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WMB

The Williams Companies, Inc.

WMB

The Williams Companies, Inc. • NYSE
$60.90 ▲ 1.12% (+0.68)
Market Cap $74.37 B
52w High $65.55
52w Low $51.58
Dividend Yield 1.98%
P/E 31.55
Volume 2.35M
Outstanding Shares 1.22B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.923B ▲ $1.343B ▲ $647M ▲ 22.135% ▲ $0.53 ▲ $1.865B ▲
Q2-2025 $2.77B ▼ $168M ▼ $546M ▼ 19.711% ▼ $0.45 ▼ $1.736B ▼
Q1-2025 $3.048B ▲ $726M ▼ $691M ▲ 22.671% ▲ $0.57 ▲ $1.856B ▲
Q4-2024 $2.743B ▲ $763M ▲ $486M ▼ 17.718% ▼ $0.4 ▼ $1.511B ▼
Q3-2024 $2.653B $725M $706M 26.611% $0.58 $1.872B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $70M ▼ $55.736B ▼ $40.876B ▼ $12.52B ▲
Q2-2025 $903M ▲ $56.141B ▲ $41.336B ▲ $12.438B ▼
Q1-2025 $100M ▲ $54.924B ▲ $40.059B ▲ $12.487B ▲
Q4-2024 $60M ▼ $54.532B ▲ $39.692B ▲ $12.436B ▲
Q3-2024 $762M $53.837B $38.972B $12.428B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $683M ▲ $1.439B ▼ $-1.022B ▼ $-1.25B ▼ $-833M ▼ $485M ▲
Q2-2025 $583M ▼ $1.45B ▲ $-1.01B ▲ $363M ▲ $803M ▲ $478M ▲
Q1-2025 $729M ▲ $1.433B ▲ $-1.17B ▼ $-223M ▲ $40M ▲ $421M ▲
Q4-2024 $517M ▼ $1.218B ▼ $-1.07B ▼ $-850M ▼ $-702M ▼ $418M ▼
Q3-2024 $796M $1.243B $-773M $237M $707M $561M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Gas NGL Marketing Services
Gas NGL Marketing Services
 $3.18Bn ▲$2.44Bn ▼$1.42Bn ▼$1.46Bn ▲
West
West
 $680.00M ▲$730.00M ▲$680.00M ▼$710.00M ▲
Northeast G And P
Northeast G And P
 $530.00M ▲$560.00M ▲$540.00M ▼$0 ▼
Transmission And Gulf Of America
Transmission And Gulf Of America
 $4.63Bn ▲$1.27Bn ▼$1.31Bn ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Williams shows a very steady revenue base over the past several years, with sales hovering in a fairly tight range and recovering well from the downturn earlier in the decade. Profitability has improved meaningfully versus earlier years, as both operating profit and net income have moved to a higher, more stable level. The most recent year does show a step down from an unusually strong prior year, suggesting less of a straight-line growth story and more of an oscillation around a higher earnings plateau. Overall, the income statement reflects a mature, cash-generating midstream company with decent margin resilience, rather than a rapid-growth business.

Balance Sheet

Balance Sheet The balance sheet is typical of a large midstream operator: asset-heavy and funded with substantial long-term debt. Total assets have been creeping higher as the company invests in its network, while shareholder equity has inched up but not dramatically. Leverage is clearly significant, so the company is sensitive to interest rates and refinancing conditions, but there is no obvious sign of sudden balance-sheet deterioration. The overall picture is of a highly capital-intensive infrastructure owner that relies on debt but has maintained a broadly stable capital structure over time.

Cash Flow

Cash Flow Cash generation from operations is a key strength: Williams consistently produces solid cash flow from its stable fee-based business. After funding sizable capital spending on new and existing infrastructure, the company still posts positive free cash flow, which is important for supporting dividends and debt service. The most recent year shows a dip from a very strong prior year, but cash generation remains healthy by historical standards. The pattern suggests a business capable of largely self-funding its growth projects while still returning cash to shareholders, assuming conditions remain similar.

Competitive Edge

Competitive Edge Williams enjoys a very strong competitive position anchored by its extensive natural gas pipeline network, especially the Transco system, which is central to U.S. gas flows along the East Coast. Replicating this footprint would be extremely difficult due to the massive capital required, regulatory challenges, and community opposition to new large pipelines. Its integrated position across gathering, processing, transportation, and storage makes it deeply embedded in customers’ operations and raises switching costs. On the flip side, its scale and visibility also mean it faces ongoing regulatory, environmental, and permitting scrutiny, which can slow or reshape future expansion.

Innovation and R&D

Innovation and R&D While not a traditional R&D-heavy company, Williams is actively innovating around its core infrastructure. Its NextGen Gas platform, methane tracking, and emissions transparency are designed to make natural gas more acceptable in a carbon-conscious world and to differentiate its services. The company is also pushing into renewable natural gas, carbon capture, and on-site solar and storage, plus using advanced data analytics to run its network more efficiently. New initiatives around serving data centers and LNG growth could open attractive niches, but execution, regulation, and technology adoption remain important uncertainties to watch.

Summary

Overall, Williams looks like a mature, infrastructure-centric natural gas company that generates steady revenue and robust cash flow, supported by a powerful asset base and long-lived contracts. Profitability has improved compared with the early part of the decade, even though the latest year pulled back from a prior peak. The balance sheet is clearly leveraged but broadly stable, reflecting the nature of the midstream business. Strategically, the company’s entrenched pipeline network gives it a strong moat, and its push into cleaner gas, emissions tracking, and new end markets like data centers shows it is actively adapting to the energy transition rather than resisting it. The key story is steady, infrastructure-style cash generation with meaningful exposure to regulation, interest rates, and the long-term pace of decarbonization.

NEWS

November 7, 2025 · 2:06 PM UTC

Williams Secures Key Permits for Northeast Supply Enhancement Project

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November 5, 2025 · 6:38 PM UTC

Williams' Transco Prices Private Debt Issuance

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November 5, 2025 · 8:53 AM UTC

Williams' Transco Initiates Private Debt Issuance

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November 3, 2025 · 4:15 PM UTC

Williams Delivers Strong Third-Quarter 2025 Results

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October 28, 2025 · 11:46 AM UTC

Williams Announces Quarterly Cash Dividend

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