The Williams Companies, Inc. (WMB) Earnings
The Williams Companies, Inc. is expected to report next earnings on August 3, 2026 (in NaN days), with a consensus EPS estimate of $0.53. WMB has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +9.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| 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% |
| Feb 22, 2021 | $0.32 | $0.31 | -3.1% | $2.1B | -35.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Teams delivered growth, advanced pipe and power projects, commercialized three new major projects and upsized a fourth, first quarter earnings per share grew 22%, adjusted EBITDA grew 13% to $2.25 billion, placed Naughton Coal Conversion Project into service, kicked off construction on NETSE and SESI, placed all turbines at Socrates Plato South on foundation, completed construction on first phase of Aristotle pipeline, announced three new major projects (NEO, Atlas, Silver Spur) and upsized Transco Power Express project, sanctioned roughly 700 million cubic feet per day of new expansion projects across gathering and processing portfolio.
Guidance
Based on strong first quarter start, guiding to upper half of full year EBITDA guidance, increasing growth CapEx midpoint for 2026 to 7.3 billion, leverage moves to 4.1 times but expects historic earnings growth in 2028 and beyond, preserving financing options including bringing in partners.
Segment performance
Transmission and gulf businesses improved nearly $150 million, or about 17%, with Transco growing about 10% year over year driven by higher tariff rates and expansion projects, deepwater gulf businesses grew more than 60%, natural gas storage businesses grew 35%, northeast GMP business grew 10 million, or 2%, west grew 56 million, or about 16%, led by Haynesville investments, Sequent marketing business had $227 million of adjusted EBITDA. Other segment, including upstream businesses, was down about $20 million primarily due to divestiture of upstream Haynesville assets.
Risks & headwinds
Permitting and judicial reform needed as projects are delayed and cost increased due to litigation, challenges in coalescing critical mass for projects like Constitution in New England and New York.
Analyst Q&A
Q: Jeremy Tonette from JP Morgan asked about NEO project, appetite, and permitting reform.
A: Continued strong interest in projects, focus on tailored energy solutions, advocacy for 401 permitting process and judicial reform.
Q: Julian Dumlin-Smith from Jefferies asked about backlog cadence and creative financing.
A: Backlog remains robust, being disciplined in project layering, multiple financing options available including partners.
Q: Puneet Satish from Wells Fargo asked about power project costs and efficiencies, and Rockies transmission opportunities.
A: Continual efficiency gains, learning from Socrates, Silver Spur is first phase of Rockies Columbia Connector with interest in longer term.
Q: Amit Thankar from BMO Capital Markets asked about NEO counterparty and regulatory approvals.
A: Confidentiality on counterparty, filing permits later this year.
Q: Brandon Bingham from Scotiabank asked about financing and Haynesville producer commentary.
A: Focus on partnering around Power Innovation Project, producers cautious but fundamentals strong.
Q: Spiro Donis from Citi asked about growth cadence and behind the meter strategy.
A: Growth cadence at about 9%, remaining focused on creative infrastructure solutions.
Q: Keith Stanley from Wolf Research asked about contract duration and Constitution project.
A: Ongoing discussions for longer contracts, Constitution needs coalescing critical mass.
Q: Jean Ann Salisbury from BOA asked about Marcellus Gathering expansion and competitive advantages.
A: Marcellus Gathering expansion not directly related to power projects, unique footprint and capabilities.
Q: John McKay from Goldman Sachs asked about behind the meter competitive advantage and Atlas project.
A: Unique in providing full value chain solutions, Atlas allows customers to swap diesel backup to gas.
Q: Manav Gupta from UBS asked about NatGas storage and Power Express upsizing.
A: Strong interest in NatGas storage, Power Express upsized due to customer needs.
Q: Sunil Saibal from Seaport Global asked about LNG opportunity and power trading.
A: Woodside LNG project progressing, focus on efficient power solutions.
Q: Craig Sear from Tui Brothers asked about equity partner opportunity and energy storage.
A: Focus on financing CapEx efficiently, energy storage for rapid response to power loads