Revenue growth remains volatile, ranging from a 16.6% expansion in 2025Q4 to a 10.1% contraction in 2024Q1, while gross margins fluctuate significantly between 38.1% and 83.9% due to non-recurring accounting adjustments.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 11.92B | 11.95B | 10.5B | 10.91B | 10.96B | 10.63B | 7.72B | 8.2B | 8.69B | 8.03B | 7.5B | 7.36B | 7.64B | 6.86B | 7.49B | 7.93B | 6.64B | 5.28B | 11.89B | 10.49B | 9.38B | 9.78B | 12.46B | 16.65B | 3.72B | 5.3B | 6.56B | 6.63B | 7.66B | 8.25B | 6.85B |
| Revenue Growth % | 10.58% | 13.78% | -3.7% | -0.53% | 3.18% | 37.67% | -5.88% | -5.58% | 8.16% | 7.09% | 1.89% | -3.63% | 11.33% | -8.36% | -5.6% | 19.46% | 25.77% | -55.61% | 13.39% | 11.84% | -4.14% | -21.51% | -25.16% | 348.02% | -29.92% | -19.15% | -1.06% | -13.44% | -7.17% | 20.45% | 139.84% |
| Cost of Goods Sold | 4.43B | 6.83B | 4.34B | 4.11B | 5.47B | 5.87B | 3.33B | 3.78B | 4.57B | 4.04B | 3.49B | 3.52B | 4.19B | 3.84B | 4.25B | 4.59B | 3.87B | 3.71B | 8.78B | 8.01B | 7.57B | 7.88B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 57.14% | 41.29% | 37.65% | 49.85% | 55.27% | 43.19% | 46.09% | 52.6% | 50.26% | 46.51% | 47.79% | 54.89% | 56.01% | 56.8% | 57.94% | 58.33% | 70.33% | 73.81% | 76.36% | 80.7% | 80.62% | - | - | - | - | - | - | - | - | - |
| Gross Profit | 7.49B | 5.12B | 6.17B | 6.8B | 5.5B | 4.75B | 4.38B | 4.42B | 4.12B | 4B | 4.01B | 3.84B | 3.44B | 3.02B | 3.23B | 3.33B | 2.77B | 1.57B | 3.11B | 2.48B | 1.81B | 1.9B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | 62.85% | 42.86% | 58.71% | 62.35% | 50.15% | 44.73% | 56.81% | 53.91% | 47.4% | 49.74% | 53.49% | 52.21% | 45.11% | 43.99% | 43.2% | 42.06% | 41.67% | 29.67% | 26.19% | 23.64% | 19.3% | 19.38% | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -16.93% | -9.34% | 23.68% | 15.7% | 8.39% | -0.81% | 7.38% | 3.05% | -0.4% | 4.37% | 11.55% | 14.15% | -6.68% | -3.03% | 20.57% | 76.63% | -49.71% | 25.62% | 36.96% | -4.54% | - | - | - | - | - | - | - | - | - | - |
| Operating Expenses | 2.87B | 721M | 2.83B | 2.49B | 2.48B | 2.12B | 2.18B | 2.5B | 3.35B | 3.07B | 3.32B | 3.62B | 1.88B | 1.64B | 1.62B | 1.47B | 1.36B | 460M | 581M | 614M | 722M | 488M | 11.23B | 15.51B | 2.93B | 3.28B | 4.54B | 5.49B | 6.74B | 7.06B | 5.73B |
| OpEx % of Revenue | - | 6.03% | 26.92% | 22.83% | 22.63% | 19.97% | 28.28% | 30.48% | 38.56% | 38.2% | 44.3% | 49.14% | 24.56% | 23.95% | 21.67% | 18.51% | 20.47% | 8.72% | 4.89% | 5.86% | 7.7% | 4.99% | 90.09% | 93.16% | 78.84% | 61.91% | 69.27% | 82.87% | 87.97% | 85.59% | 83.65% |
