The Williams Companies, Inc.

WMB · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$73,407	$65,973	$42,371	$40,083	$31,639	$24,361	$28,821	$26,791	$25,208	$23,381	$19,269	$32,585	$26,343	$22,296	$15,420	–	–	–	–	–	–	–	–	$1,106	$9,919	$13,282	$10,101	$10,045	$6,920	$5,740	$3,321	$2,043	$1,861	$1,318	$1,178	$782	$1,080	$889	$613	$593	$733
Enterprise value	$104,925	$95,396	$69,172	$65,395	$56,312	$49,377	$53,821	$50,374	$51,763	$56,116	$53,733	$65,430	$41,298	$34,868	$24,543	–	–	–	–	–	–	–	–	$13,375	$21,641	$26,222	$20,381	$17,860	$12,282	$10,331	$6,424	$4,205	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	28.07×	29.69×	13.34×	19.59×	20.90×	117.12×	34.03×	–	11.60×	–	–	15.41×	61.26×	25.96×	41.01×	–	–	–	–	–	–	–	–	–	–	25.33×	45.63×	78.78×	18.79×	12.48×	2.52×	8.28×	8.03×	9.53×	10.71×	10.16×	20.57×	9.07×	6.79×	–	23.19×
P/S (TTM) at period end	6.14×	6.28×	3.88×	3.66×	2.98×	3.16×	3.51×	3.08×	3.14×	3.12×	2.62×	4.27×	3.84×	2.98×	1.94×	–	–	–	–	–	–	–	–	0.30×	1.87×	2.02×	1.52×	1.31×	0.84×	0.84×	1.16×	1.17×	0.76×	0.54×	0.56×	0.43×	0.63×	0.53×	0.34×	0.32×	0.23×
P/B at period end	5.73×	5.30×	3.42×	3.49×	2.77×	2.07×	2.16×	1.83×	2.61×	5.04×	3.13×	3.71×	5.42×	4.69×	11.90×	–	–	–	–	–	–	–	–	0.22×	1.64×	2.25×	1.81×	2.36×	1.63×	1.68×	1.04×	1.36×	–	–	–	–	–	–	–	–	–
EV / EBITDA (TTM)	16.04×	17.16×	10.84×	13.01×	12.59×	12.59×	14.81×	20.21×	19.44×	22.89×	27.35×	23.84×	18.86×	14.72×	9.71×	–	–	–	–	–	–	–	–	8.41×	8.17×	9.85×	10.85×	–	–	–	–	–	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	8.78×	9.08×	6.34×	5.96×	5.30×	6.40×	6.56×	5.80×	6.45×	7.48×	7.30×	8.57×	6.02×	4.66×	3.09×	–	–	–	–	–	–	–	–	3.60×	4.08×	4.00×	3.07×	2.33×	1.49×	1.51×	2.25×	2.40×	–	–	–	–	–	–	–	–	–
Returns
Return on equity	20.4%	17.9%	25.6%	17.8%	13.3%	1.8%	6.3%	(1.1%)	22.5%	(9.1%)	(9.3%)	24.1%	8.8%	18.1%	29.0%	(16.1%)	3.4%	16.8%	15.5%	5.1%	5.8%	3.3%	(12.0%)	(14.9%)	(7.9%)	8.9%	4.0%	3.0%	8.7%	13.4%	41.4%	16.4%	–	–	–	–	–	–	–	–	–
Return on invested capital	7.2%	6.3%	8.5%	6.8%	5.5%	4.3%	3.4%	1.2%	2.6%	1.7%	0.4%	2.5%	4.4%	6.7%	16.1%	6.0%	4.6%	11.7%	8.2%	5.2%	7.3%	4.2%	7.5%	3.1%	6.7%	6.0%	4.3%	4.4%	8.6%	9.1%	7.0%	5.6%	–	–	–	–	–	–	–	–	–
Dividend yield	3.3%	3.5%	5.1%	5.2%	6.3%	8.0%	6.4%	5.2%	3.9%	5.4%	9.5%	4.3%	3.7%	3.3%	3.0%	–	–	–	–	–	–	–	–	25.2%	4.0%	2.3%	2.6%	2.6%	2.6%	2.8%	3.6%	5.5%	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.53×	0.50×	0.77×	0.78×	0.91×	0.62×	0.40×	0.81×	0.82×	0.50×	0.61×	0.74×	0.85×	1.24×	1.13×	0.98×	1.53×	1.25×	1.25×	1.35×	1.15×	1.17×	1.40×	1.14×	0.96×	0.92×	1.13×	0.80×	0.75×	0.86×	0.66×	0.99×	–	–	–	–	–	–	–	–	–
Debt / equity	2.24×	2.13×	2.07×	1.96×	2.07×	1.90×	1.67×	1.53×	2.17×	5.04×	3.90×	2.37×	2.33×	2.26×	6.73×	1.34×	0.98×	0.91×	1.24×	1.32×	1.42×	1.61×	2.92×	2.77×	1.84×	1.78×	1.94×	1.83×	1.45×	1.38×	1.00×	1.46×	–	–	–	–	–	–	–	–	–
Effective tax rate	23.6%	21.4%	22.8%	16.7%	24.7%	28.5%	31.5%	41.7%	(369.0%)	6.7%	23.3%	34.8%	37.1%	27.9%	10.3%	29.6%	37.1%	34.2%	35.7%	37.8%	38.9%	58.5%	8.4%	30.3%	44.1%	39.8%	39.4%	43.0%	35.6%	35.1%	25.4%	33.1%	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	1,225	1,223	1,223	1,223	1,218	1,215	1,214	974	829	751	749	724	687	625	598	591	586	593	610	609	606	528	517	518	503	448	441	430	324	409	312	326	306	269	246	242	224	233	210	204	198

