WMBWilliams Companies

Energy · Pipelines · NYSE

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

The biggest changes in the 10-K filed 2026-02-24, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.

Cash from operations

+18.6% Big change FY to 2025-12-31 vs 2024-12-31

The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.

Revenue

+17.9% Big change FY to 2025-12-31 vs 2024-12-31

“A $291 million increase in Transco’s revenues primarily associated with expansion projects placed in service, notably Regional Energy Access in August 2024, Southside Reliability Enhancement in November 2024, Texas Louisiana Energy Pathway in April 2025, and Southeast Energy Connector in April 2025; and transportation and storage rate increases;”
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“A $121 million increase in Transco’s revenues primarily associated with expansion projects and higher park and loan services;”
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Net income

+17.7% Big change FY to 2025-12-31 vs 2024-12-31

“Net income (loss) attributable to The Williams Companies, Inc. for the year ended December 31, 2025, increased $393 million compared to the year ended December 31, 2024.”
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“The unfavorable change in Other income (expense) – net below Operating income (loss) includes a decrease in equity AFUDC primarily as a result of the timing of capital projects within the regulated businesses.”
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Operating margin

26.4% → 28.2% (+1.7 pts) Big change FY to 2025-12-31 vs 2024-12-31

“Higher operating expenses and administrative costs including higher operating, acquisition and transition costs related to Williams’ Gulf Coast Storage and Discovery Acquisitions, and employee-related costs, including the impact of a change in a practice related to payroll timing; partially offset by significantly”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗

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.