Williams Companies (WMB) Financials

$56.99 -0.81 (-1.40%)

Closing price 03:59 PM Eastern

Extended Trading

$57.10 +0.12 (+0.20%)

As of 07:55 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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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	2,114	-571	-424	2,174	-155	847	208	1,514	2,046	3,176	2,222
Consolidated Net Income / (Loss)	2,339	-1,314	-350	2,509	193	714	198	1,562	2,117	3,303	2,346
Net Income / (Loss) Continuing Operations	2,335	-1,314	-350	2,509	193	729	198	1,562	2,117	3,400	2,346
Total Pre-Tax Income	3,584	-1,713	-375	535	331	1,064	277	2,073	2,542	4,405	2,986
Total Operating Income	1,569	226	689	927	768	1,921	2,202	2,631	3,018	4,311	3,339
Total Gross Profit	4,621	5,581	5,774	5,731	5,842	6,135	6,106	6,595	7,508	8,872	8,385
Total Revenue	7,637	7,360	7,499	8,031	8,686	8,201	7,719	10,627	10,965	10,907	10,503
Operating Revenue	7,637	7,360	7,499	8,031	8,686	8,201	7,719	10,627	10,965	10,907	10,503
Total Cost of Revenue	3,016	1,779	1,725	2,300	2,844	2,066	1,613	4,032	3,457	2,035	2,118
Operating Cost of Revenue	3,016	1,779	1,725	2,300	2,844	2,066	1,613	4,032	3,457	2,035	2,118
Total Operating Expenses	3,052	5,355	5,085	4,804	5,074	4,214	3,904	3,964	4,490	4,561	5,046
Selling, General & Admin Expense	2,153	2,396	2,314	2,170	2,076	2,026	1,792	2,106	2,453	2,649	2,887
Depreciation Expense	1,176	1,738	1,763	1,736	1,725	1,714	1,721	1,842	2,009	2,071	2,219
Other Operating Expenses / (Income)	-97	40	135	745	50	10	22	16	28	-159	-60
Other Special Charges / (Income)	-232	-126	0.00	-1,095	-692	-	-	0.00	0.00	-	0.00
Total Other Income / (Expense), net	2,015	-1,939	-1,064	-392	-437	-857	-1,925	-558	-476	94	-353
Interest Expense	747	1,044	1,179	1,083	1,112	1,186	1,172	1,179	1,147	1,236	1,364
Interest & Investment Income	2,731	-997	30	716	583	296	-710	615	653	697	903
Other Income / (Expense), net	31	102	85	-25	92	33	-43	6.00	18	633	108
Income Tax Expense	1,249	-399	-25	-1,974	138	335	79	511	425	1,005	640
Net Income / (Loss) Discontinued Operations	4.00	-	-	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	225	-743	74	335	348	-136	-13	45	68	124	121
Basic Earnings per Share	$2.94	($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	719.33M	749.27M	750.67M	826.18M	973.63M	1.21B	1.21B	1.22B	1.22B	1.22B	1.22B
Diluted Earnings per Share	$2.92	($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	723.64M	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	719M	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	$1.96	$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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	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	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	668	926	460	653	1,137	631	401	705	485	690	546
Consolidated Net Income / (Loss)	697	957	494	684	1,168	662	426	741	517	729	583
Net Income / (Loss) Continuing Operations	697	0.00	581	685	2,134	662	426	741	1,179	729	583
Total Pre-Tax Income	953	1,241	756	861	1,547	855	555	968	608	922	757
Total Operating Income	1,072	1,360	870	994	1,087	1,012	696	838	793	1,094	945
Total Gross Profit	2,222	2,474	2,018	2,044	2,336	2,240	1,895	2,129	2,121	2,405	2,303
Total Revenue	2,930	3,081	2,483	2,559	2,784	2,771	2,336	2,653	2,743	3,048	2,781
Operating Revenue	2,930	3,081	2,483	2,559	2,784	2,771	2,336	2,653	2,743	3,048	2,781
Total Cost of Revenue	708	607	465	515	448	531	441	524	622	643	478
Operating Cost of Revenue	708	607	465	515	448	531	441	524	622	643	478
Total Operating Expenses	1,150	1,114	1,148	1,050	1,249	1,228	1,199	1,291	1,328	1,311	1,358
Selling, General & Admin Expense	631	639	642	668	700	697	686	750	754	736	740
Depreciation Expense	505	506	515	521	529	548	540	566	565	585	605
Other Operating Expenses / (Income)	14	-31	-9.00	-139	20	-17	-27	-25	9.00	-10	13
Impairment Charge	-	-	-	-	-	-	0.00	-	-	-	0.00
Other Special Charges / (Income)	-	-	-	0.00	-	0.00	0.00	0.00	-	0.00	0.00
Total Other Income / (Expense), net	-119	-119	-114	-133	460	-157	-141	130	-185	-172	-188
Interest Expense	289	294	306	314	322	349	339	338	338	349	350
Interest & Investment Income	157	155	173	151	218	161	165	437	140	163	146
Other Income / (Expense), net	13	20	19	30	564	31	33	31	13	14	16
Income Tax Expense	256	284	175	176	370	193	129	227	91	193	174
Preferred Stock Dividends Declared	1.00	1.00	0.00	1.00	1.00	1.00	0.00	1.00	1.00	1.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	28	30	34	30	30	30	25	35	31	38	37
Basic Earnings per Share	$0.55	$0.76	$0.38	$0.54	$0.93	$0.52	$0.33	$0.58	$0.39	$0.57	$0.45
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	$0.54	$0.76	$0.38	$0.54	$0.92	$0.52	$0.33	$0.58	$0.39	$0.56	$0.45
Weighted Average Diluted Shares Outstanding	1.22B	1.23B	1.22B	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	-	$0.45	$0.45	$0.45	-	$0.48	$0.48	$0.48	-	$0.50	$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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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	-441	-140	70	729	-731	121	-147	1,538	-1,528	1,998	-2,090
Net Cash From Operating Activities	2,115	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	2,115	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	2,339	-1,314	-350	2,509	193	714	198	1,562	2,117	3,303	2,346
Consolidated Net Income / (Loss)	2,339	-1,314	-350	2,509	193	714	198	1,562	2,117	3,303	2,346
Depreciation Expense	1,176	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	-2,424	2,754	1,739	1,089	1,404	893	1,809	354	711	-505	429
Changes in Operating Assets and Liabilities, net	1,024	-470	1,003	-2,245	-29	372	-232	187	52	1,069	-20
Net Cash From Investing Activities	-10,157	-3,299	-891	100	-2,725	-2,827	-1,558	-1,465	-3,375	-3,891	-4,863
Net Cash From Continuing Investing Activities	-10,157	-3,299	-891	100	-2,725	-2,827	-1,558	-1,465	-3,375	-3,891	-4,863
Purchase of Property, Plant & Equipment	-4,031	-3,167	-2,051	-2,440	-3,263	-2,109	-1,239	-1,239	-2,253	-2,516	-2,573
Acquisitions	-6,440	-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	0.00	1,054	2,267	1,296	485	-	0.00	0.00	346	161
Other Investing Activities, net	74	168	253	405	374	-22	6.00	48	7.00	39	12
Net Cash From Financing Activities	7,601	451	-3,194	-2,460	-1,299	-745	-2,085	-942	-3,042	-49	-2,201
Net Cash From Continuing Financing Activities	7,601	451	-3,194	-2,460	-1,299	-745	-2,085	-942	-3,042	-49	-2,201
Repayment of Debt	-1,279	-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	-2,252	-2,778	-2,201	-1,814	-1,977	-1,966	-2,126	-2,179	-2,275	-2,392	-2,558
Issuance of Debt	7,321	9,772	6,119	3,333	3,926	767	3,899	2,155	1,755	2,755	3,594
Issuance of Common Equity	3,811	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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	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	6/30/2025
Net Change in Cash & Equivalents	-707	325	74	1,523	76	-1,483	-612	707	-702	40	803
Net Cash From Operating Activities	1,219	1,514	1,377	1,234	1,813	1,234	1,279	1,243	1,218	1,433	1,450
