WMBNYSENatural Gas TransmissionFiscal year ends December 31
WILLIAMS COMPANIES, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 3, 2026
$70.38−0.90 (-1.26%)
Close on Oct 19, 2026
- Market cap
- $86.22B
- P/E (TTM)
- 28.0
- Dividend yield
- 2.84%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
–
Operating margin
35.1%+6.6 pts over 5 years
Net margin
21.9%+19.2 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +13.8% | +2.9% | +9.1% | +5.0% | |
| Operating income | +25.7% | +11.6% | +13.8% | +33.9% | |
| Net income | +17.7% | +8.5% | +65.5% | – | |
| EPS, diluted | +17.6% | +8.6% | +66.0% | – | |
| Free cash flow | -58.1% | -27.5% | -14.9% | – | |
| Dividend per share | +5.3% | +5.6% | +4.6% | -2.0% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -7.9% | 1.7% | 20.7% | |
| Return on assets | -0.9% | 0.5% | 4.6% | |
| Current ratio | 0.50 | 0.62 | 0.53 | |
| Debt to equity | 5.06 | 1.90 | 2.29 | |
| Net debt to EBITDA | 9.52× | 5.66× | 4.48× | |
| Interest coverage | 0.6× | 1.9× | 2.9× | |
| Capex to revenue | 27.4% | 16.1% | 40.9% | |
| Diluted shares | 751M | 1.22B | 1.23B |
Where the cash went
Fiscal 2021 to 2025, five years combined
Williams Companies generated $25.64B from operations and spent $24.61B on capital expenditure, dividends and share buybacks. 55% of that went back into the business.
Generated
$25.64B
Used
$24.61B
Capital expenditure$13.47B55%Dividends$11.00B45%Share buybacks$139.00M1%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin21.9%
×Asset turnover0.21×
×Equity multiplier4.48×
=Return on equity, FY202520.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 21.9% | 0.21× | 4.48× | 20.7% |
| FY2024 | 21.2% | 0.20× | 4.31× | 17.9% |
| FY2023 | 29.1% | 0.22× | 4.23× | 26.6% |
| FY2022 | 18.7% | 0.23× | 4.19× | 17.9% |
| FY2021 | 14.3% | 0.23× | 3.96× | 13.1% |
| FY2020 | 2.7% | 0.17× | 3.59× | 1.7% |
| FY2019 | 10.4% | 0.18× | 3.26× | 6.1% |
| FY2018 | -1.8% | 0.19× | 3.77× | -1.3% |
| FY2017 | 27.1% | 0.17× | 6.52× | 30.4% |
| FY2016 | -5.7% | 0.16× | 8.88× | -7.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$2.62B
- Cash generatingOperating cash flow above zero$5.90B
- Return on assets improvedROA up on the prior year4.2% → 4.8%
- Earnings backed by cashOperating cash flow above net income$5.90B vs $2.62B
- Less leverageLong-term debt to assets fell45.4% → 46.6%
- Better liquidityCurrent ratio rose0.50 → 0.53
- No dilutionShare count did not rise1.22B → 1.23B
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.20 → 0.22