# The Williams Companies, Inc. (WMB)

> Source: Nexqual · https://nexqual.com/WMB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, The Williams Companies, Inc. (WMB), nexqual.com/WMB" · informational, not investment advice.

**Price:** USD 70.63 (-2.98% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 72.8 · day 68.97–73 · 52w 56.19–80.08 · market cap $86.4B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $15.4B, net income $3.07B (19.9% margin), free cash flow -$108M (SEC filings).
- Valuation: P/E 28.1x (avg 23.7x at the last 3 fiscal year-ends), EV/EBITDA 16.4x, net debt $28.4B.
- 3 of 80 tracked superinvestors hold WMB (13F, Q2 2026): 0 new, 0 added, 3 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 10 Form 4 filings, $6.7M; 4 not under a Rule 10b5-1 plan ($5.9M); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.84 on a 1–5 scale) (25 analysts), mean target USD 85.25 (range 69–103).
- Total return with dividends: 1Y +23.5% vs S&P 500 +14.9%; 5Y +207.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 0.54, revenue estimate $2.93B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $12.8B | $17.8B | $12.0B | $12.6B | $14.9B | $15.4B |
| Operating income | $2.63B | $3.02B | $4.31B | $3.34B | $4.20B | $4.66B |
| Net income | $1.52B | $2.05B | $3.18B | $2.23B | $2.62B | $3.07B |
| EPS (diluted) | $1.24 | $1.67 | $2.60 | $1.82 | $2.14 | — |
| Free cash flow | $2.71B | $2.64B | $3.42B | $2.40B | $1.00B | -$108M |
| Operating margin | 20.6% | 17.0% | 35.9% | 26.4% | 28.2% | 30.2% |
| Net margin | 11.9% | 11.5% | 26.5% | 17.6% | 17.6% | 19.9% |
| Revenue growth | +65.6% | +39.0% | -32.5% | +5.3% | +17.9% | — |
| Cash + short-term investments | $1.68B | $152M | $2.15B | $60.0M | $63.0M | — |
| Total debt | $21.6B | $22.3B | $25.7B | $26.5B | $28.7B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 28.1x · P/S 5.6x · EV/EBITDA 16.4x · EV/Sales 7.4x · P/B 6.5x · FCF yield -0.13% · Earnings yield 3.56% · Dividend yield (paid, TTM) 2.90% · Net debt $28.4B · EV $115B
P/E at fiscal year-ends: Dec 2025 28.1x, Dec 2024 29.7x, Dec 2023 13.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold WMB. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| AKO Capital |  | 2.57% | $110M | Reduced -16.3% |
| Dodge & Cox Funds | Dodge & Cox | 0.04% | $70.2M | Reduced -2.3% |
| First Eagle Investment | First Eagle Investment Management | <0.01% | $315K | Reduced -2.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
6 of 10 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Wilson Terrance Lane | SVP & General Counsel | 2,000 | $136K | 0.8% | Yes | Too little history (no open-market trades in 2023) |
| 2026-09-01 | Wilson Terrance Lane | SVP & General Counsel | 2,000 | $151K | 0.8% | Yes | Too little history (no open-market trades in 2023) |
| 2026-08-14 | Wilson Terrance Lane | SVP & General Counsel | 13,000 | $973K | 4.7% | No | Too little history (no open-market trades in 2023) |
| 2026-08-03 | Wilson Terrance Lane | SVP & General Counsel | 2,000 | $141K | 0.7% | Yes | Too little history (no open-market trades in 2023) |
| 2026-07-01 | Wilson Terrance Lane | SVP & General Counsel | 2,000 | $148K | 0.7% | Yes | Too little history (no open-market trades in 2023) |
| 2026-06-01 | Wilson Terrance Lane | SVP & General Counsel | 2,000 | $143K | 0.7% | Yes | Too little history (no open-market trades in 2023) |
| 2026-05-15 | Jasek Glen G. | Senior Vice President | 2,500 | $195K | 4.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-14 | Larsen Larry C | Executive Vice President & COO | 12,000 | $918K | 10.9% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-06 | Porter John Dean | EVP & CFO | 50,000 | $3.8M | 20.3% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-01 | Wilson Terrance Lane | SVP & General Counsel | 2,000 | $153K | 0.7% | Yes | Too little history (no open-market trades in 2023) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.84 on a 1–5 scale), 25 analysts; mean target USD 85.25 (low 69, high 103).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | CIBC | Target lowered | Outperformer | $85 → $82 |
| 2026-10-14 | Jefferies | Target lowered | Buy | $85 → $83 |
| 2026-09-10 | Scotiabank | Target lowered | Sector Outperform | $86 → $85 |
| 2026-08-18 | Morgan Stanley | Target raised | Overweight | $99 → $103 |
| 2026-08-12 | Truist Securities | Target raised | Buy | $84 → $88 |
| 2026-08-10 | RBC Capital | Target raised | Outperform | $83 → $87 |
| 2026-08-05 | Wells Fargo | Target raised | Overweight | $89 → $90 |
| 2026-07-14 | Morgan Stanley | Target raised | Overweight | $98 → $99 |
| 2026-07-08 | Barclays | Target raised | Equal-Weight | $73 → $75 |
| 2026-07-01 | JP Morgan | Target raised | Overweight | $88 → $89 |
| 2026-07-01 | Jefferies | Target lowered | Buy | $87 → $85 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +23.5% | +207.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +23.6% | +25.1% |
| Volatility (annualized) | 24.9% | 24.6% |
| Max drawdown | -13.1% (May 2026→Sep 2026) | -21.8% (May 2022→Sep 2022) |

