Jun 2026 (Q2 FY26) — Aug 4, 2026
The Williams Companies Q2 FY26 — Raised Guidance and Strategic Acquisitions Drive Growth
Read the full callWilliams Companies (WMB) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Williams Companies earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 3,053 | +9.8% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 38.7 | +4.7 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 827 | +51.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
8 of 9 judged targets kept · 29 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA compound annual growth rate 2025 to 2030 | 10%-plus CAGR for EBITDA and EPS, 2025 through 2030 | Mar 2026 | we are increasing our long-term EBITDA growth rate target to 11-plus percent compound annual growth through 2030 versus our previously announced 10-plus percent compound annual growth target | Revised Up |
| Additional power innovation projects commercialized in 2026 | commercialize additional power innovation projects before the end of 2026 | Jun 2026 | We expect to commercialize additional projects between now and the end of the year | New |
1 of WILLIAMS COMPANIES, INC.'s 38 targets was missed. See which ones, and which are quietly gone. The 2 above are the free sample; 36 more targets are in the full ledger.
Claimed
- Socrates Phase 1 achieved in-service on time and within budget, delivering 200 megawatts of power.
- Full-year 2026 Adjusted EBITDA guidance raised by $200 million at the midpoint to $8.3 billion-$8.5 billion.
- Long-term EBITDA growth rate target increased to 11%+ CAGR through 2030, up from 10%+.
- Strategic acquisition of Momentum Midstream for $5.5 billion, expanding Haynesville footprint and unlocking new projects.
- Power Innovation financing joint venture with Blackstone provides $5.34 billion of committed capital at an attractive 6.35% cost of equity.
Qualified
Price
$70.38 −1.26% · −$0.9
Performance +12.7% 1Y
1Y: $62.46 on 17 Oct 2025 → $70.38. High $79.4 (19 May 2026), low $56.51 (4 Nov 2025).
- Previous close
- $71.28
- 52-week range
- $56.51 – $79.4
- One year
- +11.61%
Overview
- Symbol
- WMB
- Sector
- Energy
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
8 of 9 judged targets kept · 29 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Adjusted EBITDA compound annual growth rate 2025 to 2030 | 10%-plus CAGR for EBITDA and EPS, 2025 through 2030 | Mar 2026 | we are increasing our long-term EBITDA growth rate target to 11-plus percent compound annual growth through 2030 versus our previously announced 10-plus percent compound annual growth target | Revised Up |
| Additional power innovation projects commercialized in 2026 | commercialize additional power innovation projects before the end of 2026 | Jun 2026 | We expect to commercialize additional projects between now and the end of the year | New |
Claimed
- Socrates Phase 1 achieved in-service on time and within budget, delivering 200 megawatts of power.
- Full-year 2026 Adjusted EBITDA guidance raised by $200 million at the midpoint to $8.3 billion-$8.5 billion.
- Long-term EBITDA growth rate target increased to 11%+ CAGR through 2030, up from 10%+.
- Strategic acquisition of Momentum Midstream for $5.5 billion, expanding Haynesville footprint and unlocking new projects.
- Power Innovation financing joint venture with Blackstone provides $5.34 billion of committed capital at an attractive 6.35% cost of equity.
