WMB · Williams Companies, Inc.
$74.41
+3.33 (+4.68%)
At close · Aug 26
View the 10-K filed Feb 24, 2026
Customer concentration
— top customer 31% of revenue
One customer — 31% of revenue (the year ended December 31, 2025)
“For the year ended December 31, 2025, Transco's largest customer was Duke Energy Corporation, which accounted for approximately 9 percent of its operating revenue, and NWP's largest customer was Puget Sound Energy, Inc., which accounted for approximately 31 percent of its operating revenue.”
One customer — 9% of revenue (the year ended December 31, 2025)
“For the year ended December 31, 2025, Transco's largest customer was Duke Energy Corporation, which accounted for approximately 9 percent of its operating revenue, and NWP's largest customer was Puget Sound Energy, Inc., which accounted for approximately 31 percent of its operating revenue.”
Market Cap
$86.81B
Shares
1.22B
Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.
Revenue
$11.95B
+13.8%
FY2025
Net Income
$2.62B
+17.7%
FY2025
Gross Margin
53.3%
+2.9pp
FY2012
Operating Margin
35.11%
+3.3pp
FY2025
Diluted EPS
$2.14
+17.6%
FY2025
Operating Cash Flow
$5.9B
+18.6%
FY2025
Chart any reported metric, KPI or segment over time — the full statement history lives here
Search above to add metrics — fundamentals, product and segment revenue, company KPIs, valuation.
| Line Item | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 | FY2008 | FY2007 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $12.2B | $11.95B | $10.5B | $10.91B | $10.97B | $10.63B | $7.72B | $8.2B | $8.69B | $8.03B | $7.5B | $7.36B | $7.64B | $6.86B | $7.49B | $7.93B | $6.64B | $5.28B | $11.89B | $10.24B | |
| $3.17B | — | — | — | — | — | — | — | — | — | — | — | — | — | $3.5B | $3.93B | $3.26B | — | — | — | |
| $3.9B | — | — | — | — | — | — | — | — | — | — | — | — | — | $3.99B | $4B | $3.38B | — | — | — | |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | 53.3% | 50.39% | 50.89% | — | — | — | |
| — | $721M | $708M | $665M | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |
| $718M | — | $708M | $665M | $636M | $558M | $466M | $558M | $569M | $594M | $722M | $741M | $661M | $512M | $571M | $477M | $504M | $330M | $504M | $461M | |
| — | — | — | — | — | — | $328M | $324M | $333M | $347M | $356M | $353M | $209M | $60M | $43M | $2M | $0 | — | — | — | |
| $2.33B | $2.35B | $2.22B | $2.07B | $2.01B | $1.84B | $1.72B | $1.71B | $1.73B | $1.74B | $1.76B | $1.74B | $1.18B | $815M | $756M | $661M | $1.51B | $1.47B | $1.31B | $1.08B | |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | $26M | — | $45M | — | — | — | |
| $7.54B | $7.75B | $7.16B | $6.6B | $7.95B | $8B | $5.52B | $6.28B | $7.92B | $7.1B | $6.81B | $7.13B | $6.07B | $5.49B | $5.87B | $6.06B | $5.23B | — | — | — | |
| $4.66B | $4.2B | $3.34B | $4.31B | $3.02B | $2.63B | $2.2B | $1.92B | $768M | $927M | $689M | $226M | $1.57B | $1.38B | $1.61B | $1.87B | $1.41B | $1.11B | $2.53B | $1.79B | |
