The Williams Companies (WMB) Q3 2026 earnings summary

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.