Latest analysis
Updated Aug 3, 2026
Williams raises EBITDA guidance $200M and lifts long-term CAGR target to 11%+ after Momentum Midstream acquisition and Blackstone Power JV close
Williams Companies executed two transformative transactions in Q2 2026 — a $5.5 billion acquisition of Momentum Midstream and a $5.34 billion Power Innovation financing JV with Blackstone, Apollo, and KKR — simultaneously raising full-year 2026 EBITDA guidance to $8.3–$8.5 billion and increasing its long-term EBITDA CAGR target to 11%+ through 2030. The Momentum acquisition solidifies Williams as the largest Haynesville gatherer connected to Transco and unlocks two large-scale expansion projects — the Shelby Connector and Delta Access — targeting the LNG and power demand corridor along the Gulf Coast. Phase 1 of the Socrates behind-the-meter power project delivered first power on time and within budget, validating Williams' Power Innovation execution model and positioning the company for additional BTM commercializations before year-end.
Tone: bullishRevenue
$14.9B
WMB 10-K · FY 2025
Employees
5,987
Revenue FY2024
$12.6B
Founded
1908
Profile
WMB 10-K Item 1 · Feb 24, 2026Williams Companies is a large-scale U.S. natural gas infrastructure company operating over 32,000 miles of pipelines across 24 states, providing gathering, processing, transmission, storage, NGL fractionation, and marketing services. Its flagship asset is the Transco pipeline, the largest-volume natural gas pipeline in the United States, running from the Gulf Coast to the New York metropolitan area. The company serves approximately 800 customers across 11 supply areas and is expanding into power generation infrastructure to serve data center and industrial load growth.
Read filing description ↓ Collapse description ↑
Williams is an energy company committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Williams has operations in 11 supply areas that provide natural gas gathering and processing (G&P), transmission and storage services; NGL fractionation, transportation, and storage services; and marketing services to approximately 800 customers. Williams owns an interest in and operates over 32,000 miles of pipelines in 24 states and in the Gulf of America, 35 natural gas processing facilities, 9 NGL fractionation facilities, approximately 23 million barrels of NGL storage capacity, and 423 Bcf of natural gas storage capacity, and delivers natural gas that is used every day for clean-power generation, heating, and industrial use. Williams was founded in 1908, originally incorporated under the laws of the state of Nevada in 1949 and reincorporated under the laws of the state of Delaware in 1987. Its common stock trades on the New York Stock Exchange under the symbol 'WMB.' Its operations are located in the United States. Williams' headquarters are located in Tulsa, Oklahoma, with other major offices in Houston, Texas; Pittsburgh, Pennsylvania; and Salt Lake City, Utah. Williams is investing in construction projects to support the power demands created by new data center and industrial development in power grid-constrained markets, including agreements with a large, investment-grade company to provide onsite natural gas and power generation infrastructure.
Primary products
- Interstate natural gas transmission
- Natural gas storage
- Natural gas gathering
- Natural gas processing and treating
- NGL fractionation
- NGL transportation and storage
Business segments
End markets
Geographies
Named customers
The top ten customers accounted for approximately 55 percent of gathering and processing fee revenues and NGL margins from noncash commodity-based agreements. The top ten customers of the interstate natural gas pipelines in 2025 accounted for approximately 44 percent of Williams' regulated interstate natural gas transportation and storage revenues. Transco's three largest customers in 2025 accounted for approximately 22 percent of Transco's total operating revenues. NWP's three largest customers in 2025 accounted for approximately 52 percent of NWP total operating revenues.
“Williams believes its significant presence in key supply basins, expertise and reputation as a reliable and safe operator, commitment to sustainability, and ability to offer integrated packages of services positions it well against competition.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues grew from $10,503 million in 2024 to $11,950 million in 2025, driven by growth across service revenues in the Transmission, Power & Gulf and West segments as well as higher product sales and marketing revenues.
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