Net Cash From Continuing Operating Activities	1,219	1,514	1,377	1,234	1,813	1,234	1,279	1,243	1,218	1,433	1,450
Net Income / (Loss) Continuing Operations	697	957	494	684	1,168	662	426	741	517	729	583
Consolidated Net Income / (Loss)	697	957	494	684	1,168	662	426	741	517	729	583
Depreciation Expense	505	506	515	521	529	548	540	566	565	585	605
Non-Cash Adjustments To Reconcile Net Income	52	-231	-5.00	-67	-202	171	216	-227	269	66	98
Changes in Operating Assets and Liabilities, net	-35	282	373	96	318	-147	97	163	-133	53	164
Net Cash From Investing Activities	-840	-1,639	-649	-343	-1,260	-2,436	-620	-737	-1,070	-1,170	-1,024
Net Cash From Continuing Investing Activities	-840	-1,639	-649	-343	-1,260	-2,436	-620	-737	-1,070	-1,170	-1,024
Purchase of Property, Plant & Equipment	-806	-545	-610	-690	-671	-544	-579	-682	-768	-1,012	-972
Acquisitions	-26	-1,095	-27	18	-605	-1,903	-23	-170	-262	-164	-16
Purchase of Investments	-11	-7.00	-14	-12	-18	5.00	-32	-46	-32	0.00	-40
Other Investing Activities, net	3.00	8.00	2.00	-7.00	36	6.00	14	-	-8.00	6.00	4.00
Net Cash From Financing Activities	-1,086	450	-654	632	-477	-281	-1,271	201	-850	-223	377
Net Cash From Continuing Financing Activities	-1,086	450	-654	632	-477	-281	-1,271	201	-850	-223	377
Repayment of Debt	-512	-384	-12	-17	107	-1,768	-637	-669	-209	-1,051	-461
Payment of Dividends	-581	-600	-603	-606	-583	-643	-645	-627	-643	-679	-673
Issuance of Debt	3.00	1,502	1.00	1,251	1.00	2,099	1.00	1,494	-	1,497	1,497
Issuance of Common Equity	4.00	6.00	16	4.00	-2.00	31	10	3.00	2.00	10	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	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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	50,455	49,020	46,835	46,352	45,302	46,040	44,165	47,612	48,433	52,627	54,532
Total Current Assets	1,890	1,527	1,462	2,179	1,464	1,580	1,429	4,549	3,797	4,513	2,661
Cash & Equivalents	240	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	231	127	138	113	130	125	136	379	320	274	279
Other Current Assets	213	259	216	191	174	170	152	512	602	434	459
Plant, Property, & Equipment, net	28,081	29,579	28,428	28,211	27,504	29,200	28,929	29,258	30,889	34,311	38,692
Plant, Property & Equipment, gross	-	-	-	-	-	-	-	-	-	-	57,395
Accumulated Depreciation	-	-	-	-	-	-	-	-	-	-	18,703
Total Noncurrent Assets	20,484	17,914	16,945	15,962	16,334	15,260	13,807	13,805	13,747	13,803	13,179
Goodwill	1,120	10,017	9,663	8,791	7,767	7,959	7,444	7,402	7,363	7,593	7,209
Other Noncurrent Operating Assets	511	561	581	619	746	1,066	6,363	6,403	6,384	6,210	5,970
Total Liabilities & Shareholders' Equity	50,455	49,020	46,835	46,352	45,302	46,040	44,165	47,612	48,433	52,627	54,532
Total Liabilities	30,283	32,795	32,789	30,177	29,305	29,676	29,582	33,511	34,388	37,736	39,692
Total Current Liabilities	2,567	2,497	2,949	2,646	1,811	3,968	2,319	4,972	4,890	5,830	5,312
Short-Term Debt	802	675	878	501	47	2,140	893	2,025	977	3,062	2,175
Accounts Payable	865	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	27,716	30,298	29,840	27,531	27,494	25,708	27,263	28,539	29,498	31,906	34,380
Long-Term Debt	20,780	23,812	22,624	20,434	22,367	20,148	21,451	21,650	21,927	23,376	24,736
Noncurrent Deferred Revenue	2,224	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	4,712	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	0.00
Total Equity & Noncontrolling Interests	20,172	16,225	14,046	16,175	15,997	16,364	14,583	14,101	14,045	14,891	14,840
Total Preferred & Common Equity	8,777	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	8,777	6,148	4,643	9,656	14,625	13,328	11,734	11,388	11,450	12,367	12,401
Common Stock	15,707	15,591	15,672	19,369	25,938	25,570	25,619	25,699	25,795	25,834	25,901
Retained Earnings	-5,548	-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	-1,041	-1,050	-1,180	-1,180
Accumulated Other Comprehensive Income / (Loss)	-341	-442	-339	-238	-270	-199	-96	-33	-24	0.00	76
Noncontrolling Interest	11,395	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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	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	6/30/2025
Total Assets	48,433	48,936	49,025	50,788	52,627	52,747	52,409	53,837	54,532	54,924	56,141
Total Current Assets	3,797	2,757	2,639	4,256	4,513	2,610	2,115	2,698	2,661	2,535	3,221
Cash & Equivalents	152	477	551	2,074	2,150	667	55	762	60	100	903
Accounts Receivable	2,723	1,524	1,362	1,419	1,655	1,355	1,398	1,310	1,863	1,781	1,563
Inventories, net	320	244	259	266	274	239	274	275	279	249	335
Other Current Assets	602	512	467	497	434	349	388	351	459	405	420
Plant, Property, & Equipment, net	30,889	32,095	32,346	32,628	34,311	36,451	36,702	37,974	38,692	39,155	39,773
Plant, Property & Equipment, gross	-	49,546	50,240	50,805	-	54,305	54,930	56,479	-	58,313	59,391
Accumulated Depreciation	-	17,451	17,894	18,177	-	17,854	18,228	18,505	-	19,158	19,618
Total Noncurrent Assets	13,747	14,084	14,040	13,904	13,803	13,686	13,592	13,165	13,179	13,234	13,147
Goodwill	7,363	7,660	7,573	7,459	7,593	7,496	7,402	7,305	7,209	7,115	7,100
Other Noncurrent Operating Assets	6,384	6,424	6,467	6,445	6,210	6,190	6,190	5,860	5,970	6,119	6,047
Total Liabilities & Shareholders' Equity	48,433	48,936	49,025	50,788	52,627	52,747	52,409	53,837	54,532	54,924	56,141
Total Liabilities	34,388	34,613	34,816	36,445	37,736	37,817	37,663	38,972	39,692	40,059	41,336
Total Current Liabilities	4,890	4,020	5,384	5,526	5,830	4,981	4,696	4,719	5,312	6,266	6,012
Short-Term Debt	977	1,627	2,877	2,879	3,062	2,787	2,166	2,284	2,175	3,289	2,969
Accounts Payable	2,327	1,258	1,146	1,358	1,379	1,042	1,192	1,137	1,613	1,551	1,414
Other Current Liabilities	316	180	143	123	1,389	75	109	95	1,524	1,426	1,629
Total Noncurrent Liabilities	29,498	30,593	29,432	30,919	31,906	32,836	32,967	34,253	34,380	33,793	35,324
Long-Term Debt	21,927	22,785	21,532	22,772	23,376	24,100	24,096	24,825	24,736	24,122	25,603
Noncurrent Deferred Revenue	4,684	4,631	4,575	4,651	4,684	4,735	4,764	5,116	5,268	5,189	5,158
Noncurrent Deferred & Payable Income Tax Liabilities	2,887	3,177	3,325	3,496	3,846	4,001	4,107	4,312	4,376	4,482	4,563
Other Noncurrent Operating Liabilities	-	-	-	-	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	14,045	14,323	14,209	14,343	14,891	14,930	14,746	14,865	14,840	14,865	14,805
Total Preferred & Common Equity	11,485	11,785	11,679	11,845	12,402	12,449	12,296	12,428	12,436	12,487	12,438
Preferred Stock	35	35	35	35	35	35	35	35	35	35	35
Total Common Equity	11,450	11,750	11,644	11,810	12,367	12,414	12,261	12,393	12,401	12,452	12,403
Common Stock	25,795	25,772	25,794	25,818	25,834	25,822	25,847	25,869	25,901	25,876	25,893
Retained Earnings	-13,271	-12,895	-12,982	-12,876	-12,287	-12,238	-12,419	-12,296	-12,396	-12,320	-12,387
Treasury Stock	-1,050	-1,124	-1,180	-1,180	-1,180	-1,180	-1,180	-1,180	-1,180	-1,180	-1,180
Accumulated Other Comprehensive Income / (Loss)	-24	-3.00	12	48	0.00	10	13	0.00	76	76	77
Noncontrolling Interest	2,560	2,538	2,530	2,498	2,489	2,481	2,450	2,437	2,404	2,378	2,367