| Selling, General & Admin | 720M | 721M | 708M | 665M | 636M | 558M | 466M | 558M | 569M | 594M | 722M | 741M | 661M | 512M | 571M | 477M | 504M | 494M | 504M | 632M | 521M | 422M | 475.3M | 508.3M | 711.5M | 784.8M | 617.8M | 686.2M | 1.2B | 944M | 701.5M |
| SG&A % of Revenue | - | 6.03% | 6.74% | 6.1% | 5.8% | 5.25% | 6.04% | 6.8% | 6.55% | 7.4% | 9.63% | 10.07% | 8.66% | 7.46% | 7.63% | 6.02% | 7.59% | 9.36% | 4.24% | 6.03% | 5.56% | 4.31% | 3.81% | 3.05% | 19.14% | 14.8% | 9.42% | 10.35% | 15.73% | 11.44% | 10.24% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | 0 | 2.12B | 1.82B | 1.84B | 1.56B | 1.72B | 1.94B | 2.78B | 2.47B | 2.6B | 2.88B | 1.22B | 1.13B | 1.05B | 991M | 855M | -34M | 77M | -18M | 201M | 66M | 10.75B | 15B | 2.22B | 2.5B | 3.93B | 4.81B | 5.53B | 6.12B | 5.03B |
| Operating Income | 4.62B | 4.4B | 3.34B | 4.31B | 3.02B | 2.63B | 2.2B | 1.92B | 768M | 927M | 689M | 226M | 1.57B | 1.38B | 1.61B | 1.87B | 1.41B | 1.11B | 2.53B | 1.86B | 1.09B | 1.41B | 1.23B | 1.14B | 786.5M | 2.02B | 2.02B | 1.14B | 921M | 1.19B | 1.12B |
| Operating Margin % | 38.79% | 36.83% | 31.79% | 39.53% | 27.52% | 24.76% | 28.53% | 23.42% | 8.84% | 11.54% | 9.19% | 3.07% | 20.54% | 20.04% | 21.53% | 23.54% | 21.2% | 20.95% | 21.3% | 17.79% | 11.6% | 14.4% | 9.91% | 6.84% | 21.16% | 38.09% | 30.73% | 17.13% | 12.03% | 14.41% | 16.35% |
| Operating Income Growth % | - | 31.81% | -22.55% | 42.84% | 14.71% | 19.48% | 14.63% | 150.13% | -17.15% | 34.54% | 204.87% | -85.6% | 14.11% | -14.7% | -13.66% | 32.69% | 27.22% | -56.34% | 35.82% | 71.42% | -22.73% | 14.07% | 8.42% | 44.74% | -61.06% | 0.23% | 77.43% | 23.33% | -22.53% | 6.13% | 90.79% |
| EBITDA | 6.76B | 6.75B | 5.56B | 6.38B | 5.03B | 4.47B | 3.92B | 3.63B | 2.49B | 2.66B | 2.45B | 1.96B | 2.75B | 2.19B | 2.37B | 3.48B | 2.91B | 2.58B | 3.84B | 2.95B | 1.95B | 2.15B | 1.91B | 1.98B | 1.59B | 2.65B | 2.66B | 1.88B | 7.66B | 1.77B | 1.62B |
| EBITDA Margin % | 56.72% | 56.47% | 52.92% | 58.51% | 45.85% | 42.09% | 50.82% | 44.32% | 28.7% | 33.16% | 32.7% | 26.68% | 35.94% | 31.92% | 31.63% | 43.9% | 43.9% | 48.79% | 32.32% | 28.1% | 20.84% | 21.96% | 15.35% | 11.91% | 42.82% | 49.94% | 40.59% | 28.33% | 100% | 21.51% | 23.66% |
| EBITDA Growth % | 19.11% | 21.41% | -12.91% | 26.95% | 12.39% | 14.02% | 7.92% | 45.81% | -6.38% | 8.61% | 24.85% | -28.45% | 25.34% | -7.52% | -31.97% | 19.46% | 13.16% | -33% | 30.4% | 50.82% | -9.03% | 12.33% | -3.53% | 24.57% | -39.91% | -0.53% | 41.76% | -75.48% | 331.53% | 9.52% | 69.41% |
