Williams Announces Record First-Quarter 2026 Results
Press Release
TULSA, Okla.—May 4, 2026– Williams (NYSE: WMB) today announced its unaudited financial results for the three months ended March 31, 2026.
Natural gas-focused strategy continues to drive key financial results
- GAAP net income: $864 million, or $0.70 per diluted share (EPS), up 25% vs. 1Q 2025
- Adjusted net income: $895 million, or $0.73 per diluted share (Adj. EPS), up 23% and 22%, respectively, vs. 1Q 2025
- Adjusted EBITDA: $2.254 billion, up $265 million or 13% vs. 1Q 2025
- Cash flow from operations (CFFO): $1.603 billion, up $170 million or 12% vs. 1Q 2025
- Available funds from operations (AFFO): $1.770 billion, up $325 million or 22% vs. 1Q 2025
- Dividend coverage ratio: 2.76x (AFFO basis)
- On track to deliver Adjusted EBITDA in upper half of 2026 guidance range
Disciplined execution drives business growth, advances projects and optimizes portfolio
- Signed customer agreement on Neo, a $2.3 billion behind-the-meter power innovation project with 682 megawatts of installed capacity
- Signed natural gas infrastructure agreement for Atlas, providing up to 164 MMcf/d of capacity to Northeast data center
- Signed customer agreements on Silver Spur transmission project, a 275 MMcf/d expansion on Northwest Pipeline
- Announced ~700 MMcf/d of gathering expansions in Marcellus and Haynesville
- Upsized Transco’s Power Express project, increasing capacity to 750 MMcf/d
- Started construction on Transco’s Northeast Supply Enhancement and Southeast Supply Enhancement projects
- Placed in service Northwest Pipeline’s Naughton Coal Conversion and received notice to proceed on Northwest Pipeline’s Wild Trail project
- Commissioned Aristotle pipeline for Plato South power innovation facility
- Closed on sale of South Mansfield upstream JV and Anadarko gathering
CEO Perspective
Chad Zamarin, president and chief executive officer, made the following comments:
“Williams delivered a strong first quarter, supported by the ongoing success of our natural gas-focused strategy and the performance of our premier assets. First-quarter GAAP net income increased 25% year-over-year to $864 million, and Adjusted EBITDA grew 13% year-over-year to $2.254 billion – driven by Transco’s expansion projects, new Gulf volumes, higher storage revenues and higher gathering volumes in the West.”
“Our teams continue to execute at an excellent pace on transmission expansions while adding to our portfolio of power innovation projects. Among several first quarter accomplishments, we placed Northwest Pipeline’s Naughton Coal Conversion into service and broke ground on Transco’s NESE and SESE projects. In addition, we commissioned the Aristotle pipeline to support data centers in Ohio, including the Socrates power innovation facility, and signed a customer agreement for Project Neo, a new behind-the-meter power innovation project.”
Zamarin added, “Natural gas demand is rising, our contracted project portfolio is growing and we’re staying focused on the sharp execution of projects which will drive higher earnings, stable cash flows and strong, durable returns for shareholders. I want to thank our employees and the customers we partner with to safely and reliably serve our nation’s energy needs. Together, we will continue to deliver energy infrastructure solutions that seek to lower energy costs.”
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