Williams Companies (WMB) Research

Forward Estimates

EPS Estimates

Current Qtr

$0.51

$0.43$0.62

vs $0.46+11.5%

10 analysts

Next Qtr

$0.55

$0.49$0.68

vs $0.49+11.7%

9 analysts

Current Yr

$2.38

$2.18$2.79

vs $2.10+13.4%

13 analysts

Next Yr

$2.57

$2.20$2.78

vs $2.38+7.8%

13 analysts

Revenue Estimates

Current Qtr

$2.70B

$2.33B$2.87B

vs $2.78B-2.8%

5 analysts

Next Qtr

$2.82B

$2.48B$2.96B

vs $2.92B-3.4%

5 analysts

Current Yr

$12.19B

$10.38B$14.15B

vs $11.95B+2.0%

11 analysts

Next Yr

$13.48B

$10.68B$15.10B

vs $12.19B+10.5%

11 analysts

SEC filings →

View all 10-K, 10-Q, and 8-K filings for WMB on EDGAR.

WMB filing events and research context
Filed	Item	Context
May 4, 2026	mda_quarterly	Net income attributable to The Williams Companies, Inc. rose to $865 million in the first quarter of 2026, a $174 million increase over the prior year. Growth was led by the Transmission, Power & Gulf segment, where Modified EBITDA reached $1.01 billion, driven by rate increases and the integration of projects such as the Texas Louisiana Energy Pathway and Southeast Energy Connector. The West segment's Modified EBITDA grew to $407 million, fueled by higher gathering volumes in the Haynesville Shale following the Louisiana Energy Gateway launch and Saber Midstream acquisition. Conversely, Gas & NGL Marketing Services Modified EBITDA declined to $40 million due to unfavorable unrealized commodity derivative valuations. Strategic divestitures, including the sale of South Mansfield upstream interests, contributed a $182 million gain. Williams projects 2026 growth capital expenditures between $7.0 billion and $7.6 billion, prioritizing the Socrates Power Innovation project and various Transco expansions. Key risks include regulatory permit delays, inflation-driven cost increases, and global recessionary pressures on natural gas demand. The company maintains strong liquidity of $4.7 billion and increased its quarterly dividend to $0.525 per share.
Feb 24, 2026	business	The Williams Companies (WMB) is a major U.S. energy infrastructure firm operating over 32,000 miles of pipelines, 35 natural gas processing facilities, and 9 NGL fractionation plants. Its business is organized into four primary segments: Transmission, Power & Gulf; Northeast G&P; West; and Gas & NGL Marketing Services. The company’s core operations focus on gathering, processing, and transporting natural gas and NGLs, with significant interstate pipeline systems including Transco and NWP, both of which are regulated by the FERC. Williams’ revenue model is heavily weighted toward fee-based contracts, which provide stability by mitigating direct commodity price exposure. The company is strategically expanding its footprint to support the growing power demands of data centers and industrial users, including investments in LNG export infrastructure and onsite power generation. Key operational risks include regulatory hurdles for new construction, producer drilling activity levels, and stringent pipeline safety and cybersecurity compliance requirements. While the company faces earnings volatility from derivative-based hedging in its marketing segment, its physical asset base—critical to moving gas from wellhead to market—remains the foundation of its business. Williams maintains a diversified portfolio across major U.S. supply basins, including the Marcellus, Utica, Haynesville, and the Gulf of America.
Feb 24, 2026	mda	Williams operates a vast network of interstate natural gas pipelines and midstream assets, anchored by the Transco system, which maintains a design capacity of 20.6 MMdth/d. The company is strategically expanding its footprint in the Gulf Coast and Rocky Mountain regions, recently acquiring a 10 percent interest in Louisiana LNG and an 80 percent stake in the Driftwood Pipeline to capitalize on rising LNG export demand. Additionally, Williams is investing in power infrastructure to support data center and industrial growth, with 1.9 gigawatts of capacity projects slated for 2026–2028. Financial performance is heavily influenced by FERC-regulated rate structures, with recent settlements for Transco and NWP providing regulatory clarity and cost-recovery mechanisms. The company faces rising operational costs due to stringent PHMSA pipeline integrity regulations, particularly the "Mega Rule," which mandates increased remediation for crack and dent defects. Cybersecurity remains a critical focus, with Williams maintaining compliance with TSA security directives to protect its infrastructure. While environmental compliance, including Washington’s Climate Commitment Act, imposes additional costs, management expects these to be recoverable through rate filings. The business model relies on long-term, fixed-fee contracts, providing stability against throughput volatility while positioning the company to benefit from energy transition and power-demand trends.

