Williams (WMB) Q4 2025 Financial Results Summary
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Williams (WMB) Q3 2025 Financial Results Summary
Release Date: November 3, 2025
Williams (WMB) has announced its third-quarter financial results for 2025, showing a solid performance driven by its natural gas-focused strategy. Below is a summary of the company’s financial metrics and operations for the quarter ending September 30, 2025.
Key Financial Highlights
- GAAP Net Income:
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$646 million ($0.53 per diluted share), a decrease of 8% compared to Q3 2024 ($705 million or $0.58 per share).
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Adjusted Net Income:
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$603 million ($0.49 per diluted share), up 14% from Q3 2024 where it was $528 million ($0.43 per share).
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Adjusted EBITDA:
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$1.920 billion, an increase of 13% from Q3 2024 ($1.703 billion).
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Cash Flow From Operations (CFFO):
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$1.439 billion, a growth of 16% year-over-year from $1.243 billion in Q3 2024.
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Available Funds From Operations (AFFO):
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$1.449 billion, up 13% compared to Q3 2024 ($1.286 billion).
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Dividend Coverage Ratio:
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2.37x (based on AFFO), compared to 2.22x in Q3 2024.
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Quarterly Dividend:
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The company increased its annualized quarterly dividend by 5.3%, setting it at $2.00 per share for 2025, up from $1.90 in 2024.
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Debt to Adjusted EBITDA Ratio:
- 3.73x, marking slight improvement from 3.75x in Q3 2024.
Operational Highlights
- Williams successfully placed into service several key growth projects, including:
- Transco’s Alabama Georgia Connector
- Commonwealth Energy Connector expansion projects
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Stanfield South project by Northwest Pipeline
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Execution of expansions for Gulf deepwater Shenandoah and Salamanca projects was completed.
- Significant advancements made with the Socrates project, where the investment was increased by approximately $400 million to reach $2 billion.
- Strategic partnerships were established, including a significant partnership with Woodside Energy, and a sale of assets in South Mansfield upstream to JERA.
- Notable agreements signed for storage and expansion projects such as:
- Pine Prairie storage expansion
- MountainWest’s Green River West expansion
- Transco’s Wharton West expansion
Segment Performance Overview
- Transmission, Power & Gulf:
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Modified EBITDA for Q3 2025 improved by 20%, reaching $973 million compared to $811 million in Q3 2024.
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Northeast G&P:
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Modified EBITDA rose to $505 million from $476 million in Q3 2024, a growth of 6%.
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West:
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Modified EBITDA increased to $342 million from $323 million, marking a 6% improvement year-over-year.
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Gas & NGL Marketing Services:
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Showed significant recovery with Modified EBITDA rising to $54 million from $11 million in Q3 2024.
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Other Segments:
- Total Modified EBITDA across all segments reached $1.967 billion, a significant increase from $1.679 billion in Q3 2024.
Conclusion and Outlook
- CEO Chad Zamarin emphasized the strength of Williams’ natural gas strategy, which has driven revenue and earnings growth through higher gathering and processing volumes across project expansions.
- The company reaffirms its guidance for 2025, with a midpoint for EBITDA set at $7.750 billion, pointing to a commitment to maintaining growth momentum, supported by a robust project backlog extending beyond 2030.
Williams positioned itself well to capitalize on the growing demand for natural gas, backed by sound financial performance and a diverse range of strategic operational initiatives throughout the quarter.
