How Williams Companies (WMB) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 08/03/2026
Williams Companies — The Williams Companies, Inc. is an American energy company based in Tulsa, Oklahoma. · Wikipedia
More about the company
Its core business is natural gas processing and transportation, with additional petroleum and electricity generation assets. A Fortune 500 company, its common stock is a component of the S&P 500.
Key growth driver: Commodity Derivatives* — the fastest-growing revenue line: $94, +161% y/y. · by the Q2 2026 report
How does Williams Companies make money?
Williams Companies brought in $3.05 billion of revenue in Q2 2026, up 9.8% year over year. The largest source was Service Revenues: $2.20 billion, or 72% of the total, followed by Product Sales ($762M, 25%) and Commodity Derivatives ($94.0M, 3%). Net income for the quarter was $876 million, up 50% year over year.
Revenue by source, Q2 2026
- Service Revenues$2.20B · 72% · +5%
- Product Sales$762M · 25% · +16%
- Commodity Derivatives$94.0M · 3% · +161%
Shares of $3.05B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is WMB’s next earnings date?
Monday, November 2, 2026estimated
Williams Companies (WMB) has not confirmed the date yet; Nov 2, 2026 is an estimate based on the company's past reporting schedule and may move once the date is announced. Consensus EPS forecast: $0.56 (8 analysts), vs $0.49 in the same quarter last year.
What time does WMB report? Usually after market close: the last 4 results releases reached the SEC at 4:18 pm, 4:18 pm, 8:08 am, 4:22 pm ET.
Last report: Aug 3, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$3,053
+9.8%
Operating income
$1,182
+25%
Net income
$876
+50%
Verdict: the gas-infrastructure buildout keeps paying — service revenues up 5% on new projects, Gulf volumes and storage, adjusted EBITDA up 6%, and full-year guidance raised $200M on the Momentum Midstream acquisition; the +51% GAAP net income is inflated by asset-sale gains and derivative marks.
Adjusted EBITDA $1,921M (+6%) · adjusted EPS $0.50 (+8%) · FY26 adj. EBITDA guidance raised to $8.4B midpoint · debt/adj. EBITDA 3.67x (was 3.80x).
Source and notation
* marks non-cash / ≈ estimated. Source: Williams press release, 8-K EX-99.1 (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
Heads-up
- debt load increased (Q2 2026)
Most likely because leverage improved to 3.67x debt/adjusted EBITDA from 3.80x even as interest expense rose 6% to $371M on debt funding the buildout; the core is service revenue: +$111M y/y from expansion projects placed in service, new Gulf of Mexico volumes, higher gas storage rates. Based on the Q2 2026 report.
Company filings on SEC EDGAR ↗WMB earnings history: past report dates
| Aug 3, 2026 Mon | 4:18 pmafter market close | Jun 30, 2026 | $3.4B+0% y/y | $0.68+51% y/y |
| May 4, 2026 Mon | 4:18 pmafter market close | Mar 31, 2026 | $4.7B+13% y/y | $0.70+25% y/y |
| Feb 10, 2026 Tue | 8:08 ambefore market open | Dec 31, 2025 | ≈$3.8B+13% y/y | ≈$0.60+54% y/y |
| Nov 3, 2025 Mon | 4:22 pmafter market close | Sep 30, 2025 | $3.5B+15% y/y | $0.53−9% y/y |
| Aug 4, 2025 Mon | 4:23 pmafter market close | Jun 30, 2025 | $3.4B+19% y/y | $0.45+36% y/y |
| May 5, 2025 Mon | 4:19 pmafter market close | Mar 31, 2025 | $4.2B+25% y/y | $0.56+8% y/y |
| Feb 12, 2025 Wed | 4:28 pmafter market close | Dec 31, 2024 | ≈$3.4B+13% y/y | ≈$0.39−58% y/y |
| Nov 6, 2024 Wed | 4:17 pmafter market close | Sep 30, 2024 | $3.0B−1% y/y | $0.58+7% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Williams Companies: 5-year financials
| 2025 | 14,899 | 4,196 | 2,618 | 1,005 | 2,442 |
| 2024 | 12,632 | 3,339 | 2,225 | 2,401 | 2,316 |
| 2023 | 11,996 | 4,311 | 3,179 | 3,422 | 2,179 |
| 2022 | 17,773 | 3,018 | 2,049 | 2,636 | 2,071 |
| 2021 | 12,784 | 2,631 | 1,517 | 2,706 | 1,992 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 202610-K FY2025: Legal Proceedings covers environmental and rate matters; in 2023 the company recognized $534M of income from a court judgment against Energy Transfer. sec.gov ↗
- Feb 2026Shares outstanding of 1,221.6M vs. 1,213.8M in February 2021 (+0.6%). data.sec.gov ↗
- Dec 2025Dividend per share: $1.60 (2020), $1.64 (2021), $1.70 (2022), $1.79 (2023), $1.90 (2024), $2.00 (2025). data.sec.gov ↗
Scoring: 2.0, no deductions: single share class, share count +0.6% over 5 years, dividend rising since 2017, no shareholder suits with payouts and no SEC cases = 2.0
- Share classes
- Single class of common stock (NYSE: WMB).
- Dilution
- Shares 1,213.8M (February 2021) → 1,221.6M (February 2026), +0.6%; SBC 0.6% of revenue.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- Dividend $1.60 (2020) → $2.00 (2025). The 2016 cut is more than 10 years old and came in a loss year — no deduction.
- Lawsuits & regulators
- 2025 10-K: environmental matters and rate disputes; the company won its dispute with Energy Transfer ($534M of income in 2023). 2015–2016 shareholder suits over the ETE merger were dismissed. No SEC cases.
- Related parties
- 2026 proxy: no material related-party transactions disclosed.
How the score works · checked as of Sep 2026
Williams Companies (WMB) earnings: FAQ
How does Williams Companies make money?
Williams Companies brought in $3.05 billion of revenue in Q2 2026, up 9.8% year over year. The largest source was Service Revenues: $2.20 billion, or 72% of the total, followed by Product Sales ($762M, 25%) and Commodity Derivatives ($94.0M, 3%). Net income for the quarter was $876 million, up 50% year over year.
When is WMB's next earnings date?
Williams Companies (WMB) has not confirmed the date yet; Nov 2, 2026 is an estimate based on its past reporting schedule.
What time does WMB report earnings?
Williams Companies usually reports after market close: its latest results release was filed with the SEC at 4:18 pm ET on Aug 3, 2026.
When did WMB last report earnings?
Williams Companies reported Q2 2026 results on Aug 3, 2026.
What is the EPS estimate for WMB's next earnings?
The consensus EPS forecast is $0.56 (8 analysts), vs $0.49 in the same quarter last year.
Where can I find Williams Companies's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to WMB's filings; this page breaks the latest report down in a Sankey chart.
What was WMB's net income in Q2 2026?
Williams Companies reported net income of $876M for Q2 2026 (+50% year over year), under US GAAP.
Does Williams Companies pay dividends?
Yes. In 2025, Williams Companies paid $2,442M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/26/2026. How we make the breakdowns · Report an error
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