WMB·Midstream / Natural-Gas Infrastructure (interstate pipelines, gathering & processing, gas marketing; emerging behind-the-meter power generation)

Williams Companies

ConvictionModerate

Fee-based, take-or-pay regulated/contracted infrastructure: ~90% of EBITDA from fixed-fee transmission & gathering capacity, increasingly augmented by long-term (10-yr) take-or-pay power-supply contracts with hyperscalers. C-corp (not an MLP).

Revenuefact

$11.83B FY2025fact, +10% YoY); $3.03B Q1 FY26

Rev growthfact

+10.0% FY2025 vs FY2024

Gross margin

n/a as reported — midstream COGS dominated by productgas) costs; gross margin not a primary metric. Adjusted EBITDA margin ~66% of revenue FY2025 ($7.75B EBITDA / $11.83B rev) (estimate

Op margin

~22% net margin Q1 FY26 citedoperating margin est. ~30-33% (estimate, FY2025

Capex intensity

Very high — FY2026 growth capex guided $7.0–7.6B + maint. $0.85–0.95B ≈ $7.9–8.6B vs ~$12B revenue → capex/revenue ~65-70%fact/estimate, FY26 guide

Market cap

~$91.7Bfact, WMB ~$75.79, 23-Jun-2026

Price · 1-year trend

real · weekly

$78+24% 1yUSD

52-week range

$57 – $78

52w lowas of 2026-06-25 · Yahoo Finance52w high

Across the boards

The thesis on this name

position · longModerate

AI datacenter power & cooling

Full context

book · long

AI datacenter power & cooling

Full context

The read

Where our coverage leans

Coverage leans bullish

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Full financial intelligence for Williams Companies

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence