The Williams Companies, Inc.
- Open
- 75.05
- Day high
- 75.29
- Day low
- 73.63
- Prev close
- 75.23
- Volume
- 8.7M
- Mkt cap
- $90.9B
- P/E (TTM)
- 29.5
- EPS (TTM)
- $2.55
- P/B
- 6.9
- P/S
- 7.5
- Yield
- 1.41%
- Per share
- $1.05
- ▼Insiders net selling -$1.4M over the last 3 months (0 open-market buys, 5 sales)
- 🏛Institutions accumulating (13F)
The Williams Companies, Inc. (WMB) is a Energy company listed on NYSE. The stock is up 30% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 5 sales (SEC Form 4). Drillr has 2 published research articles covering WMB.
The Williams Companies, Inc. (WMB) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 7 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
WMB earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 4, 2026 | $0.50 | $0.50 | -0.4% | $3.1B | +7.9% |
| May 5, 2026 | $0.63 | $0.73 | +15.1% | $3.0B | -7.6% |
| Feb 12, 2025 | $0.47 | $0.47 | +0.0% | $2.7B | +2.3% |
| Feb 14, 2024 | $0.45 | $0.48 | +6.7% | $2.8B | +5.3% |
| Nov 1, 2023 | $0.41 | $0.48 | +17.1% | $2.6B | -1.0% |
| Aug 2, 2023 | $0.39 | $0.45 | +15.4% | $2.5B | -8.1% |
| May 3, 2023 | $0.46 | $0.56 | +21.7% | $3.1B | +18.0% |
| Feb 20, 2023 | $0.49 | $0.55 | +12.2% | $2.9B | +0.5% |
| Oct 31, 2022 | $0.44 | $0.49 | +11.4% | $3.0B | +4.1% |
| May 2, 2022 | $0.36 | $0.41 | +13.9% | $2.5B | -4.2% |
| Feb 21, 2022 | $0.34 | $0.39 | +14.7% | $3.0B | +24.0% |
| May 3, 2021 | $0.29 | $0.35 | +20.7% | $2.6B | +37.4% |
WMB insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Sep 2, 2026 | Wilson Terrance Laneofficer: SVP & General Counsel | Sell | 2,000 | $75.56 |
| Aug 17, 2026 | Wilson Terrance Laneofficer: SVP & General Counsel | Sell | 10,200 | $74.88 |
| Aug 17, 2026 | Wilson Terrance Laneofficer: SVP & General Counsel | Sell | 2,800 | $74.84 |
| Aug 10, 2026 | Wingo Robert R.officer: Executive Vice President | Tax | 8,226 | $71.76 |
| Aug 7, 2026 | Helms Lloyd W Jrdirector | Grant | 2,785 | $71.81 |
| Aug 7, 2026 | Turner Robb Edirector | Grant | 2,785 | $71.81 |
| Aug 4, 2026 | Wilson Terrance Laneofficer: SVP & General Counsel | Sell | 2,000 | $70.65 |
| Jul 2, 2026 | Wilson Terrance Laneofficer: SVP & General Counsel | Sell | 2,000 | $74.16 |
| Jun 26, 2026 | Porter John Deanofficer: EVP & CFO | Tax | 1,176 | $77.62 |
| Jun 26, 2026 | Porter John Deanofficer: EVP & CFO | Option | 1,899 | $24.98 |
| Jun 2, 2026 | Wilson Terrance Laneofficer: SVP & General Counsel | Sell | 2,000 | $71.30 |
| May 18, 2026 | Jasek Glen G.officer: Senior Vice President | Option | 1,664 | $29.09 |
| May 18, 2026 | Jasek Glen G.officer: Senior Vice President | Option | 836 | $28.15 |
| May 18, 2026 | Jasek Glen G.officer: Senior Vice President | Sell | 1,664 | $78.17 |
| May 18, 2026 | Jasek Glen G.officer: Senior Vice President | Sell | 836 | $78.13 |
Source: WMB SEC Form 4 filings, latest Sep 2, 2026. For informational purposes only — not investment advice.
