Company file · WMB

Williams Companies

Gas & NGL Marketing Services was Williams Companies' fastest-growing segment in FY2025, up 33.5%

Revenue rose 17.9% to $14.9B in FY2025, from $12.6B in FY2024. Net income rose 17.7% to $2.6B. Gas & NGL Marketing Services was the largest segment, at 37% of the segment total.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 24, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Aug 3, 2026) · Data pulled Oct 29, 2026

Key facts

Williams Companies (NYSE: WMB) closed fiscal 2025 on Dec 31, 2025 with revenue of $14.9B, up 17.9% from a year before; net income came to $2.6B, up 17.7%. Its newest quarterly report covers the three months to Jun 30, 2026: revenue of $3.4B, roughly unchanged on the same stretch of the prior year, and net income of $827M. Broken down by segment, Gas & NGL Marketing Services led with 37% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 24, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 3, 2026).

Revenue$14.9BFY2025 · +17.9% vs FY2024

Net income$2.6BFY2025 · +17.7% vs FY2024

Operating cash flow$5.9BFY2025 · +18.6% vs FY2024

Cash & equivalents$203Mat Jun 30, 2026 · +222.2% vs FY2025 end

Total debt$30.8Bat Jun 30, 2026 · +4.9% vs FY2025 end

Diluted shares1.23BFY2025 avg · +0.2% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 24, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 4, 2026 · 10-Q filed Aug 3, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Gas & NGL Marketing Services$6.0B37%+33.5%
Transmission, Power & Gulf$5.4B33%+17.8%
West$2.8B17%+6.7%
Northeast G & P$2.1B13%+7.1%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Gas & NGL Marketing Services (37%), Transmission, Power & Gulf (33%), West (17%) and Northeast G & P (13%), as shares of the segment total. Total revenue was $14.9B.

By segment: three-year mixShare of the total each fiscal year

FY2023

36%32%16%16%

FY2024

33%33%19%14%

FY2025

37%33%17%13%

Gas & NGL Marketing ServicesTransmission, Power & GulfWestNortheast G & P

Source: 10-K FY2025

By product or service, FY2025

Services$8.4B57%+10.1%

Products$6.5B43%+30.0%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue

$3.4B Q2 2026

$3.4B Q2 2025

0.0% increase

Net income

$827M Q2 2026

$546M Q2 2025

51.5% increase

Source: Williams Companies 10-Q for the quarter ended Jun 30, 2026, filed Aug 3, 2026

By segment

Transmission, Power & Gulf

$1.4B Q2 2026

$1.3B Q2 2025

5.1% increase

Gas & NGL Marketing Services

$1.1B Q2 2026

$1.2B Q2 2025

9.6% decrease

West

$724M Q2 2026

$675M Q2 2025

7.3% increase

Northeast G & P

$534M Q2 2026

$529M Q2 2025

0.9% increase

Source: Williams Companies 10-Q for the quarter ended Jun 30, 2026, filed Aug 3, 2026

Cash & equivalents $203M at Jun 30, 2026, vs $63M at FY2025 end.
Total debt $30.8B at Jun 30, 2026, vs $29.4B at FY2025 end.
Operating cash flow, first 6 months of fiscal 2026: $3.0B vs $2.9B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 17.9% in FY2025 to $14.9B, from $12.6B a year earlier. 10-K, FY2025
Net income rose 17.7% in FY2025 to $2.6B, from $2.2B. 10-K, FY2025
Operating cash flow rose 18.6% in FY2025 to $5.9B. 10-K, FY2025
Revenue in the quarter ended Jun 30, 2026 was $3.4B, up 0.0% on a year earlier. 10-Q, quarter ended Jun 30, 2026

The bear case

Total debt rose 9.1% in FY2025 to $29.4B. 10-K, FY2025
The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include commodity prices; operations and safety; regulation and climate policy. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Williams Companies is in the oil & gas storage & transportation industry, part of the energy sector. The SEC files it under Natural Gas Transmission.

Williams Companies reports 4 segments: Gas & NGL Marketing Services, Transmission, Power & Gulf, West and Northeast G & P.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the oil & gas storage & transportation industry. They are not a summary of Williams Companies’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Commodity pricesOil, gas and refined-product prices drive revenue and spending.
Operations and safetyAccidents, outages and weather can halt production or shipping.
Regulation and climate policyEnvironmental rules and shifts in energy policy can change demand and costs.
DemandEconomic activity and changes in fuel use affect volumes.
Capital spendingProjects need large investment that may not earn what was planned.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$12.0B	$12.6B	$14.9B
Net income	$3.2B	$2.2B	$2.6B
Operating cash flow	$5.9B	$5.0B	$5.9B
Cash & equivalents (year end)	$2.1B	$60M	$63M
Total debt (year end)	$26.4B	$26.9B	$29.4B
Diluted shares	1.22B	1.22B	1.23B

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash, cash equivalents and restricted cash, the only cash total tagged in its filings.
Total debt: Commercial paper and the current part of long-term debt and lease obligations plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator

About these numbers

Segment figures are shown before eliminations and other items, so shares are of the segment total rather than of consolidated revenue.

Recent filings

Form	Filed	Period
10-Q	Aug 3, 2026	Jun 30, 2026
10-Q	May 4, 2026	Mar 31, 2026
DEF 14A	Mar 18, 2026	Apr 28, 2026
10-K	Feb 24, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Williams Companies

How does Williams Companies make money?

Fiscal 2025 revenue: $14.9B. By segment in FY2025: Gas & NGL Marketing Services (37%), Transmission, Power & Gulf (33%), West (17%) and Northeast G & P (13%), as shares of the segment total. Total revenue was $14.9B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

What was Williams Companies's revenue in fiscal 2025?

$14.9B, up 17.9% from fiscal 2024 ($12.6B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $12.0B. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

Is Williams Companies profitable?

Net income was $2.6B in fiscal 2025 (up 17.7%; fiscal 2024 was $2.2B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was $827M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 24, 2026.

What did Williams Companies report in its latest quarterly filing?

For the three months to Jun 30, 2026: revenue $3.4B (roughly unchanged from $3.4B) and net income $827M (up 51.5% from $546M). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 3, 2026.

How much cash and debt does Williams Companies have?

As of Jun 30, 2026: $203M of cash and cash equivalents, $30.8B of total debt. Total debt here is commercial paper and the current part of long-term debt and lease obligations plus long-term debt, at carrying value. Source: 10-Q filed Aug 3, 2026.

What are the main risks Williams Companies faces?

Williams Companies's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 24, 2026. Risks that are common among companies in the oil & gas storage & transportation industry include Commodity prices; operations and safety; regulation and climate policy; demand; capital spending. The first: Oil, gas and refined-product prices drive revenue and spending. Source: 10-K, Item 1A Risk Factors.

Where do these Williams Companies numbers come from?

The 10-K filed Feb 24, 2026 (fiscal 2025) and the 10-Q filed Aug 3, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in WMB: The editor holds no position in Williams Companies (WMB). As of Oct 25, 2026.
Trading rule: The editor does not buy or sell WMB from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Oct 29, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold WMB, and it doesn't consider your situation.

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