At a glance
Williams Companies Inc is worth $89.00B, about 33 times its fiscal 2025 earnings. Revenue grew 17.9% to $14.90B in fiscal 2025, with 17.6% kept as profit; over 5 years it has grown 14.3% a year. It pays a 2.94% dividend yield, raised every year for at least 8 years, and returned $11.14B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +26.8% over the past year with dividends reinvested and +25.7% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 56.8% in the 2020 crash (S&P 500: 33.7%) and 22.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 11 months after the lows.
The business in plain English
Williams Companies owns and runs the pipes, plants and storage that move natural gas from wells to customers. Founded in 1908 and based in Tulsa, Oklahoma, it owns an interest in and operates more than 32,000 miles of pipelines across 24 states and the Gulf of America. It also has 35 gas processing plants and 423 Bcf (billion cubic feet) of gas storage. Its wholly owned units include Transco, a roughly 9,600-mile pipeline from Texas and the Gulf of America to the New York City area. Another is Northwest Pipeline, which runs about 3,900 miles from New Mexico and Colorado to the Canadian border in Washington.
Much of the business earns fees rather than depending directly on gas prices. The Federal Energy Regulatory Commission (FERC) regulates rates on the interstate pipelines. Most of that capacity is reserved under long-term contracts by utilities, power generators, industrial users and producers. Gathering systems collect raw gas at the well. Processing plants clean it and separate natural gas liquids (NGLs) such as ethane and propane. About 93% of NGL volumes were under fee-based contracts in 2025.
The Gas & NGL Marketing Services segment purchases, stores and markets gas and NGLs. It brought in about $2.2 billion, or 14.6%, of fiscal 2025 revenue of $14.9 billion. Pipelines and gathering supplied most of the rest.
Price history
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WMB +26.8% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Reportable Segment, Aggregation before Other Operating Segment | $12.63B | 84.8% |
| Gas & NGL Marketing Services | $2.17B | 14.6% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.00B, up 14.6% from a year earlier, and net income was $700.0M (+8.2%).
- For fiscal 2025, revenue was $14.90B (+17.9% year over year; +14.3% a year from FY2020 to FY2025) with a 17.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.3% good |
|---|---|
| Operating margin | 28.2% good |
| Free cash flow margin | 6.7% watch |
| Return on equity (FY2025) | 20.4% good |
| Return on assets (FY2025) | 4.5% watch |
| Net cash (cash minus debt) | $-32.18B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $7.65B | $211.0M | $2.26B |
| FY2021 | $12.78B | $1.52B | $2.71B |
| FY2022 | $17.77B | $2.05B | $2.64B |
| FY2023 | $12.00B | $3.18B | $3.42B |
| FY2024 | $12.63B | $2.23B | $2.40B |
| FY2025 | $14.90B | $2.62B | $1.00B |
Valuation snapshot
| Market value | $89.00B |
|---|---|
| P/E ratio | 33.3 |
| Dividend yield | 2.94% |
Rank among 1514 US companies
Market value at each year end
Williams Companies’s market value went from $23.38B at the end of 2016 to $89.00B on Nov 2, 2026, about 3.8 times as much; since the end of 2025 it is up 21%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $89.00B | +21.2% |
| 2025 | $73.41B | +11.3% |
| 2024 | $65.97B | +55.7% |
| 2023 | $42.37B | +5.7% |
| 2022 | $40.08B | +26.7% |
| 2021 | $31.64B | +30.0% |
| 2020 | $24.33B | -15.4% |
| 2019 | $28.75B | +7.7% |
| 2018 | $26.69B | +5.9% |
| 2017 | $25.21B | +7.8% |
| 2016 | $23.38B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WMB price data to Nov 2, 2026 | +21.0% | +26.8% | +30.6% | +25.7% | +15.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +21.0% |
| 2025 | +14.9% |
| 2024 | +62.4% |
| 2023 | +12.0% |
| 2022 | +33.0% |
| 2021 | +38.4% |
| 2020 | -7.6% |
| 2019 | +14.2% |
| 2018 | -23.9% |
| 2017 | +2.0% |
| 2016 | +31.4% |
| 2015 | -39.2% |
| 2014 | +21.4% |
| 2013 | +22.8% |
| 2012 | +25.9% |
| 2011 | +37.2% |
| 2010 | +20.1% |
| 2009 | +49.8% |
| 2008 | -58.9% |
| 2007 | +38.7% |
| 2006 | +14.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 70.9% over that stretch · deepest drop along the way 75.3%, back to its old high 35.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46.7% over that stretch · deepest drop along the way 56.8%, back to its old high 2.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 15.1% over that stretch · deepest drop along the way 22.9%, back to its old high 10.5 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 12 sales ($6.7M), 6 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| May 6, 2026 | John Dean Porter EVP & CFO | sell | $3.8M |
| May 14, 2026 | Larry C Larsen Executive Vice President & COO | sell | $918K |
| Aug 14, 2026 | Terrance Lane Wilson SVP & General Counsel | sell | $764K |
| Aug 14, 2026 | Terrance Lane Wilson SVP & General Counsel | sell | $210K |
| May 1, 2026 | Terrance Lane Wilson SVP & General Counsel | sell (plan) | $153K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.3% | Mar 31, 2025 |
| Vanguard Capital Management | 7.54% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.5% | Sep 30, 2025 |
ETFs with the most weight in WMB
| MLPX Global X MLP & Energy Infrastructure ETF | 9.68% |
| EINC VanEck Energy Income ETF | 8.51% |
| MDST Westwood Salient Enhanced Midstream Income ETF | 8.29% |
| TPYP Tortoise North American Pipeline Fund | 7.79% |
| USAI Pacer American Energy Independence ETF | 7.72% |
| UMI USCF Midstream Energy Income Fund ETF | 7.44% |
| NVIR Horizon Kinetics Energy and Remediation ETF | 6.2% |
| ELCV Eventide High Dividend ETF | 5.94% |
What could go wrong
- Depends on gas drilling and demand. Gathering and processing volumes rise and fall with producers' drilling, which depends on the economy and commodity prices. If supply in its basins shrinks or demand in its markets weakens, revenue could fall.