See the full WMB insider & 13F page →WMB research & analysis
[WMB] Williams Companies Thesis 2026: Transco Pipeline Network Drives Natural Gas Long-Cycle Growth
The Williams Companies, Inc. (NYSE: WMB) FY2025 revenue ~$11-11.5B (+5-8%) with adj. EPS ~$1.65-2.05 reflecting continued post-2024 Transco interstate pipeline expansion + selected June 2024 Mountain Valley Pipeline (MVP) commissioning + selected 2025 SE Energy Connect $1.6B acquisition + selected ~30-year continuous dividend track (~30+ years since 1995) + selected long-tenured CEO Alan Armstrong (~14-year tenure since 2011). Leading US midstream natural gas pipeline + processing firm focused on natural gas transmission + storage + selected NGL services. Founded 1908 by Miller + David Williams in Fort Smith Arkansas (~117-year heritage; selected initial focus on selected oil + gas pipelines); selected various rebrands and corporate transformations through ~117-year history including 2014 Access Midstream merger + 2018 Williams Partners LP simplification + selected post-2018 corporate structure. Headquartered in Tulsa Oklahoma; ~5,500+ employees globally with ~$11-11.5B revenue. Four reporting segments: Transmission & Gulf of Mexico ~45% revenue ($5B — Transco interstate natural gas pipeline ~10K miles + Gulf of Mexico offshore + ~14% US natural gas transmission market share leadership largest US interstate pipeline by deliverability ~12-15 BCF/d), Northeast G&P ~25% ($2.7B — selected Marcellus/Utica natural gas gathering + processing in Pennsylvania + Ohio + West Virginia), West ~20% ($2.2B — selected Permian + Rockies + Pacific Northwest natural gas gathering + processing), Gas + NGL Marketing Services ~10% ($1B — selected commodity marketing). Transco interstate pipeline: ~10K-mile system connecting Gulf Coast supply basins (Eagle Ford + Haynesville + Permian) to Northeast/Mid-Atlantic markets; ~14% US natural gas transmission market share leadership; post-2024 ~$2-3B+ Transco expansion projects (SE Energy Connect $1.6B + various others); long-term FERC-regulated pipeline tariffs providing stable cash flow. June 2024 Mountain Valley Pipeline (MVP) commissioning: ~300-mile West Virginia to Virginia natural gas pipeline; ~2 BCF/d capacity; long-disputed pipeline overcoming ~5 years regulatory + environmental disputes; ~$8B aggregate construction cost; Williams ~30%+ ownership stake; ~$200-400M annualized incremental EBITDA contribution. 2025 SE Energy Connect $1.6B acquisition: Southeast natural gas pipeline assets including Cove Point LNG export terminal connection; ~$100-200M annualized incremental EBITDA. CEO Alan S. Armstrong since 2011 (succeeded Steve Malcolm CEO 2002-2011 retired who led 2002-2011 Williams transformation; Armstrong ex-Williams Sr VP Energy Marketing 2007-2011 + ex-various Williams roles + ~30-year company career). Capital return: ~$1.94-2.06 annual dividend FY2025 (~30+ consecutive year continuous track since 1995; ~5-7% annual increases; selected dividend aristocrat; ~3.5-4.0% yield); modest buybacks $200-400M FY2025; investment-grade A3/A- credit ratings; FCF $4-5B. FY2026 thesis: Transco expansion + MVP utilization + ~31-year dividend track + LNG/power generation natural gas demand. Risks: Transco volumes decline severe, FERC tariff regulatory changes, major capital project cost overruns, interest rate severe.
Goldman Sachs Natural Gas Warning: EQT Up 73%, But SO Faces Margin Squeeze
Goldman Sachs' supply crunch warning spotlights natgas winners like EQT and COP for production gains, midstream KMI/WMB for volumes, versus utility loser SO facing fuel cost pain. Backed by FY2025 financials showing EQT's 73% revenue surge and strong FCF across winners.
CVXCOPEQT
The Williams Companies, Inc. company profile
Overview
The Williams Companies, Inc. (NYSE:WMB) is a major American energy infrastructure company founded in 1908 and headquartered in Tulsa, Oklahoma. Originally established as a construction and pipeline company, Williams has evolved into one of the largest natural gas pipeline operators in the United States. The company operates an extensive network of approximately 30,000 miles of pipelines, 29 processing facilities, 7 fractionation facilities, and about 23 million barrels of natural gas liquids storage capacity. Williams plays a critical role in America's energy infrastructure by connecting natural gas production regions to major consumption markets across the country.