| — | 35.11% | 31.79% | 39.53% | 27.52% | 24.76% | 28.53% | 23.42% | 8.84% | 11.54% | 9.19% | 3.07% | 20.54% | 20.04% | 21.53% | 23.54% | 21.2% | 20.95% | 21.3% | 17.45% | |
| $6.99B | $6.54B | $5.56B | $6.38B | $5.03B | $4.47B | $3.92B | $3.64B | $2.49B | $2.66B | $2.45B | $1.96B | $2.75B | $2.19B | $2.37B | $2.53B | $2.91B | $2.58B | $3.84B | $2.87B | |
| $1.49B | $1.44B | $1.36B | $1.24B | $1.15B | $1.18B | $1.17B | $1.19B | $1.11B | $1.08B | $1.18B | $1.04B | $747M | $510M | — | — | — | — | — | — | |
| — | $40M | $67M | $79M | $15M | $7M | — | — | — | — | — | — | $43M | $53M | $28M | $6M | — | — | — | — | |
| $97M | $69M | $108M | $99M | $18M | $6M | -$43M | $33M | $92M | -$25M | $85M | $102M | $31M | $0 | -$2M | $11M | -$12M | $2M | $0 | $12M | |
| $783M | $760M | $560M | $589M | $637M | $608M | $328M | $375M | $396M | $434M | $397M | $335M | $144M | $134M | $111M | $155M | $143M | $118M | $137M | — | |
| — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | $43M | -$75M | $1M | — | |
| $4.24B | $3.63B | $2.99B | $4.41B | $2.54B | $2.07B | $277M | $1.06B | $331M | $535M | -$375M | -$1.71B | $3.58B | $1.08B | $1.29B | $1.2B | $385M | $550M | — | — | |
| $994M | $857M | $640M | $1.01B | $425M | $511M | $79M | $335M | $138M | -$1.97B | -$25M | -$399M | $1.25B | $401M | $360M | $124M | $114M | $204M | $677M | $490M | |
| $3.07B | $2.62B | $2.23B | $3.18B | $2.05B | $1.52B | $211M | $850M | -$155M | $2.17B | -$424M | -$571M | $2.11B | $430M | $859M | $376M | -$1.1B | $285M | $1.42B | $990M | |
| — | 21.91% | 21.18% | 29.15% | 18.69% | 14.27% | 2.73% | 10.36% | -1.78% | 27.07% | -5.65% | -7.76% | 27.68% | 6.27% | 11.47% | 4.74% | -16.53% | 5.4% | 11.93% | 9.67% | |
| $171M | $150M | $121M | $124M | $68M | $45M | -$13M | -$136M | $348M | $335M | $74M | -$743M | $225M | $238M | $206M | $285M | $175M | $76M | $174M | $90M | |
| $3.07B | $2.62B | $2.22B | $3.18B | $2.05B | $1.51B | $208M | $847M | -$156M | $2.17B | -$424M | — | — | — | — | — | — | — | — | — | |
| $3.09B | $2.64B | $2.3B | $3.2B | $2.06B | $1.58B | $314M | $921M | -$123M | $2.28B | -$321M | -$672M | $1.96B | $628M | $886M | $288M | -$1.01B | — | — | — | |
| USD/shares | — | $2.14 | $1.82 | $2.61 | $1.68 | $1.25 | $0.17 | $0.70 | -$0.16 | $2.63 | -$0.57 | -$0.76 | $2.94 | $0.63 | $1.39 | $0.64 | -$1.88 | $0.49 | $2.44 | $1.66 |
| USD/shares | — | $2.14 | $1.82 | $2.60 | $1.67 | $1.24 | $0.17 | $0.70 | -$0.16 | $2.62 | -$0.57 | -$0.76 | $2.92 | $0.62 | $1.37 | $0.63 | -$1.86 | $0.49 | $2.40 | $1.63 |
| shares | — | 1.22B | 1.22B | 1.22B | 1.22B | 1.22B | 1.21B | 1.21B | 973.63M | 826.18M | 750.67M | 749.27M | 719.33M | 682.95M | 619.79M | 588.55M | 584.55M | 581.67M | 581.34M | 596.17M |
| shares | — | 1.23B | 1.22B | 1.22B | 1.22B | 1.22B | 1.22B | 1.21B | 973.63M | 828.52M | 750.67M | 749.27M | 723.64M | 687.19M | 625.49M | 598.18M | 590.7M | 585.96M | 592.72M | 609.87M |
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing.
TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative.
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2007–FY2025: $1.14B in buybacks, $24.87B in dividends.
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
EV/Revenue
—
Peer median 4.41×
EV/EBIT
—
Peer median 15.47×
P/E (TTM)
28.27×
Peer median 21.18×
Peer medians compare against the 15 similar-size Oil & Gas Midstream companies (of 39 listed).
Valuation over time computed as of each quarter's filing date
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
| Component | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Transmission Power Gulf | $5,443,000,000 | $4,628,000,000 | $4,150,000,000 | — | — | — | — | — |
| West | $2,847,000,000 | $2,669,000,000 | $2,135,000,000 | $2,561,000,000 | $2,026,000,000 | $1,523,000,000 | $3,311,000,000 | $4,410,000,000 |
| Gas NGL Marketing Services | $2,175,000,000 | $1,789,000,000 | $2,878,000,000 | $3,233,000,000 | $4,211,000,000 | $1,631,000,000 | — | — |
| Northeast GP | $2,168,000,000 | $2,025,000,000 | $2,033,000,000 | — | — | — | — | — |
| Corporate And Other | — | — | $506,000,000 | $651,000,000 | $345,000,000 | $34,000,000 | $30,000,000 | $34,000,000 |
| Atlantic Gulf | — | — | — | — | — | — | $3,190,000,000 | $3,003,000,000 |
| Northeast G and P | — | $2,025,000,000 | $2,033,000,000 | $1,802,000,000 | $1,634,000,000 | $1,529,000,000 | $1,500,000,000 | $1,283,000,000 |
| Sequent | — | — | — | — | -$86,000,000 | $0 | $0 | — |
| Transmission and Gulf of America | — | $4,628,000,000 | $4,150,000,000 | $4,047,000,000 | — | — | — | — |
| Transmission and Gulf of Mexico | — | — | $4,150,000,000 | $4,047,000,000 | $3,786,000,000 | $3,469,000,000 | $3,640,000,000 | $3,447,000,000 |
By Product & Service (USD)
| Component | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Service | $8,348,000,000 | $7,628,000,000 | $7,026,000,000 | $6,536,000,000 | $6,001,000,000 | $5,924,000,000 | $5,933,000,000 | $5,502,000,000 |
| Non Regulated Service Monetary Consideration | $4,372,000,000 | $3,970,000,000 | $3,533,000,000 | $3,258,000,000 | $2,877,000,000 | $2,756,000,000 | $2,884,000,000 | $2,921,000,000 |
| Regulated Service | $3,721,000,000 | $3,419,000,000 | $3,274,000,000 | $3,067,000,000 | $2,955,000,000 | $2,846,000,000 | $2,780,000,000 | $2,362,000,000 |
| Product | $3,290,000,000 | $2,991,000,000 | $2,779,000,000 | $4,556,000,000 | $4,536,000,000 | $1,671,000,000 | $2,063,000,000 | $2,784,000,000 |
| Non Regulated Service Commodity Consideration | $192,000,000 | $134,000,000 | $146,000,000 | $260,000,000 | $238,000,000 | $129,000,000 | $203,000,000 | $400,000,000 |
| Other Service | $155,000,000 | $140,000,000 | $115,000,000 | $122,000,000 | $93,000,000 | $253,000,000 | $210,000,000 | $144,000,000 |
| Energy Commodities And Service | $120,000,000 | -$250,000,000 | $956,000,000 | -$387,000,000 | -$148,000,000 | -$5,000,000 | $2,000,000 | — |
| NGL and Natural Gas Product Sales | — | — | — | — | — | $1,669,000,000 | $2,063,000,000 | $2,760,000,000 |
| Other Product Sales | — | — | — | — | — | — | — | $17,000,000 |
Key facts
CIK
107263
CUSIP
969457100
13F (30d)
1278 filings
1264 filers
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