WMB Filings — Williams Companies, Inc. - FilingSpy
WMB
Williams Companies, Inc.
A builder of natural gas infrastructure, Williams runs interstate pipelines like Transco, plus gathering, processing, and marketing operations that move gas and natural gas liquids to roughly 800 customers across the United States. It began in 1908 when brothers Miller and David Williams took over an abandoned sidewalk-paving job in Fort Smith, Arkansas, then rode the Oklahoma oil boom into pipeline construction and moved to Tulsa. The company still bears the family name from those early days.
Q2 2026 net income rose 51% to $827M on expansion projects and a $130M asset sale gain
more than half again what it was a year ago. rose 9.8% to $3.053B and rose 51.1% to $0.68 as expansions and a $130M sale gain lifted results against a $30M marketing loss a year earlier. The company closed the quarter with $7.3B–$7.9B of 2026 growth still ahead and a $3.75B joint venture contribution received in July.
Key takeaways
rose 51.5% to $827M and rose 51.1% to $0.68, driven by higher service revenues from expansion projects and a $130M gain on the sale of an .
rose to $959M from higher Transco and rates and the Commonwealth Energy Connector expansion placed in service.
swung to a $123M gain from a $30M loss in Q2 2025, on a $119M favorable change in .
Section summaries
Management's Discussion and Analysis
Williams' Q2 2026 net income rose 51% YoY to $827M, driven by expansion projects, higher commodity margins, and asset sale gains.
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Consolidated for Q2 2026 increased $281 million to $827 million, driven by higher service revenues from expansion projects and a $130 million gain from the sale of an .
rose 9.8% to $3.053B and 0.8% from Q1 2026; rose 25.1% to $1,182M and widened 4.7 points to 38.7%.
West grew to $359M, primarily from the project placed in service in Q3 2025, partially offset by lower Eagle Ford MVC .
Williams expects 2026 of $7.3B–$7.9B and closed a $3.75B initial contribution from a power innovation joint venture sale in July 2026.
What changed
reversed the $30M Q2 2025 loss to a $123M gain, settling the prior watch item on whether the Q1 2026 $40M level would recover or losses deepen.
was -$458M in Q2 2026 versus $244M in Q1 2026 and $478M in Q2 2025, as 2026 growth of $7.0B–$7.6B (now $7.3B–$7.9B) accelerated against 2025's $1.005B full-year free cash flow.
fell 6.4% to $28.1B from $30.1B at Q1 2026, after the annual report flagged the rise to $27.3B as 2026 executes; liquidity was $4.7B at March 31 and a $3.75B JV contribution closed in July.
was $288M at June 30, 2026, down from $437M at March 31, 2026, continuing the mark-to-market swings flagged since the $344M year-end 2024 level.
West of $359M followed the $176M Mid-Continent and lower Eagle Ford MVC flagged in the FY2025 report; now lifts the segment.
What to watch
in Q3 2026 to see if the $123M gain holds or unrealized derivative gains reverse.
Q3 2026 against Q2's -$458M as $7.3B–$7.9B 2026 growth executes.
trend after the drop to $28.1B and the $3.75B July JV contribution as accelerates.
of $288M at June 30, 2026 for further mark-to-market swings into Q3.
rose to $959 million, benefiting from higher and Gulf Coast Storage rates and contributions from the Commonwealth Energy Connector expansion.
Northeast G&P increased to $540 million due to higher gathering and processing volumes at the and increased proportional from equity-method investees like .
West grew to $359 million, primarily from the project placed in service in Q3 2025, partially offset by lower Eagle Ford .
swung to a $123 million gain from a $30 million loss last year, driven by a $119 million favorable change in unrealized commodity derivative gains.
Williams expects 2026 growth between $7.3 billion and $7.9 billion and closed a $3.75 billion initial contribution from a power innovation joint venture sale in July 2026.
Quantitative and Qualitative Disclosures About Market Risk
Williams manages interest rate risk with mostly fixed-rate debt and commodity price risk with derivatives, reporting a total commodity derivative fair value of -$288M at June 30, 2026.
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Interest rate risk is limited because the debt portfolio is primarily fixed-rate; variable-rate exposure arises only from borrowings or commercial paper.
Commodity price risk stems from natural gas and NGL marketing, upstream operations, and certain gathering and processing contracts.
Williams uses exchange-traded and derivatives (forwards, futures, basis swaps) and physical transactions as , none designated for .
Total of commodity derivative contracts was a net liability of $288 million at June 30, 2026, with $196 million maturing in 2027–2028.
Trading VaR was $5 million at quarter-end (six-month average $11 million, high $41 million); non-trading VaR was $7 million (average $10 million, high $18 million).
The company employs daily VaR and stress testing, maintaining minimal open exposure by keeping buy and sell volumes closely matched.
Environmental Certain reportable legal proceedings involving governmental authorities under federal, state, and local laws regulating the discharge of materials into the environment are described below. While it is not possible for Williams to predict the final outcome of the pr…
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Environmental
Certain reportable legal proceedings involving governmental authorities under federal, state, and local laws regulating the discharge of materials into the environment are described below. While it is not possible for Williams to predict the final outcome of the proceedings that are still pending, it does not anticipate a material effect on its consolidated financial position if it received an unfavorable outcome in any one or more of such proceedings. Williams’ threshold for disclosing material environmental legal proceedings involving a governmental authority where potential monetary sanctions are involved is $1 million.
Other environmental matters called for by this Item are described under the caption “Environmental Matters” in Note 9 – Contingencies included under Part I, Item 1. Financial Statements of this report, which information is incorporated by reference into this Item.
Other Litigation
The additional information called for by this Item is provided in Note 9 – Contingencies included under Part I, Item 1. Financial Statements of this report, which information is incorporated by reference into this Item.
Part I, Item 1A. Risk Factors in the Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 24, 2026, includes risk factors that could materially affect Williams’, Transco’s, and NWP’s businesses, financial condition, or future results…
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Part I, Item 1A. Risk Factors in the Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 24, 2026, includes risk factors that could materially affect Williams’, Transco’s, and NWP’s businesses, financial condition, or future results. Those Risk Factors have not materially changed.