Williams (NYSE:WMB) today announced its unaudited financial results for the three and nine months ended Sept. 30, 2025.

Natural gas focused strategy continues to drive key financial metrics

GAAP net income: $646 million, or $0.53 per diluted share (EPS)
Adjusted net income: $603 million, or $0.49 per diluted share (Adj. EPS), up 14% vs. 3Q 2024
Adjusted EBITDA: $1.920 billion, up $217 million or 13% vs. 3Q 2024
Cash flow from operations (CFFO): $1.439 billion, up $196 million or 16% vs. 3Q 2024
Available funds from operations (AFFO): $1.449 billion, up $163 million or 13% vs. 3Q 2024
Dividend coverage ratio: 2.37x (AFFO basis)

Advanced key growth projects and executed strategic priorities

Placed in service Transco's Alabama Georgia Connector and Commonwealth Energy Connector expansion projects as well as Northwest Pipeline's Stanfield South project
Placed in service Gulf deepwater Shenandoah and Salamanca expansions
Completed Louisiana Energy Gateway and Haynesville West expansion
Expanded scope of Socrates by ~$400 million to $2 billion and announced two additional Power Innovation projects
Accelerated wellhead to water strategy with Haynesville E&P sale and strategic partnership with Woodside
Signed precedent agreements for Pine Prairie storage expansion, MountainWest's Green River West expansion and Transco's Wharton West expansion

CEO Perspective

Chad Zamarin, president and chief executive officer, made the following comments:

"Williams delivered another quarter of excellent financial results with Adjusted EBITDA up 13% over third quarter last year, reflecting the growing strength of our natural gas strategy. Expansions to our Transco and Gulf assets, as well as higher natural gas gathering and processing volumes in the Northeast and West, drove earnings growth in the quarter.

"Our teams placed critical projects into service in the Southeast, the Pacific Northwest, in Louisiana and in the deepwater Gulf, demonstrating growth and performance across our nationwide footprint. In addition, we increased our investment in the Socrates project and announced two new Power Innovation projects. Finally, we announced the sale of our South Mansfield upstream assets to JERA and a strategic partnership with Woodside Energy. The significant accomplishments achieved in the third quarter strengthen our core business and further position Williams to continue our impressive track record of growth."

Zamarin added, "Looking ahead, we are reaffirming our previously raised guidance for 2025, with an EBITDA midpoint of $7.750 billion that has been raised $350 million since original guidance was set. As we focus on finishing the year strong, we are also setting our sights to the future and Williams is incredibly well positioned to build upon the impressive growth we have delivered over the past five years. With a strong balance sheet, a solid foundation of core assets, a focused and motivated team and a growing backlog of fully contracted projects now extending beyond 2030, Williams remains uniquely positioned to benefit from the accelerating demand for natural gas."

Williams Summary Financial Information	3Q		Year to Date
Amounts in millions, except ratios and per-share amounts. Per share amounts are reported on a diluted basis. Net income amounts are from continuing operations attributable to The Williams Companies, Inc. available to common stockholders.	2025	2024	2025	2024

GAAP Measures
Net Income	$646	$705	$1,882	$1,737
Net Income Per Share	$0.53	$0.58	$1.54	$1.42
Cash Flow From Operations	$1,439	$1,243	$4,322	$3,756

Non-GAAP Measures (1)
Adjusted EBITDA	$1,920	$1,703	$5,717	$5,304
Adjusted Net Income	$603	$528	$1,899	$1,768
Adjusted Earnings Per Share	$0.49	$0.43	$1.55	$1.45
Available Funds from Operations	$1,449	$1,286	$4,211	$4,043
Dividend Coverage Ratio	2.37x	2.22x	2.30x	2.33x

Other
Debt-to-Adjusted EBITDA at Quarter End (2)	3.73x	3.75x
Capital Investments (Excluding Acquisitions) (3) (4)	$1,053	$720	$2,762	$1,946

(1) Schedules reconciling Adjusted Net Income, Adjusted EBITDA, Available Funds from Operations and Dividend Coverage Ratio (non-GAAP measures) to the most comparable GAAP measure are available at www.williams.com and as an attachment to this news release.
(2) Does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand, and Adjusted EBITDA reflects the sum of the last four quarters.
(3) Capital investments includes increases to property, plant, and equipment (growth & maintenance), purchases of and contributions to equity-method investments and purchases of other long-term investments.
(4) 3Q YTD 2025 capital excludes $43 million for the acquisition of Saber Midstream, which closed June 2025; $153 million for the investment in Cogentrix, which closed March 2025; $319 million for the Rimrock acquisition, which closed January 2025; and $1 million for an adjustment of the Crowheart acquisition and Discovery consolidation, which closed in 2024. 3Q 2024 and 3Q YTD 2024 capital excludes $151 million for the consolidation of our Discovery JV, which closed August 2024. 3Q YTD 2024 capital also excludes $1.844 billion for the acquisition of the Gulf Coast Storage assets, which closed January 2024.