Business
Williams operates in the energy midstream sector, which serves as the critical link between upstream energy production and downstream consumption. The company's business is divided into four main segments that collectively handle the transportation, processing, and marketing of natural gas and natural gas liquids (NGLs). The **Transmission & Gulf of Mexico segment** represents Williams' largest revenue generator, operating major interstate natural gas pipeline systems including Transco and Northwest pipelines. Transco is one of the nation's largest natural gas pipeline systems, stretching from Texas to New York and serving major population centers along the Eastern seaboard. This segment also includes natural gas gathering and processing assets in the Gulf Coast region, as well as various petrochemical and feedstock pipelines that serve industrial customers. The **Northeast Gathering & Processing (G&P) segment** focuses on midstream operations in prolific shale gas regions, primarily the Marcellus Shale in Pennsylvania and New York, and the Utica Shale in eastern Ohio. This segment gathers raw natural gas from wellheads, processes it to remove impurities and separate valuable NGLs, and then delivers the processed gas into interstate pipeline systems. The processing operations extract ethane, propane, butane, and natural gasoline, which are valuable petrochemical feedstocks and heating fuels. The **West segment** encompasses gathering, processing, and treating operations across multiple regions including the Rocky Mountains (Colorado and Wyoming), Texas shale plays (Barnett, Eagle Ford, Haynesville), and the Mid-Continent basins (Anadarko, Arkoma, Permian). This segment also operates NGL fractionation and storage facilities in Kansas, where mixed NGLs are separated into individual products for sale to petrochemical companies and other end users. The **Gas & NGL Marketing Services segment** provides wholesale marketing, trading, storage, and transportation services primarily for natural gas utilities, municipalities, power generators, and producers. This segment also offers risk management services and NGL marketing, helping customers manage price volatility and optimize their energy portfolios. Revenue distribution varies by segment, with Transmission & Gulf of Mexico typically generating the largest share, followed by the regional gathering and processing operations, though specific percentages fluctuate based on commodity prices and seasonal demand patterns.
Revenue model
Williams generates revenue through several complementary business models that capitalize on its extensive energy infrastructure network. The company primarily operates under **fee-based contract structures** that provide relatively stable cash flows regardless of commodity price fluctuations. The **Transmission segment** generates revenue through long-term transportation contracts with utilities, power generators, and energy marketers who pay reservation fees for pipeline capacity, typically under 10-20 year agreements. These customers pay both reservation charges (for guaranteed access to pipeline capacity) and usage fees (based on actual volumes transported). The interstate pipeline business is regulated by the Federal Energy Regulatory Commission (FERC), which approves rate structures that allow Williams to recover its costs plus a regulated return on invested capital. The **Gathering & Processing operations** earn revenue through percentage-of-proceeds contracts and fee-based processing agreements with oil and gas producers. Under percentage-of-proceeds arrangements, Williams retains a portion of the NGLs extracted during processing, benefiting when NGL prices are strong. Fee-based contracts provide more stable returns by charging fixed processing fees per unit of gas processed, regardless of commodity prices. The **Marketing segment** generates profits through spread capture - buying and selling natural gas and NGLs at different locations and times to capture price differentials. This business also provides storage and transportation optimization services, earning fees for helping customers manage seasonal demand variations and price volatility. Several factors influence Williams' profitability margins. **Positive margin drivers** include growing natural gas demand from LNG exports, data center power generation, coal-to-gas switching in the power sector, and industrial reshoring initiatives. Higher utilization rates on existing infrastructure improve margins since much of Williams' cost structure is fixed. **Negative margin pressures** can arise from reduced drilling activity in key basins during low commodity price environments, increased competition from other pipeline operators, regulatory changes affecting rate recovery, and higher steel and construction costs for expansion projects. The company's fee-based model provides some insulation from commodity price volatility, but gathering and processing margins can still be affected by the relative prices of natural gas versus NGLs.
