Analyst Consensus ?
ConsensusBuy33 ratings
Bullish2678.8%
Neutral721.2%
Bearish00.0%
The Williams Companies, Inc. · WMB · FY2025 Q3 · Calendar Q4 2025
Williams: LNG and power backlog support growth, execution remains key
The supplied analysis supports a constructive but conditional view: Williams has identified durable demand drivers in LNG, transmission, storage, and power for constrained markets, while its backlog and project pipeline provide potential visibility. The case depends on converting that backlog into projects on schedule and within acceptable returns, with permitting, procurement, and customer concentration as material checks.
Reported After market closeNYSEEnergy
$83.95B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$0.49
Consensus $0.52
EPS surprise
-5.0%
Reported versus consensus
Reported revenue
$2.92B
Consensus $2.88B
Revenue surprise
+1.4%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-4.3%
Event window
SPY move
-1.2%
Same window
Abnormal move
-3.1%
Stock minus SPY
Volume
2.1×
Versus trailing sessions
Subsequent drift
+8.9%
Up to 20 sessions
WMBSPY benchmark
Ask FN2 about WMB FY2025 Q3
Transcript, numbers and history already loaded
Why did WMB fall 4.3% after missing EPS estimates in FY2025 Q3?What changed in WMB's guidance and outlook in FY2025 Q3?Give me the bull and bear case for WMB after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior analysis, the company’s growth narrative became more centered on LNG integration and Power Innovation. The supplied current analysis adds the Woodside-related Line 200 and Louisiana LNG developments, a larger Power Innovation backlog, and higher capital expenditure, while guidance sentiment remained maintained.
Guidance delta
Maintained. Management continued to frame the business around a 9% annual growth outlook, while capital expenditure increased to support additional Power Innovation and LNG investments.
Key takeaways
- Management highlighted rising LNG demand, data-center and grid-related power needs, and expanding transmission capacity as growth drivers.
- The Power Innovation business was described as having a $5 billion, 6 GW backlog with projects extending through 2027–2028.
- The quarter added strategic LNG and asset-portfolio developments, but execution, permitting, and equipment procurement remain important constraints.
Management priorities
- Scale Power Innovation sites and pursue additional greenfield opportunities.
- Develop LNG, transmission, and storage assets across the Transco and related corridors.
- Maintain disciplined capital allocation while advancing major projects and partnerships.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$68.05Current
$28Low
$60.94Average
$103High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Scotiabank | Sector Outperform | Sector Outperform | Maintain | Sep 10, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Aug 18, 2026 |
| Truist Securities | Buy | Buy | Maintain | Aug 12, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 10, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Aug 5, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 8, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 1, 2026 |
| Jefferies | Buy | Buy | Maintain | Jul 1, 2026 |
| CIBC | Outperform | Outperform | Maintain | May 26, 2026 |
| UBS | Buy | Buy | Maintain | May 12, 2026 |
| Citigroup | Buy | Buy | Maintain | May 8, 2026 |
| TD Cowen | Buy | Buy | Maintain | May 7, 2026 |
| Stifel | Buy | Buy | Maintain | May 6, 2026 |
| Goldman Sachs | Buy | Neutral | Upgrade | Apr 20, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Nov 5, 2025 |
| Argus Research | Buy | Buy | Maintain | Aug 14, 2025 |
| Wolfe Research | Peer Perform | Underperform | Upgrade | Jun 13, 2025 |
| Mizuho | Outperform | Outperform | Maintain | Nov 4, 2024 |
| Seaport Global | Neutral | Buy | Downgrade | Jul 30, 2024 |
| Raymond James | Outperform | Strong Buy | Downgrade | Apr 21, 2023 |