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$12,204	$11,950	$10,503	$10,907	$10,965	$10,627	$7,719	$8,201	$8,686	$8,031	$7,499	$7,360	$7,637	$6,860	$7,486	$7,930	$6,638	$5,278	$11,851	$10,239	$9,376	$9,781	$12,461	$16,651	$3,717	$5,303	$6,559	$6,629	$7,658	$8,250	$6,849	$2,856	$1,751	$2,438	$2,448	$2,105	$1,822	$1,717	$1,673	$1,780	$1,859	$3,140
Cost of revenue	($2,151)	($2,199)	($2,118)	($2,035)	($3,457)	($4,032)	($1,613)	($2,066)	($2,844)	($2,300)	($1,725)	($1,779)	($3,016)	($3,027)	($3,496)	($3,934)	($3,260)	($3,712)	($8,776)	($8,007)	($7,566)	($7,885)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Gross profit	$10,053	$9,751	$8,385	$8,872	$7,508	$6,595	$6,106	$6,135	$5,842	$5,731	$5,774	$5,581	$4,621	$3,833	$3,990	$3,996	$3,378	$1,566	$3,114	$2,479	$1,810	$1,896	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($732)	($721)	($708)	($665)	($636)	($558)	($466)	($558)	($569)	($594)	($722)	($736)	($661)	($512)	($571)	($477)	($504)	($330)	($498)	($461)	($521)	($422)	($475)	($508)	($712)	($785)	($618)	($686)	($1,205)	($944)	($702)	($526)	($257)	–	–	–	–	–	–	–	–	–
Total operating expenses	($5,393)	($5,555)	($5,046)	($4,561)	($4,490)	($3,964)	($3,904)	($4,214)	($5,074)	($4,804)	($5,085)	($5,354)	($3,052)	($2,458)	($2,378)	($2,129)	($1,971)	($460)	($433)	($692)	($722)	($488)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total costs and expenses	($7,544)	($7,754)	($7,164)	($6,596)	($7,947)	($7,996)	($5,517)	($6,280)	($7,918)	($7,104)	($6,810)	($7,133)	($6,068)	($5,485)	($5,874)	($6,063)	($5,231)	($4,172)	($9,170)	($8,452)	($8,288)	($8,373)	($11,227)	($15,513)	($2,930)	($3,283)	($4,544)	($5,494)	($6,737)	($7,061)	($5,729)	($2,269)	($1,445)	–	–	–	–	–	–	–	–	–
Operating income	$4,660	$4,196	$3,339	$4,311	$3,018	$2,631	$2,202	$1,921	$768	$927	$689	$227	$1,569	$1,375	$1,612	$1,867	$1,407	$1,106	$2,681	$1,787	$1,088	$1,408	$1,234	$1,138	$786	$2,020	$2,015	$1,136	$921	$1,189	$1,120	$587	$306	$2,438	$2,448	$2,105	$1,822	$1,717	$1,673	$1,780	$1,859	$3,140
Earnings
EBITDA	$6,993	$6,543	$5,558	$6,382	$5,027	$4,473	$3,923	$3,635	$2,493	$2,663	$2,452	$1,965	$2,745	$2,190	$2,368	$2,528	$2,914	$2,575	$3,991	$2,869	$1,954	$2,148	$1,912	$1,982	$1,591	$2,648	$2,662	$1,878	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest income	$188	$40	$67	$79	$15	$7	$8	$107	$219	$282	$63	$27	$43	$53	$28	$6	$45	$61	