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Williams Companies (WMB) Financials

Williams Companies logo
$75.04 +2.00 (+2.74%)
Closing price 08/14/2026 03:59 PM Eastern
Extended Trading
$74.44 -0.61 (-0.81%)
As of 08/14/2026 07:50 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Williams Companies

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

Quarterly Income Statements for Williams Companies

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 1,137 631 401 705 485 690 546 646 733 864 827
Consolidated Net Income / (Loss)		 1,168 662 426 741 517 729 583 683 773 912 876
Net Income / (Loss) Continuing Operations		 2,134 662 426 741 1,179 0.00 0.00 683 773 0.00 0.00
Total Pre-Tax Income 		1,547 855 555 968 608 922 757 929 1,017 1,156 1,136
Total Operating Income		 1,087 1,012 696 838 793 1,094 945 1,109 1,048 1,321 1,182
Total Gross Profit		 2,336 2,240 1,895 2,129 2,121 2,405 2,303 2,438 2,605 2,472 2,538
Total Revenue		 2,784 2,771 2,336 2,653 2,743 3,048 2,781 2,923 3,198 3,030 3,053
Operating Revenue		 2,784 2,771 2,336 2,653 2,743 3,048 2,781 2,923 3,198 3,030 3,053
Total Cost of Revenue		 448 531 441 524 622 643 478 485 593 558 515
Operating Cost of Revenue		 448 531 441 524 622 643 478 485 593 558 515
Total Operating Expenses		 1,249 1,228 1,199 1,291 1,328 1,311 1,358 1,329 1,557 1,151 1,356
Selling, General & Admin Expense		 700 697 686 750 754 736 740 751 776 758 777
Depreciation Expense		 529 548 540 566 565 585 605 564 593 584 592
Other Operating Expenses / (Income)		 20 -17 -27 -25 9.00 -10 13 14 -24 -9.00 -1.00
Impairment Charge		 - - 0.00 0.00 - 0.00 0.00 0.00 - 0.00 0.00
Other Special Charges / (Income)		 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - -182 -12
Total Other Income / (Expense), net		 460 -157 -141 130 -185 -172 -188 -180 -31 -165 -46
Interest Expense		 322 349 339 338 338 349 350 372 371 376 371
Interest & Investment Income		 218 161 165 437 140 163 146 171 322 185 293
Other Income / (Expense), net		 564 31 33 31 13 14 16 21 18 26 32
Income Tax Expense		 370 193 129 227 91 193 174 246 244 244 260
Net Income / (Loss) Discontinued Operations		 -9.00 - - - - 0.00 0.00 - - 0.00 0.00
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		 30 30 25 35 31 38 37 36 39 47 49
Basic Earnings per Share		 $0.93 $0.52 $0.33 $0.58 $0.39 $0.57 $0.45 $0.53 $0.59 $0.71 $0.68
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		 $0.92 $0.52 $0.33 $0.58 $0.39 $0.56 $0.45 $0.53 $0.60 $0.70 $0.68
Weighted Average Diluted Shares Outstanding		 1.22B 1.22B 1.22B 1.22B 1.22B 1.23B 1.22B 1.23B 1.23B 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

