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Williams Companies

WMB Q1 2026 Earnings

Reported May 4, 2026 at 4:18 PM ET · SEC Source

Q1 26 EPS

$0.73

BEAT +17.19%

Est. $0.62

Q1 26 Revenue

$3.03B

MISS 7.79%

Est. $3.29B

vs S&P Since Q1 26

-7.6%

TRAILING MARKET

WMB -5.1% vs S&P +2.5%

Market Reaction

Did WMB Beat Earnings? Q1 2026 Results

Williams Companies delivered a sharply split first quarter for fiscal 2026, posting adjusted EPS of $0.73 against a consensus estimate of $0.62, a beat of 17.19%, even as revenue of $3.03 billion came in 7.79% below expectations and edged down 0.6% y… Read more Williams Companies delivered a sharply split first quarter for fiscal 2026, posting adjusted EPS of $0.73 against a consensus estimate of $0.62, a beat of 17.19%, even as revenue of $3.03 billion came in 7.79% below expectations and edged down 0.6% year over year. The earnings strength was driven by a 13% rise in adjusted EBITDA to $2.25 billion, fueled by higher Transco net rates, new Gulf of Mexico volumes from the Shenandoah, Whale, and Ballymore developments, and elevated storage revenues tied to winter storms, gains that more than compensated for a $359 million net loss from commodity derivatives that weighed on the top line. GAAP net income attributable to common stockholders climbed 25% to $864 million, further aided by a $182 million gain on the sale of South Mansfield upstream joint venture interests. Management reaffirmed its 2026 adjusted EBITDA guidance of $8.05 billion to $8.35 billion and now expects results in the upper half of that range, with institutional investors notably increasing their positions ahead of the report.

Key Takeaways

  • • Transco's higher net rates and expansion projects
  • • New Gulf of Mexico volumes from Shenandoah, Whale, and Ballymore developments
  • • Higher storage revenues driven by winter storms and higher rates
  • • Higher gathering volumes in the West including Rimrock and Saber acquisitions
  • • Louisiana Energy Gateway placed in service in Q3 2025
  • • Higher gas marketing margins driven by winter storms
  • • $182 million gain from sale of South Mansfield upstream interests (GAAP only)
24/7 Wall St

WMB YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

“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.”

— Chad Zamarin, Q1 2026 Earnings Press Release

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