Williams Cos stock gains after record Q3 EBITDA and steady outlook

Williams reported stronger third-quarter results on Monday, November 2, 2026, as higher service revenue, new power generation revenue, storage growth and the Momentum Midstream acquisition lifted earnings. The company said in its Williams investor release that Adjusted EBITDA reached 2.039 billion US dollars, up 6 percent from the third quarter of 2025.

GAAP net income rose to 699 million US dollars, or 0.56 US dollars per diluted share, from 646 million US dollars, or 0.53 US dollars, a year earlier. Adjusted net income increased 10 percent to 663 million US dollars, while Adjusted EPS rose to 0.54 US dollars from 0.49 US dollars. Revenue climbed to 3.223 billion US dollars from 2.923 billion US dollars.

Infrastructure projects support earnings

The results benefited from higher service revenue tied to new power generation, projects placed into service, the Momentum acquisition and higher storage revenue. Williams also recorded an 83 million US-dollar gain from the sale of a Permian gathering system. The company excluded acquisition and joint-venture formation costs, unrealized commodity-derivative effects and asset-sale gains when presenting adjusted results.

Operating cash flow increased 5 percent to 1.505 billion US dollars, while available funds from operations rose 10 percent to 1.589 billion US dollars. The dividend coverage ratio stood at 2.42 times on an AFFO basis. Capital investments excluding acquisitions reached 2.727 billion US dollars in the quarter, compared with 1.053 billion US dollars in the prior-year period.

Williams closed the Momentum Midstream acquisition during the quarter, strengthening its position in the Haynesville region and its ability to serve liquefied natural gas, industrial and power demand. The company also announced a 9.4 billion cubic foot expansion at Clay Basin, a new Transco project exceeding 150 million cubic feet per day and an 84 million cubic feet per day increase for the Garden Connector. Four pipeline projects entered service, adding 413 million cubic feet per day of capacity, according to the release.

Guidance remains unchanged

Williams continues to expect 2026 Adjusted EBITDA of 8.3 billion to 8.5 billion US dollars and growth capital spending of 7.3 billion to 7.9 billion US dollars. The company said its performance is tracking toward the upper half of the EBITDA range. Management also cited a 3.75 times midpoint for the 2026 leverage ratio, with certain reimbursable long-lead equipment excluded from the guidance calculation.

President and Chief Executive Officer Chad Zamarin said year-to-date Adjusted EBITDA had increased 9 percent to 6.2 billion US dollars and that the company remained confident in achieving a long-term Adjusted EBITDA compound annual growth rate of more than 11 percent through 2030. He also said the Socrates Plato North Power project was on track to enter service by mid-November and that additional power projects were being commercialized.

Williams stock traded at 64.05 euros on Lang & Schwarz at 14:32 CET on Wednesday, November 4, 2026, 1.48 percent below the Xetra close of Tuesday, November 3. Investors are weighing the stronger operating performance against the companys elevated investment program and leverage outlook.

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