Results
News ReleaseWilliams (NYSE: WMB) One Williams Center Tulsa, OK 74172 800-Williams www.williams.com
DATE: Monday, Nov. 2 , 2026
1Williams Delivers Strong Third-Quarter 2026 Results
TULSA, Okla. – Williams (NYSE: WMB) today announced its unaudited financial results for the three and nine months ended Sept. 30, 2026.
Financial performance demonstrates industry-leading growth position
GAAP net income: $699 million, or $0.56 per diluted share (EPS), up 8% and 6%, respectively, vs. 3Q 2025
Adjusted net income: $663 million, or $0.54 per diluted share (Adj.
EPS), up 10% vs. 3Q 2025
Adjusted EBITDA: $2.039 billion, up $119 million or 6% vs. 3Q 2025
Cash flow from operations (CFFO): $1.505 billion, up $66 million or 5% vs. 3Q 2025
Available funds from operations (AFFO): $1.589 billion, up $140 million or 10% vs. 3Q 2025
Dividend coverage ratio: 2.42x (AFFO basis)
Tracking toward the upper half of 2026 Adjusted EBITDA guidance range of $8.3 billion to $8.5 billion
Expanding growth runway and advancing key milestones
Closed acquisition of Momentum Midstream, enhancing our premier Haynesville position to serve growing LNG, industrial and power demand
Announced a 9.4 Bcf storage expansion at Clay Basin
Announced Transco's 150+ MMcf/d Southeast Supply Enhancement II
Upsized Transco's Garden Connector capacity by 84 MMcf/d
3Expanded pipeline capacity by 413 MMcf/d across four projects
Socrates' Plato North Power project on track for in-service by mid-November
CEO Perspective
Chad Zamarin, president and chief executive officer, made the following comments:
“Williams delivered another strong quarter as our teams continued to execute across a growing portfolio of critical energy infrastructure projects.
7Year-to-date Adjusted EBITDA increased 9% year over year to $6.2 billion, reflecting the strength of our natural gas transmission, storage and gathering businesses and keeping us on track toward the upper half of our 2026 guidance range.
2Our performance to date, combined with a growing slate of projects set to come online, gives us strong confidence in our ability to achieve our long-term 11% plus Adjusted EBITDA compound annual growth rate through 2030.”
“I am especially proud of our team's exceptional execution to bring Socrates fully online ahead of schedule.
As the first of many power projects, Socrates demonstrates our ability to deliver fast, reliable and scalable solutions for customers facing rapidly growing power demand, and we are actively working to commercialize additional power projects, which we expect to announce soon.
We also closed the Momentum Midstream acquisition ahead of schedule, enhancing our premier footprint in the Haynesville — America’s fastest-growing natural gas basin — which strengthens Williams' ability to serve growing LNG, power and industrial demand.
Across our broader portfolio, we announced new Transco projects and expansions, advanced a storage expansion at Clay Basin, and placed four pipeline projects into service.”
Zamarin added, “Together, these accomplishments underscore our ability to execute across multiple growth platforms while maintaining safe and reliable operations.
With growing demand from LNG, power generation and industrial development, Williams is well positioned to deliver durable, long-term value for our customers and shareholders.”
GAAP Measures
Third-quarter and year-to-date 2026 net income increased by $53 million and $508 million, respectively, compared to the prior year.
Both comparative periods benefited from:
6Higher service revenues of $198 million and $512 million, respectively, reflecting new power generation revenues, the Momentum acquisition, projects placed in service, and higher storage revenues, while the year-to-date period also saw increases from new Gulf volumes.
A gain of $83 million from the sale of a Permian gathering system.
The year-to-date period also benefited from a net gain of $130 million from the June 2026 sale of the Brazos Permian II equity-method investment and a $194 million gain on the January 2026 sale of the South Mansfield upstream interests.
The year-to-date period also reflects higher gas marketing margins.
These favorable changes were partially offset by:
Reduced upstream results due to the sale of the South Mansfield interests.
4An increase in operating and administrative expenses, including $63 million of acquisition and JV formation costs, as well as costs from acquired businesses and new projects.
