SVP & General Counsel August 14, 2026 Sell 2,800 $74.84 $209,552
Wilson Terrance Lane SVP & General Counsel August 14, 2026 Sell 10,200 $74.88 $763,776
Wilson Terrance Lane SVP & General Counsel August 3, 2026 Sell pre-set plan 2,000 $70.65 $141,300
Wilson Terrance Lane SVP & General Counsel July 1, 2026 Sell pre-set plan 2,000 $74.16 $148,320
Wilson Terrance Lane SVP & General Counsel June 1, 2026 Sell pre-set plan 2,000 $71.30 $142,600
Jasek Glen G. Senior Vice President May 15, 2026 Sell 836 $78.13 $65,317
Jasek Glen G. Senior Vice President May 15, 2026 Sell 1,664 $78.17 $130,075
Larsen Larry C Executive Vice President & COO May 14, 2026 Sell 12,000 $76.49 $917,880
Porter John Dean EVP & CFO May 6, 2026 Sell 50,000 $75.37 $3.8M
Wilson Terrance Lane SVP & General Counsel May 1, 2026 Sell pre-set plan 2,000 $76.35 $152,700

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 74 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 1 sale of Williams Companies shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded February 10, 2026, filed March 9, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (full), $1,001 - $15,000, traded January 9, 2026, filed February 13, 2026
  • Ritchie Torres(D-NY 15):Sale (full), $1,001 - $15,000, traded July 11, 2025, filed August 20, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 9, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 3, 2026
  • May 4, 2026
  • February 10, 2026
  • November 3, 2025
  • August 4, 2025

Recent SEC filings

Data status

When each part of this page on Williams Companies was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Williams Companies in brief

What does Williams Companies do?
Williams Companies is a US-listed company in the oil & gas storage & transportation industry. Its financial year ends in December.
What is Williams Companies's stock ticker?
Williams Companies trades under the ticker WMB on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Williams Companies's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Williams Companies reported revenue of $12.5B, 8.8% higher than a year earlier, according to its SEC filings.
What is Williams Companies's free cash flow?
Williams Companies's free-cash-flow margin is -12.6% of revenue over the trailing twelve months, ranking 26 of the 28 oil & gas storage & transportation companies we cover.
Who are Williams Companies's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Williams Companies's market cap?
On November 2, 2026, Williams Companies's market capitalisation was about $87.5B, with a price-to-earnings ratio of 28.0 and net debt of $32.2B. Market figures come from third-party market data and may be delayed.
Does Williams Companies pay a dividend?
Yes: Williams Companies paid $2.5B in dividends over the trailing twelve months, a dividend yield of 2.89% and a payout ratio of 81.6%.
How much debt does Williams Companies have?
Williams Companies's debt-to-equity ratio is 201.7%, from its latest balance sheet (183.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Williams Companies's competitors?
In our Oil & Gas Storage & Transportation peer group, the companies closest to Williams Companies are Mplx LP, Cheniere Energy Partners, L.p., TC Energy Corp, Targa Resources and Kinder Morgan. The side-by-side comparison below sets their revenue, margins and growth against Williams Companies's.
Are insiders buying or selling Williams Companies stock?
Over the last 12 months, Williams Companies's directors and officers reported 0 open-market purchases and 22 sales on Form 4. The insider trading page charts every trade.
When is Williams Companies's next earnings date?
Around February 9, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Williams Companies announces its own schedule.