WMB Q3 2025

Q4 2025 Q3 2025 Q2 2025 Q1 2025

Earnings

Williams Companies posted earnings per share of $0.49 for the third quarter of 2025, coming in shy of analyst expectations, but the underlying business told a more compelling story. Revenue reached $2.92 billion as Adjusted EBITDA climbed 13% year-ov… Read more Williams Companies posted earnings per share of $0.49 for the third quarter of 2025, coming in shy of analyst expectations, but the underlying business told a more compelling story. Revenue reached $2.92 billion as Adjusted EBITDA climbed 13% year-over-year to $1.92 billion, powered by higher net rates and expansion projects along Transco, new deepwater Gulf volumes from the Shenandoah and Salamanca expansions, and stronger gathering and processing activity across the Northeast and West. GAAP net income slipped to $646 million from $705 million a year earlier, though that decline largely reflects the absence of one-time prior-year gains from asset sales and acquisition remeasurements rather than any deterioration in core operations. Adjusted net income rose 14% to $603 million, and cash flow from operations grew 16% to $1.44 billion, underscoring the durability of Williams' contracted pipeline model. Looking ahead, the company reaffirmed its 2025 Adjusted EBITDA guidance midpoint of $7.75 billion, a figure already raised $350 million since original guidance, while boosting growth capex to $3.95–$4.25 billion, reflecting a new strategic investment in Woodside Energy's Louisiana LNG project.