FirmAtlas
Company handbook · WMB · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
WMB · CIK 107263 · LATEST FILING: 10-Q JUN '26 · FILED AUG 3, 2026
Williams Companies, Inc.
$71.28
+2.06 (+2.98%)
Close, Oct 16, 2026 · 52-week $56–80
Williams owns natural gas pipelines, including Transco, which runs from Texas to New York, and gathers, processes and stores natural gas in major U.S. gas fields. It also sells natural gas and gas liquids, and is building gas-fired power plants for data centers.
Business
- ProductsProduct 43% · Non Regulated Service Monetary Consideration 29% · Regulated Service 25% · Non Regulated Service Commodity Consideration 1% · Other Service 1% · Energy Commodities And Service 1% (FY25)
- CustomersGas utilities, power plants, LNG exporters and industrial users (pipeline transport), and gas producers (gathering and processing), mostly under long-term fee contracts
- Cash useFY24–FY25: capex $7.5B · distributions $4.8B · acquisitions $2.2B
Reinvested 89% of operating cash flow · returned 140% of free cash flow
Last fiscal year
Williams Companies, Inc. reported revenue of $14.9B for the year ended Dec 31, 2025 (FY25), up 17.9% from FY24. Net income was $2.6B, operating cash flow $5.9B and free cash flow $1.0B. Source: 10-K filed Feb 24, 2026.
Market cap
$87.3B
P/E
28.4
EV/EBITDA
17.5x
Dist. yield
2.91%
ROIC
8.3%
Coverage
2.42x
Revenue 1Y
17.9%/yr
EPS 1Y
17.6%/yr
Units 1Y
+0.2%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOChad Zamarin
HQTulsa, OK
AuditorErnst & Young LLP
Employees5,987
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
9.4%
19.3%
25.9%
14.0%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$14.5B deployed
Capex
$7.5B
51.6%
Acquisitions
$2.2B
15.5%
Distributions
$4.8B
32.9%
Operating cash flow over the period: $10.9B. Total debt changed by +$2.6B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
12,632
14,899+17.9%
15,431
YoY
+17.9%
Operating income
3,339
4,196+25.7%
4,660
Operating margin
26.4%
28.2%+1.7 pp
—
D&A
2,219
2,347+5.8%
—
EBITDA
5,558
6,543+17.7%
—
EBITDA margin
44.0%
43.9%−0.1 pp
—
Interest expense
1,364
1,442+5.7%
—
Interest coverage
4.07x
4.54x+0.46x
—
Net income
2,225
2,618+17.7%
3,073
YoY
+17.7%
Net margin
17.6%
17.6%−0.0 pp
—
Earnings per unit (diluted, $)
1.82
2.14+17.6%
2.51
YoY
+17.6%
Balance sheet
Total assets
54,532
58,573+7.4%
60,610
Cash & short-term investments
60
63+5.0%
—
Net PP&E
38,692
41,996+8.5%
—
Other assets
15,780
16,514+4.7%
—
Total liabilities
42,096
45,766+8.7%
47,420
Total debt
24,736
27,316+10.4%
28,121
Other liabilities
17,360
18,450+6.3%
—
Partners’ capital
12,436
12,807+3.0%
13,190
Units outstanding (M)
1,223
1,225+0.2%
—
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
4,974
5,898+18.6%
5,994
Net income
2,346
2,768+18.0%
—
Depreciation & amortization
2,219
2,347+5.8%
—
Stock-based compensation
99
93−6.1%
—
Working capital & other
310
690+122.6%
—
Cash from investing
(4,863)
(5,489)n/m
—
Capex
(2,573)
(4,893)n/m
—
Acquisitions
(2,244)
(1)n/m
—
Other investing
(46)
(595)n/m
—
Cash from financing
(2,201)
(406)n/m
—
Debt raised
3,594
4,940+37.5%
—
Debt repaid
(2,946)
(2,827)n/m
—
Distributions
(2,316)
(2,442)n/m
—
Buybacks
0
0n/m
—
Units issued
10
9−10.0%
—
Other financing
(543)
(86)n/m
—
Net change in cash
(2,090)
3n/m
—
Free cash flow (OCF − capex)
2,401
1,005−58.1%
(108)
Where the cash went
Operating cash flow
4,974
5,898+18.6%
5,994
Reinvested in the business
4,817
4,894+1.6%
—
% of operating cash flow
96.8%
83.0%
Capex
2,573
4,893+90.2%
6,102
Acquisitions
2,244
1−100.0%
—
Free cash flow
2,401
1,005−58.1%
(108)
YoY
−58.1%
Returned to unitholders
2,316
2,442+5.4%
—
% of free cash flow
96.5%
243.0%
Distributions
2,316
2,442+5.4%
—
Buybacks
0
0n/m
—
Change in total debt
—
2,580
—
Cash left over
—
1,142
—
FCF conversion (FCF ÷ net income)
107.9%
38.4%−69.5 pp
—
Owner earnings
—
427
—
Owner earnings margin
—
2.9%
—
Returns & ratios
Distribution coverage
2.15x
2.42x+0.27x
—
Distribution / unit ($)
1.89
1.99+5.3%
—
Net debt / EBITDA
4.44x
4.17x−0.27x
—
Interest coverage
4.07x
4.54x+0.46x
—
ROIC (all capital)
7.1%
8.3%+1.2 pp
—
Debt / EBITDA
4.45x
4.17x−0.28x
—
Debt / equity
1.99x
2.13x+0.14x
—
ROE
17.9%
20.4%+2.6 pp
—
ROCE
6.8%
8.0%+1.2 pp
—
FCF / unit ($)
1.96
0.82−58.2%
—
EV / EBITDA (year end)
16.35x
15.42x−0.93x
—
Distribution yield (year end)
3.5%
3.3%−0.2 pp
—
Price / DCF proxy
18.62x
17.35x−1.27x
—
Net debt is 4.2x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
3,491
3,843
4,718
3,379
vs year-ago quarter
Operating income
1,109
1,048
1,321
1,182
Net income
647
734
865
827
vs year-ago quarter
Net margin
18.5%
19.1%
18.3%
24.5%
Earnings per unit (diluted, $)
0.53
0.60
0.70
0.68
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
55,736
58,573
59,569
60,610
Cash & equivalents
70
63
950
203
Total debt
25,589
27,316
30,054
28,121
Partners’ capital
12,520
12,807
12,992
13,190
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,439
1,576
1,603
1,376
Capex
954
1,955
1,359
1,834
Free cash flow
485
(379)
244
(458)
vs year-ago quarter