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

NGL Energy Partners brought in $3.2B of revenue in fiscal 2026, Williams Companies $14.9B in fiscal 2025. Revenue changed by -9.0% at NGL Energy Partners and +17.9% at Williams Companies on the year before, so Williams Companies grew faster. NGL Energy Partners kept -4.5% of its revenue as net profit, Williams Companies 17.6%. Free cash flow was $144.7M at NGL Energy Partners and $1B at Williams Companies.

Side by side, latest fiscal year

NGLWMB
Fiscal year endedFY2026 (March 31, 2026)FY2025 (December 31, 2025)
Revenue$3.2B$14.9B
Revenue growth-9.0%+17.9%
Net income-$142.3M$2.6B
Net margin-4.5%17.6%
Free cash flow$144.7M$1B
Free cash flow margin4.6%6.7%
Earnings per share (diluted)n/a$2.14
Cash$8.5M$63M
Debt$3.2B$28.7B
Price to earningsn/a32.4
Market value$1.9B$84.7B
Dividend yieldn/a2.89%
Rank by revenue in sector#49 of 109 · Utilities#21 of 109 · Utilities

Over the years

Revenue
NGL FY2019: $24BNGL FY2020: $7.6BNGL FY2021: $5.2BNGL FY2022: $7.9BNGL FY2023: $5.7BNGL FY2024: $4.2BNGL FY2025: $3.5BNGL FY2026: $3.2BWMB FY2018: $8.7BWMB FY2019: $8.2BWMB FY2020: $7.7BWMB FY2021: $12.8BWMB FY2022: $17.8BWMB FY2023: $12BWMB FY2024: $12.6BWMB FY2025: $14.9BFY18FY19FY20FY21FY22FY23FY24FY25FY26
NGL $3.2BWMB $14.9B
Net income
NGL FY2019: $360MNGL FY2020: -$397MNGL FY2021: -$639.8MNGL FY2022: -$184.8MNGL FY2023: $51.4MNGL FY2024: -$143.8MNGL FY2025: $39.4MNGL FY2026: -$142.3MWMB FY2018: -$155MWMB FY2019: $850MWMB FY2020: $211MWMB FY2021: $1.5BWMB FY2022: $2BWMB FY2023: $3.2BWMB FY2024: $2.2BWMB FY2025: $2.6BFY18FY19FY20FY21FY22FY23FY24FY25FY26
NGL -$142.3MWMB $2.6B
Net margin
NGL FY2019: 1.5%NGL FY2020: -5.2%NGL FY2021: -12.2%NGL FY2022: -2.3%NGL FY2023: 0.9%NGL FY2024: -3.5%NGL FY2025: 1.1%NGL FY2026: -4.5%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%FY18FY19FY20FY21FY22FY23FY24FY25FY26
NGL -4.5%WMB 17.6%
Revenue growth
NGL FY2020: -68.4%NGL FY2021: -31.1%NGL FY2022: +52.1%NGL FY2023: -28.5%NGL FY2024: -26.9%NGL FY2025: -16.5%NGL FY2026: -9.0%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%FY19FY20FY21FY22FY23FY24FY25FY26
NGL -9.0%WMB +17.9%
Free cash flow
NGL FY2019: -$118.3MNGL FY2020: -$91.7MNGL FY2021: $117.2MNGL FY2022: $63.5MNGL FY2023: $297.4MNGL FY2024: $223.9MNGL FY2025: $51.6MNGL FY2026: $144.7MWMB FY2018: $37MWMB FY2019: $1.6BWMB FY2020: $2.3BWMB FY2021: $2.7BWMB FY2022: $2.6BWMB FY2023: $3.4BWMB FY2024: $2.4BWMB FY2025: $1BFY18FY19FY20FY21FY22FY23FY24FY25FY26
NGL $144.7MWMB $1B

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

Questions about NGL Energy Partners and Williams Companies

Which is bigger by revenue, NGL Energy Partners or Williams Companies?

Williams Companies is bigger by revenue: $14.9B in fiscal 2025, against $3.2B for NGL Energy Partners in fiscal 2026.

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

NGL Energy Partners had a net margin of -4.5% in fiscal 2026; Williams Companies had 17.6% in fiscal 2025.

Which grew revenue faster, NGL Energy Partners or Williams Companies?

In their latest fiscal years revenue changed by -9.0% at NGL Energy Partners 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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