GAAP Measures

Third-quarter 2025 net income decreased by $59 million, while year-to-date 2025 net income increased by $145 million compared to the prior year. Both comparative periods benefited from:

Higher service revenues of $210 million and $512 million, respectively, driven by Transco's higher net rates and expansion projects, new Gulf volumes, and higher gathering and processing volumes including acquisitions,
Favorable changes of $38 million and $265 million, respectively, in net unrealized gains/losses on commodity derivatives, and
Higher net realized sales from upstream operations including contributions from the fourth-quarter 2024 Crowheart acquisition.

These favorable changes were unfavorably impacted by:

The absence of third-quarter 2024 gains of $149 million from the sale of our interests in Aux Sable and $127 million associated with the Discovery Acquisition.
Lower equity allowance for funds used during construction (equity AFUDC) associated with capital projects at our regulated natural gas pipelines,
A $25 million write-off in third-quarter 2025 of certain compression assets in the West,
Higher net interest expense, and
A higher provision for income taxes, including $25 million recorded in third-quarter 2025 associated with an increase in the estimated deferred state income tax rate.
Higher operating and administrative costs for the year-to-date period were driven by recent acquisitions and assets placed in service, partially offset by the absence of prior year charges associated with a change in payroll policy. For the quarterly period, these impacts were largely offsetting.
The year-to-date period also reflected higher depreciation expense, while the quarterly period had little change as higher depreciation expense was offset by a one-time benefit associated with the settlement-in-principle of Transco's rate case.

Third-quarter and year-to-date 2025 cash flow from operations increased compared to the prior year primarily due to higher operating results exclusive of non-cash items. The year-to-date period was also impacted by favorable net changes to derivative collateral requirements, favorable net changes in working capital, and increased distributions from equity-method investees.

Non-GAAP Measures

Third-quarter and year-to-date 2025 Adjusted EBITDA increased by $217 million and $413 million, respectively, over the prior year, driven by the previously described increases in service revenues and net realized sales from upstream operations, partially offset by higher operating and administrative costs and lower equity AFUDC.

Third-quarter and year-to-date 2025 Adjusted Net Income improved by $75 million and $131 million, respectively, over the prior year, driven by the previously described impacts to net income, adjusted primarily to remove the effects of net unrealized gains/losses on commodity derivatives, the third-quarter 2024 gains related to Aux Sable and Discovery, the third-quarter 2025 write-off charge, and the third-quarter 2025 income tax expense associated with the increase in the estimated deferred state income tax rate, as well as the related income tax effects of such adjustments.

Third-quarter and year-to-date 2025 Available Funds From Operations (AFFO) increased by $163 million and $168 million, respectively, compared to the prior year primarily due to higher adjusted operating results exclusive of noncash items, partially offset by higher dividends and distributions paid to noncontrolling interests. The year-to-date period also benefited from higher distributions from equity-method investees.

Business Segment Results & Form 10-Q

Williams' operations are comprised of the following reportable segments: Transmission, Power & Gulf, Northeast G&P, West and Gas & NGL Marketing Services, as well as Other. For more information, see the company's third-quarter 2025 Form 10-Q.

	Third Quarter						Year to Date
Amounts in millions	Modified EBITDA			Adjusted EBITDA			Modified EBITDA				Adjusted EBITDA
Amounts in millions	3Q 2025	3Q 2024	Change	3Q 2025	3Q 2024	Change	2025	2024		Change	2025	2024	Change
Transmission, Power & Gulf	$973	$811	$162	$947	$830	$117	$2,722	$2,448		$274	$2,712	$2,481	$231
Northeast G&P	505	476	29	505	484	21	1,520	1,461		59	1,520	1,467	53
West	342	323	19	367	330	37	1,037	968		69	1,062	977	85
Gas & NGL Marketing Services	54	11	43	11	4	7	176	(14	)	190	151	179	(28	)
Other	93	58	35	90	55	35	286	181		105	272	200	72
Total	$1,967	$1,679	$288	$1,920	$1,703	$217	$5,741	$5,044		$697	$5,717	$5,304	$413

Note: Williams uses Modified EBITDA for its segment reporting. Definitions of Modified EBITDA and Adjusted EBITDA and schedules reconciling to net income are included in this news release.

Transmission, Power & Gulf

Third-quarter and year-to-date 2025 Modified and Adjusted EBITDA improved compared to the prior year driven by Transco's higher net rates and expansion projects, as well as new Gulf volumes, partially offset by lower equity AFUDC. Modified EBITDA for the 2024 periods was impacted by one-time acquisition costs and the unfavorable impact of a change in payroll policy, which are excluded from Adjusted EBITDA, while adjusted EBITDA for the 2025 periods reflect adjustments related to Transco's rate case and a net gain related to certain asset retirements.

Northeast G&P

Third-quarter and year-to-date 2025 Modified and Adjusted EBITDA increased compared to the prior year driven primarily by higher gathering volumes at Bradford. The year-to-date period also benefited from higher volumes at Ohio Valley Midstream and Cardinal, partially offset by the absence of Aux Sable, which was sold in third-quarter 2024.

