Record Q1 2026 results for Williams (NYSE: WMB) with higher cash flow
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
The Williams Companies reported record first-quarter 2026 results, with GAAP net income of $864 million and Adjusted EBITDA of $2.254 billion. Net income rose 25% versus 1Q 2025, while Adjusted EBITDA grew 13%, driven by higher service revenues from Transco expansions, stronger gas marketing margins and a gain on the South Mansfield upstream sale.
Cash flow from operations increased to $1.603 billion and available funds from operations reached $1.770 billion, lifting the dividend coverage ratio to 2.76x. Management indicated performance is on track for Adjusted EBITDA in the upper half of the 2026 guidance range.
Positive
- Strong earnings and cash flow growth: Q1 2026 GAAP net income rose to $864 million (up 25% vs. 1Q 2025), with Adjusted EBITDA increasing 13% to $2.254 billion and AFFO up 22% to $1.770 billion, supporting higher returns to shareholders.
- Improved balance sheet metrics and coverage: Debt-to-Adjusted EBITDA declined to 3.61x from 3.83x, while the dividend coverage ratio strengthened to 2.76x, indicating more room to fund both capital projects and dividends from internally generated cash.
Negative
- None.
Insights
Williams delivered double‑digit earnings and cash flow growth in Q1 2026 while reaffirming a strong 2026 outlook.
Williams posted GAAP net income of $864 million and Adjusted EBITDA of $2.254 billion, up 25% and 13% versus 1Q 2025. Growth came mainly from higher regulated service revenues on Transco, new Gulf volumes, stronger storage revenues and higher gathering volumes, supplemented by an $182 million gain on the South Mansfield upstream sale.
Cash flow from operations increased to $1.603 billion, and AFFO rose to $1.770 billion, improving the dividend coverage ratio to 2.76x from 2.37x. The debt‑to‑Adjusted EBITDA ratio declined to 3.61x, indicating modest leverage improvement even as capital investments jumped to $1.642 billion to fund transmission, gathering and power innovation projects.
Management’s 2026 guidance calls for Adjusted EBITDA of $8.05–$8.35 billion and AFFO of $6.085–$6.315 billion, implying continued strong coverage of planned dividends. Future quarterly results in 2026 will show how quickly new projects like Neo, Atlas and Transco expansions contribute to earnings and cash generation.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
GAAP net income: $864 million
Adjusted EBITDA: $2.254 billion
Cash flow from operations: $1.603 billion
+5 more
8 metrics
GAAP net income
$864 million
Three months ended March 31, 2026; up 25% vs. 1Q 2025
Adjusted EBITDA
$2.254 billion
Three months ended March 31, 2026; up $265 million or 13% YoY
Cash flow from operations
$1.603 billion
Three months ended March 31, 2026; up $170 million or 12% YoY
Available funds from operations
$1.770 billion
Three months ended March 31, 2026; up $325 million or 22% YoY
Dividend coverage ratio
2.76x
AFFO basis for Q1 2026 vs. 2.37x in Q1 2025
Debt-to-Adjusted EBITDA
3.61x
Quarter end 2026 ratio vs. 3.83x at quarter end 2025
Capital investments
$1.642 billion
Capital investments excluding acquisitions in Q1 2026 vs. $670 million in Q1 2025
2026 Adjusted EBITDA guidance
$8.05–$8.35 billion
Full-year 2026 guidance range disclosed in reconciliation table
Key Terms
Adjusted EBITDA, Available funds from operations, Dividend coverage ratio, Modified EBITDA, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA: $2.254 billion, up $265 million or 13% vs. 1Q 2025"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Available funds from operations financial
"Available funds from operations (AFFO): $1.770 billion, up $325 million or 22% vs. 1Q 2025"
Available funds from operations (AFFO) is a cash-focused measure used mainly for property-owning companies that starts with reported operating cash and then subtracts recurring costs such as ongoing building repairs, tenant turnover and routine maintenance to estimate the cash truly available for dividends and reinvestment. Investors care because AFFO acts like a household’s leftover paycheck after regular bills — it helps judge whether a company’s cash flow can sustainably support distributions and growth.
Dividend coverage ratio financial
"Dividend coverage ratio: 2.76x (AFFO basis)"
Dividend coverage ratio measures how many times a company’s earnings can pay for its dividend — calculated by dividing profits (or earnings per share) by the dividend paid per share. It tells investors whether a dividend is comfortably covered or at risk, similar to checking whether your monthly paycheck is big enough to cover a recurring allowance; a higher ratio suggests the dividend is safer and leaves room for growth or downturns.
Modified EBITDA financial
"Our segment performance measure, modified EBITDA, is defined as net income (loss) before income (loss) from discontinued operations..."
Modified EBITDA is a company’s calculation of operating cash profit that starts with earnings before interest, taxes, depreciation and amortization (EBITDA) and then adds or removes particular items the company considers unusual or non-recurring. Investors use it like a cleaned-up scorecard to compare ongoing business performance, but because companies choose which items to adjust, it’s important to check what was changed—think of it as a recipe where the chef decides which ingredients to leave out.
equity-method investments financial
"We also add our proportional ownership share of modified EBITDA of equity-method investments"
An accounting approach for when a company owns a significant but non-controlling stake in another business, recording its share of that business's profits and losses on its own financial statements. Think of it like owning a meaningful slice of a pie: you don’t run the bakery, but you report your share of its daily sales and setbacks. It matters to investors because it changes reported earnings and asset values and signals meaningful influence over the other company’s performance.
Earnings Snapshot
GAAP net income: $864 million · Guidance included
Q1 2026
GAAP net income
$864 million
+25% vs. Q1 2025
GAAP diluted EPS
$0.70
+$0.14 vs. Q1 2025
Adjusted net income
$895 million
+$165 million vs. Q1 2025
Adjusted EPS
$0.73
+$0.13 vs. Q1 2025
Adjusted EBITDA
$2.254 billion
+$265 million vs. Q1 2025
Cash flow from operations
$1.603 billion
+$170 million vs. Q1 2025
AFFO
$1.770 billion
+$325 million vs. Q1 2025
Guidance
For 2026, Adjusted EBITDA is guided to $8.05–$8.35 billion and AFFO to $6.085–$6.315 billion, with an AFFO dividend coverage ratio between 2.36x and 2.45x.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 4, 2026
The Williams Companies, Inc.
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | ||||
Registrant’s telephone number, including area code: 800 -945-5426 (800-WILLIAMS)
NOT APPLICABLE
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On May 4, 2026, The Williams Companies, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release and accompanying financial highlights and operating statistics and reconciliation schedules are furnished herewith as Exhibit 99.1 and are incorporated herein in their entirety by reference.
The press release and accompanying financial highlights and operating statistics and reconciliation schedules are being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. The information furnished is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits
(a) None
(b) None
(c) None
(d) Exhibits.
| Exhibit No. | Description | |||||||
| 99.1 | Press release of the Company dated May 4, 2026, publicly announcing the Company's financial results, with Non-GAAP Reconciliations, Financial Highlights, and Operating Statistics, for the quarter ended March 31, 2026. | |||||||
| 104 | Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document (contained in Exhibit 101). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
THE WILLIAMS COMPANIES, INC. | |||||||||||
| (Registrant) | |||||||||||
| Dated: | May 4, 2026 | By: | /s/ JOHN D. PORTER | ||||||||
| John D. Porter | |||||||||||
| Executive Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||
Exhibit 99.1
| News Release | Williams (NYSE: WMB) One Williams Center Tulsa, OK 74172 800-Williams www.williams.com |  | ||||||
DATE: Monday, May 4, 2026
| MEDIA CONTACT: | INVESTOR CONTACTS: | ||||||||||
| media@williams.com (800) 945-8723 | Danilo Juvane (918) 573-5075 | Caroline Sardella (918) 230-9992 | |||||||||
Williams Announces Record First-Quarter 2026 Results
TULSA, Okla. – Williams (NYSE: WMB) today announced its unaudited financial results for the three months ended March 31, 2026.