Annual Cash Flow Statements for Williams Companies

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

Quarterly Cash Flow Statements for Williams Companies

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 76 -1,483 -612 707 -702 40 803 -833 -7.00 887 -747
Net Cash From Operating Activities		 1,813 1,234 1,279 1,243 1,218 1,433 1,450 1,439 1,576 1,603 1,376
Net Cash From Continuing Operating Activities		 1,813 1,234 1,279 1,243 1,218 1,433 1,450 1,439 1,576 1,603 1,376
Net Income / (Loss) Continuing Operations		 1,168 662 426 741 517 729 583 683 773 912 876
Consolidated Net Income / (Loss)		 1,168 662 426 741 517 729 583 683 773 912 876
Depreciation Expense		 529 548 540 566 565 585 605 564 593 584 592
Non-Cash Adjustments To Reconcile Net Income		 -202 171 216 -227 269 66 98 7.00 32 129 -188
Changes in Operating Assets and Liabilities, net		 318 -147 97 163 -133 53 164 185 178 -22 96
Net Cash From Investing Activities		 -1,260 -2,436 -620 -737 -1,070 -1,170 -1,024 -1,008 -2,287 -884 -1,906
Net Cash From Continuing Investing Activities		 -1,260 -2,436 -620 -737 -1,070 -1,170 -1,024 -1,008 -2,287 -884 -1,906
Purchase of Property, Plant & Equipment		 -671 -544 -579 -682 -768 -1,012 -972 -954 -1,955 -1,359 -1,834
Acquisitions		 -605 -1,903 -23 -170 -262 -163 -16 -13 -319 -29 -62
Purchase of Investments		 -18 5.00 -32 -46 -32 0.00 -40 -40 -26 369 -24
Divestitures		 -2.00 0.00 - - - 0.00 - - - 48 6.00
Other Investing Activities, net		 36 6.00 14 - -8.00 5.00 4.00 -1.00 13 87 8.00
Net Cash From Financing Activities		 -477 -281 -1,271 201 -850 -223 377 -1,264 704 168 -217
Net Cash From Continuing Financing Activities		 -477 -281 -1,271 201 -850 -223 377 -1,264 704 168 -217
Repayment of Debt		 107 -1,768 -637 -669 -209 -1,051 -461 -594 -584 -1,899 444
Payment of Dividends		 -583 -643 -645 -627 -643 -679 -673 -677 -672 -709 -715
Issuance of Debt		 1.00 2,099 1.00 1,494 - 1,497 1,497 - 1,946 2,768 22
Issuance of Common Equity		 -2.00 31 10 3.00 2.00 10 14 7.00 14 8.00 32

Annual Balance Sheets for Williams Companies

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
Plant, Property & Equipment, gross		 - - - - - - - - - - 62,010
Accumulated Depreciation		 - - - - - - - - - - 20,014
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

Quarterly Balance Sheets for Williams Companies

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 3/31/2026 6/30/2026
Total Assets		 50,788 52,627 52,747 52,409 53,837 54,532 54,924 56,141 55,736 59,569 60,610
Total Current Assets		 4,256 4,513 2,610 2,115 2,698 2,661 2,535 3,221 2,271 3,320 3,123
Cash & Equivalents		 2,074 2,150 667 55 762 60 100 903 70 950 203
Accounts Receivable		 1,419 1,655 1,355 1,398 1,310 1,863 1,781 1,563 1,480 1,676 1,968
Inventories, net		 266 274 239 274 275 279 249 335 339 262 335
Other Current Assets		 497 434 349 388 351 459 405 420 382 432 557
Other Current Nonoperating Assets		 - - - - - - - - - 0.00 60
Plant, Property, & Equipment, net		 32,628 34,311 36,451 36,702 37,974 38,692 39,155 39,773 40,385 43,134 44,410
Plant, Property & Equipment, gross		 50,805 - 54,305 54,930 56,479 - 58,313 59,391 60,305 63,613 65,278
Accumulated Depreciation		 18,177 - 17,854 18,228 18,505 - 19,158 19,618 19,920 20,479 20,868
Total Noncurrent Assets		 13,904 13,803 13,686 13,592 13,165 13,179 13,234 13,147 13,080 13,115 13,077
Goodwill		 7,459 7,593 7,496 7,402 7,305 7,209 7,115 7,100 7,004 6,670 6,577
Other Noncurrent Operating Assets		 6,445 6,210 6,190 6,190 5,860 5,970 6,119 6,047 6,076 6,445 6,500
Total Liabilities & Shareholders' Equity		 50,788 52,627 52,747 52,409 53,837 54,532 54,924 56,141 55,736 59,569 60,610
Total Liabilities		 36,445 37,736 37,817 37,663 38,972 39,692 40,059 41,336 40,876 44,407 45,242
Total Current Liabilities		 5,526 5,830 4,981 4,696 4,719 5,312 6,266 6,012 5,377 4,006 6,546
Short-Term Debt		 2,879 3,062 2,787 2,166 2,284 2,175 3,289 2,969 2,398 248 2,672
Accounts Payable		 1,358 1,379 1,042 1,192 1,137 1,613 1,551 1,414 1,406 2,271 2,220
Other Current Liabilities		 123 1,389 75 109 95 1,524 1,426 1,629 1,573 1,487 1,645
Other Current Nonoperating Liabilities		 - - - - - - - - - 0.00 9.00
Total Noncurrent Liabilities		 30,919 31,906 32,836 32,967 34,253 34,380 33,793 35,324 35,499 40,401 38,696
Long-Term Debt		 22,772 23,376 24,100 24,096 24,825 24,736 24,122 25,603 25,589 30,054 28,121
Noncurrent Deferred Revenue		 4,651 4,684 4,735 4,764 5,116 5,268 5,189 5,158 5,084 4,942 4,979
Noncurrent Deferred & Payable Income Tax Liabilities		 3,496 3,846 4,001 4,107 4,312 4,376 4,482 4,563 4,826 5,405 5,596
Other Noncurrent Operating Liabilities		 - 0.00 - - - 0.00 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		 14,343 14,891 14,930 14,746 14,865 14,840 14,865 14,805 14,860 15,162 15,368
Total Preferred & Common Equity		 11,845 12,402 12,449 12,296 12,428 12,436 12,487 12,438 12,520 12,992 13,190
Preferred Stock		 35 35 35 35 35 35 35 35 35 35 35
Total Common Equity		 11,810 12,367 12,414 12,261 12,393 12,401 12,452 12,403 12,485 12,957 13,155
Common Stock		 25,818 25,834 25,822 25,847 25,869 25,901 25,876 25,893 25,917 26,029 26,045
Retained Earnings		 -12,876 -12,287 -12,238 -12,419 -12,296 -12,396 -12,320 -12,387 -12,354 -12,017 -11,834
Treasury Stock		 -1,180 -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)		 48 0.00 10 13 0.00 76 76 77 102 125 124
Noncontrolling Interest		 2,498 2,489 2,481 2,450 2,437 2,404 2,378 2,367 2,340 2,170 2,178

