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Williams Companies, Inc. (The)

WMB Energy Oil & Gas Midstream

Williams Companies, Inc. (The)’s revenue for fiscal 2025 (year ended December 2025) was $12.0 billion, up 13.8% from fiscal 2024.

Revenue
+9.78%
EPS
+51.1%
Free cash flow
−195.8%
Total debt
+6.11%

Quarter to June 2026, against a year earlier

74.35 0.53 −0.71%
Market cap
$91.6B
P/E
29.5×
Fwd P/E
29.8×
Dividend yield
2.79%
F-score
7/9
Altman Z
1.10
Beneish M
−2.65
Dividend safety
18/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2017

  • West
  • Atlantic Gulf
  • Northeast G & P
  • Corporate Segment and Other Operating Segment

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 10.88
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 1 3 3 1 4 1 1 2 1 1 —
Insider Ownership 0.33%

Capital & Financial Ratios $m

Size
Market Cap 91,590.00
Revenue ttm 12,204.00
Net income ttm 3,244.00
Free cash flow ttm (214.00)
Net debt Q 30,115.00
Valuation
P/E 29.48
Forward P/E 29.80
Price / sales 7.45
Forward P/S Powerpack
Price / FCF 0.00
Price / book 5.93
Financial health
Current ratio Q 0.48 (below 1: weak)
Debt / equity Q 1.97
Interest coverage Q 3.19
Growth
Revenue growth Q +9.78% (above 0%: growing)
Operating income growth Q +25.08% (above 0%: growing)
EPS, this year +17.10% (at or above 15%: strong)
EPS, next year A +6.84%
Revenue, next year A +2.97%
EPS, past 5 yrs +65.96% (at or above 15%: strong)
EPS, next 5 yrs A +13.45%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 9.9×, against a ten-year median of 5.9×; over the ten years it ranged from 4.9× in 2020 to 10.3× in 2026.
P/E against its own 10 years 56.93%
10-year low 10-year high
P/S against its own 10 years 97.14%
10-year low 10-year high
P/B against its own 10 years 97.43%
10-year low 10-year high
EV/Sales against its own 10 years 97.47%
10-year low 10-year high

Dividends raised 8 years running

Yield
2.79%
Annual rate
2.08
Payout ratio
82.7%
Growth, 2016–25
+1.96%/yr
  1. 1.68 ’16
  2. 1.20 ’17 −29%
  3. 1.36 ’18 +13%
  4. 1.52 ’19 +12%
  5. 1.60 ’20 +5%
  6. 1.64 ’21 +2%
  7. 1.70 ’22 +4%
  8. 1.79 ’23 +5%
  9. 1.90 ’24 +6%
  10. 2.00 ’25 +5%
  11. 2.11 ’26e +5%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,150 60 63 203
Receivables 1,655 1,863 2,084 1,968
Inventory 274 279 314 335
Other 434 459 783 617
4,513 2,661 3,244 3,123
2023 2024 2025 Q'26
Payables 1,379 1,613 2,224 2,220
ST’ Debt 2,337 1,720 1,345 2,197
Other 105 164 198 136
5,830 5,312 6,106 6,546

Compound Annual Growth %

10y 5y 3y
Sales 4.97% 9.13% 2.91%
Cash Flow 8.10% 11.03% 6.45%
Earnings 0.00% 65.91% 8.52%
Book Value (0.79%) 0.56% 2.21%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.52 Actual 0.50

