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Williams Companies

WMB · Energy

Last earnings Aug 3, 2026  ·  Next earnings Nov 2, 2026

Key results

GAAP net incomequarter

$546 million

Consistently strong base business drives performance of key financial metrics GAAP net income $546 million, or $0.45 per diluted share (EPS) Adjusted net income $566 million, or $0.46 per diluted share (Adj.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

EPSquarter

$0.45

Consistently strong base business drives performance of key financial metrics GAAP net income $546 million, or $0.45 per diluted share (EPS) Adjusted net income $566 million, or $0.46 per diluted share (Adj.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Adjusted net incomequarter

$566 million

Consistently strong base business drives performance of key financial metrics GAAP net income $546 million, or $0.45 per diluted share (EPS) Adjusted net income $566 million, or $0.46 per diluted share (Adj.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Net incomequarter

$204 million

GAAP Measures Second-quarter and year-to-date 2025 net income increased by $145 million and $204 million, respectively, compared to the prior year.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Revenuequarter

$204 million

revenues of $204 million and $302 million, respectively, driven by Transco expansion projects, new Gulf volumes, and higher gathering and processing volumes in the Northeast and West, as well as favorable changes of $167 million and $227 million, respectively, in net unrealized gains losses on commodity derivatives.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Adjusted net incomeytd

$45 million

Second-quarter and year-to-date 2025 Adjusted Net Income improved by $45 million and $56 million, respectively, over the prior year, driven by the previously described impacts to net income, adjusted primarily to remove the effects of net unrealized gains losses on commodity derivatives and reflect the timing of Transco s rate case, as well as the related income tax effects of such adjustments.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Adjusted net incomeQ2 2025

$56 million

Second-quarter and year-to-date 2025 Adjusted Net Income improved by $45 million and $56 million, respectively, over the prior year, driven by the previously described impacts to net income, adjusted primarily to remove the effects of net unrealized gains losses on commodity derivatives and reflect the timing of Transco s rate case, as well as the related income tax effects of such adjustments.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

EPSfull-year

$ 1.06

46 $ 1.06 Weighted-average shares - diluted (thousands) 1,222,222 1,222,236 1,222,869 1,224,472 1,222,954 1,224,641 1,224,284 1,224,462 (1) The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

AI analysis

Q2 2025 · reported Aug 4, 2025

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Revenue · Q2 2025
$204M
EX-99 · Aug 4, 2025
EPS · Q2 2025
$0.45
Full year: $ 1.06
EX-99 · Aug 4, 2025
GAAP net income · Q2 2025
$546M
EX-99 · Aug 4, 2025
Adjusted net income · Q2 2025
$566M
EX-99 · Aug 4, 2025

The quarter in charts

Diluted EPS — GAAP

Per diluted share, as stated

00.420.831.25$0.45Q2 2025 (quarter)$ 1.06Latest fiscal year

EX-99 · Aug 4, 2025 EPS values as stated in the release.

Headline figures

MetricQ2 2025Prior qtrYear ago
GAAP net income$546 million——
EPS$0.45——
Adjusted net income$566 million——
Net income$204 million——
Revenue$204 million——

EX-99 · Aug 4, 2025

Guidance · company-stated

Direction: Raised

Company outlook

“As a result, we are raising our 2025 Adjusted EBITDA guidance midpoint again by $50 million to $7.75 billion, for a total increase of $350 million from our original 2025 guidance.”

Company outlook

“2025 Financial Guidance The company is raising the midpoint of its 2025 Adjusted EBITDA guidance by $50 million to $7.75 billion within the range of between $7.6 billion and $7.9 billion.”

Classified from the release's primary full-year outlook statement.

Next earningsNov 2, 2026Verified from the company’s own announcement

Capital allocation

Dividend5.3%

2Q 2024 Dividend coverage ratio 2.16x (AFFO basis) Increasing 2025 Adj.

General educational research only — not investment advice.Every figure is as stated in the held documents; values marked “computed from stated figures” are arithmetic on those stated figures. Guidance shown is the company’s own stated guidance. No price targets, no recommendations, no consensus estimates.

Event summary

Williams (NYSE WMB) One Williams Center Tulsa, OK 74172 800-Williams www.williams.com DATE

Based on: Earnings release + parent 8-K + 10-Q — transcript not held

Guidance & outlook

Direction: Raised

Company outlook: “As a result, we are raising our 2025 Adjusted EBITDA guidance midpoint again by $50 million to $7.75 billion, for a total increase of $350 million from our original 2025 guidance.”

Company outlook: “2025 Financial Guidance The company is raising the midpoint of its 2025 Adjusted EBITDA guidance by $50 million to $7.75 billion within the range of between $7.6 billion and $7.9 billion.”