Annual Metrics And Ratios for Williams Companies

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%

Quarterly Metrics And Ratios for Williams Companies

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 1,221,563,111.00 1,222,998,265.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 1,221,563,111.00 1,222,998,265.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.71 0.68
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -4.98% -10.06% -5.92% 3.67% -1.47% 10.00% 19.05% 10.18% 16.59% -0.59% 9.78%
EBITDA Growth		 37.11% -15.64% -9.62% -7.12% -37.11% 6.41% 23.40% 18.05% 21.01% 14.06% 15.33%
EBIT Growth		 52.17% -24.42% -18.00% -15.14% -51.18% 6.23% 31.82% 30.03% 32.26% 21.57% 26.33%
NOPAT Growth		 5.48% -25.29% -20.10% -18.88% -18.46% 10.39% 36.23% 27.10% 18.13% 20.48% 25.24%
Net Income Growth		 67.58% -30.83% -13.77% 8.33% -55.74% 10.12% 36.85% -7.83% 49.52% 25.10% 50.26%
EPS Growth		 70.37% -31.58% -13.16% 7.41% -57.61% 7.69% 36.36% -8.62% 53.85% 25.00% 51.11%
Operating Cash Flow Growth		 48.73% -18.49% -7.12% 0.73% -32.82% 16.13% 13.37% 15.77% 29.39% 11.86% -5.10%
Free Cash Flow Firm Growth		 -1,972.71% -48.88% -139.88% -294.90% -18.18% 92.36% 66.27% 71.72% 15.53% -704.84% -217.89%
Invested Capital Growth		 6.47% 7.56% 7.58% 8.68% 6.41% 2.49% 3.71% 3.80% 5.63% 5.54% 8.08%
Revenue Q/Q Growth		 8.79% -0.47% -15.70% 13.57% 3.39% 11.12% -8.76% 5.11% 9.41% -5.25% 0.76%
EBITDA Q/Q Growth		 41.10% -27.02% -20.24% 13.08% -4.46% 23.49% -7.50% 8.17% -2.07% 16.40% -6.47%
EBIT Q/Q Growth		 61.23% -36.83% -30.11% 19.20% -7.25% 37.47% -13.27% 17.59% -5.66% 26.36% -9.87%
NOPAT Q/Q Growth		 4.58% -5.25% -31.82% 20.08% 5.12% 28.28% -15.86% 12.03% -2.30% 30.83% -12.54%
Net Income Q/Q Growth		 70.76% -43.32% -35.65% 73.94% -30.23% 41.01% -20.03% 17.15% 13.18% 17.98% -3.95%
EPS Q/Q Growth		 70.37% -43.48% -36.54% 75.76% -32.76% 43.59% -19.64% 17.78% 13.21% 16.67% -2.86%
Operating Cash Flow Q/Q Growth		 46.92% -31.94% 3.65% -2.81% -2.01% 17.65% 1.19% -0.76% 9.52% 1.71% -14.16%
Free Cash Flow Firm Q/Q Growth		 -131.68% -35.59% -11.54% -12.70% 30.67% 91.24% -392.67% 5.49% -106.95% 16.48% -94.59%
Invested Capital Q/Q Growth		 3.32% 5.03% -0.48% 0.63% 1.16% 1.16% 0.71% 0.71% 2.95% 1.08% 3.13%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 83.91% 80.84% 81.12% 80.25% 77.32% 78.90% 82.81% 83.41% 81.46% 81.58% 83.13%
EBITDA Margin		 78.30% 57.42% 54.32% 54.09% 49.98% 55.54% 56.31% 57.95% 51.88% 63.73% 59.15%
Operating Margin		 39.04% 36.52% 29.79% 31.59% 28.91% 35.89% 33.98% 37.94% 32.77% 43.60% 38.72%
EBIT Margin		 59.30% 37.64% 31.21% 32.76% 29.38% 36.35% 34.56% 38.66% 33.33% 44.46% 39.76%