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	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	11.33%	-3.63%	1.89%	7.09%	8.16%	-5.58%	-5.88%	37.67%	3.18%	-0.53%	-3.70%
EBITDA Growth	26.76%	-25.58%	22.80%	3.98%	-2.01%	41.90%	5.78%	15.44%	12.64%	39.05%	-19.23%
EBIT Growth	16.36%	-79.50%	135.98%	16.54%	-4.66%	127.21%	10.49%	22.14%	15.13%	62.85%	-30.28%
NOPAT Growth	18.25%	-84.52%	204.87%	801.38%	-89.70%	193.92%	19.59%	25.95%	26.78%	32.39%	-21.16%
Net Income Growth	250.15%	-156.18%	73.36%	816.86%	-92.31%	269.95%	-72.27%	688.89%	35.53%	56.02%	-28.97%
EPS Growth	370.97%	-126.03%	25.00%	559.65%	-106.11%	537.50%	-75.71%	629.41%	34.68%	55.69%	-30.00%
Operating Cash Flow Growth	-4.60%	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	-1,222.65%	99.98%	81,186.84%	74.13%	-105.87%	-23.68%	-690.87%	186.65%	-32.16%	-47.84%	-88.22%
Invested Capital Growth	114.21%	0.49%	-7.81%	-3.32%	2.57%	5.61%	14.50%	-1.87%	1.94%	6.47%	6.41%
Revenue Q/Q Growth	6.72%	-1.80%	2.63%	0.38%	-0.28%	-1.17%	-0.19%	12.31%	-2.90%	-1.32%	-0.39%
EBITDA Q/Q Growth	19.60%	-36.59%	106.09%	-25.77%	-11.32%	32.18%	6.53%	11.67%	4.06%	9.18%	-12.49%
EBIT Q/Q Growth	21.67%	-79.40%	241.76%	-50.14%	-28.15%	83.47%	12.57%	20.58%	5.05%	12.93%	-19.69%
NOPAT Q/Q Growth	26.77%	-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	12.45%	-496.98%	79.70%	171.54%	-92.71%	177.82%	164.29%	47.36%	3.17%	16.63%	-21.72%
EPS Q/Q Growth	14.51%	-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	30.64%	-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	11.35%	-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	-3.27%	-1.11%	-3.48%	5.31%	-2.31%	-1.57%	14.83%	16.51%	0.93%	3.32%	1.16%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.51%	75.83%	77.00%	71.36%	67.26%	74.81%	79.10%	62.06%	68.47%	81.34%	79.83%
EBITDA Margin	36.35%	28.07%	33.83%	32.85%	29.76%	44.73%	50.27%	42.15%	46.01%	64.32%	53.95%
Operating Margin	20.54%	3.07%	9.19%	11.54%	8.84%	23.42%	28.53%	24.76%	27.52%	39.53%	31.79%
EBIT Margin	20.95%	4.46%	10.32%	11.23%	9.90%	23.83%	27.97%	24.81%	27.69%	45.33%	32.82%
Profit (Net Income) Margin	30.63%	-17.85%	-4.67%	31.24%	2.22%	8.71%	2.57%	14.70%	19.31%	30.28%	22.34%
Tax Burden Percent	65.26%	76.71%	93.33%	468.97%	58.31%	67.11%	71.48%	75.35%	83.28%	74.98%	78.57%
Interest Burden Percent	224.00%	-522.26%	-48.45%	59.31%	38.49%	54.45%	12.83%	78.61%	83.73%	89.10%	86.63%
Effective Tax Rate	34.85%	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)	4.21%	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)	17.73%	-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)	11.87%	-7.70%	-3.82%	2.19%	-0.29%	0.20%	-3.29%	5.45%	8.15%	14.07%	9.29%
Return on Equity (ROE)	16.08%	-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)	-68.49%	-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)	4.12%	0.66%	1.61%	1.94%	1.88%	4.28%	4.79%	5.75%	6.32%	9.78%	6.43%
Return on Assets (ROA)	6.03%	-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)	7.54%	-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)	26.65%	-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)	1,022	158	482	4,347	448	1,316	1,574	1,982	2,513	3,327	2,623
NOPAT Margin	13.39%	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)	-13.52%	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	39.49%	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	28.19%	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%	0.00%
Operating Expenses to Revenue	39.96%	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)	1,600	328	774	902	860	1,954	2,159	2,637	3,036	4,944	3,447
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,776	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)	2.17	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	0.00	19.80	2.78	4.06	4.68	6.97	8.88	8.49	12.71
Price to Revenue (P/Rev)	2.49	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)	8.99	0.00	0.00	7.88	0.00	25.77	96.45	18.36	17.75	12.77	29.69
Dividend Yield	7.70%	15.83%	8.27%	5.79%	8.62%	8.44%	9.68%	7.17%	5.70%	5.37%	3.51%
Earnings Yield	11.12%	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)	1.31	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)	5.68	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)	15.62	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)	27.09	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)	42.41	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)	20.50	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	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	1.07	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	1.03	1.47	1.61	1.26	1.40	1.23	1.47	1.54	1.56	1.57	1.67
