WILLIAMS COMPANIES, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WILLIAMS COMPANIES, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	7,499	8,031	8,686	8,201	7,719	12,784	17,773	11,996	12,632	14,899
Selling, general and administrative	722	594	569	558	466	558	636	665	708
General and administrative								665	708	721
Operating income	689	927	768	1,921	2,202	2,631	3,018	4,311	3,339	4,196
Interest expense	1,179	1,083	1,112	1,186	1,172	1,179	1,147	1,236	1,364	1,442
Interest income						7	15	79	67	40
Other non-operating income	85	-25	92	33	-43	6	18	99	108	69
Pre-tax income	-375	535	331	1,064	277	2,073	2,542	4,405	2,986	3,625
Income tax	-25	-1,974	138	335	79	511	425	1,005	640	857
Income from continuing operations	-424	2,174	-156	862	208	1,514	2,046	3,273
Net income to minority interests	74	335	348	-136	-13	45	68	124	121	150
Net income	-424	2,174	-155	850	211	1,517	2,049	3,179	2,225	2,618
EBITDA	2,452	2,663	2,493	3,635	3,923	4,473	5,027	6,382	5,558	6,543
EPS, basic	-0.57	2.63	-0.16	0.70	0.17	1.25	1.68	2.61	1.82	2.14
EPS, diluted	-0.57	2.62	-0.16	0.70	0.17	1.24	1.67	2.60	1.82	2.14
Shares, basic (weighted)	751	826	974	1,212	1,214	1,215	1,218	1,218	1,219	1,221
Shares, diluted (weighted)	751	829	974	1,214	1,215	1,218	1,223	1,223	1,223	1,225
Dividend per share	1.68	1.20	1.36	1.52	1.60	1.64	1.70	1.79	1.90	2.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	170	899	168	289	142	1,680	152	2,150	60	63
Receivables	938	976	992	996	999	1,978	2,723	1,655	1,863	2,084
Inventory	138	113	130	125	136	379	320	274	279	314
Other current assets	216	191	174	170	149	211	279	195	191	256
Total current assets	1,462	2,179	1,464	1,580	1,429	4,549	3,797	4,513	2,661	3,244
Property, plant and equipment	28,428	28,211	27,504	29,200	28,929	29,258	30,889	34,311	38,692	41,996
Lease right-of-use assets				207	182	159	162	159	154	170
Goodwill		47	0	188		0	0	463	466	466
Other non-current assets	581	619	746	1,066	1,204	1,276	1,319	1,573	1,830	2,011
Total assets	46,835	46,352	45,302	46,040	44,165	47,612	48,433	52,627	54,532	58,573
Accounts payable	623	978	662	552	482	1,746	2,327	1,379	1,613	2,224
Accrued liabilities	1,448	1,167	1,102	1,276	944	1,035	1,270	1,284	285
Deferred revenue	338	361	244	158	129	134	141	159	170
Short-term debt	785	501	47	2,140	893	2,025	627	2,337	1,720	1,345
Total current liabilities	2,949	2,646	1,811	3,968	2,319	4,972	4,890	5,830	5,312	6,106
Long-term debt	22,624	20,434	22,367	20,148	21,451	21,650	21,927	23,376	24,736	27,316
Lease liabilities				188	161	141	148	148	142	151
Total liabilities	32,789	30,177	29,305	29,676	29,582	33,511	34,388	37,736	39,692	43,578
Total debt	23,409	20,935	22,414	22,288	22,344	23,675	22,554	25,713	26,456	28,661
Paid-in capital	14,887	18,508	24,693	24,323	24,371	24,449	24,542	24,578	24,643	24,801
Retained earnings	-9,649	-8,434	-10,002	-11,002	-12,748	-13,237	-13,271	-12,287	-12,396	-12,237
Treasury stock	-1,041	-1,041	-1,041	-1,041	-1,041	-1,041	-1,050	-1,180	-1,180	-1,180
Other comprehensive income	-339	-238	-270	-199	-96	-33	-24	0	76	127
Shareholders' equity	4,643	9,656	14,660	13,363	11,769	11,423	11,485	12,402	12,436	12,807
Minority interests	9,403	6,519	1,337	3,001	2,814	2,678	2,560	2,489	2,404	2,188
Total equity	14,046	16,175	15,997	16,364	14,583	14,101	14,045	14,891	14,840	14,995
Total liabilities and equity	46,835	46,352	45,302	46,040	44,165	47,612	48,433	52,627	54,532	58,573

