Williams
Connects U.S. gas production to utilities, power plants, industry and LNG export markets.
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Profile
Transports and stores natural gas through Transco, Northwest Pipeline and MountainWest, while gathering and processing production from major U.S. basins. Long-term reservation contracts and volume-based fees underpin the infrastructure business; storage, NGL services, commodity marketing and onsite power projects extend the network into gas-fired power, industrial and LNG demand.
Moves natural gas from U.S. production basins to utilities, power generators, industrial users and LNG exporters through more than 32,000 miles of pipelines. Transco anchors the interstate network, joined by Northwest Pipeline and MountainWest; gathering and processing systems span the Marcellus, Utica, Haynesville, DJ and Rocky Mountain basins. Storage, NGL fractionation and transportation, gas and NGL marketing, and Power Innovation projects complete the portfolio.
Earns mainly from volume-based gathering and processing fees and long-term firm reservation contracts for pipeline and storage capacity. The integrated footprint connects supply, processing, transmission, storage and demand markets across the United States.
Interstate pipeline rates, expansions and abandonments require FERC oversight, while gathering results depend on producer drilling and throughput. Power projects add construction, equipment and customer-demand dependencies.
Company facts
Key statistics
Year to date +21.1% · Average volume (30d) 6.3M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 26, 2026 | Williams Trading | Target | $82 | $103 | |
| Aug 18, 2026 | Morgan Stanley | Reiterate | Overweight | $99 | $103 |
| Aug 5, 2026 | Wells Fargo | Reiterate | Overweight | $80 | $90 |
| Jul 14, 2026 | CIBC | Target | $85 | $83 | |
| Jul 14, 2026 | Morgan Stanley | Reiterate | Overweight | $98 | $99 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 3, 2026Q2 FY26 | $0.50 | $0.50 | −0.4% | $2.83B | $3.05B | +7.9% | +1.53% |
| May 4, 2026Q1 FY26 | $0.63 | $0.73 | +15.1% | $3.28B | $3.03B | −7.6% | +0.94% |
| Feb 10, 2026Q4 FY25 | $0.57 | $0.55 | −4.0% | $3.02B | $3.20B | +6.0% | +3.31% |
| Nov 3, 2025Q3 FY25 | $0.52 | $0.49 | −5.0% | $2.88B | $2.92B | +1.4% | −4.27% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $3.05B | $2.77B | $2.92B | $3.20B | $3.03B | $3.05B | |
| Gross profit | $1.82B | $1.06B | $2.45B | $1.50B | $2.49B | $2.54B | |
| Operating income | $1.09B | $887.0M | $1.11B | $1.31B | $1.32B | $1.18B | |
| Net income | $691.0M | $546.0M | $647.0M | $734.0M | $865.0M | $827.0M | |
| Diluted EPS | $0.57 | $0.45 | $0.53 | $0.60 | $0.71 | $0.68 | |
| Gross margin | 59.7% | 38.1% | 83.9% | 46.8% | 82.1% | 83.3% | |
| Operating margin | 35.9% | 32.0% | 37.9% | 40.9% | 43.6% | 38.7% |
Fiscal years (4-quarter sums)FY21 $10.63B · FY22 $10.97B · FY23 $10.91B · FY24 $10.50B · FY25 $11.94B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $203.0M · Total debt $30.79B · Total assets $60.61B · Shareholders' equity $13.19B
Dividends
Raised for 8 straight years — most recently to $0.525 from $0.50 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 12, 2026 | Jun 12 | Jun 29 | $0.525 | |
| Mar 13, 2026 | Mar 13 | Mar 30 | $0.525 | raised from $0.50 |
| Dec 12, 2025 | Dec 12 | Dec 29 | $0.50 | |
| Sep 12, 2025 | Sep 12 | Sep 29 | $0.50 | |
| Jun 13, 2025 | Jun 13 | Jun 30 | $0.50 | |
| Mar 14, 2025 | Mar 14 | Mar 31 | $0.50 | raised from $0.475 |
| Dec 13, 2024 | Dec 13 | Dec 30 | $0.475 | |
| Sep 13, 2024 | Sep 13 | Sep 30 | $0.475 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 1.22B · Float 1.22B · 99.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 115.50M | 9.44% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 79.85M | 6.53% | 13F | Aug 13, 2026 |
| State Street Corp | 72.02M | 5.89% | 13F | Aug 7, 2026 |
| Bank of America Corp /DE/ | 44.67M | 3.65% | 13F | Aug 14, 2026 |
| Vanguard Portfolio Management LLC | 43.51M | 3.56% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 14, 2026 | Terrance Lane Wilson | officer: SVP & General Counsel | −13,000 | $74.87 |
| Aug 3, 2026 | Terrance Lane Wilson | officer: SVP & General Counsel | −2,000 | $70.65 |
| Jul 1, 2026 | Terrance Lane Wilson | officer: SVP & General Counsel | −2,000 | $74.16 |
| Jun 1, 2026 | Terrance Lane Wilson | officer: SVP & General Counsel | −2,000 | $71.30 |
| May 15, 2026 | Glen G. Jasek | officer: Senior Vice President | −2,500 | $78.15 |
Peers
- Kinder Morgan
Largest US gas pipeline network; Tennessee Gas rivals Transco coast-to-coast.
- Enbridge
Texas Eastern + Algonquin challenge Transco in Northeast and Gulf corridors.
- TC Energy
Columbia Gas and ANR contest Appalachian supply and Gulf Coast delivery.
- Energy Transfer
Gulf Run Pipeline directly battles LEG for Haynesville-to-LNG volumes.
- ONEOK
60,000-mile integrated network competing in gas pipelines, G&P, and NGL.
- Enterprise Products Partners
Largest US midstream; overlaps in G&P, NGL marketing, and Gulf storage.
- Targa Resources
Permian G&P and NGL marketing rival; Gulf Coast gathering also overlaps.
- DT Midstream
LEAP and Blue Union battle LEG directly for Haynesville gas egress.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Williams | $74.47 | +1.02% | $90.18B | 29.3 | 30.4 | 7.4 | +10.2% |
| Kinder Morgan | $31.50 | −0.16% | $70.28B | 20.2 | 21.2 | 3.9 | +10.8% |
| Enbridge | $50.26 | +0.12% | $109.62B | 24.2 | 23.4 | 1.6 | +41.2% |
| TC Energy | $61.70 | −0.23% | $64.40B | 25.7 | 23.9 | 5.6 | +1.9% |
| Energy Transfer | $21.34 | +0.12% | $73.33B | 13.2 | 12.9 | 0.7 | +78.4% |
| ONEOK | $94.50 | −0.26% | $59.71B | 16.3 | 15.6 | 1.5 | +52.8% |
| Enterprise Products Partners | $39.00 | −0.04% | $84.42B | 13.5 | 12.8 | 1.4 | +60.8% |
| Targa Resources | $287.82 | +0.01% | $61.78B | 27.4 | 25.7 | 3.7 | +10.3% |
| DT Midstream | $129.53 | −0.02% | $13.21B | 28.4 | 27.3 | 10.1 | +11.0% |
| Median | 22.2 | 22.3 | 2.6 | +26.1% |