Financial Leverage	0.67	0.82	1.11	1.00	0.87	0.93	1.23	1.54	1.59	1.63	1.72
Leverage Ratio	2.67	2.73	3.17	3.08	2.85	2.82	2.91	3.20	3.41	3.49	3.60
Compound Leverage Factor	5.97	-14.27	-1.53	1.83	1.10	1.54	0.37	2.52	2.86	3.11	3.12
Debt to Total Capital	51.69%	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	1.92%	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	49.77%	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%	0.00%	0.09%	0.09%	0.09%	0.09%	0.09%	0.08%	0.08%
Noncontrolling Interests to Total Capital	27.29%	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	21.02%	15.10%	12.37%	26.02%	38.08%	34.48%	31.78%	30.15%	30.99%	29.92%	29.70%
Debt to EBITDA	7.77	11.85	9.26	7.94	8.67	6.08	5.76	5.29	4.54	3.77	4.75
Net Debt to EBITDA	4.66	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	7.49	11.53	8.92	7.75	8.65	5.49	5.53	4.83	4.35	3.33	4.37
Debt to NOPAT	21.11	154.79	48.73	4.82	50.05	16.93	14.20	11.94	9.11	7.95	10.26
Net Debt to NOPAT	12.66	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	20.33	150.52	46.91	4.70	49.95	15.31	13.63	10.92	8.72	7.03	9.43
Altman Z-Score	0.46	0.13	0.17	0.31	0.33	0.36	0.31	0.50	0.66	0.81	1.02
Noncontrolling Interest Sharing Ratio	53.11%	58.99%	64.35%	52.69%	24.53%	13.62%	19.02%	19.39%	18.86%	17.69%	16.69%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.74	0.61	0.50	0.82	0.81	0.40	0.62	0.91	0.78	0.77	0.50
Quick Ratio	0.47	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)	-16,633	-3.80	3,081	5,365	-315	-390	-3,083	2,671	1,812	945	111
Operating Cash Flow to CapEx	52.91%	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	-22.27	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	2.83	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	-2.52	-0.44	1.81	0.60	0.03	1.34	1.93	2.30	2.30	2.77	1.76
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	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	0.00	7.58	8.39	8.83	8.25	7.74	7.14	4.67	4.98	5.97
Inventory Turnover	14.19	9.94	13.02	18.33	23.41	16.20	12.36	15.66	9.89	6.85	7.66
Fixed Asset Turnover	0.33	0.26	0.26	0.28	0.31	0.29	0.27	0.37	0.36	0.33	0.29
Accounts Payable Turnover	3.31	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	0.00	48.16	43.49	41.35	44.24	47.17	51.12	78.24	73.25	61.13
Days Inventory Outstanding (DIO)	25.72	36.73	28.04	19.92	15.59	22.53	29.53	23.31	36.90	53.27	47.65
Days Payable Outstanding (DPO)	110.43	165.06	144.62	127.04	105.24	107.24	116.99	100.85	215.02	332.36	257.81
Cash Conversion Cycle (CCC)	-84.71	-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	33,114	33,276	30,677	29,659	30,422	32,128	36,785	36,096	36,797	39,179	41,691
Invested Capital Turnover	0.31	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	17,655	162	-2,599	-1,018	763	1,706	4,657	-689	701	2,382	2,512
Enterprise Value (EV)	43,349	38,734	41,281	37,130	34,888	40,625	45,112	52,498	61,656	67,365	95,263
Market Capitalization	19,012	11,606	15,247	17,127	19,091	21,825	20,061	27,790	36,309	40,553	65,973
Book Value per Share	$11.74	$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	($3.74)	($5.16)	($6.69)	$1.05	$5.67	$4.43	$3.54	$3.28	$3.35	$3.92	$4.26
Total Capital	41,754	40,712	37,548	37,110	38,411	38,652	36,927	37,776	36,949	41,329	41,751
Total Debt	21,582	24,487	23,502	20,935	22,414	22,288	22,344	23,675	22,904	26,438	26,911
Total Long-Term Debt	20,780	23,812	22,624	20,434	22,367	20,148	21,451	21,650	21,927	23,376	24,736
Net Debt	12,942	17,051	16,631	13,484	14,425	15,764	22,202	21,995	22,752	24,288	26,851
Capital Expenditures (CapEx)	3,997	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)	-115	-395	-779	-865	-468	-537	-139	-78	-268	-405	-536
Debt-free Net Working Capital (DFNWC)	125	-295	-609	34	-300	-248	3.00	1,602	-116	1,745	-476
Net Working Capital (NWC)	-677	-970	-1,487	-467	-347	-2,388	-890	-423	-1,093	-1,317	-2,651
Net Nonoperating Expense (NNE)	-1,317	1,472	832	1,838	255	602	1,376	420	396	24	277
Net Nonoperating Obligations (NNO)	12,942	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)	1,176	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	-1.51%	-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	1.64%	-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	-8.86%	-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	$2.94	($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	719.33M	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	$2.92	($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	723.64M	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	$0.00	$0.70	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	747.90M	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)	905	985	1,093	756	1,161	1,634	1,838	1,982	2,513	3,327	2,623
