The Williams Companies, Inc. earnings overview

WMB FY2026 Q1 · Calendar Q2 2026

The Williams Companies, Inc.

Williams delivered record Q1 FY2026 adjusted EBITDA of $2.25 billion, up 13% year-over-year, with EPS of $0.73 beating the $0.634 consensus estimate by 15%. Revenue of $3.03 billion came in 7.6% below the $3.28 billion estimate. The company launched three new power-innovation projects and multiple pipeline expansions, guiding full-year EBITDA toward the upper half of its prior range while raising the capex midpoint to $7.3 billion. Leverage rose to 4.1x, above the target range, but management expects earnings growth to deleverage by 2028. The market reaction was muted on the print (+0.14% abnormal vs. +0.80% benchmark), and the stock subsequently drifted about 5.9% lower over the following weeks. At $70.16, shares trade 16% below the analyst consensus target of $83.54.