Qualified
The full ledger
Open WILLIAMS COMPANIES, INC.’s full ledger
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Call summaries
Mar 2026 (Q1 FY26) — May 5, 2026
The Williams Companies Q1 FY26 — Record $2.25B adjusted EBITDA and fifth data-center power project (682 MW NEO)
Read the full callSep 2025 (Q3 FY25) — Nov 4, 2025
The Williams Companies, Inc. Q3 FY25 — Strong Growth Driven by Power Innovation and LNG Strategy
Read the full callEvery analysed call
Williams Companies earnings calls (WMB)
Financials
What the filings say
Net profit, year on year: +51% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,653 | 2,743 | 3,048 | 2,781 | 2,923 | 3,198 | 3,030 | 3,053 |
| Expenses | 1,815 | 1,950 | 1,954 | 1,836 | 1,814 | 2,150 | 1,709 | 1,871 |
| Operating profit | 838 | 793 | 1,094 | 945 | 1,109 | 1,048 | 1,321 | 1,182 |
| Operating margin | 31.6% | 28.9% | 35.9% | 34.0% | 37.9% | 32.8% | 43.6% | 38.7% |
| Interest | 338 | 338 | 349 | 350 | 372 | 371 | 376 | 371 |
| Profit before tax | 968 | 608 | 922 | 757 | 929 | 1,017 | 1,156 | 1,136 |
| Tax rate | 23.4% | 15.0% | 20.9% | 23.0% | 26.5% | 24.0% | 21.1% | 22.9% |
| Net profit | 706 | 486 | 691 | 546 | 647 | 734 | 865 | 827 |
| EPS ($ per share) | 0.58 | — | 0.57 | 0.45 | 0.53 | — | 0.71 | 0.68 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1,245 | 1,247 | 1,248 | 1,250 | 1,253 | 1,256 | 1,258 | 1,261 |
| Reserves | -10,002 | -11,002 | -12,748 | -13,237 | -13,271 | -12,287 | -12,396 | -12,237 |
| Total liabilities | 29,305 | 29,676 | 29,582 | 33,511 | 34,388 | 37,736 | 39,692 | 43,578 |
| Fixed assets | 27,504 | 29,200 | 28,929 | 29,258 | 30,889 | 34,311 | 38,692 | 41,996 |
| Total assets | 45,302 | 46,040 | 44,165 | 47,612 | 48,433 | 52,627 | 54,532 | 58,573 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 3,293 | 3,693 | 3,496 | 3,945 | 4,889 | 5,938 | 4,974 | 5,898 |
| Cash from investing | -2,725 | -2,827 | -1,558 | -1,465 | -3,375 | -3,891 | -4,863 | -5,489 |
| Cash from financing | -1,299 | -745 | -2,085 | -942 | -3,042 | -49 | -2,201 | -406 |
| Net cash flow | -731 | 121 | -147 | 1,538 | -1,528 | 1,998 | -2,090 | 3 |
| Capital expenditure | -3,256 | -2,109 | -1,239 | -1,239 | -2,253 | -2,516 | -2,573 | -4,893 |
| Free cash flow | 37 | 1,584 | 2,257 | 2,706 | 2,636 | 3,422 | 2,401 | 1,005 |
WMB revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Transmission Power Gulf | — | — | — | — | 48% | — | 30% | 41% | — |
| West | 22% | 29% | 24% | 24% | 24% | 23% | 16% | 21% | +7.1% |
| Gas NGL Marketing Services | 16% | 19% | 23% | 14% | 15% | 20% | 50% | 19% | +64.0% |
| Northeast GP | — | — | — | — | 18% | — | 11% | 16% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
92 filings between Nov 11, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$11.13M
22 sales by 7 insiders
18% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 23
- Award — granted as compensation
- 14
- Option exercise — converted options into shares
- 25
- Tax withheld — shares kept back by the company to cover tax
Also filed: 6 gifts, 2 other filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Wilson Terrance Lane | — | $4.73M | Oct 1, 2026 |
| Porter John Dean | — | $3.77M | May 6, 2026 |
| Larsen Larry C | — | $917.8K | May 14, 2026 |
| Hausman Mary A. | — | $757.1K | Feb 26, 2026 |
| Rinke Todd J. | — | $547.8K | Mar 11, 2026 |
| Fazel Payvand | — | $212.0K | Mar 13, 2026 |
| Jasek Glen G. | — | $195.4K | May 15, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Wilson Terrance Lane SVP & General Counsel | Sale | 2,000 | $135.7K |
| Sep 1, 2026 | Wilson Terrance Lane SVP & General Counsel | Sale | 2,000 | $151.1K |
| Aug 14, 2026 | Wilson Terrance Lane SVP & General Counsel | Sale | 2,800 | $209.5K |
| Aug 14, 2026 | Wilson Terrance Lane SVP & General Counsel | Gift | 1,900 | $0 |
