Williams Companies, Inc. Q3 FY2023 results: revenue $2.6 billion, down 15.3% on the year

Williams Companies, Inc. (WMB) reported revenue of $2.6 billion for Q3 FY2023, the quarter ended 30 September 2023, down 15.3% on the same quarter a year earlier. Net income was $654 million, up 9.0% on the year, and diluted earnings per share $0.54. The figures are the company's own, from the 10-Q it filed with the SEC on 1 November 2023.

Revenue$2.6 billiondown 15.3%

Net income$654 millionup 9.0%

Diluted EPS$0.54

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	2,559	n/a	n/a	n/a
Selling, general and administrative	146	n/a	n/a	n/a
Operating income	994	n/a	n/a	n/a
Operating margin	38.8%	n/a	n/a
Interest expense	314	n/a	n/a	n/a
Pre-tax income	861	n/a	n/a	n/a
Income tax	176	n/a	n/a	n/a
Effective tax rate	20.4%	n/a	n/a
Net income	654	n/a	n/a	n/a
Net margin	25.6%	n/a	n/a
Diluted EPS	$0.54	n/a	n/a	n/a

$ 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	1,234	n/a	n/a	n/a
Capital expenditure	690	n/a	n/a	n/a
Free cash flow	544	n/a	n/a	n/a
Free cash flow margin	21.3%	n/a	n/a
Depreciation and amortisation	521	n/a	n/a	n/a
Share-based compensation	19.0	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	544	n/a	n/a	n/a
Dividend per share	$0.45	n/a	n/a	n/a
Diluted shares, weighted	1,220m	n/a	n/a	n/a
Shares outstanding at period end	1,216m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Total assets	50,788	n/a	n/a	n/a
Cash and equivalents	2,074	n/a	n/a	n/a
Receivables	1,419	n/a	n/a	n/a
Inventory	266	n/a	n/a	n/a
Long-term debt including finance leases	22,772	n/a	n/a	n/a
Shareholders' equity	11,845	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,559	2,784	2,771	2,336	2,653	2,743	3,048	2,781	2,923	3,198	3,030	3,053
SG&A	146	182	186	164	170	188	194	168	168	n/a	n/a	n/a
Operating income	994	1,087	1,012	696	838	793	1,094	945	1,109	1,048	1,321	1,182
Operating margin	39%	39%	37%	30%	32%	29%	36%	34%	38%	33%	44%	39%
Interest expense	314	322	349	339	338	338	349	350	372	371	376	371
Pre-tax income	861	1,547	855	555	968	608	922	757	929	1,017	1,156	1,136
Tax rate	20%	24%	23%	23%	23%	15%	21%	23%	26%	24%	21%	23%
Net income	654	1,138	632	401	706	486	691	546	647	734	865	827
Net margin	26%	41%	23%	17%	27%	18%	23%	20%	22%	23%	29%	27%
Diluted EPS	$0.54	$0.92	$0.52	$0.33	$0.58	$0.39	$0.56	$0.45	$0.53	$0.60	$0.70	$0.68
Operating cash flow	1,234	1,813	1,234	1,279	1,243	1,218	1,433	1,450	1,439	1,576	1,603	1,376
Capital expenditure	690	671	544	579	682	768	1,012	972	954	1,955	1,359	1,834
Free cash flow	544	1,142	690	700	561	450	421	478	485	-379	244	-458
Buybacks	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	544	544	579	579	579	579	610	611	611	610	642	642
Shares outstanding	1,216m	1,217m	1,219m	1,219m	1,219m	1,219m	1,221m	1,221m	1,221m	1,222m	1,223m	1,223m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 1 November 2023, accession 0000107263-23-000027: the filing on EDGAR. All of Williams Companies, Inc.'s filings: EDGAR company page.

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