For the quarter ended December 2025, Williams Companies, Inc. (The) (WMB) reported revenue of $3.2 billion, up 16.6% over the same period last year. EPS came in at $0.55, compared to $0.47 in the year-ago quarter.The reported revenue represents a surprise of +1.8% over the Zacks Consensus Estimate of $3.14 billion. With the consensus EPS estimate being $0.58, the EPS surprise was -4.99%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K (Mark One) ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________ to _____________ The Williams Companies, Inc. Transcontinental Gas Pipe Line Company, LLC Northwest Pipeline LLC (Exact Name of Registrant as Specifi ...

Core Insights - Williams (WMB) is projecting a compound annual growth rate (CAGR) of over 10% for adjusted EBITDA through 2030, driven by power and transmission projects [1] - The company has a significant backlog of opportunities, with $15 billion in potential growth capital and a robust pipeline of projects [1] Group 1: Financial Performance and Growth Outlook - WMB has raised its long-term adjusted EBITDA growth target from 5-7% to over 10% CAGR for 2025-2030, following a 9% CAGR from 2020 to 2025 [1] - The company expects U.S. natural gas demand to grow by 39 billion cubic feet per day (Bcf/d) by 2035, with 20 Bcf/d attributed to LNG exports and 10 Bcf/d for power generation [1] - For 2026, WMB has provided an adjusted EBITDA guidance range of $8.05–$8.25 billion, indicating a 6% growth relative to 2025 at the midpoint [1] Group 2: Power Projects - WMB has announced a new 340-megawatt natural gas power project in Ohio, with a 10-year agreement expected to be operational in the second half of 2028 [1] - The company has a backlog of power opportunities that is three times the combined gigawatts of its four sanctioned projects, totaling 6 gigawatts [1] - WMB is investing over $7 billion in its power projects, which are expected to yield a 20% return based on a 5x multiple [1] Group 3: Transmission Projects - WMB currently has 13 transmission projects underway, representing 7.1 Bcf/d of capacity, and is on track to increase delivery capacity by over 20% from 2025 to 2030 [1] - The transmission backlog has grown by over 5 Bcf/d in the past year, translating to more than $3 billion in capital expenditure [1] - WMB's transmission segment, particularly the Transco pipeline, is a key asset, transporting approximately 15% of the nation's natural gas [1]

Group 1 - The article does not provide any relevant content regarding the company or industry [1]

Core Insights - The Williams Companies held an Analyst Day event to discuss their earnings and strategic direction [1] - The presentation included insights from key executives, highlighting the company's history and evolution in natural gas strategy [1] Company Overview - Chad Zamarin, President and CEO, provided a brief history of Williams and the development of their natural gas strategy [1] - Rob Wingo, leading corporate strategy, emphasized the core pillars that contribute to the success and repeatability of the strategy [1] - Larry Larsen, Chief Operating Officer, discussed the company's best-in-class operations and project execution [1] - John Porter, Chief Financial Officer, presented the financial results and future guidance expectations [1]

Core Insights - The Williams Companies, Inc. (WMB) reported fourth-quarter 2025 adjusted earnings per share of 55 cents, missing the Zacks Consensus Estimate of 58 cents due to a 10.3% year-over-year increase in costs and weak performance in several segments [1][2][11] - Revenues for the quarter reached $3.2 billion, exceeding the Zacks Consensus Estimate by $57 million and increasing from $2.7 billion in the same quarter last year, driven by higher service revenues and stronger product sales [3][11] - Adjusted EBITDA for the quarter was $2 billion, reflecting a 14.5% year-over-year increase, with cash flow from operations rising 29.4% to $1.6 billion [4][11] Segment Analysis - **Transmission, Power & Gulf**: Adjusted EBITDA was $998 million, up 20.8% year-over-year, driven by stronger net rates and expansion projects, but slightly missed the consensus estimate of $1 billion [5] - **Northeast G&P**: This segment reported adjusted EBITDA of $508 million, a 1.8% increase from the previous year, but fell short of the consensus estimate of $514 million [6] - **West**: Adjusted EBITDA totaled $388 million, up 12.5% year-over-year, supported by new projects and higher throughput, but slightly decreased from the consensus estimate of $389 million [7] - **Gas & NGL Marketing Services**: Adjusted EBITDA was $42 million, up from $36 million year-over-year, exceeding the consensus estimate of $32.87 million [8] - **Other**: This segment posted adjusted EBITDA of $97 million, a 38.6% increase from $70 million in the prior year, slightly above the consensus estimate of $96 million [9] Financial Overview - Total costs and expenses for the quarter were $2 billion, a 10.3% increase from the previous year [10] - Capital expenditures amounted to $1 billion, with cash and cash equivalents at $63 million and long-term debt of $27.3 billion, resulting in a debt-to-capitalization ratio of 68.1% [10] - The company announced a 5% increase in its annual dividend to $2.10 per share for 2026, reflecting confidence in cash flow [12] 2026 Guidance - WMB expects adjusted EBITDA for 2026 to be between $8.05 billion and $8.35 billion, with growth capital spending projected at $6.1-$6.7 billion and maintenance capital expenditures of $850-$950 million [12] - The company anticipates net production of 180-220 million British thermal units per day of natural gas, 7-9 million barrels per day of oil, and 11-13 million barrels per day of natural gas liquids for 2026 [13] - Adjusted earnings per share for 2026 are projected to be between $2.20 and $2.38, with available funds from operations expected to be $6.085-$6.315 billion [13]

