Williams Companies, Inc. (The)
WMB · NYSE
Next quarter
Reports Nov 2, 2026.
Consensus is $0.56 EPS for Sep 2026 across 7 estimates, ranging $0.50 to $0.65.
WMB Jun 2026
- 3.85%
- +1.53%
- $0.52
- $0.50
- —
- $3.38B
Reported results
- $3.38B
- $1.18B
- 34.98%
- $827.00M
- $0.68
Highlights
- Second-quarter reported revenue was $3.38 billion, unchanged from $3.38 billion in Q2 FY2025; net income increased to $0.83 billion from $0.55 billion.
- Revenue from contracts with customers was $3.379 billion, including $1.369 billion from Transmission, Power & Gulf, $534 million from Northeast G&P, $724 million from West, and $638 million from Gas & NGL Marketing Services.
- Reported total revenue by segment was $1.385 billion for Transmission, Power & Gulf, $547 million for Northeast G&P, $724 million for West, $638 million for Gas & NGL Marketing Services, and $151 million for Other, before $392 million of eliminations.
- Transmission, Power & Gulf regulated interstate transportation and storage revenue was $944 million, while gathering, processing, transportation, fractionation, and storage service revenue was $261 million in monetary consideration.
- Williams completed the sale of its Brazos Permian II equity-method investment for $143 million and recorded a $127 million gain; it expects a gain upon closing the sale of certain Permian gathering assets in the third quarter of 2026.
Analysis
No consensus figures are available, so the quarter cannot be judged against analyst expectations. Reported revenue was $3.38 billion, matching Q2 FY2025, while net income rose to $0.83 billion from $0.55 billion and declined from $0.86 billion in Q1 FY2026. Revenue from contracts with customers was $3.379 billion, with Transmission, Power & Gulf the largest contributor at $1.369 billion. Northeast G&P generated $534 million, West $724 million, and Gas & NGL Marketing Services $638 million. The segment mix shows the pipeline and midstream businesses remained substantial, while Gas & NGL Marketing Services included $1.096 billion of product sales before adjustments. The filing does not provide operating-margin figures or explain a quarter-specific margin change, so margin expansion or compression cannot be established from the supplied material. Reported total revenue was $3.053 billion after other revenues, other adjustments, and eliminations.
Guidance
Management guidance for future revenue, earnings, margins, capital expenditure, or segment results was not provided in the supplied material. The filing does identify $932 million of contract liabilities at June 30, 2026, including $110 million expected to be recognized during the remaining six months of 2026, $165 million in 2027, and $130 million in 2028. These amounts are not a forecast of total company revenue. Future pipeline rates may change with FERC-approved tariffs, and remaining performance obligations exclude certain variable consideration, unexercised renewals, and facilities lacking FERC authorization.
What drove it
- Transmission contribution — Transmission, Power & Gulf produced $1.385 billion of reported total revenue, including $944 million from regulated interstate natural gas transportation and storage.
- Northeast G&P — Northeast G&P reported $547 million of total revenue, including $490 million of gathering, processing, transportation, fractionation, and storage revenue from monetary consideration.
- West segment — West reported $724 million of total revenue, including $469 million of gathering, processing, transportation, fractionation, and storage revenue from monetary consideration.
- Marketing services — Gas & NGL Marketing Services reported $638 million of total revenue and $228 million of product sales.
- Asset divestitures — The Brazos Permian II sale generated $143 million of consideration and a $127 million gain, while the South Mansfield sale added a $12 million gain in the second quarter.
Watch items
- Management said certain property, plant, equipment, and intangible asset carrying values may exceed current fair value, creating potential impairment risk if strategic decisions or producer activity weaken.
- The sale of certain Permian gathering assets remains pending at June 30, 2026, with the expected gain dependent on closing in the third quarter of 2026.
- Future interstate pipeline rates may change based on FERC-approved tariffs, which could affect remaining performance obligations and future revenue.
- The Anadarko basin gathering assets were sold in the first quarter of 2026, and the West segment also completed the sale of its Brazos Permian II investment, reducing assets and activity in that segment.
