Williams Companies (WMB) Financials

$76.09 +0.68 (+0.90%)

Closing price 03:59 PM Eastern

Extended Trading

$76.29 +0.21 (+0.27%)

As of 06:30 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-571	-424	2,174	-155	847	208	1,514	2,046	3,176	2,222	2,615
Consolidated Net Income / (Loss)	-1,314	-350	2,509	193	714	198	1,562	2,117	3,303	2,346	2,768
Net Income / (Loss) Continuing Operations	-1,314	-350	2,509	193	729	198	1,562	2,117	3,400	2,346	2,768
Total Pre-Tax Income	-1,713	-375	535	331	1,064	277	2,073	2,542	4,405	2,986	3,625
Total Operating Income	226	689	927	768	1,921	2,202	2,631	3,018	4,311	3,339	4,196
Total Gross Profit	5,581	5,774	5,731	5,842	6,135	6,106	6,595	7,508	8,872	8,385	9,751
Total Revenue	7,360	7,499	8,031	8,686	8,201	7,719	10,627	10,965	10,907	10,503	11,950
Operating Revenue	7,360	7,499	8,031	8,686	8,201	7,719	10,627	10,965	10,907	10,503	11,950
Total Cost of Revenue	1,779	1,725	2,300	2,844	2,066	1,613	4,032	3,457	2,035	2,118	2,199
Operating Cost of Revenue	1,779	1,725	2,300	2,844	2,066	1,613	4,032	3,457	2,035	2,118	2,199
Total Operating Expenses	5,355	5,085	4,804	5,074	4,214	3,904	3,964	4,490	4,551	5,046	5,555
Selling, General & Admin Expense	2,396	2,314	2,170	2,076	2,026	1,792	2,106	2,453	2,649	2,887	3,003
Depreciation Expense	1,738	1,763	1,736	1,725	1,714	1,721	1,842	2,009	2,071	2,219	2,347
Other Operating Expenses / (Income)	40	135	745	50	10	22	16	28	-169	-60	-7.00
Impairment Charge	1,307	873	1,248	1,915	464	369	-	-	-	0.00	212
Other Special Charges / (Income)	-126	0.00	-1,095	-692	-	-	0.00	0.00	-	0.00	0.00
Total Other Income / (Expense), net	-1,939	-1,064	-392	-437	-857	-1,925	-558	-476	94	-353	-571
Interest Expense	1,044	1,179	1,083	1,112	1,186	1,172	1,179	1,147	1,236	1,364	1,442
Interest & Investment Income	-997	30	716	583	296	-710	615	653	697	903	802
Other Income / (Expense), net	102	85	-25	92	33	-43	6.00	18	633	108	69
Income Tax Expense	-399	-25	-1,974	138	335	79	511	425	1,005	640	857
Net Income / (Loss) Discontinued Operations	-	-	0.00	0.00	-15	-	0.00	0.00	-97	0.00	0.00
Preferred Stock Dividends Declared	-	0.00	0.00	-	3.00	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	150
Basic Earnings per Share	($0.76)	($0.57)	$2.63	($0.16)	$0.70	$0.17	$1.25	$1.68	$2.61	$1.82	$2.14
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	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	$2.14
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	1.23B
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	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	$2.00

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	460	653	1,137	631	401	705	485	690	546	646	733
Consolidated Net Income / (Loss)	494	684	1,168	662	426	741	517	729	583	683	773
Net Income / (Loss) Continuing Operations	581	685	2,134	662	426	741	1,179	729	583	683	773
Total Pre-Tax Income	756	861	1,547	855	555	968	608	922	757	929	1,017
Total Operating Income	870	994	1,087	1,012	696	838	793	1,094	945	1,109	1,048
Total Gross Profit	2,018	2,044	2,336	2,240	1,895	2,129	2,121	2,405	2,303	2,438	2,605
Total Revenue	2,483	2,559	2,784	2,771	2,336	2,653	2,743	3,048	2,781	2,923	3,198
Operating Revenue	2,483	2,559	2,784	2,771	2,336	2,653	2,743	3,048	2,781	2,923	3,198
Total Cost of Revenue	465	515	448	531	441	524	622	643	478	485	593
Operating Cost of Revenue	465	515	448	531	441	524	622	643	478	485	593
Total Operating Expenses	1,148	1,050	1,249	1,228	1,199	1,291	1,328	1,311	1,358	1,329	1,557
Selling, General & Admin Expense	642	668	700	697	686	750	754	736	740	751	776
Depreciation Expense	515	521	529	548	540	566	565	585	605	564	593
Other Operating Expenses / (Income)	-9.00	-139	20	-17	-27	-25	9.00	-10	13	14	-24
Total Other Income / (Expense), net	-114	-133	460	-157	-141	130	-185	-172	-188	-180	-31
Interest Expense	306	314	322	349	339	338	338	349	350	372	371
Interest & Investment Income	173	151	218	161	165	437	140	163	146	171	322
Other Income / (Expense), net	19	30	564	31	33	31	13	14	16	21	18
Income Tax Expense	175	176	370	193	129	227	91	193	174	246	244
Preferred Stock Dividends Declared	0.00	1.00	1.00	1.00	0.00	1.00	1.00	1.00	0.00	1.00	1.00
Net Income / (Loss) Attributable to Noncontrolling Interest	34	30	30	30	25	35	31	38	37	36	39
Basic Earnings per Share	$0.38	$0.54	$0.93	$0.52	$0.33	$0.58	$0.39	$0.57	$0.45	$0.53	$0.59
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	$0.38	$0.54	$0.92	$0.52	$0.33	$0.58	$0.39	$0.56	$0.45	$0.53	$0.60
Weighted Average Diluted Shares Outstanding	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.23B	1.23B
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