Profit (Net Income) Margin		 41.95% 23.89% 18.24% 27.93% 18.85% 23.92% 20.96% 23.37% 24.17% 30.10% 28.69%
Tax Burden Percent		 75.50% 77.43% 76.76% 76.55% 85.03% 79.07% 77.01% 73.52% 76.01% 78.89% 77.11%
Interest Burden Percent		 93.70% 81.98% 76.13% 111.39% 75.43% 83.21% 78.77% 82.21% 95.40% 85.82% 93.58%
Effective Tax Rate		 23.92% 22.57% 23.24% 23.45% 14.97% 20.93% 22.99% 26.48% 23.99% 21.11% 22.89%
Return on Invested Capital (ROIC)		 8.53% 7.55% 6.05% 6.44% 6.39% 7.34% 7.04% 7.64% 6.94% 9.47% 8.25%
ROIC Less NNEP Spread (ROIC-NNEP)		 9.98% 7.06% 5.62% 6.84% 5.77% 6.83% 6.50% 7.15% 6.86% 9.01% 8.12%
Return on Net Nonoperating Assets (RNNOA)		 16.22% 12.11% 9.71% 11.70% 9.93% 12.28% 11.86% 13.05% 12.85% 17.00% 15.67%
Return on Equity (ROE)		 24.75% 19.66% 15.76% 18.14% 16.31% 19.62% 18.90% 20.68% 19.80% 26.47% 23.92%
Cash Return on Invested Capital (CROIC)		 2.49% 0.43% 0.11% -1.29% 0.28% 4.03% 3.30% 3.60% 2.00% 2.41% 0.30%
Operating Return on Assets (OROA)		 12.80% 7.85% 6.43% 6.60% 5.76% 7.28% 7.15% 8.11% 7.04% 9.27% 8.31%
Return on Assets (ROA)		 9.06% 4.98% 3.76% 5.63% 3.69% 4.79% 4.34% 4.90% 5.11% 6.27% 6.00%
Return on Common Equity (ROCE)		 20.37% 16.24% 13.01% 15.03% 13.59% 16.38% 15.78% 17.31% 16.70% 22.40% 20.26%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 24.16% 23.91% 24.11% 0.00% 19.32% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 827 784 534 641 674 865 728 815 797 1,042 911
NOPAT Margin		 29.71% 28.28% 22.87% 24.18% 24.58% 28.38% 26.17% 27.89% 24.91% 34.40% 29.86%
Net Nonoperating Expense Percent (NNEP)		 -1.45% 0.48% 0.43% -0.40% 0.62% 0.51% 0.54% 0.49% 0.08% 0.46% 0.12%
Return On Investment Capital (ROIC_SIMPLE)		 2.00% - - - 1.62% 2.05% 1.68% 1.90% 1.80% 2.29% 1.97%
Cost of Revenue to Revenue		 16.09% 19.16% 18.88% 19.75% 22.68% 21.10% 17.19% 16.59% 18.54% 18.42% 16.87%
SG&A Expenses to Revenue		 25.14% 25.15% 29.37% 28.27% 27.49% 24.15% 26.61% 25.69% 24.27% 25.02% 25.45%
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		 44.86% 44.32% 51.33% 48.66% 48.41% 43.01% 48.83% 45.47% 48.69% 37.99% 44.42%
Earnings before Interest and Taxes (EBIT)		 1,651 1,043 729 869 806 1,108 961 1,130 1,066 1,347 1,214
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 2,180 1,591 1,269 1,435 1,371 1,693 1,566 1,694 1,659 1,931 1,806
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.28 3.78 4.22 4.49 5.32 5.85 6.18 6.20 5.75 6.86 6.91
Price to Tangible Book Value (P/TBV)		 8.49 9.53 10.66 10.94 12.71 13.65 14.46 14.11 12.22 14.14 13.82
Price to Revenue (P/Rev)		 3.72 4.42 4.96 5.28 6.28 6.76 6.83 6.73 6.14 7.45 7.45
