)
)
Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
The Williams Companies
The Williams Companies (WMB) investor relations material
The Williams Companies Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Record Q3 Adjusted EBITDA of $2.039 billion, up 6% YoY; AFFO rose 10% to $1.589 billion, and YTD Adjusted EBITDA increased 9% to $6.214 billion.
Momentum Midstream closed ahead of schedule, while pipeline expansions and power projects advanced the growth plan and supported the upper half of FY26 guidance.
Long-term Adjusted EBITDA growth target is 11%+ CAGR through 2030.
Financial highlights
Q3 revenue was $3.223 billion, up 10% YoY; GAAP net income available to common stockholders was $699 million, and diluted EPS was $0.56.
Q3 adjusted diluted EPS was $0.54, up 10%; adjusted net income was $663 million.
YTD revenue was $9.306 billion, up 6%; attributable net income was $2.392 billion, up 27%, including asset-sale gains.
YTD operating cash flow was $4.484 billion; capital expenditures were $5.682 billion.
Outlook and guidance
FY26 Adjusted EBITDA guidance is $8.3 billion–$8.5 billion, with results tracking toward the upper half; midpoint implies 8% YoY growth.
FY26 adjusted diluted EPS guidance is $2.30–$2.40; AFFO guidance is $6.31 billion–$6.44 billion and AFFO/share is $5.10–$5.20.
FY26 growth capex guidance remains $7.3 billion–$7.9 billion; guidance includes ~3.75x acquisition-normalized leverage and excludes certain reimbursable long-lead equipment.
Management expects sector-leading growth in 2027, with earnings growth accelerating from 2028; larger projects are expected to support growth into the 2030s.
One to two Power Innovation projects are expected to be signed by year-end; additional Transco expansions and power projects may commercialize in 2027 and beyond.
Partial view of Summaries dataset, powered by Quartr API
AI can get things wrong. Verify important information.Research faster. Power your platform.
Latest events from The Williams Companies
- Q2 net income up 51%, 2026 EBITDA guidance raised after $5.5B Momentum acquisition.WMB
Q2 2026 - JV secures $5.34B at 6.35% cost, boosting returns and flexibility while retaining control.WMBAcquisition presentation
- Record Q1 2026 net income and EBITDA growth driven by expansions and strong project execution.WMBQ1 2026
- All proposals passed, record results achieved, and growth plans set amid permitting challenges.WMBAGM 2026
- Director nominee withdrawal prompts board reduction; proxy voting process unchanged.WMBProxy filing
- 10%+ EBITDA growth targeted through 2030, driven by pipeline, power innovation, and project backlog.WMBAnalyst Day 2026
- Q3 2025 saw 13% EBITDA growth and major project milestones, driven by expansion and acquisitions.WMBQ3 2025
- Record Q3 results and raised 2024 guidance reflect strong project execution and growth.WMBQ3 2024
- Record Q2 Adjusted EBITDA and project execution support strong 2024 outlook.WMBQ2 2024
Next The Williams Companies earnings date
Q4 202611 Feb, 2027
The Williams Companies
Next The Williams Companies earnings date
Q4 202611 Feb, 2027
AI chat
Ask anything. Verify everything.
Ask across every event and document from public companies. Each answer links back to the exact line in the transcript, slide or filing it came from.Learn moreFind what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.)
Trust every finding
50m+ first-party documents. Every output traceable to its source.Find what matters
AI across all first-party IR material. Live calls, transcripts, slides, filings.Trust every finding
50m+ first-party documents. Every output traceable to its source.Automations
Zero in on what matters
Define the prompt once. It runs the moment a company publishes or on a schedule you set. Outputs map to the exact signals you choose.Learn more)
Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.)
Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Event-triggered research
Runs when a company publishes new material. Trigger on the first published document for the earliest possible run, or wait for a specific one.Scheduled research
Runs on a recurring cadence you set. Daily, weekly, monthly, or quarterly, for aggregate reads across a period rather than a single event.Live audio & transcripts
Be first
Join any earnings call live in one click, with no manual registration. Follow the transcript as it happens and jump straight to the moments that matter.Learn more)
Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.)
Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Live earnings calls
Join any call in one click. The audio keeps playing while you work elsewhere in Quartr.Live transcripts
Speaker-by-speaker, in real time. Searchable across every live and historical call.Quartr MCP connects your AI environment to 17K+ public companies
Pull live transcripts, filings, and slides into Claude or Codex via MCP. Combine Quartr's global IR data with any other dataset. Run agentic research and monitoring.
Included with Quartr Pro at no extra cost.Learn more
Quartr's AI stands out because it only pulls clean, first-party data from public companies. In investing, that's everything.
Jamie Ross
Investment Manager, GAM Investments
GAM
GAM
Research that used to take hours now takes seconds with Quartr Pro. Tracking shifts in tone or extracting tables, it's as simple as typing a query.
Tom O'Hara
Investment Director
Ciena
Ciena
Before Quartr we spent hours manually compiling insights through the peer earnings cycle. Now, these tasks are done faster, with greater precision.
Gregg Lampf
VP of Investor Relations
Protean
Protean
Being able to ask specific questions across years of transcripts and reports and instantly get verified answers is a game-changer.
Pontus Dackmo
CEO & Investment Manager
)
)
Frequently asked questions
Processing and Transporting Natural Gas
Williams Companies, Inc. is an American energy infrastructure company, primarily focused on the processing and transportation of natural gas. The company operates a vast network of pipelines that extend across the country, connecting natural gas supplies to end users. The company plays a significant role in the North American energy sector, handling natural gas used for heating homes, generating electricity, and fueling industries. Besides transportation, the company also owns and operates various assets within petroleum and electricity generation. The company is headquartered in Tulsa, Oklahoma, and its shares are listed on the NYSE.
Foundation and Expansion
The company was founded in 1908 and has a long history in the energy industry. Originally established as Williams Brothers by Miller and David Williams in Oklahoma, the company initially focused on constructing pipelines for natural gas and petroleum. Throughout the 20th century, Williams Companies expanded significantly, diversifying into various sectors of the energy market. In the 1940s, it played a pivotal role in developing pipelines spanning the U.S. and in subsequent decades grew through the construction of new pipelines as well as through acquisitions further expanding its network.
Natural Gas
Williams Companies has established itself as a key player in the natural gas industry. The company's operations primarily focus on the processing, transportation, and storage of natural gas. With a vast network of pipelines, Williams Companies plays a crucial role in ensuring the steady and efficient flow of natural gas across significant parts of the United States. The company's infrastructure includes thousands of miles of pipelines, connecting major natural gas supply basins to markets throughout the country. In addition to transportation, Williams Companies is involved in natural gas processing, which involves removing impurities and extracting valuable byproducts such as propane and ethane. Some notable publicly listed peers include Energy Transfer, Kinder Morgan, and Plains All American.
Other Areas of Operation
Beyond its core focus on natural gas, Williams Companies has diversified into other areas of the energy sector. This includes operations in crude oil and natural gas liquids, where the company is involved in transportation and storage. Additionally, Williams Companies has historically engaged in petroleum refining and exploration, although these activities have varied in scale over time.