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-140	70	729	-731	121	-147	1,538	-1,528	1,998	-2,090	3.00
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	5,898
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	5,898
Net Income / (Loss) Continuing Operations	-1,314	-350	2,509	193	714	198	1,562	2,117	3,303	2,346	2,768
Consolidated Net Income / (Loss)	-1,314	-350	2,509	193	714	198	1,562	2,117	3,303	2,346	2,768
Depreciation Expense	1,738	1,763	1,736	1,725	1,714	1,721	1,842	2,009	2,071	2,219	2,347
Non-Cash Adjustments To Reconcile Net Income	2,754	1,739	1,089	1,404	893	1,809	354	711	-495	429	203
Changes in Operating Assets and Liabilities, net	-470	1,003	-2,245	-29	372	-232	187	52	1,059	-20	580
Net Cash From Investing Activities	-3,299	-891	100	-2,725	-2,827	-1,558	-1,465	-3,375	-3,891	-4,863	-5,489
Net Cash From Continuing Investing Activities	-3,299	-891	100	-2,725	-2,827	-1,558	-1,465	-3,375	-3,891	-4,863	-5,489
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	-4,893
Acquisitions	-707	-177	-132	-1,132	-1,181	-325	-266	-1,099	-1,709	-2,358	-512
Purchase of Investments	-	-	-	-	-	-	-8.00	-30	-51	-105	-106
Divestitures	0.00	1,054	2,267	1,296	485	-	0.00	0.00	346	161	0.00
Other Investing Activities, net	168	253	405	374	-22	6.00	48	7.00	39	12	22
Net Cash From Financing Activities	451	-3,194	-2,460	-1,299	-745	-2,085	-942	-3,042	-49	-2,201	-406
Net Cash From Continuing Financing Activities	451	-3,194	-2,460	-1,299	-745	-2,085	-942	-3,042	-49	-2,201	-406
Repayment of Debt	-7,136	-7,264	-6,127	-3,278	-926	-3,874	-936	-2,585	-306	-3,283	-2,690
Repurchase of Common Equity	-	-	-	-	-	-	0.00	-9.00	-130	0.00	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	-2,701
Issuance of Debt	9,772	6,119	3,333	3,926	767	3,899	2,155	1,755	2,755	3,594	4,940
Issuance of Common Equity	197	152	2,148	30	1,380	16	18	72	24	46	45

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Net Change in Cash & Equivalents	74	1,523	76	-1,483	-612	707	-702	40	803	-833	-7.00
Net Cash From Operating Activities	1,377	1,234	1,813	1,234	1,279	1,243	1,218	1,433	1,450	1,439	1,576
Net Cash From Continuing Operating Activities	1,377	1,234	1,813	1,234	1,279	1,243	1,218	1,433	1,450	1,439	1,576
Net Income / (Loss) Continuing Operations	494	684	1,168	662	426	741	517	729	583	683	773
Consolidated Net Income / (Loss)	494	684	1,168	662	426	741	517	729	583	683	773
Depreciation Expense	515	521	529	548	540	566	565	585	605	564	593
Non-Cash Adjustments To Reconcile Net Income	-5.00	-67	-202	171	216	-227	269	66	98	7.00	32
Changes in Operating Assets and Liabilities, net	373	96	318	-147	97	163	-133	53	164	185	178
Net Cash From Investing Activities	-649	-343	-1,260	-2,436	-620	-737	-1,070	-1,170	-1,024	-1,008	-2,287
Net Cash From Continuing Investing Activities	-649	-343	-1,260	-2,436	-620	-737	-1,070	-1,170	-1,024	-1,008	-2,287
Purchase of Property, Plant & Equipment	-610	-690	-671	-544	-579	-682	-768	-1,012	-972	-954	-1,955
Acquisitions	-27	18	-605	-1,903	-23	-170	-262	-164	-16	-13	-319
Purchase of Investments	-14	-12	-18	5.00	-32	-46	-32	0.00	-40	-40	-26
Other Investing Activities, net	2.00	-7.00	36	6.00	14	-	-8.00	6.00	4.00	-1.00	13
Net Cash From Financing Activities	-654	632	-477	-281	-1,271	201	-850	-223	377	-1,264	704
Net Cash From Continuing Financing Activities	-654	632	-477	-281	-1,271	201	-850	-223	377	-1,264	704
Repayment of Debt	-12	-17	107	-1,768	-637	-669	-209	-1,051	-461	-594	-584
Payment of Dividends	-603	-606	-583	-643	-645	-627	-643	-679	-673	-677	-672
Issuance of Debt	1.00	1,251	1.00	2,099	1.00	1,494	-	1,497	1,497	-	1,946
Issuance of Common Equity	16	4.00	-2.00	31	10	3.00	2.00	10	14	7.00	14

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	2025
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	12/31/2025
Total Assets	49,020	46,835	46,352	45,302	46,040	44,165	47,612	48,433	52,627	54,532	58,573
Total Current Assets	1,527	1,462	2,179	1,464	1,580	1,429	4,549	3,797	4,513	2,661	3,244
Cash & Equivalents	100	170	899	168	289	142	1,680	152	2,150	60	63
Accounts Receivable	1,041	938	976	992	996	999	1,978	2,723	1,655	1,863	2,084
Inventories, net	127	138	113	130	125	136	379	320	274	279	314
Other Current Assets	259	216	191	174	170	152	512	602	434	458	465
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	1.00	318
Plant, Property, & Equipment, net	29,579	28,428	28,211	27,504	29,200	28,929	29,258	30,889	34,311	38,692	41,996
Total Noncurrent Assets	17,914	16,945	15,962	16,334	15,260	13,807	13,805	13,747	13,803	13,179	13,333
Goodwill	10,017	9,663	8,791	7,767	7,959	7,444	7,402	7,363	7,593	7,209	6,763
Other Noncurrent Operating Assets	561	581	619	746	1,066	6,363	6,403	6,384	6,210	5,970	6,570
Total Liabilities & Shareholders' Equity	49,020	46,835	46,352	45,302	46,040	44,165	47,612	48,433	52,627	54,532	58,573
Total Liabilities	32,795	32,789	30,177	29,305	29,676	29,582	33,511	34,388	37,736	39,692	43,578
Total Current Liabilities	2,497	2,949	2,646	1,811	3,968	2,319	4,972	4,890	5,830	5,312	6,106
Short-Term Debt	675	878	501	47	2,140	893	2,025	977	3,062	2,175	2,045
Accounts Payable	744	623	978	662	552	482	1,746	2,327	1,379	1,613	2,224
Other Current Liabilities	-	-	-	-	-	-	166	316	1,389	1,524	1,774
Other Current Nonoperating Liabilities	-	-	-	-	-	-	-	-	-	0.00	63
Total Noncurrent Liabilities	30,298	29,840	27,531	27,494	25,708	27,263	28,539	29,498	31,906	34,380	37,472
Long-Term Debt	23,812	22,624	20,434	22,367	20,148	21,451	21,650	21,927	23,376	24,736	27,316
Noncurrent Deferred Revenue	2,268	2,978	3,950	3,603	3,778	3,889	4,436	4,684	4,684	5,268	4,986
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	5,170
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	16,225	14,046	16,175	15,997	16,364	14,583	14,101	14,045	14,891	14,840	14,995
Total Preferred & Common Equity	6,148	4,643	9,656	14,660	13,363	11,769	11,423	11,485	12,402	12,436	12,807
Preferred Stock	-	-	0.00	35	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	12,772
Common Stock	15,591	15,672	19,369	25,938	25,570	25,619	25,699	25,795	25,834	25,901	26,062
Retained Earnings	-7,960	-9,649	-8,434	-10,002	-11,002	-12,748	-13,237	-13,271	-12,287	-12,396	-12,237
Treasury Stock	-1,041	-1,041	-1,041	-1,041	-1,041	-1,041	-1,041	-1,050	-1,180	-1,180	-1,180
Accumulated Other Comprehensive Income / (Loss)	-442	-339	-238	-270	-199	-96	-33	-24	0.00	76	127
Noncontrolling Interest	10,077	9,403	6,519	1,337	3,001	2,814	2,678	2,560	2,489	2,404	2,188