Company outlook — Raised (“Raises”)
“com (800) 945-8723 Danilo Juvane (918) 573-5075 Caroline Sardella (918) 230-9992 Williams Delivers Strong Second-Quarter 2025 Results and Raises Full-Year 2025 Guidance TULSA, Okla.”

Company outlook — Raised (“raising”)
“As a result, we are raising our 2025 Adjusted EBITDA guidance midpoint again by $50 million to $7.75 billion, for a total increase of $350 million from our original 2025 guidance.”

Company outlook — Raised (“raising”)
“2025 Financial Guidance The company is raising the midpoint of its 2025 Adjusted EBITDA guidance by $50 million to $7.75 billion within the range of between $7.6 billion and $7.9 billion.”

Classified from the release's primary full-year outlook statement.

Capital allocation

2Q 2024 Dividend coverage ratio 2.16x (AFFO basis) Increasing 2025 Adj.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Debt is net of cash on hand, and Adjusted EBITDA reflects the sum of the last four quarters.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

The company continues to expect 2025 growth capex to between $2.575 billion and $2.875 billion and maintenance capex remains between $650 million and $750 million, excluding capital of $150 million for emissions reduction and modernization initiatives.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Williams expects its leverage ratio midpoint for 2025 to be 3.65x and has increased the dividend by 5.3% on an annualized basis to $2.00 in 2025 from $1.90 in 2024.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

546 401 1,237 1,033 Less Preferred stock dividends 1 1 Net income (loss) available to common stockholders $ 546 $ 401 $ 1,236 $ 1,032 Basic earnings (loss) per common share Net income (loss) available to common stockholders $ .

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Available funds from operations (AFFO) is defined as cash flow from operations excluding the effect of changes in working capital and certain other changes in noncurrent assets and liabilities, reduced by preferred dividends and net distributions to noncontrolling interests.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Strategy & priorities

Zamarin added, At Williams, we re investing in infrastructure that will power America s future.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Both comparative periods benefited from higher service revenues of $204 million and $302 million, respectively, driven by Transco expansion projects, new Gulf volumes, and higher gathering and processing volumes in the Northeast and West, as well as favorable changes of $167 million and $227 million, respectively, in net unrealized gains losses on commodity derivatives.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Transmission Gulf of America Second-quarter and year-to-date 2025 Modified and Adjusted EBITDA improved compared to the prior year driven by Transco expansion projects and new Gulf volumes, partially offset by lower equity AFUDC.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

The company continues to expect 2025 growth capex to between $2.575 billion and $2.875 billion and maintenance capex remains between $650 million and $750 million, excluding capital of $150 million for emissions reduction and modernization initiatives.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Today, our team of problem solvers is leading the charge into the clean energy future by powering the global economy while delivering immediate emissions reductions within our natural gas network and investing in new energy technologies.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Risks & headwinds

Forward-looking statements are based on numerous assumptions, uncertainties, and risks that could cause future events or results to be materially different from those stated or implied in this report.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking 20 statements.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Because forward-looking statements involve risks and uncertainties, we caution that there are important factors, in addition to those listed above, that may cause actual results to differ materially from those contained in the forward-looking statements.

SEC original ↗Williams Companies — Earnings release (8-K exhibit)EX-99Aug 4, 2025

Legal Proceedings 78 Item 1A.

SEC original ↗Williams Companies — 10-Q Quarterly report10-QAug 3, 2026

Given the uncertainties and risk factors that could cause Williams , Transco s, and NWP s actual results to differ materially from those contained in any forward-looking statement, Williams, Transco, and NWP caution investors not to unduly rely on these forward-looking statements.

SEC original ↗Williams Companies — 10-Q Quarterly report10-QAug 3, 2026

Because forward-looking statements involve risks and uncertainties, Williams, Transco, and NWP caution that there are important factors, in addition to those listed above, that may cause actual results to differ materially from those contained in the forward-looking statements.

SEC original ↗Williams Companies — 10-Q Quarterly report10-QAug 3, 2026

Competitors

Competitors & peers

Same GICS sector — classification peers, not declared competitors

TotalEnergies (TTE) EnergyYPF (YPF) EnergyCenovus Energy (CVE) EnergySuncor Energy (SU) EnergyCanadian Natural Resources (CNQ) EnergyWoodside Energy (WDS) EnergyCameco (CCJ) EnergyVista Energy, S.A.B. De C.V. (VIST) Energy
Documents

Filings

66 documents

Earnings releases

21 documents

Presentations

0 documents

No presentations for Williams Companies are held in this edition of the library.

Transcripts

0 documents

No transcripts for Williams Companies are held in this edition of the library.

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