Natural gas-focused strategy continues to drive key financial results
•GAAP net income: $864 million, or $0.70 per diluted share (EPS), up 25% vs. 1Q 2025
•Adjusted net income: $895 million, or $0.73 per diluted share (Adj. EPS), up 23% and 22%, respectively, vs. 1Q 2025
•Adjusted EBITDA: $2.254 billion, up $265 million or 13% vs. 1Q 2025
•Cash flow from operations (CFFO): $1.603 billion, up $170 million or 12% vs. 1Q 2025
•Available funds from operations (AFFO): $1.770 billion, up $325 million or 22% vs. 1Q 2025
•Dividend coverage ratio: 2.76x (AFFO basis)
•On track to deliver Adjusted EBITDA in upper half of 2026 guidance range
Disciplined execution drives business growth, advances projects and optimizes portfolio
•Signed customer agreement on Neo, a $2.3 billion behind-the-meter power innovation project with 682 megawatts of installed capacity
•Signed natural gas infrastructure agreement for Atlas, providing up to 164 MMcf/d of capacity to Northeast data center
•Signed customer agreements on Silver Spur transmission project, a 275 MMcf/d expansion on Northwest Pipeline
•Announced ~700 MMcf/d of gathering expansions in Marcellus and Haynesville
•Upsized Transco's Power Express project, increasing capacity to 750 MMcf/d
•Started construction on Transco's Northeast Supply Enhancement and Southeast Supply Enhancement projects
•Placed in service Northwest Pipeline's Naughton Coal Conversion and received notice to proceed on Northwest Pipeline's Wild Trail project
•Commissioned Aristotle pipeline for Plato South power innovation facility
•Closed on sale of South Mansfield upstream JV and Anadarko gathering
CEO Perspective
Chad Zamarin, president and chief executive officer, made the following comments:
1
“Williams delivered a strong first quarter, supported by the ongoing success of our natural gas-focused strategy and the performance of our premier assets. First-quarter GAAP net income increased 25% year-over-year to $864 million, and Adjusted EBITDA grew 13% year-over-year to $2.254 billion – driven by Transco’s expansion projects, new Gulf volumes, higher storage revenues and higher gathering volumes in the West.”
“Our teams continue to execute at an excellent pace on transmission expansions while adding to our portfolio of power innovation projects. Among several first quarter accomplishments, we placed Northwest Pipeline’s Naughton Coal Conversion into service and broke ground on Transco’s NESE and SESE projects. In addition, we commissioned the Aristotle pipeline to support data centers in Ohio, including the Socrates power innovation facility, and signed a customer agreement for Project Neo, a new behind-the-meter power innovation project.”
Zamarin added, “Natural gas demand is rising, our contracted project portfolio is growing and we’re staying focused on the sharp execution of projects which will drive higher earnings, stable cash flows and strong, durable returns for shareholders. I want to thank our employees and the customers we partner with to safely and reliably serve our nation's energy needs. Together, we will continue to deliver energy infrastructure solutions that seek to lower energy costs.”
| Williams Summary Financial Information | 1Q | |||||||
| Amounts in millions, except ratios and per-share amounts. Per share amounts are reported on a diluted basis. Net income amounts are from continuing operations attributable to The Williams Companies, Inc. available to common stockholders. | 2026 | 2025 | ||||||
| GAAP Measures | ||||||||
| Net Income | $864 | $690 | ||||||
| Net Income Per Share | $0.70 | $0.56 | ||||||
| Cash Flow From Operations | $1,603 | $1,433 | ||||||
| Non-GAAP Measures (1) | ||||||||
| Adjusted EBITDA | $2,254 | $1,989 | ||||||
| Adjusted Net Income | $895 | $730 | ||||||
| Adjusted Earnings Per Share | $0.73 | $0.60 | ||||||
| Available Funds from Operations | $1,770 | $1,445 | ||||||
| Dividend Coverage Ratio | 2.76 | x | 2.37 | x | ||||
| Other | ||||||||
| Debt-to-Adjusted EBITDA at Quarter End (2) | 3.61 | x | 3.83 | x | ||||
| Capital Investments (Excluding Acquisitions) (3) (4) | $1,642 | $670 | ||||||
(1) Schedules reconciling Adjusted Net Income, Adjusted EBITDA, Available Funds from Operations and Dividend Coverage Ratio (non-GAAP measures) to the most comparable GAAP measure are available at www.williams.com and as an attachment to this news release. | ||||||||
(2) Does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand and, for 2026, $439 million of cash purchases of certain reimbursable long-lead Power Innovation equipment, and Adjusted EBITDA reflects the sum of the last four quarters. | ||||||||
(3) Capital investments include increases to property, plant, and equipment (growth & maintenance), purchases of and contributions to equity-method investments and purchases of other long-term investments. | ||||||||
| (4) First quarter 2026 capital investments reflects a $18 million change in certain reimbursable long-lead Power Innovation equipment. First quarter 2025 capital excludes $319 million for the Rimrock acquisition, which closed January 2025 and $153 million for the investment in Cogentrix, which closed March 2025. | ||||||||
GAAP Measures
First-quarter 2026 net income increased by $174 million compared to the prior year, benefiting from:
•$203 million of higher service revenues driven by Transco’s higher net rates and expansion projects, new Gulf volumes, higher storage revenues, and higher gathering volumes in the West including acquisitions,
•Higher gas marketing margins, and
•A gain of $182 million from the sale of the South Mansfield upstream interests.
2
These favorable changes were partially offset by:
•An unfavorable change of $193 million in net unrealized gains/losses on commodity derivatives,
•An increase in operating expenses,
•Higher net interest expense associated with changes in the debt portfolio, and
•A higher provision for income taxes driven by increased pre-tax income.
First-quarter 2026 cash flow from operations increased $170 million compared to the prior year primarily due to higher operating results exclusive of non-cash items and increased distributions from equity-method investees impacted by timing of receipt, partially offset by unfavorable net changes in derivative collateral requirements.
Non-GAAP Measures
First-quarter 2026 Adjusted EBITDA increased by $265 million over the prior year driven by the previously described increases in service revenues and gas marketing margins, partially offset by higher operating expenses.
First-quarter 2026 Adjusted Net Income improved by $165 million over the prior year driven by the previously described impacts to net income, adjusted primarily to remove the effects of net unrealized gains/losses on commodity derivatives and the gain from the sale of the South Mansfield upstream interests.
First-quarter 2026 Available Funds From Operations (AFFO) increased by $325 million compared to the prior year primarily due to higher adjusted operating results exclusive of noncash items and a favorable change in the current component of the income tax provision.
Business Segment Results & Form 10-Q
Williams' operations are comprised of the following reportable segments: Transmission, Power & Gulf; Northeast G&P; West and Gas & NGL Marketing Services, as well as Other. For more information, see the company's first-quarter 2026 Form 10-Q.
| First Quarter | |||||||||||||||||||||||
| Amounts in millions | Modified EBITDA | Adjusted EBITDA | |||||||||||||||||||||
| 1Q 2026 | 1Q 2025 | Change | 1Q 2026 | 1Q 2025 | Change | ||||||||||||||||||
| Transmission, Power & Gulf | $1,010 | $858 | $152 | $1,010 | $862 | $148 | |||||||||||||||||
| Northeast G&P | 524 | 514 | 10 | 524 | 514 | 10 | |||||||||||||||||
| West | 407 | 354 | 53 | 410 | 354 | 56 | |||||||||||||||||
| Gas & NGL Marketing Services | 40 | 152 | (112) | 227 | 155 | 72 | |||||||||||||||||
| Other | 232 | 75 | 157 | 83 | 104 | (21) | |||||||||||||||||
| Total | $2,213 | $1,953 | $260 | $2,254 | $1,989 | $265 | |||||||||||||||||
| Note: Williams uses Modified EBITDA for its segment reporting. Definitions of Modified EBITDA and Adjusted EBITDA and schedules reconciling to net income are included in this news release. | |||||||||||||||||||||||
Transmission, Power & Gulf
First-quarter 2026 Modified and Adjusted EBITDA improved compared to the prior year driven by contributions from Transco’s higher net rates and expansion projects, new Gulf volumes associated with Shenandoah, Whale and Ballymore, and higher storage revenues driven by winter storms and higher rates.
Northeast G&P
First-quarter 2026 Modified and Adjusted EBITDA increased slightly compared to the prior year driven primarily by higher volumes at Ohio Valley Midstream and higher gathering volumes and rates at Bradford within Appalachia Midstream, partially offset by lower volumes from Susquehanna Supply Hub.
3
West
First-quarter 2026 Modified EBITDA and Adjusted EBITDA improved compared to the prior year driven by Louisiana Energy Gateway, placed into service in third-quarter 2025, as well as higher gathering volumes including contributions from the 2025 Rimrock and Saber acquisitions, partially offset by lower minimum volume commitment revenues.
Gas & NGL Marketing Services
First-quarter 2026 Modified EBITDA decreased from the prior year primarily reflecting $189 million of net unfavorable changes in unrealized gains/losses on commodity derivatives, which are excluded from Adjusted EBITDA. Both measures benefited from higher gas marketing margins driven by winter storms.
Other
First-quarter 2026 Modified EBITDA increased from the prior year primarily reflecting the gain from the January 2026 sale of the South Mansfield upstream interests, which is excluded from Adjusted EBITDA. Both measures were impacted by an unfavorable change in net realized results from upstream operations, including the impact of the divested South Mansfield interests.
