Detailed financial statements for The Williams Companies, Inc. (WMB): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
The Williams Companies, Inc., alongside its subsidiaries, operates as a prominent energy infrastructure entity, primarily conducting business throughout the United States. The company’s operations are organized into four key segments: Transmission & Gulf of Mexico, Northeast G&P, West, and Gas & NGL Marketing Services.
Analysis Summary
The Williams Companies, Inc. reported revenue of $11.95B in the most recent fiscal year, growing at a 5-year CAGR of 9.1%. Net income reached $2.62B, with a 65.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 73.6%, operating margin 40.3%, net margin 25.2%. Free cash flow grew at -14.7% CAGR over 5 years.
At the current price of $70.81, WMB trades at a P/E of 27.99 and an ROE of 23.86%. Market capitalisation stands at $86.6B, placing it among large-cap names.
Balance sheet quality for WMB: current ratio of 0.5, net debt of $29.33B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of $1.00B represents 38% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.50B | $8.03B | $8.69B | $8.20B | $7.72B | $10.63B | $10.96B | $10.91B | $10.50B | $11.95B |
| Cost of Revenue | $3.49B | $4.04B | $4.57B | $3.78B | $3.33B | $5.87B | $5.47B | $4.11B | $4.34B | $6.83B |
| Gross Profit | $4.01B | $4.00B | $4.12B | $4.42B | $4.38B | $4.75B | $5.50B | $6.80B | $6.17B | $5.12B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $722.0M | $594.0M | $569.0M | $558.0M | $466.0M | $558.0M | $636.0M | $665.0M | $708.0M | $721.0M |
| Operating Expenses | $3.32B | $3.07B | $3.35B | $2.50B | $2.18B | $2.12B | $2.48B | $2.49B | $2.83B | $721.0M |
| Operating Income | $689.0M | $927.0M | $768.0M | $1.92B | $2.20B | $2.63B | $3.02B | $4.31B | $3.34B | $4.40B |
| EBITDA | $2.57B | $3.35B | $3.17B | $3.96B | $3.17B | $5.09B | $5.70B | $7.71B | $6.57B | $7.41B |
| Interest Expense | $1.18B | $1.08B | $1.11B | $1.19B | $1.17B | $1.18B | $1.15B | $1.24B | $1.36B | $1.44B |
| Pre-tax Income | -$375.0M | $535.0M | $331.0M | $1.06B | $277.0M | $2.07B | $2.54B | $4.41B | $2.99B | $3.62B |
| Income Tax | -$25.0M | -$1.97B | $138.0M | $335.0M | $79.0M | $511.0M | $425.0M | $1.00B | $640.0M | $857.0M |
| Net Income | -$424.0M | $2.17B | -$155.0M | $850.0M | $211.0M | $1.52B | $2.05B | $3.18B | $2.23B | $2.62B |
| EPS | $-0.57 | $2.63 | $-0.16 | $0.70 | $0.17 | $1.25 | $1.68 | $2.61 | $1.82 | $2.14 |
| EPS (Diluted) | $-0.56 | $2.62 | $-0.16 | $0.70 | $0.17 | $1.24 | $1.67 | $2.60 | $1.82 | $2.14 |
| Shares Outstanding (Diluted) | $750.7M | $828.5M | $973.6M | $1.21B | $1.22B | $1.22B | $1.22B | $1.22B | $1.22B | $1.22B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $2.92B | $3.20B | $3.03B | $3.05B |
| Gross Profit | $2.45B | $1.50B | $2.49B | $2.54B |
| Operating Income | $1.11B | $1.31B | $1.32B | $1.18B |
| EBITDA | $1.86B | $1.96B | $1.53B | $2.10B |
| Net Income | $647.0M | $734.0M | $865.0M | $827.0M |
| EPS | $0.53 | $0.60 | $0.71 | $0.68 |
| EPS (Diluted) | $0.53 | $0.60 | $0.71 | $0.68 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $170.0M | $899.0M | $168.0M | $289.0M | $142.0M | $1.68B | $152.0M | $2.15B | $60.0M | $63.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $938.0M | $976.0M | $992.0M | $996.0M | $999.0M | $1.98B | $2.72B | $1.66B | $1.86B | $2.08B |
