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Williams Companies

WMB Q4 2025 Earnings

Reported Feb 10, 2026 at 8:08 AM ET · SEC Source

Q4 25 EPS

$0.55

Q4 25 Revenue

N/A

vs S&P Since Q4 25

+5.4%

BEATING MARKET

WMB +9.6% vs S&P +4.1%

Full Year 2025 Results

FY 25 EPS

$2.10

FY 25 Revenue

$11.95B

Market Reaction

Did WMB Beat Earnings? Q4 2025 Results

Williams Companies closed out a record-setting 2025 on solid footing, posting Q4 earnings per share of $0.55 as the natural gas infrastructure giant capped a full year in which GAAP net income climbed 18% to $2.62 billion and Adjusted EBITDA reached … Read more Williams Companies closed out a record-setting 2025 on solid footing, posting Q4 earnings per share of $0.55 as the natural gas infrastructure giant capped a full year in which GAAP net income climbed 18% to $2.62 billion and Adjusted EBITDA reached a record $7.75 billion, up 9% year-over-year. The primary engine behind the results was the Transmission, Power & Gulf segment, which generated $3.71 billion in full-year Adjusted EBITDA, a gain of $403 million versus 2024, driven by Transco's higher net rates and a steady stream of expansion projects coming online. Cash flow from operations surged 19% to $5.90 billion, underscoring the durability of Williams' fee-based model. The company's stock recently touched a new 52-week high, reflecting growing investor confidence in its infrastructure-focused strategy. Looking ahead, Williams guided 2026 Adjusted EBITDA to a midpoint of $8.20 billion while raising its annualized dividend 5% to $2.10 per share, reinforcing its standing among energy income favorites heading into the new year.

Key Takeaways

  • • Transco's higher net rates and expansion projects driving service revenue growth
  • • New Gulf of Mexico volumes contributing to Transmission, Power & Gulf segment
  • • Higher gathering and processing volumes including acquisitions (Rimrock, Saber Midstream, Crowheart)
  • • Louisiana Energy Gateway project coming into service boosting West segment
  • • Higher gathering volumes at Bradford within Appalachia Midstream driving Northeast G&P growth
  • • Contributions from Blue Racer and Ohio Valley Midstream in Northeast
  • • Increased Cogentrix investment valuation boosting equity earnings

WMB Forward Guidance & Outlook

Williams expects 2026 Adjusted EBITDA between $8.05 billion and $8.35 billion, representing approximately 6% growth at the midpoint versus 2025. Growth capex is projected at $6.1 billion to $6.7 billion, with maintenance capex of $850 million to $950 million. The company targets a leverage ratio midpoint of approximately 4.0x for 2026 and has increased the annualized dividend by 5% to $2.10 per share. The 2026 guidance reflects benefits from pipeline transmission and offshore projects placed in service during 2025, as well as expected partial-year revenues from the company's first power innovation project anticipated to come online in the second half of 2026. Adjusted EPS guidance for 2026 ranges from $2.20 to $2.38, with AFFO expected between $6.085 billion and $6.315 billion, and a dividend coverage ratio of 2.36x to 2.45x.

24/7 Wall St

WMB YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

“In 2025, Williams delivered record Adjusted EBITDA of $7.75 billion, capping a five-year Adjusted EBITDA CAGR of 9%, and a five-year EPS CAGR of 14%. Today we are announcing 2026 Adjusted EBITDA guidance of $8.2 billion at the midpoint, reflecting the ongoing strong growth of our business as we realize the benefit of pipeline transmission and offshore projects that came online in 2025, as well as expected revenues from a partial year of our first power innovation project that is expected to come online in the second half of 2026.”

— Chad Zamarin, Q4 2025 Earnings Press Release

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