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	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	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	6/30/2025	9/30/2025
Total Assets	48,936	49,025	50,788	52,627	52,747	52,409	53,837	54,532	54,924	56,141	55,736
Total Current Assets	2,757	2,639	4,256	4,513	2,610	2,115	2,698	2,661	2,535	3,221	2,271
Cash & Equivalents	477	551	2,074	2,150	667	55	762	60	100	903	70
Accounts Receivable	1,524	1,362	1,419	1,655	1,355	1,398	1,310	1,863	1,781	1,563	1,480
Inventories, net	244	259	266	274	239	274	275	279	249	335	339
Other Current Assets	512	467	497	434	349	388	351	459	405	420	382
Plant, Property, & Equipment, net	32,095	32,346	32,628	34,311	36,451	36,702	37,974	38,692	39,155	39,773	40,385
Plant, Property & Equipment, gross	49,546	50,240	50,805	-	54,305	54,930	56,479	-	58,313	59,391	60,305
Accumulated Depreciation	17,451	17,894	18,177	-	17,854	18,228	18,505	-	19,158	19,618	19,920
Total Noncurrent Assets	14,084	14,040	13,904	13,803	13,686	13,592	13,165	13,179	13,234	13,147	13,080
Goodwill	7,660	7,573	7,459	7,593	7,496	7,402	7,305	7,209	7,115	7,100	7,004
Other Noncurrent Operating Assets	6,424	6,467	6,445	6,210	6,190	6,190	5,860	5,970	6,119	6,047	6,076
Total Liabilities & Shareholders' Equity	48,936	49,025	50,788	52,627	52,747	52,409	53,837	54,532	54,924	56,141	55,736
Total Liabilities	34,613	34,816	36,445	37,736	37,817	37,663	38,972	39,692	40,059	41,336	40,876
Total Current Liabilities	4,020	5,384	5,526	5,830	4,981	4,696	4,719	5,312	6,266	6,012	5,377
Short-Term Debt	1,627	2,877	2,879	3,062	2,787	2,166	2,284	2,175	3,289	2,969	2,398
Accounts Payable	1,258	1,146	1,358	1,379	1,042	1,192	1,137	1,613	1,551	1,414	1,406
Other Current Liabilities	180	143	123	1,389	75	109	95	1,524	1,426	1,629	1,573
Total Noncurrent Liabilities	30,593	29,432	30,919	31,906	32,836	32,967	34,253	34,380	33,793	35,324	35,499
Long-Term Debt	22,785	21,532	22,772	23,376	24,100	24,096	24,825	24,736	24,122	25,603	25,589
Noncurrent Deferred Revenue	4,631	4,575	4,651	4,684	4,735	4,764	5,116	5,268	5,189	5,158	5,084
Noncurrent Deferred & Payable Income Tax Liabilities	3,177	3,325	3,496	3,846	4,001	4,107	4,312	4,376	4,482	4,563	4,826
Other Noncurrent Operating Liabilities	-	-	-	0.00	-	-	-	0.00	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	14,323	14,209	14,343	14,891	14,930	14,746	14,865	14,840	14,865	14,805	14,860
Total Preferred & Common Equity	11,785	11,679	11,845	12,402	12,449	12,296	12,428	12,436	12,487	12,438	12,520
Preferred Stock	35	35	35	35	35	35	35	35	35	35	35
Total Common Equity	11,750	11,644	11,810	12,367	12,414	12,261	12,393	12,401	12,452	12,403	12,485
Common Stock	25,772	25,794	25,818	25,834	25,822	25,847	25,869	25,901	25,876	25,893	25,917
Retained Earnings	-12,895	-12,982	-12,876	-12,287	-12,238	-12,419	-12,296	-12,396	-12,320	-12,387	-12,354
Treasury Stock	-1,124	-1,180	-1,180	-1,180	-1,180	-1,180	-1,180	-1,180	-1,180	-1,180	-1,180
Accumulated Other Comprehensive Income / (Loss)	-3.00	12	48	0.00	10	13	0.00	76	76	77	102
Noncontrolling Interest	2,538	2,530	2,498	2,489	2,481	2,450	2,437	2,404	2,378	2,367	2,340