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.51 0.49 Miss by 0.02
Q4 FY25 0.58 0.55 Miss by 0.03
Q1 FY26 0.65 0.73 Beat by 0.08
Q2 FY26 0.52 0.50 Miss by 0.02
Q3 FY26 0.55 — Reports 2 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.70 0.68 — — —
’25 0.56 0.45 0.53 0.60 2.14
’24 0.52 0.33 0.58 0.40 1.82
’23 0.76 0.38 0.54 0.94 2.60
’22 0.31 0.33 0.49 0.55 1.67
’21 0.35 0.25 0.13 0.51 1.24
’20 (0.43) 0.25 0.25 0.09 0.17
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 3,030 3,053 — — —
’25 3,048 2,781 2,923 3,198 11,950
’24 2,771 2,336 2,653 2,743 10,503
’23 3,081 2,483 2,559 2,784 10,907
’22 2,524 2,490 3,021 2,930 10,965
’21 2,612 2,283 2,475 3,257 10,627
’20 1,913 1,781 1,933 2,092 7,719
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,603 1,376 — — —
’25 1,433 1,450 1,439 1,576 5,898
’24 1,234 1,279 1,243 1,218 4,974
’23 1,514 1,377 1,234 1,813 5,938
’22 1,082 1,098 1,490 1,219 4,889
’21 915 1,057 834 1,139 3,945
’20 787 1,143 452 1,114 3,496
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 244 (458) — — —
’25 421 478 405 (405) 899
’24 695 668 515 418 2,296
’23 962 753 532 1,124 3,371
’22 785 778 641 402 2,606
’21 654 628 572 844 2,698
’20 478 823 113 807 2,221
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 7,499 8,031 8,686 8,201 7,719 10,627 10,965 10,907 10,503 11,950 12,204 +5.3% 12,305 14,110 16,507 +11.4%
Gross margin, % 77.00 71.36 68.83 76.09 79.98 63.01 69.27 82.73 80.24 82.15 82.83 +5.1 pt
EBT (375) 535 331 1,064 277 2,073 2,542 4,405 2,986 3,625 4,238 n/m
EBT margin, % (5.00) 6.66 3.81 12.97 3.59 19.51 23.18 40.39 28.43 30.33 34.73 +35.3 pt
Net income (350) 2,509 193 714 198 1,562 2,117 3,303 2,346 2,768 3,244 n/m
Per share, $
Per share, $ Revenue 9.99 9.72 8.92 6.77 6.36 8.74 9.00 8.95 8.62 9.79 9.97 (0.2%)
Earnings (0.57) 2.62 (0.16) 0.70 0.17 1.25 1.68 2.61 1.82 2.14 2.52 n/m
Cash flow 5.54 3.74 3.38 3.05 2.88 3.25 4.01 4.88 4.08 4.83 4.90 (1.5%)
Capex (2.69) (2.95) (3.35) (1.77) (1.05) (1.03) (1.87) (2.11) (2.20) (4.09) (5.07) +4.8%
Free cash flow 2.84 0.79 0.03 1.27 1.83 2.22 2.14 2.77 1.88 0.74 (0.17) (13.9%)
Book value 18.71 19.58 16.43 13.50 12.02 11.60 11.53 12.23 12.17 12.28 12.56 (4.6%)
Shares, m 751 826 974 1,212 1,214 1,215 1,218 1,218 1,219 1,221 1,223 +5.6%
Valuation, ×
Valuation, × P/E 0.00 11.89 0.00 33.41 125.31 20.83 19.14 13.56 29.57 27.96 29.48 28.2
P/S 3.15 3.20 2.47 3.51 3.15 2.98 3.57 3.97 6.28 6.14 7.45 3.8
P/B 1.68 1.59 1.35 1.76 1.67 2.25 2.80 2.91 4.46 4.91 5.93 2.5
EV/Sales 6.25 5.70 5.03 6.19 6.03 5.05 5.62 6.13 8.79 8.53 9.92 6.3
EV/FCF 21.96 70.51 1,457.15 32.87 20.95 19.88 23.63 19.82 40.23 113.45 (565.64) 182.0
Cash, $m
Cash, $m Operating cash flow 4,155 3,089 3,293 3,693 3,496 3,945 4,889 5,938 4,974 5,898 5,994 +4.0%
Capex (2,021) (2,440) (3,263) (2,149) (1,275) (1,247) (2,283) (2,567) (2,678) (4,999) (6,208) +10.6%
Free cash flow 2,134 649 30 1,544 2,221 2,698 2,606 3,371 2,296 899 (214) (9.2%)
Balance, $m
Balance, $m Working capital (1,487) (467) (347) (2,388) (890) (423) (1,093) (1,317) (2,651) (2,862) (3,423) +7.5%
Net debt 23,239 20,036 22,246 21,999 22,202 21,995 22,402 23,563 26,396 28,598 30,115 +2.3%
Shareholders’ equity 14,046 16,175 15,997 16,364 14,583 14,101 14,045 14,891 14,840 14,995 15,368 +0.7%
Returns, %
Returns, % ROA (0.88) 4.67 (0.34) 1.85 0.46 3.30 4.26 6.29 4.15 4.62 5.26 +5.5 pt
ROIC 1.15 1.60 1.26 3.13 3.74 4.56 5.18 7.01 5.06 6.02 6.40 +4.9 pt
ROE (2.80) 14.39 (0.97) 5.25 1.35 10.58 14.57 22.01 14.98 17.57 20.40 +20.4 pt
People
People Employees 5,604 5,425 5,322 4,812 4,739 4,783 5,043 5,601 5,829 5,987 — +0.7%
Revenue/emp, $m 1.34 1.48 1.63 1.70 1.63 2.22 2.17 1.95 1.80 2.00 — +4.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Williams is a U.S. energy-infrastructure company founded in 1908 and headquartered in Tulsa. Chad J. Zamarin is President and Chief Executive Officer. It gathers natural gas from producers’ wells, treats and processes it so it can enter pipelines or be used as fuel, separates natural gas liquids (NGLs), and transports and stores gas, NGLs and some crude oil.

Its main pipeline systems move gas from producing regions to utilities, power generators, industrial users, municipalities, marketers and other customers. Transco transports gas from Texas, Louisiana, Mississippi and the Gulf of America through southeastern and Atlantic seaboard states to the New York City metropolitan area. Northwest Pipeline (NWP) moves gas from the San Juan basin through the western United States toward the Canadian border.

