Williams Companies Beats Q3 2026 Revenue by 10%, Eyes Upper EBITDA Range

Williams Companies posted Q3 2026 revenue of $3.22 billion, exceeding expectations on new power generation revenues, the early close of the Momentum Midstream acquisition, and projects recently placed in service.

The Momentum Midstream deal, closed early, deepens Williams' position in the Haynesville, which management describes as America's fastest-growing natural gas basin. That footprint expansion matters now because Haynesville supply sits directly in the path of surging demand from LNG export terminals, industrial customers, and power generators.

Management said the company is tracking toward the upper half of its full-year 2026 adjusted EBITDA guidance range of $8.3 billion to $8.5 billion, and reaffirmed its long-term target of 11% or more compound annual adjusted EBITDA growth through 2030.

CEO Chad Zamarin pointed to the Socrates power project coming fully online ahead of schedule as proof of concept for a broader power infrastructure buildout, calling it "the first of many power projects" and noting that additional power deals are expected to be announced soon. Capital expenditures rose sharply year over year, signaling that the spending to support that pipeline is already well underway.

Investors should keep an eye on the stock as Williams prepares to announce additional power contracts, since each new deal represents a fresh catalyst for EBITDA estimates. Leverage ticked up to 3.80x debt-to-adjusted EBITDA, worth monitoring as the company continues to absorb Momentum Midstream.