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.63%	1.89%	7.09%	8.16%	-5.58%	-5.88%	37.67%	3.18%	-0.53%	-3.70%	13.78%
EBITDA Growth	-25.58%	22.80%	3.98%	-2.01%	41.90%	5.78%	15.44%	12.64%	39.05%	-19.23%	16.70%
EBIT Growth	-79.50%	135.98%	16.54%	-4.66%	127.21%	10.49%	22.14%	15.13%	62.85%	-30.28%	23.73%
NOPAT Growth	-84.52%	204.87%	801.38%	-89.70%	193.92%	19.59%	25.95%	26.78%	32.39%	-21.16%	22.13%
Net Income Growth	-156.18%	73.36%	816.86%	-92.31%	269.95%	-72.27%	688.89%	35.53%	56.02%	-28.97%	17.99%
EPS Growth	-126.03%	25.00%	559.65%	-106.11%	537.50%	-75.71%	629.41%	34.68%	55.69%	-30.00%	17.58%
Operating Cash Flow Growth	28.04%	53.43%	-25.66%	6.60%	12.15%	-5.33%	12.84%	23.93%	21.46%	-16.23%	18.58%
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%	661.98%
Invested Capital Growth	0.49%	-7.81%	-3.32%	2.57%	5.61%	14.50%	-1.87%	1.94%	6.47%	6.41%	5.63%
Revenue Q/Q Growth	-1.80%	2.63%	0.38%	-0.28%	-1.17%	-0.19%	12.31%	-2.90%	-1.32%	-0.39%	3.96%
EBITDA Q/Q Growth	-36.59%	106.09%	-25.77%	-11.32%	32.18%	6.53%	11.67%	4.06%	9.18%	-12.49%	4.55%
EBIT Q/Q Growth	-79.40%	241.76%	-50.14%	-28.15%	83.47%	12.57%	20.58%	5.05%	12.93%	-19.69%	6.49%
NOPAT Q/Q Growth	-84.29%	209.37%	213.00%	-91.51%	70.40%	537.21%	20.74%	2.77%	1.09%	-5.72%	4.08%
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%	10.19%
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%	10.88%
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%	6.46%
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%	-43.43%
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%	2.95%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.83%	77.00%	71.36%	67.26%	74.81%	79.10%	62.06%	68.47%	81.34%	79.83%	81.60%
EBITDA Margin	28.07%	33.83%	32.85%	29.76%	44.73%	50.27%	42.15%	46.01%	64.32%	53.95%	55.33%
Operating Margin	3.07%	9.19%	11.54%	8.84%	23.42%	28.53%	24.76%	27.52%	39.53%	31.79%	35.11%
EBIT Margin	4.46%	10.32%	11.23%	9.90%	23.83%	27.97%	24.81%	27.69%	45.33%	32.82%	35.69%
Profit (Net Income) Margin	-17.85%	-4.67%	31.24%	2.22%	8.71%	2.57%	14.70%	19.31%	30.28%	22.34%	23.16%
Tax Burden Percent	76.71%	93.33%	468.97%	58.31%	67.11%	71.48%	75.35%	83.28%	74.98%	78.57%	76.36%
Interest Burden Percent	-522.26%	-48.45%	59.31%	38.49%	54.45%	12.83%	78.61%	83.73%	89.10%	86.63%	84.99%
Effective Tax Rate	0.00%	0.00%	-368.97%	41.69%	31.49%	28.52%	24.65%	16.72%	22.82%	21.43%	23.64%
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%	7.47%
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%	5.91%
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%	11.08%
Return on Equity (ROE)	-7.22%	-2.31%	16.60%	1.20%	4.41%	1.28%	10.89%	15.04%	22.83%	15.78%	18.56%
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%	2.00%
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%	7.54%
Return on Assets (ROA)	-2.64%	-0.73%	5.38%	0.42%	1.56%	0.44%	3.40%	4.41%	6.54%	4.38%	4.89%
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%	15.66%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	158	482	4,347	448	1,316	1,574	1,982	2,513	3,327	2,623	3,204
NOPAT Margin	2.15%	6.43%	54.13%	5.16%	16.05%	20.39%	18.65%	22.92%	30.51%	24.98%	26.81%
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%	1.56%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	6.80%	8.05%	6.28%	7.22%
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%	18.40%
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%	25.13%
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	72.76%	67.81%	59.82%	58.42%	51.38%	50.58%	37.30%	40.95%	41.82%	48.04%	46.49%
Earnings before Interest and Taxes (EBIT)	328	774	902	860	1,954	2,159	2,637	3,036	4,944	3,447	4,265
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	6,612
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	5.75
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	12.22
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	6.14
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	28.07
Dividend Yield	15.83%	8.27%	5.79%	8.62%	8.44%	9.68%	7.17%	5.70%	5.37%	3.51%	3.33%
Earnings Yield	0.00%	0.00%	12.69%	0.00%	3.88%	1.04%	5.45%	5.64%	7.83%	3.37%	3.56%
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	2.38
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	8.78
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	15.87
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	24.60
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	32.75
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	17.79
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	122.58
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	1.96
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	1.82
Financial Leverage	0.82	1.11	1.00	0.87	0.93	1.23	1.54	1.59	1.63	1.72	1.87
Leverage Ratio	2.73	3.17	3.08	2.85	2.82	2.91	3.20	3.41	3.49	3.60	3.79
Compound Leverage Factor	-14.27	-1.53	1.83	1.10	1.54	0.37	2.52	2.86	3.11	3.12	3.22
Debt to Total Capital	60.15%	62.59%	56.41%	58.35%	57.66%	60.51%	62.67%	61.99%	63.97%	64.46%	66.19%
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%	4.61%
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%	61.58%
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%	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%	4.93%
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%	28.79%
Debt to EBITDA	11.85	9.26	7.94	8.67	6.08	5.76	5.29	4.54	3.77	4.75	4.44
Net Debt to EBITDA	8.25	6.56	5.11	5.58	4.30	5.72	4.91	4.51	3.46	4.74	4.43
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	4.13
Debt to NOPAT	154.79	48.73	4.82	50.05	16.93	14.20	11.94	9.11	7.95	10.26	9.16
Net Debt to NOPAT	107.78	34.48	3.10	32.21	11.98	14.11	11.09	9.05	7.30	10.24	9.14
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	8.53
Altman Z-Score	0.13	0.17	0.31	0.33	0.36	0.31	0.50	0.66	0.81	1.02	1.10
Noncontrolling Interest Sharing Ratio	58.99%	64.35%	52.69%	24.53%	13.62%	19.02%	19.39%	18.86%	17.69%	16.69%	15.63%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.61	0.50	0.82	0.81	0.40	0.62	0.91	0.78	0.77	0.50	0.53
Quick Ratio	0.46	0.38	0.71	0.64	0.32	0.49	0.74	0.59	0.65	0.36	0.35
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	856
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%	120.54%
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	0.59
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	4.09
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	0.70
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.15	0.16	0.17	0.19	0.18	0.17	0.23	0.23	0.22	0.20	0.21
Accounts Receivable Turnover	0.00	7.58	8.39	8.83	8.25	7.74	7.14	4.67	4.98	5.97	6.06
Inventory Turnover	9.94	13.02	18.33	23.41	16.20	12.36	15.66	9.89	6.85	7.66	7.42
Fixed Asset Turnover	0.26	0.26	0.28	0.31	0.29	0.27	0.37	0.36	0.33	0.29	0.30
Accounts Payable Turnover	2.21	2.52	2.87	3.47	3.40	3.12	3.62	1.70	1.10	1.42	1.15
Days Sales Outstanding (DSO)	0.00	48.16	43.49	41.35	44.24	47.17	51.12	78.24	73.25	61.13	60.28
Days Inventory Outstanding (DIO)	36.73	28.04	19.92	15.59	22.53	29.53	23.31	36.90	53.27	47.65	49.21
Days Payable Outstanding (DPO)	165.06	144.62	127.04	105.24	107.24	116.99	100.85	215.02	332.36	257.81	318.44
Cash Conversion Cycle (CCC)	-128.33	-68.43	-63.63	-48.30	-40.47	-40.29	-26.41	-99.88	-205.83	-149.03	-208.95
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	44,038
Invested Capital Turnover	0.22	0.23	0.27	0.29	0.26	0.22	0.29	0.30	0.29	0.26	0.28
Increase / (Decrease) in Invested Capital	162	-2,599	-1,018	763	1,706	4,657	-689	701	2,382	2,512	2,348
Enterprise Value (EV)	38,734	41,281	37,130	34,888	40,625	45,112	52,498	61,656	67,365	95,263	104,928
Market Capitalization	11,606	15,247	17,127	19,091	21,825	20,061	27,790	36,309	40,553	65,973	73,407
Book Value per Share	$8.20	$6.18	$11.68	$12.08	$11.00	$9.67	$9.37	$9.40	$10.17	$10.17	$10.46
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	$4.92
Total Capital	40,712	37,548	37,110	38,411	38,652	36,927	37,776	36,949	41,329	41,751	44,356
Total Debt	24,487	23,502	20,935	22,414	22,288	22,344	23,675	22,904	26,438	26,911	29,361
Total Long-Term Debt	23,812	22,624	20,434	22,367	20,148	21,451	21,650	21,927	23,376	24,736	27,316
Net Debt	17,051	16,631	13,484	14,425	15,764	22,202	21,995	22,752	24,288	26,851	29,298
Capital Expenditures (CapEx)	3,164	2,021	2,440	3,263	2,109	1,239	1,239	2,253	2,516	2,573	4,893
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-395	-779	-865	-468	-537	-139	-78	-268	-405	-536	-880
Debt-free Net Working Capital (DFNWC)	-295	-609	34	-300	-248	3.00	1,602	-116	1,745	-476	-817
Net Working Capital (NWC)	-970	-1,487	-467	-347	-2,388	-890	-423	-1,093	-1,317	-2,651	-2,862
Net Nonoperating Expense (NNE)	1,472	832	1,838	255	602	1,376	420	396	24	277	436
Net Nonoperating Obligations (NNO)	17,051	16,631	13,484	14,425	15,764	22,202	21,995	22,752	24,288	26,851	29,043
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	2,347
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%	-7.36%
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%	-6.84%
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%	-23.95%
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	$2.14
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	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	$2.14
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	1.23B
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	$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	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	3,366
Normalized NOPAT Margin	13.38%	14.58%	9.41%	13.37%	19.93%	23.81%	18.65%	22.92%	30.51%	24.98%	28.17%
Pre Tax Income Margin	-23.27%	-5.00%	6.66%	3.81%	12.97%	3.59%	19.51%	23.18%	40.39%	28.43%	30.33%
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	2.96
NOPAT to Interest Expense	0.15	0.41	4.01	0.40	1.11	1.34	1.68	2.19	2.69	1.92	2.22
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	-0.44
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	-1.17
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%	97.58%
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%	97.58%

