Williams Companies (WMB) Financials

$60.27 +0.32 (+0.53%)

Closing price 08/1/2025 03:59 PM Eastern

Extended Trading

$60.14 -0.14 (-0.22%)

As of 08/1/2025 07:57 PM Eastern

Annual Income Statements for Williams Companies

This table shows Williams Companies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-571	-424	2,174	-155	847	208	1,514	2,046	3,176	2,222
Consolidated Net Income / (Loss)	-1,314	-350	2,509	193	714	198	1,562	2,117	3,303	2,346
Net Income / (Loss) Continuing Operations	-1,314	-350	2,509	193	729	198	1,562	2,117	3,400	2,346
Total Pre-Tax Income	-1,713	-375	535	331	1,064	277	2,073	2,542	4,405	2,986
Total Operating Income	226	689	927	768	1,921	2,202	2,631	3,018	4,311	3,339
Total Gross Profit	5,581	5,774	5,731	5,842	6,135	6,106	6,595	7,508	8,872	8,385
Total Revenue	7,360	7,499	8,031	8,686	8,201	7,719	10,627	10,965	10,907	10,503
Operating Revenue	7,360	7,499	8,031	8,686	8,201	7,719	10,627	10,965	10,907	10,503
Total Cost of Revenue	1,779	1,725	2,300	2,844	2,066	1,613	4,032	3,457	2,035	2,118
Operating Cost of Revenue	1,779	1,725	2,300	2,844	2,066	1,613	4,032	3,457	2,035	2,118
Total Operating Expenses	5,355	5,085	4,804	5,074	4,214	3,904	3,964	4,490	4,561	5,046
Selling, General & Admin Expense	2,396	2,314	2,170	2,076	2,026	1,792	2,106	2,453	2,649	2,887
Depreciation Expense	1,738	1,763	1,736	1,725	1,714	1,721	1,842	2,009	2,071	2,219
Other Operating Expenses / (Income)	40	135	745	50	10	22	16	28	-159	-60
Other Special Charges / (Income)	-126	0.00	-1,095	-692	-	-	0.00	0.00	-	0.00
Total Other Income / (Expense), net	-1,939	-1,064	-392	-437	-857	-1,925	-558	-476	94	-353
Interest Expense	1,044	1,179	1,083	1,112	1,186	1,172	1,179	1,147	1,236	1,364
Interest & Investment Income	-997	30	716	583	296	-710	615	653	697	903
Other Income / (Expense), net	102	85	-25	92	33	-43	6.00	18	633	108
Income Tax Expense	-399	-25	-1,974	138	335	79	511	425	1,005	640
Net Income / (Loss) Discontinued Operations	-	-	0.00	0.00	-15	-	0.00	0.00	-97	0.00
Preferred Stock Dividends Declared	-	0.00	0.00	-	3.00	3.00	3.00	3.00	3.00	3.00
Net Income / (Loss) Attributable to Noncontrolling Interest	-743	74	335	348	-136	-13	45	68	124	121
Basic Earnings per Share	($0.76)	($0.57)	$2.63	($0.16)	$0.70	$0.17	$1.25	$1.68	$2.61	$1.82
Weighted Average Basic Shares Outstanding	749.27M	750.67M	826.18M	973.63M	1.21B	1.21B	1.22B	1.22B	1.22B	1.22B
Diluted Earnings per Share	($0.76)	($0.57)	$2.62	($0.16)	$0.70	$0.17	$1.24	$1.67	$2.60	$1.82
Weighted Average Diluted Shares Outstanding	749.27M	750.67M	828.52M	973.63M	1.21B	1.22B	1.22B	1.22B	1.22B	1.22B
Weighted Average Basic & Diluted Shares Outstanding	751.30M	743.90M	826.60M	968.80M	1.21B	2.43B	1.22B	1.22B	1.22B	1.22B
Cash Dividends to Common per Share	$2.45	$1.68	$1.20	$1.36	$1.52	$1.60	$1.64	$1.70	$1.79	$1.90

This table shows Williams Companies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	599	668	926	460	653	1,137	631	401	705	485	690
Consolidated Net Income / (Loss)	621	697	957	494	684	1,168	662	426	741	517	729
Net Income / (Loss) Continuing Operations	621	697	0.00	581	685	2,134	0.00	426	741	1,179	729
Total Pre-Tax Income	717	953	1,241	756	861	1,547	855	555	968	608	922
Total Operating Income	820	1,072	1,360	870	994	1,087	1,012	696	838	793	1,094
Total Gross Profit	2,002	2,222	2,474	2,018	2,044	2,336	2,240	1,895	2,129	2,121	2,405
Total Revenue	3,021	2,930	3,081	2,483	2,559	2,784	2,771	2,336	2,653	2,743	3,048
Operating Revenue	3,021	2,930	3,081	2,483	2,559	2,784	2,771	2,336	2,653	2,743	3,048
Total Cost of Revenue	1,019	708	607	465	515	448	531	441	524	622	643
Operating Cost of Revenue	1,019	708	607	465	515	448	531	441	524	622	643
Total Operating Expenses	1,182	1,150	1,114	1,148	1,050	1,249	1,228	1,199	1,291	1,328	1,311
Selling, General & Admin Expense	649	631	639	642	668	700	697	686	750	754	736
Depreciation Expense	500	505	506	515	521	529	548	540	566	565	585
Other Operating Expenses / (Income)	33	14	-31	-9.00	-139	20	-17	-27	-25	9.00	-10
Other Special Charges / (Income)	-	-	-	-	0.00	-	-	-	0.00	-	0.00
Total Other Income / (Expense), net	-103	-119	-119	-114	-133	460	-157	-141	130	-185	-172
Interest Expense	291	289	294	306	314	322	349	339	338	338	349
Interest & Investment Income	194	157	155	173	151	218	161	165	437	140	163
Other Income / (Expense), net	-6.00	13	20	19	30	564	31	33	31	13	14
Income Tax Expense	96	256	284	175	176	370	193	129	227	91	193
Preferred Stock Dividends Declared	1.00	1.00	1.00	0.00	1.00	1.00	1.00	0.00	1.00	1.00	1.00
Net Income / (Loss) Attributable to Noncontrolling Interest	21	28	30	34	30	30	30	25	35	31	38
Basic Earnings per Share	$0.49	$0.55	$0.76	$0.38	$0.54	$0.93	$0.52	$0.33	$0.58	$0.39	$0.57
Weighted Average Basic Shares Outstanding	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B
Diluted Earnings per Share	$0.49	$0.54	$0.76	$0.38	$0.54	$0.92	$0.52	$0.33	$0.58	$0.39	$0.56
Weighted Average Diluted Shares Outstanding	1.22B	1.22B	1.23B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B
Weighted Average Basic & Diluted Shares Outstanding	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B
Cash Dividends to Common per Share	$0.43	-	$0.45	$0.45	$0.45	-	$0.48	$0.48	$0.48	-	$0.50

