WMB Q2 2025 Earnings
Reported Aug 4, 2025 at 4:23 PM ET · SEC Source
Q2 25 EPS
$0.46
MISS 5.99%
Est. $0.49
Q2 25 Revenue
$2.78B
BEAT +1.81%
Est. $2.73B
vs S&P Since Q2 25
+13.0%
BEATING MARKET
WMB +27.8% vs S&P +14.8%
Market Reaction
Did WMB Beat Earnings? Q2 2025 Results
Williams Companies posted a mixed second quarter for 2025, delivering revenue of $2.78 billion, up 19.1% year-over-year and ahead of the $2.73 billion consensus by 1.81%, while earnings per share of $0.46 fell short of the $0.49 analyst estimate by r… Read more Williams Companies posted a mixed second quarter for 2025, delivering revenue of $2.78 billion, up 19.1% year-over-year and ahead of the $2.73 billion consensus by 1.81%, while earnings per share of $0.46 fell short of the $0.49 analyst estimate by roughly 6%. The story beneath those headline figures, however, skewed decidedly positive: adjusted EBITDA climbed 8% year-over-year to $1.81 billion, powered by Transco expansion projects, record summer natural gas volumes on both Transco and Gulfstream, and strong gathering growth across the Northeast and West segments. The Transmission & Gulf of America segment alone contributed $903 million in adjusted EBITDA, up $91 million from a year ago. Williams also broke ground on Socrates, a $1.60 billion Power Innovation project targeting AI-driven energy demand, a theme increasingly drawing investor attention to natural gas infrastructure plays. Management's confidence showed in its guidance revision, raising the 2025 adjusted EBITDA midpoint by $50 million to $7.75 billion, representing a cumulative $350 million increase from original guidance, with full-year adjusted EPS expected between $2.01 and $2.19.
Key Takeaways
- • Transco expansion projects placed into service driving higher service revenues
- • New Gulf of America deepwater volumes from Ballymore and Shenandoah expansions
- • Higher gathering and processing volumes in Northeast (Ohio Valley Midstream, Cardinal, Bradford)
- • Higher Haynesville volumes and new volumes from Rimrock and Saber acquisitions in West segment
- • Favorable net changes to derivative collateral requirements
WMB YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“Williams delivered another outstanding quarter with Adjusted EBITDA up 8% over second quarter last year, driven primarily by Transco expansions and new volumes in the Gulf as well as higher volumes in our Northeast and West gathering and processing segments. With the continued strength of our base business and our recent acquisition of Saber Midstream in the Haynesville, we expect earnings growth to continue to build in the second half of the year. As a result, we are raising our 2025 Adjusted EBITDA guidance midpoint again by $50 million to $7.75 billion, for a total increase of $350 million from our original 2025 guidance.”
— Chad Zamarin, Q2 2025 Earnings Press Release
WMB Earnings Trends
WMB vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
WMB EPS Trend
Earnings per share: estimate vs actual
WMB Revenue Trend
Quarterly revenue: estimate vs actual
WMB Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q4 25 FY | — | $0.55 | — | — | — |
| FY Full Year | — | $2.10 | — | $11.95B | — |
| Q3 25 | — | $0.49 | — | $2.92B | — |
| Q2 25 MISS | $0.49 | $0.46 | -5.99% | $2.78B | +1.81% |
| Q1 25 BEAT | $0.55 | $0.60 | +8.44% | $3.05B | +3.60% |