- Permits and opposition can stall expansion. Growth depends on building new pipelines and plants. Delayed or denied permits, and opposition from groups against fossil fuel development, can slow or block expansion.
- A few big customers matter a lot. In 2025, the ten largest customers in each business supplied about 44% of regulated pipeline revenue and about 55% of gathering and processing fees. Losing one, or renewing contracts on worse terms, would hurt.
- Federal regulators oversee pipeline rates. Transco and Northwest Pipeline charge rates set mainly through Federal Energy Regulatory Commission proceedings. Unfavorable rate cases, new rules or changed interpretations of existing rules could reduce what they earn.
- Commodity prices still affect results. The marketing arm purchases, stores and markets gas and natural gas liquids. About 7% of liquids volumes were under contracts paid in product in 2025. Price swings and imperfect hedges can hit earnings.
- Heavy debt and interest-rate exposure. Total debt was about $33.9 billion against $1.8 billion of cash as of September 30, 2026. Higher interest rates or a credit rating downgrade could raise borrowing costs and pressure dividends.
Recent events
- Other company announcement
- Quarterly results released
- Major agreement signed
- Investor presentation or announcement; Other company announcement
- Other company announcement
- Executive or board change
- Quarterly results released
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
For income and retirement investors
Williams' regular dividend rose for 8 straight years through fiscal 2025. Dividends per share grew from $1.60 in fiscal 2020 to $2.00 in fiscal 2025, about 4.6% a year. The yield was 2.94% as of November 2, 2026. The cushion is thin. In fiscal 2025 the dividend used 93.3% of earnings and 243% of free cash flow (the cash left after capital spending). Williams paid $2.44 billion in dividends against $1.0 billion of free cash flow. Buybacks were small: $139 million over fiscal 2021–2025, against $11 billion in dividends. The share count rose 2.8% from February 2022 to October 2026.
The shares fell 75.3% in the 2008 financial crisis and did not regain that peak until March 2012. In the 2020 COVID crash they fell 56.8% but recovered by June 2020. In the 2022 bear market they slid 22.9% from a June peak. Even so, they gained 15.1% between the broad market's peak and its low. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Williams Companies make money?
Williams earns money largely from fees for moving, processing and storing natural gas. Its interstate pipelines, including the roughly 9,600-mile Transco system, charge rates regulated by the Federal Energy Regulatory Commission. They work mostly under long-term contracts with utilities, power generators and other users. Its gathering and processing plants are generally paid by volume. About 93% of natural gas liquids volumes were under fee-based contracts in 2025. Its marketing segment brought in 14.6% of fiscal 2025 revenue of $14.9 billion.
Does Williams raise its dividend every year?
Yes, it raised its regular dividend for 8 straight years through fiscal 2025. Dividends per share climbed from $1.60 in fiscal 2020 to $2.00 in fiscal 2025, an average gain of about 4.6% a year. The yield was 2.94% as of November 2, 2026. Williams' annual report warns that shareholders may not receive dividends in the amount expected, or any dividends. Past increases do not guarantee future ones.
Does Williams earn enough to cover its dividend?
From earnings, narrowly. From free cash flow, not in fiscal 2025. That year the dividend equaled 93.3% of net income of $2.6 billion. It also equaled 243% of free cash flow, the cash left after capital spending. Dividends paid were $2.44 billion against free cash flow of $1.0 billion. In fiscal 2023 and 2024, free cash flow did cover dividends. A gap like the one in 2025 has to be filled from other sources, such as borrowing, so steady earnings and access to credit matter more.
How much debt does Williams Companies have?
Williams had about $33.9 billion of total debt as of September 30, 2026, against roughly $1.8 billion in cash and investments. That left net debt of about $32.2 billion. Shareholders' equity was about $15.7 billion and total assets about $70.7 billion. Pipeline companies often borrow heavily to build assets that last for decades. Still, Williams' annual report warns that higher interest rates or a credit rating downgrade could raise costs, limit access to capital and affect its ability to pay dividends at intended levels.
Which ETFs hold Williams Companies stock?
Williams appears in 237 ETFs. Its largest weights are in energy infrastructure funds. It makes up about 9.7% of Global X MLP & Energy Infrastructure ETF (MLPX), 8.5% of VanEck Energy Income ETF (EINC), 8.3% of Westwood Salient Enhanced Midstream Income ETF (MDST) and 7.8% of Tortoise North American Pipeline Fund (TPYP). These funds may suit investors who want pipeline exposure spread across several companies, though they still focus on one industry. Fund weights change over time.