This table details how cash moves in and out of Williams Companies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-140	70	729	-731	121	-147	1,538	-1,528	1,998	-2,090
Net Cash From Operating Activities	2,708	4,155	3,089	3,293	3,693	3,496	3,945	4,889	5,938	4,974
Net Cash From Continuing Operating Activities	2,708	4,155	3,089	3,293	3,693	3,496	3,945	4,889	5,938	4,974
Net Income / (Loss) Continuing Operations	-1,314	-350	2,509	193	714	198	1,562	2,117	3,303	2,346
Consolidated Net Income / (Loss)	-1,314	-350	2,509	193	714	198	1,562	2,117	3,303	2,346
Depreciation Expense	1,738	1,763	1,736	1,725	1,714	1,721	1,842	2,009	2,071	2,219
Non-Cash Adjustments To Reconcile Net Income	2,754	1,739	1,089	1,404	893	1,809	354	711	-505	429
Changes in Operating Assets and Liabilities, net	-470	1,003	-2,245	-29	372	-232	187	52	1,069	-20
Net Cash From Investing Activities	-3,299	-891	100	-2,725	-2,827	-1,558	-1,465	-3,375	-3,891	-4,863
Net Cash From Continuing Investing Activities	-3,299	-891	100	-2,725	-2,827	-1,558	-1,465	-3,375	-3,891	-4,863
Purchase of Property, Plant & Equipment	-3,167	-2,051	-2,440	-3,263	-2,109	-1,239	-1,239	-2,253	-2,516	-2,573
Acquisitions	-707	-177	-132	-1,132	-1,181	-325	-266	-1,099	-1,709	-2,358
Purchase of Investments	-	-	-	-	-	-	-8.00	-30	-51	-105
Divestitures	0.00	1,054	2,267	1,296	485	-	0.00	0.00	346	161
Other Investing Activities, net	168	253	405	374	-22	6.00	48	7.00	39	12
Net Cash From Financing Activities	451	-3,194	-2,460	-1,299	-745	-2,085	-942	-3,042	-49	-2,201
Net Cash From Continuing Financing Activities	451	-3,194	-2,460	-1,299	-745	-2,085	-942	-3,042	-49	-2,201
Repayment of Debt	-7,136	-7,264	-6,127	-3,278	-926	-3,874	-936	-2,585	-306	-3,283
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-9.00	-130	0.00
Payment of Dividends	-2,778	-2,201	-1,814	-1,977	-1,966	-2,126	-2,179	-2,275	-2,392	-2,558
Issuance of Debt	9,772	6,119	3,333	3,926	767	3,899	2,155	1,755	2,755	3,594
Issuance of Common Equity	197	152	2,148	30	1,380	16	18	72	24	46

This table details how cash moves in and out of Williams Companies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	726	-707	325	74	1,523	76	-1,483	-612	707	-702	40
Net Cash From Operating Activities	1,490	1,219	1,514	1,377	1,234	1,813	1,234	1,279	1,243	1,218	1,433
Net Cash From Continuing Operating Activities	1,490	1,219	1,514	1,377	1,234	1,813	1,234	1,279	1,243	1,218	1,433
Net Income / (Loss) Continuing Operations	621	697	957	494	684	1,168	662	426	741	517	729
Consolidated Net Income / (Loss)	621	697	957	494	684	1,168	662	426	741	517	729
Depreciation Expense	500	505	506	515	521	529	548	540	566	565	585
Non-Cash Adjustments To Reconcile Net Income	132	52	-231	-5.00	-67	-202	171	216	-227	269	66
Changes in Operating Assets and Liabilities, net	237	-35	282	373	96	318	-147	97	163	-133	53
Net Cash From Investing Activities	-883	-840	-1,639	-649	-343	-1,260	-2,436	-620	-737	-1,070	-1,170
Net Cash From Continuing Investing Activities	-883	-840	-1,639	-649	-343	-1,260	-2,436	-620	-737	-1,070	-1,170
Purchase of Property, Plant & Equipment	-841	-806	-545	-610	-690	-671	-544	-579	-682	-768	-1,012
Acquisitions	-40	-26	-1,095	-27	18	-605	-1,903	-23	-170	-262	-164
Purchase of Investments	-8.00	-11	-7.00	-14	-12	-18	5.00	-32	-46	-32	0.00
Divestitures	-	-	-	-	-	-2.00	-	-	-	-	0.00
Other Investing Activities, net	6.00	3.00	8.00	2.00	-7.00	36	6.00	14	-	-8.00	6.00
Net Cash From Financing Activities	119	-1,086	450	-654	632	-477	-281	-1,271	201	-850	-223
Net Cash From Continuing Financing Activities	119	-1,086	450	-654	632	-477	-281	-1,271	201	-850	-223
Repayment of Debt	-1,067	-512	-384	-12	-17	107	-1,768	-637	-669	-209	-1,051
Repurchase of Common Equity	-9.00	-	-74	-56	-	-	0.00	-	-	-	0.00
Payment of Dividends	-564	-581	-600	-603	-606	-583	-643	-645	-627	-643	-679
Issuance of Debt	1,747	3.00	1,502	1.00	1,251	1.00	2,099	1.00	1,494	-	1,497
Issuance of Common Equity	12	4.00	6.00	16	4.00	-2.00	31	10	3.00	2.00	10

This table presents Williams Companies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	49,020	46,835	46,352	45,302	46,040	44,165	47,612	48,433	52,627	54,532
Total Current Assets	1,527	1,462	2,179	1,464	1,580	1,429	4,549	3,797	4,513	2,661
Cash & Equivalents	100	170	899	168	289	142	1,680	152	2,150	60
Accounts Receivable	1,041	938	976	992	996	999	1,978	2,723	1,655	1,863
Inventories, net	127	138	113	130	125	136	379	320	274	279
Other Current Assets	259	216	191	174	170	152	512	602	434	459
Plant, Property, & Equipment, net	29,579	28,428	28,211	27,504	29,200	28,929	29,258	30,889	34,311	38,692
Total Noncurrent Assets	17,914	16,945	15,962	16,334	15,260	13,807	13,805	13,747	13,803	13,179
Goodwill	10,017	9,663	8,791	7,767	7,959	7,444	7,402	7,363	7,593	7,209
Other Noncurrent Operating Assets	561	581	619	746	1,066	6,363	6,403	6,384	6,210	5,970
Total Liabilities & Shareholders' Equity	49,020	46,835	46,352	45,302	46,040	44,165	47,612	48,433	52,627	54,532
Total Liabilities	32,795	32,789	30,177	29,305	29,676	29,582	33,511	34,388	37,736	39,692
Total Current Liabilities	2,497	2,949	2,646	1,811	3,968	2,319	4,972	4,890	5,830	5,312
Short-Term Debt	675	878	501	47	2,140	893	2,025	977	3,062	2,175
Accounts Payable	744	623	978	662	552	482	1,746	2,327	1,379	1,613
Other Current Liabilities	-	-	-	-	-	-	166	316	1,389	1,524
Total Noncurrent Liabilities	30,298	29,840	27,531	27,494	25,708	27,263	28,539	29,498	31,906	34,380
Long-Term Debt	23,812	22,624	20,434	22,367	20,148	21,451	21,650	21,927	23,376	24,736
Noncurrent Deferred Revenue	2,268	2,978	3,950	3,603	3,778	3,889	4,436	4,684	4,684	5,268
Noncurrent Deferred & Payable Income Tax Liabilities	4,218	4,238	3,147	1,524	1,782	1,923	2,453	2,887	3,846	4,376
Other Noncurrent Operating Liabilities	-	-	-	-	-	-	-	-	0.00	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	16,225	14,046	16,175	15,997	16,364	14,583	14,101	14,045	14,891	14,840
Total Preferred & Common Equity	6,148	4,643	9,656	14,660	13,363	11,769	11,423	11,485	12,402	12,436
Preferred Stock	-	-	0.00	35	35	35	35	35	35	35
Total Common Equity	6,148	4,643	9,656	14,625	13,328	11,734	11,388	11,450	12,367	12,401
Common Stock	15,591	15,672	19,369	25,938	25,570	25,619	25,699	25,795	25,834	25,901
Retained Earnings	-7,960	-9,649	-8,434	-10,002	-11,002	-12,748	-13,237	-13,271	-12,287	-12,396
Treasury Stock	-1,041	-1,041	-1,041	-1,041	-1,041	-1,041	-1,041	-1,050	-1,180	-1,180
Accumulated Other Comprehensive Income / (Loss)	-442	-339	-238	-270	-199	-96	-33	-24	0.00	76
Noncontrolling Interest	10,077	9,403	6,519	1,337	3,001	2,814	2,678	2,560	2,489	2,404

