The Williams Companies, Inc. (WMB) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$0.5	$0.5	0.0%	—	—	—
Q3 26	$0.63	$0.73	+15.9%	—	—	—
Q2 26	$0.57	$0.55	-3.5%	—	—	—
Q1 26	$0.52	$0.49	-5.8%	—	—	—
Q4 25	$0.49	$0.46	-6.1%	—	—	—
Q3 25	$0.55	$0.6	+9.1%	—	—	—
Q2 25	$0.45	$0.47	+4.4%	—	—	—
Q1 25	$0.42	$0.43	+2.4%	—	—	—
Q4 24	$0.37	$0.43	+16.2%	—	—	—
Q3 24	$0.48	$0.59	+22.9%	—	—	—
Q2 24	$0.45	$0.48	+6.7%	—	—	—
Q1 24	$0.41	$0.48	+17.1%	—	—	—
Q4 23	$0.39	$0.45	+15.4%	—	—	—
Q3 23	$0.46	$0.76	+65.2%	—	—	—
Q2 23	$0.49	$0.55	+12.2%	—	—	—
Q1 23	$0.44	$0.49	+11.4%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.14	—	—	$11.9B	—
FY24	—	$1.82	—	—	$10.5B	—
FY23	—	$2.61	—	—	$10.9B	—
FY22	—	$1.68	—	—	$11B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$7.5B	$8B	$8.7B	$8.2B	$7.7B	$10.6B	$11B	$10.9B	$10.5B	$11.9B
YoY change	+1.89%	+7.09%	+8.16%	-5.58%	-5.88%	+37.7%	+3.18%	-0.53%	-3.7%	+13.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	7.5B	8B	8.7B	8.2B	7.7B	10.6B	11B	10.9B	10.5B	11.9B
Cost of revenue	3.5B	4B	4.6B	3.8B	3.3B	5.9B	5.5B	4.1B	4.3B	4.5B
Gross profit	4B	4B	4.1B	4.4B	4.4B	4.8B	5.5B	6.8B	6.2B	7.4B
Gross margin	53.5%	49.7%	47.4%	53.9%	56.8%	44.7%	50.2%	62.4%	58.7%	62%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	722M	594M	569M	558M	466M	558M	636M	665M	708M	721M
Operating expenses	857M	665M	619M	568M	488M	574M	664M	635M	648M	3B
Operating income	1.6B	1.8B	2B	2.4B	2.6B	2.6B	3B	4.2B	3.3B	4.4B
Operating margin	20.8%	21.8%	22.9%	29.1%	33.3%	24.8%	27.5%	38.3%	31.8%	36.9%
Non-operating income, net	-758M	-136M	-548M	-135M	-1.1B	614M	656M	1.4B	944M	619M
Pretax income	-375M	535M	331M	1.1B	277M	2.1B	2.5B	4.4B	3B	3.6B
Income tax	-25M	-2B	138M	335M	79M	511M	425M	1B	640M	857M
Net income	-350M	2.5B	193M	714M	198M	1.6B	2.1B	3.3B	2.3B	2.8B
Net margin	-4.67%	31.2%	2.22%	8.71%	2.57%	14.7%	19.3%	30.3%	22.3%	23.2%
EBITDA	3.8B	3.9B	4.2B	4.5B	4.6B	5.1B	5.7B	7B	6.3B	7.6B
EPS	-0.57	2.63	-0.13	0.7	0.17	1.25	1.68	2.61	1.82	2.14
Diluted EPS	-0.57	2.62	-0.16	0.7	0.17	1.24	1.67	2.6	1.82	2.14