## Peers (Oil & Gas Midstream)
EPD (Enterprise Products Partners L.) USD 36.52 -0.19% · KMI (Kinder Morgan, Inc.) USD 33.72 -0.74% · ENB (Enbridge Inc) USD 48.01 +0.00% · TRP (TC Energy Corporation) USD 61.98 -0.53% · TRGP (Targa Resources, Inc.) USD 289.54 -2.05% · LNG (Cheniere Energy, Inc.) USD 287.01 +0.98%

## More
Full page: https://nexqual.com/WMB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name WMB in their own reports (relationship from WMB's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | EQT Corp (EQT) | 10-K 2026-02-18 | "(b)Laurel Mountain Midstream, LLC (LMM) is a midstream company formed as a joint venture among the Company, Williams Companies Inc. and certain other energy companies for the purpose of owning and ope…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Reportable Segment, Aggregation before Other Operating | $3.29B | 107.9% | +12.9% |
| Transmission, Power & Gulf | $1.37B | 44.8% | +5.1% |
| Gas & NGL Marketing Services | $1.10B | 35.9% | -9.6% |
| West | $724.0M | 23.7% | +7.3% |
| Northeast G & P | $534.0M | 17.5% | +0.9% |
| Total revenue | $3.05B | 100% | — |
The lines above cover 229.8% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service | $1.24B | 40.6% | +3.9% |
| — Regulated Service (part of Service) | $944.0M | 30.9% | +1.8% |
| — Non Regulated Service Monetary Consideration (part of Service) | $261.0M | 8.5% | +15.5% |
| — NonRegulated Service Commodity Consideration (part of Service) | $23.0M | 0.8% | -17.9% |
| — Other Service (part of Service) | $12.0M | 0.4% | -7.7% |
| Product | $129.0M | 4.2% | +19.4% |
| Energy Commodities and Service | $94.0M | 3.1% | +161.1% |
| Total revenue | $3.05B | 100% | — |
The lines above cover 47.9% of total revenue.

## Company outlook (8-K filed 2026-08-03)

- "The company now expects 2026 Adjusted EBITDA of $8.3 billion to $8.5 billion and growth capex between $7.3 billion and $7.9 billion."
- "Guidance for 2026 growth capex and debt-to-adjusted EBITDA excludes certain reimbursable long-lead equipment."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.54 | $0.55 | -1.3% | $2.93B | 11 |
| Next quarter (ends 2026-12-31) | $0.62 | $0.62 | -0.5% | $3.32B | 11 |
| Current fiscal year (ends 2026-12-31) | $2.43 | $2.42 | +0.2% | $12.30B | 14 |
| Next fiscal year (ends 2027-12-31) | $2.64 | $2.57 | +2.7% | $14.11B | 14 |