$WMB · WILLIAMS COMPANIES, INC.
Williams reported Q3 2026 results with Adjusted EBITDA of $2.039B (+6% YoY), GAAP EPS of $0.56, and Adjusted EPS of $0.54. The company is tracking toward the upper half of its $8.3B-$8.5B 2026 Adjusted EBITDA guidance range. Key developments include the September 2026 close of the $2.816B Momentum Midstream acquisition and 413 MMcf/d of pipeline capacity expansions placed into service across four projects.
- Adjusted EBITDA of $2.039B, up $119M or 6% vs. Q3 2025
- GAAP net income of $699M ($0.56 EPS), up 8% YoY; adjusted net income $663M ($0.54 EPS), up 10%
- Cash flow from operations $1.505B, up $66M or 5% YoY; AFFO $1.589B, up $140M or 10%
- Closed Momentum Midstream acquisition ($2.816B) in September 2026, enhancing Haynesville position
- Dividend coverage ratio of 2.42x on AFFO basis; debt-to-Adjusted EBITDA at 3.80x
WMB closed regular session at $71.19 (-4.25% on the day), but extended-hours trading shows a modest +0.08% recovery to $71.25, suggesting the earnings release is stabilizing the stock after the day's selloff.
Williams delivered broad-based beats across EBITDA, AFFO, and net income while closing a transformative $2.8B Haynesville acquisition — reinforcing its 11%+ long-term Adjusted EBITDA CAGR target through 2030.
Williams' 6% Adjusted EBITDA growth and 10% AFFO growth reinforce the midstream sector's thesis of durable cash-flow expansion driven by LNG export demand, power generation needs, and bolt-on M&A like Momentum Midstream.
Forward-looking statement risks include exposure to customer/counterparty credit risk, volatility in natural gas/NGL/crude oil prices, and regulatory/environmental permitting hurdles that could delay capital projects.