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	2.6B	2.8B	2.8B	2.3B	2.7B	2.7B	3B	2.8B	2.9B	3.2B	3B	3.1B
Cost of revenue	1B	977M	1.1B	981M	1.1B	1.2B	1.2B	1.1B	1B	1.2B	1.1B	1.1B
Gross profit	1.5B	1.8B	1.7B	1.4B	1.6B	1.6B	1.8B	1.7B	1.9B	2B	1.9B	1.9B
Gross margin	59.5%	64.9%	61.1%	58%	58.9%	56.7%	59.7%	61.1%	64.1%	62.9%	62.3%	63.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	146M	182M	186M	164M	170M	188M	194M	168M	168M	191M	193M	180M
Operating expenses	137M	201M	169M	137M	145M	197M	184M	753M	765M	752M	749M	776M
Operating income	864M	1.1B	1B	696M	838M	793M	1.1B	945M	1.1B	1.3B	1.1B	1.2B
Operating margin	33.8%	39.1%	36.5%	29.8%	31.6%	28.9%	35.9%	34%	37.9%	39.4%	37.6%	38.3%
Non-operating income, net	311M	702M	192M	198M	468M	86M	177M	162M	192M	88M	393M	337M
Pretax income	861M	1.5B	855M	555M	968M	608M	922M	757M	929M	1B	1.2B	1.1B
Income tax	176M	370M	193M	129M	227M	91M	193M	174M	246M	244M	244M	260M
Net income	684M	1.2B	662M	426M	741M	517M	729M	583M	683M	773M	912M	876M
Net margin	26.7%	42%	23.9%	18.2%	27.9%	18.8%	23.9%	21%	23.4%	24.2%	30.1%	28.7%
EBITDA	1.5B	1.9B	1.7B	1.4B	1.6B	1.6B	1.8B	1.7B	1.8B	2.2B	1.9B	2B
EPS	0.54	—	0.52	0.33	0.58	—	0.57	0.45	0.53	—	0.71	0.68
Diluted EPS	0.54	—	0.52	0.33	0.58	—	0.56	0.45	0.53	—	0.7	0.68

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	23.4B	—	—	28.7B	24.3B	31.6B	40.1B	42.4B	66B	73.4B	84.4B
Enterprise value	46.7B	—	—	50.8B	46.6B	53.7B	62.9B	66.7B	92.9B	102.7B	117.5B
Shares outstanding	750M	826M	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	40.3	122.9	20.3	18.9	12.8	28.1	26.5	27.5
P/S	3.11	—	—	3.51	3.15	2.98	3.66	3.89	6.28	6.14	6.84
P/B	1.66	—	—	1.76	1.67	2.24	2.85	2.85	4.45	4.89	6.41
EV/EBITDA	12.3	—	—	11.3	10.2	10.5	11	9.51	14.8	13.5	16.7
EV/Sales	6.23	—	—	6.19	6.03	5.05	5.73	6.12	8.84	8.6	9.54
Earnings yield	—	—	—	2.48%	0.81%	4.94%	5.28%	7.79%	3.56%	3.77%	3.64%
FCF yield	9.01%	—	—	5.37%	9.13%	8.53%	6.5%	7.95%	3.48%	1.22%	-1.8%
PEG	—	—	—	—	—	—	—	—	—	—	0.54

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	53.5%	49.7%	47.4%	53.9%	56.8%	44.7%	50.2%	62.4%	58.7%	62%	63.7%
Operating margin	20.8%	21.8%	22.9%	29.1%	33.3%	24.8%	27.5%	38.3%	31.8%	36.9%	39.5%
Net margin	-4.67%	31.2%	2.22%	8.71%	2.57%	14.7%	19.3%	30.3%	22.3%	23.2%	24.9%
ROE	-2.49%	15.5%	1.21%	4.36%	1.36%	11.1%	15.1%	22.2%	15.8%	18.5%	21.5%
ROA	-0.75%	5.41%	0.43%	1.55%	0.45%	3.28%	4.37%	6.28%	4.3%	4.73%	5.03%
ROIC	4.18%	4.84%	3.04%	4.26%	4.99%	5.49%	6.83%	8.23%	6.29%	7.59%	7.79%
Return on tangible assets	-1.27%	8.72%	0.65%	2.37%	0.68%	4.76%	6.28%	8.82%	5.85%	6.14%	6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.5	0.82	0.81	0.4	0.62	0.91	0.78	0.77	0.5	0.53	0.48
Quick ratio	0.45	0.78	0.74	0.37	0.56	0.84	0.71	0.73	0.45	0.48	0.43
Debt / equity	1.67	1.29	1.4	1.36	1.53	1.68	1.63	1.78	1.82	1.96	2
Debt / assets	0.5	0.45	0.49	0.48	0.51	0.5	0.47	0.5	0.49	0.5	0.51
Net debt / EBITDA	6.13	5.14	5.29	4.89	4.86	4.32	4	3.46	4.27	3.85	3.86
Interest coverage	0.68	1.49	1.3	1.9	1.24	2.76	3.22	4.56	3.19	3.51	3.84
Effective tax rate	0%	0%	41.7%	31.5%	28.5%	24.7%	16.7%	22.8%	21.4%	23.6%	23.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	10	9.72	7.18	6.77	6.36	8.74	9	8.96	8.61	9.79	10.1
EPS (basic)	-0.57	2.63	-0.13	0.7	0.17	1.25	1.68	2.61	1.82	2.14	2.14
EPS (diluted)	-0.57	2.62	-0.16	0.7	0.17	1.24	1.67	2.6	1.82	2.14	2.51
Book value per share	18.7	19.6	13.2	13.5	12	11.6	11.5	12.2	12.2	12.3	10.8
FCF per share	2.81	0.79	0.02	1.27	1.83	2.22	2.14	2.77	1.88	0.74	-0.14
Cash per share	0.23	1.09	0.14	0.24	0.12	1.38	0.12	1.77	0.05	0.05	0.17
Capex per share	0.04	0.05	0.01	0.03	0.03	0.01	0.02	0.04	0.09	4.01	4.98

