NYSE : WMB
The Williams Companies, Inc. — Financial statements
Energy · Oil & Gas Midstream · United States
Last price 74.35 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 90.94B
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Financial statements
The Williams Companies, Inc. (WMB) reported revenue of 12.32B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 12.32B | 11.83B | 10.75B | 9.95B | 11.35B | 10.78B |
| Cost of Revenue | 4.48B | 4.48B | 4.30B | 4.02B | 5.27B | 5.58B |
| Gross Profit | 7.84B | 7.35B | 6.46B | 5.93B | 6.08B | 5.20B |
| Selling, General & Admin | 710.00M | 699.00M | 670.00M | 631.00M | 627.00M | 550.00M |
| Other Operating Expenses | 99.00M | -127.00M | 190.00M | -996.00M | 415.00M | 164.00M |
| Operating Expenses | 3.14B | 2.92B | 3.08B | 1.71B | 3.05B | 2.56B |
| Operating Income | 4.70B | 4.43B | 3.38B | 4.23B | 3.03B | 2.64B |
| Interest Expense | -1.49B | -1.44B | -1.36B | -1.24B | -1.15B | -1.18B |
| Interest & Investment Income | 188.00M | 42.00M | 343.00M | 108.00M | 16.00M | 7.00M |
| Earnings From Equity Investments | 783.00M | 760.00M | 560.00M | 589.00M | 637.00M | 608.00M |
| Other Non Operating Income (Expenses) | 75.00M | 47.00M | 87.00M | 87.00M | 17.00M | 3.00M |
| EBT Excluding Unusual Items | 4.26B | 3.84B | 3.00B | 3.77B | 2.55B | 2.08B |
| Merger & Restructuring Charges | -17.00M | -22.00M | -8.00M | -5.00M | ||
| Gain (Loss) on Sale of Investments | 194.00M | |||||
| Gain (Loss) on Sale of Assets | 129.00M | |||||
| Asset Writedown | -212.00M | -212.00M | -10.00M | |||
| Legal Settlements | 534.00M | |||||
| Pretax Income | 4.24B | 3.62B | 2.99B | 4.41B | 2.54B | 2.07B |
| Income Tax Expense | 994.00M | 857.00M | 640.00M | 1.00B | 425.00M | 511.00M |
| Earnings From Continuing Operations | 3.24B | 2.77B | 2.35B | 3.40B | 2.12B | 1.56B |
| Earnings From Discontinued Operations | -97.00M | |||||
| Net Income to Company | 3.24B | 2.77B | 2.35B | 3.30B | 2.12B | 1.56B |
| Minority Interest in Earnings | -171.00M | -150.00M | -121.00M | -124.00M | -68.00M | -45.00M |
| Net Income | 3.07B | 2.62B | 2.23B | 3.18B | 2.05B | 1.52B |
| Preferred Dividends & Other Adjustments | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M |
| Net Income to Common | 3.07B | 2.62B | 2.22B | 3.18B | 2.05B | 1.51B |
| Shares Outstanding (Basic) | 1.22B | 1.22B | 1.22B | 1.22B | 1.22B | 1.22B |
| Shares Outstanding (Diluted) | 1.23B | 1.23B | 1.22B | 1.22B | 1.22B | 1.22B |
| EPS (Basic) | 2.51 | 2.14 | 1.82 | 2.61 | 1.68 | 1.25 |
| EPS (Diluted) | 2.51 | 2.14 | 1.82 | 2.60 | 1.67 | 1.24 |
