Williams Companies, Inc. (WMB)

The Williams Companies, Inc., together with its subsidiaries, operates as an energy infrastructure company primarily in the United States. It operates through Transmission, Power & Gulf, Northeast G&P, West, and Gas & NGL Marketing Services segments. The Transmission, Power & Gulf segment comprises Transco, NWP, and Mountain West interstate natural gas pipelines, and their related natural gas storage facilities, as well as natural gas gathering and processing; and crude oil production handling and transportation assets in the Gulf Coast region. The Northeast G&P segment engages in the midstream gathering, processing, and fractionation activities in the Marcellus Shale region primarily in Pennsylvania and New York, and the Utica Shale region of eastern Ohio. The West segment consists of gas gathering, processing, and treating operations in the Rocky Mountain region of Colorado and Wyoming, the Barnett Shale region of north-central Texas, the Eagle Ford Shale region of South Texas, the Haynesville Shale region of northwest Louisiana, the Mid-Continent region that includes the Anadarko and Permian basins, and the DJ Basin of Colorado; and operates natural gas liquid (NGL) fractionation and storage assets in central Kansas near Conway. The Gas & NGL Marketing Services segment provides wholesale marketing, trading, storage, and transportation of natural gas for natural gas utilities, municipalities, power generators, and producers; asset management services; and transports and markets NGLs. The company owns and operates approximately 32,000 miles of pipelines. The Williams Companies, Inc. was founded in 1908 and is headquartered in Tulsa, Oklahoma.

Symbol
WMB
Exchange
NYSE
Sector
Energy
Industry
Oil & Gas Midstream
Market cap
$86.34B
52 week range
56.19 - 80.08

Valuation

Share price
$70.54 (close of 2026-10-02)
P/E (TTM)
28.10x
Price to book
5.62x
Price to free cash flow
-799.45x
Enterprise value
$116.93B
Book value per share
$12.56

Price performance

PeriodChange
1 day+1.91%
5 days+1.85%
1 month-6.15%
3 months-3.55%
6 months-2.03%
Year to date+17.35%
1 year+10.12%
3 years+114.21%
5 years+167.20%
10 years+129.55%
All time+1968.62%

Members of Congress who disclosed WMB trades

Alan Armstrong · Jonathan Jackson · Gilbert Ray Cisneros · Lisa McClain · Ritchie Torres · Dwight Evans · Jefferson Shreve

Super investors holding WMB

Ken Griffin (Citadel) · AKO Capital (AKO Capital LLP) · Dodge & Cox (Dodge & Cox Funds) · Ray Dalio (Bridgewater Associates) · First Eagle Investment (First Eagle Investment Management, LLC)

Profitability and growth

Return on equity
17.46%
Return on invested capital
7.53%
Return on assets
4.47%
Return on capital employed
8.00%
Gross margin
33.00%
Net margin
17.57%
EBITDA margin
43.92%
Revenue growth
17.95%
Net income growth
17.66%
Free cash flow growth
-58.14%

Cash flow and balance sheet

Free cash flow yield (TTM)
-0.13%
Current ratio
0.48x
Net debt to EBITDA
3.79x

Latest reported year

Period end
2025-12-31
Fiscal year
2025
Revenue
$14.90B
Cost of revenue
$9.98B
Gross profit
$4.92B
EBITDA
$6.54B
Net income
$2.62B
Earnings per share
$2.14
Shares outstanding
1.22B

Income statement by year

Period endRevenueGross profitNet incomeEPS
2025-12-31$14.90B$4.92B$2.62B$2.14
2024-12-31$12.63B$4.05B$2.23B$1.82
2023-12-31$12.00B$4.98B$3.18B$2.61
2022-12-31$17.77B$3.65B$2.05B$1.68
2021-12-31$12.78B$3.19B$1.52B$1.25
2020-12-31$7.65B$2.67B$211.00M$0.17
2019-12-31$8.14B$2.48B$850.00M$0.70
2018-12-31$8.60B$1.34B-$155.00M$-0.16
2017-12-31$8.03B$1.52B$2.17B$2.63
2016-12-31$7.50B$1.41B-$424.00M$-0.57

Margins and returns by year

Period endGross marginNet marginReturn on equityReturn on capital
2025-12-3133.00%17.57%17.46%7.53%
2024-12-3132.04%17.61%14.99%6.47%
2023-12-3141.48%26.50%21.35%8.43%
2022-12-3120.56%11.53%14.59%7.04%
2021-12-3124.95%11.87%10.76%16.85%
2020-12-3134.86%2.76%1.45%14.51%
2019-12-3130.45%10.44%5.19%9.74%
2018-12-3115.54%-1.80%-0.97%3.98%
2017-12-3118.94%27.07%13.44%6.07%
2016-12-3118.82%-5.65%-3.02%4.97%

Cash and debt by year

Period endCash
2025-12-31$63.00M
2024-12-31$60.00M
2023-12-31$2.15B
2022-12-31$152.00M
2021-12-31$1.68B
2020-12-31$142.00M
2019-12-31$289.00M
2018-12-31$168.00M
2017-12-31$899.00M
2016-12-31$170.00M

Free cash flow by year

Period endFree cash flowStock-based compensation
2025-12-31$1.00B$93.00M
2024-12-31$2.40B$99.00M
2023-12-31$3.42B$77.00M
2022-12-31$2.64B$73.00M
2021-12-31$2.71B$81.00M
2020-12-31$2.26B$52.00M
2019-12-31$1.58B$57.00M
2018-12-31$37.00M$55.00M
2017-12-31$690.00M$78.00M
2016-12-31$2.10B$73.00M

Dividend history

Most recent payment
2026-09-11
Paid in the last twelve months
$2.08
Payment dateDividend per share
2026-09-11$0.53
2026-06-12$0.53
2026-03-13$0.53
2025-12-12$0.50
2025-09-12$0.50
2025-06-13$0.50
2025-03-14$0.50
2024-12-13$0.47

Investor relations

Next earnings report

Next confirmed report
2026-11-02
Consensus EPS estimate
$0.56

Past earnings dates

ReportedFiscal periodEPS estimate
2026-08-03Jun/2026$0.52
2026-05-04Mar/2026$0.65
2025-11-03Sep/2025$0.51
2025-08-04Jun/2025$0.49
2025-05-05Mar/2025$0.55
2025-02-12Dec/2024$0.45
2024-11-06Sep/2024$0.42
2024-08-05Jun/2024$0.39

Filings and sources

Company website
williams.com
SEC filings
10-K, 10-Q and 8-K on EDGAR
Earnings calendar
All upcoming reports

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Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart

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