The Williams Companies, Inc. Earnings Recaps
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.