This table presents Williams Companies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	48,672	48,433	48,936	49,025	50,788	52,627	52,747	52,409	53,837	54,532	54,924
Total Current Assets	4,438	3,797	2,757	2,639	4,256	4,513	2,610	2,115	2,698	2,661	2,535
Cash & Equivalents	859	152	477	551	2,074	2,150	667	55	762	60	100
Accounts Receivable	2,659	2,723	1,524	1,362	1,419	1,655	1,355	1,398	1,310	1,863	1,781
Inventories, net	447	320	244	259	266	274	239	274	275	279	249
Other Current Assets	473	602	512	467	497	434	349	388	351	459	405
Plant, Property, & Equipment, net	30,338	30,889	32,095	32,346	32,628	34,311	36,451	36,702	37,974	38,692	39,155
Plant, Property & Equipment, gross	46,186	-	49,546	50,240	50,805	-	54,305	54,930	56,479	-	58,313
Accumulated Depreciation	15,848	-	17,451	17,894	18,177	-	17,854	18,228	18,505	-	19,158
Total Noncurrent Assets	13,896	13,747	14,084	14,040	13,904	13,803	13,686	13,592	13,165	13,179	13,234
Goodwill	7,493	7,363	7,660	7,573	7,459	7,593	7,496	7,402	7,305	7,209	7,115
Other Noncurrent Operating Assets	6,403	6,384	6,424	6,467	6,445	6,210	6,190	6,190	5,860	5,970	6,119
Total Liabilities & Shareholders' Equity	48,672	48,433	48,936	49,025	50,788	52,627	52,747	52,409	53,837	54,532	54,924
Total Liabilities	34,762	34,388	34,613	34,816	36,445	37,736	37,817	37,663	38,972	39,692	40,059
Total Current Liabilities	5,017	4,890	4,020	5,384	5,526	5,830	4,981	4,696	4,719	5,312	6,266
Short-Term Debt	877	977	1,627	2,877	2,879	3,062	2,787	2,166	2,284	2,175	3,289
Accounts Payable	2,613	2,327	1,258	1,146	1,358	1,379	1,042	1,192	1,137	1,613	1,551
Other Current Liabilities	-	316	180	143	123	1,389	75	109	95	1,524	1,426
Total Noncurrent Liabilities	29,745	29,498	30,593	29,432	30,919	31,906	32,836	32,967	34,253	34,380	33,793
Long-Term Debt	22,530	21,927	22,785	21,532	22,772	23,376	24,100	24,096	24,825	24,736	24,122
Noncurrent Deferred Revenue	4,578	4,684	4,631	4,575	4,651	4,684	4,735	4,764	5,116	5,268	5,189
Noncurrent Deferred & Payable Income Tax Liabilities	2,637	2,887	3,177	3,325	3,496	3,846	4,001	4,107	4,312	4,376	4,482
Other Noncurrent Operating Liabilities	-	-	-	-	-	0.00	-	-	-	0.00	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	13,910	14,045	14,323	14,209	14,343	14,891	14,930	14,746	14,865	14,840	14,865
Total Preferred & Common Equity	11,319	11,485	11,785	11,679	11,845	12,402	12,449	12,296	12,428	12,436	12,487
Preferred Stock	35	35	35	35	35	35	35	35	35	35	35
Total Common Equity	11,284	11,450	11,750	11,644	11,810	12,367	12,414	12,261	12,393	12,401	12,452
Common Stock	25,780	25,795	25,772	25,794	25,818	25,834	25,822	25,847	25,869	25,901	25,876
Retained Earnings	-13,419	-13,271	-12,895	-12,982	-12,876	-12,287	-12,238	-12,419	-12,296	-12,396	-12,320
Treasury Stock	-1,050	-1,050	-1,124	-1,180	-1,180	-1,180	-1,180	-1,180	-1,180	-1,180	-1,180
Accumulated Other Comprehensive Income / (Loss)	-27	-24	-3.00	12	48	0.00	10	13	0.00	76	76
Noncontrolling Interest	2,591	2,560	2,538	2,530	2,498	2,489	2,481	2,450	2,437	2,404	2,378