Unfavorable changes in net unrealized gains/losses on commodity derivatives of $29 million and $116 million, respectively.
The year-to-date period also reflects a higher provision for income taxes driven by increased pre-tax income.
Third-quarter and year-to-date 2026 cash flow from operations increased $66 million and $162 million, respectively, compared to the prior year primarily due to higher operating results exclusive of non-cash items and higher distributions from equity-method investments, partially offset by unfavorable net changes in both working capital, including payment of Transco’s rate refunds in April 2026, and derivative collateral requirements.
Non-GAAP Measures
Third-quarter and year-to-date 2026 Adjusted EBITDA increased by $119 million and $497 million, respectively, over the prior year driven by the previously described increases in service revenues partially offset by reduced upstream results and higher operating and administrative expenses excluding the acquisition and JV formation costs.
The year-to-date period also benefited from higher gas marketing margins.
Third-quarter and year-to-date 2026 Adjusted Net Income improved by $60 million and $273 million, respectively, 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, acquisition and JV formation costs, and the gains associated with the asset sales.
Third-quarter and year-to-date 2026 Available Funds from Operations (AFFO) increased by $140 million and $598 million, respectively, compared to the prior year primarily due to higher adjusted operating results exclusive of non-cash items and higher distributions from equity-method investments.
The year-to-date period also reflects 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; Gas & NGL Marketing Services and Other.
For more information, see the company's third-quarter 2026 Form 10-Q.
Transmission, Power & Gulf
Third-quarter and year-to-date 2026 Modified and Adjusted EBITDA improved compared to the prior year driven by new power generation revenues, contributions from projects placed in service, and higher storage revenues, partially offset by higher operating and administrative expenses.
New Gulf volumes also benefited the year-to-date period.
Northeast G&P
Third-quarter and year-to-date 2026 Modified and Adjusted EBITDA increased compared to the prior year driven primarily by higher volumes at Ohio Valley Midstream and higher proportional EBITDA from equity-method investments.
West
Third-quarter and year-to-date 2026 Modified EBITDA and Adjusted EBITDA improved compared to the prior year driven by the Momentum acquisition and Louisiana Energy Gateway, placed into service in third-quarter 2025.
The year-to-date period also reflected higher gathering volumes including contributions from the 2025 Rimrock and Saber acquisitions, partially offset by lower minimum volume commitment revenues.
Modified EBITDA benefited from the gain on sale of a Permian gathering system and the absence of a prior year impairment, partially offset by Momentum acquisition costs, all of which are excluded from Adjusted EBITDA.
Gas & NGL Marketing Services
5Third-quarter 2026 Modified EBITDA decreased from the prior year, while year-to-date 2026 Modified EBITDA increased.
Both periods reflect net unfavorable changes in unrealized gains/losses on commodity derivatives of $14 million and $79 million, respectively, which are excluded from Adjusted EBITDA.
The year-to-date period for both measures benefited from higher gas marketing margins driven by winter storms.
Other
The changes in third-quarter and year-to-date 2026 Modified EBITDA reflect the absence of the South Mansfield upstream interests sold in January 2026 and net unfavorable changes in unrealized gains/losses on commodity derivatives.
8The year-to-date period also includes a $194 million gain from the January 2026 sale of the South Mansfield upstream interests.
Both the gains on sale of the South Mansfield interests and the unrealized gains/losses on commodity derivatives are excluded from Adjusted EBITDA.
2026 Financial Guidance
The company continues to expect 2026 Adjusted EBITDA of $8.3 billion to $8.5 billion and growth capex between $7.3 billion and $7.9 billion.
The leverage ratio midpoint for 2026 is approximately 3.75x.
Guidance for 2026 growth capex and debt-to-adjusted EBITDA excludes certain reimbursable long-lead equipment.
Williams' third-quarter 2026 earnings presentation will be posted at www.williams.com.
Participants who wish to join the call by phone must register using the following link: https://register-conf.media-server.com/register/BI584a5f0f046f4d079d5ceddf753d218f
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.
The Williams Companies, Inc.
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