2026 Financial Guidance
The company continues to expect 2026 Adjusted EBITDA between $8.05 billion and $8.35 billion. The company now expects 2026 growth capex between $7 billion and $7.6 billion and maintenance capex between $850 million and $950 million. Williams anticipates a leverage ratio midpoint for 2026 of ~4.1x and has increased the dividend by 5% on an annualized basis to $2.10 in 2026 from $2.00 in 2025. Guidance for 2026 growth capex and debt-to-adjusted EBITDA exclude certain reimbursable long-lead equipment.
Williams First-Quarter 2026 Materials to be Posted Shortly; Q&A Webcast Scheduled for Tomorrow
Williams' first-quarter 2026 earnings presentation will be posted at www.williams.com. The company's first-quarter 2026 earnings conference call and webcast with analysts and investors is scheduled for Tuesday, May 5, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). Participants who wish to join the call by phone must register using the following link: https://register-conf.media-server.com/register/BI217f7f4ff1cb4d4283f684a98030695c
A webcast link to the conference call will be provided on Williams’ Investor Relations website. A replay of the webcast will be available on the website for at least 90 days following the event.
About Williams
Williams (NYSE: WMB) is a trusted energy industry leader committed to safely, reliably and responsibly meeting growing energy demand. We use our infrastructure to deliver one third of the nation’s natural gas to where it's needed most, supplying the energy used to heat our homes, cook our food and generate low-carbon electricity. For over a century, we’ve been driven by a passion for doing things the right way. Today, our team of problem solvers is leading the charge into the clean energy future. Learn more at www.williams.com.
4
The Williams Companies, Inc.
Consolidated Statement of Income
(Unaudited)
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| (Millions, except per-share amounts) | ||||||||||||||
| Revenues: | ||||||||||||||
| Service revenues | $ | 2,206 | $ | 2,003 | ||||||||||
| Service revenues – commodity consideration | 46 | 49 | ||||||||||||
| Product sales | 1,137 | 1,058 | ||||||||||||
| Net gain (loss) from commodity derivatives | (359) | (62) | ||||||||||||
Total revenues | 3,030 | 3,048 | ||||||||||||
| Costs and expenses: | ||||||||||||||
| Product costs | 543 | 615 | ||||||||||||
| Net processing commodity expenses | 15 | 28 | ||||||||||||
| Operating and maintenance expenses | 565 | 542 | ||||||||||||
Depreciation, depletion, and amortization expenses | 584 | 585 | ||||||||||||
General and administrative expenses | 193 | 194 | ||||||||||||
| Gain on sale of certain assets | (182) | — | ||||||||||||
Other operating (income) expense – net | (9) | (10) | ||||||||||||
Total costs and expenses | 1,709 | 1,954 | ||||||||||||
| Operating income (loss) | 1,321 | 1,094 | ||||||||||||
| Equity earnings (losses) | 161 | 155 | ||||||||||||
| Other investing income (loss) – net | 24 | 8 | ||||||||||||
| Interest expense | (376) | (349) | ||||||||||||
| Other income (expense) – net | 26 | 14 | ||||||||||||
| Income (loss) before income taxes | 1,156 | 922 | ||||||||||||
| Less: Provision (benefit) for income taxes | 244 | 193 | ||||||||||||
| Net income (loss) | 912 | 729 | ||||||||||||
Less: Net income (loss) attributable to noncontrolling interests | 47 | 38 | ||||||||||||
| Net income (loss) attributable to The Williams Companies, Inc. | 865 | 691 | ||||||||||||
| Less: Preferred stock dividends | 1 | 1 | ||||||||||||
| Net income (loss) available to common stockholders | $ | 864 | $ | 690 | ||||||||||
| Basic earnings (loss) per common share: | ||||||||||||||
Net income (loss) available to common stockholders | $ | .71 | $ | .57 | ||||||||||
Weighted-average shares (millions) | 1,223 | 1,221 | ||||||||||||
| Diluted earnings (loss) per common share: | ||||||||||||||
Net income (loss) available to common stockholders | $ | .70 | $ | .56 | ||||||||||
Weighted-average shares (millions) | 1,226 | 1,225 | ||||||||||||
5
The Williams Companies, Inc.
Consolidated Balance Sheet
(Unaudited)
| March 31, | December 31, | |||||||||||||
| 2026 | 2025 | |||||||||||||
| (Millions, except per-share amounts) | ||||||||||||||
| ASSETS | ||||||||||||||
| Current assets: | ||||||||||||||
| Cash and cash equivalents | $ | 950 | $ | 63 | ||||||||||
Trade accounts and other receivables (net of allowance of ($1) at March 31, 2026 and December 31, 2025) | 1,676 | 2,084 | ||||||||||||
| Inventories | 262 | 314 | ||||||||||||
| Assets held for sale | — | 318 | ||||||||||||
| Derivative assets | 172 | 209 | ||||||||||||
| Other current assets and deferred charges | 260 | 256 | ||||||||||||
| Total current assets | 3,320 | 3,244 | ||||||||||||
| Investments | 4,520 | 4,559 | ||||||||||||
| Property, plant, and equipment | 63,613 | 62,010 | ||||||||||||
| Accumulated depreciation, depletion, and amortization | (20,479) | (20,014) | ||||||||||||
| Property, plant, and equipment – net | 43,134 | 41,996 | ||||||||||||
Intangible assets – net | 6,670 | 6,763 | ||||||||||||
| Regulatory assets, deferred charges, and other | 1,925 | 2,011 | ||||||||||||
| Total assets | $ | 59,569 | $ | 58,573 | ||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||
| Current liabilities: | ||||||||||||||
| Accounts payable | $ | 2,271 | $ | 2,224 | ||||||||||
| Liabilities held for sale | — | 63 | ||||||||||||
| Derivative liabilities | 174 | 135 | ||||||||||||
| Other current liabilities | 1,313 | 1,639 | ||||||||||||
| Commercial paper | — | 700 | ||||||||||||
| Long-term debt due within one year | 248 | 1,345 | ||||||||||||
| Total current liabilities | 4,006 | 6,106 | ||||||||||||
| Long-term debt | 30,054 | 27,316 | ||||||||||||
| Deferred income tax liabilities | 5,405 | 5,170 | ||||||||||||
| Regulatory liabilities, deferred income, and other | 4,942 | 4,986 | ||||||||||||
| Contingent liabilities and commitments | ||||||||||||||
| Equity: | ||||||||||||||
| Stockholders’ equity: | ||||||||||||||
Preferred stock ($1 par value; 30 million shares authorized at March 31, 2026 and December 31, 2025; 35 thousand shares issued at March 31, 2026 and December 31, 2025) | 35 | 35 | ||||||||||||
Common stock ($1 par value; 1,470 million shares authorized at March 31, 2026 and December 31, 2025; 1,262 million shares issued at March 31, 2026 and 1,261 million shares issued at December 31, 2025) | 1,262 | 1,261 | ||||||||||||
| Capital in excess of par value | 24,767 | 24,801 | ||||||||||||
| Retained deficit | (12,017) | (12,237) | ||||||||||||
| Accumulated other comprehensive income (loss) | 125 | 127 | ||||||||||||
Treasury stock, at cost (39 million shares at March 31, 2026 and December 31, 2025 of common stock) | (1,180) | (1,180) | ||||||||||||
| Total stockholders’ equity | 12,992 | 12,807 | ||||||||||||
| Noncontrolling interests in consolidated subsidiaries | 2,170 | 2,188 | ||||||||||||
| Total equity | 15,162 | 14,995 | ||||||||||||
| Total liabilities and equity | $ | 59,569 | $ | 58,573 | ||||||||||
6
The Williams Companies, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
| Three Months Ended March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| (Millions) | ||||||||||||||
| OPERATING ACTIVITIES: | ||||||||||||||
| Net income (loss) | $ | 912 | $ | 729 | ||||||||||
| Adjustments to reconcile to net cash provided (used) by operating activities: | ||||||||||||||
| Depreciation, depletion, and amortization | 584 | 585 | ||||||||||||
| Provision (benefit) for deferred income taxes | 235 | 107 | ||||||||||||
| Equity (earnings) losses | (161) | (155) | ||||||||||||
| Distributions from equity-method investees | 223 | 158 | ||||||||||||
| Gain on sale of certain assets | (182) | — | ||||||||||||
| Net unrealized (gain) loss from commodity derivative instruments | 225 | 32 | ||||||||||||