This table displays calculated financial ratios and metrics derived from Williams Companies' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.63%	1.89%	7.09%	8.16%	-5.58%	-5.88%	37.67%	3.18%	-0.53%	-3.70%
EBITDA Growth	-25.58%	22.80%	3.98%	-2.01%	41.90%	5.78%	15.44%	12.64%	39.05%	-19.23%
EBIT Growth	-79.50%	135.98%	16.54%	-4.66%	127.21%	10.49%	22.14%	15.13%	62.85%	-30.28%
NOPAT Growth	-84.52%	204.87%	801.38%	-89.70%	193.92%	19.59%	25.95%	26.78%	32.39%	-21.16%
Net Income Growth	-156.18%	73.36%	816.86%	-92.31%	269.95%	-72.27%	688.89%	35.53%	56.02%	-28.97%
EPS Growth	-126.03%	25.00%	559.65%	-106.11%	537.50%	-75.71%	629.41%	34.68%	55.69%	-30.00%
Operating Cash Flow Growth	28.04%	53.43%	-25.66%	6.60%	12.15%	-5.33%	12.84%	23.93%	21.46%	-16.23%
Free Cash Flow Firm Growth	99.98%	81,186.84%	74.13%	-105.87%	-23.68%	-690.87%	186.65%	-32.16%	-47.84%	-88.22%
Invested Capital Growth	0.49%	-7.81%	-3.32%	2.57%	5.61%	14.50%	-1.87%	1.94%	6.47%	6.41%
Revenue Q/Q Growth	-1.80%	2.63%	0.38%	-0.28%	-1.17%	-0.19%	12.31%	-2.90%	-1.32%	-0.39%
EBITDA Q/Q Growth	-36.59%	106.09%	-25.77%	-11.32%	32.18%	6.53%	11.67%	4.06%	9.18%	-12.49%
EBIT Q/Q Growth	-79.40%	241.76%	-50.14%	-28.15%	83.47%	12.57%	20.58%	5.05%	12.93%	-19.69%
NOPAT Q/Q Growth	-84.29%	209.37%	213.00%	-91.51%	70.40%	537.21%	20.74%	2.77%	1.09%	-5.72%
Net Income Q/Q Growth	-496.98%	79.70%	171.54%	-92.71%	177.82%	164.29%	47.36%	3.17%	16.63%	-21.72%
EPS Q/Q Growth	-240.74%	62.00%	359.65%	-106.40%	2,433.33%	0.00%	49.40%	1.83%	17.12%	-22.55%
Operating Cash Flow Q/Q Growth	-12.56%	52.81%	-27.98%	3.26%	0.79%	3.65%	0.64%	1.66%	11.12%	-10.68%
Free Cash Flow Firm Q/Q Growth	-100.24%	116.08%	7.16%	-113.70%	46.50%	-461.42%	-0.87%	159.81%	-48.33%	121.85%
Invested Capital Q/Q Growth	-1.11%	-3.48%	5.31%	-2.31%	-1.57%	14.83%	16.51%	0.93%	3.32%	1.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.83%	77.00%	71.36%	67.26%	74.81%	79.10%	62.06%	68.47%	81.34%	79.83%
EBITDA Margin	28.07%	33.83%	32.85%	29.76%	44.73%	50.27%	42.15%	46.01%	64.32%	53.95%
Operating Margin	3.07%	9.19%	11.54%	8.84%	23.42%	28.53%	24.76%	27.52%	39.53%	31.79%
EBIT Margin	4.46%	10.32%	11.23%	9.90%	23.83%	27.97%	24.81%	27.69%	45.33%	32.82%
Profit (Net Income) Margin	-17.85%	-4.67%	31.24%	2.22%	8.71%	2.57%	14.70%	19.31%	30.28%	22.34%
Tax Burden Percent	76.71%	93.33%	468.97%	58.31%	67.11%	71.48%	75.35%	83.28%	74.98%	78.57%
Interest Burden Percent	-522.26%	-48.45%	59.31%	38.49%	54.45%	12.83%	78.61%	83.73%	89.10%	86.63%
Effective Tax Rate	0.00%	0.00%	-368.97%	41.69%	31.49%	28.52%	24.65%	16.72%	22.82%	21.43%
Return on Invested Capital (ROIC)	0.48%	1.51%	14.41%	1.49%	4.21%	4.57%	5.44%	6.90%	8.76%	6.49%
ROIC Less NNEP Spread (ROIC-NNEP)	-9.34%	-3.43%	2.20%	-0.34%	0.22%	-2.68%	3.54%	5.12%	8.66%	5.40%
Return on Net Nonoperating Assets (RNNOA)	-7.70%	-3.82%	2.19%	-0.29%	0.20%	-3.29%	5.45%	8.15%	14.07%	9.29%
Return on Equity (ROE)	-7.22%	-2.31%	16.60%	1.20%	4.41%	1.28%	10.89%	15.04%	22.83%	15.78%
Cash Return on Invested Capital (CROIC)	-0.01%	9.64%	17.79%	-1.05%	-1.25%	-8.95%	7.33%	4.97%	2.49%	0.28%
Operating Return on Assets (OROA)	0.66%	1.61%	1.94%	1.88%	4.28%	4.79%	5.75%	6.32%	9.78%	6.43%
Return on Assets (ROA)	-2.64%	-0.73%	5.38%	0.42%	1.56%	0.44%	3.40%	4.41%	6.54%	4.38%
Return on Common Equity (ROCE)	-2.96%	-0.82%	7.86%	0.91%	3.81%	1.04%	8.78%	12.21%	18.79%	13.15%
Return on Equity Simple (ROE_SIMPLE)	-21.37%	-7.54%	25.98%	1.32%	5.34%	1.68%	13.67%	18.43%	26.63%	18.86%
Net Operating Profit after Tax (NOPAT)	158	482	4,347	448	1,316	1,574	1,982	2,513	3,327	2,623
NOPAT Margin	2.15%	6.43%	54.13%	5.16%	16.05%	20.39%	18.65%	22.92%	30.51%	24.98%
Net Nonoperating Expense Percent (NNEP)	9.82%	4.94%	12.21%	1.83%	3.99%	7.25%	1.90%	1.77%	0.10%	1.08%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	6.80%	8.05%	6.28%
Cost of Revenue to Revenue	24.17%	23.00%	28.64%	32.74%	25.19%	20.90%	37.94%	31.53%	18.66%	20.17%
SG&A Expenses to Revenue	32.55%	30.86%	27.02%	23.90%	24.70%	23.22%	19.82%	22.37%	24.29%	27.49%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	72.76%	67.81%	59.82%	58.42%	51.38%	50.58%	37.30%	40.95%	41.82%	48.04%
Earnings before Interest and Taxes (EBIT)	328	774	902	860	1,954	2,159	2,637	3,036	4,944	3,447
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,066	2,537	2,638	2,585	3,668	3,880	4,479	5,045	7,015	5,666
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.89	3.28	1.77	1.31	1.64	1.71	2.44	3.17	3.28	5.32
Price to Tangible Book Value (P/TBV)	0.00	0.00	19.80	2.78	4.06	4.68	6.97	8.88	8.49	12.71
Price to Revenue (P/Rev)	1.58	2.03	2.13	2.20	2.66	2.60	2.62	3.31	3.72	6.28
Price to Earnings (P/E)	0.00	0.00	7.88	0.00	25.77	96.45	18.36	17.75	12.77	29.69
Dividend Yield	15.83%	8.27%	5.79%	8.62%	8.44%	9.68%	7.17%	5.70%	5.37%	3.51%
Earnings Yield	0.00%	0.00%	12.69%	0.00%	3.88%	1.04%	5.45%	5.64%	7.83%	3.37%
Enterprise Value to Invested Capital (EV/IC)	1.16	1.35	1.25	1.15	1.26	1.23	1.45	1.68	1.72	2.29
Enterprise Value to Revenue (EV/Rev)	5.26	5.50	4.62	4.02	4.95	5.84	4.94	5.62	6.18	9.07
Enterprise Value to EBITDA (EV/EBITDA)	18.75	16.27	14.08	13.50	11.08	11.63	11.72	12.22	9.60	16.81
Enterprise Value to EBIT (EV/EBIT)	118.09	53.33	41.16	40.57	20.79	20.90	19.91	20.31	13.63	27.64
Enterprise Value to NOPAT (EV/NOPAT)	244.84	85.59	8.54	77.91	30.87	28.66	26.48	24.53	20.25	36.31
Enterprise Value to Operating Cash Flow (EV/OCF)	14.30	9.94	12.02	10.59	11.00	12.90	13.31	12.61	11.34	19.15
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	13.40	6.92	0.00	0.00	0.00	19.65	34.02	71.25	855.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.51	1.67	1.29	1.40	1.36	1.53	1.68	1.63	1.78	1.81
Long-Term Debt to Equity	1.47	1.61	1.26	1.40	1.23	1.47	1.54	1.56	1.57	1.67
Financial Leverage	0.82	1.11	1.00	0.87	0.93	1.23	1.54	1.59	1.63	1.72
Leverage Ratio	2.73	3.17	3.08	2.85	2.82	2.91	3.20	3.41	3.49	3.60
Compound Leverage Factor	-14.27	-1.53	1.83	1.10	1.54	0.37	2.52	2.86	3.11	3.12
Debt to Total Capital	60.15%	62.59%	56.41%	58.35%	57.66%	60.51%	62.67%	61.99%	63.97%	64.46%
Short-Term Debt to Total Capital	1.66%	2.34%	1.35%	0.12%	5.54%	2.42%	5.36%	2.64%	7.41%	5.21%