Competitive moat
Williams possesses a **moderately strong economic moat** built primarily around its extensive pipeline network and strategic geographic positioning. The company's most significant competitive advantage lies in its **irreplaceable infrastructure assets**, particularly the Transco pipeline system which connects major natural gas production regions in Texas and Louisiana to high-demand markets along the Eastern seaboard. These pipeline routes, established over decades, would be extremely difficult and expensive for competitors to replicate due to regulatory hurdles, environmental permitting challenges, and the substantial capital requirements involved. The company benefits from **high switching costs** for its customers, as utilities and industrial users typically sign long-term contracts (10-20 years) and build their operations around specific pipeline connections. Once connected to Williams' system, customers face significant costs and logistical challenges in switching to alternative providers. Additionally, Williams' **network effects** create value - as more producers and consumers connect to its system, the network becomes more valuable to all participants. However, Williams' moat faces several **competitive pressures and potential disruptions**. The company competes with other major pipeline operators like Kinder Morgan, Energy Transfer, and Enterprise Products Partners for new projects and contract renewals. **Regulatory risks** represent a significant challenge, as FERC rate determinations and environmental regulations can impact profitability. The **energy transition** poses a long-term threat, as increased renewable energy adoption and potential carbon pricing could reduce natural gas demand over time. **Technological disruption** from renewable energy storage, hydrogen infrastructure, or carbon capture technologies could potentially alter the energy landscape, though Williams is positioning itself to participate in emerging opportunities like renewable natural gas and hydrogen transport. The company's recent investments in data center power generation projects demonstrate adaptability to changing energy demand patterns. Overall, while Williams has meaningful competitive advantages, the evolving energy sector requires continuous strategic adaptation to maintain its market position.
Risks & safety
Williams demonstrates **moderate financial safety** with manageable debt levels but some liquidity concerns that warrant monitoring. **Debt and Solvency Analysis:** • Debt-to-equity ratio of 2.17x indicates significant leverage but within acceptable ranges for infrastructure companies • Debt-to-EBITDA ratio around 3.75x is reasonable for the sector • Strong cash flow from operations of $4.97 billion (2024) provides solid debt service coverage • S&P credit rating upgraded to BBB+ reflects improving credit profile **Liquidity Position:** • Current ratio of 0.50x indicates potential short-term liquidity pressure • Cash position of only $60 million is relatively low for a company of this size • Free cash flow of $2.4 billion (2024) provides operational flexibility • Access to credit facilities and capital markets provides additional liquidity backstop **Valuation Metrics:** • EV/EBITDA of approximately 14x appears reasonable for a stable infrastructure company • Price-to-earnings ratio around 30x reflects growth expectations but suggests limited margin of safety • Price-to-book ratio of 5.3x indicates premium valuation relative to asset base **Other Considerations:** • Regulated utility-like cash flows provide earnings stability • Long-term contracted revenue base reduces cash flow volatility • Capital-intensive nature requires ongoing investment to maintain competitive position
Recent development
Over the past few years, Williams has executed several strategic initiatives to strengthen its market position and capitalize on evolving energy demand patterns. The company has **significantly expanded its transmission capacity**, completing eight interstate transmission projects totaling 1.25 billion cubic feet per day in 2024, including the Regional Energy Access project and Texas to Louisiana Energy Pathway. These expansions position Williams to serve growing LNG export demand and power generation needs. **Strategic acquisitions** have enhanced Williams' footprint in key basins, including the acquisition of Gulf Coast storage facilities and DJ Basin assets that provide operational synergies with existing infrastructure. The company completed the Hartree Gulf storage acquisition and various gathering system acquisitions that consolidated volumes and improved utilization rates. Williams has made a **major strategic pivot toward data center and power generation opportunities**, announcing the $1.6 billion Socrates data center power project and acquiring a 10% stake in Cogentrix Energy to gain market intelligence in the evolving power sector. This represents a significant diversification beyond traditional pipeline operations, targeting the rapidly growing data center market that requires reliable, on-demand power generation. The company has also **accelerated its emissions reduction program**, replacing 92 compressor units in 2024 as part of a broader modernization initiative that reduces methane emissions while improving operational efficiency. This environmental focus aligns with customer sustainability requirements and regulatory expectations. **Leadership transition** represents another key development, with Chad Zamarin set to become CEO in July 2025 while Alan Armstrong transitions to Executive Chairman, ensuring continuity while bringing fresh perspective to capitalize on emerging opportunities in the changing energy landscape.
WMB company profile · for informational purposes only — not investment advice.
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