WMBWilliams Companies

Energy · Pipelines · NYSE

Employees: 5,987
Headquarters: Tulsa, OK
CEO: Mr. Armstrong and Mr. Zamarin
Next results: around Feb 9, 2027

RevenueFY2016–25 $14.9B+17.9% FY2024: $12.6B 10-K FY2025 · XBRL Net incomeFY2016–25 $2.6B+17.7% FY2024: $2.2B 10-K FY2025 · XBRL Free cash flowFY2016–25 $1.0B−58.1% FY2024: $2.4B 10-K FY2025 · XBRL Operating marginFY2016–25 28.2%+1.7 pts 9.2% in FY2016 10-K FY2025 · XBRL

What changed

10-K filed Feb 24, 2026 against Feb 25, 2025

Area	What changed	Source
Risk factors	1 new paragraph, nothing like it in the previous 10-K	10-K Item 1A
Critical audit matters changed	New this year: Regulatory Accounting (“As discussed in Note 1 to the consolidated financial statements, certain of the Company’s consolidated subsidiaries are regulated by the Federal Energy Regulatory Commission (“FERC”) and apply accounting principles outlined in Accounting Standards Codification (“ASC”) Topic 980, Regulated Operations”). No longer listed: Pension Benefits Obligation	10-K · XBRL
Accounting checks	10 other checks clear, 1 worth a look	10-K · XBRL
Insiders	No open-market buys in the last 90 days	Form 4
Filings	3 in the last 30 days	EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

What's new, in their words

10-K filed Feb 24, 2026

Paragraphs in Risk Factors that were not in the 10-K filed 2025-02-25. Quoted as filed.

Further, Williams has invested in several power innovation projects and continues to evaluate power innovation projects related to data center growth. Additional risks associated with identifying, evaluating, and executing on power innovation projects may include accurately predicting future power needs of data centers due to rapidly…
10-K, Item 1A

Accounting checks

latest 10-K

10 of 11 clear 1 worth a look. Checks, not verdicts.

!
Critical audit matters changedNew this year: Regulatory Accounting (“As discussed in Note 1 to the consolidated financial statements, certain of the Company’s consolidated subsidiaries are regulated by the Federal Energy Regulatory Commission (“FERC”) and apply accounting principles outlined in Accounting Standards Codification (“ASC”) Topic 980, Regulated Operations”). No longer listed: Pension Benefits Obligation
✓
Receivables +11.9% vs revenue +17.9% (-6.1 pts)
✓
Cash from operations $5.9B vs net income $2.6B (FY ending 2025-12-31)
✓
Inventory +12.5% vs revenue +17.9% (-5.4 pts)
✓
Same auditor in both 10-Ks: Ernst & Young LLP
✓
No statement of substantial doubt about going concern
✓
No 8-K item 4.02 in the last 2 years
✓
No NT 10-K or NT 10-Q in the last 2 years
✓
No sentence in the 10-K concludes that controls were not effective because of a material weakness
✓
No 8-K item 2.06 in the last 2 years
✓
No 8-K item 1.03 in the last 2 years

How each check works, with sources →

In the last 30 days

All filings →

Nov 2, 20268-K Quarterly results 8-K item 2.02
Nov 2, 20268-K Other events 8-K item 8.01
Nov 2, 202610-Q Quarterly report (10-Q) period ended Sep 30, 2026

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Work on WMB in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/WMB/export.csv") into a cell.