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WILLIAMS COMPANIES, INC. 8-K Report, Financial Results (Feb 10, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 10, 2026
Period End
February 10, 2026
Security
WMB
In the 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. Leadership change8-K · Aug ’16Aug ’16
  2. Deal closed8-K · Aug ’18Aug ’18
  3. Material agreement8-K · Mar ’21Mar ’21
  4. Leadership change8-K · Apr ’25Apr ’25

01—Abstract

Summary

Summary of the 8-K filed February 10, 2026. Cited figures are marked; the original filing is the authoritative source.

Williams reported record full-year 2025 results, with Adjusted EBITDA of $7.750 billiona (up 9% year over year) and cash flow from operations of $5.898 billion (up 19%).

GAAP net income available to common stockholders was $2.615 billionb, or $2.14 per diluted share, up 18%. Adjusted EPS rose 9% to $2.10, and AFFO reached $5.858 billion, up 9%. Fourth-quarter Adjusted EBITDA was $2.033 billion, up 14% from the prior year.

Results were supported by higher Transco rates and expansion projects, new Gulf volumes, and Cogentrix equity earnings, partly offset by higher operating costs and lower equity AFUDC. Fourth-quarter GAAP results included $187 millionc of impairments tied to the planned sale of Mid-Continent gas gathering assets, which are excluded from Adjusted EBITDA. Management guided 2026 Adjusted EBITDA to $8.05 billion to $8.35 billion, about 6% growth at the midpoint, and expects growth capital of $6.1 billion to $6.7 billion and maintenance capital of $850 million to $950 million.

Management targets a year-end 2026 leverage midpoint of about 4.0x debt-to-Adjusted EBITDA, compared with 3.71x at the end of 2025. The company raised its annualized dividend 5% to $2.10d for 2026, its 52nd consecutive year of dividend payments, and ended 2025 with a 2.40x AFFO dividend coverage ratio.

The filing also announced the Socrates the Younger power innovation project and the upsizing and contract extension of two projects in execution, which management said brings power innovation capital in execution to over $7 billion. Results were released alongside the 2026 Analyst Day, where management discussed the five-year growth outlook.

02—Key points

Key Highlights

  1. Full-year 2025 Adjusted EBITDA reached a record $7.750 billion, up $670 million or 9%, with fourth-quarter Adjusted EBITDA of $2.033 billion, up 14%.
  2. GAAP net income available to common stockholders was $2.615 billion ($2.14 per diluted share), up 18%; Adjusted EPS was $2.10, up 9%.
  3. Cash flow from operations rose 19% to $5.898 billion, and AFFO rose 9% to $5.858 billion, with a 2.40x dividend coverage ratio.
  4. 2026 Adjusted EBITDA guidance of $8.05 billion to $8.35 billion implies about 6% growth at the midpoint, with growth capex of $6.1 billion to $6.7 billion.
  5. The annualized dividend was raised 5% to $2.10 for 2026, extending a 52-year streak of consecutive dividend payments.
  6. Williams completed 12 projects in 2025 (1.1 Bcf/d of pipeline transmission) and has 7.1 Bcf/d of pipeline projects in execution; it also executed the Haynesville E&P sale and a Woodside Energy partnership.
  7. Fourth-quarter GAAP results include $187 million of impairments tied to the planned sale of Mid-Continent gas gathering assets, excluded from Adjusted EBITDA, and a $153 million Cogentrix fair value gain.

03—Questions

Frequently Asked Questions

  1. How did Williams perform in 2025 compared with 2024?

    Adjusted EBITDA rose 9% to $7.750 billion, cash flow from operations rose 19% to $5.898 billion, and AFFO rose 9% to $5.858 billion. GAAP net income available to common stockholders increased 18% to $2.615 billion, or $2.14 per diluted share. Adjusted EPS increased 9% to $2.10.

  2. What is Williams guiding for 2026?

    The company expects 2026 Adjusted EBITDA of $8.05 billion to $8.35 billion, growth capital of $6.1 billion to $6.7 billion, and maintenance capital of $850 million to $950 million. Management targets a leverage ratio midpoint of about 4.0x for 2026. Guidance for growth capex and debt-to-Adjusted EBITDA excludes certain reimbursable long-lead equipment.

  3. Is the dividend safe, and how is it covered?

    Williams raised its annualized dividend 5% to $2.10 for 2026 from $2.00 in 2025. For full-year 2025, AFFO covered common dividends paid 2.40 times. The 2026 guidance implies AFFO coverage of 2.36x to 2.45x, based on common dividends of about $2.575 billion.

  4. What drove the fourth-quarter GAAP results and what were the one-time items?

    Fourth-quarter GAAP results included $187 million of impairments, mainly tied to the planned sale of Mid-Continent gas gathering assets, and a $153 million Cogentrix fair value gain. Both items are excluded from Adjusted EBITDA. Higher Transco rates, expansion projects, and new Gulf volumes supported results, while derivative gains and Cogentrix equity earnings also contributed to net income.

  5. What new growth projects were announced?

    Williams announced Socrates the Younger, a new power innovation project, and the upsizing and contract extension of two projects in execution. Management said power innovation capital in execution now exceeds $7 billion. The company also expects its first power innovation project to contribute partial-year revenue in the second half of 2026.

04—Continue

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