Williams Companies (WMB) financials
NYSE · Energy · Oil & Gas Midstream · 5,987 employees · CEO Chad J. Zamarin
- Price
- $74.35 -0.71%
- Market cap
- $90.9B
- Enterprise value
- $122B
- Last report
- Q2 '26 filed 2026-08-03
- Next report
- 2026-11-02 EPS est. $0.54
Revenue (TTM)$12.2B+8.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)40.3%+8.1 pp vs a year agoOperating income $4.92B
Net income (TTM)$3.07B+26.5% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)-$214M-111.9% vs a year agoCapex $6.21B
Diluted EPS (TTM)$2.52+26.0% vs a year agoSum of the last 4 quarters
Net cash-$30.6B-10.6% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $90.9B EV $122B
- Revenue
- $12.2B Trailing 12 months
- Revenue growth
- +4% FY2026 consensus
- Profit margin
- 25.2% Net income / revenue, TTM
- P/E
- 29.5× Forward 30.2× (FY2026)
- P/S
- 7.5× Price / sales, TTM
- EV / EBITDA
- 15.8× TTM
- Free cash flow
- -$214M Trailing 12 months
- Net income
- $3.07B Trailing 12 months
- Revenue estimate
- $12.4B FY2026 consensus
- Earnings
- 2026-11-02 Revenue est. $2.99B
- Dividend
- $2.08 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-08-03): revenue beat by 7.9%, EPS in lineRevenue $3.05B vs $2.83B expected (+7.9%); EPS $0.50 vs $0.50 (-0.4%).
- Revenue growth steady: 10.2% year on yearQ2 '26 revenue $3.05B, against an average of 11.2% over the four quarters before.
- Operating margin 40.3% (TTM), +8.1 pp on a year agoOperating income grew 36.2% while revenue grew 8.8%.
- 16.1% of pre-tax profit is eaten by non-operating lossesPre-tax income $4.24B vs operating income $4.92B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 50.9% of revenue (a year ago 31.6%)$6.21B invested in the last 4 quarters (+75.4% on a year earlier). Free cash flow -$214M = -7.0% of net income.
- Diluted share count up 0.2% in a year1.22B diluted shares in Q2 '26, 1.22B a year earlier.
- Net debt $30.6BCash + short-term investments $203M, debt incl. leases $30.8B; a year ago net debt $27.7B.
Last quarter: Q2 '26
Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q2 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $3.05B | $2.77B | +10.2% |
| Gross margin | 83.3% | 38.1% | +45.2 pp |
| Operating income | $1.18B | $887M | +33.3% |
| Operating margin | 38.7% | 32.0% | +6.7 pp |
| Net income | $827M | $546M | +51.5% |
| Diluted EPS | $0.68 | $0.45 | +51.1% |
| Operating cash flow | $1.38B | $1.45B | -5.1% |
| Capex | $1.83B | $972M | +88.7% |
| Free cash flow | -$458M | $478M | -195.8% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $17M | $19M | -10.5% |
Reported vs consensus
2026-08-03| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $3.05B | $2.83B | +7.9% |
| EPS (as estimated) | $0.50 | $0.50 | -0.4% |
From the report of 2026-08-03 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Gas & NGL Marketing Services | $638M | -55.1% | 20.9% | $4.48B | -41.2% | |
| Transmission, Power & Gulf | $1.39B | – | 45.4% | – | – | |
| West | $724M | +7.1% | 23.7% | $2.92B | +6.4% | |
| Northeast G&P | $547M | – | 17.9% | – | – | |
| Intersegment Eliminations | -$392M | – | -12.8% | – | – | |
| Other Operating Segment | $151M | – | 4.9% | – | – |
Revenue by region
share of total| Segment | Q2 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| West | $724M | +7.1% | 100.0% | $3.65B | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $5.99B
- Capex
- -$6.21B
- Buybacks
- $0
- Dividends
- -$2.51B
- Acquisitions
- $284M
- Net debt issued
- $1.64B
- Stock-based compensation