Long-Term Debt to Total Capital	58.49%	60.25%	55.06%	58.23%	52.13%	58.09%	57.31%	59.34%	56.56%	59.25%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.09%	0.09%	0.09%	0.09%	0.09%	0.08%	0.08%
Noncontrolling Interests to Total Capital	24.75%	25.04%	17.57%	3.48%	7.76%	7.62%	7.09%	6.93%	6.02%	5.76%
Common Equity to Total Capital	15.10%	12.37%	26.02%	38.08%	34.48%	31.78%	30.15%	30.99%	29.92%	29.70%
Debt to EBITDA	11.85	9.26	7.94	8.67	6.08	5.76	5.29	4.54	3.77	4.75
Net Debt to EBITDA	8.25	6.56	5.11	5.58	4.30	5.72	4.91	4.51	3.46	4.74
Long-Term Debt to EBITDA	11.53	8.92	7.75	8.65	5.49	5.53	4.83	4.35	3.33	4.37
Debt to NOPAT	154.79	48.73	4.82	50.05	16.93	14.20	11.94	9.11	7.95	10.26
Net Debt to NOPAT	107.78	34.48	3.10	32.21	11.98	14.11	11.09	9.05	7.30	10.24
Long-Term Debt to NOPAT	150.52	46.91	4.70	49.95	15.31	13.63	10.92	8.72	7.03	9.43
Altman Z-Score	0.13	0.17	0.31	0.33	0.36	0.31	0.50	0.66	0.81	1.02
Noncontrolling Interest Sharing Ratio	58.99%	64.35%	52.69%	24.53%	13.62%	19.02%	19.39%	18.86%	17.69%	16.69%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.61	0.50	0.82	0.81	0.40	0.62	0.91	0.78	0.77	0.50
Quick Ratio	0.46	0.38	0.71	0.64	0.32	0.49	0.74	0.59	0.65	0.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-3.80	3,081	5,365	-315	-390	-3,083	2,671	1,812	945	111
Operating Cash Flow to CapEx	85.59%	205.59%	126.60%	100.92%	175.11%	282.16%	318.40%	217.00%	236.01%	193.32%
Free Cash Flow to Firm to Interest Expense	0.00	2.61	4.95	-0.28	-0.33	-2.63	2.27	1.58	0.76	0.08
Operating Cash Flow to Interest Expense	2.59	3.52	2.85	2.96	3.11	2.98	3.35	4.26	4.80	3.65
Operating Cash Flow Less CapEx to Interest Expense	-0.44	1.81	0.60	0.03	1.34	1.93	2.30	2.30	2.77	1.76
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.16	0.17	0.19	0.18	0.17	0.23	0.23	0.22	0.20
Accounts Receivable Turnover	0.00	7.58	8.39	8.83	8.25	7.74	7.14	4.67	4.98	5.97
Inventory Turnover	9.94	13.02	18.33	23.41	16.20	12.36	15.66	9.89	6.85	7.66
Fixed Asset Turnover	0.26	0.26	0.28	0.31	0.29	0.27	0.37	0.36	0.33	0.29
Accounts Payable Turnover	2.21	2.52	2.87	3.47	3.40	3.12	3.62	1.70	1.10	1.42
Days Sales Outstanding (DSO)	0.00	48.16	43.49	41.35	44.24	47.17	51.12	78.24	73.25	61.13
Days Inventory Outstanding (DIO)	36.73	28.04	19.92	15.59	22.53	29.53	23.31	36.90	53.27	47.65
Days Payable Outstanding (DPO)	165.06	144.62	127.04	105.24	107.24	116.99	100.85	215.02	332.36	257.81
Cash Conversion Cycle (CCC)	-128.33	-68.43	-63.63	-48.30	-40.47	-40.29	-26.41	-99.88	-205.83	-149.03
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	33,276	30,677	29,659	30,422	32,128	36,785	36,096	36,797	39,179	41,691
Invested Capital Turnover	0.22	0.23	0.27	0.29	0.26	0.22	0.29	0.30	0.29	0.26
Increase / (Decrease) in Invested Capital	162	-2,599	-1,018	763	1,706	4,657	-689	701	2,382	2,512
Enterprise Value (EV)	38,734	41,281	37,130	34,888	40,625	45,112	52,498	61,656	67,365	95,263
Market Capitalization	11,606	15,247	17,127	19,091	21,825	20,061	27,790	36,309	40,553	65,973
Book Value per Share	$8.20	$6.18	$11.68	$12.08	$11.00	$9.67	$9.37	$9.40	$10.17	$10.17
Tangible Book Value per Share	($5.16)	($6.69)	$1.05	$5.67	$4.43	$3.54	$3.28	$3.35	$3.92	$4.26
Total Capital	40,712	37,548	37,110	38,411	38,652	36,927	37,776	36,949	41,329	41,751
Total Debt	24,487	23,502	20,935	22,414	22,288	22,344	23,675	22,904	26,438	26,911
Total Long-Term Debt	23,812	22,624	20,434	22,367	20,148	21,451	21,650	21,927	23,376	24,736
Net Debt	17,051	16,631	13,484	14,425	15,764	22,202	21,995	22,752	24,288	26,851
Capital Expenditures (CapEx)	3,164	2,021	2,440	3,263	2,109	1,239	1,239	2,253	2,516	2,573
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-395	-779	-865	-468	-537	-139	-78	-268	-405	-536
Debt-free Net Working Capital (DFNWC)	-295	-609	34	-300	-248	3.00	1,602	-116	1,745	-476
Net Working Capital (NWC)	-970	-1,487	-467	-347	-2,388	-890	-423	-1,093	-1,317	-2,651
Net Nonoperating Expense (NNE)	1,472	832	1,838	255	602	1,376	420	396	24	277
Net Nonoperating Obligations (NNO)	17,051	16,631	13,484	14,425	15,764	22,202	21,995	22,752	24,288	26,851
Total Depreciation and Amortization (D&A)	1,738	1,763	1,736	1,725	1,714	1,721	1,842	2,009	2,071	2,219
Debt-free, Cash-free Net Working Capital to Revenue	-5.37%	-10.39%	-10.77%	-5.39%	-6.55%	-1.80%	-0.73%	-2.44%	-3.71%	-5.10%
Debt-free Net Working Capital to Revenue	-4.01%	-8.12%	0.42%	-3.45%	-3.02%	0.04%	15.07%	-1.06%	16.00%	-4.53%
Net Working Capital to Revenue	-13.18%	-19.83%	-5.82%	-3.99%	-29.12%	-11.53%	-3.98%	-9.97%	-12.07%	-25.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.76)	($0.57)	$2.63	($0.16)	$0.70	$0.17	$1.25	$1.68	$2.61	$1.82
Adjusted Weighted Average Basic Shares Outstanding	749.27M	750.67M	826.18M	973.63M	1.21B	1.21B	1.22B	1.22B	1.22B	1.22B
Adjusted Diluted Earnings per Share	($0.76)	($0.57)	$2.62	($0.16)	$0.70	$0.17	$1.24	$1.67	$2.60	$1.82
Adjusted Weighted Average Diluted Shares Outstanding	749.27M	750.67M	828.52M	973.63M	1.21B	1.22B	1.22B	1.22B	1.22B	1.22B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.70	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	750.07M	825.82M	827.33M	1.21B	1.21B	2.43B	1.22B	1.22B	1.22B	1.22B
Normalized Net Operating Profit after Tax (NOPAT)	985	1,093	756	1,161	1,634	1,838	1,982	2,513	3,327	2,623
Normalized NOPAT Margin	13.38%	14.58%	9.41%	13.37%	19.93%	23.81%	18.65%	22.92%	30.51%	24.98%
Pre Tax Income Margin	-23.27%	-5.00%	6.66%	3.81%	12.97%	3.59%	19.51%	23.18%	40.39%	28.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.31	0.66	0.83	0.77	1.65	1.84	2.24	2.65	4.00	2.53
NOPAT to Interest Expense	0.15	0.41	4.01	0.40	1.11	1.34	1.68	2.19	2.69	1.92
EBIT Less CapEx to Interest Expense	-2.72	-1.06	-1.42	-2.16	-0.13	0.79	1.19	0.68	1.96	0.64
NOPAT Less CapEx to Interest Expense	-2.88	-1.31	1.76	-2.53	-0.67	0.29	0.63	0.23	0.66	0.04
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-211.42%	-628.86%	72.30%	1,024.35%	275.35%	1,073.74%	139.50%	107.46%	72.42%	109.04%
Augmented Payout Ratio	-211.42%	-628.86%	72.30%	1,024.35%	275.35%	1,073.74%	139.50%	107.89%	76.35%	109.04%

