Williams Reports Q3 2026 Results; Tracks Toward Upper Half of Full-Year Guidance
WILLIAMS COMPANIES, INC.
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Filing Summary
📊 Williams Companies (NYSE: WMB) Q3 2026 Earnings Summary • GAAP Net Income: $699M ($0.56/diluted share), +8% YoY • Adjusted EBITDA: $2.039B, +6% YoY ($119M increase) • AFFO: $1.589B, +10% YoY (Dividend coverage: 2.42x) • Guidance: Tracking toward the upper half of FY 2026 Adjusted EBITDA range ($8.3B–$8.5B) • Strategic Milestones: Closed Momentum Midstream acquisition, expanded pipeline capacity by 413 MMcf/d across four projects, and progressed power infrastructure initiatives.
Comprehensive Analysis
Executive Summary
On November 2, 2026, The Williams Companies, Inc. (NYSE: WMB) filed a Form 8-K under Item 2.02 announcing financial and operational results for the third quarter ended September 30, 2026. The company demonstrated solid midstream operational expansion and reported year-over-year growth across key financial and cash flow metrics, reaffirming expectations to finish near the upper half of its full-year 2026 guidance range.
Key Financial Highlights
- GAAP Net Income: $699 million ($0.56 per diluted share), compared to $646 million ($0.53 per diluted share) in Q3 2025 (+8% net income growth).
- Adjusted Net Income: $663 million ($0.54 per diluted share), up 10% from $603 million ($0.49 per diluted share) in Q3 2025.
- Adjusted EBITDA: $2.039 billion, an increase of $119 million (+6%) versus $1.920 billion in Q3 2025. Year-to-date Adjusted EBITDA reached $6.214 billion (+9% YoY).
- Cash Flow from Operations (CFFO): $1.505 billion, up 5% from $1.439 billion in the prior-year quarter.
- Available Funds from Operations (AFFO): $1.589 billion, up 10% YoY, delivering an AFFO dividend coverage ratio of 2.42x.
- Balance Sheet Leverage: Debt-to-Adjusted EBITDA stood at 3.80x at quarter-end.
Strategic and Operational Developments
- Acquisitions & Commercial Integrations: Closed the acquisition of Momentum Midstream ahead of schedule, expanding Haynesville footprint to support LNG, power, and industrial demand.
- Storage & Transmission Expansions: Announced a 9.4 Bcf storage expansion at Clay Basin and Transco's 150+ MMcf/d Southeast Supply Enhancement II; upsized Transco's Garden Connector capacity by 84 MMcf/d.
- Power Infrastructure: Progressed power solutions, with Socrates' Plato North Power project on track to be in service by mid-November 2026.
- Pipeline Additions: Commissioned 413 MMcf/d of incremental pipeline capacity across four infrastructure projects.
Outlook & Guidance
- Williams confirmed it is tracking toward the upper half of its 2026 Adjusted EBITDA guidance range of $8.3 billion to $8.5 billion.
- Management expressed ongoing confidence in achieving its long-term compound annual growth rate (CAGR) target of 11%+ in Adjusted EBITDA through 2030.
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