Williams tops Q3 revenue estimates, profit slightly below forecast

Williams (WMB) said on Nov. 2 that adjusted earnings for the third quarter of 2026 were 54 cents per share, below the 55-cent consensus estimate compiled by Finnhub. Revenue of $3.22 billion topped the $2.92 billion estimate.

Shares were little changed in after-hours trading as of 5:18 p.m. ET, from a regular-session close of $71.19.

Here's how the company did:

• Adjusted EPS: 54 cents vs. 49 cents a year earlier
• GAAP EPS: 56 cents vs. 53 cents a year earlier
• Revenue: $3.22 billion vs. $2.92 billion a year earlier
• Adjusted EBITDA: $2.04 billion vs. $1.92 billion a year earlier

Adjusted EBITDA rose $119 million, or 6%, from a year earlier. GAAP net income was $699 million, up from $646 million.

The company said cash flow from operations rose $66 million, or 5%, to $1.505 billion. Available funds from operations rose 10% to $1.589 billion, and its dividend coverage ratio was 2.42 times on an AFFO basis.

2026 guidance

The company continues to expect 2026 Adjusted EBITDA of $8.3 billion to $8.5 billion and growth capex of $7.3 billion to $7.9 billion. Those are the same ranges it gave in its results on Aug. 3.

It said it is tracking toward the upper half of the Adjusted EBITDA range, and its leverage ratio midpoint for 2026 is approximately 3.75x.

CEO Chad Zamarin said: "Williams delivered another strong quarter as our teams continued to execute across a growing portfolio of critical energy infrastructure projects." He added that year-to-date Adjusted EBITDA rose 9% to $6.2 billion.

Segment results

Transmission, Power & Gulf posted third-quarter Adjusted EBITDA of $1.03 billion, up from $947 million, on new power generation revenues and projects placed in service.

West reported $401 million, up from $367 million, helped by the Momentum acquisition and Louisiana Energy Gateway. Northeast G&P rose to $542 million from $505 million.

Gas & NGL Marketing Services fell to $4 million from $11 million. Other fell to $62 million from $90 million.

Acquisitions and projects

Williams closed the Momentum Midstream acquisition ahead of schedule, enhancing its Haynesville position, the company said. Its capital investments table lists $2.82 billion for the acquisition.

Socrates' Plato North Power project is on track for in-service by mid-November, the company said.

Williams will hold its earnings call on Nov. 3 at 9:30 a.m. ET.