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,490)	($1,442)	($1,364)	($1,236)	($1,147)	($1,179)	($1,172)	($1,186)	($1,112)	($1,083)	($1,179)	($1,044)	($747)	($510)	($509)	($599)	($632)	($661)	($592)	($664)	($653)	($660)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$4,238	$3,625	$2,986	$4,405	$2,542	$2,073	$277	$1,064	$331	$535	($375)	($1,713)	$3,584	$1,080	$1,289	$1,202	$385	$550	$2,144	$1,371	$558	$774	$224	($63)	($877)	$1,159	$1,362	$586	$257	$705	$758	$401	$247	–	–	–	–	–	–	–	–	–
Income tax expense	($994)	($857)	($640)	($1,005)	($425)	($511)	($79)	($335)	($138)	$1,974	$25	$399	($1,249)	($401)	($360)	($124)	($114)	($204)	($733)	($490)	($211)	($301)	($131)	$5	$266	($511)	($542)	($231)	($110)	($251)	($266)	($102)	($82)	–	–	–	–	–	–	–	–	–
Net income	$3,073	$2,618	$2,225	$3,179	$2,049	$1,517	$211	$850	($155)	$2,174	($424)	($571)	$2,114	$430	$859	$376	($1,097)	$285	$1,418	$990	$309	$314	$164	($492)	($755)	($478)	$524	$221	$128	$368	$460	$1,318	$247	$232	$138	$110	$77	$52	$98	$90	($249)	$32
Per share
Diluted EPS (GAAP)	$2.51	$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	$0.51	$0.53	$0.31	($0.95)	($1.46)	($0.95)	$1.17	$0.35	$0.28	$0.80	$1.07	$4.17	$0.73	$0.72	$0.46	$0.40	$0.27	$0.20	$0.42	$0.43	($1.22)	$0.16
Basic EPS (GAAP)	$2.52	$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	$0.52	$0.55	$0.31	($0.95)	($1.46)	($0.98)	$1.17	$0.50	$0.28	$0.81	$1.10	$4.30	$0.73	$0.72	$0.46	$0.40	$0.27	$0.20	$0.42	$0.43	($1.22)	$0.16
Basic shares outstanding	1,223	1,221	1,219	1,218	1,218	1,215	1,214	1,212	974	826	751	749	719	683	620	589	585	582	581	596	595	570	528	517	517	490	444	441	430	324	409	303	326	306	269	246	242	224	233	210	204	198
Margins
Gross margin	82.4%	81.6%	79.8%	81.3%	68.5%	62.1%	79.1%	74.8%	67.3%	71.4%	77.0%	75.8%	60.5%	55.9%	53.3%	50.4%	50.9%	29.7%	26.3%	24.2%	19.3%	19.4%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Operating margin	38.2%	35.1%	31.8%	39.5%	27.5%	24.8%	28.5%	23.4%	8.8%	11.5%	9.2%	3.1%	20.5%	20.0%	21.5%	23.5%	21.2%	21.0%	22.6%	17.5%	11.6%	14.4%	9.9%	6.8%	21.2%	38.1%	30.7%	17.1%	12.0%	14.4%	16.4%	20.6%	17.5%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Net margin	25.2%	21.9%	21.2%	29.1%	18.7%	14.3%	2.7%	10.4%	(1.8%)	27.1%	(5.7%)	(7.8%)	27.7%	6.3%	11.5%	4.7%	(16.5%)	5.4%	12.0%	9.7%	3.3%	3.2%	1.3%	(3.0%)	(20.3%)	(9.0%)	8.0%	3.3%	1.7%	4.5%	6.7%	46.2%	14.1%	9.5%	5.6%	5.2%	4.2%	3.1%	5.9%	5.1%	(13.4%)	1.0%

