Williams Tops Revenue Estimates at $3.22 Billion; Adjusted EPS Matches

Williams (NYSE: WMB) reported third-quarter revenue of $3.22 billion, above the $2.93 billion analysts expected, and adjusted earnings of $0.54 per share, in line with the consensus estimate, in an 8-K filed Monday, Nov. 2. Revenue rose 10% from a year earlier, and adjusted EPS was up from $0.49.

GAAP net income available to common stockholders was $699 million, or $0.56 per diluted share, up 8% and 6% from the third quarter of 2025. Adjusted net income was $663 million.

Cash flow and earnings measures

Adjusted EBITDA rose 6% to $2.039 billion. Cash flow from operations was $1.505 billion, up 5%, and available funds from operations rose 10% to $1.589 billion. The dividend coverage ratio was 2.42x on an AFFO basis.

Guidance and projects

Williams said it is tracking toward the upper half of its 2026 Adjusted EBITDA guidance range of $8.3 billion to $8.5 billion, and continues to expect growth capital between $7.3 billion and $7.9 billion. For the full year, analysts expect adjusted EPS of $2.42 and revenue of $12.30 billion. For the fourth quarter, the average analyst estimate is $0.62 per share on $3.32 billion of revenue.

During the quarter the company closed its Momentum Midstream acquisition, announced a 9.4 Bcf storage expansion at Clay Basin, and placed four pipeline projects expanding capacity by 413 MMcf/d into service. The Socrates Plato North Power project is on track for in-service by mid-November, the release said.

Year to date, net income available to common stockholders was $2.39 billion, or $1.94 per diluted share.