| Inventory write-downs | 2 | 1 | ||||||||||||
| Amortization of stock-based awards | 22 | 30 | ||||||||||||
| Cash provided (used) by changes in current assets and liabilities: | ||||||||||||||
| Accounts receivable | 425 | 82 | ||||||||||||
| Inventories | 50 | 28 | ||||||||||||
| Other current assets and deferred charges | (9) | (40) | ||||||||||||
| Accounts payable | (194) | (29) | ||||||||||||
| Other current liabilities | (317) | (70) | ||||||||||||
| Changes in current and noncurrent commodity derivative assets and liabilities | (138) | 4 | ||||||||||||
| Other, including changes in noncurrent assets and liabilities | (74) | (29) | ||||||||||||
| Net cash provided (used) by operating activities | 1,603 | 1,433 | ||||||||||||
| FINANCING ACTIVITIES: | ||||||||||||||
| Proceeds from (payments of) commercial paper – net | (699) | (132) | ||||||||||||
| Proceeds from long-term debt | 2,768 | 1,497 | ||||||||||||
| Payments of long-term debt | (1,109) | (853) | ||||||||||||
| Payments for debt issuance costs | (24) | (12) | ||||||||||||
| Proceeds from issuance of common stock | 8 | 5 | ||||||||||||
| Common dividends paid | (642) | (610) | ||||||||||||
| Dividends and distributions paid to noncontrolling interests | (67) | (69) | ||||||||||||
| Contributions from noncontrolling interests | — | 5 | ||||||||||||
| Other – net | (67) | (54) | ||||||||||||
| Net cash provided (used) by financing activities | 168 | (223) | ||||||||||||
| INVESTING ACTIVITIES: | ||||||||||||||
| Property, plant, and equipment: | ||||||||||||||
| Capital expenditures (1) | (1,359) | (1,012) | ||||||||||||
| Dispositions – net | 369 | — | ||||||||||||
| Proceeds from sale of business | 48 | — | ||||||||||||
| Purchases of and contributions to equity-method investments | (29) | (163) | ||||||||||||
| Other – net | 87 | 5 | ||||||||||||
| Net cash provided (used) by investing activities | (884) | (1,170) | ||||||||||||
| Increase (decrease) in cash and cash equivalents | 887 | 40 | ||||||||||||
| Cash and cash equivalents at beginning of year | 63 | 60 | ||||||||||||
| Cash and cash equivalents at end of period | $ | 950 | $ | 100 | ||||||||||
| _________ | ||||||||||||||
| (1) Increases to property, plant, and equipment | $ | (1,593) | $ | (978) | ||||||||||
| Changes in related accounts payable and accrued liabilities | 234 | (34) | ||||||||||||
| Capital expenditures | $ | (1,359) | $ | (1,012) | ||||||||||
7
| Transmission, Power & Gulf | ||||||||||||||||||||||||||
| (UNAUDITED) | ||||||||||||||||||||||||||
| 2025 | 2026 | |||||||||||||||||||||||||
| (Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | ||||||||||||||||||||
Regulated interstate natural gas transportation, storage, and other revenues (1) | $ | 873 | $ | 892 | $ | 930 | $ | 953 | $ | 3,648 | $ | 942 | ||||||||||||||
Gathering, processing, storage and transportation revenues (1) | 179 | 218 | 237 | 258 | 892 | 240 | ||||||||||||||||||||
| Other fee revenues | 13 | 11 | 6 | 9 | 39 | 33 | ||||||||||||||||||||
| Commodity margins | 14 | 17 | 16 | 21 | 68 | 18 | ||||||||||||||||||||
Operating and administrative costs (1) | (270) | (286) | (290) | (296) | (1,142) | (282) | ||||||||||||||||||||
Other segment income (expenses) - net (1) | 13 | 2 | 37 | 16 | 68 | 22 | ||||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | 36 | 37 | 37 | 37 | 147 | 37 | ||||||||||||||||||||
| Modified EBITDA | 858 | 891 | 973 | 998 | 3,720 | 1,010 | ||||||||||||||||||||
| Adjustments | 4 | 12 | (26) | — | (10) | — | ||||||||||||||||||||
| Adjusted EBITDA | $ | 862 | $ | 903 | $ | 947 | $ | 998 | $ | 3,710 | $ | 1,010 | ||||||||||||||
| Statistics for Operated Assets | ||||||||||||||||||||||||||
Natural Gas Transmission (2) | ||||||||||||||||||||||||||
| Transcontinental Gas Pipe Line | ||||||||||||||||||||||||||
| Avg. daily transportation volumes (MMdth) | 15.9 | 14.0 | 14.9 | 15.0 | 15.0 | 16.0 | ||||||||||||||||||||
| Avg. daily firm reserved capacity (MMdth) | 20.8 | 20.6 | 20.6 | 21.0 | 20.8 | 21.0 | ||||||||||||||||||||
| Northwest Pipeline LLC | ||||||||||||||||||||||||||
| Avg. daily transportation volumes (MMdth) | 3.0 | 2.4 | 2.4 | 2.6 | 2.6 | 2.7 | ||||||||||||||||||||
| Avg. daily firm reserved capacity (MMdth) | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 | 3.7 | ||||||||||||||||||||
MountainWest (3) | ||||||||||||||||||||||||||
| Avg. daily transportation volumes (MMdth) | 3.7 | 3.1 | 3.3 | 3.5 | 3.4 | 3.2 | ||||||||||||||||||||
| Avg. daily firm reserved capacity (MMdth) | 8.4 | 8.0 | 8.0 | 8.3 | 8.2 | 8.3 | ||||||||||||||||||||
Gulfstream - Non-consolidated (4) | ||||||||||||||||||||||||||
| Avg. daily transportation volumes (MMdth) | 1.0 | 1.3 | 1.4 | 1.1 | 1.2 | 1.0 | ||||||||||||||||||||
| Avg. daily firm reserved capacity (MMdth) | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | 1.4 | ||||||||||||||||||||
Gathering, Processing, and Crude Oil Transportation | ||||||||||||||||||||||||||
| Gathering volumes (Bcf/d) | 0.58 | 0.68 | 0.75 | 0.86 | 0.72 | 0.76 | ||||||||||||||||||||
| Plant inlet natural gas volumes (Bcf/d) | 0.78 | 0.89 | 0.97 | 1.05 | 0.93 | 0.96 | ||||||||||||||||||||
| NGL production (Mbbls/d) | 61 | 76 | 87 | 101 | 81 | 91 | ||||||||||||||||||||
| NGL equity sales (Mbbls/d) | 10 | 15 | 12 | 16 | 13 | 12 | ||||||||||||||||||||
| Crude oil transportation volumes (Mbbls/d) | 124 | 196 | 238 | 274 | 208 | 242 | ||||||||||||||||||||
| (1) Excludes certain amounts associated with revenues and operating costs for tracked or reimbursable charges. | ||||||||||||||||||||||||||
(2) Tbtu converted to MMdth at one trillion British thermal units = one million dekatherms. | ||||||||||||||||||||||||||
| (3) Includes 100% of the volumes associated with the operated equity-method investment White River Hub, LLC. | ||||||||||||||||||||||||||
| (4) Includes 100% of the volumes associated with the equity-method investment Gulfstream Natural Gas System, L.L.C. | ||||||||||||||||||||||||||
8
| Northeast G&P | ||||||||||||||||||||||||||
| (UNAUDITED) | ||||||||||||||||||||||||||
| 2025 | 2026 | |||||||||||||||||||||||||
| (Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | ||||||||||||||||||||
Gathering, processing, transportation, and fractionation revenues (1) | $ | 420 | $ | 419 | $ | 421 | $ | 418 | $ | 1,678 | $ | 418 | ||||||||||||||
| Other fee revenues | 35 | 37 | 36 | 37 | 145 | 36 | ||||||||||||||||||||
| Commodity margins | 6 | 6 | 6 | 6 | 24 | — | ||||||||||||||||||||
Operating and administrative costs (1) | (106) | (113) | (114) | (116) | (449) | (103) | ||||||||||||||||||||
| Other segment income (expenses) - net | — | (2) | (5) | (3) | (10) | 5 | ||||||||||||||||||||
| Proportional Modified EBITDA of equity-method investments | 159 | 154 | 161 | 166 | 640 | 168 | ||||||||||||||||||||
| Modified EBITDA | 514 | 501 | 505 | 508 | 2,028 | 524 | ||||||||||||||||||||
| Adjustments | — | — | — | — | — | — | ||||||||||||||||||||
| Adjusted EBITDA | $ | 514 | $ | 501 | $ | 505 | $ | 508 | $ | 2,028 | $ | 524 | ||||||||||||||
| Statistics for Operated Assets | ||||||||||||||||||||||||||
Gathering and Processing | ||||||||||||||||||||||||||
Consolidated (2) | ||||||||||||||||||||||||||
| Gathering volumes (Bcf/d) | 4.39 | 4.15 | 4.10 | 4.02 | 4.16 | 4.01 | ||||||||||||||||||||
| Plant inlet natural gas volumes (Bcf/d) | 1.86 | 1.89 | 1.90 | 1.90 | 1.89 | 1.95 | ||||||||||||||||||||
| NGL production (Mbbls/d) | 137 | 138 | 150 | 147 | 143 | 152 | ||||||||||||||||||||
| NGL equity sales (Mbbls/d) | 1 | 1 | 2 | 1 | 1 | — | ||||||||||||||||||||
Non-consolidated (3) | ||||||||||||||||||||||||||
| Gathering volumes (Bcf/d) | 6.47 | 6.72 | 6.72 | 7.01 | 6.73 | 6.79 | ||||||||||||||||||||
| Plant inlet natural gas volumes (Bcf/d) | 0.94 | 1.13 | 1.16 | 1.16 | 1.10 | 1.11 | ||||||||||||||||||||
| NGL production (Mbbls/d) | 68 | 71 | 81 | 80 | 75 | 76 | ||||||||||||||||||||