| Bernstein | Market Perform | Outperform | Downgrade | Feb 27, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Mar 16, 2022 |
| B of A Securities | Buy | Buy | Maintain | Jan 18, 2022 |
| TD Securities | Buy | Buy | Maintain | Feb 24, 2021 |
| Bank of America | Buy | Buy | Maintain | Nov 2, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Evercore Partners | Buy | Buy | Maintain | Aug 2, 2016 |
| Evercore ISI Group | Buy | Buy | Maintain | Aug 2, 2016 |
| Tudor Pickering | Buy | Hold | Upgrade | Jul 21, 2016 |
| Deutsche Bank | Buy | Hold | Upgrade | Jun 17, 2014 |
| Maxim Group | Hold | Buy | Downgrade | Feb 12, 2014 |
| Scotia Howard Weil | Sector Perform | Sector Outperform | Downgrade | Jan 8, 2014 |
| ISI Group | Neutral | Buy | Downgrade | Oct 14, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $68.05. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Williams Trading | Analyst unavailable | $92 | $72.12 | +35.2% | Sep 22, 2026 |
| Scotiabank | Analyst unavailable | $85 | $73.54 | +24.9% | Sep 10, 2026 |
| Williams Trading | Analyst unavailable | $103 | $71.08 | +51.4% | Aug 26, 2026 |
| Morgan Stanley | Analyst unavailable | $103 | $75.54 | +51.4% | Aug 18, 2026 |
| Wells Fargo | Praneeth Satish | $90 | $71.51 | +32.3% | Aug 5, 2026 |
| CIBC | Analyst unavailable | $83 | $75.42 | +22.0% | Jul 14, 2026 |
| Morgan Stanley | Analyst unavailable | $99 | $74.46 | +45.5% | Jul 14, 2026 |
| Goldman Sachs | John MacKay | $82 | $74.46 | +20.5% | Jul 14, 2026 |
| Barclays | Theresa Chen | $75 | $75.08 | +10.2% | Jul 8, 2026 |
| Jefferies | Julien Dumoulin-Smith | $85 | $74.34 | +24.9% | Jul 1, 2026 |
| Argus Research | Analyst unavailable | $85 | $71.56 | +24.9% | May 29, 2026 |
| CIBC | Analyst unavailable | $85 | $76.89 | +24.9% | May 26, 2026 |
| Morgan Stanley | Analyst unavailable | $98 | $79.74 | +44.0% | May 20, 2026 |
| Scotiabank | Brandon Bingham | $86 | $74.18 | +26.4% | May 12, 2026 |
| UBS | Manav Gupta | $91 | $74.18 | +33.7% | May 12, 2026 |
| Jefferies | Analyst unavailable | $87 | $74.88 | +27.8% | May 6, 2026 |
| Mizuho Securities | Analyst unavailable | $82 | $75.16 | +20.5% | May 1, 2026 |
| Williams Trading | Analyst unavailable | $82 | $71.15 | +20.5% | Apr 20, 2026 |
| Jefferies | Julien Dumoulin-Smith | $83 | $72.27 | +22.0% | Apr 10, 2026 |
| Barclays | Theresa Chen | $73 | $72.17 | +7.3% | Feb 20, 2026 |
| Jefferies | Analyst unavailable | $81 | $72.28 | +19.0% | Feb 17, 2026 |
| UBS | Analyst unavailable | $89 | $72.28 | +30.8% | Feb 17, 2026 |
| Stifel Nicolaus | Analyst unavailable | $78 | $71.13 | +14.6% | Feb 12, 2026 |
| Williams Trading | Analyst unavailable | $84 | $71.13 | +23.4% | Feb 12, 2026 |
| BMO Capital | Analyst unavailable | $78 | $71.97 | +14.6% | Feb 12, 2026 |
| Wells Fargo | Analyst unavailable | $80 | $68.84 | +17.6% | Feb 11, 2026 |
| Jefferies | Analyst unavailable | $78 | $68.84 | +14.6% | Feb 11, 2026 |
| Jefferies | Analyst unavailable | $76 | $66.33 | +11.7% | Feb 2, 2026 |
| Mizuho Securities | Gabriel Moreen | $73 | $66.14 | +7.3% | Feb 2, 2026 |
| Scotiabank | Brandon Bingham | $66 | $61.68 | -3.0% | Jan 16, 2026 |
| Jefferies | Analyst unavailable | $71 | $61.02 | +4.3% | Jan 9, 2026 |
| Jefferies | Robert Mosca | $70 | $57.72 | +2.9% | Nov 5, 2025 |
| BMO Capital | Ameet Thakkar | $70 | $57.68 | +2.9% | Nov 5, 2025 |
| Barclays | Theresa Chen | $66 | $62.68 | -3.0% | Oct 14, 2025 |
| Williams Trading | Julien Dumoulin-Smith | $72 | $63.5 | +5.8% | Oct 9, 2025 |
| Morgan Stanley | Analyst unavailable | $83 | $63.69 | +22.0% | Oct 2, 2025 |
| Barclays | Analyst unavailable | $65 | $63.18 | -4.5% | Sep 30, 2025 |
| UBS | Analyst unavailable | $78 | $63.97 | +14.6% | Sep 30, 2025 |
| Barclays | Analyst unavailable | $67 | $63.97 | -1.5% | Sep 30, 2025 |
| Williams Trading | Spiro Dounis | $65 | $57.88 | -4.5% | Aug 29, 2025 |
| Williams Trading | Robert Catellier | $64 | $57.34 | -6.0% | Aug 15, 2025 |