Price to Earnings (P/E)		 12.77 16.27 18.35 19.36 29.69 31.95 31.61 32.68 28.07 31.88 29.61
Dividend Yield		 5.37% 4.72% 4.34% 4.10% 3.51% 3.22% 3.10% 3.12% 3.33% 2.78% 2.76%
Earnings Yield		 7.83% 6.15% 5.45% 5.17% 3.37% 3.13% 3.16% 3.06% 3.56% 3.14% 3.38%
Enterprise Value to Invested Capital (EV/IC)		 1.72 1.84 1.97 2.05 2.29 2.43 2.51 2.52 2.38 2.71 2.70
Enterprise Value to Revenue (EV/Rev)		 6.18 7.13 7.70 8.01 9.07 9.52 9.51 9.37 8.78 10.10 10.14
Enterprise Value to EBITDA (EV/EBITDA)		 9.60 11.25 12.22 13.04 16.81 17.79 17.60 17.02 15.87 17.59 17.45
Enterprise Value to EBIT (EV/EBIT)		 13.63 16.41 18.10 19.68 27.64 29.21 28.52 26.88 24.60 26.75 26.01
Enterprise Value to NOPAT (EV/NOPAT)		 20.25 24.69 27.49 30.36 36.31 37.94 36.84 34.97 32.75 35.62 34.68
Enterprise Value to Operating Cash Flow (EV/OCF)		 11.34 13.36 14.48 15.17 19.15 19.83 19.98 19.43 17.79 19.85 20.64
Enterprise Value to Free Cash Flow (EV/FCFF)		 71.25 445.39 1,935.16 0.00 855.60 61.15 77.55 71.14 122.58 115.35 923.14
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.78 1.80 1.78 1.82 1.81 1.84 1.93 1.88 1.96 2.00 2.00
Long-Term Debt to Equity		 1.57 1.61 1.63 1.67 1.67 1.62 1.73 1.72 1.82 1.98 1.83
Financial Leverage		 1.63 1.71 1.73 1.71 1.72 1.80 1.82 1.83 1.87 1.89 1.93
Leverage Ratio		 3.49 3.48 3.50 3.58 3.60 3.61 3.67 3.69 3.79 3.81 3.87
Compound Leverage Factor		 3.27 2.85 2.67 3.99 2.72 3.01 2.89 3.03 3.62 3.27 3.62
Debt to Total Capital		 63.97% 64.30% 64.04% 64.59% 64.46% 64.84% 65.87% 65.32% 66.19% 66.65% 66.71%
Short-Term Debt to Total Capital		 7.41% 6.66% 5.28% 5.44% 5.21% 7.78% 6.84% 5.60% 4.61% 0.55% 5.79%
Long-Term Debt to Total Capital		 56.56% 57.63% 58.76% 59.14% 59.25% 57.06% 59.02% 59.72% 61.58% 66.11% 60.92%
Preferred Equity to Total Capital		 0.08% 0.08% 0.09% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08% 0.08%
Noncontrolling Interests to Total Capital		 6.02% 5.93% 5.97% 5.81% 5.76% 5.62% 5.46% 5.46% 4.93% 4.77% 4.72%
Common Equity to Total Capital		 29.92% 29.69% 29.90% 29.53% 29.70% 29.45% 28.59% 29.14% 28.79% 28.50% 28.50%
Debt to EBITDA		 3.77 4.00 3.99 4.19 4.75 4.75 4.71 4.43 4.44 4.42 4.34
Net Debt to EBITDA		 3.46 3.90 3.98 4.07 4.74 4.73 4.56 4.41 4.43 4.29 4.31
Long-Term Debt to EBITDA		 3.33 3.59 3.66 3.83 4.37 4.18 4.22 4.05 4.13 4.39 3.97
Debt to NOPAT		 7.95 8.78 8.97 9.74 10.26 10.14 9.86 9.09 9.16 8.96 8.63
Net Debt to NOPAT		 7.30 8.56 8.95 9.47 10.24 10.10 9.55 9.07 9.14 8.68 8.58
Long-Term Debt to NOPAT		 7.03 7.87 8.23 8.92 9.43 8.92 8.84 8.31 8.53 8.89 7.88