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

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.28%	-15.29%	-4.98%	-10.06%	-5.92%	3.67%	-1.47%	10.00%	19.05%	10.18%	16.59%
EBITDA Growth	42.68%	17.58%	37.11%	-15.64%	-9.62%	-7.12%	-37.11%	6.41%	23.40%	18.05%	21.01%
EBIT Growth	85.98%	25.80%	52.17%	-24.42%	-18.00%	-15.14%	-51.18%	6.23%	31.82%	30.03%	32.26%
NOPAT Growth	25.99%	11.35%	5.48%	-25.29%	-20.10%	-18.88%	-18.46%	10.39%	36.23%	27.10%	18.13%
Net Income Growth	21.38%	10.14%	67.58%	-30.83%	-13.77%	8.33%	-55.74%	10.12%	36.85%	-7.83%	49.52%
EPS Growth	15.15%	10.20%	70.37%	-31.58%	-13.16%	7.41%	-57.61%	7.69%	36.36%	-8.62%	53.85%
Operating Cash Flow Growth	25.41%	-17.18%	48.73%	-18.49%	-7.12%	0.73%	-32.82%	16.13%	13.37%	15.77%	29.39%
Free Cash Flow Firm Growth	79.20%	85.92%	-1,972.71%	-48.88%	-139.88%	-294.90%	-18.18%	92.36%	66.27%	71.72%	15.53%
Invested Capital Growth	4.53%	4.01%	6.47%	7.56%	7.58%	8.68%	6.41%	2.49%	3.71%	3.80%	5.63%
Revenue Q/Q Growth	-19.41%	3.06%	8.79%	-0.47%	-15.70%	13.57%	3.39%	11.12%	-8.76%	5.11%	9.41%
EBITDA Q/Q Growth	-25.56%	10.04%	41.10%	-27.02%	-20.24%	13.08%	-4.46%	23.49%	-7.50%	8.17%	-2.07%
EBIT Q/Q Growth	-35.58%	15.19%	61.23%	-36.83%	-30.11%	19.20%	-7.25%	37.47%	-13.27%	17.59%	-5.66%
NOPAT Q/Q Growth	-36.25%	18.28%	4.58%	-5.25%	-31.82%	20.08%	5.12%	28.28%	-15.86%	12.03%	-2.30%
Net Income Q/Q Growth	-48.38%	38.46%	70.76%	-43.32%	-35.65%	73.94%	-30.23%	41.01%	-20.03%	17.15%	13.18%
EPS Q/Q Growth	-50.00%	42.11%	70.37%	-43.48%	-36.54%	75.76%	-32.76%	43.59%	-19.64%	17.78%	13.21%
Operating Cash Flow Q/Q Growth	-9.05%	-10.38%	46.92%	-31.94%	3.65%	-2.81%	-2.01%	17.65%	1.19%	-0.76%	9.52%
Free Cash Flow Firm Q/Q Growth	30.77%	31.54%	-131.68%	-35.59%	-11.54%	-12.70%	30.67%	91.24%	-392.67%	5.49%	-106.95%
Invested Capital Q/Q Growth	-0.50%	-0.39%	3.32%	5.03%	-0.48%	0.63%	1.16%	1.16%	0.71%	0.71%	2.95%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	81.27%	79.88%	83.91%	80.84%	81.12%	80.25%	77.32%	78.90%	82.81%	83.41%	81.46%
EBITDA Margin	56.54%	60.38%	78.30%	57.42%	54.32%	54.09%	49.98%	55.54%	56.31%	57.95%	51.88%
Operating Margin	35.04%	38.84%	39.04%	36.52%	29.79%	31.59%	28.91%	35.89%	33.98%	37.94%	32.77%
EBIT Margin	35.80%	40.02%	59.30%	37.64%	31.21%	32.76%	29.38%	36.35%	34.56%	38.66%	33.33%
Profit (Net Income) Margin	19.90%	26.73%	41.95%	23.89%	18.24%	27.93%	18.85%	23.92%	20.96%	23.37%	24.17%
Tax Burden Percent	65.34%	79.44%	75.50%	77.43%	76.76%	76.55%	85.03%	79.07%	77.01%	73.52%	76.01%
Interest Burden Percent	85.04%	84.08%	93.70%	81.98%	76.13%	111.39%	75.43%	83.21%	78.77%	82.21%	95.40%
Effective Tax Rate	23.15%	20.44%	23.92%	22.57%	23.24%	23.45%	14.97%	20.93%	22.99%	26.48%	23.99%
Return on Invested Capital (ROIC)	8.33%	9.18%	8.53%	7.55%	6.05%	6.44%	6.39%	7.34%	7.04%	7.64%	6.94%
ROIC Less NNEP Spread (ROIC-NNEP)	7.57%	8.72%	9.98%	7.06%	5.62%	6.84%	5.77%	6.83%	6.50%	7.15%	6.86%
Return on Net Nonoperating Assets (RNNOA)	12.54%	14.24%	16.22%	12.11%	9.71%	11.70%	9.93%	12.28%	11.86%	13.05%	12.85%
Return on Equity (ROE)	20.87%	23.42%	24.75%	19.66%	15.76%	18.14%	16.31%	19.62%	18.90%	20.68%	19.80%
Cash Return on Invested Capital (CROIC)	4.19%	4.92%	2.49%	0.43%	0.11%	-1.29%	0.28%	4.03%	3.30%	3.60%	2.00%
Operating Return on Assets (OROA)	8.54%	8.89%	12.80%	7.85%	6.43%	6.60%	5.76%	7.28%	7.15%	8.11%	7.04%
Return on Assets (ROA)	4.74%	5.94%	9.06%	4.98%	3.76%	5.63%	3.69%	4.79%	4.34%	4.90%	5.11%
Return on Common Equity (ROCE)	16.99%	19.15%	20.37%	16.24%	13.01%	15.03%	13.59%	16.38%	15.78%	17.31%	16.70%
Return on Equity Simple (ROE_SIMPLE)	23.71%	23.91%	0.00%	24.16%	23.91%	24.11%	0.00%	19.32%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	669	791	827	784	534	641	674	865	728	815	797
NOPAT Margin	26.93%	30.90%	29.71%	28.28%	22.87%	24.18%	24.58%	28.38%	26.17%	27.89%	24.91%
Net Nonoperating Expense Percent (NNEP)	0.75%	0.46%	-1.45%	0.48%	0.43%	-0.40%	0.62%	0.51%	0.54%	0.49%	0.08%
Return On Investment Capital (ROIC_SIMPLE)	-	-	2.00%	-	-	-	1.62%	2.05%	1.68%	1.90%	1.80%
Cost of Revenue to Revenue	18.73%	20.13%	16.09%	19.16%	18.88%	19.75%	22.68%	21.10%	17.19%	16.59%	18.54%
SG&A Expenses to Revenue	25.86%	26.10%	25.14%	25.15%	29.37%	28.27%	27.49%	24.15%	26.61%	25.69%	24.27%
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	46.23%	41.03%	44.86%	44.32%	51.33%	48.66%	48.41%	43.01%	48.83%	45.47%	48.69%
Earnings before Interest and Taxes (EBIT)	889	1,024	1,651	1,043	729	869	806	1,108	961	1,130	1,066
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,404	1,545	2,180	1,591	1,269	1,435	1,371	1,693	1,566	1,694	1,659
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.25	3.31	3.28	3.78	4.22	4.49	5.32	5.85	6.18	6.20	5.75
Price to Tangible Book Value (P/TBV)	9.28	8.98	8.49	9.53	10.66	10.94	12.71	13.65	14.46	14.11	12.22
Price to Revenue (P/Rev)	3.28	3.53	3.72	4.42	4.96	5.28	6.28	6.76	6.83	6.73	6.14
Price to Earnings (P/E)	14.25	14.43	12.77	16.27	18.35	19.36	29.69	31.95	31.61	32.68	28.07
Dividend Yield	5.62%	5.50%	5.37%	4.72%	4.34%	4.10%	3.51%	3.22%	3.10%	3.12%	3.33%
Earnings Yield	7.02%	6.93%	7.83%	6.15%	5.45%	5.17%	3.37%	3.13%	3.16%	3.06%	3.56%
Enterprise Value to Invested Capital (EV/IC)	1.69	1.72	1.72	1.84	1.97	2.05	2.29	2.43	2.51	2.52	2.38
Enterprise Value to Revenue (EV/Rev)	5.58	5.90	6.18	7.13	7.70	8.01	9.07	9.52	9.51	9.37	8.78
Enterprise Value to EBITDA (EV/EBITDA)	10.37	10.14	9.60	11.25	12.22	13.04	16.81	17.79	17.60	17.02	15.87
Enterprise Value to EBIT (EV/EBIT)	15.41	14.89	13.63	16.41	18.10	19.68	27.64	29.21	28.52	26.88	24.60
Enterprise Value to NOPAT (EV/NOPAT)	20.00	19.80	20.25	24.69	27.49	30.36	36.31	37.94	36.84	34.97	32.75
Enterprise Value to Operating Cash Flow (EV/OCF)	11.47	12.20	11.34	13.36	14.48	15.17	19.15	19.83	19.98	19.43	17.79
Enterprise Value to Free Cash Flow (EV/FCFF)	41.13	35.62	71.25	445.39	1,935.16	0.00	855.60	61.15	77.55	71.14	122.58
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.72	1.79	1.78	1.80	1.78	1.82	1.81	1.84	1.93	1.88	1.96
Long-Term Debt to Equity	1.52	1.59	1.57	1.61	1.63	1.67	1.67	1.62	1.73	1.72	1.82
Financial Leverage	1.66	1.63	1.63	1.71	1.73	1.71	1.72	1.80	1.82	1.83	1.87
Leverage Ratio	3.44	3.52	3.49	3.48	3.50	3.58	3.60	3.61	3.67	3.69	3.79
Compound Leverage Factor	2.93	2.96	3.27	2.85	2.67	3.99	2.72	3.01	2.89	3.03	3.62
Debt to Total Capital	63.21%	64.14%	63.97%	64.30%	64.04%	64.59%	64.46%	64.84%	65.87%	65.32%	66.19%
