Williams Companies (WMB) Q1 FY26 earnings call

Data-center power demand is converting into contracted midstream growth faster than planned: another record quarter, new behind-the-meter and pipeline projects spanning Idaho to New York City, and an improving build-cost curve on the power platform. The trade-off is a temporarily stretched balance sheet; management is counting on partner financing and the coming earnings ramp to restore leverage without slowing its commercial win rate.