Normalized NOPAT Margin	11.85%	13.38%	14.58%	9.41%	13.37%	19.93%	23.81%	18.65%	22.92%	30.51%	24.98%
Pre Tax Income Margin	46.93%	-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	2.14	0.31	0.66	0.83	0.77	1.65	1.84	2.24	2.65	4.00	2.53
NOPAT to Interest Expense	1.37	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	-3.21	-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	-3.98	-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	96.28%	-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	96.28%	-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	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	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	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-10.04%	22.07%	-0.28%	-15.29%	-4.98%	-10.06%	-5.92%	3.67%	-1.47%	10.00%	19.05%
EBITDA Growth	14.14%	63.01%	42.68%	17.58%	37.11%	-15.64%	-9.62%	-7.12%	-37.11%	6.41%	23.40%
EBIT Growth	15.55%	109.41%	85.98%	25.80%	52.17%	-24.42%	-18.00%	-15.14%	-51.18%	6.23%	31.82%
NOPAT Growth	9.89%	108.63%	25.99%	11.35%	5.48%	-25.29%	-20.10%	-18.88%	-18.46%	10.39%	36.23%
Net Income Growth	10.28%	144.13%	21.38%	10.14%	67.58%	-30.83%	-13.77%	8.33%	-55.74%	10.12%	36.85%
EPS Growth	5.88%	145.16%	15.15%	10.20%	70.37%	-31.58%	-13.16%	7.41%	-57.61%	7.69%	36.36%
Operating Cash Flow Growth	7.02%	39.93%	25.41%	-17.18%	48.73%	-18.49%	-7.12%	0.73%	-32.82%	16.13%	13.37%
Free Cash Flow Firm Growth	-94.08%	63.10%	79.20%	85.92%	-1,972.71%	-48.88%	-139.88%	-294.90%	-18.18%	92.36%	66.27%
Invested Capital Growth	1.94%	6.89%	4.53%	4.01%	6.47%	7.56%	7.58%	8.68%	6.41%	2.49%	3.71%
Revenue Q/Q Growth	-3.01%	5.15%	-19.41%	3.06%	8.79%	-0.47%	-15.70%	13.57%	3.39%	11.12%	-8.76%
EBITDA Q/Q Growth	21.00%	18.62%	-25.56%	10.04%	41.10%	-27.02%	-20.24%	13.08%	-4.46%	23.49%	-7.50%
EBIT Q/Q Growth	33.29%	27.19%	-35.58%	15.19%	61.23%	-36.83%	-30.11%	19.20%	-7.25%	37.47%	-13.27%
NOPAT Q/Q Growth	10.39%	33.77%	-36.25%	18.28%	4.58%	-5.25%	-31.82%	20.08%	5.12%	28.28%	-15.86%
Net Income Q/Q Growth	12.24%	37.30%	-48.38%	38.46%	70.76%	-43.32%	-35.65%	73.94%	-30.23%	41.01%	-20.03%
EPS Q/Q Growth	10.20%	40.74%	-50.00%	42.11%	70.37%	-43.48%	-36.54%	75.76%	-32.76%	43.59%	-19.64%
Operating Cash Flow Q/Q Growth	-18.19%	24.20%	-9.05%	-10.38%	46.92%	-31.94%	3.65%	-2.81%	-2.01%	17.65%	1.19%
Free Cash Flow Firm Q/Q Growth	101.74%	-1,805.61%	30.77%	31.54%	-131.68%	-35.59%	-11.54%	-12.70%	30.67%	91.24%	-392.67%
Invested Capital Q/Q Growth	0.93%	3.97%	-0.50%	-0.39%	3.32%	5.03%	-0.48%	0.63%	1.16%	1.16%	0.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	75.84%	80.30%	81.27%	79.88%	83.91%	80.84%	81.12%	80.25%	77.32%	78.90%	82.81%
EBITDA Margin	54.27%	61.21%	56.54%	60.38%	78.30%	57.42%	54.32%	54.09%	49.98%	55.54%	56.31%
Operating Margin	36.59%	44.14%	35.04%	38.84%	39.04%	36.52%	29.79%	31.59%	28.91%	35.89%	33.98%
EBIT Margin	37.03%	44.79%	35.80%	40.02%	59.30%	37.64%	31.21%	32.76%	29.38%	36.35%	34.56%
Profit (Net Income) Margin	23.79%	31.06%	19.90%	26.73%	41.95%	23.89%	18.24%	27.93%	18.85%	23.92%	20.96%
Tax Burden Percent	73.14%	77.12%	65.34%	79.44%	75.50%	77.43%	76.76%	76.55%	85.03%	79.07%	77.01%
Interest Burden Percent	87.83%	89.93%	85.04%	84.08%	93.70%	81.98%	76.13%	111.39%	75.43%	83.21%	78.77%
Effective Tax Rate	26.86%	22.88%	23.15%	20.44%	23.92%	22.57%	23.24%	23.45%	14.97%	20.93%	22.99%
Return on Invested Capital (ROIC)	8.05%	10.59%	8.33%	9.18%	8.53%	7.55%	6.05%	6.44%	6.39%	7.34%	7.04%
ROIC Less NNEP Spread (ROIC-NNEP)	7.66%	10.19%	7.57%	8.72%	9.98%	7.06%	5.62%	6.84%	5.77%	6.83%	6.50%
Return on Net Nonoperating Assets (RNNOA)	12.18%	16.48%	12.54%	14.24%	16.22%	12.11%	9.71%	11.70%	9.93%	12.28%	11.86%
Return on Equity (ROE)	20.23%	27.08%	20.87%	23.42%	24.75%	19.66%	15.76%	18.14%	16.31%	19.62%	18.90%
Cash Return on Invested Capital (CROIC)	4.97%	1.58%	4.19%	4.92%	2.49%	0.43%	0.11%	-1.29%	0.28%	4.03%	3.30%
Operating Return on Assets (OROA)	8.46%	10.87%	8.54%	8.89%	12.80%	7.85%	6.43%	6.60%	5.76%	7.28%	7.15%
Return on Assets (ROA)	5.43%	7.54%	4.74%	5.94%	9.06%	4.98%	3.76%	5.63%	3.69%	4.79%	4.34%