Short-Term Debt to Total Capital	7.45%	7.20%	7.41%	6.66%	5.28%	5.44%	5.21%	7.78%	6.84%	5.60%	4.61%
Long-Term Debt to Total Capital	55.76%	56.94%	56.56%	57.63%	58.76%	59.14%	59.25%	57.06%	59.02%	59.72%	61.58%
Preferred Equity to Total Capital	0.09%	0.09%	0.08%	0.08%	0.09%	0.08%	0.08%	0.08%	0.08%	0.08%	0.08%
Noncontrolling Interests to Total Capital	6.55%	6.25%	6.02%	5.93%	5.97%	5.81%	5.76%	5.62%	5.46%	5.46%	4.93%
Common Equity to Total Capital	30.15%	29.53%	29.92%	29.69%	29.90%	29.53%	29.70%	29.45%	28.59%	29.14%	28.79%
Debt to EBITDA	3.94	3.99	3.77	4.00	3.99	4.19	4.75	4.75	4.71	4.43	4.44
Net Debt to EBITDA	3.85	3.67	3.46	3.90	3.98	4.07	4.74	4.73	4.56	4.41	4.43
Long-Term Debt to EBITDA	3.48	3.54	3.33	3.59	3.66	3.83	4.37	4.18	4.22	4.05	4.13
Debt to NOPAT	7.60	7.79	7.95	8.78	8.97	9.74	10.26	10.14	9.86	9.09	9.16
Net Debt to NOPAT	7.43	7.16	7.30	8.56	8.95	9.47	10.24	10.10	9.55	9.07	9.14
Long-Term Debt to NOPAT	6.71	6.92	7.03	7.87	8.23	8.92	9.43	8.92	8.84	8.31	8.53
Altman Z-Score	0.51	0.54	0.60	0.63	0.68	0.74	0.86	0.96	1.00	1.03	0.92
Noncontrolling Interest Sharing Ratio	18.58%	18.26%	17.69%	17.40%	17.44%	17.14%	16.69%	16.54%	16.54%	16.31%	15.63%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.49	0.77	0.77	0.52	0.45	0.57	0.50	0.40	0.54	0.42	0.53
Quick Ratio	0.36	0.63	0.65	0.41	0.31	0.44	0.36	0.30	0.41	0.29	0.35
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-980	-671	-1,555	-2,108	-2,352	-2,651	-1,838	-161	-793	-750	-1,551
Operating Cash Flow to CapEx	225.74%	178.84%	270.19%	226.84%	220.90%	182.26%	158.59%	141.60%	149.18%	150.84%	80.61%
Free Cash Flow to Firm to Interest Expense	-3.20	-2.14	-4.83	-6.04	-6.94	-7.84	-5.44	-0.46	-2.27	-2.02	-4.18
Operating Cash Flow to Interest Expense	4.50	3.93	5.63	3.54	3.77	3.68	3.60	4.11	4.14	3.87	4.25
Operating Cash Flow Less CapEx to Interest Expense	2.51	1.73	3.55	1.98	2.06	1.66	1.33	1.21	1.37	1.30	-1.02
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.24	0.22	0.22	0.21	0.21	0.20	0.20	0.20	0.21	0.21	0.21
Accounts Receivable Turnover	5.55	5.42	4.98	7.36	7.57	7.73	5.97	6.88	7.58	8.24	6.06
Inventory Turnover	8.89	6.44	6.85	8.11	7.26	7.19	7.66	9.14	7.45	7.26	7.42
Fixed Asset Turnover	0.37	0.35	0.33	0.31	0.30	0.30	0.29	0.29	0.29	0.29	0.30
Accounts Payable Turnover	1.54	1.16	1.10	1.70	1.66	1.56	1.42	1.72	1.74	1.75	1.15
Days Sales Outstanding (DSO)	65.71	67.33	73.25	49.58	48.20	47.23	61.13	53.09	48.14	44.30	60.28
Days Inventory Outstanding (DIO)	41.08	56.70	53.27	45.00	50.27	50.79	47.65	39.94	49.03	50.29	49.21
Days Payable Outstanding (DPO)	237.47	315.78	332.36	214.27	220.51	234.23	257.81	212.21	209.79	208.30	318.44
Cash Conversion Cycle (CCC)	-130.68	-191.75	-205.83	-119.69	-122.04	-136.20	-149.03	-119.18	-112.62	-113.71	-208.95
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	38,067	37,920	39,179	41,150	40,953	41,212	41,691	42,176	42,474	42,777	44,038
Invested Capital Turnover	0.31	0.30	0.29	0.27	0.26	0.27	0.26	0.26	0.27	0.27	0.28
Increase / (Decrease) in Invested Capital	1,649	1,462	2,382	2,892	2,886	3,292	2,512	1,026	1,521	1,565	2,348
Enterprise Value (EV)	64,220	65,179	67,365	75,599	80,489	84,463	95,263	102,594	106,762	107,654	104,928
Market Capitalization	37,797	39,069	40,553	46,863	51,797	55,644	65,973	72,870	76,691	77,362	73,407
Book Value per Share	$9.56	$9.71	$10.17	$10.19	$10.06	$10.17	$10.17	$10.21	$10.16	$10.22	$10.46
Tangible Book Value per Share	$3.34	$3.58	$3.92	$4.04	$3.99	$4.17	$4.26	$4.38	$4.34	$4.49	$4.92
Total Capital	38,618	39,994	41,329	41,817	41,008	41,974	41,751	42,276	43,377	42,847	44,356
Total Debt	24,409	25,651	26,438	26,887	26,262	27,109	26,911	27,411	28,572	27,987	29,361
Total Long-Term Debt	21,532	22,772	23,376	24,100	24,096	24,825	24,736	24,122	25,603	25,589	27,316
Net Debt	23,858	23,577	24,288	26,220	26,207	26,347	26,851	27,311	27,669	27,917	29,298
Capital Expenditures (CapEx)	610	690	671	544	579	682	768	1,012	972	954	1,955
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-419	-465	-405	-251	-470	-499	-536	-542	-725	-778	-880
Debt-free Net Working Capital (DFNWC)	132	1,609	1,745	416	-415	263	-476	-442	178	-708	-817
Net Working Capital (NWC)	-2,745	-1,270	-1,317	-2,371	-2,581	-2,021	-2,651	-3,731	-2,791	-3,106	-2,862
Net Nonoperating Expense (NNE)	175	107	-341	122	108	-100	157	136	145	132	24
Net Nonoperating Obligations (NNO)	23,858	23,577	24,288	26,220	26,207	26,347	26,851	27,311	27,669	27,917	29,043
Total Depreciation and Amortization (D&A)	515	521	529	548	540	566	565	585	605	564	593
Debt-free, Cash-free Net Working Capital to Revenue	-3.64%	-4.21%	-3.71%	-2.37%	-4.50%	-4.73%	-5.10%	-5.03%	-6.46%	-6.77%	-7.36%
Debt-free Net Working Capital to Revenue	1.15%	14.56%	16.00%	3.93%	-3.97%	2.49%	-4.53%	-4.10%	1.59%	-6.16%	-6.84%
Net Working Capital to Revenue	-23.84%	-11.49%	-12.07%	-22.37%	-24.70%	-19.17%	-25.24%	-34.61%	-24.86%	-27.02%	-23.95%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.38	$0.54	$0.93	$0.52	$0.33	$0.58	$0.39	$0.57	$0.45	$0.53	$0.59
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	$0.38	$0.54	$0.92	$0.52	$0.33	$0.58	$0.39	$0.56	$0.45	$0.53	$0.60
Adjusted Weighted Average Diluted Shares Outstanding	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.22B	1.23B	1.23B
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)	669	791	827	784	534	641	674	865	728	815	797
Normalized NOPAT Margin	26.93%	30.90%	29.71%	28.28%	22.87%	24.18%	24.58%	28.38%	26.17%	27.89%	24.91%
Pre Tax Income Margin	30.45%	33.65%	55.57%	30.86%	23.76%	36.49%	22.17%	30.25%	27.22%	31.78%	31.80%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.91	3.26	5.13	2.99	2.15	2.57	2.38	3.17	2.75	3.04	2.87
NOPAT to Interest Expense	2.19	2.52	2.57	2.25	1.58	1.90	2.00	2.48	2.08	2.19	2.15
EBIT Less CapEx to Interest Expense	0.91	1.06	3.04	1.43	0.44	0.55	0.11	0.28	-0.03	0.47	-2.40
NOPAT Less CapEx to Interest Expense	0.19	0.32	0.48	0.69	-0.13	-0.12	-0.28	-0.42	-0.70	-0.37	-3.12
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	84.80%	84.39%	72.42%	80.95%	84.25%	83.35%	109.04%	107.50%	102.02%	106.37%	97.58%
Augmented Payout Ratio	89.82%	88.98%	76.35%	82.81%	84.25%	83.35%	109.04%	107.50%	102.02%	106.37%	97.58%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, data‑driven view of Williams Companies, Inc. (NYSE: WMB) using the most recent four years of quarterly statements. The focus is on identifying trends in revenue, profitability, cash flow, and leverage that may matter to retail investors.

