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Northwest Pipeline LLC earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 2, 2026
Q3 2026 Revenue up 10% year over year to $3.2B · 22¢ of every $1 of revenue kept as net profit · operating margin 35.2%
Northwest Pipeline LLC made $3.2B in Q3 2026 (+10% Y/Y). Operating margin 35.2%, net earnings $700M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 2, 2026.
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What changed this quarter
Revenue was $3.2B in Q3 2026, up 10% year over year. Product was the largest line at 53% of revenue. Product added $0.35B year over year (up 26%), 116% of the total change.
Operating profit was $1.1B, a 35.2% margin (down 2.7 points year over year). Of the extra revenue versus Q3 2025, 9% reached operating profit, below the 38% margin then. Total costs grew 15% against revenue growth of 10%. The fastest-growing cost line was Other operating costs (+10%). Net earnings were $0.70B, up 8% year over year. The effective tax rate was 22.4%.
Operating cash flow was $1.5B (up 5% year over year), 196% of net income including minority interests. Non-cash charges added back $0.62B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.09B. Capital expenditures of $2.5B exceeded it, leaving free cash flow of −$1.0B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 2, 2026 | $3.2B | +10% | 35.2% | $700M | $1.5B |
| Q2 2026 | 10-Q | Aug 3, 2026 | $3.1B | +10% | 38.7% | $827M | $1.4B |
| Q1 2026 | 10-Q | May 4, 2026 | $3.0B | -0.6% | 43.6% | $865M | $1.6B |
| Q4 2025 | 10-K | Feb 24, 2026 | $3.2B | +17% | 32.8% | $734M | $1.6B |
| Q3 2025 | 10-Q | Nov 3, 2025 | $2.9B | +10% | 37.9% | $647M | $1.4B |
| Q2 2025 | 10-Q | Aug 4, 2025 | $2.8B | +19% | 34.0% | $546M | — |
| Q4 2024 | 10-K | Feb 25, 2025 | $10.2B | -4% | 31.4% | $2.1B | $4.8B |
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About Northwest Pipeline LLC
This report includes information for multiple registrants, specifically The Williams Companies, Inc. (Williams), as well as Transcontinental Gas Pipe Line Company, LLC (Transco) and Northwest Pipeline LLC (NWP) both of which are wholly owned subsidiaries of Williams (collectively, the Registrants). References to subsidiaries by name, including equity-method investees, Transco, and NWP, refer exclusively to those businesses and operations. Williams is an energy company committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Williams has operations in 11 supply areas that provide natural gas gathering and processing (G&P), transmission and storage services; NGL fractionation, transportation, and storage services; and marketing services to approximately 800 customers.
In its own words, from its 10-K, filed Feb 24, 2026.
Northwest Pipeline LLC against its Natural Gas Transmission peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +10% against the peers' median +30%. Operating margin: 35.2% against the peers' median 25.6%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Northwest Pipeline LLC | Q3 2026 | $3.2B | +10% | 35.2% |
| ET Energy Transfer LP | Q3 2026 | $37.1B | +86% | 7.5% |
| EPD Enterprise Products Partners L.P. | Q3 2026 | $17.9B | +49% | 11.1% |
| TRGP Targa Resources | Q3 2026 | $5.6B | +35% | 19.6% |
| KMI Kinder Morgan | Q3 2026 | $4.5B | +9% | 25.6% |
| WMB Williams Companies | Q3 2026 | $3.2B | +10% | 35.2% |
| Western Midstream Operating, LP | Q2 2026 | $1.2B | +30% | 43.0% |
| WES Western Midstream Partners, LP | Q3 2026 | $1.2B | +25% | 38.6% |
| NGL NGL Energy Partners LP | Q2 FY27 | $987M | +46% | 2.4% |
Source: Northwest Pipeline LLC 10-Q on SEC EDGAR · CIK 110019 · Natural Gas Transmission