This table displays calculated financial ratios and metrics derived from Williams Companies' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	22.06%	-10.04%	22.07%	-0.28%	-15.29%	-4.98%	-10.06%	-5.92%	3.67%	-1.47%	10.00%
EBITDA Growth	55.32%	14.14%	63.01%	42.68%	17.58%	37.11%	-15.64%	-9.62%	-7.12%	-37.11%	6.41%
EBIT Growth	126.74%	15.55%	109.41%	85.98%	25.80%	52.17%	-24.42%	-18.00%	-15.14%	-51.18%	6.23%
NOPAT Growth	161.35%	9.89%	108.63%	25.99%	11.35%	5.48%	-25.29%	-20.10%	-18.88%	-18.46%	10.39%
Net Income Growth	258.96%	10.28%	144.13%	21.38%	10.14%	67.58%	-30.83%	-13.77%	8.33%	-55.74%	10.12%
EPS Growth	276.92%	5.88%	145.16%	15.15%	10.20%	70.37%	-31.58%	-13.16%	7.41%	-57.61%	7.69%
Operating Cash Flow Growth	78.66%	7.02%	39.93%	25.41%	-17.18%	48.73%	-18.49%	-7.12%	0.73%	-32.82%	16.13%
Free Cash Flow Firm Growth	-459.75%	-94.08%	63.10%	79.20%	85.92%	-1,972.71%	-48.88%	-139.88%	-294.90%	-18.18%	92.36%
Invested Capital Growth	17.67%	1.94%	6.89%	4.53%	4.01%	6.47%	7.56%	7.58%	8.68%	6.41%	2.49%
Revenue Q/Q Growth	21.33%	-3.01%	5.15%	-19.41%	3.06%	8.79%	-0.47%	-15.70%	13.57%	3.39%	11.12%
EBITDA Q/Q Growth	33.54%	21.00%	18.62%	-25.56%	10.04%	41.10%	-27.02%	-20.24%	13.08%	-4.46%	23.49%
EBIT Q/Q Growth	70.29%	33.29%	27.19%	-35.58%	15.19%	61.23%	-36.83%	-30.11%	19.20%	-7.25%	37.47%
NOPAT Q/Q Growth	33.83%	10.39%	33.77%	-36.25%	18.28%	4.58%	-5.25%	-31.82%	20.08%	5.12%	28.28%
Net Income Q/Q Growth	52.58%	12.24%	37.30%	-48.38%	38.46%	70.76%	-43.32%	-35.65%	73.94%	-30.23%	41.01%
EPS Q/Q Growth	48.48%	10.20%	40.74%	-50.00%	42.11%	70.37%	-43.48%	-36.54%	75.76%	-32.76%	43.59%
Operating Cash Flow Q/Q Growth	35.70%	-18.19%	24.20%	-9.05%	-10.38%	46.92%	-31.94%	3.65%	-2.81%	-2.01%	17.65%
Free Cash Flow Firm Q/Q Growth	-1.11%	101.74%	-1,805.61%	30.77%	31.54%	-131.68%	-35.59%	-11.54%	-12.70%	30.67%	91.24%
Invested Capital Q/Q Growth	0.11%	0.93%	3.97%	-0.50%	-0.39%	3.32%	5.03%	-0.48%	0.63%	1.16%	1.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	66.27%	75.84%	80.30%	81.27%	79.88%	83.91%	80.84%	81.12%	80.25%	77.32%	78.90%
EBITDA Margin	43.50%	54.27%	61.21%	56.54%	60.38%	78.30%	57.42%	54.32%	54.09%	49.98%	55.54%
Operating Margin	27.14%	36.59%	44.14%	35.04%	38.84%	39.04%	36.52%	29.79%	31.59%	28.91%	35.89%
EBIT Margin	26.94%	37.03%	44.79%	35.80%	40.02%	59.30%	37.64%	31.21%	32.76%	29.38%	36.35%
Profit (Net Income) Margin	20.56%	23.79%	31.06%	19.90%	26.73%	41.95%	23.89%	18.24%	27.93%	18.85%	23.92%
Tax Burden Percent	86.61%	73.14%	77.12%	65.34%	79.44%	75.50%	77.43%	76.76%	76.55%	85.03%	79.07%
Interest Burden Percent	88.08%	87.83%	89.93%	85.04%	84.08%	93.70%	81.98%	76.13%	111.39%	75.43%	83.21%
Effective Tax Rate	13.39%	26.86%	22.88%	23.15%	20.44%	23.92%	22.57%	23.24%	23.45%	14.97%	20.93%
Return on Invested Capital (ROIC)	7.87%	8.05%	10.59%	8.33%	9.18%	8.53%	7.55%	6.05%	6.44%	6.39%	7.34%
ROIC Less NNEP Spread (ROIC-NNEP)	7.42%	7.66%	10.19%	7.57%	8.72%	9.98%	7.06%	5.62%	6.84%	5.77%	6.83%
Return on Net Nonoperating Assets (RNNOA)	10.56%	12.18%	16.48%	12.54%	14.24%	16.22%	12.11%	9.71%	11.70%	9.93%	12.28%
Return on Equity (ROE)	18.44%	20.23%	27.08%	20.87%	23.42%	24.75%	19.66%	15.76%	18.14%	16.31%	19.62%
Cash Return on Invested Capital (CROIC)	-8.99%	4.97%	1.58%	4.19%	4.92%	2.49%	0.43%	0.11%	-1.29%	0.28%	4.03%
Operating Return on Assets (OROA)	6.43%	8.46%	10.87%	8.54%	8.89%	12.80%	7.85%	6.43%	6.60%	5.76%	7.28%
Return on Assets (ROA)	4.90%	5.43%	7.54%	4.74%	5.94%	9.06%	4.98%	3.76%	5.63%	3.69%	4.79%
Return on Common Equity (ROCE)	14.87%	16.42%	22.04%	16.99%	19.15%	20.37%	16.24%	13.01%	15.03%	13.59%	16.38%
Return on Equity Simple (ROE_SIMPLE)	18.13%	0.00%	22.76%	23.71%	23.91%	0.00%	24.16%	23.91%	24.11%	0.00%	19.32%
Net Operating Profit after Tax (NOPAT)	710	784	1,049	669	791	827	784	534	641	674	865
NOPAT Margin	23.51%	26.76%	34.04%	26.93%	30.90%	29.71%	28.28%	22.87%	24.18%	24.58%	28.38%
Net Nonoperating Expense Percent (NNEP)	0.45%	0.39%	0.40%	0.75%	0.46%	-1.45%	0.48%	0.43%	-0.40%	0.62%	0.51%
Return On Investment Capital (ROIC_SIMPLE)	-	2.12%	-	-	-	2.00%	-	-	-	1.62%	2.05%
Cost of Revenue to Revenue	33.73%	24.16%	19.70%	18.73%	20.13%	16.09%	19.16%	18.88%	19.75%	22.68%	21.10%
SG&A Expenses to Revenue	21.48%	21.54%	20.74%	25.86%	26.10%	25.14%	25.15%	29.37%	28.27%	27.49%	24.15%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	39.13%	39.25%	36.16%	46.23%	41.03%	44.86%	44.32%	51.33%	48.66%	48.41%	43.01%
Earnings before Interest and Taxes (EBIT)	814	1,085	1,380	889	1,024	1,651	1,043	729	869	806	1,108
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,314	1,590	1,886	1,404	1,545	2,180	1,591	1,269	1,435	1,371	1,693
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.82	3.17	2.90	3.25	3.31	3.28	3.78	4.22	4.49	5.32	5.85
Price to Tangible Book Value (P/TBV)	8.39	8.88	8.34	9.28	8.98	8.49	9.53	10.66	10.94	12.71	13.65
Price to Revenue (P/Rev)	2.82	3.31	2.96	3.28	3.53	3.72	4.42	4.96	5.28	6.28	6.76
Price to Earnings (P/E)	15.91	17.75	13.15	14.25	14.43	12.77	16.27	18.35	19.36	29.69	31.95
Dividend Yield	6.45%	5.70%	6.15%	5.62%	5.50%	5.37%	4.72%	4.34%	4.10%	3.51%	3.22%
Earnings Yield	6.28%	5.64%	7.60%	7.02%	6.93%	7.83%	6.15%	5.45%	5.17%	3.37%	3.13%
Enterprise Value to Invested Capital (EV/IC)	1.56	1.68	1.58	1.69	1.72	1.72	1.84	1.97	2.05	2.29	2.43
Enterprise Value to Revenue (EV/Rev)	5.05	5.62	5.26	5.58	5.90	6.18	7.13	7.70	8.01	9.07	9.52
Enterprise Value to EBITDA (EV/EBITDA)	11.75	12.22	10.50	10.37	10.14	9.60	11.25	12.22	13.04	16.81	17.79
Enterprise Value to EBIT (EV/EBIT)	19.72	20.31	16.13	15.41	14.89	13.63	16.41	18.10	19.68	27.64	29.21
Enterprise Value to NOPAT (EV/NOPAT)	23.30	24.53	19.86	20.00	19.80	20.25	24.69	27.49	30.36	36.31	37.94
Enterprise Value to Operating Cash Flow (EV/OCF)	11.85	12.61	11.39	11.47	12.20	11.34	13.36	14.48	15.17	19.15	19.83
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	34.02	103.35	41.13	35.62	71.25	445.39	1,935.16	0.00	855.60	61.15
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.68	1.63	1.70	1.72	1.79	1.78	1.80	1.78	1.82	1.81	1.84
Long-Term Debt to Equity	1.62	1.56	1.59	1.52	1.59	1.57	1.61	1.63	1.67	1.67	1.62
Financial Leverage	1.42	1.59	1.62	1.66	1.63	1.63	1.71	1.73	1.71	1.72	1.80
Leverage Ratio	3.40	3.41	3.36	3.44	3.52	3.49	3.48	3.50	3.58	3.60	3.61
Compound Leverage Factor	3.00	3.00	3.02	2.93	2.96	3.27	2.85	2.67	3.99	2.72	3.01