Return on Common Equity (ROCE)	16.42%	22.04%	16.99%	19.15%	20.37%	16.24%	13.01%	15.03%	13.59%	16.38%	15.78%
Return on Equity Simple (ROE_SIMPLE)	0.00%	22.76%	23.71%	23.91%	0.00%	24.16%	23.91%	24.11%	0.00%	19.32%	0.00%
Net Operating Profit after Tax (NOPAT)	784	1,049	669	791	827	784	534	641	674	865	728
NOPAT Margin	26.76%	34.04%	26.93%	30.90%	29.71%	28.28%	22.87%	24.18%	24.58%	28.38%	26.17%
Net Nonoperating Expense Percent (NNEP)	0.39%	0.40%	0.75%	0.46%	-1.45%	0.48%	0.43%	-0.40%	0.62%	0.51%	0.54%
Return On Investment Capital (ROIC_SIMPLE)	2.12%	-	-	-	2.00%	-	-	-	1.62%	2.05%	1.68%
Cost of Revenue to Revenue	24.16%	19.70%	18.73%	20.13%	16.09%	19.16%	18.88%	19.75%	22.68%	21.10%	17.19%
SG&A Expenses to Revenue	21.54%	20.74%	25.86%	26.10%	25.14%	25.15%	29.37%	28.27%	27.49%	24.15%	26.61%
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	39.25%	36.16%	46.23%	41.03%	44.86%	44.32%	51.33%	48.66%	48.41%	43.01%	48.83%
Earnings before Interest and Taxes (EBIT)	1,085	1,380	889	1,024	1,651	1,043	729	869	806	1,108	961
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,590	1,886	1,404	1,545	2,180	1,591	1,269	1,435	1,371	1,693	1,566
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.17	2.90	3.25	3.31	3.28	3.78	4.22	4.49	5.32	5.85	6.18
Price to Tangible Book Value (P/TBV)	8.88	8.34	9.28	8.98	8.49	9.53	10.66	10.94	12.71	13.65	14.46
Price to Revenue (P/Rev)	3.31	2.96	3.28	3.53	3.72	4.42	4.96	5.28	6.28	6.76	6.83
Price to Earnings (P/E)	17.75	13.15	14.25	14.43	12.77	16.27	18.35	19.36	29.69	31.95	31.61
Dividend Yield	5.70%	6.15%	5.62%	5.50%	5.37%	4.72%	4.34%	4.10%	3.51%	3.22%	3.10%
Earnings Yield	5.64%	7.60%	7.02%	6.93%	7.83%	6.15%	5.45%	5.17%	3.37%	3.13%	3.16%
Enterprise Value to Invested Capital (EV/IC)	1.68	1.58	1.69	1.72	1.72	1.84	1.97	2.05	2.29	2.43	2.51
Enterprise Value to Revenue (EV/Rev)	5.62	5.26	5.58	5.90	6.18	7.13	7.70	8.01	9.07	9.52	9.51
Enterprise Value to EBITDA (EV/EBITDA)	12.22	10.50	10.37	10.14	9.60	11.25	12.22	13.04	16.81	17.79	17.60
Enterprise Value to EBIT (EV/EBIT)	20.31	16.13	15.41	14.89	13.63	16.41	18.10	19.68	27.64	29.21	28.52
Enterprise Value to NOPAT (EV/NOPAT)	24.53	19.86	20.00	19.80	20.25	24.69	27.49	30.36	36.31	37.94	36.84
Enterprise Value to Operating Cash Flow (EV/OCF)	12.61	11.39	11.47	12.20	11.34	13.36	14.48	15.17	19.15	19.83	19.98
Enterprise Value to Free Cash Flow (EV/FCFF)	34.02	103.35	41.13	35.62	71.25	445.39	1,935.16	0.00	855.60	61.15	77.55
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.63	1.70	1.72	1.79	1.78	1.80	1.78	1.82	1.81	1.84	1.93
Long-Term Debt to Equity	1.56	1.59	1.52	1.59	1.57	1.61	1.63	1.67	1.67	1.62	1.73
Financial Leverage	1.59	1.62	1.66	1.63	1.63	1.71	1.73	1.71	1.72	1.80	1.82
Leverage Ratio	3.41	3.36	3.44	3.52	3.49	3.48	3.50	3.58	3.60	3.61	3.67
Compound Leverage Factor	3.00	3.02	2.93	2.96	3.27	2.85	2.67	3.99	2.72	3.01	2.89
Debt to Total Capital	61.99%	63.02%	63.21%	64.14%	63.97%	64.30%	64.04%	64.59%	64.46%	64.84%	65.87%
Short-Term Debt to Total Capital	2.64%	4.20%	7.45%	7.20%	7.41%	6.66%	5.28%	5.44%	5.21%	7.78%	6.84%
Long-Term Debt to Total Capital	59.34%	58.82%	55.76%	56.94%	56.56%	57.63%	58.76%	59.14%	59.25%	57.06%	59.02%
Preferred Equity to Total Capital	0.09%	0.09%	0.09%	0.09%	0.08%	0.08%	0.09%	0.08%	0.08%	0.08%	0.08%
Noncontrolling Interests to Total Capital	6.93%	6.55%	6.55%	6.25%	6.02%	5.93%	5.97%	5.81%	5.76%	5.62%	5.46%
Common Equity to Total Capital	30.99%	30.33%	30.15%	29.53%	29.92%	29.69%	29.90%	29.53%	29.70%	29.45%	28.59%
Debt to EBITDA	4.54	4.23	3.94	3.99	3.77	4.00	3.99	4.19	4.75	4.75	4.71
Net Debt to EBITDA	4.51	4.15	3.85	3.67	3.46	3.90	3.98	4.07	4.74	4.73	4.56
Long-Term Debt to EBITDA	4.35	3.95	3.48	3.54	3.33	3.59	3.66	3.83	4.37	4.18	4.22
Debt to NOPAT	9.11	8.00	7.60	7.79	7.95	8.78	8.97	9.74	10.26	10.14	9.86
Net Debt to NOPAT	9.05	7.84	7.43	7.16	7.30	8.56	8.95	9.47	10.24	10.10	9.55
Long-Term Debt to NOPAT	8.72	7.47	6.71	6.92	7.03	7.87	8.23	8.92	9.43	8.92	8.84
Altman Z-Score	0.52	0.52	0.51	0.54	0.60	0.63	0.68	0.74	0.86	0.96	1.00
Noncontrolling Interest Sharing Ratio	18.86%	18.60%	18.58%	18.26%	17.69%	17.40%	17.44%	17.14%	16.69%	16.54%	16.54%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.78	0.69	0.49	0.77	0.77	0.52	0.45	0.57	0.50	0.40	0.54
Quick Ratio	0.59	0.50	0.36	0.63	0.65	0.41	0.31	0.44	0.36	0.30	0.41
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	83	-1,416	-980	-671	-1,555	-2,108	-2,352	-2,651	-1,838	-161	-793
Operating Cash Flow to CapEx	151.24%	277.80%	225.74%	178.84%	270.19%	226.84%	220.90%	182.26%	158.59%	141.60%	149.18%
