WILLIAMS COMPANIES, INC. WMB
This report includes information for multiple registrants, specifically The Williams Companies, Inc. (Williams), as well as Transcontinental Gas Pipe Line Company, LLC (Transco) and Northwest Pipeline LLC (NWP) both of which are wholly owned subsidiaries of Williams (collectively, the Registrants). References to subsidiaries by name, including equity-method investees, Transco, and NWP, refer exclusively to those businesses and operations.
Williams is an energy company committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Williams has operations in 11 supply areas that provide natural gas gathering and processing (G&P), transmission and storage services; NGL fractionation, transportation, and storage services; and marketing services to approximately 800 customers. Williams owns an interest in and operates over 32,000 miles of pipelines in 24 states and in the Gulf of America, 35 natural gas processing facilities, 9 NGL fractionation facilities, approximately 23 million barrels of NGL storage capacity, and 423 Bcf of natural gas storage capacity, and delivers natural gas that is used every day for clean-power generation, heating, and industrial use.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $14.90B | $12.63B | $12.00B | $17.77B | $12.78B | $7.65B | $8.14B | $8.60B | $8.03B | $7.50B |
| SG&A | $721.0M | $708.0M | $665.0M | $636.0M | $558.0M | $466.0M | $558.0M | $569.0M | $594.0M | $722.0M |
| Total operating expenses | $7.75B | $7.16B | $6.60B | $7.95B | $8.00B | $5.52B | $6.28B | $7.92B | $7.10B | $6.81B |
| Operating income | $4.20B | $3.34B | $4.31B | $3.02B | $2.63B | $2.20B | $1.92B | $768.0M | $927.0M | $689.0M |
| Interest expense | $1.44B | $1.36B | $1.24B | $1.15B | $1.18B | $1.17B | $1.19B | $1.11B | $1.08B | $1.18B |
| Pre-tax income | $3.62B | $2.99B | $4.41B | $2.54B | $2.07B | $277.0M | $1.06B | $331.0M | $535.0M | -$375.0M |
| Income tax | $857.0M | $640.0M | $1.00B | $425.0M | $511.0M | $79.0M | $335.0M | $138.0M | $1.97B | $25.0M |
| Net income | $2.62B | $2.23B | $3.18B | $2.05B | $1.52B | $211.0M | $850.0M | -$155.0M | $2.17B | -$424.0M |
| EPS, basic | 2.14 | 1.82 | 2.61 | 1.68 | 1.25 | 0.17 | 0.70 | -0.16 | 2.63 | -0.57 |
| EPS, diluted | 2.14 | 1.82 | 2.60 | 1.67 | 1.24 | 0.17 | 0.70 | -0.16 | 2.62 | -0.57 |
| Shares, diluted (wtd. avg.) | $1.23B | $1.22B | $1.22B | $1.22B | $1.22B | $1.22B | $1.21B | $973.6M | $828.5M | $750.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $63.0M | $60.0M | $2.15B | $152.0M | $1.68B | $142.0M | $289.0M | $168.0M | $899.0M | $170.0M |
| Receivables | $2.08B | $1.86B | $1.66B | $2.72B | $1.98B | $999.0M | $996.0M | $992.0M | $976.0M | $938.0M |
| Inventory | $314.0M | $279.0M | $274.0M | $320.0M | $379.0M | $136.0M | $125.0M | $130.0M | $113.0M | $138.0M |
| Total current assets | $3.24B | $2.66B | $4.51B | $3.80B | $4.55B | $1.43B | $1.58B | $1.46B | $2.18B | $1.46B |
| Property, plant and equipment | $42.00B | $38.69B | $34.31B | $30.89B | $29.26B | $28.93B | $29.20B | $27.50B | $28.21B | $28.43B |
| Goodwill | $466.0M | $466.0M | $463.0M | $0 | $0 | — | $188.0M | $0 | $47.0M | — |
| Total assets | $58.57B | $54.53B | $52.63B | $48.43B | $47.61B | $44.16B | $46.04B | $45.30B | $46.35B | $46.84B |
| Accounts payable | $2.22B | $1.61B | $1.38B | $2.33B | $1.75B | $482.0M | $552.0M | $662.0M | $978.0M | $623.0M |
| Total current liabilities | $6.11B | $5.31B | $5.83B | $4.89B | $4.97B | $2.32B | $3.97B | $1.81B | $2.65B | $2.95B |
| Retained earnings | -$12.24B | -$12.40B | -$12.29B | -$13.27B | -$13.24B | -$12.75B | -$11.00B | -$10.00B | -$8.43B | -$9.65B |
| Total equity | $12.81B | $12.44B | $14.89B | $14.04B | $14.10B | $14.58B | $16.36B | $16.00B | $16.18B | $14.05B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.90B | $4.97B | $5.94B | $4.89B | $3.94B | $3.50B | $3.69B | $3.29B | $3.09B | $4.16B |
| Depreciation and amortisation | $2.35B | $2.22B | $2.07B | $2.01B | $1.84B | $1.72B | $1.71B | $1.73B | $1.74B | $1.76B |
| Stock-based compensation | $93.0M | $99.0M | $77.0M | $73.0M | $81.0M | $52.0M | $57.0M | $55.0M | $78.0M | $73.0M |
| Capital expenditure | $4.89B | $2.57B | $2.52B | $2.25B | $1.24B | $1.24B | $2.11B | $3.26B | $2.40B | $2.05B |
| Investing cash flow | -$5.49B | -$4.86B | -$3.89B | -$3.38B | -$1.47B | -$1.56B | -$2.83B | -$2.73B | $100.0M | -$891.0M |
| Financing cash flow | -$406.0M | -$2.20B | -$49.0M | -$3.04B | -$942.0M | -$2.08B | -$745.0M | -$1.30B | -$2.46B | -$3.19B |
| Dividends paid | $2.44B | $2.32B | $2.18B | $2.07B | $1.99B | $1.94B | $1.84B | $1.39B | $992.0M | $1.26B |
| Buybacks | $0 | $0 | $130.0M | $9.0M | $0 | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000107263-26-000006.
Others in SIC 4922
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| EPD | ENTERPRISE PRODUCTS PARTNERS L.P. | $84.09B | — | -6.4% |
| ET | Energy Transfer LP | $74.03B | — | 3.5% |
| KMI | KINDER MORGAN, INC. | $69.92B | 22.9x | 12.7% |
| TRGP | Targa Resources Corp. | $62.20B | 34.2x | 3.9% |
| WES | Western Midstream Partners, LP | $19.51B | — | 6.6% |
| DTM | DT Midstream, Inc. | $13.21B | 30.1x | 26.7% |
| AM | Antero Midstream Corp | $10.73B | 26.3x | 7.4% |
| KGS | Kodiak Gas Services, Inc. | $6.33B | 70.3x | 12.8% |