Williams Companies (WMB) FY2022 results: revenue $11.0 billion, up 3.2% on the year

Williams Companies, Inc. (WMB) reported revenue of $11.0 billion for fiscal 2022, the year ended 31 December 2022, up 3.2% on the year before. Net income was $2.0 billion, up 35.1%, and diluted earnings per share $1.67. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2023.

Revenue

$11.0 billion

+3.2% on the year

FY2015FY2022

Operating margin

27.5%

24.8% a year earlier

FY2015FY2022

Net income

$2.0 billion

+35.1% on the year

FY2015FY2022

Diluted EPS

$1.67

+34.7% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	10,965	10,627	7,719	+3.2%
Selling, general and administrative	636	558	466	+14.0%
Operating income	3,018	2,631	2,202	+14.7%
Operating margin	27.5%	24.8%	28.5%
Interest expense	1,147	1,179	1,172	-2.7%
Pre-tax income	2,542	2,073	277	+22.6%
Income tax	425	511	79.0	-16.8%
Effective tax rate	16.7%	24.7%	28.5%
Net income	2,049	1,517	211	+35.1%
Net margin	18.7%	14.3%	2.7%
Diluted EPS	$1.67	$1.24	$0.17	+34.7%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	4,889	3,945	3,496	+23.9%
Capital expenditure	2,253	1,239	1,239	+81.8%
Free cash flow	2,636	2,706	2,257	-2.6%
Free cash flow margin	24.0%	25.5%	29.2%
Cash from investing	-3,375	-1,465	-1,558
Cash from financing	-3,042	-942	-2,085
Depreciation and amortisation	2,009	1,842	1,721	+9.1%
Share-based compensation	73.0	81.0	52.0	-9.9%
Buybacks	9.0	0.0	n/a
Dividends paid	2,071	1,992	1,941	+4.0%
Dividend per share	$1.70	$1.64	$1.60	+3.7%
Diluted shares, weighted	1,223m	1,218m	1,215m	+0.4%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	11,485	11,423	11,769	+0.5%
Non-controlling interest	2,560	2,678	2,814	-4.4%
Debt	22,904	23,675	22,344	-3.3%
Operating lease liabilities	148	141	161	+5.0%
Other liabilities	11,336	9,695	7,077	+16.9%
Total liabilities and equity	48,433	47,612	44,165	+1.7%
Fixed assets	30,889	29,258	28,929	+5.6%
Goodwill	0.0	0.0	n/a
Cash and equivalents	152	1,680	142	-91.0%
Receivables	2,723	1,978	999	+37.7%
Inventory	320	379	136	-15.6%
Other assets	14,349	14,317	13,959	+0.2%
Total assets	48,433	47,612	44,165	+1.7%

10-K for the year ended 31 December 2022, filed 27 February 2023: the filing.