Williams Reports Strong Q3 2026 Results, Closes Momentum Acquisition

The Williams Companies, Inc. (NYSE: WMB) announced unaudited financial results for the three and nine months ended September 30, 2026, in a press release dated November 2, 2026. The company reported GAAP net income of $699 million, or $0.56 per diluted share, for the third quarter of 2026, an increase of 8% compared to the same period in 2025. Adjusted net income for the quarter was $663 million, or $0.54 per diluted share, representing a 10% increase year-over-year.

Adjusted EBITDA for the third quarter of 2026 was $2.039 billion, up $119 million or 6% compared to the prior year. The company also reported cash flow from operations of $1.505 billion and Available Funds from Operations (AFFO) of $1.589 billion for the quarter, both of which increased year-over-year. The dividend coverage ratio on an AFFO basis was 2.42x.

Year-to-date through September 30, 2026, Williams reported GAAP net income of $2.390 billion, or $1.94 per diluted share, compared to $1.882 billion, or $1.54 per diluted share, in the prior year. Adjusted EBITDA year-to-date was $6.214 billion, a 9% increase over the first nine months of 2025.

During the quarter, Williams closed the acquisition of Momentum Midstream ahead of schedule, enhancing its premier position in the Haynesville natural gas basin. The company also announced a 9.4 billion cubic feet storage expansion at Clay Basin, as well as several Transco projects including the 150+ MMcf/d Southeast Supply Enhancement II and an upsized Garden Connector capacity of 84 MMcf/d. Additionally, four pipeline projects were placed into service, expanding capacity by 413 MMcf/d.

CEO Chad Zamarin stated that the company is tracking toward the upper half of its 2026 Adjusted EBITDA guidance range of $8.3 billion to $8.5 billion. He noted that year-to-date Adjusted EBITDA increased 9% year-over-year and expressed confidence in achieving a long-term 11% plus Adjusted EBITDA compound annual growth rate through 2030.

For the full year 2026, Williams maintains guidance for Adjusted EBITDA between $8.3 billion and $8.5 billion and growth capital expenditures between $7.3 billion and $7.9 billion. The leverage ratio midpoint for 2026 is expected to be approximately 3.75x.