Free Cash Flow to Firm to Interest Expense	0.29	-4.82	-3.20	-2.14	-4.83	-6.04	-6.94	-7.84	-5.44	-0.46	-2.27
Operating Cash Flow to Interest Expense	4.22	5.15	4.50	3.93	5.63	3.54	3.77	3.68	3.60	4.11	4.14
Operating Cash Flow Less CapEx to Interest Expense	1.43	3.30	2.51	1.73	3.55	1.98	2.06	1.66	1.33	1.21	1.37
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.23	0.24	0.24	0.22	0.22	0.21	0.21	0.20	0.20	0.20	0.21
Accounts Receivable Turnover	4.67	6.59	5.55	5.42	4.98	7.36	7.57	7.73	5.97	6.88	7.58
Inventory Turnover	9.89	14.52	8.89	6.44	6.85	8.11	7.26	7.19	7.66	9.14	7.45
Fixed Asset Turnover	0.36	0.38	0.37	0.35	0.33	0.31	0.30	0.30	0.29	0.29	0.29
Accounts Payable Turnover	1.70	2.27	1.54	1.16	1.10	1.70	1.66	1.56	1.42	1.72	1.74
Days Sales Outstanding (DSO)	78.24	55.39	65.71	67.33	73.25	49.58	48.20	47.23	61.13	53.09	48.14
Days Inventory Outstanding (DIO)	36.90	25.14	41.08	56.70	53.27	45.00	50.27	50.79	47.65	39.94	49.03
Days Payable Outstanding (DPO)	215.02	160.53	237.47	315.78	332.36	214.27	220.51	234.23	257.81	212.21	209.79
Cash Conversion Cycle (CCC)	-99.88	-80.00	-130.68	-191.75	-205.83	-119.69	-122.04	-136.20	-149.03	-119.18	-112.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	36,797	38,258	38,067	37,920	39,179	41,150	40,953	41,212	41,691	42,176	42,474
Invested Capital Turnover	0.30	0.31	0.31	0.30	0.29	0.27	0.26	0.27	0.26	0.26	0.27
Increase / (Decrease) in Invested Capital	701	2,465	1,649	1,462	2,382	2,892	2,886	3,292	2,512	1,026	1,521
Enterprise Value (EV)	61,656	60,619	64,220	65,179	67,365	75,599	80,489	84,463	95,263	102,594	106,762
Market Capitalization	36,309	34,111	37,797	39,069	40,553	46,863	51,797	55,644	65,973	72,870	76,691
Book Value per Share	$9.40	$9.64	$9.56	$9.71	$10.17	$10.19	$10.06	$10.17	$10.17	$10.21	$10.16
Tangible Book Value per Share	$3.35	$3.36	$3.34	$3.58	$3.92	$4.04	$3.99	$4.17	$4.26	$4.38	$4.34
Total Capital	36,949	38,735	38,618	39,994	41,329	41,817	41,008	41,974	41,751	42,276	43,377
Total Debt	22,904	24,412	24,409	25,651	26,438	26,887	26,262	27,109	26,911	27,411	28,572
Total Long-Term Debt	21,927	22,785	21,532	22,772	23,376	24,100	24,096	24,825	24,736	24,122	25,603
Net Debt	22,752	23,935	23,858	23,577	24,288	26,220	26,207	26,347	26,851	27,311	27,669
Capital Expenditures (CapEx)	806	545	610	690	671	544	579	682	768	1,012	972
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-268	-113	-419	-465	-405	-251	-470	-499	-536	-542	-725
Debt-free Net Working Capital (DFNWC)	-116	364	132	1,609	1,745	416	-415	263	-476	-442	178
Net Working Capital (NWC)	-1,093	-1,263	-2,745	-1,270	-1,317	-2,371	-2,581	-2,021	-2,651	-3,731	-2,791
Net Nonoperating Expense (NNE)	87	92	175	107	-341	122	108	-100	157	136	145
Net Nonoperating Obligations (NNO)	22,752	23,935	23,858	23,577	24,288	26,220	26,207	26,347	26,851	27,311	27,669
Total Depreciation and Amortization (D&A)	505	506	515	521	529	548	540	566	565	585	605
Debt-free, Cash-free Net Working Capital to Revenue	-2.44%	-0.98%	-3.64%	-4.21%	-3.71%	-2.37%	-4.50%	-4.73%	-5.10%	-5.03%	-6.46%
Debt-free Net Working Capital to Revenue	-1.06%	3.16%	1.15%	14.56%	16.00%	3.93%	-3.97%	2.49%	-4.53%	-4.10%	1.59%
Net Working Capital to Revenue	-9.97%	-10.96%	-23.84%	-11.49%	-12.07%	-22.37%	-24.70%	-19.17%	-25.24%	-34.61%	-24.86%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.55	$0.76	$0.38	$0.54	$0.93	$0.52	$0.33	$0.58	$0.39	$0.57	$0.45
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	$0.54	$0.76	$0.38	$0.54	$0.92	$0.52	$0.33	$0.58	$0.39	$0.56	$0.45
Adjusted Weighted Average Diluted Shares Outstanding	1.22B	1.23B	1.22B	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)	784	1,049	669	791	827	784	534	641	674	865	728
Normalized NOPAT Margin	26.76%	34.04%	26.93%	30.90%	29.71%	28.28%	22.87%	24.18%	24.58%	28.38%	26.17%
Pre Tax Income Margin	32.53%	40.28%	30.45%	33.65%	55.57%	30.86%	23.76%	36.49%	22.17%	30.25%	27.22%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.75	4.69	2.91	3.26	5.13	2.99	2.15	2.57	2.38	3.17	2.75
NOPAT to Interest Expense	2.71	3.57	2.19	2.52	2.57	2.25	1.58	1.90	2.00	2.48	2.08
EBIT Less CapEx to Interest Expense	0.97	2.84	0.91	1.06	3.04	1.43	0.44	0.55	0.11	0.28	-0.03
NOPAT Less CapEx to Interest Expense	-0.08	1.71	0.19	0.32	0.48	0.69	-0.13	-0.12	-0.28	-0.42	-0.70
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	107.46%	86.50%	84.80%	84.39%	72.42%	80.95%	84.25%	83.35%	109.04%	107.50%	102.02%
Augmented Payout Ratio	107.89%	89.60%	89.82%	88.98%	76.35%	82.81%	84.25%	83.35%	109.04%	107.50%	102.02%