Where the money comes from and where it goes Fiscal 2017

Fiscal 2017: revenue by segment, and margins
West 4,259 53.03%
Atlantic Gulf 2,723 33.91%
Northeast G & P 1,163 14.48%
Corporate Segment and Other Operating Segment 404 5.03%
Gross margin 71.36%
Operating margin 11.54%
Pre-tax margin 6.66%

Revenue by segment since 2008

Williams Companies, Inc. (The) vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
WMB Williams Companies, Inc. (The) $91.6B 29.5× 29.8× +9.78% (above 0%: growing) +51.11% (above 0%: growing) −195.82% (below 0%: shrinking) 83.33% 38.72%
EPD Enterprise Products Partners L.P. $84.3B 13.3× 12.6× +60.78% (above 0%: growing) +27.27% (above 0%: growing) +162.10% (above 0%: growing) 12.06% 12.31% Compare
KMI Kinder Morgan, Inc. $75.7B 21.7× 22.0× +10.76% (above 0%: growing) +21.88% (above 0%: growing) −52.59% (below 0%: shrinking) 68.62% 30.06% Compare
ET Energy Transfer LP $71.9B 14.2× 12.0× +78.43% (above 0%: growing) +84.37% (above 0%: growing) +146.15% (above 0%: growing) 21.55% 10.41% Compare
TRP TC Energy Corporation $67.0B 26.8× 23.4× +5.59% (above 0%: growing) +18.28% (above 0%: growing) +24.24% (above 0%: growing) 70.23% 54.92% Compare
TRGP Targa Resources, Inc. $67.0B 30.1× 27.8× +4.23% (above 0%: growing) +22.92% (above 0%: growing) +1,002.09% (above 0%: growing) 48.15% 27.80% Compare
LNG Cheniere Energy, Inc. $65.9B 24.5× 27.5× +23.51% (above 0%: growing) +100.55% (above 0%: growing) +452.21% (above 0%: growing) 83.04% 74.84% Compare
MPLX MPLX LP $60.7B 12.9× 14.0× +10.29% (above 0%: growing) +2.91% (above 0%: growing) −38.89% (below 0%: shrinking) 56.91% 41.61% Compare
OKE ONEOK, Inc. $60.4B 16.7× 15.2× +52.77% (above 0%: growing) +14.18% (above 0%: growing) +85.57% (above 0%: growing) 23.30% 13.22% Compare
Median of peers $67.0B 19.2× 18.6× +17.14% +22.40% +115.86% 52.53% 28.93%

All 57 Oil & Gas Midstream stocks →

From the latest earnings call

Updated

  • Chad Zamarin said the Momentum Midstream acquisition expands Williams’ Haynesville and Gulf Coast footprint and supported a higher full-year EBITDA outlook.
  • John Porter said the Power Innovation joint venture supplies committed capital while preserving Williams’ operatorship and key decision-making authority.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 88.84%
Held by the ten largest 43.43%
Holder Shares Stake Change
Vanguard 136.91m 11.19% +1.06m
BlackRock 115.50m 9.44% +3.63m
State Street 72.02m 5.89% −972.90k
Bank of America 44.67m 3.65% +206.59k
Wellington Management 33.10m 2.71% +10.01m
Morgan Stanley 31.81m 2.60% −1.93m
Geode Capital Management 29.91m 2.45% +317.40k
Franklin Templeton 26.40m 2.16% +660.57k
JPMorgan Chase 21.38m 1.75% −678.57k
UBS 19.60m 1.60% +1.63m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 18 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2024 16.32m 44.82m 334.50
2023 17.55m 18.48m 206.02
2022 13.89m 36.72m 184.04
2021 13.76m 32.33m 138.43

Ownership

Directors and executive officers, together less than 1%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Williams Companies, Inc. (The) (WMB) Latest News

29 Oct

Impact 3 · · Zacks

28 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

27 Oct

Impact 3 · · Zacks

26 Oct

Impact 3 · · Zacks

24 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

19 Oct

Impact 3 · · Insider Monkey

16 Oct

Impact 4 · · Barchart
Impact 3 · · 24/7 Wall St.

10 Oct

Impact 3 · · The Motley Fool

28 Sep

Impact 4 · · The Motley Fool

22 Sep

Impact 4 ·

16 Sep

Impact 3 ·

15 Sep

Impact 3 ·

11 Sep

Impact 4 ·

10 Sep

Impact 3 ·

9 Sep

Impact 4 ·

5 Sep

Impact 4 ·
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4 Sep

Impact 4 ·

3 Sep

Impact 4 ·
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21 Aug

Impact 3 ·

13 Aug

Impact 4 ·

12 Aug

Impact 3 ·

10 Aug

Impact 3 · · The Motley Fool transcript
Impact 3 ·

9 Aug

Impact 3 · · MarketBeat

7 Aug

Impact 4 ·

WMB metrics, ten years each

stockrow.com/WMB · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com