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Williams Companies

WMB NYSE Oil & Gas Storage & Transportation Financials FY2016–FY2025

Williams Companies' revenue rose 13.8% to $11.9 billion in fiscal 2025. Its operating margin was 35.1%, up from 31.8% a year earlier. Free cash flow was $1.0 billion, down 58.1%. It paid out $2.4 billion in dividends and buybacks, 243% of free cash flow. The diluted share count rose 0.2%.

Last close · Oct 23, 2026

$71.70

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$12.0B
13.8% vs prior year
Operating margin Operating income as a share of revenue.
35.1%
3.3 pts
Net income Profit after all expenses, interest and tax.
$2.6B
17.7%
Free cash flow Cash from operations minus capital spending.
$1.0B
58.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
7.5%
1.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$87.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
28.6x
On $2.51 EPS (TTM)

What Williams Companies does

No business description yet.

Legal name
WILLIAMS COMPANIES, INC.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000107263-26-000006
0000107263

Revenue and margins

Williams Companies had $12.0B of revenue in fiscal 2025, up 13.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.0B in fiscal 2025, 8.4% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Williams Companies returned $2.4B to shareholders in fiscal 2025, 243% of free cash flow. The diluted share count rose 0.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Williams Companies yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$29.3B and divides by 1,225.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 28.6x · peers 20.5x · sector 16.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Williams Companies can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.7B$152M$2.2B$60.0M$63.0M
Debt incl. finance leases $23.7B$22.9B$26.4B$26.9B$29.4B
Net debt / EBITDA 4.9x4.5x3.8x4.8x4.5x
Debt / equity 2.1x2.0x2.1x2.2x2.3x
Interest coverage 2.2x2.6x3.5x2.5x2.9x
Current ratio 0.9x0.8x0.8x0.5x0.5x
Quick ratio 0.8x0.7x0.7x0.5x0.5x
Total assets $47.6B$48.4B$52.6B$54.5B$58.6B
Total liabilities $33.5B$34.4B$37.7B$39.7B$43.6B
Shareholders' equity $11.4B$11.5B$12.4B$12.4B$12.8B
Net debt (− = net cash) $22.0B$22.8B$24.3B$26.9B$29.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$7.1M

5 insiders

Of sales under plans

14%

$1.0M

DateInsiderTradeSharesPriceValueFiling
Oct 1, 2026 Terrance Lane WilsonSVP & General Counsel Sold plan 2,000 $67.85 $0.1M Form 4
Sep 1, 2026 Terrance Lane WilsonSVP & General Counsel Sold plan 2,000 $75.56 $0.2M Form 4
Aug 14, 2026 Terrance Lane WilsonSVP & General Counsel Sold 13,000 $74.87 $1.0M Form 4
Aug 3, 2026 Terrance Lane WilsonSVP & General Counsel Sold plan 2,000 $70.65 $0.1M Form 4
Jul 1, 2026 Terrance Lane WilsonSVP & General Counsel Sold plan 2,000 $74.16 $0.1M Form 4
Jun 1, 2026 Terrance Lane WilsonSVP & General Counsel Sold plan 2,000 $71.30 $0.1M Form 4
May 15, 2026 Glen G. JasekSenior Vice President Sold 2,500 $78.16 $0.2M Form 4
May 14, 2026 Larry C LarsenExecutive Vice President & COO Sold 12,000 $76.49 $0.9M Form 4
May 6, 2026 John Dean PorterEVP & CFO Sold 50,000 $75.37 $3.8M Form 4
May 1, 2026 Terrance Lane WilsonSVP & General Counsel Sold plan 2,000 $76.35 $0.2M Form 4
Apr 1, 2026 Terrance Lane WilsonSVP & General Counsel Sold plan 2,000 $71.75 $0.1M Form 4
Mar 13, 2026 Payvand FazelSenior Vice President Sold 2,898 $73.15 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✕ ✓ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 4 / 85 / 86 / 8
Accruals ratio −5.5%−5.1%−5.8%
Altman Z'' 0.04−0.26−0.16