Altman Z-Score		 0.60 0.63 0.68 0.74 0.86 0.96 1.00 1.03 0.92 1.18 1.13
Noncontrolling Interest Sharing Ratio		 17.69% 17.40% 17.44% 17.14% 16.69% 16.54% 16.54% 16.31% 15.63% 15.38% 15.30%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.77 0.52 0.45 0.57 0.50 0.40 0.54 0.42 0.53 0.83 0.48
Quick Ratio		 0.65 0.41 0.31 0.44 0.36 0.30 0.41 0.29 0.35 0.66 0.33
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,555 -2,108 -2,352 -2,651 -1,838 -161 -793 -750 -1,551 -1,296 -2,522
Operating Cash Flow to CapEx		 270.19% 226.84% 220.90% 182.26% 158.59% 141.60% 149.18% 150.84% 80.61% 117.95% 75.03%
Free Cash Flow to Firm to Interest Expense		 -4.83 -6.04 -6.94 -7.84 -5.44 -0.46 -2.27 -2.02 -4.18 -3.45 -6.80
Operating Cash Flow to Interest Expense		 5.63 3.54 3.77 3.68 3.60 4.11 4.14 3.87 4.25 4.26 3.71
Operating Cash Flow Less CapEx to Interest Expense		 3.55 1.98 2.06 1.66 1.33 1.21 1.37 1.30 -1.02 0.65 -1.23
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.22 0.21 0.21 0.20 0.20 0.20 0.21 0.21 0.21 0.21 0.21
Accounts Receivable Turnover		 4.98 7.36 7.57 7.73 5.97 6.88 7.58 8.24 6.06 6.90 6.91
Inventory Turnover		 6.85 8.11 7.26 7.19 7.66 9.14 7.45 7.26 7.42 8.27 6.42
Fixed Asset Turnover		 0.33 0.31 0.30 0.30 0.29 0.29 0.29 0.29 0.30 0.29 0.29
Accounts Payable Turnover		 1.10 1.70 1.66 1.56 1.42 1.72 1.74 1.75 1.15 1.11 1.18
Days Sales Outstanding (DSO)		 73.25 49.58 48.20 47.23 61.13 53.09 48.14 44.30 60.28 52.87 52.80
Days Inventory Outstanding (DIO)		 53.27 45.00 50.27 50.79 47.65 39.94 49.03 50.29 49.21 44.11 56.85
Days Payable Outstanding (DPO)		 332.36 214.27 220.51 234.23 257.81 212.21 209.79 208.30 318.44 329.95 308.32
Cash Conversion Cycle (CCC)		 -205.83 -119.69 -122.04 -136.20 -149.03 -119.18 -112.62 -113.71 -208.95 -232.96 -198.68
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 39,179 41,150 40,953 41,212 41,691 42,176 42,474 42,777 44,038 44,514 45,907
Invested Capital Turnover		 0.29 0.27 0.26 0.27 0.26 0.26 0.27 0.27 0.28 0.28 0.28
Increase / (Decrease) in Invested Capital		 2,382 2,892 2,886 3,292 2,512 1,026 1,521 1,565 2,348 2,338 3,433
Enterprise Value (EV)		 67,365 75,599 80,489 84,463 95,263 102,594 106,762 107,654 104,928 120,462 123,721
Market Capitalization		 40,553 46,863 51,797 55,644 65,973 72,870 76,691 77,362 73,407 88,905 90,918
Book Value per Share		 $10.17 $10.19 $10.06 $10.17 $10.17 $10.21 $10.16 $10.22 $10.46 $10.61 $10.76
Tangible Book Value per Share		 $3.92 $4.04 $3.99 $4.17 $4.26 $4.38 $4.34 $4.49 $4.92 $5.15 $5.38
Total Capital		 41,329 41,817 41,008 41,974 41,751 42,276 43,377 42,847 44,356 45,464 46,161