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-350	2,509	193	714	198	1,562	2,117	3,303	2,346	2,768
Depreciation and amortization	1,763	1,736	1,725	1,714	1,721	1,842	2,009	2,071	2,219	2,347
Stock-based compensation	73	78	55	57	52	81	73	77	99	93
Deferred income tax	-26	-2,012	220	379	108	509	431	981	506	744
Change in inventory	-25	8	-16	5	-28	-139	-110	13	-9	-45
Change in payables	35	118	-93	-46	-7	643	410	-1,009	139	115
Cash from operations	4,155	3,089	3,293	3,693	3,496	3,945	4,889	5,938	4,974	5,898
Capital expenditures	-2,051	-2,399	-3,256	-2,109	-1,239	-1,239	-2,253	-2,516	-2,573	-4,893
Acquisitions	0	0	0	-728	0	-151	-933	-1,568	-2,244	-1
Cash from investing	-891	100	-2,725	-2,827	-1,558	-1,465	-3,375	-3,891	-4,863	-5,489
Debt issued	6,528	3,333	3,926	767	3,899	2,155	1,755	2,755	3,594	4,940
Debt repaid	-7,091	-5,925	-3,204	-909	-3,841	-894	-2,876	-634	-2,946	-2,827
Stock issued	9	2,131	15	10	9	9	54	6	10	9
Share buybacks						0	-9	-130	0	0
Dividends paid	-1,261	-992	-1,386	-1,842	-1,941	-1,992	-2,071	-2,179	-2,316	-2,442
Cash from financing	-3,194	-2,460	-1,299	-745	-2,085	-942	-3,042	-49	-2,201	-406
Net change in cash	70	729	-731	121	-147	1,538	-1,528	1,998	-2,090	3
Free cash flow	2,104	690	37	1,584	2,257	2,706	2,636	3,422	2,401	1,005
Interest paid	1,152	1,110	1,064	1,153	1,149	1,137	1,117	1,152
Income taxes paid	5	28	11				13	31	68	162

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $69.26 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	30.2%	Operating income / revenue.
EBITDA margin	45.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	27.5%	Pre-tax income / revenue.
Net margin	19.9%	Net income / revenue.
FCF margin	-0.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	38.8%	Cash from operations / revenue.
Effective tax rate	23.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	23.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.1%	Net income / average total assets.
Return on invested capital (ROIC)	8.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	39.5%	Capital expenditures / revenue.
D&A / revenue	15.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	14.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	25.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	11.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	13.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	17.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.2%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	10.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	17.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	8.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	65.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	17.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	8.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	66.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	18.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	6.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-58.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-27.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-14.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.3%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	3.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	6.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	5.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.48x	Current assets / current liabilities.
Quick ratio	0.33x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.03x	(Cash + short-term investments) / current liabilities.
Debt / equity	2.30x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	50.0%	Total debt / total assets.
Liabilities / assets	74.6%	Total liabilities / total assets.
Net debt	$30.12B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.31x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.13x	Operating income / interest expense.
Working capital	-$3.42B	Current assets - current liabilities.
Tangible book value	$13.19B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.25x	Revenue / average total assets.
Fixed asset turnover	0.35x	Revenue / average property, plant and equipment.
Receivables turnover	7.84x	Revenue / average receivables.
Days sales outstanding	47 days	365 x average receivables / revenue.
FCF conversion	-3.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	101.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.51	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$12.60	Revenue / diluted weighted shares.
FCF per share	-$0.09	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.89	Cash from operations / diluted weighted shares.
Book value per share	$10.77	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$10.77	Tangible book value / shares outstanding.
Cash per share	$0.17	(Cash + short-term investments) / shares outstanding.
Payout ratio	81.5%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$84.72B	Share price x shares outstanding.
Enterprise value	$114.83B	Market cap + total debt - cash - short-term investments.
P/E	27.6x	Market cap / net income. Only when net income is positive.
P/S	5.49x	Market cap / revenue.
P/B	6.42x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	6.42x	Market cap / tangible book value, when positive.
P/OCF	14.1x	Market cap / cash from operations, when positive.
EV/Sales	7.44x	Enterprise value / revenue.
EV/EBIT	24.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	16.4x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.1%	Free cash flow / market cap.
Earnings yield	3.6%	Net income / market cap (the inverse of P/E).
Dividend yield	3.0%	Dividends paid over the period / market cap.
Shareholder yield	3.0%	(Dividends paid + share buybacks) / market cap.
PEG	3.20x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was WILLIAMS COMPANIES, INC.'s revenue in fiscal 2025?

WILLIAMS COMPANIES, INC. reported revenue of $14.90B for fiscal 2025, 17.9% higher than the year before.

Was WILLIAMS COMPANIES, INC. profitable in fiscal 2025?

Yes. Net income was $2.62B, a net margin of 17.6%.

How much free cash flow did WILLIAMS COMPANIES, INC. generate in fiscal 2025?

Cash from operations of $5.90B minus capital expenditures of $4.89B left free cash flow of $1.01B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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