| NGL equity sales (Mbbls/d) | 5 | 4 | 2 | 1 | 3 | 2 | ||||||||||||||||||||
| (1) Excludes certain amounts associated with revenues and operating costs for reimbursable charges. | ||||||||||||||||||||||||||
| (2) Includes volumes associated with Susquehanna Supply Hub, the Northeast JV, and Utica Supply Hub. | ||||||||||||||||||||||||||
| (3) Includes 100% of the volumes associated with operated equity-method investments, including the Laurel Mountain Midstream partnership, Blue Racer Midstream, and the Bradford Supply Hub and the Marcellus South Supply Hub within Appalachia Midstream Investments. | ||||||||||||||||||||||||||
9
| West | ||||||||||||||||||||||||||
| (UNAUDITED) | ||||||||||||||||||||||||||
| 2025 | 2026 | |||||||||||||||||||||||||
| (Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | ||||||||||||||||||||
Net gathering, processing, transportation, storage, and fractionation revenues (1) | $ | 415 | $ | 426 | $ | 449 | $ | 474 | $ | 1,764 | $ | 478 | ||||||||||||||
| Other fee revenues | 8 | 5 | 6 | 8 | 27 | 7 | ||||||||||||||||||||
| Commodity margins | 34 | 29 | 29 | 26 | 118 | 31 | ||||||||||||||||||||
Operating and administrative costs (1) | (152) | (150) | (150) | (153) | (605) | (149) | ||||||||||||||||||||
| Other segment income (expenses) - net | 11 | (1) | (3) | (3) | 4 | 7 | ||||||||||||||||||||
| Impairment or write-off of certain assets | — | — | (25) | (187) | (212) | (3) | ||||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | 38 | 32 | 36 | 36 | 142 | 36 | ||||||||||||||||||||
| Modified EBITDA | 354 | 341 | 342 | 201 | 1,238 | 407 | ||||||||||||||||||||
| Adjustments | — | — | 25 | 187 | 212 | 3 | ||||||||||||||||||||
| Adjusted EBITDA | $ | 354 | $ | 341 | $ | 367 | $ | 388 | $ | 1,450 | $ | 410 | ||||||||||||||
| Statistics for Operated Assets | ||||||||||||||||||||||||||
| Gathering and Processing | ||||||||||||||||||||||||||
| Gathering volumes (Bcf/d) | 5.69 | 5.94 | 6.14 | 6.56 | 6.09 | 6.37 | ||||||||||||||||||||
| Plant inlet natural gas volumes (Bcf/d) | 1.52 | 1.69 | 1.72 | 1.78 | 1.68 | 1.76 | ||||||||||||||||||||
| NGL production (Mbbls/d) | 83 | 102 | 103 | 105 | 99 | 103 | ||||||||||||||||||||
| NGL equity sales (Mbbls/d) | 6 | 8 | 7 | 7 | 7 | 7 | ||||||||||||||||||||
NGL and Crude Oil Transportation volumes (Mbbls/d) (2) | 310 | 292 | 294 | 281 | 294 | 269 | ||||||||||||||||||||
| (1) Excludes certain amounts associated with revenues and operating costs for reimbursable charges. | ||||||||||||||||||||||||||
| (2) Includes 100% of the volumes associated with Overland Pass Pipeline Company (an operated equity-method investment), Rocky Mountain Midstream, and Bluestem pipelines. | ||||||||||||||||||||||||||
10
| Gas & NGL Marketing Services | ||||||||||||||||||||||||||
| (UNAUDITED) | ||||||||||||||||||||||||||
| 2025 | 2026 | |||||||||||||||||||||||||
| (Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | ||||||||||||||||||||
| Commodity margins | $ | 191 | $ | (16) | $ | 6 | $ | 45 | $ | 226 | $ | 248 | ||||||||||||||
| Net unrealized gain (loss) from derivative instruments | (3) | (4) | 46 | 101 | 140 | (192) | ||||||||||||||||||||
| Operating and administrative costs | (39) | (19) | (14) | (21) | (93) | (34) | ||||||||||||||||||||
| Other segment income (expenses) - net | — | 1 | — | 1 | 2 | — | ||||||||||||||||||||
| Proportional Modified EBITDA of equity-method investments | 3 | 8 | 16 | 9 | 36 | 18 | ||||||||||||||||||||
| Modified EBITDA | 152 | (30) | 54 | 135 | 311 | 40 | ||||||||||||||||||||
| Adjustments | 3 | 15 | (43) | (93) | (118) | 187 | ||||||||||||||||||||
| Adjusted EBITDA | $ | 155 | $ | (15) | $ | 11 | $ | 42 | $ | 193 | $ | 227 | ||||||||||||||
| Statistics | ||||||||||||||||||||||||||
| Product Sales Volumes | ||||||||||||||||||||||||||
| Natural Gas (Bcf/d) | 7.27 | 6.17 | 6.52 | 6.34 | 6.57 | 6.73 | ||||||||||||||||||||
| NGLs (Mbbls/d) | 182 | 170 | 174 | 215 | 185 | 205 | ||||||||||||||||||||
11
| Other | ||||||||||||||||||||||||||
| (UNAUDITED) | ||||||||||||||||||||||||||
| 2025 | 2026 | |||||||||||||||||||||||||
| (Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | ||||||||||||||||||||
| Service revenues | $ | 4 | $ | 4 | $ | 4 | $ | 4 | $ | 16 | $ | 4 | ||||||||||||||
| Net realized product sales | 153 | 146 | 151 | 166 | 616 | 138 | ||||||||||||||||||||
| Net unrealized gain (loss) from derivative instruments | (29) | 40 | 5 | (6) | 10 | (33) | ||||||||||||||||||||
| Operating and administrative costs | (54) | (76) | (71) | (82) | (283) | (63) | ||||||||||||||||||||
| Other segment income (expenses) - net | 1 | 4 | 4 | 8 | 17 | 4 | ||||||||||||||||||||
| Gain on sale of certain assets | — | — | — | — | — | 182 | ||||||||||||||||||||
| Modified EBITDA | 75 | 118 | 93 | 90 | 376 | 232 | ||||||||||||||||||||
| Adjustments | 29 | (40) | (3) | 7 | (7) | (149) | ||||||||||||||||||||
| Adjusted EBITDA | $ | 104 | $ | 78 | $ | 90 | $ | 97 | $ | 369 | $ | 83 | ||||||||||||||
| Statistics | ||||||||||||||||||||||||||
| Net Product Sales Volumes | ||||||||||||||||||||||||||
| Natural Gas (Bcf/d) | 0.27 | 0.29 | 0.30 | 0.31 | 0.29 | 0.22 | ||||||||||||||||||||
| NGLs (Mbbls/d) | 10 | 12 | 11 | 13 | 11 | 12 | ||||||||||||||||||||
| Crude Oil (Mbbls/d) | 7 | 8 | 7 | 7 | 7 | 8 | ||||||||||||||||||||
12
`
| Capital Expenditures and Investments | ||||||||||||||||||||||||||
| (UNAUDITED) | ||||||||||||||||||||||||||
| 2025 | 2026 | |||||||||||||||||||||||||
| (Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | ||||||||||||||||||||
| Capital expenditures: | ||||||||||||||||||||||||||
| Transmission, Power & Gulf | $ | 369 | $ | 590 | $ | 660 | $ | 1,639 | $ | 3,258 | $ | 1,174 | ||||||||||||||
| Northeast G&P | 62 | 39 | 57 | 53 | 211 | 27 | ||||||||||||||||||||
| West | 549 | 274 | 172 | 119 | 1,114 | 82 | ||||||||||||||||||||
| Gas & NGL Marketing Services | — | 1 | — | — | 1 | — | ||||||||||||||||||||
| Other | 32 | 68 | 65 | 144 | 309 | 76 | ||||||||||||||||||||
Total (1) | $ | 1,012 | $ | 972 | $ | 954 | $ | 1,955 | $ | 4,893 | $ | 1,359 | ||||||||||||||
| Purchases of and contributions to equity-method investments: | ||||||||||||||||||||||||||
| Transmission, Power & Gulf | $ | — | $ | — | $ | — | $ | 313 | $ | 313 | $ | 18 | ||||||||||||||
| Northeast G&P | 10 | 10 | 12 | 6 | 38 | 11 | ||||||||||||||||||||
| West | — | — | 1 | — | 1 | — | ||||||||||||||||||||
| Gas & NGL Marketing Services | 153 | — | — | — | 153 | — | ||||||||||||||||||||
| Other | — | 6 | — | — | 6 | — | ||||||||||||||||||||
| Total | $ | 163 | $ | 16 | $ | 13 | $ | 319 | $ | 511 | $ | 29 | ||||||||||||||
| Summary: | ||||||||||||||||||||||||||
| Transmission, Power & Gulf | $ | 369 | $ | 590 | $ | 660 | $ | 1,952 | $ | 3,571 | $ | 1,192 | ||||||||||||||
| Northeast G&P | 72 | 49 | 69 | 59 | 249 | 38 | ||||||||||||||||||||
| West | 549 | 274 | 173 | 119 | 1,115 | 82 | ||||||||||||||||||||
| Gas & NGL Marketing Services | 153 | 1 | — | — | 154 | — | ||||||||||||||||||||
| Other | 32 | 74 | 65 | 144 | 315 | 76 | ||||||||||||||||||||
| Total | $ | 1,175 | $ | 988 | $ | 967 | $ | 2,274 | $ | 5,404 | $ | 1,388 | ||||||||||||||
| Capital investments: | ||||||||||||||||||||||||||
| Increases to property, plant, and equipment | $ | 978 | $ | 1,063 | $ | 1,038 | $ | 2,296 | $ | 5,375 | $ | 1,593 | ||||||||||||||
| Purchases of businesses, net of cash acquired | 1 | — | — | — | 1 | — | ||||||||||||||||||||
| Purchases of and contributions to equity-method investments | 163 | 16 | 13 | 319 | 511 | 29 | ||||||||||||||||||||
| Purchases of other long-term investments | 1 | 3 | 2 | 1 | 7 | 2 | ||||||||||||||||||||
| Total | $ | 1,143 | $ | 1,082 | $ | 1,053 | $ | 2,616 | $ | 5,894 | $ | 1,624 | ||||||||||||||
(1) Increases to property, plant, and equipment | $ | 978 | $ | 1,063 | $ | 1,038 | $ | 2,296 | $ | 5,375 | $ | 1,593 | ||||||||||||||