Total Debt		 26,438 26,887 26,262 27,109 26,911 27,411 28,572 27,987 29,361 30,302 30,793
Total Long-Term Debt		 23,376 24,100 24,096 24,825 24,736 24,122 25,603 25,589 27,316 30,054 28,121
Net Debt		 24,288 26,220 26,207 26,347 26,851 27,311 27,669 27,917 29,298 29,352 30,590
Capital Expenditures (CapEx)		 671 544 579 682 768 1,012 972 954 1,955 1,359 1,834
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -405 -251 -470 -499 -536 -542 -725 -778 -880 -1,388 -954
Debt-free Net Working Capital (DFNWC)		 1,745 416 -415 263 -476 -442 178 -708 -817 -438 -751
Net Working Capital (NWC)		 -1,317 -2,371 -2,581 -2,021 -2,651 -3,731 -2,791 -3,106 -2,862 -686 -3,423
Net Nonoperating Expense (NNE)		 -341 122 108 -100 157 136 145 132 24 130 35
Net Nonoperating Obligations (NNO)		 24,288 26,220 26,207 26,347 26,851 27,311 27,669 27,917 29,043 29,352 30,539
Total Depreciation and Amortization (D&A)		 529 548 540 566 565 585 605 564 593 584 592
Debt-free, Cash-free Net Working Capital to Revenue		 -3.71% -2.37% -4.50% -4.73% -5.10% -5.03% -6.46% -6.77% -7.36% -11.63% -7.82%
Debt-free Net Working Capital to Revenue		 16.00% 3.93% -3.97% 2.49% -4.53% -4.10% 1.59% -6.16% -6.84% -3.67% -6.15%
Net Working Capital to Revenue		 -12.07% -22.37% -24.70% -19.17% -25.24% -34.61% -24.86% -27.02% -23.95% -5.75% -28.05%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.93 $0.52 $0.33 $0.58 $0.39 $0.57 $0.45 $0.53 $0.59 $0.71 $0.68
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		 $0.92 $0.52 $0.33 $0.58 $0.39 $0.56 $0.45 $0.53 $0.60 $0.70 $0.68
Adjusted Weighted Average Diluted Shares Outstanding		 1.22B 1.22B 1.22B 1.22B 1.22B 1.22B 1.22B 1.23B 1.23B 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)		 827 784 534 641 674 865 728 815 797 899 902
Normalized NOPAT Margin		 29.71% 28.28% 22.87% 24.18% 24.58% 28.38% 26.17% 27.89% 24.91% 29.66% 29.55%
Pre Tax Income Margin		 55.57% 30.86% 23.76% 36.49% 22.17% 30.25% 27.22% 31.78% 31.80% 38.15% 37.21%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 5.13 2.99 2.15 2.57 2.38 3.17 2.75 3.04 2.87 3.58 3.27
NOPAT to Interest Expense		 2.57 2.25 1.58 1.90 2.00 2.48 2.08 2.19 2.15 2.77 2.46
EBIT Less CapEx to Interest Expense		 3.04 1.43 0.44 0.55 0.11 0.28 -0.03 0.47 -2.40 -0.03 -1.67
NOPAT Less CapEx to Interest Expense		 0.48 0.69 -0.13 -0.12 -0.28 -0.42 -0.70 -0.37 -3.12 -0.84 -2.49
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 72.42% 80.95% 84.25% 83.35% 109.04% 107.50% 102.02% 106.37% 97.58% 92.54% 85.48%
Augmented Payout Ratio		 76.35% 82.81% 84.25% 83.35% 109.04% 107.50% 102.02% 106.37% 97.58% 92.54% 85.48%