| Free Cash Flow | -174.00M | 899.00M | 2.30B | 3.37B | 2.61B | 2.70B |
| Free Cash Flow Per Share | -0.14 | 0.73 | 1.88 | 2.76 | 2.13 | 2.21 |
| Dividend Per Share | 2.05 | 2.00 | 1.90 | 1.79 | 1.70 | 1.64 |
| Gross Margin | 63.64% | 62.12% | 60.04% | 59.61% | 53.54% | 48.21% |
| Operating Margin | 38.14% | 37.45% | 31.41% | 42.47% | 26.66% | 24.49% |
| Profit Margin | 24.91% | 22.11% | 20.66% | 31.92% | 18.02% | 14.05% |
| Free Cash Flow Margin | -1.41% | 7.60% | 21.35% | 33.88% | 22.96% | 25.04% |
| EBITDA | 7.03B | 6.78B | 5.60B | 6.30B | 5.04B | 4.48B |
| EBITDA Margin | 57.07% | 57.29% | 52.04% | 63.28% | 44.36% | 41.59% |
| D&A For EBITDA | 2.33B | 2.35B | 2.22B | 2.07B | 2.01B | 1.84B |
| EBIT | 4.70B | 4.43B | 3.38B | 4.23B | 3.03B | 2.64B |
| EBIT Margin | 38.14% | 37.45% | 31.41% | 42.47% | 26.66% | 24.49% |
| Effective Tax Rate | 23.45% | 23.64% | 21.43% | 22.81% | 16.72% | 24.65% |
| Revenue as Reported | 12.20B | 11.95B | 10.50B | 10.91B | 10.96B | 10.63B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 203.00M | 63.00M | 60.00M | 2.15B | 152.00M | 1.68B |
| Cash & Short-Term Investments | 203.00M | 63.00M | 60.00M | 2.15B | 152.00M | 1.68B |
| Accounts Receivable | 1.56B | 1.64B | 1.59B | 1.33B | 1.80B | 1.94B |
| Other Receivables | 263.00M | 108.00M | 75.00M | 52.00M | 63.00M | 65.00M |
| Receivables | 1.82B | 1.75B | 1.67B | 1.38B | 1.86B | 2.00B |
| Inventory | 335.00M | 314.00M | 279.00M | 274.00M | 320.00M | 379.00M |
| Other Current Assets | 765.00M | 1.12B | 655.00M | 709.00M | 1.46B | 490.00M |
| Total Current Assets | 3.12B | 3.24B | 2.66B | 4.51B | 3.80B | 4.55B |
| Property, Plant & Equipment | 44.41B | 42.17B | 38.85B | 34.47B | 31.05B | 29.42B |
| Long-Term Investments | 4.51B | 4.56B | 4.14B | 4.64B | 5.07B | 5.13B |
| Goodwill | 466.00M | 466.00M | 463.00M | |||
| Other Intangible Assets | 6.58B | 6.30B | 6.74B | 7.13B | 7.36B | 7.40B |
| Other Long-Term Assets | 1.99B | 1.84B | 1.68B | 1.41B | 1.16B | 1.12B |
| Total Assets | 60.61B | 58.57B | 54.53B | 52.63B | 48.43B | 47.61B |
| Accounts Payable | 2.22B | 2.22B | 1.61B | 1.38B | 2.33B | 1.75B |
| Accrued Expenses | 625.00M | 635.00M | 519.00M | 492.00M | 747.00M | |
| Short-Term Debt | 475.00M | 700.00M | 455.00M | 725.00M | 350.00M | |
| Current Portion of Long-Term Debt | 2.20B | 1.34B | 1.72B | 2.34B | 627.00M | 2.02B |
| Current Portion of Leases | 32.00M | 26.00M | 24.00M | 25.00M | 23.00M | |
| Current Unearned Revenue | 165.00M | 170.00M | 159.00M | 141.00M | 134.00M | |