Debt to Total Capital	62.72%	61.99%	63.02%	63.21%	64.14%	63.97%	64.30%	64.04%	64.59%	64.46%	64.84%
Short-Term Debt to Total Capital	2.35%	2.64%	4.20%	7.45%	7.20%	7.41%	6.66%	5.28%	5.44%	5.21%	7.78%
Long-Term Debt to Total Capital	60.37%	59.34%	58.82%	55.76%	56.94%	56.56%	57.63%	58.76%	59.14%	59.25%	57.06%
Preferred Equity to Total Capital	0.09%	0.09%	0.09%	0.09%	0.09%	0.08%	0.08%	0.09%	0.08%	0.08%	0.08%
Noncontrolling Interests to Total Capital	6.94%	6.93%	6.55%	6.55%	6.25%	6.02%	5.93%	5.97%	5.81%	5.76%	5.62%
Common Equity to Total Capital	30.24%	30.99%	30.33%	30.15%	29.53%	29.92%	29.69%	29.90%	29.53%	29.70%	29.45%
Debt to EBITDA	4.83	4.54	4.23	3.94	3.99	3.77	4.00	3.99	4.19	4.75	4.75
Net Debt to EBITDA	4.65	4.51	4.15	3.85	3.67	3.46	3.90	3.98	4.07	4.74	4.73
Long-Term Debt to EBITDA	4.65	4.35	3.95	3.48	3.54	3.33	3.59	3.66	3.83	4.37	4.18
Debt to NOPAT	9.57	9.11	8.00	7.60	7.79	7.95	8.78	8.97	9.74	10.26	10.14
Net Debt to NOPAT	9.22	9.05	7.84	7.43	7.16	7.30	8.56	8.95	9.47	10.24	10.10
Long-Term Debt to NOPAT	9.21	8.72	7.47	6.71	6.92	7.03	7.87	8.23	8.92	9.43	8.92
Altman Z-Score	0.44	0.52	0.52	0.51	0.54	0.60	0.63	0.68	0.74	0.86	0.96
Noncontrolling Interest Sharing Ratio	19.34%	18.86%	18.60%	18.58%	18.26%	17.69%	17.40%	17.44%	17.14%	16.69%	16.54%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.88	0.78	0.69	0.49	0.77	0.77	0.52	0.45	0.57	0.50	0.40
Quick Ratio	0.70	0.59	0.50	0.36	0.63	0.65	0.41	0.31	0.44	0.36	0.30
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-4,766	83	-1,416	-980	-671	-1,555	-2,108	-2,352	-2,651	-1,838	-161
Operating Cash Flow to CapEx	177.17%	151.24%	277.80%	225.74%	178.84%	270.19%	226.84%	220.90%	182.26%	158.59%	141.60%
Free Cash Flow to Firm to Interest Expense	-16.38	0.29	-4.82	-3.20	-2.14	-4.83	-6.04	-6.94	-7.84	-5.44	-0.46
Operating Cash Flow to Interest Expense	5.12	4.22	5.15	4.50	3.93	5.63	3.54	3.77	3.68	3.60	4.11
Operating Cash Flow Less CapEx to Interest Expense	2.23	1.43	3.30	2.51	1.73	3.55	1.98	2.06	1.66	1.33	1.21
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.24	0.23	0.24	0.24	0.22	0.22	0.21	0.21	0.20	0.20	0.20
Accounts Receivable Turnover	4.86	4.67	6.59	5.55	5.42	4.98	7.36	7.57	7.73	5.97	6.88
Inventory Turnover	9.92	9.89	14.52	8.89	6.44	6.85	8.11	7.26	7.19	7.66	9.14
Fixed Asset Turnover	0.38	0.36	0.38	0.37	0.35	0.33	0.31	0.30	0.30	0.29	0.29
Accounts Payable Turnover	1.89	1.70	2.27	1.54	1.16	1.10	1.70	1.66	1.56	1.42	1.72
Days Sales Outstanding (DSO)	75.07	78.24	55.39	65.71	67.33	73.25	49.58	48.20	47.23	61.13	53.09
Days Inventory Outstanding (DIO)	36.80	36.90	25.14	41.08	56.70	53.27	45.00	50.27	50.79	47.65	39.94
Days Payable Outstanding (DPO)	193.56	215.02	160.53	237.47	315.78	332.36	214.27	220.51	234.23	257.81	212.21
Cash Conversion Cycle (CCC)	-81.69	-99.88	-80.00	-130.68	-191.75	-205.83	-119.69	-122.04	-136.20	-149.03	-119.18
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	36,458	36,797	38,258	38,067	37,920	39,179	41,150	40,953	41,212	41,691	42,176
Invested Capital Turnover	0.33	0.30	0.31	0.31	0.30	0.29	0.27	0.26	0.27	0.26	0.26
Increase / (Decrease) in Invested Capital	5,476	701	2,465	1,649	1,462	2,382	2,892	2,886	3,292	2,512	1,026
Enterprise Value (EV)	56,984	61,656	60,619	64,220	65,179	67,365	75,599	80,489	84,463	95,263	102,594
Market Capitalization	31,810	36,309	34,111	37,797	39,069	40,553	46,863	51,797	55,644	65,973	72,870
Book Value per Share	$9.26	$9.40	$9.64	$9.56	$9.71	$10.17	$10.19	$10.06	$10.17	$10.17	$10.21
Tangible Book Value per Share	$3.11	$3.35	$3.36	$3.34	$3.58	$3.92	$4.04	$3.99	$4.17	$4.26	$4.38
Total Capital	37,317	36,949	38,735	38,618	39,994	41,329	41,817	41,008	41,974	41,751	42,276
Total Debt	23,407	22,904	24,412	24,409	25,651	26,438	26,887	26,262	27,109	26,911	27,411
Total Long-Term Debt	22,530	21,927	22,785	21,532	22,772	23,376	24,100	24,096	24,825	24,736	24,122
Net Debt	22,548	22,752	23,935	23,858	23,577	24,288	26,220	26,207	26,347	26,851	27,311
Capital Expenditures (CapEx)	841	806	545	610	690	671	544	579	682	768	1,012
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-561	-268	-113	-419	-465	-405	-251	-470	-499	-536	-542
Debt-free Net Working Capital (DFNWC)	298	-116	364	132	1,609	1,745	416	-415	263	-476	-442
Net Working Capital (NWC)	-579	-1,093	-1,263	-2,745	-1,270	-1,317	-2,371	-2,581	-2,021	-2,651	-3,731
Net Nonoperating Expense (NNE)	89	87	92	175	107	-341	122	108	-100	157	136
Net Nonoperating Obligations (NNO)	22,548	22,752	23,935	23,858	23,577	24,288	26,220	26,207	26,347	26,851	27,311
Total Depreciation and Amortization (D&A)	500	505	506	515	521	529	548	540	566	565	585
Debt-free, Cash-free Net Working Capital to Revenue	-4.97%	-2.44%	-0.98%	-3.64%	-4.21%	-3.71%	-2.37%	-4.50%	-4.73%	-5.10%	-5.03%
Debt-free Net Working Capital to Revenue	2.64%	-1.06%	3.16%	1.15%	14.56%	16.00%	3.93%	-3.97%	2.49%	-4.53%	-4.10%
Net Working Capital to Revenue	-5.13%	-9.97%	-10.96%	-23.84%	-11.49%	-12.07%	-22.37%	-24.70%	-19.17%	-25.24%	-34.61%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.49	$0.55	$0.76	$0.38	$0.54	$0.93	$0.52	$0.33	$0.58	$0.39	$0.57
Adjusted Weighted Average Basic Shares Outstanding	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B
Adjusted Diluted Earnings per Share	$0.49	$0.54	$0.76	$0.38	$0.54	$0.92	$0.52	$0.33	$0.58	$0.39	$0.56
Adjusted Weighted Average Diluted Shares Outstanding	1.22B	1.22B	1.23B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B
Normalized Net Operating Profit after Tax (NOPAT)	710	784	1,049	669	791	827	784	534	641	674	865
Normalized NOPAT Margin	23.51%	26.76%	34.04%	26.93%	30.90%	29.71%	28.28%	22.87%	24.18%	24.58%	28.38%
Pre Tax Income Margin	23.73%	32.53%	40.28%	30.45%	33.65%	55.57%	30.86%	23.76%	36.49%	22.17%	30.25%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.80	3.75	4.69	2.91	3.26	5.13	2.99	2.15	2.57	2.38	3.17
NOPAT to Interest Expense	2.44	2.71	3.57	2.19	2.52	2.57	2.25	1.58	1.90	2.00	2.48
EBIT Less CapEx to Interest Expense	-0.09	0.97	2.84	0.91	1.06	3.04	1.43	0.44	0.55	0.11	0.28
NOPAT Less CapEx to Interest Expense	-0.45	-0.08	1.71	0.19	0.32	0.48	0.69	-0.13	-0.12	-0.28	-0.42
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	109.36%	107.46%	86.50%	84.80%	84.39%	72.42%	80.95%	84.25%	83.35%	109.04%	107.50%
Augmented Payout Ratio	109.36%	107.89%	89.60%	89.82%	88.98%	76.35%	82.81%	84.25%	83.35%	109.04%	107.50%

