Williams Q3 Adjusted EPS Rises 10.2% to $0.54; Tracking Upper Half of 2026 Guidance
Williams posted higher third-quarter earnings as its natural gas pipelines and gathering systems delivered growth across every segment, and the company kept its full-year forecast intact while saying it is tracking toward the upper half. Net income rose 8.2% to $699 million, or $0.56 a share, from $646 million, or $0.53 a share, a year earlier, according to its 8-K.
Adjusted net income rose 10.0% to $663 million, and adjusted earnings per share climbed 10.2% to $0.54 from $0.49. Total revenues increased 10.3% to $3.22 billion from $2.92 billion.
Adjusted EBITDA grew 6.2% to $2.04 billion from $1.92 billion. Through nine months, adjusted EBITDA totaled $6.21 billion.
"Williams delivered another strong quarter as our teams continued to execute across a growing portfolio of critical energy infrastructure projects," Chief Executive Officer Chad Zamarin said.
Segment growth
The Transmission, Power and Gulf segment, which includes the Transco pipeline, generated $1.03 billion of adjusted EBITDA, up 8.8% from $947 million. Northeast gathering and processing rose 7.3% to $542 million, and the West segment rose 9.3% to $401 million from $367 million.
Cash flow from operations rose 4.6% to $1.51 billion. Available funds from operations increased 9.7% to $1.59 billion, covering the dividend 2.42 times.
Results included an $83 million gain on the sale of Permian gathering assets and $63 million of acquisition and joint venture costs.
Guidance maintained
Williams maintained its 2026 adjusted EBITDA guidance of $8.3 billion to $8.5 billion and said it is tracking in the upper half of that range. Growth capital spending is still expected at $7.3 billion to $7.9 billion.
Zamarin said the company continues to target an adjusted EBITDA compound annual growth rate of 11% or more through 2030.
Projects and deals
During the quarter, Williams closed its acquisition of Momentum Midstream, a $2.82 billion deal that expands its Haynesville position to serve LNG, industrial and power demand. It placed four pipeline projects into service with combined capacity of 413 million cubic feet a day, announced a 9.4 billion cubic foot storage expansion at Clay Basin, announced Transco's Southeast Supply Enhancement II project for more than 150 million cubic feet a day, and upsized Transco's Garden Connector project by 84 million cubic feet a day.
Zamarin also said the team brought the Socrates power project fully online ahead of schedule, calling it "the first of many power projects."
By the numbers
- Total revenues: $3.22 billion, up 10.3%
- Adjusted EPS: $0.54, up 10.2%
- Adjusted EBITDA: $2.04 billion, up 6.2%
- Dividend coverage: 2.42 times
- 2026 adjusted EBITDA guidance: $8.3 billion to $8.5 billion
Sources
- Williams Companies Form 8-K with third-quarter 2026 earnings release, filed Nov. 2, 2026 (accession 0000107263-26-000035)
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