| Other Current Liabilities | 1.65B | 1.01B | 693.00M | 687.00M | 928.00M | 297.00M |
| Total Current Liabilities | 6.55B | 6.11B | 5.31B | 5.83B | 4.89B | 4.97B |
| Long-Term Debt | 28.12B | 27.32B | 24.74B | 23.38B | 21.93B | 21.65B |
| Long-Term Leases | 151.00M | 142.00M | 148.00M | 148.00M | 141.00M | |
| Long-Term Unearned Revenue | 783.00M | 876.00M | 922.00M | 902.00M | 992.00M | |
| Long-Term Deferred Tax Liabilities | 5.60B | 5.17B | 4.38B | 3.85B | 2.89B | 2.45B |
| Other Long-Term Liabilities | 4.98B | 4.05B | 4.25B | 3.61B | 3.63B | 3.30B |
| Total Liabilities | 45.24B | 43.58B | 39.69B | 37.74B | 34.39B | 33.51B |
| Common Stock | 1.26B | 1.26B | 1.26B | 1.26B | 1.25B | 1.25B |
| Additional Paid-In Capital | 24.78B | 24.80B | 24.64B | 24.58B | 24.54B | 24.45B |
| Retained Earnings | -11.83B | -12.24B | -12.40B | -12.29B | -13.27B | -13.24B |
| Treasury Stock | -1.18B | -1.18B | -1.18B | -1.18B | -1.05B | -1.04B |
| Comprehensive Income & Other | 124.00M | 127.00M | 76.00M | -24.00M | -33.00M | |
| Total Common Equity | 13.15B | 12.77B | 12.40B | 12.37B | 11.45B | 11.39B |
| Minority Interest | 2.18B | 2.19B | 2.40B | 2.49B | 2.56B | 2.68B |
| Shareholders' Equity | 15.37B | 14.99B | 14.84B | 14.89B | 14.04B | 14.10B |
| Total Liabilities & Equity | 60.61B | 58.57B | 54.53B | 52.63B | 48.43B | 47.61B |
| Total Debt | 30.79B | 29.54B | 27.08B | 26.61B | 23.08B | 23.84B |
| Net Cash (Debt) | -30.59B | -29.48B | -27.02B | -24.46B | -22.93B | -22.16B |
| Net Cash Per Share | -24.95 | -24.07 | -22.09 | -20.00 | -18.75 | -18.19 |
| Filing Date Shares Outstanding | 1.22B | 1.22B | 1.22B | 1.22B | 1.22B | 1.22B |
| Total Common Shares Outstanding | 1.22B | 1.22B | 1.22B | 1.22B | 1.22B | 1.22B |
| Working Capital | -3.42B | -2.86B | -2.65B | -1.32B | -1.09B | -423.00M |
| Book Value Per Share | 10.76 | 10.45 | 10.17 | 10.16 | 9.40 | 9.37 |
| Tangible Book Value | 6.58B | 6.01B | 5.19B | 4.77B | 4.09B | 3.99B |
| Tangible Book Value Per Share | 5.38 | 4.92 | 4.26 | 3.92 | 3.36 | 3.28 |
| Construction In Progress | 3.60B | 2.08B | 2.26B | 1.71B | 806.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 3.07B | 2.62B | 2.23B | 3.18B | 2.05B | 1.52B |
| Depreciation & Amortization | 2.33B | 2.35B | 2.22B | 2.07B | 2.01B | 1.84B |
| Loss (Gain) From Sale of Assets | -129.00M | |||||
| Asset Writedown & Restructuring Costs | 212.00M | 212.00M | 10.00M | |||
| Loss (Gain) From Sale of Investments | -321.00M | -276.00M | -30.00M | |||
| Loss (Gain) on Equity Investments | 53.00M | 40.00M | 229.00M | 207.00M | 228.00M | 149.00M |
