The Williams Companies, Inc. Q3 2026 Earnings Recap

Williams reported record third-quarter results, while its shares rose 1.8% after earnings—a roughly flat reaction. EBITDA grew 6% year over year, and the company said it was tracking toward the upper half of its 2026 guidance; the transcript excerpt does not include the full outlook update.

Key Takeaways

• Adjusted EBITDA was $2.04 billion, up 6% year over year; adjusted EPS and AFFO each grew 10%.
• EBITDA was up 9% year to date, and management said performance was tracking toward the upper half of 2026 adjusted EBITDA guidance.
• Transmission, power and Gulf Coast businesses increased by $83 million, or about 9%, led by Socrates, storage and pipeline expansions. Northeast G&P rose $37 million (7%); West rose $34 million (9%), including Momentum contributions.
• Williams placed four projects into service, adding more than 400 MMcf/d of fully contracted take-or-pay capacity. The second and final Socrates phase was expected online later in the week, ahead of schedule and within budget.
• Sequent Marketing was lower year over year amid seasonally lower opportunities, while the “other” segment fell about $28 million, primarily due to the January divestiture of upstream Haynesville assets.