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Energy Transfer vs Williams Companies: revenue, profit, margins and growth compared

Energy Transfer brought in $85.5B of revenue in fiscal 2025, Williams Companies $14.9B in fiscal 2025. Revenue changed by +3.5% at Energy Transfer and +17.9% at Williams Companies on the year before, so Williams Companies grew faster. Energy Transfer kept 5.2% of its revenue as net profit, Williams Companies 17.6%. Free cash flow was $3.8B at Energy Transfer and $1B at Williams Companies.

Side by side, latest fiscal year

ETWMB
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$85.5B$14.9B
Revenue growth+3.5%+17.9%
Net income$4.4B$2.6B
Net margin5.2%17.6%
Free cash flow$3.8B$1B
Free cash flow margin4.5%6.7%
Earnings per share (diluted)n/a$2.14
Cash$1.3B$63M
Debt$68.3B$28.7B
Price to earningsn/a32.4
Market value$69.5B$84.7B
Dividend yieldn/a2.89%
Rank by revenue in sector#1 of 109 · Utilities#21 of 109 · Utilities

Over the years

Revenue
ET FY2018: $54.1BET FY2019: $54.2BET FY2020: $39BET FY2021: $67.4BET FY2022: $89.9BET FY2023: $78.6BET FY2024: $82.7BET FY2025: $85.5BWMB FY2018: $8.7BWMB FY2019: $8.2BWMB FY2020: $7.7BWMB FY2021: $12.8BWMB FY2022: $17.8BWMB FY2023: $12BWMB FY2024: $12.6BWMB FY2025: $14.9BFY18FY19FY20FY21FY22FY23FY24FY25
ET $85.5BWMB $14.9B
Net income
ET FY2018: $1.7BET FY2019: $3.5BET FY2020: -$648MET FY2021: $5.5BET FY2022: $4.8BET FY2023: $3.9BET FY2024: $4.8BET FY2025: $4.4BWMB FY2018: -$155MWMB FY2019: $850MWMB FY2020: $211MWMB FY2021: $1.5BWMB FY2022: $2BWMB FY2023: $3.2BWMB FY2024: $2.2BWMB FY2025: $2.6BFY18FY19FY20FY21FY22FY23FY24FY25
ET $4.4BWMB $2.6B
Net margin
ET FY2018: 3.2%ET FY2019: 6.5%ET FY2020: -1.7%ET FY2021: 8.1%ET FY2022: 5.3%ET FY2023: 5.0%ET FY2024: 5.8%ET FY2025: 5.2%WMB FY2018: -1.8%WMB FY2019: 10.4%WMB FY2020: 2.7%WMB FY2021: 11.9%WMB FY2022: 11.5%WMB FY2023: 26.5%WMB FY2024: 17.6%WMB FY2025: 17.6%FY18FY19FY20FY21FY22FY23FY24FY25
ET 5.2%WMB 17.6%
Revenue growth
ET FY2019: +0.2%ET FY2020: -28.1%ET FY2021: +73.1%ET FY2022: +33.3%ET FY2023: -12.6%ET FY2024: +5.2%ET FY2025: +3.5%WMB FY2019: -5.6%WMB FY2020: -5.9%WMB FY2021: +65.6%WMB FY2022: +39.0%WMB FY2023: -32.5%WMB FY2024: +5.3%WMB FY2025: +17.9%FY19FY20FY21FY22FY23FY24FY25
ET +3.5%WMB +17.9%
Free cash flow
ET FY2018: $99MET FY2019: $2.1BET FY2020: $2.2BET FY2021: $8.3BET FY2022: $5.7BET FY2023: $6.4BET FY2024: $7.3BET FY2025: $3.8BWMB FY2018: $37MWMB FY2019: $1.6BWMB FY2020: $2.3BWMB FY2021: $2.7BWMB FY2022: $2.6BWMB FY2023: $3.4BWMB FY2024: $2.4BWMB FY2025: $1BFY18FY19FY20FY21FY22FY23FY24FY25
ET $3.8BWMB $1B

Fiscal years as each company reports them; the two may end in different months.

Questions about Energy Transfer and Williams Companies

Which is bigger by revenue, Energy Transfer or Williams Companies?

Energy Transfer is bigger by revenue: $85.5B in fiscal 2025, against $14.9B for Williams Companies in fiscal 2025.

Which keeps more of its revenue as profit, Energy Transfer or Williams Companies?

Energy Transfer had a net margin of 5.2% in fiscal 2025; Williams Companies had 17.6% in fiscal 2025.

Which grew revenue faster, Energy Transfer or Williams Companies?

In their latest fiscal years revenue changed by +3.5% at Energy Transfer and +17.9% at Williams Companies.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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