| D&A (Non-Cash Add-back) | 2.14B | 2.35B | 2.22B | 2.07B | 2.01B | 1.84B | 1.72B | 1.71B | 1.73B | 1.74B | 1.76B | 1.74B | 1.18B | 815M | 756M | 1.61B | 1.51B | 1.47B | 1.31B | 1.08B | 866M | 740M | 678M | 843.9M | 804.8M | 628.2M | 646.8M | 742M | 0 | 0 | 0 |
| EBIT | 4.95B | 5.07B | 4.35B | 5.64B | 3.69B | 3.25B | 1.45B | 2.25B | 1.44B | 1.62B | 804M | -669M | 4.33B | 1.59B | 1.8B | 1.77B | 977M | 1.21B | 2.72B | 2.02B | 1.21B | 1.43B | 1.23B | 1.14B | 786.5M | 2.02B | 2.02B | 1.14B | 7.66B | 1.19B | 1.12B |
| Net Interest Income | -1.45B | -1.4B | -1.3B | -1.16B | -1.13B | -1.17B | -1.17B | -1.19B | -1.11B | -1.08B | -1.18B | -1.04B | -747M | -510M | -509M | -573M | -592M | -595M | -577M | -653M | -653M | -660M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 15M | 42M | 67M | 79M | 15M | 7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 61M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 1.47B | 1.44B | 1.36B | 1.24B | 1.15B | 1.18B | 1.17B | 1.19B | 1.11B | 1.08B | 1.18B | 1.04B | 747M | 510M | 509M | 573M | 592M | 656M | 577M | 653M | 653M | 660M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -765M | -776M | -353M | 94M | -476M | -558M | -1.93B | -857M | -437M | -392M | -1.06B | -1.94B | 2.02B | -295M | -323M | -665M | -1.02B | -556M | -389M | -494M | -530M | -634M | -1.01B | -1.2B | -1.66B | -860.6M | -653.5M | -550.2M | -664M | -483.9M | -361.7M |
| Pretax Income | 3.86B | 3.63B | 2.99B | 4.41B | 2.54B | 2.07B | 277M | 1.06B | 331M | 535M | -375M | -1.71B | 3.58B | 1.08B | 1.29B | 1.2B | 385M | 550M | 2.14B | 1.37B | 558M | 774M | 224.5M | -62.8M | -877.4M | 1.16B | 1.36B | 585.7M | 257M | 704.9M | 758.4M |
| Pretax Margin % | 32.37% | 30.33% | 28.43% | 40.39% | 23.18% | 19.51% | 3.59% | 12.97% | 3.81% | 6.66% | -5% | -23.27% | 46.93% | 15.74% | 17.22% | 15.16% | 5.8% | 10.42% | 18.03% | 13.07% | 5.95% | 7.91% | 1.8% | -0.38% | -23.61% | 21.86% | 20.76% | 8.83% | 3.36% | 8.54% | 11.07% |
| Income Tax | 908M | 857M | 640M | 1B | 425M | 511M | 79M | 335M | 138M | -1.97B | -25M | -399M | 1.25B | 401M | 360M | 124M | 114M | 204M | 677M | 524M | 211M | 301M | 131.3M | -5.3M | -265.7M | 511.1M | 541.5M | 230.8M | 110.4M | 251.2M | 265.9M |
| Effective Tax Rate % | 23.53% | 23.64% | 21.43% | 22.81% | 16.72% | 24.65% | 28.52% | 31.48% | 41.69% | -368.97% | 6.67% | 23.29% | 34.85% | 37.13% | 27.93% | 10.32% | 29.61% | 37.09% | 31.58% | 38.22% | 37.81% | 38.89% | 58.49% | 8.44% | 30.28% | 44.08% | 39.76% | 39.41% | 42.96% | 35.64% | 35.06% |