Filed

Item

Context

May 4, 2026

mda_quarterly

Net income attributable to The Williams Companies, Inc. rose to $865 million in the first quarter of 2026, a $174 million increase over the prior year. Growth was led by the Transmission, Power & Gulf segment, where Modified EBITDA reached $1.01 billion, driven by rate increases and the integration of projects such as the Texas Louisiana Energy Pathway and Southeast Energy Connector. The West segment's Modified EBITDA grew to $407 million, fueled by higher gathering volumes in the Haynesville Shale following the Louisiana Energy Gateway launch and Saber Midstream acquisition. Conversely, Gas & NGL Marketing Services Modified EBITDA declined to $40 million due to unfavorable unrealized commodity derivative valuations. Strategic divestitures, including the sale of South Mansfield upstream interests, contributed a $182 million gain. Williams projects 2026 growth capital expenditures between $7.0 billion and $7.6 billion, prioritizing the Socrates Power Innovation project and various Transco expansions. Key risks include regulatory permit delays, inflation-driven cost increases, and global recessionary pressures on natural gas demand. The company maintains strong liquidity of $4.7 billion and increased its quarterly dividend to $0.525 per share.

Feb 24, 2026

business

The Williams Companies (WMB) is a major U.S. energy infrastructure firm operating over 32,000 miles of pipelines, 35 natural gas processing facilities, and 9 NGL fractionation plants. Its business is organized into four primary segments: Transmission, Power & Gulf; Northeast G&P; West; and Gas & NGL Marketing Services. The company’s core operations focus on gathering, processing, and transporting natural gas and NGLs, with significant interstate pipeline systems including Transco and NWP, both of which are regulated by the FERC. Williams’ revenue model is heavily weighted toward fee-based contracts, which provide stability by mitigating direct commodity price exposure. The company is strategically expanding its footprint to support the growing power demands of data centers and industrial users, including investments in LNG export infrastructure and onsite power generation. Key operational risks include regulatory hurdles for new construction, producer drilling activity levels, and stringent pipeline safety and cybersecurity compliance requirements. While the company faces earnings volatility from derivative-based hedging in its marketing segment, its physical asset base—critical to moving gas from wellhead to market—remains the foundation of its business. Williams maintains a diversified portfolio across major U.S. supply basins, including the Marcellus, Utica, Haynesville, and the Gulf of America.

Feb 24, 2026

mda

Williams operates a vast network of interstate natural gas pipelines and midstream assets, anchored by the Transco system, which maintains a design capacity of 20.6 MMdth/d. The company is strategically expanding its footprint in the Gulf Coast and Rocky Mountain regions, recently acquiring a 10 percent interest in Louisiana LNG and an 80 percent stake in the Driftwood Pipeline to capitalize on rising LNG export demand. Additionally, Williams is investing in power infrastructure to support data center and industrial growth, with 1.9 gigawatts of capacity projects slated for 2026–2028. Financial performance is heavily influenced by FERC-regulated rate structures, with recent settlements for Transco and NWP providing regulatory clarity and cost-recovery mechanisms. The company faces rising operational costs due to stringent PHMSA pipeline integrity regulations, particularly the "Mega Rule," which mandates increased remediation for crack and dent defects. Cybersecurity remains a critical focus, with Williams maintaining compliance with TSA security directives to protect its infrastructure. While environmental compliance, including Washington’s Climate Commitment Act, imposes additional costs, management expects these to be recoverable through rate filings. The business model relies on long-term, fixed-fee contracts, providing stability against throughput volatility while positioning the company to benefit from energy transition and power-demand trends.

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WMB filing events and research context

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