Williams stock: Record Q3 EBITDA keeps 2026 outlook in focus

Williams stock traded at 59.52 euros on Lang & Schwarz at 15:01:43 CET on Tuesday, November 10, 2026. The pipeline operator remains in focus after reporting record third-quarter adjusted EBITDA and maintaining its full-year outlook.

Williams announced the results on November 2 for the three and nine months ended September 30. According to the Morningstar report, adjusted EBITDA rose to 2.039 billion US dollars from 1.920 billion US dollars a year earlier. That was a 6 percent increase and a quarterly record.

Core operations drive quarterly gains

Adjusted net income increased 10 percent year over year to 663 million US dollars, or 0.54 US dollars per diluted share. Cash flow from operations reached 1.505 billion US dollars, an increase of 5 percent, while available funds from operations rose 10 percent to 1.589 billion US dollars.

Transmission, Power and Gulf was the largest contributor to the operating improvement. Its adjusted EBITDA increased by 83 million US dollars to 1.030 billion US dollars, supported by new power generation revenue, projects placed into service and higher storage revenue. The West segment added 34 million US dollars of adjusted EBITDA, helped by the Momentum Midstream acquisition and Louisiana Energy Gateway.

Williams also reported pressure in selected activities. Gas and NGL Marketing Services generated 4 million US dollars of adjusted EBITDA, compared with 11 million US dollars a year earlier. Higher operating and administrative expenses, reduced upstream results and commodity derivative effects partly offset the gains in the core infrastructure businesses.

Projects build the next growth phase

The company closed its Momentum Midstream acquisition ahead of schedule, strengthening its position in the Haynesville basin. Four pipeline expansions entered service during the quarter and added 413 million dekatherms per day of contracted capacity. Williams also announced a 9.4 billion cubic feet expansion at the Clay Basin storage facility and a Southeast Supply Enhancement II project on Transco with more than 150 million cubic feet per day of planned capacity.

Garden Connector capacity was increased by 84 million cubic feet per day. The Plato North phase of the Socrates power project was on track to enter service by mid-November, according to the company. Management said the portfolio is designed to serve demand from liquefied natural gas, power generation and industrial customers.

For 2026, Williams continues to expect 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 is tracking toward the upper half of the EBITDA range. Management also reiterated a long-term target of more than 11 percent compound annual adjusted EBITDA growth through 2030. The guidance excludes certain reimbursable long-lead power equipment.

Execution matters for the valuation

For investors, the quarterly figures reinforce the importance of project execution rather than commodity price exposure alone. Contracted pipeline capacity, storage expansion and power infrastructure can improve visibility, but the expansion program also requires substantial capital. Williams reported a third-quarter debt-to-adjusted EBITDA ratio of 3.80 times and expects a 2026 leverage midpoint of approximately 3.75 times.

The next milestones are the Socrates commissioning, additional power-project announcements and the integration of Momentum Midstream. Williams expects to announce further power projects soon, while the timing and final scope of new investments will determine how quickly the longer-term growth target translates into cash generation.

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