Analyst consensus

Buy34 analysts

Bearish · 0 · Hold · 7 · Bullish · 27

Earnings history

	EPS	Estimate
Q3 2024	$0.43	$0.42	Beat
Q4 2024	$0.47	$0.47	Match
Q1 2025	$0.60	$0.57	Beat
Q2 2025	$0.46	$0.48	Miss
Q3 2025	$0.49	$0.52	Miss
Q4 2025	$0.55	$0.57	Miss
Q1 2026	$0.73	$0.63	Beat
Q2 2026	$0.50	$0.50	Match

Peers

Company overview

IPO dateDec 31, 1981

CEOChad J. Zamarin

Employees5,987

SectorEnergy

IndustryOil & Gas Midstream

CountryUS

ExchangeNew York Stock Exchange

Websitewww.williams.com

The Williams Companies, Inc., alongside its subsidiaries, operates as a prominent energy infrastructure entity, primarily conducting business throughout the United States. The company’s operations are organized into four key segments: Transmission & Gulf of Mexico, Northeast G&P, West, and Gas & NGL Marketing Services. The Transmission & Gulf of Mexico division manages crucial natural gas pipelines such as Transco and Northwest, in addition to natural gas gathering and processing, and crude oil production handling and transportation assets situated in the Gulf Coast. This segment also oversees various petrochemical and feedstock pipelines. Focusing on midstream activities, the Northeast G&P segment handles gathering, processing, and fractionation within the Marcellus Shale region, predominantly in Pennsylvania and New York, and the Utica Shale region of eastern Ohio. The West segment delivers gas gathering, processing, and treating services across the Rocky Mountain areas of Colorado and Wyoming, the Barnett Shale in north-central Texas, the Eagle Ford Shale in South Texas, the Haynesville Shale in northwest Louisiana, and the expansive Mid-Continent region (including the Anadarko, Arkoma, and Permian basins). This segment also operates natural gas liquid (NGL) fractionation and storage facilities located near Conway in central Kansas. The Gas & NGL Marketing Services segment provides comprehensive wholesale marketing, trading, storage, and transportation of natural gas to utilities, municipalities, power generators, and producers, while also offering risk and asset management and NGL marketing services. The company possesses and operates an extensive network, including 30,000 miles of pipelines, 29 processing facilities, 7 fractionation facilities, and an approximate NGL storage capacity of 23 million barrels. The Williams Companies, Inc. was established in 1908 and maintains its headquarters in Tulsa, Oklahoma.

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