Williams

Williams owns and operates natural gas infrastructure in the United States. Its largest asset is the Transco interstate pipeline, and the company says that its infrastructure delivers about one third of the natural gas used in the country. It has four reportable segments. Transmission, Power & Gulf has interstate pipelines such as Transco and Northwest Pipeline, gas storage, Gulf Coast assets and power projects.

Northeast G&P has gathering and processing in the Northeast. West has gathering and processing in Colorado, Wyoming, Texas and the Haynesville Shale, where Williams bought Momentum Midstream in September 2026. Gas & NGL Marketing Services markets natural gas and natural gas liquids. Its Power Innovation projects build natural gas power plants at the sites of large power users such as data centers.

Adjusted EBITDA was $7.75 billion in 2025. The head office is in Tulsa, Oklahoma, and Chad Zamarin is its president and chief executive officer.

Williams trades close to its intrinsic value because investors already pay for steady growth in pipeline fees and for its new power projects for data centers. Adjusted EBITDA rose 9% to $6.2 billion in the first nine months of 2026, and the company expects 2026 Adjusted EBITDA in the upper half of $8.3 billion to $8.5 billion. It targets Adjusted EBITDA growth of 11% or more a year through 2030. The growth needs large spending: growth capex of $7.3 billion to $7.9 billion in 2026, the Momentum purchase of about $5.1 billion in September 2026 and five Power Innovation projects, in which Blackstone and its partners committed $5.34 billion for a 49% interest.

For the stock to hold its value, three things must be true. New Transco expansions and power projects must enter service on time and on budget. Debt must stay near 3.8 times Adjusted EBITDA while the company spends. The Haynesville assets must add earnings as LNG and power demand grow.

The Q4 2026 report with the 2027 guidance, expected in February 2027, is the next test. Delays or cost increases in the power projects can push the stock below its intrinsic value.

1. Nov 2, 2026Passed

   Q3 2026 results and 2026 guidanceAdjusted EBITDA growth and the upper half of the 2026 guidance pass; lower guidance fails.Outcome: Adjusted EBITDA rose 6% to $2.039 billion, and Williams expects 2026 Adjusted EBITDA in the upper half of $8.3 billion to $8.5 billion.
2. Feb 9, 2027 · est.Pending

   Q4 2026 results and 2027 guidance2027 Adjusted EBITDA guidance with growth near 11% or more passes; lower growth fails.
3. May 2027 · est.Pending

   Q1 2027 results: power and Transco projectsSocrates in full service and new power project contracts pass; delays or cost increases fail.

Every passed and failed checkpoint across all picks

• November 2, 2026Williams reported Q3 2026 results. Net income was $699 million, or $0.56 per share, and adjusted EPS rose 10% to $0.54. Adjusted EBITDA rose 6% to $2.039 billion, and the dividend coverage ratio was 2.42 times. Williams expects 2026 Adjusted EBITDA in the upper half of $8.3 billion to $8.5 billion. It announced a 9.4 Bcf storage expansion at Clay Basin and Transco's Southeast Supply Enhancement II, and it said that the Plato North power project of Socrates was on track to enter service by mid-November.
• September 8, 2026Williams priced $2.75 billion of senior notes: $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. It used the proceeds to repay commercial paper and for general purposes.
• September 3, 2026Williams closed the purchase of Momentum Midstream, which owns gathering, processing and transportation assets in the Haynesville Shale. Total consideration was about $5.1 billion, including cash and about 27 million Williams shares, and Williams kept $869 million of debt of a Momentum subsidiary.

Last earnings

November 2, 2026 (8-K on sec.gov)

Next earnings

Expected about February 9, 2027. The company has not confirmed the date.

• 8-KOther company newsFiled November 2, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 2, 2026 · wmb-20260930
• 8-KEarnings releaseFiled November 2, 2026 · wmb-20261102
• 8-KNew material agreementFiled September 10, 2026 · Read it on sec.gov
• 8-KInvestor disclosure and Other company newsFiled September 10, 2026 · Read it on sec.gov
• 8-KOther company newsFiled September 3, 2026 · Read it on sec.gov
• 8-KChange of directors or officersFiled August 21, 2026 · wmb-20260821
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 3, 2026 · wmb-20260630
• 8-KEarnings releaseFiled August 3, 2026 · wmb-20260803
• 8-KInvestor disclosureFiled July 13, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 107263)

• Growth needs large projects: growth capex of $7.3 billion to $7.9 billion in 2026, plus the power projects. Delays, cost increases or permit problems can lower returns.
• Debt was $33.9 billion at September 30, 2026, and the company states debt of 3.80 times Adjusted EBITDA. Higher interest rates raise the cost of new debt.
• The power projects depend on a few large customers. The Socrates South power purchase agreement has an initial term of 10 years, and the Blackstone partners receive 49% of the distributions of the five projects.
• Regulators set the rates of the interstate pipelines. Transco paid rate refunds to customers in April 2026.
• Gathering volumes and marketing results move with natural gas prices and production. In the first nine months of 2026, changes in unrealized gains and losses on commodity derivatives lowered net income by $116 million against a year earlier.

Williams funds itself with senior notes of Williams, Transco and Northwest Pipeline, commercial paper and equity. At September 30, 2026, total debt was $33.93 billion: $31.73 billion of long-term debt and $2.20 billion due within one year. Read more

Dividend yield

3.1% (last 12 months, at today’s price of $66.45)

Paid per share

$2.075 in the last 12 months (4 payments)

Current annual rate

$2.10 ($0.525 × 4 a year)

Payout ratio

93% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 11, 2026, $0.525 per share

Dividends per share by year

Over the last 5 years, the dividend grew by about 4.9% a year. Over the last 10 years, the dividend fell by about 0.2% a year.

Source: company filings and market data, read on November 10, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.