WM
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 FY26Rev growthfact
+10.0% FY2025 vs FY2024Gross 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) (estimateOp margin
~22% net margin Q1 FY26 citedoperating margin est. ~30-33% (estimate, FY2025Capex 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 guideMarket cap
~$91.7Bfact, WMB ~$75.79, 23-Jun-2026Price · 1-year trend
real · weekly$75+34% 1yUSD
52-week range
$55 – $79
52w lowas of 2026-07-08 · 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
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-02-24. The audited primary-source spine — not investment advice.
Revenue — annual (GAAP)
FY’21
$12.8B
FY’22
$17.8B+39%
FY’23
$12.0B-33%
FY’24
$12.6B+5%
FY’25
$14.9B+18%
Margins & balance sheet — FY’25
Operating margin28.2%
Net margin17.6%
Net cash$948M
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
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