| Aug 14, 2026 | Wilson Terrance Lane SVP & General Counsel | Sale | 10,200 | $763.8K |
| Aug 14, 2026 | Wilson Terrance Lane SVP & General Counsel | Gift | 100 | $0 |
| Aug 6, 2026 | Wingo Robert R. Executive Vice President | Tax withheld | 8,226 | $590.3K |
| Aug 5, 2026 | Helms Lloyd W Jr Director | Award | 2,785 | $200.0K |
| Aug 5, 2026 | Turner Robb E Director | Award | 2,785 | $200.0K |
| Aug 3, 2026 | Wilson Terrance Lane SVP & General Counsel | Sale | 2,000 | $141.3K |
| Jul 1, 2026 | Wilson Terrance Lane SVP & General Counsel | Sale | 2,000 | $148.3K |
| Jun 25, 2026 | Porter John Dean EVP & CFO | Option exercise | 1,899 | $47.4K |
| Jun 25, 2026 | Porter John Dean EVP & CFO | Tax withheld | 1,176 | $91.3K |
| Jun 1, 2026 | Wilson Terrance Lane SVP & General Counsel | Sale 10b5-1 plan | 2,000 | $142.6K |
| May 19, 2026 | BERGSTROM STEPHEN W Director | Gift | 16,400 | $0 |
| May 15, 2026 | Jasek Glen G. Senior Vice President | Sale | 836 | $65.3K |
| May 15, 2026 | Jasek Glen G. Senior Vice President | Sale | 1,664 | $130.1K |
| May 15, 2026 | Jasek Glen G. Senior Vice President | Option exercise | 1,664 | $48.4K |
| May 15, 2026 | Jasek Glen G. Senior Vice President | Option exercise | 836 | $23.5K |
| May 14, 2026 | Larsen Larry C Executive Vice President & COO | Sale | 12,000 | $917.8K |
| May 6, 2026 | Porter John Dean EVP & CFO | Sale | 50,000 | $3.77M |
| May 1, 2026 | Wilson Terrance Lane SVP & General Counsel | Sale | 2,000 | $152.7K |
| Apr 28, 2026 | CREEL MICHAEL A Director | Award | 4,873 | $355.9K |
| Apr 28, 2026 | Lockhart Carri A. Director | Award | 3,250 | $237.4K |
| Apr 28, 2026 | BERGSTROM STEPHEN W Director | Award | 10,355 | $756.3K |
| Apr 28, 2026 | Muncrief Richard E Director | Award | 3,415 | $249.4K |
| Apr 28, 2026 | Ragauss Peter A Director | Award | 4,873 | $355.9K |
| Apr 28, 2026 | ROBESON ROSE M Director | Award | 3,818 | $278.9K |
| Apr 28, 2026 | SPENCE WILLIAM H Director | Award | 5,086 | $371.5K |
| Apr 28, 2026 | Tyson Jesse J Director | Award | 3,415 | $249.4K |
| Apr 28, 2026 | SHEFFIELD SCOTT D Director | Award | 4,873 | $355.9K |
| Apr 1, 2026 | Wilson Terrance Lane SVP & General Counsel | Sale 10b5-1 plan | 2,000 | $143.5K |
| Mar 13, 2026 | Fazel Payvand Senior Vice President | Sale | 2,898 | $212.0K |
| Mar 11, 2026 | Rinke Todd J. Senior Vice President | Sale | 7,364 | $547.8K |
| Mar 9, 2026 | Fazel Payvand Senior Vice President | Award | 5,637 | $412.5K |
| Mar 9, 2026 | Fazel Payvand Senior Vice President | Tax withheld | 1,464 | $107.1K |
| Mar 9, 2026 | Jasek Glen G. Senior Vice President | Award | 5,637 | $412.5K |
| Mar 5, 2026 | ARMSTRONG ALAN S Director | Other | 241,248 | $17.61M |
| Mar 5, 2026 | ARMSTRONG ALAN S Director | Other | 241,248 | $17.61M |
| Mar 2, 2026 | Wilson Terrance Lane SVP & General Counsel | Sale | 2,000 | $150.5K |
| Feb 26, 2026 | Hausman Mary A. VP Chief Accounting Officer | Sale | 10,107 | $757.1K |
| Feb 24, 2026 | Wilson Terrance Lane SVP & General Counsel | Gift | 3,000 | $0 |
| Feb 24, 2026 | Wilson Terrance Lane SVP & General Counsel | Sale | 27,000 | $1.97M |
| Feb 23, 2026 | Zamarin Chad J. President and CEO | Tax withheld | 21,184 | $1.55M |
| Feb 23, 2026 | Zamarin Chad J. President and CEO | Tax withheld | 32,418 | $2.37M |
| Feb 23, 2026 | Zamarin Chad J. President and CEO | Option exercise | 73,880 | $5.39M |
| Feb 23, 2026 | Wilson Terrance Lane SVP & General Counsel | Tax withheld | 12,068 | $880.7K |
| Feb 23, 2026 | ARMSTRONG ALAN S Director | Tax withheld | 53,462 | $3.90M |
| Feb 23, 2026 | ARMSTRONG ALAN S Director | Tax withheld | 129,633 | $9.46M |
| Feb 23, 2026 | ARMSTRONG ALAN S Director | Option exercise | 295,519 | $21.57M |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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