| Inventory | $138.0M | $113.0M | $130.0M | $125.0M | $136.0M | $379.0M | $320.0M | $274.0M | $279.0M | $314.0M |
| Total Current Assets | $1.46B | $2.18B | $1.46B | $1.58B | $1.43B | $4.55B | $3.80B | $4.51B | $2.66B | $3.24B |
| Property, Plant & Equipment | $28.43B | $28.21B | $27.50B | $29.20B | $28.93B | $29.26B | $30.89B | $34.31B | $38.69B | $42.00B |
| Goodwill | $47.0M | $47.0M | 0 | $188.0M | 0 | 0 | 0 | $463.0M | $466.0M | 0 |
| Intangible Assets | $9.62B | $8.74B | $7.77B | $7.77B | $7.44B | $7.40B | $7.36B | $7.13B | $6.74B | $6.76B |
| Total Assets | $46.84B | $46.35B | $45.30B | $46.04B | $44.16B | $47.61B | $48.43B | $52.63B | $54.53B | $58.57B |
| Accounts Payable | $623.0M | $978.0M | $662.0M | $552.0M | $482.0M | $1.75B | $2.33B | $1.38B | $1.61B | $2.22B |
| Short-term Debt | $878.0M | $501.0M | $47.0M | $2.14B | $893.0M | $2.02B | $977.0M | $3.06B | $2.17B | $2.04B |
| Total Current Liabilities | $2.95B | $2.65B | $1.81B | $3.97B | $2.32B | $4.97B | $4.89B | $5.83B | $5.31B | $6.11B |
| Long-term Debt | $22.62B | $20.43B | $22.37B | $20.15B | $21.45B | $21.65B | $21.93B | $23.38B | $24.74B | $27.32B |
| Total Liabilities | $32.79B | $30.18B | $29.30B | $29.68B | $29.58B | $33.51B | $34.39B | $37.74B | $39.69B | $43.58B |
| Retained Earnings | -$9.65B | -$8.43B | -$10.00B | -$11.00B | -$12.75B | -$13.24B | -$13.27B | -$12.29B | -$12.40B | -$12.24B |
| Total Equity | $4.64B | $9.66B | $14.66B | $13.36B | $11.77B | $11.42B | $11.48B | $12.40B | $12.44B | $12.81B |
| Total Debt | $23.50B | $20.93B | $22.41B | $22.29B | $22.34B | $23.68B | $22.90B | $26.46B | $27.08B | $29.39B |
| Net Debt | $23.33B | $20.04B | $22.25B | $22.00B | $22.20B | $22.00B | $22.75B | $24.31B | $27.02B | $29.33B |
| Working Capital | -$1.49B | -$467.0M | -$347.0M | -$2.39B | -$890.0M | -$423.0M | -$1.09B | -$1.32B | -$2.65B | -$2.86B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $70.0M | $63.0M | $950.0M | $203.0M |
| Total Assets | $55.74B | $58.57B | $59.57B | $60.61B |
| Total Liabilities | $40.88B | $43.58B | $44.41B | $45.24B |
| Total Equity | $12.52B | $12.81B | $12.99B | $13.19B |
| Total Debt | $27.99B | $29.39B | $30.30B | $30.79B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$350.0M | $2.51B | -$155.0M | $714.0M | $198.0M | $1.56B | $2.12B | $3.28B | $2.35B | $2.62B |
| Depreciation & Amortization | $1.76B | $1.74B | $1.76B | $1.71B | $1.72B | $1.84B | $2.01B | $2.07B | $2.22B | $2.35B |
| Stock-based Compensation | $73.0M | $78.0M | $55.0M | $57.0M | $52.0M | $81.0M | $73.0M | $77.0M | $99.0M | 0 |
| Change in Working Capital | $856.0M | -$416.0M | -$234.0M | -$9.0M | -$323.0M | -$309.0M | -$379.0M | $88.0M | -$526.0M | -$164.0M |
| Operating Cash Flow | $3.66B | $2.56B | $3.29B | $3.69B | $3.50B | $3.94B | $4.89B | $5.94B | $4.97B | $5.90B |
| Capital Expenditure | -$2.05B | -$2.44B | -$3.26B | -$2.15B | -$1.27B | -$1.25B | -$2.28B | -$2.57B | -$2.57B | -$4.89B |
| Acquisitions | $843.0M | $2.13B | $1.31B | -$698.0M | -$325.0M | -$265.0M | -$1.10B | -$1.36B | -$2.20B | $35.0M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$9.0M | -$130.0M | 0 | 0 |
| Dividends Paid | -$1.26B | -$992.0M | -$1.39B | -$1.84B | -$1.94B | -$1.99B | -$2.07B | -$2.18B | -$2.32B | -$2.44B |
| Free Cash Flow | $1.61B | $116.0M | $30.0M | $1.54B | $2.22B | $2.70B | $2.61B | $3.37B | $2.40B | $1.00B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $1.44B | $1.58B | $1.60B | $1.38B |