Operating cash flow remains strong and relatively stable in 2025, with net cash from continuing operating activities around $1.43B to $1.58B per quarter (Q1: $1.433B; Q2: $1.450B; Q3: $1.439B; Q4: $1.576B).
Net income attributable to common shareholders stayed positive in every 2025 quarter, ranging roughly from $546M (Q2) to $733M (Q4), indicating ongoing quarterly profitability.
Gross margins remained robust, evidenced by Q4 2025 gross profit of $2.605B on $3.198B revenue, or about 81.6% gross margin.
Diluted earnings per share were solid in 2025, with Q4 at $0.60 and other quarters in the low‑to‑mid $0.50s, reflecting stable earnings per share performance.
The company maintained a steady dividend per share policy of around $0.50 per quarter, providing consistent income to shareholders.
Capital expenditures remain high and indicative of continued asset growth, with Q4 2025 capex around $1.96B (vs. CFO about $1.58B), signaling ongoing investment in property, plant and equipment.
Debt levels are substantial but appear largely stable, with long‑term debt in the mid‑$25B range (roughly $25.6B–$25.9B in 2025), suggesting leverage is high but consistently serviced by operating cash flow.
Net financing cash flow turned positive in Q4 2025 (about $0.70B), indicating access to capital markets to fund investments as needed.
Free cash flow was negative in Q4 2025, with CFO ≈ $1.58B and capex ≈ $1.96B, yielding roughly −$0.38B of free cash flow for the quarter, signaling a near‑term cash outflow related to capex.
Retained earnings are negative on the recent balance sheets (e.g., around −$12.3B in mid‑2025), reflecting ongoing share repurchases and dividend activity that reduce accumulated equity over time.

