WILLIAMS COMPANIES, INC.

Listed Company

WMBCIK 0000107263NYSELarge AcceleratedNatural Gas TransmissionDelawareFY ends Dec 31

Period

FY 2025

Revenue

$11.95B

Net Income

$2.62B

Total Assets

$58.57B

Equity

$12.81B

Shares Out

1.22B

Op. Cash Flow

$5.90B

Business

WILLIAMS COMPANIES, INC. is an energy company that provides infrastructure to safely deliver natural gas products to reliably fuel the clean energy economy. It offers natural gas gathering, processing and treating; interstate transmission and storage; NGL fractionation, transportation and storage; crude oil transportation and production handling; and natural gas and NGL marketing, trading and asset management services. Operations are organized into the Transmission & Gulf of America, Northeast G&P, West, Gas & NGL Marketing Services, and Other segments. Williams operates pipelines, processing plants, fractionators and storage across multiple U.S. supply basins and markets, serving utilities, power generators, producers and industrial customers under long‑term and shorter‑term contracts.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues	11,950	10,503	10,907	10,965	10,627
Operating and maintenance expenses	2,282	2,179	1,984	1,817	1,548
Depreciation, depletion, and amortization expenses	2,347	2,219	2,071	2,009	1,842
General and administrative expenses	721	708	665	—	—
Impairment or write-off of certain assets (Note 16)	212	0	10	0	2
Gain on sale of business (Note 3)	0	0	−129	0	0
Other (income) expense net	−7	−60	−40	28	16
Total costs and expenses	7,754	7,164	6,596	7,947	7,996
Operating income (loss)	4,196	3,339	4,311	3,018	2,631
Equity earnings (losses)	760	560	589	637	608
Other investing income (loss) net	42	343	108	16	7
Interest expense	−1,442	−1,364	−1,236	−1,147	—
Gain (Loss) Related to Litigation Settlement	0	0	534	0	0
Other income (expense) net	69	108	99	18	6
Income (loss) before income taxes	3,625	2,986	4,405	2,542	2,073
Less: Provision (benefit) for income taxes	857	640	1,005	425	511
Income (loss) from continuing operations	2,768	2,346	3,400	2,117	1,562
Income (loss) from discontinued operations (Note 1)	0	0	−97	0	0
Net income	2,768	2,346	3,303	2,117	1,562
Less: Net income (loss) attributable to noncontrolling interests	150	121	124	68	45
Net income	2,618	2,225	3,179	2,049	1,517
Less: Preferred stock dividends	3	3	3	3	3
Net income (loss) available to common stockholders	2,615	2,222	3,176	2,046	1,514
Income (loss) from continuing operations	2,615	2,222	3,273	2,046	—
Income (loss) from discontinued operations (Note 1)	0	0	−97	0	—
Income (Loss) from Continuing Operations, Per Basic Share	2.14	1.82	2.69	1.68	1.25
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share	0	0	−0.08	0	0
Net income (loss) available to common stockholders - Basic	2.14	1.82	2.61	1.68	1.25
Weighted Average Number of Shares Outstanding, Basic	1,221	1,219	1,218	1,218	1,215
Income (Loss) from Continuing Operations, Per Diluted Share	2.14	1.82	2.68	1.67	1.24
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share	0	0	−0.08	0	0
Net income (loss) available to common stockholders - Diluted	2.14	1.82	2.6	1.67	1.24
Weighted Average Number of Shares Outstanding, Diluted	1,225	1,223	1,223	1,223	1,218