| Capital Expenditure | -$954.0M | -$2.06B | -$1.36B | -$1.83B |
| Free Cash Flow | $485.0M | -$485.0M | $244.0M | -$458.0M |
| Dividends Paid | -$611.0M | -$610.0M | -$642.0M | -$642.0M |
| Stock-based Compensation | -$49.0M | 0 | $22.0M | $17.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.1% | +8.2% | -5.6% | -5.9% | +37.7% | +3.2% | -0.5% | -3.7% | +13.8% | |
| Net Income Growth (YoY) | +612.7% | -107.1% | +648.4% | -75.2% | +619.0% | +35.1% | +55.1% | -30.0% | +17.7% | |
| EPS Growth (YoY) | +561.4% | -106.1% | +537.5% | -75.7% | +635.3% | +34.4% | +55.4% | -30.3% | +17.6% | |
| Shares Change (YoY) | +10.4% | +17.5% | +24.7% | +0.1% | +0.3% | +0.4% | +0.0% | +0.0% | -0.2% | |
| FCF Growth (YoY) | -92.8% | -74.1% | +5,046.7% | +43.8% | +21.5% | -3.4% | +29.4% | -28.8% | -58.1% | |
| Gross Margin | 53.5% | 49.7% | 47.4% | 53.9% | 56.8% | 44.7% | 50.2% | 62.4% | 58.7% | 42.9% |
| Operating Margin | 9.2% | 11.5% | 8.8% | 23.4% | 28.5% | 24.8% | 27.5% | 39.5% | 31.8% | 36.8% |
| EBITDA Margin | 34.2% | 41.8% | 36.5% | 48.3% | 41.1% | 47.9% | 52.0% | 70.7% | 62.5% | 62.0% |
| Net Margin | -5.7% | 27.1% | -1.8% | 10.4% | 2.7% | 14.3% | 18.7% | 29.1% | 21.2% | 21.9% |
| FCF Margin | 21.5% | 1.4% | 0.3% | 18.8% | 28.8% | 25.4% | 23.8% | 30.9% | 22.9% | 8.4% |
| Effective Tax Rate | 6.7% | -369.0% | 41.7% | 31.5% | 28.5% | 24.7% | 16.7% | 22.8% | 21.4% | 23.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.15 | $0.14 | $0.03 | $1.27 | $1.83 | $2.21 | $2.13 | $2.76 | $1.96 | $0.82 |
| Dividends Per Share | $1.68 | $1.20 | $1.42 | $1.52 | $1.60 | $1.64 | $1.69 | $1.78 | $1.89 | $2.00 |
| Shares Outstanding (Basic) | $750.0M | $826.0M | $973.6M | $1.21B | $1.21B | $1.22B | $1.22B | $1.22B | $1.22B | $1.22B |
What to look at in Energy companies
- FCF yield (>8%) — Cash generated / market cap. In energy FCF beats EPS.
- ROIC 5y avg (>=10%) — Include good and bad years to filter the truly disciplined.
- Positive FCF in 8 of last 10y (>=8/10) — Disciplined names (XOM, CVX, EOG) survive 2014-16 and 2020 crashes.
- Dividend coverage (FCF / div) (>=1.2x) — Dividend covered by FCF, not borrowed. <1x = likely cut.
- Net Debt / EBITDA (<2x at peak) — Look at it with trough EBITDA, not the peak.
- Capex / Revenue (10-20% healthy) — Energy needs aggressive reinvestment to maintain reserves.
Profitability
| Return on Equity | 23.86% |
| Return on Invested Capital | 6.64% |
| Return on Assets | 5.07% |
| Gross Margin | 73.59% |
| Operating Margin | 40.31% |
| Net Margin | 25.18% |
Financial Health
| Debt / Equity | 2.33 |
| Current Ratio | 0.48 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.11 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -54.63 | 11.59 | -137.81 | 33.89 | 117.94 | 20.83 | 19.58 | 13.34 | 29.74 | 28.09 |
| P/B | 5.03 | 2.61 | 1.46 | 2.15 | 2.07 | 2.77 | 3.49 | 3.42 | 5.31 | 5.73 |
| P/S | 3.11 | 3.14 | 2.47 | 3.51 | 3.15 | 2.98 | 3.66 | 3.89 | 6.28 | 6.14 |
| Gross Margin | 53.5% | 49.7% | 47.4% | 53.9% | 56.8% | 44.7% | 50.2% | 62.4% | 58.7% | 42.9% |
| Operating Margin | 9.2% | 11.5% | 8.8% | 23.4% | 28.5% | 24.8% | 27.5% | 39.5% | 31.8% | 36.8% |
| Net Margin | -5.7% | 27.1% | -1.8% | 10.4% | 2.7% | 14.3% | 18.7% | 29.1% | 21.2% | 21.9% |
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