| Revenues: | 2025 | 2024 | 2025 | 2024 |
|---|---|---|---|---|
| Service revenues | $2,121 | $1,911 | $6,165 | $5,653 |
| Service revenues – commodity consideration | 45 | 34 | 141 | 82 |
| Product sales | 701 | 703 | 2,416 | 2,158 |
| Net gain (loss) from commodity derivatives | 56 | 5 | 30 | -133 |
| Total revenues | 2,923 | 2,653 | 8,752 | 7,760 |
| Costs and expenses: | ||||
| Product costs | 471 | 517 | 1,560 | 1,467 |
| Net processing commodity expenses | 14 | 7 | 46 | 29 |
| Operating and maintenance expenses | 583 | 580 | 1,697 | 1,613 |
| Depreciation, depletion, and amortization expenses | 564 | 566 | 1,754 | 1,654 |
| Selling, general, and administrative expenses | 168 | 170 | 530 | 520 |
| Other (income) expense – net | 14 | -25 | 17 | -69 |
| Total costs and expenses | 1,814 | 1,815 | 5,604 | 5,214 |
| Operating income (loss) | 1,109 | 838 | 3,148 | 2,546 |
| Equity earnings (losses) | 152 | 147 | 449 | 431 |
| Other investing income (loss) – net | 19 | 290 | 31 | 332 |
| Interest expense | -372 | -338 | -1,071 | -1,026 |
| Other income (expense) – net | 21 | 31 | 51 | 95 |
| Income (loss) before income taxes | 929 | 968 | 2,608 | 2,378 |
| Less: Provision (benefit) for income taxes | 246 | 227 | 613 | 549 |
| Net income (loss) | 683 | 741 | 1,995 | 1,829 |
| Less: Net income (loss) attributable to noncontrolling interests | 36 | 35 | 111 | 90 |
| Net income (loss) attributable to The Williams Companies, Inc. | 647 | 706 | 1,884 | 1,739 |
| Less: Preferred stock dividends | 1 | 1 | 2 | 2 |
| Net income (loss) available to common stockholders | $646 | $705 | $1,882 | $1,737 |
| Basic earnings (loss) per common share: | ||||
| Net income (loss) available to common stockholders | $0.53 | $0.58 | $1.54 | $1.42 |
| Weighted-average shares (millions) | 1,222 | 1,220 | 1,221 | 1,219 |
| Diluted earnings (loss) per common share: | ||||
| Net income (loss) available to common stockholders | $0.53 | $0.58 | $1.54 | $1.42 |
| Weighted-average shares (millions) | 1,225 | 1,223 | 1,224 | 1,222 |
| ASSETS | September 30, | December 31, |
|---|---|---|
| Current assets: | 2025 | 2024 |
| Cash and cash equivalents | $70 | $60 |
| Trade accounts and other receivables | 1,480 | 1,863 |
| Inventories | 339 | 279 |
| Derivative assets | 157 | 267 |
| Other current assets and deferred charges | 225 | 192 |
| Total current assets | 2,271 | 2,661 |
| Investments | 4,188 | 4,140 |
| Property, plant, and equipment | 60,305 | 57,395 |
| Accumulated depreciation, depletion, and amortization | -19,920 | -18,703 |
| Property, plant, and equipment – net | 40,385 | 38,692 |
| Intangible assets – net | 7,004 | 7,209 |
| Regulatory assets, deferred charges, and other | 1,888 | 1,830 |
| Total assets | $55,736 | $54,532 |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $1,406 | $1,613 |
| Derivative liabilities | 101 | 164 |
| Other current liabilities | 1,472 | 1,360 |
| Commercial paper | 170 | 455 |
| Long-term debt due within one year | 2,228 | 1,720 |
| Total current liabilities | 5,377 | 5,312 |
| Long-term debt | 25,589 | 24,736 |
| Deferred income tax liabilities | 4,826 | 4,376 |
| Regulatory liabilities, deferred income, and other | 5,084 | 5,268 |
| Contingent liabilities and commitments | ||
| Equity: | ||
| Stockholders’ equity: | ||
| Preferred stock ($1 par value; 30 million shares authorized at September 30, 2025 and December 31, 2024; 35 thousand shares issued at September 30, 2025 and | 35 | 35 |
| December 31, 2024) | ||
| Common stock ($1 par value; 1,470 million shares authorized at September 30, 2025 and December 31, 2024; 1,261 million shares issued at September 30, 2025 and | 1,261 | 1,258 |
| 1,258 million shares issued at December 31, 2024) | ||
| Capital in excess of par value | 24,656 | 24,643 |
| Retained deficit | -12,354 | -12,396 |
| Accumulated other comprehensive income (loss) | 102 | 76 |
| Treasury stock, at cost (39 million shares at September 30, 2025 and December 31, 2024 of common stock) | -1,180 | -1,180 |
| Total stockholders’ equity | 12,520 | 12,436 |
| Noncontrolling interests in consolidated subsidiaries | 2,340 | 2,404 |
| Total equity | 14,860 | 14,840 |
| Total liabilities and equity | $55,736 | $54,532 |