| Changes in related accounts payable and accrued liabilities | 34 | (91) | (84) | (341) | (482) | (234) | ||||||||||||||||||||
| Capital expenditures | $ | 1,012 | $ | 972 | $ | 954 | $ | 1,955 | $ | 4,893 | $ | 1,359 | ||||||||||||||
| Contributions from noncontrolling interests | $ | 5 | $ | 14 | $ | 3 | $ | 14 | $ | 36 | $ | — | ||||||||||||||
| Contributions in aid of construction | $ | 10 | $ | 16 | $ | 11 | $ | 14 | $ | 51 | $ | 16 | ||||||||||||||
| Proceeds from sale of certain assets | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 390 | ||||||||||||||
| Proceeds from sale of business | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 48 | ||||||||||||||
13
Non-GAAP Measures
This news release and accompanying materials may include certain financial measures – adjusted EBITDA, adjusted income (“earnings”), adjusted earnings per share, available funds from operations and dividend coverage ratio – that are non-GAAP financial measures as defined under the rules of the SEC.
Our segment performance measure, modified EBITDA, is defined as net income (loss) before income (loss) from discontinued operations, income tax expense, net interest expense, equity earnings from equity-method investments, other net investing income, impairments of equity investments and goodwill, depreciation and amortization expense, and accretion expense associated with asset retirement obligations for nonregulated operations. We also add our proportional ownership share (based on ownership interest) of modified EBITDA of equity-method investments, including our indirect share from interests owned by equity-method investees.
Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from net income to determine adjusted income and adjusted earnings per share. Management believes this measure provides investors meaningful insight into results from ongoing operations.
Available funds from operations (AFFO) is defined as cash flow from operations excluding the effect of changes in working capital and certain other changes in noncurrent assets and liabilities, reduced by preferred dividends and net distributions to noncontrolling interests. AFFO may be adjusted to exclude certain items that we characterize as unrepresentative of our ongoing operations.
This news release is accompanied by a reconciliation of these non-GAAP financial measures to their nearest GAAP financial measures. Management uses these financial measures because they are accepted financial indicators used by investors to compare company performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of assets and the cash that the business is generating.
Neither adjusted EBITDA, adjusted income, nor available funds from operations are intended to represent cash flows for the period, nor are they presented as an alternative to net income or cash flow from operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles.
14
| Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income | ||||||||||||||||||||||||||
| (UNAUDITED) | ||||||||||||||||||||||||||
| 2025 | 2026 | |||||||||||||||||||||||||
| (Dollars in millions, except per-share amounts) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | ||||||||||||||||||||
| Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders | $ | 690 | $ | 546 | $ | 646 | $ | 733 | $ | 2,615 | $ | 864 | ||||||||||||||
Income (loss) from continuing operations - diluted earnings (loss) per common share (1) | $ | .56 | $ | .45 | $ | .53 | $ | .60 | $ | 2.14 | $ | .70 | ||||||||||||||
| Adjustments: | ||||||||||||||||||||||||||
| Transmission, Power & Gulf | ||||||||||||||||||||||||||
| Transco rate case timing* | $ | 4 | $ | 11 | $ | (15) | $ | — | $ | — | $ | — | ||||||||||||||
| Acquisition and transition-related costs* | — | 1 | — | — | 1 | — | ||||||||||||||||||||
| Net gain related to certain asset retirements* | — | — | (11) | — | (11) | — | ||||||||||||||||||||
| Total Transmission, Power & Gulf adjustments | 4 | 12 | (26) | — | (10) | — | ||||||||||||||||||||
| West | ||||||||||||||||||||||||||
| Impairment or write-off of certain assets | — | — | 25 | 187 | 212 | 3 | ||||||||||||||||||||
| Total West adjustments | — | — | 25 | 187 | 212 | 3 | ||||||||||||||||||||
| Gas & NGL Marketing Services | ||||||||||||||||||||||||||
Impact of volatility on NGL linefill transactions* | — | 11 | 3 | 8 | 22 | (5) | ||||||||||||||||||||
Net unrealized (gain) loss from derivative instruments | 3 | 4 | (46) | (101) | (140) | 192 | ||||||||||||||||||||
| Total Gas & NGL Marketing Services adjustments | 3 | 15 | (43) | (93) | (118) | 187 | ||||||||||||||||||||
| Other | ||||||||||||||||||||||||||
| Acquisition and transition-related costs* | — | — | 2 | 1 | 3 | — | ||||||||||||||||||||
Net unrealized (gain) loss from derivative instruments | 29 | (40) | (5) | 6 | (10) | 33 | ||||||||||||||||||||
| Gain on sale of certain upstream assets | — | — | — | — | — | (182) | ||||||||||||||||||||
| Total Other adjustments | 29 | (40) | (3) | 7 | (7) | (149) | ||||||||||||||||||||
| Adjustments included in Modified EBITDA | 36 | (13) | (47) | 101 | 77 | 41 | ||||||||||||||||||||
| Adjustments below Modified EBITDA | ||||||||||||||||||||||||||
| Transco rate case timing | 11 | 35 | (46) | — | — | — | ||||||||||||||||||||
| Our share of fair value change from Cogentrix investment | — | — | — | (153) | (153) | (2) | ||||||||||||||||||||
| Amortization of intangible assets from 2021 Sequent acquisition | 5 | 4 | 5 | 4 | 18 | 3 | ||||||||||||||||||||
| 16 | 39 | (41) | (149) | (135) | 1 | |||||||||||||||||||||
| Total adjustments | 52 | 26 | (88) | (48) | (58) | 42 | ||||||||||||||||||||
| Less tax effect for above items | (12) | (6) | 20 | 12 | 14 | (11) | ||||||||||||||||||||
Adjustments for tax-related items (2) | — | — | 25 | (25) | — | — | ||||||||||||||||||||
| Adjusted income from continuing operations available to common stockholders | $ | 730 | $ | 566 | $ | 603 | $ | 672 | $ | 2,571 | $ | 895 | ||||||||||||||
Adjusted income from continuing operations - diluted earnings per common share (1) | $ | .60 | $ | .46 | $ | .49 | $ | .55 | $ | 2.10 | $ | .73 | ||||||||||||||
| Weighted-average shares - diluted (millions) | 1,225 | 1,224 | 1,225 | 1,226 | 1,225 | 1,226 | ||||||||||||||||||||
| (1) The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding. | ||||||||||||||||||||||||||
| (2) The third quarter of 2025 includes an adjustment associated with an increase in our estimated deferred state income tax rate. The fourth quarter of 2025 includes an adjustment associated with a decrease in our estimated deferred state income tax rate. | ||||||||||||||||||||||||||
| *Amounts are included in Additional adjustments on the Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO). | ||||||||||||||||||||||||||
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| Reconciliation of "Net Income (Loss)" to “Modified EBITDA” and Non-GAAP “Adjusted EBITDA” | ||||||||||||||||||||||||||
| (UNAUDITED) | ||||||||||||||||||||||||||
| 2025 | 2026 | |||||||||||||||||||||||||
| (Dollars in millions) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | ||||||||||||||||||||
| Net income (loss) | $ | 729 | $ | 583 | $ | 683 | $ | 773 | $ | 2,768 | $ | 912 | ||||||||||||||
| Provision (benefit) for income taxes | 193 | 174 | 246 | 244 | 857 | 244 | ||||||||||||||||||||
| Interest expense | 349 | 350 | 372 | 371 | 1,442 | 376 | ||||||||||||||||||||
| Equity (earnings) losses | (155) | (142) | (152) | (311) | (760) | (161) | ||||||||||||||||||||
| Other investing (income) loss - net | (8) | (4) | (19) | (11) | (42) | (24) | ||||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | 236 | 231 | 250 | 248 | 965 | 259 | ||||||||||||||||||||
| Depreciation, depletion, and amortization expenses | 585 | 605 | 564 | 593 | 2,347 | 584 | ||||||||||||||||||||
Accretion expense associated with asset retirement obligations for nonregulated operations | 24 | 24 | 23 | 25 | 96 | 23 | ||||||||||||||||||||
