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WILLIAMS COMPANIES, INC.WMB

Sector
Energy
Industry
Natural Gas Transmission
Exchange
NYSE

Stock Price $WMB

Latest filings

You are here#8 of 25 in Energy by market cap

Filing record · 2016–202610-K1110-Q328-K153

WMB filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 153 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Aug ’18Aug ’18
  2. Leadership change8-K · Feb ’20Feb ’20
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Material agreement8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $11.95B
YoY changeLargest recent move+38.9%in FY21Latest +13.8%

1 older move runs past ±50% (largest −55.6%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All WMB Financial Metrics59 metrics

Income Statement16

Balance Sheet23

Cash Flow15

Per Share5

02—Overview

WILLIAMS COMPANIES, INC. Financial Overview 2021–2025

Updated Jul 10, 2026

Williams Companies generated a massive $5.898 billiona in operating cash flow during FY2025, underscoring its ability to convert expanding natural gas infrastructure into immediate liquidity. The midstream giant has successfully transformed a multi-year acquisition spree into durable, fee-based service revenue, solidifying its position as a highly profitable operator in the North American energy market. This strategy is clearly reflected across a five-year horizon, as total revenue grew from $10.6 billion in FY2021 to $11.95 billion in FY2025.

Underneath the top-line expansion, the company’s core operations are highly lucrative. The critical Transmission, Power & Gulf segment drove growth, pushing its Modified EBITDA up 14% to $3.72 billionb in FY2025 on the back of higher storage rates and newly completed capacity projects. Management aggressively deployed capital to scale these assets, paying $1.95 billion for the Gulf Coast Storage Acquisition in early FY2024 and committing $3.1 billion for two new power innovation projects slated for 2027. This infrastructure scale allows Williams to heavily fund shareholder returns, distributing $2.316 billion in common dividends in FY2024 alone and raising the quarterly payout to $0.525 per share by Q1 2026. At the close of FY2025, the market rewarded this expanding footprint and steady yield, with the stock closing at $60.11 per share.

Recent Developments (Q4 2025 and Q1 2026)

In Q1 2026, Williams Companies delivered a 25% increase in net income to $865 millionc, fueled by a 10% jump in service revenues to $2.206 billion. Operating income expanded 21% to $1.32 billion, bolstered by a $182 million gain from selling South Mansfield upstream assets. The period featured a leadership transition when Alan S. Armstrong resigned as Board Chair in March 2026 to join the U.S. Senate, passing the helm to Stephen W. Bergstrom. Additionally, management secured a $3.75 billion credit facility to support a 2026 capital budget of $7.0 billion to $7.6 billion.

Bulls will highlight the double-digit growth in core service revenues and expanding infrastructure investments. Conversely, bears might argue the stock is fully valued following a 0.6% year-over-year decline in total revenue to $3.03 billiond during Q1 2026, with shares trading at a 41.4x P/E ratio as of May 4, 2026.

What to watch: execution on the expanded capital budget; integration of new board leadership under Chairman Bergstrom.