| Wells Fargo | Praneeth Satish | $70 | $57.89 | +2.9% | Aug 7, 2025 |
| Williams Trading | Stewart Glickman | $62 | $53.07 | -8.9% | Nov 8, 2024 |
| Mizuho Securities | Gabriel Moreen | $56 | $52.14 | -17.7% | Nov 4, 2024 |
| Williams Trading | Jean Ann Salisbury | $55 | $51.37 | -19.2% | Oct 17, 2024 |
| Bank of America Securities | Jean Ann Salisbury | $55 | $51.37 | -19.2% | Oct 17, 2024 |
| Williams Trading | Robert Kad | $58 | $49.63 | -14.8% | Oct 4, 2024 |
| Barclays | Theresa Chen | $46 | $46.36 | -32.4% | Oct 2, 2024 |
| RBC Capital | Elvira Scotto | $47 | $44.67 | -30.9% | Aug 23, 2024 |
| Barclays | Theresa Chen | $42 | $44.13 | -38.3% | Aug 19, 2024 |
| CFRA | Stewart Glickman | $42 | $43 | -38.3% | Aug 7, 2024 |
| Mizuho Securities | Gabriel Moreen | $47 | $44.77 | -30.9% | Jul 22, 2024 |
| Truist Financial | Neal Dingmann | $42 | $41.02 | -38.3% | Jun 17, 2024 |
| RBC Capital | Elvira Scotto | $44 | $41.55 | -35.3% | Jun 13, 2024 |
| Williams Trading | Praneeth Satish | $46 | $40.98 | -32.4% | Jun 4, 2024 |
| Stifel Nicolaus | Selman Akyol | $43 | $39.32 | -36.8% | May 7, 2024 |
| Williams Trading | James Carreker | $40 | $39.27 | -41.2% | Apr 29, 2024 |
| Wolfe Research | Keith Stanley | $34 | $37.68 | -50.0% | Apr 18, 2024 |
| Goldman Sachs | John MacKay | $37 | $39.24 | -45.6% | Apr 10, 2024 |
| Morgan Stanley | Analyst unavailable | $41 | $32.63 | -39.8% | Jan 9, 2023 |
| Williams Trading | Michael Lapides | $30 | $33.29 | -55.9% | Sep 7, 2022 |
| Mizuho Securities | Analyst unavailable | $40 | $32.63 | -41.2% | Aug 3, 2022 |
| Raymond James | Analyst unavailable | $42 | $32.86 | -38.3% | Aug 3, 2022 |
| Wells Fargo | Praneeth Satish | $39 | $35.38 | -42.7% | May 22, 2022 |
| Argus Research | Bill Selesky | $40 | $34.62 | -41.2% | May 13, 2022 |
| RBC Capital | Analyst unavailable | $39 | $35.7 | -42.7% | May 4, 2022 |
| Williams Trading | Analyst unavailable | $37 | $33.8 | -45.6% | May 2, 2022 |
| Wells Fargo | Analyst unavailable | $38 | $34.34 | -44.2% | Apr 28, 2022 |
| Morgan Stanley | Analyst unavailable | $40 | $33.9 | -41.2% | Apr 26, 2022 |
| Raymond James | Analyst unavailable | $40 | $35.74 | -41.2% | Apr 20, 2022 |
| Raymond James | Justin Jenkins | $36 | $29.73 | -47.1% | Feb 23, 2022 |
| Citigroup | Timm Schneider | $31 | $29.73 | -54.4% | Feb 23, 2022 |
| Barclays | Marc Solecitto | $34 | $29.73 | -50.0% | Feb 23, 2022 |
| UBS | Shneur Gershuni | $36 | $28.83 | -47.1% | Jan 26, 2022 |
| Bank of America Securities | Chase Mulvehill | $35 | $29.2 | -48.6% | Jan 18, 2022 |
| US Capital Advisors | Rebecca Followill | $30 | $27.19 | -55.9% | Nov 18, 2021 |
| Wolfe Research | Alex Kania | $29 | $28.2 | -57.4% | Oct 19, 2021 |
| Seaport Global | Sunil Sibal | $28 | $24.19 | -58.9% | Jul 28, 2021 |
| Argus Research | Bill Selesky | $30 | $25 | -55.9% | May 17, 2021 |
Track every rating change on WMB the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationThe 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. The Transmission & Gulf of Mexico division manages crucial natural gas pipelines such as Transco and Northwest, in addition to natural gas gathering and processing, and crude oil production handling and transportation assets situated in the Gulf Coast. This segment also oversees various petrochemical and feedstock pipelines. Focusing on midstream activities, the Northeast G&P segment handles gathering, processing, and fractionation within the Marcellus Shale region, predominantly in Pennsylvania and New York, and the Utica Shale region of eastern Ohio.…
Historical context
All WMB earningsLatest beats and misses
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Get the WMB recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-09-30T18:26:12.505018+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-30T18:26:12.501837+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-09-30. For educational purposes only; not investment advice.