Key Financial Trends

Williams Companies (NYSE: WMB) has demonstrated a generally stable financial performance over the past several quarters and years, with recent quarterly data from Q1 2025 showing positive trends in revenue growth, solid operating income, and strong cash flow from operations.

Revenue and Profitability:

Q1 2025 total revenue was $3.05 billion, up from $2.74 billion in Q4 2024 and showing a solid upward trend compared to previous quarters (Q3 2024: $2.65 billion, Q2 2024: $2.34 billion).
Gross profit in Q1 2025 was $2.41 billion, an increase over $2.12 billion in Q4 2024 and Q3 2024's $2.13 billion, reflecting improved operational efficiency or favorable market conditions.
Operating income in Q1 2025 rose to $1.09 billion, compared with $793 million in Q4 2024 and $838 million in Q3 2024, indicating stronger core business profitability.
Net income attributable to common shareholders in Q1 2025 was $690 million, a significant increase from $485 million in Q4 2024 and $705 million in Q3 2024, evidencing improved bottom-line results.
Basic and diluted earnings per share in Q1 2025 were $0.57 and $0.56 respectively, higher than Q4 2024’s $0.39, reflecting improved profitability but stable share count.
Interest expense remained elevated in Q1 2025 at $349 million, slightly above prior quarters, which could pressure net income if expenses continue rising.

Cash Flow and Capital Expenditures:

Net cash from continuing operating activities surged to $1.43 billion in Q1 2025, up from $1.22 billion in Q4 2024, indicating robust cash-generating capacity from core business operations.
Capital expenditures (purchase of property, plant & equipment) remained high at approximately $1.01 billion in Q1 2025, up from $768 million in Q4 2024, reflecting significant ongoing investment which may impact free cash flow.
Net cash used in financing activities was negative $223 million in Q1 2025, impacted by debt repayments of over $1 billion and dividend payments totaling $679 million, signaling cash outflows that could affect liquidity.
Total debt (short-term and long-term) was approximately $27.15 billion at Q1 2025, relatively steady compared to prior quarters, showing the company is managing leverage cautiously.

Balance Sheet and Liquidity:

Total assets increased slightly to $54.9 billion at the end of Q1 2025, compared to $54.5 billion at year-end 2024, reflecting ongoing investment in PP&E and stability in working capital.
Cash and equivalents decreased marginally to $100 million in Q1 2025 from $60 million in Q4 2024, indicating tight but managed liquidity.
Retained earnings remain negative around -$12.3 billion, consistent with prior quarters, likely due to accumulated dividends or past losses, which may be a point to monitor going forward.

Summary:

Williams Companies has shown solid revenue and earnings growth in recent quarters with stable operating margins and strong cash flow from operations, supporting ongoing capital investments. The company maintains a significant debt load but appears to manage its capital structure prudently with regular repayments and dividend payments.

Investors should watch ongoing capital expenditures and interest expense levels, as well as the company’s ability to grow net income and improve retained earnings over time. The consistent dividend payments reflect confidence in cash flow stability, though high investments may impact free cash flow in the short term.

08/02/25 03:11 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Williams Companies' Financials

When does Williams Companies' financial year end?

According to the most recent income statement we have on file, Williams Companies' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Williams Companies' net income changed over the last 9 years?

Williams Companies' net income appears to be on an upward trend, with a most recent value of $2.35 billion in 2024, falling from -$1.31 billion in 2015. The previous period was $3.30 billion in 2023. See where experts think Williams Companies is headed by visiting Williams Companies' forecast page.

What is Williams Companies' operating income?

Williams Companies' total operating income in 2024 was $3.34 billion, based on the following breakdown:

Total Gross Profit: $8.39 billion
Total Operating Expenses: $5.05 billion

How has Williams Companies' revenue changed over the last 9 years?

Over the last 9 years, Williams Companies' total revenue changed from $7.36 billion in 2015 to $10.50 billion in 2024, a change of 42.7%.

How much debt does Williams Companies have?

Williams Companies' total liabilities were at $39.69 billion at the end of 2024, a 5.2% increase from 2023, and a 21.0% increase since 2015.

How much cash does Williams Companies have?

In the past 9 years, Williams Companies' cash and equivalents has ranged from $60 million in 2024 to $2.15 billion in 2023, and is currently $60 million as of their latest financial filing in 2024.

How has Williams Companies' book value per share changed over the last 9 years?

Over the last 9 years, Williams Companies' book value per share changed from 8.20 in 2015 to 10.17 in 2024, a change of 24.1%.

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This page (NYSE:WMB) was last updated on 8/2/2025 by MarketBeat.com Staff

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Williams Companies (WMB) Financials

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Williams Companies (WMB) Financials

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