03—Filings

Recent SEC Filings

  1. 8-KWILLIAMS COMPANIES, INC. 8-K Report, Regulation FD Disclosure (Sep 10, 2026)On September 8, 2026, The Williams Companies (NYSE: WMB) priced an underwritten public offering of $2.75 billion of senior unsecured notes across four tranches: $500 million of 5.000% notes due 2029, $1.0 billion of 5.600% notes due 2033, $750 million of 5.800% notes due 2036, and $500 million of 6.400% notes due 2056. The notes were sold under an effective Form S-3 shelf registration and are expected to settle on September 10, 2026, subject to customary closing conditions. The filing is a routine debt financing for a large midstream operator, and the cover-page disclosure is limited to the offering terms. The tranches were priced at discounts to par, ranging from 99.999% to 99.800%. Before underwriting commissions, which the filing does not quantify, the aggregate offering price works out to roughly $2.747 billion. The principal weighted-average coupon is about 5.69%, with the longer-dated 2056 notes carrying the highest coupon at 6.40%. The steep coupon curve across maturities signals the market's pricing of duration risk on the company's paper. Williams stated that it intends to use the net proceeds to repay outstanding commercial paper and for general corporate purposes, including funding capital expenditures. Refinancing short-term commercial paper with term debt extends the maturity profile and reduces rollover risk. Investors should note that the filing does not include updated leverage metrics, the post-offering debt balance, or any change to guidance, so the credit impact must be assessed against the company's most recent quarterly reports.
  2. 8-KWILLIAMS COMPANIES, INC. 8-K Report, Material Agreement (Sep 10, 2026)The Williams Companies, Inc. (WMB) announced the successful completion of a significant registered offering of senior unsecured notes totaling $3.75 billion on September 10, 2026. This offering comprises four tranches with varying maturity dates and interest rates: $500 million in 5.000% Senior Notes due 2029, $1.0 billion in 5.600% Senior Notes due 2033, $750 million in 5.800% Senior Notes due 2036, and $500 million in 6.400% Senior Notes due 2056. This capital raise provides The Williams Companies with substantial liquidity and extends its debt maturity profile. The notes are senior unsecured obligations, ranking equally with other senior indebtedness. The accompanying indenture includes standard covenants restricting asset-based liens and significant asset disposals, as well as customary events of default. Investors should note the redemption provisions, allowing the company to redeem notes under specific conditions and premiums, providing flexibility in its capital structure management.
  3. 8-KWILLIAMS COMPANIES, INC. 8-K Report, Corporate Update (Sep 3, 2026)The Williams Companies, Inc. (WMB) has filed a prospectus supplement related to its existing shelf registration statement. This filing pertains to the potential resale of up to 26,874,496 shares of the Company's common stock by certain selling securityholders. This action indicates that these specific shareholders may be looking to sell their holdings, which could introduce additional supply of WMB shares into the market. Investors should monitor trading volumes and any related market activity following this filing. While this filing does not represent a new issuance of shares by WMB itself, it is an important disclosure for investors concerned about the potential dilution or market impact from significant shareholder sales. The registration of these shares under the Securities Act of 1933, as amended, means they are being offered in compliance with federal securities laws. Investors should consider the implications of this potential selling pressure on the stock's price and liquidity.
  4. 8-KWILLIAMS COMPANIES, INC. 8-K Report, Executive Changes (Aug 21, 2026)The Williams Companies, Inc. (WMB) filed an 8-K on August 21, 2026, primarily disclosing the upcoming retirement of a board member. Michael A. Creel has informed the Company that he will not seek reelection to the Board of Directors at the 2027 Annual Meeting of Stockholders, concluding his service at the end of his current term. Importantly, this decision is stated to be voluntary and not due to any disagreements with the Company regarding its operations, policies, or practices, providing reassurance to investors regarding internal stability.
  5. 8-KWILLIAMS COMPANIES, INC. 8-K Report, Financial Results (Aug 3, 2026)Williams (WMB) reported second-quarter 2026 results that were solid on the top line and cash generation, and the company paired them with a major strategic move: an agreement to acquire Momentum Midstream for up to $5.5 billion (about $3.5 billion cash and debt plus roughly $2 billion of Williams equity), implying about 8.5x projected 2027 EBITDA. GAAP net income was $827 million ($0.68 per diluted share, up 51% year over year), while adjusted EPS was $0.50, up 8%. Adjusted EBITDA rose 6% to $1.921 billion, and AFFO grew 10% to $1.450 billion, giving a 2.26x dividend coverage ratio. Year-to-date growth was stronger, with adjusted EBITDA up 10% and AFFO up 17%. The headline GAAP figure is flattered by non-recurring items. Second-quarter net income includes a $126 million net gain on the sale of the Brazos Permian II equity investment, and the year-to-date period includes a $194 million gain on the January sale of South Mansfield upstream interests. Management excluded these, along with unrealized derivative swings, from adjusted measures. Adjusted EPS growth of 8% is therefore the cleaner read on underlying performance. Cash flow from operations fell $74 million in the quarter because of Transco rate refund payments made in April. Management raised its 2026 adjusted EBITDA guidance midpoint by $200 million to $8.4 billion, which reflects the Momentum acquisition. The company is also advancing its Power Innovation platform, which completed phase one of the Socrates project and closed a $5.34 billion joint venture with Blackstone. Investors should weigh the growth pipeline against a leverage ratio that is expected to rise to about 3.75x at the 2026 midpoint, from 3.67x at quarter end, along with the execution risk of a large, debt- and equity-funded acquisition that remains subject to HSR clearance.
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04—See also

Related Companies

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