Financials Breakdown Chart

Key Financial Trends

Williams Companies (NYSE: WMB) showed a solid start to 2026, with revenue and profitability improving modestly versus the prior quarter and the company continuing to generate strong operating cash flow. Over the last several years, the biggest theme has been consistency: Williams has grown revenue gradually, kept operating margins relatively stable, and continued to support its dividend with substantial cash from operations.

  • Q1 2026 revenue rose to $3.03 billion, up from $3.20 billion in Q4 2025 but above $2.92 billion in Q3 2025 and well above the $2.77 billion posted in Q1 2025, showing a generally higher revenue base year over year.
  • Operating income increased to $1.32 billion in Q1 2026, compared with $1.05 billion in Q4 2025 and $1.09 billion in Q1 2025, indicating better operating leverage.
  • Net income attributable to common shareholders reached $864 million in Q1 2026, up from $733 million in Q4 2025 and $690 million in Q1 2025.
  • Operating cash flow remained strong at $1.60 billion in Q1 2026, comfortably covering the quarterly dividend and supporting ongoing capital spending.
  • Cash and equivalents increased to $950 million at the end of Q1 2026 from $903 million in Q2 2025 and just $60 million at year-end 2024, reflecting a much stronger liquidity position than earlier periods.
  • Debt was reduced at the margin in Q1 2026, with long-term debt falling to $30.05 billion from $30.15 billion in Q1 2026 and from $25.59 billion in Q3 2025, indicating some balance-sheet management.
  • Gross profit margins have stayed resilient over time, helped by relatively stable operating costs even as revenue has moved around quarter to quarter.
  • Shares outstanding remain fairly steady, with diluted shares at about 1.226 billion in Q1 2026 versus 1.225 billion in Q4 2025, so EPS growth is being driven more by earnings than by share count changes.
  • Capital spending continues to be meaningful, with Q1 2026 capex of $1.36 billion, reflecting Williams’ ongoing investment in its infrastructure network.
  • Interest expense remains a large drag, at $376 million in Q1 2026, which limits the benefit of operating income growth.
  • Total debt remains elevated, with short-term debt plus long-term debt still above $30 billion, leaving the company meaningfully leveraged.
  • Balance-sheet growth has been modest while retained earnings remain negative at $12.0 billion, suggesting the company has historically distributed substantial cash rather than building book equity.

Looking at the broader trend from 2023 through early 2026, Williams appears to be a steady cash-generating utility/infrastructure-style business. Revenue has generally trended higher, quarterly operating cash flow has consistently stayed near or above the $1.2 billion to $1.6 billion range, and dividend payments have remained a major use of cash. That combination is attractive for income investors.

At the same time, the company is not without risk. The balance sheet carries a sizable debt load, and that means Williams is sensitive to interest rates and refinancing conditions. Also, because much of the business is capital intensive, future growth depends on continued heavy investment in pipelines and related assets.

Bottom line: WMB’s latest quarter looks stable to slightly improving. The business continues to produce strong cash flow and support its dividend, but investors should keep an eye on leverage and interest costs.

08/15/26 11:55 AM ETAI Generated. May Contain Errors.

Williams Companies Financials - Frequently Asked Questions

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.

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. Check out Williams Companies' forecast to explore projected trends and price targets.

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

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%.

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.

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.

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 8/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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