Bottom line: Williams continues to generate solid quarterly cash flow and earnings, and it maintains a stable dividend policy. However, high capital expenditures and a sizable debt load contribute to negative near‑term free cash flow in some quarters and a reduction in retained earnings. Investors may view the company as a steady cash generator with ongoing capital investment and leverage to fund growth and distributions, while monitoring capex intensity and debt levels going forward.

05/05/26 06:31 PM ETAI 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 2025 ended on December 31, 2025.

How has Williams Companies' net income changed over the last 10 years?

Williams Companies' net income appears to be on an upward trend, with a most recent value of $2.77 billion in 2025, falling from -$1.31 billion in 2015. The previous period was $2.35 billion in 2024. 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 2025 was $4.20 billion, based on the following breakdown:

Total Gross Profit: $9.75 billion
Total Operating Expenses: $5.56 billion

How has Williams Companies' revenue changed over the last 10 years?

Over the last 10 years, Williams Companies' total revenue changed from $7.36 billion in 2015 to $11.95 billion in 2025, a change of 62.4%.

How much debt does Williams Companies have?

Williams Companies' total liabilities were at $43.58 billion at the end of 2025, a 9.8% increase from 2024, and a 32.9% increase since 2015.

How much cash does Williams Companies have?

In the past 10 years, Williams Companies' cash and equivalents has ranged from $60 million in 2024 to $2.15 billion in 2023, and is currently $63 million as of their latest financial filing in 2025.

How has Williams Companies' book value per share changed over the last 10 years?

Over the last 10 years, Williams Companies' book value per share changed from 8.20 in 2015 to 10.46 in 2025, a change of 27.5%.

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Financial statements for NYSE:WMB last updated on 2/27/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Williams Companies (WMB) Financials

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Williams Companies (WMB) Financials

Annual Income Statements for Williams Companies

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Quarterly Metrics And Ratios for Williams Companies

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Key Financial Trends

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