Q2 26 EPS
$N/A
Q2 26 Revenue
N/A
vs S&P Since Q2 26
-7.6%
TRAILING MARKET
WMB -5.1% vs S&P +2.5%
Market Reaction
Did WMB Beat Earnings? Q2 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)
WMB Forward Guidance & Outlook
Williams reaffirmed 2026 Adjusted EBITDA guidance of $8.05 billion to $8.35 billion and now expects results in the upper half of that range. Growth capex guidance was updated to $7.0 billion to $7.6 billion, with maintenance capex of $850 million to $950 million. The company anticipates a leverage ratio midpoint of approximately 4.1x for 2026. Full-year 2026 adjusted EPS guidance ranges from $2.20 to $2.38, and AFFO guidance ranges from $6.085 billion to $6.315 billion. The annualized dividend was increased 5% to $2.10 per share for 2026.
WMB YoY Financials
Q2 2026 vs Q2 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, Q2 2026 Earnings Press Release
WMB Earnings Trends
WMB vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
WMB EPS Trend
Earnings per share: estimate vs actual
WMB Revenue Trend
Quarterly revenue: estimate vs actual
WMB Quarterly Results
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 | — | — | — | — | — |
| Q1 26 BEAT | $0.62 | $0.73 | +17.19% | $3.03B | -7.79% |
| Q4 25 MISS FY | $0.57 | $0.55 | -2.72% | — | — |
| FY Full Year | — | $2.10 | — | $11.95B | — |
| Q3 25 MISS | $0.52 | $0.49 | -5.28% | $2.92B | -1.14% |
| Q2 25 MISS | $0.49 | $0.46 | -5.99% | $2.78B | +1.81% |
| Q1 25 BEAT | $0.55 | $0.60 | +8.44% | $3.05B | +3.60% |