Williams reported third-quarter adjusted EBITDA of $2.04 billion, up 6%, and remains on track for the upper half of $8.3 billion to $8.5 billion full year 2026 guidance; it expects one to two more power projects by year's end.
WMB · Williams Companies, Inc.
One customer — 31% of revenue (the year ended December 31, 2025)
“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”
You came from your AI assistant. Add Equibles to it and ask about this data directly, free.
Price & Indicators
Up next
Latest documents
On November 2, 2026, The Williams Companies, Inc. filed a prospectus supplement covering resale by selling securityholders of up to 26,874,496 common shares; counsel opined the shares were duly authorized, validly issued, fully paid and non-assessable.
Williams Companies, Inc. established an automatic shelf registration for future offerings of debt securities, preferred stock, common stock, purchase contracts, warrants, and units, effective upon filing on November 2, 2026.
Net income attributable to The Williams Companies, Inc. increased $508 million for the nine months ended September 30, 2026. It closed the approximately $5.1 billion Momentum acquisition and expects 2026 capital expenditures of $7.3 billion to $7.9 billion.
Williams reported third-quarter 2026 GAAP net income of $699 million and adjusted EBITDA of $2.039 billion, up 8% and 6%, respectively, versus 3Q 2025. It tracks toward the upper half of its $8.3 billion to $8.5 billion 2026 adjusted EBITDA guidance.
Metrics snapshot
Useful current figures from the complete screener profile.
Quarterly results
* Q4 derived as the full year minus Q1 to Q3.
AI Brief
Q2 FY26 earnings call · Aug 4, 2026TL;DR. Williams raised 2026 adjusted EBITDA guidance to $8.3–$8.5 billion (midpoint up $200M to $8.4B) on stronger base results, announced a $5.5B acquisition of Momentum Midstream with two accompanying Transco/LEG expansion projects, and lifted its long-term EBITDA/EPS CAGR target to 11%+.
- + Raised 2026 adjusted EBITDA guidance to $8.3B–$8.5B with $200M midpoint increase reflecting Momentum deal.
- + Announced $5.5B strategic acquisition of Momentum Midstream, expected to be accretive to AFFO/EPS.
- + Lifted long-term 2025–2030 EBITDA/EPS CAGR target from 10%+ to 11%+.
- + Power Innovation JV with Blackstone adds $5.34B of low-cost capital; Socrates Phase 1 completed on time and on budget.
- − Year-end 2026 leverage expected at ~3.9x, with company noting leverage tightness is a 2026/2027 issue.
- − Higher interest expense and net debt reflect funding of the Momentum acquisition and growth capex.
- − Q2 2026 cash flow from operations declined $74M YoY due to Transco rate refunds.
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Research
our published analysis of this companyEquibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders SellIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EPS non-GAAP | $0.5 | 2Q 2026 | — |
| Adjusted income from continuing operations - diluted earnings per common share non-GAAP | $2.1 | Year 2025 | — |
| Adjusted net income non-GAAP | 614M | 2Q 2026 | — |
| Available funds from operations (AFFO) non-GAAP | 1.45B | 2Q 2026 | — |
| Avg. daily transportation volumes (Transcontinental Gas Pipe Line) | 15.1 | Q2 2026 | — |
| Capital Investments (Excluding Acquisitions) | 1.64B | 2Q 2026 | — |
| Cash flow from operations (CFFO) | 1.38B | 2Q 2026 | — |
| Coverage ratio (AFFO divided by common dividends paid) non-GAAP | 2.26 | 2nd Qtr 2026 | — |
| Crude oil transportation volumes | 237 | Q2 2026 | — |
| Debt-to-Adjusted EBITDA at Quarter End non-GAAP | 3.67 | 2Q 2026 | — |
| Gas & NGL Marketing Services Adjusted EBITDA non-GAAP | $227M | 1st Qtr 2026 | — |
| Gas & NGL Marketing Services Modified EBITDA | 123M | 2Q 2026 | — |
| Modified EBITDA (total) | 2.08B | 2Q 2026 | — |
| Modified EBITDA from upstream operations, corporate, and other business activities non-GAAP | 98M | the three months ended June 30, 2026 filing | — |
| Natural Gas product sales volumes | 5.52 | 2nd Qtr | — |
| NGL Marketing Services Modified EBITDA | $123M | the three months ended June 30, 2026 filing | — |
| Northeast G&P Modified EBITDA | 540M | 2Q 2026 | — |
| Other Modified EBITDA | 98M | 2Q 2026 | — |
| Total Adjusted EBITDA non-GAAP | $4.18B | Year-to-date 2026 | — |
| Transmission, Power & Gulf Modified EBITDA | 959M | 2Q 2026 | — |
| West Adjusted EBITDA non-GAAP | $359M | 2nd Qtr 2026 | — |
| West Modified EBITDA | 359M | 2Q 2026 | — |
Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Oil & Gas Midstream — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
WMB
this stock
Williams Companies, Inc.
|
$84.51B | +14.9% | +13.8% | 27.2 | 2.4% |
|
ENB
Enbridge Inc
|
$106.25B | -0.3% | — | — | 2.5% |
|
EPD
Enterprise Products Partners L.P.
|
$82.55B | +19.4% | -6.4% | 12.7 | 0.8% |
|
KMI
Kinder Morgan, Inc.
|
$71.11B | +16.1% | +12.2% | 19.7 | 1.9% |
|
TRP
Tc Energy Corp
|
$67.49B | +17.8% | — | — | 1.8% |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every section- Filed
- Nov 2, 2026
- This year
- 25
Williams reported third-quarter 2026 GAAP net income of $699 million and adjusted EBITDA of $2.039 billion, up 8% and 6%, respectively, versus 3Q 2025. It tracks toward the upper half of its $8.3 billion to $8.5 billion 2026 adjusted EBITDA guidance.
ViewPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| WMB | +7.8% | -3.1% | -9.5% | -7.1% | +14.9% |
| SPY | +2.6% | -1.2% | +0.5% | -0.2% | +10.6% |
| vs SPY | +5.2% | -1.9% | -10.0% | -6.9% | +4.3% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.