West

Third-quarter and year-to-date 2025 Modified and Adjusted EBITDA increased compared to the prior year driven by the Louisiana Energy Gateway project coming into service, new volumes from the 2025 Rimrock and Saber acquisitions, and higher volumes in the Haynesville, partially offset by lower minimum volume commitment (MVC) revenues in the Eagle Ford. The year-to-date period also benefited from higher commodity margins. Modified EBITDA for both the quarterly and year-to-date periods was impacted by a $25 million write-off of certain compression assets in third-quarter 2025, which is excluded from Adjusted EBITDA.

Gas & NGL Marketing Services

Third-quarter 2025 Modified EBITDA increased from the prior year primarily reflecting a $36 million net favorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA. Year-to-date 2025 Modified EBITDA also increased from the prior year reflecting a $230 million net favorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA. Both periods reflected lower gas marketing margins partially offset by proportional EBITDA from the March 2025 investment in Cogentrix.

Other

The increases in third-quarter and year-to-date 2025 Modified and Adjusted EBITDA compared to the prior year reflects contributions from the fourth-quarter 2024 Crowheart acquisition. Year-to-date Modified EBITDA also includes a $35 million net favorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA.

2025 Financial Guidance

The company continues to expect 2025 Adjusted EBITDA guidance midpoint of $7.75 billion within the range of between $7.6 billion and $7.9 billion. The company has increased its 2025 growth capex by $500 million to between $3.95 billion and $4.25 billion in connection with the recently announced decision to invest in Woodside Energy's Louisiana LNG project. Maintenance capex remains between $650 million and $750 million, excluding capital for emissions reduction and modernization initiatives. Williams continues to expect a leverage ratio midpoint for 2025 of ~3.7x and has increased the dividend by 5.3% on an annualized basis to $2.00 in 2025 from $1.90 in 2024.

Williams' Third-Quarter 2025 Materials to be Posted Shortly; Q&A Webcast Scheduled for Tomorrow

Williams' third-quarter 2025 earnings presentation will be posted at www.williams.com. The company's third-quarter 2025 earnings conference call and webcast with analysts and investors is scheduled for Tuesday, Nov. 4, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). Participants who wish to join the call by phone must register using the following link: https://register-conf.media-server.com/register/BIf717155f3c1d4f85b8cab5065ade2228

A webcast link to the conference call will be provided on Williams' Investor Relations website. A replay of the webcast will also be available on the website for at least 90 days following the event.

About Williams

Williams (NYSE:WMB) is a trusted energy industry leader committed to safely, reliably and responsibly meeting growing energy demand. We use our infrastructure to deliver one third of the nation's natural gas to where it's needed most, supplying the energy used to heat our homes, cook our food and generate low-carbon electricity. For over a century, we've been driven by a passion for doing things the right way. Today, our team of problem solvers is leading the charge into the clean energy future. Learn more at www.williams.com.

The Williams Companies, Inc.
Consolidated Statement of Income
(Unaudited)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024
	(Millions, except per-share amounts)
Revenues:
Service revenues	$	2,121		$	1,911		$	6,165		$	5,653
Service revenues – commodity consideration		45			34			141			82
Product sales		701			703			2,416			2,158
Net gain (loss) from commodity derivatives		56			5			30			(133	)
Total revenues		2,923			2,653			8,752			7,760
Costs and expenses:
Product costs		471			517			1,560			1,467
Net processing commodity expenses		14			7			46			29
Operating and maintenance expenses		583			580			1,697			1,613
Depreciation, depletion, and amortization expenses		564			566			1,754			1,654
Selling, general, and administrative expenses		168			170			530			520
Other (income) expense – net		14			(25	)		17			(69	)
Total costs and expenses		1,814			1,815			5,604			5,214
Operating income (loss)		1,109			838			3,148			2,546
Equity earnings (losses)		152			147			449			431
Other investing income (loss) – net		19			290			31			332
Interest expense		(372	)		(338	)		(1,071	)		(1,026	)
Other income (expense) – net		21			31			51			95
Income (loss) before income taxes		929			968			2,608			2,378
Less: Provision (benefit) for income taxes		246			227			613			549
Net income (loss)		683			741			1,995			1,829
Less: Net income (loss) attributable to noncontrolling interests		36			35			111			90
Net income (loss) attributable to The Williams Companies, Inc.		647			706			1,884			1,739
Less: Preferred stock dividends		1			1			2			2
Net income (loss) available to common stockholders	$	646		$	705		$	1,882		$	1,737
Basic earnings (loss) per common share:
Net income (loss) available to common stockholders	$	.53		$	.58		$	1.54		$	1.43
Weighted-average shares (millions)		1,222			1,220			1,221			1,219
Diluted earnings (loss) per common share:
Net income (loss) available to common stockholders	$	.53		$	.58		$	1.54		$	1.42
Weighted-average shares (millions)		1,225			1,223			1,224