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The Williams Companies, Inc., together with its subsidiaries, operates as an energy infrastructure company primarily in the United States. It operates through Transmission, Power & Gulf, Northeast G&P, West, and Gas & NGL Marketing Services segments. The Transmission, Power & Gulf segment comprises Transco, NWP, and Mountain West interstate natural gas pipelines, and their related natural gas storage facilities, as well as natural gas gathering and processing; and crude oil production handling and transportation assets in the Gulf Coast region. The Northeast G&P segment engages in the midstream gathering, processing, and fractionation activities in the Marcellus Shale region primarily in Pennsylvania and New York, and the Utica Shale region of eastern Ohio. The West segment consists of gas gathering, processing, and treating operations in the Rocky Mountain region of Colorado and Wyoming, the Barnett Shale region of north-central Texas, the Eagle Ford Shale region of South Texas, the Haynesville Shale region of northwest Louisiana, the Mid-Continent region that includes the Anadarko and Permian basins, and the DJ Basin of Colorado; and operates natural gas liquid (NGL) fractionation and storage assets in central Kansas near Conway. The Gas & NGL Marketing Services segment provides wholesale marketing, trading, storage, and transportation of natural gas for natural gas utilities, municipalities, power generators, and producers; asset management services; and transports and markets NGLs. The company owns and operates approximately 32,000 miles of pipelines. The Williams Companies, Inc. was founded in 1908 and is headquartered in Tulsa, Oklahoma.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $11.9B | $7.4B | $2.6B | $899M | 20.5% | 13.8% | 17.7% |
| 2024 | $10.5B | $6.6B | $2.2B | $2.3B | 17.9% | -3.7% | -30.0% |
| 2023 | $10.9B | $7.7B | $3.2B | $3.4B | 25.7% | -0.5% | 55.1% |
| 2022 | $11.0B | $5.7B | $2.0B | $2.6B | 17.9% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 10,965 | 10,907 | 10,503 | 11,950 |
| Operating Revenue | - | 11,352 | 9,951 | 10,753 | 11,830 |
| Cost Of Revenue | - | 5,466 | 4,106 | 4,337 | 4,546 |
| Gross Profit | - | 5,499 | 6,801 | 6,166 | 7,404 |
| Operating Expense | - | 2,481 | 2,609 | 2,827 | 2,996 |
| Selling General And Administration | - | 636 | 665 | 708 | 721 |
| Total Expenses | - | 7,947 | 6,715 | 7,164 | 7,542 |
| Operating Income | - | 3,018 | 4,192 | 3,339 | 4,408 |
| Total Operating Income As Reported | - | 3,018 | 4,311 | 3,339 | 4,196 |
| EBITDA | - | 5,698 | 7,712 | 6,569 | 7,414 |
| Normalized EBITDA | - | 5,697 | 7,030 | 6,293 | 7,624 |
| EBIT | - | 3,689 | 5,641 | 4,350 | 5,067 |
| Interest Income | - | 15 | 79 | 67 | 40 |
| Interest Expense | - | 1,147 | 1,236 | 1,364 | 1,442 |
| Net Interest Income | - | -1,132 | -1,157 | -1,297 | -1,402 |
| Other Non Operating Income Expenses | - | 18 | 99 | 108 | 69 |
| Other Income Expense | - | 656 | 1,370 | 944 | 619 |
| Interest Income Non Operating | - | 15 | 79 | 67 | 40 |
| Interest Expense Non Operating | - | 1,147 | 1,236 | 1,364 | 1,442 |
| Net Non Operating Interest Income Expense | - | -1,132 | -1,157 | -1,297 | -1,402 |
| Pretax Income | - | 2,542 | 4,405 | 2,986 | 3,625 |
| Tax Provision | - | 425 | 1,005 | 640 | 857 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.17 | 156.18 | 59.06 | -49.77 |
| Net Income Continuous Operations | - | 2,117 | 3,400 | 2,346 | 2,768 |
| Net Income From Continuing And Discontinued Operation | - | 2,049 | 3,179 | 2,225 | 2,618 |
| Net Income From Continuing Operation Net Minority Interest | - | 2,049 | 3,276 | 2,225 | 2,618 |
| Net Income | - | 2,049 | 3,179 | 2,225 | 2,618 |
| Net Income Common Stockholders | - | 2,046 | 3,176 | 2,222 | 2,615 |
| Net Income Including Noncontrolling Interests | - | 2,117 | 3,303 | 2,346 | 2,768 |
| Normalized Income | - | 2,048.17 | 2,750.18 | 2,008.06 | 2,778.23 |
| Diluted NI Availto Com Stockholders | - | 2,046 | 3,176 | 2,222 | 2,615 |
| Basic Average Shares | - | 1,218.36 | 1,217.78 | 1,219.18 | 1,221 |
| Diluted Average Shares | - | 1,222.67 | 1,222.71 | 1,222.95 | 1,225 |
| Reconciled Depreciation | - | 2,009 | 2,071 | 2,219 | 2,347 |
| Reconciled Cost Of Revenue | - | 5,466 | 4,106 | 4,337 | 4,546 |
| Total Unusual Items | - | 1 | 682 | 276 | -210 |
| Total Unusual Items Excluding Goodwill | - | 1 | 682 | 276 | -210 |
| Preferred Stock Dividends | - | 3 | 3 | 3 | 3 |
| Minority Interests | - | -68 | -124 | -121 | -150 |
| Net Income Discontinuous Operations | - | 0 | -97 | 0 | 0 |
| Special Income Charges | - | 0 | 653 | 149 | -212 |
| Gain On Sale Of Business | - | 0 | 129 | 149 | 0 |
| Other Special Charges | - | - | -534 | - | - |
| Write Off | - | 0 | 10 | 0 | 212 |
| Impairment Of Capital Assets | 2 | 0 | - | - | - |
| Gain On Sale Of Security | - | 1 | 29 | 127 | 2 |
| Other Operating Expenses | - | 28 | -40 | -60 | -7 |
| Earnings From Equity Interest | - | 637 | 589 | 560 | 760 |
Energy sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| The Williams Companies, Inc.this co. | WMB | $88.6B | 33.84↑ premium | 6.94 | 20.5% | 15.90 |
| SLB N.V. | SLB | $86.7B | 25.70 | 3.32 | 12.9% | 13.70 |
| Marathon Petroleum Corporation | MPC | $78.0B | 19.26 | 4.50 | 23.4% | 9.30 |
| Valero Energy Corporation | VLO | $76.9B | 32.73 | 3.24 | 9.9% | 12.48 |
| EOG Resources, Inc. | EOG | $75.0B |
| - |
| - |
| - |
| - |
| - |
| - |
| 15.07 |
| 2.52 |
| 16.7% |
| 7.24 |
| Phillips 66 | PSX | $73.8B | 16.77 | 2.54 | 15.1% | 9.47 |
| Kinder Morgan, Inc. | KMI | $70.5B | 23.08 | 2.26 | 9.8% | 14.25 |
| Baker Hughes Company | BKR | $65.6B | 25.34 | 3.48 | 13.7% | 15.85 |
| Occidental Petroleum Corporation | OXY | $58.4B | 25.09 | 2.10 | 8.4% | 6.84 |
| Peer Median | - | 24.08 | 2.89 | 13.3% | 10.98 | |