Williams announced its unaudited financial results for the three and 12 months ended Dec. 31, 2025, and missed what some analysts had predicted.
Earnings were 55 cents a share, three cents blow the consensus estimate of 58 cents. Still, the earnings beat the 47 cents per share reported one year ago and it was largely due to the company’s higher net rates and expansion projects.
The Tulsa company’s pipeline operation saw cash flow from operations of $5.8 billion, a 19% increase over the 2024 report. Net income was $2.615 billion or $2.14 per diluted share, an increase of 18% compared to a year ago.
Adjusted net income was $2.571 billion or $2.10 per diluted share, up 10%. Fourth-quarter and full-year 2025 net income increased by $248 million and $393 million, respectively, compared to the prior year.
“In 2025, Williams delivered record Adjusted EBITDA of $7.75 billion, capping a five‑year Adjusted EBITDA CAGR of 9%, and a five-year EPS CAGR of 14%,” commented Chad Zamarin, president and chief executive officer.
“Today we are announcing 2026 Adjusted EBITDA guidance of $8.2 billion at the midpoint, reflecting the ongoing strong growth of our business as we realize the benefit of pipeline transmission and offshore projects that came online in 2025, as well as expected revenues from a partial year of our first power innovation project that is expected to come online in the second half of 2026.”
The company expects 2026 Adjusted EBITDA between $8.05 billion and $8.35 billion. The company also expects 2026 growth capex between $6.1 billion and $6.7 billion and maintenance capex between $850 million and $950 million.
Williams has new pipeline projects underway and Zamarin announced a new one.
“—we are announcing a new power innovation project, Socrates the Younger, which increases our power innovation investment to over $7 billion of capital in execution. This consistent execution in key growth areas across our expanding footprint continues to open new commercial opportunities and reinforces our critical role in the nation’s energy future.”
In the past year, Williams completed a dozen projects including 6 pipeline transmission efforts, 2 gathering and 4 Deepwater.