Williams Companies Inc
williams.comWhat Do They Do?
Provides natural gas transportation, gathering and processing, and storage services to utilities, producers, and industrial users. Also markets natural gas and natural gas liquids to energy and petrochemical users.
10-K for FY2025, filed Feb 24, 2026Williams is an energy company committed to being the leader in providing infrastructure that safely delivers natural gas products to…View ↗
Williams’ gathering systems receive natural gas from producers’ crude oil and natural gas wells and gather these volumes to gas processing…View ↗
Williams’ interstate natural gas pipelines transport and store natural gas for a broad mix of customers, including local natural gas…View ↗
Williams’ gas marketing business markets natural gas and provides natural gas asset management and wholesale marketing, trading, storage…View ↗
How Do They Make Money?
Customers pay pipeline reservation charges over the contract term, plus commodity charges when gas is delivered or stored; midstream customers pay fees as gas is gathered, processed, transported, or stored. Buyers pay for marketed commodities when the products are sold and delivered.
10-K for FY2025, filed Feb 24, 2026Revenues from the regulated interstate natural gas pipeline businesses, including Transco and NWP, which are subject to regulation by…View ↗
Revenues are recognized for reservation charges over the performance obligation period, which is the contract term, regardless of the…View ↗
Revenues from the nonregulated gathering, processing, transportation, and storage midstream businesses include contracts for natural gas…View ↗
In certain instances, Williams purchases NGLs, crude oil, and natural gas from its oil and natural gas producer customers which Williams…View ↗
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10-K for FY2025, filed Feb 24, 2026
FY2025 revenue by product or service ↗
$12B
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10-K for FY2025, filed Feb 24, 2026
$12B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Service
Mix
|
70%
FY2022: 60%
|
Service, FY2025
$8.3B Sources
|
Mix |
|
NonRegulated Service Commodity Consideration
Usage-based
|
1.6%
FY2022: 2.4%
|
NonRegulated Service Commodity Consideration, FY2025
$192M Sources
|
Usage-based |
|
Product
Sold outright
10-K for FY2025, filed Feb 24, 2026 |
28%
FY2022: 42%
|
Product, FY2025
$3.3B Sources
|
Sold outright |
|
Energy Commodities and Service
|
1.0%
FY2022: −3.5%
|
Energy Commodities and Service, FY2025
$120M Sources
|
Who Are Their Customers?
Williams serves utilities and municipalities, producers and marketers, and industrial and power customers across its pipeline, midstream, and marketing businesses. Pipeline transportation and storage are generally sold through long-term contracts, with shorter-term arrangements also available.
10-K for FY2025, filed Feb 24, 2026Williams’ interstate natural gas pipelines transport and store natural gas for a broad mix of customers, including local natural gas…View ↗
Williams stores natural gas for a broad mix of customers, including local natural gas distribution companies, public utilities…View ↗
Williams’ natural gas and NGL marketing services are presented primarily within its Gas & NGL Marketing Services segment. Williams markets…View ↗
Williams’ gas marketing business markets natural gas and provides natural gas asset management and wholesale marketing, trading, storage…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 22 cents of every revenue dollar as net income in FY2025 and turned 8 cents into free cash flow.
10-K for FY2025, filed Feb 24, 2026
$4.2BView ↗
10-K for FY2025, filed Feb 24, 2026
$2.6BView ↗
10-K for FY2025, filed Feb 24, 2026
$1BView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 3, 2026
Open tableView ↗
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Jul 13, 2026
Williams maintained its adjusted EBITDA outlook
It continued to expect adjusted EBITDA in the upper half of its range.
Sources
8-K, filed Jul 13, 2026
The company continues to expect 2026 Adjusted EBITDA in the upper half of its $8.05 billion and $8.35 billion range. The company continues…View ↗
Growing. Revenue grew 12% in 4 years, from $10.6B in FY2021 to $12B in FY2025, about 3% a year.
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