Core Viewpoint - Williams Companies, Inc. (NYSE:WMB) is experiencing mixed financial performance, with a recent earnings miss but positive revenue growth, leading to a new price target set by Jefferies at $78, indicating optimism for future performance [1][5]. Financial Performance - WMB reported quarterly earnings of $0.55 per share, which was below the Zacks Consensus Estimate of $0.58, resulting in an earnings surprise of -4.99% [2][5]. - The company showed year-over-year growth in earnings, with $0.55 per share compared to $0.47 per share in the same quarter last year [2]. - Revenues for the quarter ending December 2025 were $3.2 billion, exceeding the Zacks Consensus Estimate by 1.80%, and representing an increase from $2.74 billion in the previous year [3][5]. Stock Performance - The current stock price of WMB is $68.84, reflecting a 1.46% increase or $0.99, with a trading range today between a low of $68.44 and a high of $71.57, the latter being the highest price over the past year [4]. - The lowest price for WMB in the past year was $51.58, and the company has a market capitalization of approximately $84.07 billion, with a trading volume of 15.58 million shares [4].

分组1 - The Williams Companies reported quarterly earnings of $0.55 per share, missing the Zacks Consensus Estimate of $0.58 per share, but showing an increase from $0.47 per share a year ago, resulting in an earnings surprise of -4.99% [1] - The company posted revenues of $3.2 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 1.80%, compared to year-ago revenues of $2.74 billion [2] - The stock has gained approximately 12.9% since the beginning of the year, outperforming the S&P 500's gain of 1.7% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $0.60 on revenues of $3.19 billion, and for the current fiscal year, it is $2.33 on revenues of $12.85 billion [7] - The Oil and Gas - Production and Pipelines industry is currently ranked in the top 32% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

Summary of The Williams Companies 2026 Investor Day Company Overview - **Company**: The Williams Companies (NYSE: WMB) - **Event**: 2026 Investor Day held on February 10, 2026 - **Key Speakers**: Chad Zamarin (President and CEO), Rob Wingo (EVP of Corporate Strategic Development), Larry Larson (COO), John Porter (CFO) Core Industry Insights - **Natural Gas Demand**: - Natural gas demand in the U.S. has increased by over 50% since 2010 and is projected to grow by another 35% over the next decade, with LNG demand expected to more than double by the early 2030s [14][16] - Natural gas has been responsible for over 60% of emissions reductions in the U.S. over the past 15 years [15] - The demand for natural gas is accelerating, driven by power generation and industrial needs [16][17] - **Infrastructure Challenges**: - There is a significant lag in pipeline and storage infrastructure relative to growing demand, leading to increased consumer costs [20][21] - Winter gas prices in New England can be nearly triple the cost in Northeast Pennsylvania due to infrastructure bottlenecks [21] - Permitting reform is essential to address these infrastructure challenges, as lengthy permitting processes hinder project execution [22][23] Financial Performance - **2025 Results**: - Achieved $7.75 billion in Adjusted EBITDA, hitting the midpoint of guidance which was increased by $350 million during the year [7][8] - The company has delivered 13 years of consecutive EBITDA growth and a 14% EPS CAGR over the past five years [32][33] - **Dividend Growth**: - Williams has paid dividends for over 50 years, with a recent 5% increase announced for 2026 [32] - The company aims for a 10%+ compound annual growth in adjusted EBITDA from 2025 through 2030 [33][34] Strategic Initiatives - **Power Innovation Projects**: - Announced an upsizing of two projects and the commercialization of a fourth project, totaling over $7 billion in investments with attractive returns [29][55] - The new project "Socrates the Younger" adds 340 MW of capacity under a 10-year take-or-pay contract, representing approximately $1.3 billion of new capital [56] - **Operational Excellence**: - Focus on safety and reliability, achieving a 10% reduction in methane intensity in 2025 [65] - Delivered an operating margin ratio of 75% and generated approximately $2.5 billion of excess cash flow [67] Competitive Advantages - **Market Position**: - Williams operates the largest natural gas pipeline assets in the U.S., including the Transco pipeline, and has a significant presence in LNG and power generation [28][29] - The company is well-positioned to capture growth in LNG demand and power generation, particularly from data centers [48][50] - **Customer Commitment**: - Strong customer confidence is reflected in the expansion of existing contracts and the addition of new projects, indicating a robust demand for Williams' services [56] Conclusion - **Investment Opportunity**: - Williams is positioned as a differentiated energy investment opportunity with a strong track record of performance, a commitment to innovation, and a clear path for future growth [35][36] - **Long-term Outlook**: - The company is focused on maintaining a strong balance sheet while pursuing growth opportunities that align with its strategic goals [36]

2026 Analyst Day February 2026 WILLIAMS © 2026 The Williams Companies, Inc. All rights reserved NYSE: WMB I 2026 Analyst Day I February 10, 2026 I www.williams.com 1 Agenda Welcome & Introductions Danilo Juvane, VP IR and ESG CEO Perspective Chad Zamarin, President & Chief Executive Officer 15-minute Break All Attendees Corporate Strategy Rob Wingo, EVP, Corporate Strategic Development Operations & Execution Larry Larsen, EVP & Chief Operating Officer Financial Outlook John Porter, EVP & Chief Financial Off ...