Williams Reports 6% Rise in Third-Quarter 2026 Adjusted EBITDA

The Tip Desk · November 2, 2026 · 3 min read

Third-quarter Adjusted EBITDA was $2.039 billion, up 6% from a year earlier, as the company said it is tracking toward the upper half of its $8.3 billion to $8.5 billion 2026 range.

Williams Companies (WMB) reported third-quarter 2026 revenue of $3.223 billion. The company closed its Momentum Midstream acquisition in September after announcing the deal in the prior quarter, and said it is tracking toward the upper half of its 2026 Adjusted EBITDA guidance of $8.3 billion to $8.5 billion.

The natural gas infrastructure company reported third-quarter Adjusted EBITDA of $2.039 billion, up $119 million, or 6%, from a year earlier, matching the year-over-year pace of the second quarter. GAAP net income was $699 million, or $0.56 a share, up 8% and 6%, respectively, versus the third quarter of 2025. Adjusted net income was $663 million, or $0.54 a share, up 10%.

Cash flow from operations was $1.505 billion, up $66 million, or 5%. Available funds from operations were $1.589 billion, up $140 million, or 10%. Dividend coverage was 2.42 times on an AFFO basis. Debt-to-Adjusted EBITDA at quarter end was 3.80 times.

Service revenues were $2.319 billion in the three months ended Sept. 30, 2026, versus $2.121 billion a year earlier. Total revenues were $3.223 billion. Operating income was $1.136 billion. The company said higher service revenues of $198 million reflected new power generation revenues, the Momentum acquisition, projects placed in service, and higher storage revenues. Results also included an $83 million gain from the sale of a Permian gathering system. General and administrative expenses were $275 million. The company cited $63 million of acquisition and joint-venture formation costs within higher operating and administrative expenses.

Transmission, Power & Gulf Adjusted EBITDA was $1.030 billion, up $83 million, on new power generation revenues, projects placed in service, and higher storage revenues. Northeast G&P Adjusted EBITDA was $542 million, up $37 million, driven primarily by higher volumes at Ohio Valley Midstream and higher proportional EBITDA from equity-method investments. West Adjusted EBITDA was $401 million, up $34 million, driven by the Momentum acquisition and Louisiana Energy Gateway. Gas & NGL Marketing Services Adjusted EBITDA was $4 million. Other Adjusted EBITDA was $62 million, down $28 million, reflecting the absence of the South Mansfield upstream interests sold in January 2026.

President and Chief Executive Officer Chad Zamarin said Socrates was brought fully online ahead of schedule and that the company is working to commercialize additional power projects it expects to announce soon. Socrates’ Plato North Power project was on track for in-service by mid-November.

Williams announced a 9.4 Bcf storage expansion at Clay Basin, Transco’s 150-plus MMcf/d Southeast Supply Enhancement II, and an 84 MMcf/d upsizing of Transco’s Garden Connector, and expanded pipeline capacity by 413 MMcf/d across four projects. Capital investments excluding acquisitions were $2.727 billion in the third quarter, excluding $2.816 billion for the September Momentum purchase.

The company continues to expect 2026 Adjusted EBITDA of $8.3 billion to $8.5 billion and growth capex between $7.3 billion and $7.9 billion, with a leverage ratio midpoint of approximately 3.75 times. Zamarin said year-to-date Adjusted EBITDA increased 9% year over year to $6.2 billion and that the company has strong confidence in achieving its long-term 11% plus Adjusted EBITDA compound annual growth rate through 2030.