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The Williams Companies
The Williams Companies (WMB) investor relations material
The Williams Companies Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
Executive summary
Achieved record GAAP net income of $2.615 billion and adjusted net income of $2.571 billion for 2025, up 18% and 10% year-over-year, respectively.
Adjusted EBITDA reached $7.75 billion, a 9% increase from 2024, with a five-year CAGR of 9%.
Cash flow from operations rose 19% to $5.898 billion, and available funds from operations (AFFO) increased 9% to $5.858 billion.
Dividend raised 5% to $2.10 annualized for 2026, marking 52 consecutive years of payments.
Completed 12 projects and announced 10 new projects in 2025, including major pipeline and power innovation initiatives.
Financial highlights
GAAP EPS was $2.14, up from $1.82 in 2024; adjusted EPS was $2.10, up from $1.92.
Debt-to-adjusted EBITDA at year-end was 3.71x, with a dividend coverage ratio of 2.40x (AFFO basis).
Fourth-quarter and full-year net income increased by $248 million and $393 million, respectively, driven by higher service revenues, favorable derivative gains, and higher equity earnings.
Impairments of $212 million and higher tax provisions partially offset gains.
Outlook and guidance
2026 adjusted EBITDA guidance set at $8.05–$8.35 billion, up 6% at midpoint from 2025.
2026 growth capex expected between $6.1–$6.7 billion; maintenance capex $850–$950 million.
Leverage ratio for 2026 anticipated at ~4.0x; dividend increased to $2.10 annualized.
Breakdown of 2026 growth capex allocation
Leverage ratio increase to 4.0x: Debt management plan
West segment: Rationale for Mid-Continent asset sale?
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Next The Williams Companies earnings date
Q1 20265 May, 2026
The Williams Companies
Next The Williams Companies earnings date
Q1 20265 May, 2026
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Frequently asked questions
Processing and Transporting Natural Gas
Williams Companies, Inc. is an American energy infrastructure company, primarily focused on the processing and transportation of natural gas. The company operates a vast network of pipelines that extend across the country, connecting natural gas supplies to end users. The company plays a significant role in the North American energy sector, handling natural gas used for heating homes, generating electricity, and fueling industries. Besides transportation, the company also owns and operates various assets within petroleum and electricity generation. The company is headquartered in Tulsa, Oklahoma, and its shares are listed on the NYSE.
Foundation and Expansion
The company was founded in 1908 and has a long history in the energy industry. Originally established as Williams Brothers by Miller and David Williams in Oklahoma, the company initially focused on constructing pipelines for natural gas and petroleum. Throughout the 20th century, Williams Companies expanded significantly, diversifying into various sectors of the energy market. In the 1940s, it played a pivotal role in developing pipelines spanning the U.S. and in subsequent decades grew through the construction of new pipelines as well as through acquisitions further expanding its network.
Natural Gas
Williams Companies has established itself as a key player in the natural gas industry. The company's operations primarily focus on the processing, transportation, and storage of natural gas. With a vast network of pipelines, Williams Companies plays a crucial role in ensuring the steady and efficient flow of natural gas across significant parts of the United States. The company's infrastructure includes thousands of miles of pipelines, connecting major natural gas supply basins to markets throughout the country. In addition to transportation, Williams Companies is involved in natural gas processing, which involves removing impurities and extracting valuable byproducts such as propane and ethane. Some notable publicly listed peers include Energy Transfer, Kinder Morgan, and Plains All American.
Other Areas of Operation
Beyond its core focus on natural gas, Williams Companies has diversified into other areas of the energy sector. This includes operations in crude oil and natural gas liquids, where the company is involved in transportation and storage. Additionally, Williams Companies has historically engaged in petroleum refining and exploration, although these activities have varied in scale over time.
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