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Williams Companies WMB $87.8B 13.8% 35.1% 8.4% 7.5% 28.6x 6
Kinder Morgan KMI $76.7B 12.2% 27.9% 17.1% 5.8% 21.3x 7 Compare →
Targa Resources TRGP $65.1B 4.0% 19.6% 3.4% 13.3% 28.9x 6 Compare →
Oneok OKE $60.6B 55.0% 17.1% 7.3% 8.1% 16.5x 5 Compare →
Kinetik KNTK $4.2B 19.0% 9.4% 6.3% 8.6% 19.8x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $7.5B $8.0B $8.7B $8.2B $7.7B $10.6B $11.0B $10.9B $10.5B $12.0B
Operating income $689M $927M $768M $1.9B $2.2B $2.6B $3.0B $4.3B $3.3B $4.2B
Interest expense $1.2B $1.1B $1.1B $1.2B $1.2B $1.2B $1.1B $1.2B $1.4B $1.4B
Pretax income −$375M $535M $331M $1.1B $277M $2.1B $2.5B $4.4B $3.0B $3.6B
Income tax −$25.0M −$2.0B $138M $335M $79.0M $511M $425M $1.0B $640M $857M
Net income −$424M $2.2B −$155M $850M $211M $1.5B $2.0B $3.2B $2.2B $2.6B
Diluted EPS −$0.57 $2.62 −$0.16 $0.70 $0.17 $1.24 $1.67 $2.60 $1.82 $2.14
Diluted shares 0.75B 0.83B 0.97B 1.21B 1.22B 1.22B 1.22B 1.22B 1.22B 1.23B
Cash flow
Cash from operations $4.2B $3.1B $3.3B $3.7B $3.5B $3.9B $4.9B $5.9B $5.0B $5.9B
Capital expenditure $2.1B $2.4B $3.3B $2.1B $1.2B $1.2B $2.3B $2.5B $2.6B $4.9B
Free cash flow $2.1B $690M $37.0M $1.6B $2.3B $2.7B $2.6B $3.4B $2.4B $1.0B
Depreciation and amortization $1.8B $1.7B $1.7B $1.7B $1.7B $1.8B $2.0B $2.1B $2.2B $2.3B
Stock-based compensation $73.0M $78.0M $55.0M $57.0M $52.0M $81.0M $73.0M $77.0M $99.0M $93.0M
Acquisitions $0.0M $0.0M $0.0M $728M $0.0M $151M $933M $1.6B $2.2B $1.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $9.0M $130M $0.0M $0.0M
Dividends paid $1.3B $992M $1.4B $1.8B $1.9B $2.0B $2.1B $2.2B $2.3B $2.4B
Dividends and buybacks $1.3B $992M $1.4B $1.8B $1.9B $2.0B $2.1B $2.3B $2.3B $2.4B
Balance sheet
Cash and short-term investments $170M $899M $168M $289M $142M $1.7B $152M $2.2B $60.0M $63.0M
Total debt $23.5B $20.9B $22.4B $22.3B $22.3B $23.7B $22.9B $26.4B $26.9B $29.4B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.5B $2.2B $1.5B $1.6B $1.4B $4.5B $3.8B $4.5B $2.7B $3.2B
Current liabilities $2.9B $2.6B $1.8B $4.0B $2.3B $5.0B $4.9B $5.8B $5.3B $6.1B
Inventory $138M $113M $130M $125M $136M $379M $320M $274M $279M $314M
Property and equipment, net $28.4B $28.2B $27.5B $29.2B $28.9B $29.3B $30.9B $34.3B $38.7B $42.0B
Total assets $46.8B $46.4B $45.3B $46.0B $44.2B $47.6B $48.4B $52.6B $54.5B $58.6B
Total liabilities $32.8B $30.2B $29.3B $29.7B $29.6B $33.5B $34.4B $37.7B $39.7B $43.6B
Shareholders' equity $4.6B $9.7B $14.7B $13.4B $11.8B $11.4B $11.5B $12.4B $12.4B $12.8B
Margins
Operating margin 9.2% 11.5% 8.8% 23.4% 28.5% 24.8% 27.5% 39.5% 31.8% 35.1%
EBITDA margin 32.7% 33.2% 28.7% 44.3% 50.8% 42.1% 45.9% 58.5% 52.9% 54.8%
Net margin −5.7% 27.1% −1.8% 10.4% 2.7% 14.3% 18.7% 29.2% 21.2% 21.9%
FCF margin 28.1% 8.6% 0.4% 19.3% 29.2% 25.5% 24.0% 31.4% 22.9% 8.4%
Returns
Return on capital 1.4% 2.5% 1.2% 3.4% 4.2% 5.4% 6.9% 8.8% 6.5% 7.5%
Return on capital employed 1.5% 2.1% 1.8% 4.5% 5.3% 6.2% 7.0% 9.5% 7.0% 8.3%
Return on equity −7.9% 30.4% −1.3% 6.1% 1.7% 13.1% 17.9% 26.6% 17.9% 20.7%
Return on assets −0.9% 4.7% −0.3% 1.9% 0.5% 3.3% 4.3% 6.3% 4.2% 4.6%
Growth
Revenue growth 1.9% 7.1% 8.2% −5.6% −5.9% 37.7% 3.2% −0.5% −3.7% 13.8%
Net income growth — — −107.1% — −75.2% 619.0% 35.1% 55.2% −30.0% 17.7%
EPS growth — — −106.1% — −75.7% 629.4% 34.7% 55.7% −30.0% 17.6%
FCF growth — −67.2% −94.6% 4,181.1% 42.5% 19.9% −2.6% 29.8% −29.8% −58.1%
Share count change 0.2% 10.4% 17.5% 24.7% 0.1% 0.3% 0.4% 0.0% 0.0% 0.2%
Financial health
Net debt / EBITDA 9.5x 7.5x 8.9x 6.1x 5.7x 4.9x 4.5x 3.8x 4.8x 4.5x
Debt / equity 5.1x 2.2x 1.5x 1.7x 1.9x 2.1x 2.0x 2.1x 2.2x 2.3x
Interest coverage 0.6x 0.9x 0.7x 1.6x 1.9x 2.2x 2.6x 3.5x 2.5x 2.9x
Current ratio 0.5x 0.8x 0.8x 0.4x 0.6x 0.9x 0.8x 0.8x 0.5x 0.5x
Quick ratio 0.5x 0.8x 0.7x 0.4x 0.6x 0.8x 0.7x 0.7x 0.5x 0.5x
Capital allocation
Capex / revenue 27.4% 29.9% 37.5% 25.7% 16.1% 11.7% 20.6% 23.1% 24.5% 41.0%
Stock comp / revenue 1.0% 1.0% 0.6% 0.7% 0.7% 0.8% 0.7% 0.7% 0.9% 0.8%
Payouts / FCF 59.9% 143.8% 3,746.0% 116.3% 86.0% 73.6% 78.9% 67.5% 96.5% 243.0%
Quality scores
Piotroski F-score 5.0 7.0 3.0 5.0 4.0 6.0 5.0 4.0 5.0 6.0
Altman Z'' −0.3 0.0 −0.1 −0.3 −0.2 −0.2 −0.2 0.0 −0.3 −0.2
Accruals ratio −9.6% −2.0% −7.5% −6.2% −7.3% −5.3% −5.9% −5.5% −5.1% −5.8%

Source: SEC EDGAR XBRL filings (CIK 0000107263). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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