| Stock-Based Compensation | 83.00M | 93.00M | 99.00M | 77.00M | 73.00M | 81.00M |
| Other Operating Activities | 1.17B | 752.00M | 1.00B | 445.00M | 909.00M | 678.00M |
| Change in Accounts Receivable | -414.00M | -219.00M | -169.00M | 1.09B | -733.00M | -545.00M |
| Change in Inventory | -16.00M | -45.00M | -9.00M | 13.00M | -110.00M | -139.00M |
| Change in Accounts Payable | 140.00M | 115.00M | 139.00M | -1.01B | 410.00M | 643.00M |
| Change in Other Net Operating Assets | -323.00M | -15.00M | -487.00M | 15.00M | 54.00M | -281.00M |
| Operating Cash Flow | 5.99B | 5.90B | 4.97B | 5.94B | 4.89B | 3.94B |
| Capital Expenditures | -6.17B | -5.00B | -2.68B | -2.57B | -2.28B | -1.25B |
| Sale of Property, Plant & Equipment | 345.00M | |||||
| Cash Acquisitions | -1.00M | -1.00M | -2.24B | -1.57B | -933.00M | -151.00M |
| Divestitures | 48.00M | 346.00M | ||||
| Investment in Securities | -417.00M | -511.00M | 47.00M | -141.00M | -166.00M | -115.00M |
| Other Investing Activities | 108.00M | 22.00M | 12.00M | 39.00M | 7.00M | 48.00M |
| Investing Cash Flow | -6.08B | -5.49B | -4.86B | -3.89B | -3.38B | -1.47B |
| Short-Term Debt Issued | 245.00M | 372.00M | 345.00M | |||
| Long-Term Debt Issued | 4.94B | 3.59B | 2.75B | 1.75B | 2.15B | |
| Total Debt Issued | 4.98B | 5.18B | 3.59B | 3.13B | 2.10B | 2.15B |
| Short-Term Debt Repaid | -269.00M | |||||
| Long-Term Debt Repaid | -2.83B | -2.95B | -634.00M | -2.88B | -894.00M | |
| Total Debt Repaid | -2.74B | -2.83B | -3.21B | -634.00M | -2.88B | -894.00M |
| Net Debt Issued (Repaid) | 2.24B | 2.36B | 379.00M | 2.49B | -776.00M | 1.26B |
| Issuance of Common Stock | 12.00M | 9.00M | 10.00M | 6.00M | 54.00M | 9.00M |
| Repurchase of Common Stock | -130.00M | -9.00M | ||||
| Common Dividends Paid | -2.50B | -2.44B | -2.32B | -2.18B | -2.07B | -1.99B |
| Other Financing Activities | -356.00M | -331.00M | -274.00M | -239.00M | -240.00M | -220.00M |
| Financing Cash Flow | -609.00M | -406.00M | -2.20B | -49.00M | -3.04B | -942.00M |
| Net Cash Flow | -700.00M | 3.00M | -2.09B | 2.00B | -1.53B | 1.54B |
| Free Cash Flow | -174.00M | 899.00M | 2.30B | 3.37B | 2.61B | 2.70B |
| Free Cash Flow Margin | -1.41% | 7.60% | 21.35% | 33.88% | 22.96% | 25.04% |
| Free Cash Flow Per Share | -0.14 | 0.73 | 1.88 | 2.76 | 2.13 | 2.21 |
| Levered Free Cash Flow | -1.52B | -353.50M | 1.03B | 1.59B | 1.16B | 1.53B |
| Unlevered Free Cash Flow | -585.50M | 547.75M | 1.88B | 2.36B | 1.88B | 2.27B |
| Cash Interest Paid | 1.40B | 1.40B | 1.29B | 1.15B | 1.12B | 1.14B |