| Modified EBITDA | $ | 1,953 | $ | 1,821 | $ | 1,967 | $ | 1,932 | $ | 7,673 | $ | 2,213 | ||||||||||||||
| Transmission, Power & Gulf | $ | 858 | $ | 891 | $ | 973 | $ | 998 | $ | 3,720 | $ | 1,010 | ||||||||||||||
| Northeast G&P | 514 | 501 | 505 | 508 | 2,028 | 524 | ||||||||||||||||||||
| West | 354 | 341 | 342 | 201 | 1,238 | 407 | ||||||||||||||||||||
| Gas & NGL Marketing Services | 152 | (30) | 54 | 135 | 311 | 40 | ||||||||||||||||||||
| Other | 75 | 118 | 93 | 90 | 376 | 232 | ||||||||||||||||||||
| Total Modified EBITDA | $ | 1,953 | $ | 1,821 | $ | 1,967 | $ | 1,932 | $ | 7,673 | $ | 2,213 | ||||||||||||||
Adjustments (1): | ||||||||||||||||||||||||||
| Transmission, Power & Gulf | $ | 4 | $ | 12 | $ | (26) | $ | — | $ | (10) | $ | — | ||||||||||||||
| West | — | — | 25 | 187 | 212 | 3 | ||||||||||||||||||||
| Gas & NGL Marketing Services | 3 | 15 | (43) | (93) | (118) | 187 | ||||||||||||||||||||
| Other | 29 | (40) | (3) | 7 | (7) | (149) | ||||||||||||||||||||
| Total Adjustments | $ | 36 | $ | (13) | $ | (47) | $ | 101 | $ | 77 | $ | 41 | ||||||||||||||
| Adjusted EBITDA: | ||||||||||||||||||||||||||
| Transmission, Power & Gulf | $ | 862 | $ | 903 | $ | 947 | $ | 998 | $ | 3,710 | $ | 1,010 | ||||||||||||||
| Northeast G&P | 514 | 501 | 505 | 508 | 2,028 | 524 | ||||||||||||||||||||
| West | 354 | 341 | 367 | 388 | 1,450 | 410 | ||||||||||||||||||||
| Gas & NGL Marketing Services | 155 | (15) | 11 | 42 | 193 | 227 | ||||||||||||||||||||
| Other | 104 | 78 | 90 | 97 | 369 | 83 | ||||||||||||||||||||
| Total Adjusted EBITDA | $ | 1,989 | $ | 1,808 | $ | 1,920 | $ | 2,033 | $ | 7,750 | $ | 2,254 | ||||||||||||||
| (1) Adjustments by segment are detailed in the "Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income," which is also included in these materials. | ||||||||||||||||||||||||||
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| Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO) | ||||||||||||||||||||||||||
| (UNAUDITED) | ||||||||||||||||||||||||||
| 2025 | 2026 | |||||||||||||||||||||||||
| (Dollars in millions, except coverage ratios) | 1st Qtr | 2nd Qtr | 3rd Qtr | 4th Qtr | Year | 1st Qtr | ||||||||||||||||||||
| Net cash provided (used) by operating activities | $ | 1,433 | $ | 1,450 | $ | 1,439 | $ | 1,576 | $ | 5,898 | $ | 1,603 | ||||||||||||||
| Exclude: Cash (provided) used by changes in: | ||||||||||||||||||||||||||
| Accounts receivable | (82) | (219) | (83) | 603 | 219 | (425) | ||||||||||||||||||||
| Inventories, including write-downs | (29) | 86 | 4 | (24) | 37 | (52) | ||||||||||||||||||||
| Other current assets and deferred charges | 40 | (4) | 7 | 28 | 71 | 9 | ||||||||||||||||||||
| Accounts payable | 29 | 236 | 94 | (474) | (115) | 194 | ||||||||||||||||||||
| Other current liabilities | 70 | (220) | 55 | (75) | (170) | 317 | ||||||||||||||||||||
| Changes in current and noncurrent commodity derivative assets and liabilities | (4) | (15) | (58) | (22) | (99) | 138 | ||||||||||||||||||||
| Other, including changes in noncurrent assets and liabilities | 29 | 48 | 76 | 60 | 213 | 74 | ||||||||||||||||||||
| Preferred dividends paid | (1) | — | (1) | (1) | (3) | (1) | ||||||||||||||||||||
| Dividends and distributions paid to noncontrolling interests | (69) | (62) | (66) | (62) | (259) | (67) | ||||||||||||||||||||
| Contributions from noncontrolling interests | 5 | 14 | 3 | 14 | 36 | — | ||||||||||||||||||||
| Additional Adjustments * | 24 | 3 | (21) | 24 | 30 | (20) | ||||||||||||||||||||
| Available funds from operations | $ | 1,445 | $ | 1,317 | $ | 1,449 | $ | 1,647 | $ | 5,858 | $ | 1,770 | ||||||||||||||
| Common dividends paid | $ | 610 | $ | 611 | $ | 611 | $ | 610 | $ | 2,442 | $ | 642 | ||||||||||||||
| Coverage ratio: | ||||||||||||||||||||||||||
| Available funds from operations divided by Common dividends paid | 2.37 | 2.16 | 2.37 | 2.70 | 2.40 | 2.76 | ||||||||||||||||||||
| *See detail on Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income. The first quarter of 2025 also includes $20 million related to an expected distribution from an equity-method investee not received until early April. This amount is excluded from the second quarter of 2025. The fourth quarter of 2025 also includes $15 million related to an expected distribution from an equity‑method investee not received until early January 2026, and this amount is excluded from the first quarter of 2026. | ||||||||||||||||||||||||||
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| Reconciliation of Net Income (Loss) from Continuing Operations to Modified EBITDA, Non-GAAP Adjusted EBITDA and Cash Flow from Operating Activities to Available Funds from Operations (AFFO) | |||||||||||||||||||||||
| 2026 Guidance | |||||||||||||||||||||||
| (Dollars in millions, except per-share amounts and coverage ratio) | Low | Mid | High | ||||||||||||||||||||
| Net income (loss) from continuing operations | $ | 3,010 | $ | 3,125 | $ | 3,240 | |||||||||||||||||
| Provision (benefit) for income taxes | 905 | 940 | 975 | ||||||||||||||||||||
| Interest expense | 1,485 | ||||||||||||||||||||||
| Equity (earnings) losses | (600) | ||||||||||||||||||||||
Proportional Modified EBITDA of equity-method investments | 970 | ||||||||||||||||||||||
| Depreciation, depletion, and amortization expenses and accretion for asset retirement obligations associated with nonregulated operations | 2,470 | ||||||||||||||||||||||
| Other | (5) | ||||||||||||||||||||||
| Modified EBITDA | $ | 8,235 | $ | 8,385 | $ | 8,535 | |||||||||||||||||
| EBITDA Adjustments | (185) | ||||||||||||||||||||||
| Adjusted EBITDA | $ | 8,050 | $ | 8,200 | $ | 8,350 | |||||||||||||||||
| Net income (loss) from continuing operations | $ | 3,010 | $ | 3,125 | $ | 3,240 | |||||||||||||||||
| Less: Net income (loss) attributable to noncontrolling interests and preferred dividends | 180 | ||||||||||||||||||||||
| Net income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders | $ | 2,830 | $ | 2,945 | $ | 3,060 | |||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
Adjustments included in Modified EBITDA(1) | (185) | ||||||||||||||||||||||
Adjustments below Modified EBITDA (1) | 11 | ||||||||||||||||||||||
| Allocation of adjustments to noncontrolling interests | — | ||||||||||||||||||||||
| Total adjustments | (174) | ||||||||||||||||||||||
| Less tax effect for above items | 44 | ||||||||||||||||||||||
| Adjusted income from continuing operations available to common stockholders | $ | 2,700 | $ | 2,815 | $ | 2,930 | |||||||||||||||||
| Adjusted income from continuing operations - diluted earnings per common share | $ | 2.20 | $ | 2.29 | $ | 2.38 | |||||||||||||||||
| Weighted-average shares - diluted (millions) | 1,229 | ||||||||||||||||||||||
| Available Funds from Operations (AFFO): | |||||||||||||||||||||||
| Net cash provided by operating activities (net of changes in working capital, changes in current and noncurrent derivative assets and liabilities, and changes in other, including changes in noncurrent assets and liabilities) | $ | 6,315 | $ | 6,430 | $ | 6,545 | |||||||||||||||||
| Preferred dividends paid | (3) | ||||||||||||||||||||||
| Dividends and distributions paid to noncontrolling interests | (260) | ||||||||||||||||||||||
| Contributions from noncontrolling interests | 48 | ||||||||||||||||||||||
Additional adjustments(1) | (15) | ||||||||||||||||||||||
| Available funds from operations (AFFO) | $ | 6,085 | $ | 6,200 | $ | 6,315 | |||||||||||||||||
| AFFO per common share | $ | 4.95 | $ | 5.05 | $ | 5.14 | |||||||||||||||||
| Common dividends paid | $ | 2,575 | |||||||||||||||||||||
| Coverage Ratio (AFFO/Common dividends paid) | 2.36x | 2.41x | 2.45x | ||||||||||||||||||||
| (1) Includes items of income or loss that we characterize as unrepresentative of our ongoing operations. | |||||||||||||||||||||||