Key Financial Trends

The Williams Companies (NYSE: WMB) has exhibited several notable financial trends over the past four years, based on its quarterly cash flow, income, and balance sheet statements.

Revenue Growth: Operating revenue increased from approximately $2.48 billion in Q2 2023 to about $2.78 billion in Q2 2025, showing steady top-line growth.
Consistent Profitability: Net income from continuing operations grew from $426 million in Q2 2023 to $583 million in Q2 2025, despite some fluctuations in quarterly earnings.
Stable Operating Margins: Gross profit margins have remained strong, with gross profits staying above 70% of revenues in recent quarters, reflecting efficient cost management.
Robust Operating Cash Flow: Net cash generated from continuing operating activities increased from $1.28 billion in Q2 2023 to $1.45 billion in Q2 2025, indicating strong core business cash flow.
Capital Investment Maintaining Asset Base: Significant capital expenditures consistently around $600-1 billion each quarter support asset maintenance and growth in property, plant, and equipment (PPE), which increased from approximately $32.3 billion net in Q2 2023 to $39.8 billion in Q2 2025.
Leverage Profile Stable but Elevated: Long-term debt remains high, fluctuating around $21.5-$25.6 billion, with total liabilities around $37-41 billion. While debt levels are high, they have remained relatively stable indicating consistent management of leverage.
Dividend Policy Consistent: Dividends per share have increased modestly from $0.4475 per share in early 2023 to $0.50 per share in mid-2025, reflecting steady returns to shareholders.
Net Income Volatility: Net income showed wide swings quarterly, from as low as $426 million to highs over $1.16 billion in 2023, indicating exposure to operational or market volatility.
Declining Cash & Equivalents: Despite strong operating cash flow, cash & equivalents dropped from $2.15 billion at Q4 2023 to $0.9 billion at Q2 2025, possibly due to high capital expenditures and debt repayments.
Negative Retained Earnings: Retained earnings remain deeply negative (approximately -$12.4 billion in Q2 2025), which could signify accumulated losses or large distributions historically.

Summary: Williams Companies has shown steady revenue and cash flow growth while maintaining strong margins and investing heavily in infrastructure. However, the company carries significant debt with elevated liabilities and negative retained earnings, which suggest historical financial challenges. The stable operating cash flows and steady dividends support a positive outlook, but investors should watch earnings volatility and leverage levels closely.

08/22/25 05:26 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 10 years?

Williams Companies' net income appears to be on an upward trend, with a most recent value of $2.35 billion in 2024, rising from $2.34 billion in 2014. The previous period was $3.30 billion in 2023. Find out what analysts predict for Williams Companies in the coming months.

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 10 years?

Over the last 10 years, Williams Companies' total revenue changed from $7.64 billion in 2014 to $10.50 billion in 2024, a change of 37.5%.

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 31.1% increase since 2014.

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 $60 million as of their latest financial filing in 2024.

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 11.74 in 2014 to 10.17 in 2024, a change of -13.4%.

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This page (NYSE:WMB) was last updated on 8/22/2025 by MarketBeat.com Staff

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Williams Companies (WMB) Financials

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Williams Companies (WMB) Financials

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