The Williams Companies, Inc. Earnings Recaps
Q2 2026
Aug 5, 2026
Williams reported a largely in-line quarter with flat stock price reaction following modest EBITDA growth and incremental guidance raises. While underlying business growth and strategic transactions support the outlook, the market appears unmoved amid ongoing execution risks and cautious commentary on scaling Power Innovation projects.
Key takeaways
- Q2 EBITDA increased 6% year-over-year, and 10% year-to-date, reaching $1.92 billion, driven by Transmission and Gulf businesses.
- Gulf segment revenue rose 23%, fueled by recent expansion projects, with Northeast Gathering & Processing also up 8%.
- Announced a $5.34 billion Power Innovation joint venture with Blackstone, creating balance sheet capacity and improving project returns by approximately 56% on invested capital over primary contract terms.
- Completed strategic acquisition of Momentum Midstream, complementing Williams’ footprint in the Haynesville and Gulf Coast regions.
- Raised full-year 2026 EBITDA guidance midpoint by $200 million and increased long-term EBITDA growth target to 11+% CAGR through 2030.
Q1 2026
May 7, 2026
Williams' shares declined 2.2% following mixed first-quarter results marked by margin pressures and a cautious full-year outlook, tempering enthusiasm despite ongoing project execution and backlog growth.
Key takeaways
- Q1 adjusted EBITDA grew 13% year-over-year to a record $2.25 billion, driven primarily by strong performance in Transmission and Gulf businesses.
- Transmission and Gulf segments contributed nearly $150 million in incremental EBITDA, led by a 10% rise in Transco and a 60%+ increase in Deepwater Gulf operations.
- Natural gas storage and West segments expanded 35% and 16% respectively, with notable contributions from Haynesville and Louisiana Energy Gateway Pipeline assets.
- Northeast Gathering & Processing showed modest 2% growth as gains in rich gas regions were offset by volume declines in dry gas areas.
- Management projects full-year EBITDA in the upper half of guidance range but refrains from raising targets, reflecting a more cautious outlook amid complex market dynamics.
Q3 2025
Nov 5, 2025
The Williams Companies delivered strong financial performances in Q3 2025, with adjusted EBITDA rising 13% year-over-year to $1.92 billion, driven by successful expansion projects and strategic partnerships.
Key takeaways
- Successful completion of key transmission and expansion projects led to record revenues, particularly from the Transco pipeline.
- Strategic divestiture of upstream assets for $398 million, redirecting capital towards high-quality pipeline and LNG terminal projects with 20-year customer contracts.
- Projected $1.9 billion investment in partnerships, enhancing Williams’ LNG capabilities and global market access.
- The Power Innovation sector grew significantly, with $5.1 billion in committed capital backed by long-term agreements, supporting the company's transition to cleaner energy solutions.