- -$10M
- Free cash flow
- -$214M
- Returned to shareholders / FCF
- -1,170.6%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 29.5× | 22.3× | 13.3× – 29.7× |
| EV / EBITDA | 15.8× | 11.6× | 8.7× – 14.2× |
| EV / Sales | 10.0× | 6.9× | 5.0× – 8.9× |
| Price / FCF | -425.0× | 28.0× | 11.7× – 73.0× |
| Price / Book | 6.9× | 4.1× | 2.8× – 5.7× |
| FCF yield | -0.2% | 5.6% | 1.4% – 8.5% |
| Return on invested capital | 6.6% | 5.6% | 4.4% – 6.7% |
| Return on equity | 23.9% | 19.0% | 13.3% – 25.6% |
Analysts
Consensus target $87.45 (+17.6%)
range $82.00 – $103.00 · rating Buy
Strong buy0
Buy27
Hold7
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $12.4B | +4.0% | $2.46 | +14.9% | 30.2× | 11 |
| FY2027 | $14.4B | +15.5% | $2.63 | +6.8% | 28.3× | 12 |
| FY2028 | $16.6B | +15.5% | $3.07 | +16.7% | 24.2× | 11 |
| FY2029 | $18.6B | +12.4% | $3.53 | +15.1% | 21.1× | 4 |
| FY2030 | $22.5B | +20.8% | $4.49 | +27.2% | 16.6× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 231 figures The Williams Companies, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $2.22B | $1.41B | +57.0% | $2.22B | $1.61B | +37.9% |
| Accounts Receivable, Allowance for Credit Loss, Current | $1M | $1M | 0.0% | $1M | $1M | 0.0% |
| Accrual for Environmental Loss Contingencies | $37M | $42M | -11.9% | $42M | $42M | 0.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $20.9B | $19.6B | +6.4% | $20B | $18.7B | +7.0% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $124M | $77M | +61.0% | $127M | $76M | +67.1% |
| Additional Collateral, Aggregate Fair Value | $60M | $9M | +566.7% | $30M | $6M | +400.0% |
| Additional Paid in Capital, Common Stock | $24.8B | $24.6B | +0.6% | $24.8B | $24.6B | +0.6% |
| Asset Retirement Obligation | $2.59B2025-12-31 | $2.64B | -2.0% | $2.59B | $2.64B | -2.0% |
| Asset Retirement Obligation, Accretion Expense | – | – | – | $133M | $118M | +12.7% |
| Asset Retirement Obligation, Liabilities Incurred | – | – | – | $23M | $474M | -95.1% |
| Asset Retirement Obligation, Liabilities Settled | – | – | – | $110M | $68M | +61.8% |
| Asset Retirement Obligation, Revision of Estimate | – | – | – | -$57M | $31M | -283.9% |
| Assets | $60.6B | $56.1B | +8.0% | $58.6B | $54.5B | +7.4% |
| Assets, Current | $3.12B | $3.22B | -3.0% | $3.24B | $2.66B | +21.9% |
| Business Combination, Step Acquisition, Equity Interest in Acquiree, Remeasurement Gain | $02025-12-31 | $0 | – | $0 | $127M | -100.0% |
| Capitalized Contract Cost, Amortization | -$13M | $0 | – | -$17M | $0 | – |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $203M | $903M | -77.5% | $63M | $60M | +5.0% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$747M | $803M | -193.0% | $3M | -$2.09B | +100.1% |
| Collateral Already Posted, Aggregate Fair Value | $245M | $269M | -8.9% | $189M | $288M | -34.4% |
| Commercial Paper | $475M | $0 | – | $700M | $455M | +53.8% |
| Common Stock, Dividends, Per Share, Declared | $0.53 | $0.50 | +5.0% | $2.00 | $1.90 | +5.3% |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 1.47B | 1.47B | 0.0% | 1.47B | 1.47B | 0.0% |
| Common Stock, Shares, Issued | 1.26B | 1.26B | +0.2% | 1.26B | 1.26B | +0.2% |
| Common Stock, Value, Issued | $1.26B | $1.26B | +0.2% | $1.26B | $1.26B | +0.2% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $49M | $37M | +32.4% | $150M | $121M | +24.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $826M | $547M | +51.0% | $2.64B | $2.3B | +14.7% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $875M | $584M | +49.8% | $2.79B | $2.42B | +15.2% |
| Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Changes, Net | – | – | – | -$40M | – | – |
| Contract with Customer, Asset, after Allowance for Credit Loss | $113M | $102M | +10.8% | $109M | $98M | +11.2% |
| Contract with Customer, Asset, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress | $20M | $28M | -28.6% | $86M | $170M | -49.4% |
| Contract with Customer, Asset, Increase (Decrease) for Contract Acquired in Business Combination | $02025-12-31 | $0 | – | $0 | $36M | -100.0% |
| Contract with Customer, Asset, Reclassified to Receivable | $6M | $30M | -80.0% | $58M | $144M | -59.7% |
| Contract with Customer, Liability | $932M | $1.05B | -11.6% | $948M | $1.05B | -9.4% |
| Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Measure of Progress | -$86M | -$86M | 0.0% | -$198M | -$183M | -8.2% |
| Contract with Customer, Liability, Increase (Decrease) for Contract Acquired in Business Combination | $0 | $23M | -100.0% | $23M | $53M | -56.6% |
| Contract with Customer, Liability, Revenue Recognized | $72M | $73M | -1.4% | $307M | $279M | +10.0% |
| Costs and Expenses | $1.87B | $1.84B | +1.9% | $7.75B | $7.16B | +8.2% |
| Current Federal Tax Expense (Benefit) | -$6M | $84M | -107.1% | $99M | $125M | -20.8% |
| Current Income Tax Expense (Benefit) | $3M | $95M | -96.8% | $113M | $134M | -15.7% |
| Current State and Local Tax Expense (Benefit) | $9M | $11M | -18.2% | $14M | $9M | +55.6% |
| Debt, Long-term and Short-term, Combined Amount | $28.7B2025-12-31 | $26.5B | +8.3% | $28.7B | $26.5B | +8.3% |
| Deferred Federal Income Tax Expense (Benefit) | $226M | $63M | +258.7% | $597M | $472M | +26.5% |
| Deferred Income Tax Expense (Benefit) | $257M | $79M | +225.3% | $744M | $506M | +47.0% |
| Deferred State and Local Income Tax Expense (Benefit) | $31M | $16M | +93.8% | $147M | $34M | +332.4% |
| Deferred Tax and Other Liabilities, Noncurrent | $5.6B | $4.56B | +22.6% | $5.17B | $4.38B | +18.1% |
| Deferred Tax Asset, Interest Carryforward | $117M2025-12-31 | $247M | -52.6% | $117M | $247M | -52.6% |
| Deferred Tax Assets, Gross | $1.98B2025-12-31 | $2.14B | -7.4% | $1.98B | $2.14B | -7.4% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.9B2025-12-31 | $2.05B | -7.3% | $1.9B | $2.05B | -7.3% |
| Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $224M2025-12-31 | $325M | -31.1% | $224M | $325M | -31.1% |
| Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $171M2025-12-31 | $224M | -23.7% | $171M | $224M | -23.7% |
| Deferred Tax Assets, Other | $127M2025-12-31 | $92M | +38.0% | $127M | $92M | +38.0% |
| Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | $203M2025-12-31 | $108M | +88.0% | $203M | $108M | +88.0% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $1.14B2025-12-31 | $1.15B | -0.3% | $1.14B | $1.15B | -0.3% |
| Deferred Tax Assets, Valuation Allowance | $83M2025-12-31 | $91M | -8.8% | $83M | $91M | -8.8% |
| Deferred Tax Liabilities, Gross | $7.07B2025-12-31 | $6.43B | +10.0% | $7.07B | $6.43B | +10.0% |
| Deferred Tax Liabilities, Investment in Noncontrolled Affiliates | $1.72B2025-12-31 | $1.73B | -0.9% | $1.72B | $1.73B | -0.9% |
| Deferred Tax Liabilities, Net | $5.17B2025-12-31 | $4.38B | +18.1% | $5.17B | $4.38B | +18.1% |
| Deferred Tax Liabilities, Other | $237M2025-12-31 | $193M | +22.8% | $237M | $193M | +22.8% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $5.12B2025-12-31 | $4.5B | +13.7% | $5.12B | $4.5B | +13.7% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01