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Williams Companies (WMB) earnings and revenue breakdown
Latest: Q3 2026 · 8-K 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%
Williams Companies made $3.2B in Q3 2026 (+10% Y/Y): Service revenues $2.3B, Product sales $845M, Service revenues – commodity consideration $57.0M. Operating margin 35.2%, net earnings $700M. See where every dollar goes — costs, profit and cash — as a Sankey from the 8-K filed Nov 2, 2026 (preliminary, from the earnings release).
Drawing the Sankey…
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What changed this quarter
Revenue was $3.2B in Q3 2026, up 10% year over year and up 6% from the previous quarter. Service revenues was the largest line at 72% of revenue.
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%.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 8-K | Nov 2, 2026 | $3.2B | +10% | 35.2% | $700M | — |
| 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 | $1.4B |
| Q1 2025 | 10-Q | May 5, 2025 | $3.0B | +10% | 35.9% | $691M | $1.4B |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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Customers and suppliers named in filings
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About Williams Companies
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.
Williams Companies 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 |
|---|---|---|---|---|
| WMB Williams Companies | 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% |
| Northwest Pipeline LLC | 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: Williams Companies 8-K on SEC EDGAR · CIK 107263 · Natural Gas Transmission
13F: who owns WMB and who is buying
More on WMB
- How Williams Companies makes money: revenue by segment
- Williams Companies next earnings date and what analysts expect
- Williams Companies stock forecast, price target and fair value
- Who owns Williams Companies stock: holders, funds and Congress trades
- Williams Companies guidance and outlook
- Is Williams Companies a takeover target? LBO and rumors
- Williams Companies recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results