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.4%	0.51%	0.08%	0.49%	0.47%	0.08%	0.27%	0.47%	1%	40.9%	50%
Capex / operating cash flow	1.52%	1.39%	0.37%	1.48%	1.76%	0.22%	0.74%	0.78%	2.26%	83%	101.8%
Payout ratio	-360.3%	39.5%	718.1%	258%	980.3%	127.5%	97.8%	66%	98.7%	88.2%	81.7%
Dividend yield	5.4%	—	—	6.41%	7.98%	6.29%	5.17%	5.14%	3.51%	3.33%	3.06%

Yield

3.06%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.525

ex-dividend Sep 11, 2026

Payout ratio

82%

of earnings

Dividend growth

8 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 11, 2026	$0.525
Jun 12, 2026	$0.525
Mar 13, 2026	$0.525

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$2.6B	$2.8B	$2.8B	$2.3B	$2.7B	$2.7B	$3B	$2.8B	$2.9B	$3.2B	$3B	$3.1B
YoY change	-15.3%	-4.98%	-10.1%	-5.92%	+3.67%	-1.47%	+10%	+19%	+10.2%	+16.6%	-0.59%	+9.78%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	170M	899M	168M	289M	142M	1.7B	152M	2.1B	60M	63M
Receivables	938M	958M	858M	890M	999M	2B	1.8B	1.3B	1.9B	1.5B
Inventory	138M	113M	130M	125M	136M	379M	320M	274M	279M	314M
Total current assets	1.5B	2.2B	1.5B	1.6B	1.4B	4.5B	3.8B	4.5B	2.7B	3.2B
Property, plant & equipment	28.4B	28.2B	27.5B	29.2B	28.9B	29.3B	30.9B	34.3B	38.7B	42B
Goodwill & intangibles	19.3B	17.6B	15.5B	15.9B	14.9B	14.8B	14.7B	15.2B	14.4B	13.5B
Total assets	46.8B	46.4B	45.3B	46B	44.2B	47.6B	48.4B	52.6B	54.5B	58.6B
Accounts payable	623M	978M	662M	552M	482M	1.7B	2.3B	1.4B	1.6B	2.2B
Short-term debt	878M	501M	47M	2.2B	921M	2B	1B	3.1B	2.2B	2.1B
Total current liabilities	2.9B	2.6B	1.8B	4B	2.3B	5B	4.9B	5.8B	5.3B	6.1B
Long-term debt	22.6B	20.4B	22.4B	20.1B	21.5B	21.6B	21.9B	23.4B	24.7B	27.3B
Total liabilities	32.8B	30.2B	29.3B	29.7B	29.6B	33.5B	34.4B	37.7B	39.7B	43.6B
Shareholders' equity	14B	16.2B	16B	16.4B	14.6B	14.1B	14B	14.9B	14.8B	15B
Total debt	23.5B	20.9B	22.4B	22.3B	22.4B	23.7B	22.9B	26.5B	26.9B	29.4B
Net debt	23.3B	20B	22.2B	22B	22.2B	22B	22.8B	24.3B	26.9B	29.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	2.1B	2.1B	667M	55M	762M	60M	100M	903M	70M	63M	950M	203M
Receivables	1.4B	1.3B	1.2B	1.1B	1.1B	1.9B	1.4B	1.3B	1.2B	1.5B	1.4B	1.6B
Inventory	266M	274M	239M	274M	275M	279M	249M	335M	339M	314M	262M	335M
Total current assets	4.3B	4.5B	2.6B	2.1B	2.7B	2.7B	2.5B	3.2B	2.3B	3.2B	3.3B	3.1B
Property, plant & equipment	-18.2B	34.3B	-17.9B	-18.2B	-18.5B	38.7B	-19.2B	-19.6B	-19.9B	42B	-20.5B	-20.9B
Goodwill & intangibles	7.5B	15.2B	7.5B	7.4B	7.3B	14.4B	7.1B	7.1B	7B	13.5B	6.7B	6.6B
Total assets	50.8B	52.6B	52.7B	52.4B	53.8B	54.5B	54.9B	56.1B	55.7B	58.6B	59.6B	60.6B
Accounts payable	1.4B	1.4B	1B	1.2B	1.1B	1.6B	1.6B	1.4B	1.4B	2.2B	2.3B	2.2B
