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Williams Companies cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$458M in Q2 2026 · −$108M over twelve months

Operating cash flow$1.4B
Capital spending−$1.8B
Free cash flow−$458M
Cash / net income1.6×

Analysis

In Q2 2026, Williams Companies generated $1.4B of operating cash flow and spent $1.8B on capital projects, leaving free cash flow of −$458M. That is $936M less than in Q2 2025 ($478M).

Over the twelve months to Jun 30, 2026, operating cash flow was $6.0B; the largest uses were capital spending ($6.1B), dividends ($2.5B), partners ($219M); besides operations, cash came from net borrowing (+) / repaid (−) ($2.2B), asset & business sales ($48.0M); the cash balance fell by $700M.

Operating cash flow was $1.4B against net income of $876M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$592M, other liabilities +$259M, deferred taxes +$257M.

Free cash flow

Williams Companies: free cash flow by quarterWilliams Companies: free cash flow by quarter$561MQ3 2024$450MQ4 2024$421MQ1 2025$478MQ2 2025$485MQ3 2025−$379MQ4 2025$244MQ1 2026−$458MQ2 2026
Operating cash flow less capital spending.
Williams Companies: operating cash flow against capital spendingWilliams Companies: operating cash flow against capital spendingOperating cash flowCapital spending$1.2B$682MQ3 2024$1.2B$768MQ4 2024$1.4B$1.0BQ1 2025$1.4B$972MQ2 2025$1.4B$954MQ3 2025$1.6B$2.0BQ4 2025$1.6B$1.4BQ1 2026$1.4B$1.8BQ2 2026
Latest (Q2 2026): Operating cash flow $1.4B, Capital spending $1.8B.

Capital allocation, year by year

Williams Companies: where the cash came from (up) and went (down), by fiscal yearWilliams Companies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $3.9BFY2021: Net borrowing $1.3BFY2021: Shares issued $9.0MFY2021: Capital spending −$1.9BFY2021: Acquisitions −$151MFY2021: Dividends −$2.0B$5.2BFY2021FY2022: Operating cash flow $4.9BFY2022: Net borrowing −$776MFY2022: Shares issued $54.0MFY2022: Capital spending −$3.6BFY2022: Acquisitions −$933MFY2022: Buybacks −$9.0MFY2022: Dividends −$2.1B$4.9BFY2022FY2023: Operating cash flow $5.9BFY2023: Net borrowing $2.5BFY2023: Shares issued $6.0MFY2023: Asset sales $346MFY2023: Capital spending −$4.3BFY2023: Acquisitions −$1.6BFY2023: Buybacks −$130MFY2023: Dividends −$2.2B$8.8BFY2023FY2024: Operating cash flow $5.0BFY2024: Net borrowing $379MFY2024: Shares issued $10.0MFY2024: Capital spending −$5.6BFY2024: Acquisitions −$2.2BFY2024: Dividends −$2.3B$5.4BFY2024FY2025: Operating cash flow $5.9BFY2025: Net borrowing $2.4BFY2025: Shares issued $9.0MFY2025: Capital spending −$5.4BFY2025: Acquisitions −$1.0MFY2025: Dividends −$2.4B$8.3BFY2025
Over these 5 years operating cash flow totalled $25.6B; the largest uses were capital spending ($20.8B) and dividends ($11.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$203M
Debt$30.8B
Net debt$30.6B
Due within a year$1.3B

Williams Companies's operations bring cash in ($6.0B over twelve months), and it spends more than that on capital projects: a gap of $108M funded from its $203M of cash and investments and from borrowing ($30.8B of debt, $1.3B due within a year). That is a choice to invest, not a cash runway running down.

Williams Companies: debt maturities by year (FY2025)Williams Companies: debt maturities by year (FY2025)$1.3BYear 1$2.0BYear 2$1.7BYear 3$1.6BYear 4$2.5BYear 5
Principal due in each year as disclosed in the annual report, against $203M of cash and investments now.

Where the cash came from and went

Williams Companies: sources (+) and uses (−) of cash, Q2 2026Williams Companies: sources (+) and uses (−) of cash, Q2 2026Capital spending−$1.8BOperating cash flow$1.4BCash drawn (+) / kept (−)$747MDividends−$642MNet borrowing (+) / repaid (−)$487MOther investing−$72.0MPartners−$41.0MOther financing−$21.0M
Williams Companies: sources (+) and uses (−) of cash, TTM to Q2 2026Williams Companies: sources (+) and uses (−) of cash, TTM to Q2 2026Capital spending−$6.1BOperating cash flow$6.0BDividends−$2.5BNet borrowing (+) / repaid (−)$2.2BCash drawn (+) / kept (−)$700MPartners−$219MOther financing−$137MAsset & business sales$48.0MOther investing−$31.0MShares issued$12.0M

From profit to cash

Williams Companies: net income to operating cash flow, Q2 2026Williams Companies: net income to operating cash flow, Q2 2026Net income$876MDepreciation & amortization$592MStock-based pay$17.0MDeferred taxes$257MGains on disposals−$12.0MInventory−$82.0MPayables−$46.0MPrepaid and other assets−$14.0MOther liabilities$259MOperating cash flow$1.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$1.4B−$1.8B—−$642M$487M—$747M−$458M
Q1 2026$1.6B−$1.4B—−$642M$960M$8.0M−$887M$244M
Q4 2025$1.6B−$2.0B—−$610M$1.4B—$7.0M−$379M
Q3 2025$1.4B−$954M—−$611M−$588M$4.0M$833M$485M
Q2 2025$1.4B−$972M—−$611M$1.1B—−$803M$478M
Q1 2025$1.4B−$1.0B−$1.0M−$610M$512M$5.0M−$40.0M$421M
Q4 2024$1.2B−$768M−$249M−$579M−$206M$2.0M$702M$450M
Q3 2024$1.2B−$682M−$151M−$579M$854M$3.0M−$707M$561M

Williams Companies: income statement and cash flow

Williams Companies, Q3 2026: revenue $3.2B (+10% year over year), operating margin 35.2%. The chart follows the revenue to costs, profit and cash.

Williams Companies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.