| Cash Income Tax Paid | 162.00M | 162.00M | 68.00M | 31.00M | 13.00M | -45.00M |
| Change in Working Capital | -613.00M | -164.00M | -526.00M | 108.00M | -379.00M | -322.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 90.94B | 73.41B | 65.97B | 42.37B | 40.08B | 31.64B |
| Enterprise Value | 121.53B | 103.70B | 94.79B | 68.48B | 65.26B | 56.54B |
| Last Close Price | 74.35 | 58.82 | 51.18 | 31.53 | 28.19 | 21.22 |
| PE Ratio | 29.62 | 28.07 | 29.69 | 13.34 | 19.59 | 20.90 |
| Forward PE | 29.96 | 27.02 | 27.17 | 18.21 | 20.50 | 19.65 |
| PS Ratio | 7.38 | 6.21 | 6.13 | 4.26 | 3.53 | 2.94 |
| PB Ratio | 6.91 | 4.89 | 4.45 | 2.85 | 2.85 | 2.24 |
| P/TBV Ratio | 13.83 | 12.22 | 12.71 | 8.88 | 9.81 | 7.94 |
| P/FCF Ratio | 81.66 | 28.73 | 12.57 | 15.38 | 11.73 | |
| P/OCF Ratio | 15.17 | 12.45 | 13.26 | 7.14 | 8.20 | 8.02 |
| PEG Ratio | 1.47 | 1.54 | 6.71 | 2.80 | 5.12 | 6.55 |
| EV/Sales Ratio | 9.86 | 8.77 | 8.81 | 6.88 | 5.75 | 5.25 |
| EV/EBITDA Ratio | 17.28 | 15.30 | 16.94 | 10.88 | 12.96 | 12.62 |
| EV/EBIT Ratio | 25.86 | 23.41 | 28.07 | 16.20 | 21.56 | 21.43 |
| EV/FCF Ratio | 115.35 | 41.29 | 20.32 | 25.04 | 20.96 | |
| Debt / Equity Ratio | 2.00 | 1.97 | 1.82 | 1.79 | 1.64 | 1.69 |
| Debt / EBITDA Ratio | 4.33 | 4.31 | 4.78 | 4.18 | 4.53 | 5.26 |
| Debt / FCF Ratio | 32.86 | 11.79 | 7.89 | 8.86 | 8.84 | |
| Net Debt / Equity Ratio | 1.99 | 1.97 | 1.82 | 1.64 | 1.63 | 1.57 |
| Net Debt / EBITDA Ratio | 4.35 | 4.35 | 4.83 | 3.88 | 4.55 | 4.95 |
| Net Debt / FCF Ratio | -175.81 | 32.79 | 11.77 | 7.26 | 8.80 | 8.21 |
| Asset Turnover | 0.21 | 0.21 | 0.20 | 0.20 | 0.24 | 0.23 |
| Inventory Turnover | 13.38 | 15.11 | 15.54 | 13.53 | 15.09 | 21.67 |
| Quick Ratio | 0.31 | 0.30 | 0.33 | 0.60 | 0.41 | 0.74 |
| Current Ratio | 0.48 | 0.53 | 0.50 | 0.77 | 0.78 | 0.92 |
| Return on Equity (ROE) | 21.50% | 18.55% | 15.78% | 23.50% | 15.04% | 10.89% |
| Return on Assets (ROA) | 5.03% | 4.90% | 3.94% | 5.23% | 3.94% | 3.59% |
| Return on Invested Capital (ROIC) | 7.95% | 7.84% | 6.53% | 8.55% | 6.88% | 5.43% |
| Return on Capital Employed (ROCE) | 8.70% | 8.40% | 6.90% | 9.00% | 7.00% | 6.20% |
| Earnings Yield | 3.38% | 3.57% | 3.37% | 7.50% | 5.11% | 4.79% |
| FCF Yield | -0.19% | 1.23% | 3.48% | 7.96% | 6.50% | 8.53% |
| Dividend Yield | 2.82% | 3.33% | 3.51% | 5.14% | 5.17% | 6.30% |
| Payout Ratio | 83.67% | 93.28% | 104.09% | 68.54% | 101.07% | 131.31% |
| Buyback Yield / Dilution | -0.17% | -0.16% | -0.08% | -0.03% | -0.37% | -0.25% |
| Total Shareholder Return | 2.65% | 3.16% | 3.43% | 5.11% | 4.80% | 6.05% |