WMB · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
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.
Net Income
$876M
up 50% y/y
Total Revenues
$3,053M
up 9.8% y/y
Operating Income
$1,182M
up 25% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Service Revenues | $2,197 · +5% · Incl. commodity consideration $45 |
| Product Sales | $762 · +16% |
| Commodity Derivatives* | $94 · +161% |
| Total Revenues | $3,053 · +9.8% |
| Asset Sale Gains & Other | $13 |
| Product & Processing Costs | $515 · +8% |
| Operating & Maintenance | $597 · +4% |
| DD&A* | $592 · -2% |
| G&A | $180 · +7% |
| Operating Income | $1,182 · +25% |
| Equity & Investing Income | $325 · vs $162 · Incl. $126M Brazos Permian II sale gain |
| Interest Expense | $371 · +6% |
| Pretax Income | $1,136 · +50% |
| Income Taxes | $260 · ETR 22.9% |
| Net Income | $876 · +50% |
| Noncontrolling Interests | $49 |
| Net Income to WMB | $827 · +51% · Diluted EPS $0.68 · adjusted $0.50 |
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).
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- GAAP net income +51% overstates the quarter: it includes a $126M gain on the June sale of the Brazos Permian II equity stake and $94M of commodity-derivative gains — adjusted net income rose a more modest 8% and adjusted EBITDA 6%.
- The core is service revenue: +$111M y/y from expansion projects placed in service, new Gulf of Mexico volumes, higher gas storage rates, and gathering growth including West-segment acquisitions.
- Guidance raised: 2026 adjusted EBITDA midpoint up $200M to $8.4B, reflecting the Momentum Midstream acquisition — the growth engine is M&A plus the Transco expansion backlog.
- Leverage improved to 3.67x debt/adjusted EBITDA from 3.80x even as interest expense rose 6% to $371M on debt funding the buildout.
- Product sales grew 16% to $762M with product costs up only 7% — gas marketing margins widened.
- DD&A slipped 2% to $592M and O&M rose 4% — cost growth well below revenue growth.
- NCI takes $49M (consolidated partnerships) before the $827M attributable to Williams; EPS $0.68 vs $0.45.
What distorts the picture in this report and what to watch beyond the headlines.
WMB — Williams Companies operates energy infrastructure, primarily in natural gas transmission and processing across the United States.
It owns and operates pipelines and related assets for transporting natural gas.
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