10-Q · August 3, 2026
Williams delivered a strong Q2, with revenue increasing 10% year over year to $3.053B, operating income rising 25% to $1.182B, and GAAP EPS of $0.68. Core segment Modified EBITDA expanded across Transmission, Northeast…
Earnings analysis · 10-Q
WMB earnings analysis
Filed November 2, 2026 · Our reading of the company's report
The latest report
Williams delivered a strong revenue quarter at $3.223 billion versus $2.981 billion consensus, while GAAP diluted EPS was $0.56 and adjusted EPS was $0.54. Adjusted EBITDA rose 6% to $2.039 billion and operating cash…
Read full summary
Williams delivered a strong revenue quarter at $3.223 billion versus $2.981 billion consensus, while GAAP diluted EPS was $0.56 and adjusted EPS was $0.54. Adjusted EBITDA rose 6% to $2.039 billion and operating cash flow rose 5% to $1.505 billion, with growth led by Transmission, Power & Gulf, Northeast G&P, and West. The company maintained 2026 Adjusted EBITDA guidance of $8.3 billion-$8.5 billion, growth capex guidance of $7.3 billion-$7.9 billion, and an approximately 3.75x leverage midpoint. Sentiment remains neutral because operating performance and cash generation improved, but the Momentum acquisition, commodity derivative liabilities of $259 million, and execution requirements add risk.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.56
What stood out
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Revenue beat; EPS broadly in line
Third-quarter revenue was $3.223 billion, exceeding the $2.981 billion consensus estimate by $242 million, or approximately 8.1%. GAAP diluted EPS was $0.56, while adjusted EPS was $0.54.
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EBITDA and operating cash flow improved
Adjusted EBITDA increased 6% to $2.039 billion, and operating cash flow increased 5% to $1.505 billion, indicating improved earnings quality and cash generation.
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Core segments drove EBITDA growth
Growth was led by the Transmission, Power & Gulf, Northeast G&P, and West segments, although the filing excerpt does not provide segment-level revenue amounts.
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Momentum acquisition expanded asset base
Momentum contributed approximately 1% of consolidated revenue for the nine months ended September 30, 2026, while its assets represented approximately 9% of consolidated assets at September 30, 2026.
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No material control deficiencies reported
Management concluded that disclosure controls were effective at a reasonable assurance level, and reported no changes during the third quarter that materially affected, or were reasonably likely to materially affect, internal control over financial reporting.
What to watch
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Acquisition integration and control risk
The completed Momentum acquisition represented approximately 9% of consolidated assets but only 1% of consolidated revenue for the nine months ended September 30, 2026. Its disclosure controls were excluded from management’s assessment for one year following the acquisition, increasing integration and reporting-monitoring requirements.
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Commodity derivative liability exposure
Commodity derivative contracts had aggregate fair value of negative $259 million at September 30, 2026, including negative $166 million maturing in 2029-2030. This creates exposure to commodity-price movements despite Williams’ hedging program.
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Commodity market-risk variability
The filing reports a $3 million VaR for integrated natural gas trading operations and $4 million for the non-trading commodity-derivative portfolio at September 30, 2026; the respective figures were $11 million and $2 million at December 31, 2025, demonstrating continued market-risk variability.
Management's outlook
Management maintained 2026 Adjusted EBITDA guidance of $8.3 billion-$8.5 billion, growth capex guidance of $7.3 billion-$7.9 billion, and an approximately 3.75x leverage-ratio midpoint. No numeric revenue or EPS guidance was provided in the 10-Q.
Earlier filings 4
10-Q · May 4, 2026
Williams Companies reported a mixed Q1 2026 performance marked by a revenue decline to $3.03 billion, missing estimates but achieving an EPS of $0.73 which exceeded expectations by 17.74%. The company's high debt load…
10-K · February 24, 2026
Williams positions itself as a leader in natural gas infrastructure supporting the clean energy transition, operating over 32,000 miles of pipelines and large processing and storage platforms. For fiscal 2025 Williams…
10-Q · August 4, 2025
Williams reported Q2 2025 revenue of $2,781 million (up $445 million or +19.1% vs Q2 2024) and operating income of $945 million (vs $696 million in Q2 2024). Cash generation remained strong with operating cash flow of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.