Short-term debt	2.9B	3.1B	2.8B	2.2B	2.3B	2.2B	3.3B	3B	2.4B	2.1B	248M	2.7B
Total current liabilities	5.5B	5.8B	5B	4.7B	4.7B	5.3B	6.3B	6B	5.4B	6.1B	4B	6.5B
Long-term debt	22.8B	23.4B	24.1B	24.1B	24.8B	24.7B	24.1B	25.6B	25.6B	27.3B	30.1B	28.1B
Total liabilities	36.4B	37.7B	37.8B	37.7B	39B	39.7B	40.1B	41.3B	40.9B	43.6B	44.4B	45.2B
Shareholders' equity	14.3B	14.9B	14.9B	14.7B	14.9B	14.8B	14.9B	14.8B	14.9B	15B	15.2B	15.4B
Total debt	25.7B	26.5B	26.9B	26.3B	27.1B	26.9B	27.4B	28.6B	28B	29.4B	30.3B	30.8B
Net debt	23.6B	24.3B	26.2B	26.2B	26.3B	26.9B	27.3B	27.7B	27.9B	29.3B	29.4B	30.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-350M	2.5B	193M	714M	198M	1.6B	2.1B	3.3B	2.3B	2.8B
Depreciation & amortization	1.8B	1.7B	1.7B	1.7B	1.7B	1.8B	2B	2.1B	2.2B	2.3B
Stock-based compensation	73M	78M	55M	57M	52M	81M	73M	77M	99M	93M
Change in working capital	517M	-141M	-272M	-157M	-31M	-380M	-588M	107M	-526M	-164M
Operating cash flow	2B	2.9B	1.9B	2.7B	2B	3.6B	4B	6.5B	4.6B	5.9B
Capital expenditure	30M	-41M	-7M	-40M	-36M	-8M	-30M	-51M	-105M	-4.9B
Investing cash flow	1.2B	2.5B	531M	-718M	-319M	-226M	-1.1B	-1.4B	-2.3B	-5.4B
Dividends paid	-1.3B	-992M	-1.4B	-1.8B	-1.9B	-2B	-2.1B	-2.2B	-2.3B	-2.4B
Share repurchases	—	—	—	—	—	0	-9M	-130M	0	0
Financing cash flow	-3.2B	-2.5B	-1.3B	-749M	-2.1B	-942M	-3B	-49M	-2.2B	-406M
Net change in cash	-57M	3B	1.1B	1.2B	-356M	2.4B	-122M	5.1B	153M	109M
Free cash flow	2.1B	649M	30M	1.5B	2.2B	2.7B	2.6B	3.4B	2.3B	899M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	684M	1.2B	662M	426M	741M	517M	729M	583M	683M	773M	912M	876M
Depreciation & amortization	521M	529M	548M	540M	566M	565M	585M	605M	564M	593M	584M	592M
Stock-based compensation	19M	18M	24M	24M	21M	30M	30M	19M	21M	23M	22M	17M
Change in working capital	-21M	-172M	-81M	-151M	-14M	-315M	-54M	85M	-71M	-124M	-257M	-161M
Operating cash flow	1.4B	1.9B	1.3B	945M	1.5B	836M	1.4B	1.4B	1.4B	1.6B	1.6B	1.4B
Capital expenditure	-12M	-18M	5M	-32M	-46M	-32M	0	-972M	-954M	-2B	-1.4B	-1.8B
Investing cash flow	347M	-589M	-1.9B	-41M	-55M	-302M	-158M	-984M	-968M	-2.3B	-1.3B	-1.9B
Dividends paid	-544M	-544M	-579M	-579M	-579M	-579M	-610M	-611M	-611M	-610M	-642M	-642M
Share repurchases	0	0	0	0	0	0	—	—	—	—	—	—
Financing cash flow	632M	-477M	-281M	-1.3B	201M	-850M	-223M	377M	-1.3B	704M	168M	-217M
Net change in cash	2.3B	842M	-868M	-367M	1.7B	-316M	1B	843M	-793M	19M	518M	-723M
Free cash flow	532M	1.1B	690M	673M	515M	418M	421M	438M	445M	-405M	244M	-458M

Date	Ratio
Jan 3, 2012	10000:8152
Apr 24, 2001	1000:918
Dec 30, 1997	2:1
Dec 31, 1996	3:2
Nov 8, 1993	2:1

The Williams Companies, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history