Williams Companies (WMB) Q1 FY2026 earnings: revenue $3.0 billion, down 0.6% on the year

Williams Companies, Inc. (WMB) reported revenue of $3.0 billion for Q1 FY2026, the quarter ended 31 March 2026, down 0.6% on the same quarter a year earlier. Net income was $865 million, up 25.2% on the year, and diluted earnings per share $0.70. The figures are the company's own, from the 10-Q it filed with the SEC on 4 May 2026.

Revenue

$3.0 billion

-0.6% on the year · -5.3% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

43.6%

35.9% a year earlier

Q2 FY2024Q1 FY2026

Net income

$865 million

+25.2% on the year · +17.8% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$0.70

+25.0% on the year · +16.7% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 6 kept.

GAAP net income rose 25%: GAAP net income was $864 million, or $0.70 per diluted share, up 25% from the first quarter of 2025. Adjusted EPS was $0.73, up 22%.
Adjusted EBITDA up 13%: Adjusted EBITDA was $2.254 billion, up $265 million or 13% from the first quarter of 2025, on higher service revenues and gas marketing margins.
Transmission, Power & Gulf up $148 million: Transmission, Power & Gulf Adjusted EBITDA was $1.010 billion, up $148 million, from Transco's higher net rates, expansion projects, new Gulf volumes and higher storage revenues.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	3,030	3,198	3,048	-5.3%	-0.6%
Selling, general and administrative	n/a	n/a	194
Operating income	1,321	1,048	1,094	+26.0%	+20.7%
Operating margin	43.6%	32.8%	35.9%
Interest expense	376	371	349	+1.3%	+7.7%
Pre-tax income	1,156	1,017	922	+13.7%	+25.4%
Income tax	244	244	193	0.0%	+26.4%
Effective tax rate	21.1%	24.0%	20.9%
Net income	865	734	691	+17.8%	+25.2%
Net margin	28.5%	23.0%	22.7%
Diluted EPS	$0.70	$0.60	$0.56	+16.7%	+25.0%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	1,603	1,576	1,433	+1.7%	+11.9%
Capital expenditure	1,359	1,955	1,012	-30.5%	+34.3%
Free cash flow	244	-379	421		-42.0%
Free cash flow margin	8.1%	-11.9%	13.8%
Cash from investing	-884	-2,287	-1,170
Cash from financing	168	704	-223	-76.1%
Depreciation and amortisation	584	593	585	-1.5%	-0.2%
Share-based compensation	22.0	23.0	30.0	-4.3%	-26.7%
Dividends paid	642	610	610	+5.2%	+5.2%
Dividend per share	$0.53	n/a	$0.50		+5.0%
Diluted shares, weighted	1,226m	1,225m	1,225m	+0.1%	+0.1%
Shares outstanding at period end	1,223m	1,222m	1,221m	+0.1%	+0.2%

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

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	12,992	12,807	12,487	+1.4%	+4.0%
Non-controlling interest	2,170	2,188	2,378	-0.8%	-8.7%
Debt	30,054	28,661	24,122	+4.9%	+24.6%
Operating lease liabilities	n/a	151	n/a
Other liabilities	14,353	14,766	15,937	-2.8%	-9.9%
Total liabilities and equity	59,569	58,573	54,924	+1.7%	+8.5%
Fixed assets	43,134	41,996	39,155	+2.7%	+10.2%
Goodwill	n/a	466	n/a
Cash and equivalents	950	63.0	100	+1,407.9%	+850.0%
Receivables	1,676	2,084	1,781	-19.6%	-5.9%
Inventory	262	314	249	-16.6%	+5.2%
Other assets	13,547	13,650	13,639	-0.8%	-0.7%
Total assets	59,569	58,573	54,924	+1.7%	+8.5%

Questions

What was Williams Companies' revenue in Q1 FY2026?

Williams Companies (WMB) reported revenue of $3.0 billion for Q1 FY2026, the quarter ended 31 March 2026, down 0.6% on the same quarter a year earlier.

How much did Williams Companies earn in Q1 FY2026?

Net income for Q1 FY2026 was $865 million, up 25.2% on the year, and diluted earnings per share $0.70.

When did Williams Companies report Q1 FY2026 results?

Williams Companies filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 4 May 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	3,257	2,524	2,490	3,021	2,930	3,081	2,483	2,559	2,784	2,771	2,336	2,653	2,743	3,048	2,781	2,923	3,198	3,030	3,053	3,223
SG&A	169	154	160	163	159	176	161	146	182	186	164	170	188	194	168	168	n/a	n/a	n/a	n/a
Operating income	937	654	472	820	1,072	1,360	870	994	1,087	1,012	696	838	793	1,094	945	1,109	1,048	1,321	1,182	1,136
Operating margin	29%	26%	19%	27%	37%	44%	35%	39%	39%	37%	30%	32%	29%	36%	34%	38%	33%	44%	39%	35%
Interest expense	295	286	281	291	289	294	306	314	322	349	339	338	338	349	350	372	371	376	371	385
Pre-tax income	830	510	362	717	953	1,241	756	861	1,547	855	555	968	608	922	757	929	1,017	1,156	1,136	988
Tax rate	24%	23%	-12%	13%	27%	23%	23%	20%	24%	23%	23%	23%	15%	21%	23%	26%	24%	21%	23%	22%
Net income	622	380	400	600	669	927	460	654	1,138	632	401	706	486	691	546	647	734	865	827	700
Net margin	19%	15%	16%	20%	23%	30%	19%	26%	41%	23%	17%	27%	18%	23%	20%	22%	23%	29%	27%	22%
Diluted EPS	$0.51	$0.31	$0.33	$0.49	$0.54	$0.76	$0.38	$0.54	$0.92	$0.52	$0.33	$0.58	$0.39	$0.56	$0.45	$0.53	$0.60	$0.70	$0.68	$0.56
Operating cash flow	1,139	1,082	1,098	1,490	1,219	1,514	1,377	1,234	1,813	1,234	1,279	1,243	1,218	1,433	1,450	1,439	1,576	1,603	1,376	1,505
Capital expenditure	282	291	315	841	806	545	610	690	671	544	579	682	768	1,012	972	954	1,955	1,359	1,834	2,489
Free cash flow	857	791	783	649	413	969	767	544	1,142	690	700	561	450	421	478	485	-379	244	-458	-984
Buybacks	n/a	0.0	0.0	9.0	0.0	74.0	56.0	0.0	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	498	518	517	518	518	546	545	544	544	579	579	579	579	610	611	611	610	642	642	656
Shares outstanding	1,216m	1,218m	1,219m	1,218m	1,219m	1,218m	1,216m	1,216m	1,217m	1,219m	1,219m	1,219m	1,219m	1,221m	1,221m	1,221m	1,222m	1,223m	1,223m	1,250m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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.

10-Q for the period ended 31 March 2026, filed 4 May 2026: the filing.