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	63	60	2,150	152	1,680
Receivables, Net, Current	2,084	1,863	1,655	2,723	1,978
Inventories	314	279	274	320	379
Assets held for sale (Note 3)	318	1	—	—	—
Derivative assets	209	267	239	323	301
Other current assets and deferred charges	256	191	195	279	211
Total current assets	3,244	2,661	4,513	3,797	4,549
Investments	4,559	4,140	4,637	5,065	5,127
Property, Plant and Equipment, Net	41,996	38,692	34,311	30,889	29,258
Intangible assets net	6,763	7,209	7,593	7,363	7,402
Regulatory assets, deferred charges, and other	2,011	1,830	1,573	1,319	1,276
Total assets	58,573	54,532	52,627	48,433	47,612
Accounts payable	2,224	1,613	1,379	2,327	1,746
Liabilities held for sale (Note 3)	63	0	—	—	—
Derivative Liability, Current	135	164	105	316	166
Other current liabilities	1,639	1,360	1,284	—	—
Commercial paper	700	455	725	350	0
Long-term debt due within one year	1,345	1,720	2,337	627	2,025
Total current liabilities	6,106	5,312	5,830	4,890	4,972
Long-term debt	27,316	24,736	23,376	21,927	21,650
Deferred income tax liabilities	5,170	4,376	3,846	2,887	2,453
Regulatory liabilities, deferred income, and other	4,986	5,268	4,684	4,684	4,436
Contingent liabilities and commitments (Note 18)	—	—	—	—	—
Preferred stock ($1 par value; 30 million shares authorized at December 31, 2025 and December 31, 2024; 35 thousand shares issued at December 31, 2025 and December 31, 2024)	35	35	35	35	35
Common stock ($1 par value; 1,470 million shares authorized at December 31, 2025 and December 31, 2024; 1,261 million shares issued at December 31, 2025 and 1,258 million shares issued at December 31, 2024)	1,261	1,258	1,256	1,253	1,250
Capital in excess of par value	24,801	24,643	24,578	24,542	24,449
Retained deficit	−12,237	−12,396	−12,287	−13,271	−13,237
Accumulated other comprehensive income (loss)	127	76	0	−24	−33
Treasury stock, at cost (39 million shares at December 31, 2025 and December 31, 2024 of common stock)	−1,180	−1,180	−1,180	−1,050	−1,041
Total stockholders equity	12,807	12,436	12,402	11,485	11,423
Noncontrolling interests in consolidated subsidiaries	2,188	2,404	2,489	2,560	2,678
Total equity	14,995	14,840	14,891	14,045	14,101
Total liabilities and equity	58,573	54,532	52,627	48,433	47,612

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Provision (benefit) for deferred income taxes	744	506	951	431	509
Distributions from equity-method investees (Note 8)	800	789	796	865	757
Net unrealized (gain) loss from commodity derivative instruments	−150	367	−660	249	109
Gain on disposition of equity-method investments (Note 8)	0	−149	0	0	0
Gain on remeasurement of equity-method investments (Note 3)	0	−127	−30	0	—
Inventory write-downs	8	10	30	161	15
Amortization of stock-based awards	93	99	77	73	81
Accounts receivable	−219	−169	1,089	−733	−545
Inventories	−45	−9	13	−110	−139
Other current assets and deferred charges	−71	9	60	−33	−63
Accounts payable	115	139	−1,009	410	643
Other current liabilities	170	35	−19	209	—
Changes in current and noncurrent commodity derivative assets and liabilities	99	−286	200	94	−277
Other, including changes in noncurrent assets and liabilities	−213	−245	−226	−216	1
Net cash provided (used) by operating activities	5,898	4,974	5,938	4,889	3,945
Proceeds from (payments of) commercial paper net	245	−269	372	345	0
Proceeds from long-term debt	4,940	3,594	2,755	1,755	2,155
Payments of long-term debt	−2,827	−2,946	−634	−2,876	−894
Payments for debt issuance costs	−45	−32	−23	−17	−26
Proceeds from issuance of common stock	9	10	6	54	9
Purchases of treasury stock	0	0	−130	−9	0
Common dividends paid	−2,442	−2,316	−2,179	−2,071	−1,992
Dividends and distributions paid to noncontrolling interests	−259	−242	−213	−204	−187
Contributions from noncontrolling interests	36	36	18	18	9
Other net	−63	−36	−21	−37	−16
Net cash provided (used) by financing activities	−406	−2,201	−49	−3,042	−942
Capital expenditures (1)	−4,893	−2,573	−2,516	−2,253	−1,239
Dispositions net	−106	−105	−51	−30	−8
Proceeds from sale of business (Note 3)	0	0	346	0	0
Purchases of businesses, net of cash acquired (Note 3)	−1	−2,244	−1,568	−933	−151
Proceeds from dispositions of equity-method investments (Note 8)	0	161	0	0	1
Purchases of and contributions to equity-method investments (Note 8)	−511	−114	−141	−166	−115
Other net	22	12	39	7	48
Net cash provided (used) by investing activities	−5,489	−4,863	−3,891	−3,375	−1,465
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total	3	−2,090	1,998	−1,528	1,538
(1) Increases to property, plant, and equipment	−5,375	−2,581	−2,564	−2,394	−1,305
Changes in related accounts payable and accrued liabilities	482	8	48	141	66

Filings

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