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Forward-Looking Statements
The reports, filings, and other public announcements of The Williams Companies, Inc. (Williams) may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). These forward-looking statements relate to anticipated financial performance, management’s plans and objectives for future operations, business prospects, outcomes of regulatory proceedings, market conditions, and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts, included in this report that address activities, events, or developments that we expect, believe, or anticipate will exist or may occur in the future, are forward-looking statements. Forward-looking statements can be identified by various forms of words such as “anticipates,” “believes,” “seeks,” “could,” “may,” “should,” “continues,” “estimates,” “expects,” “forecasts,” “intends,” “might,” “goals,” “objectives,” “targets,” “planned,” “potential,” “projects,” “scheduled,” “will,” “assumes,” “guidance,” “outlook,” “in-service date,” or other similar expressions. These forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management and include, among others, statements regarding:
•Levels of dividends to Williams' stockholders;
•Future credit ratings of Williams and its affiliates;
•Amounts and nature of future capital expenditures;
•Expansion and growth of business and operations;
•Expected in-service dates for capital projects;
•Financial condition and liquidity;
•Business strategy;
•Cash flow from operations or results of operations;
•Rate case filings;
•Seasonality of certain business components;
•Natural gas, natural gas liquids, and crude oil prices, supply, and demand;
•Demand for services.
Forward-looking statements are based on numerous assumptions, uncertainties, and risks that could cause future events or results to be materially different from those stated or implied in this report. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the following:
•Availability of supplies, market demand, and volatility of prices;
•Development and rate of adoption of alternative energy sources;
•The impact of existing and future laws and regulations, the regulatory environment, environmental matters, and litigation, as well as our ability and the ability of other energy companies with whom we conduct or seek to conduct business, to obtain necessary permits and approvals, and our ability to achieve favorable rate proceeding outcomes;
19
•Exposure to the credit risk of customers and counterparties;
•Our ability to acquire new businesses and assets and successfully integrate those operations and assets into existing businesses as well as successfully expand our facilities, and consummate asset sales on acceptable terms;
•The ability to successfully identify, evaluate, and timely execute our capital projects and investment opportunities;
•The strength and financial resources of our competitors and the effects of competition;
•The amount of cash distributions from and capital requirements of our investments and joint ventures in which we participate;
•The ability to effectively execute our financing plan;
•Increasing scrutiny and changing expectations from stakeholders with respect to environmental, social, and governance practices;
•The physical and financial risks associated with climate change;
•The impacts of operational and developmental hazards and unforeseen interruptions;
•The risks resulting from outbreaks or other public health crises;
•Risks associated with weather and natural phenomena, including climate conditions and physical damage to our facilities;
•Acts of terrorism, cybersecurity incidents, and related disruptions;
•Costs and funding obligations for defined benefit pension plans and other postretirement benefit plans;
•Changes in maintenance and construction costs, as well as our ability to obtain sufficient construction-related inputs, including skilled labor;
•Inflation, interest rates, tariffs on foreign-made materials and goods (including steel and steel pipes) necessary to our business, and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on customers and suppliers);
•Risks related to financing, including restrictions stemming from debt agreements, future changes in credit ratings as determined by nationally recognized credit rating agencies, and the availability and cost of capital;
•The ability of the members of the Organization of Petroleum Exporting Countries and other oil exporting nations to agree to and maintain oil price and production controls and the impact on domestic production;
•Changes in the current geopolitical situation;
•Changes in U.S. governmental administration and policies;
•Whether we are able to pay current and expected levels of dividends;
•Additional risks described in our filings with the Securities and Exchange Commission (SEC).
Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking
20
statements. We disclaim any obligations to, and do not intend to, update the above list or announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments.
In addition to causing our actual results to differ, the factors listed above and referred to below may cause our intentions to change from those statements of intention set forth in this report. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise.
Because forward-looking statements involve risks and uncertainties, we caution that there are important factors, in addition to those listed above, that may cause actual results to differ materially from those contained in the forward-looking statements. For a detailed discussion of those factors, see (a) Part I, Item IA. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 24, 2026, and (b) Part II, Item 1A. Risk Factors in subsequent Quarterly Reports on Form 10-Q.
###
21
FAQ
How did Williams (WMB) perform financially in Q1 2026?
Williams reported GAAP net income of $864 million in Q1 2026, up 25% versus Q1 2025, and Adjusted EBITDA of $2.254 billion, up 13%. Higher service revenues, stronger gas marketing margins and a gain on the South Mansfield upstream sale drove the improved results.
What were Williams’ key non-GAAP metrics for Q1 2026?
Adjusted net income was $895 million and Adjusted EPS was $0.73 in Q1 2026, versus $730 million and $0.60 a year earlier. Adjusted EBITDA reached $2.254 billion, while AFFO rose to $1.770 billion, reflecting stronger operating performance and favorable tax effects.
How strong was Williams’ dividend coverage in Q1 2026?
Williams’ dividend coverage ratio on an AFFO basis improved to 2.76x in Q1 2026, compared with 2.37x in Q1 2025. AFFO of $1.770 billion comfortably exceeded common dividends paid of $642 million, indicating ample cash flow to support the current dividend level.
What projects supported Williams’ growth in Q1 2026?
Growth was supported by Transco expansion projects, new Gulf Coast volumes, higher storage revenues, and increased gathering volumes in the West. Williams also advanced projects like the Neo power innovation project, Silver Spur, Power Express, and the Northeast and Southeast Supply Enhancement projects.
What guidance did Williams provide for full-year 2026?
For 2026, Williams expects Adjusted EBITDA between $8.05 billion and $8.35 billion and AFFO between $6.085 billion and $6.315 billion. This guidance implies continued strong dividend coverage, with an AFFO coverage ratio between 2.36x and 2.45x based on projected common dividends.
How did Williams’ leverage and capital investments change in Q1 2026?
Debt-to-Adjusted EBITDA at quarter end improved to 3.61x from 3.83x a year earlier, indicating slightly lower leverage. Capital investments excluding acquisitions rose to $1.642 billion from $670 million, reflecting higher spending on transmission expansions, gathering projects and power innovation initiatives.