Williams Companies
WMB · NYSENatural Gas Transmission · Fiscal year ends Dec 31
Williams Companies reported revenue of $14.9B in the fiscal year ended Dec 2025, up 17.9% from the year before. Operating income was $4.2B, an operating margin of 28.2%, and net income was $2.6B. Operating cash flow of $5.9B less capital expenditure of $4.9B left free cash flow of $1B. Net debt was $27.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $12.8B | $17.8B | $12B | $12.6B | $14.9B |
| Selling, general & admin | $558M | $636M | $665M | $708M | – |
| Operating income | $2.6B | $3B | $4.3B | $3.3B | $4.2B |
| Interest expense | $1.2B | $1.1B | $1.2B | $1.4B | $1.4B |
| Pre-tax income | $2.1B | $2.5B | $4.4B | $3B | $3.6B |
| Income tax | $511M | $425M | $1B | $640M | $857M |
| Net income | $1.5B | $2B | $3.2B | $2.2B | $2.6B |
| Diluted EPS | 1.24 | 1.67 | 2.60 | 1.82 | 2.14 |
| Diluted shares | 1,218M | 1,223M | 1,223M | 1,223M | 1,225M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.7B | $152M | $2.2B | $60M | $63M |
| Receivables | $2B | $2.7B | $1.7B | $1.9B | $2.1B |
| Inventory | $379M | $320M | $274M | $279M | $314M |
| Current assets | $4.5B | $3.8B | $4.5B | $2.7B | $3.2B |
| Net PP&E | $29.3B | $30.9B | $34.3B | $38.7B | $42B |
| Goodwill | $0 | $0 | $463M | $466M | $466M |
| Total assets | $47.6B | $48.4B | $52.6B | $54.5B | $58.6B |
| Payables | $1.7B | $2.3B | $1.4B | $1.6B | $2.2B |
| Deferred revenue | $1.1B | $1B | $1.1B | $1B | $948M |
| Current liabilities | $5B | $4.9B | $5.8B | $5.3B | $6.1B |
| Long-term debt | $21.7B | $21.9B | $23.4B | $24.7B | $27.3B |
| Shareholders' equity | $11.4B | $11.5B | $12.4B | $12.4B | $12.8B |
| Backlog (remaining obligations) | $32.5B | $29.8B | $29.1B | $31.1B | $32.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.9B | $4.9B | $5.9B | $5B | $5.9B |
| Capital expenditure | $1.2B | $2.3B | $2.5B | $2.6B | $4.9B |
| Free cash flow | $2.7B | $2.6B | $3.4B | $2.4B | $1B |
| Depreciation & amortisation | $1.8B | $2B | $2.1B | $2.2B | $2.3B |
| Stock-based compensation | $81M | $73M | $77M | $99M | $93M |
| Acquisitions | $151M | $933M | $1.6B | $2.2B | $1M |
| Share buybacks | $0 | $9M | $130M | $0 | $0 |
| Dividends paid | $2B | $2.1B | $2.2B | $2.3B | $2.4B |
| Dividend per share | 1.64 | 1.70 | 1.79 | 1.90 | 2.00 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 39.0% | −32.5% | 5.3% | 17.9% |
| Operating income growth (YoY) | – | 14.7% | 42.8% | −22.5% | 25.7% |
| EPS growth (YoY) | – | 34.7% | 55.7% | −30.0% | 17.6% |
| Operating margin | 20.6% | 17.0% | 35.9% | 26.4% | 28.2% |
| Net margin | 11.9% | 11.5% | 26.5% | 17.6% | 17.6% |
| Return on equityBlank when equity is negative | 13.3% | 17.8% | 25.6% | 17.9% | 20.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.2% | 6.9% | 9.2% | 6.8% | 8.0% |
| Free cash flow margin | 21.2% | 14.8% | 28.5% | 19.0% | 6.7% |
| Cash conversion (CFO ÷ net income) | 2.60x | 2.39x | 1.87x | 2.24x | 2.25x |
| Receivable days | 56 | 56 | 50 | 54 | 51 |
| Interest cover | 2.23x | 2.63x | 3.49x | 2.45x | 2.91x |
| Debt ÷ equity | 1.90x | 1.91x | 1.88x | 1.99x | 2.13x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $20B | $21.8B | $21.2B | $24.7B | $27.3B |
| Current ratio | 0.91x | 0.78x | 0.77x | 0.50x | 0.53x |
Recent filings
More in Natural Gas Transmission
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.