| Net Income | 2.84B | 2.62B | 2.23B | 3.18B | 2.05B | 1.52B | 211M | 850M | -155M | 2.17B | -424M | -571M | 2.11B | 430M | 859M | 376M | -1.1B | 285M | 1.42B | 990M | 309M | 314M | 163.7M | -492.2M | -754.7M | -477.7M | 524.3M | 221.4M | 127.5M | 368.3M | 459.8M |
| Net Margin % | 23.82% | 21.91% | 21.18% | 29.15% | 18.69% | 14.27% | 2.73% | 10.36% | -1.78% | 27.07% | -5.65% | -7.76% | 27.68% | 6.27% | 11.47% | 4.74% | -16.53% | 5.4% | 11.93% | 9.44% | 3.3% | 3.21% | 1.31% | -2.96% | -20.31% | -9.01% | 7.99% | 3.34% | 1.66% | 4.46% | 6.71% |
| Net Income Growth % | 24.3% | 17.66% | -30.01% | 55.15% | 35.07% | 618.96% | -75.18% | 648.39% | -107.13% | 612.74% | 25.74% | -127.01% | 391.63% | -49.94% | 128.46% | 134.28% | -484.91% | -79.9% | 43.23% | 220.39% | -1.59% | 91.81% | 133.26% | 34.78% | -57.99% | -191.11% | 136.81% | 73.65% | -65.38% | -19.9% | -65.12% |
| Net Income (Continuing) | 2.95B | 2.77B | 2.35B | 3.4B | 2.12B | 1.56B | 198M | 729M | 193M | 2.51B | -350M | -1.31B | 2.33B | 679M | 929M | 1.08B | 271M | 346M | 1.47B | 847M | 347M | 473M | 93.2M | -57.5M | -611.7M | 648.3M | 820.4M | 354.9M | 146.6M | 453.7M | 492.5M |
| Discontinued Operations | 0 | 0 | 0 | -97M | 0 | 0 | 0 | -15M | 0 | 0 | 0 | 0 | 4M | -11M | 136M | -417M | -1.19B | 15M | 125M | 143M | -38M | -157M | 70.5M | 326.6M | -143M | -1.13B | -296.1M | -198.7M | -14.3M | -6.3M | -32.7M |
| Minority Interest | 2.17B | 2.19B | 2.4B | 2.49B | 2.56B | 2.68B | 2.81B | 3B | 1.34B | 6.52B | 9.4B | 10.08B | 11.39B | 4.06B | 2.67B | 1.29B | 1.33B | 572M | 614M | 0 | 1.08B | 214M | 99.7M | 84.1M | 83.7M | 1.06B | 98.1M | 561.5M | 508.3M | 144.8M | 0 |
| EPS (Diluted) | 2.32 | 2.14 | 1.82 | 2.60 | 1.67 | 1.24 | 0.17 | 0.70 | -0.16 | 2.62 | -0.56 | -0.74 | 2.83 | 0.62 | 1.26 | 0.63 | -1.88 | 0.49 | 2.40 | 1.63 | 0.51 | 0.53 | 0.31 | -0.95 | -1.46 | -0.95 | 1.17 | 0.35 | 0.28 | 0.80 | 1.07 |
| EPS Growth % | 21.81% | 17.58% | -30% | 55.69% | 34.68% | 629.41% | -75.71% | 537.5% | -106.11% | 567.86% | 24.32% | -126.15% | 356.45% | -50.79% | 100% | 133.51% | -483.67% | -79.58% | 47.24% | 219.61% | -3.77% | 70.97% | 132.63% | 34.93% | -53.68% | -181.2% | 234.29% | 25% | -65% | -25.23% | -74.34% |
| EPS (Basic) | - | 2.14 | 1.82 | 2.61 | 1.68 | 1.25 | 0.17 | 0.70 | -0.16 | 2.63 | -0.57 | -0.74 | 2.83 | 0.63 | 1.26 | 0.64 | -1.88 | 0.49 | 2.44 | 1.66 | 0.52 | 0.55 | 0.31 | -0.95 | -1.46 | -0.98 | 1.17 | 0.50 | 0.28 | 0.81 | 1.10 |
| Diluted Shares Outstanding | 1.22B | 1.22B | 1.22B | 1.22B | 1.22B | 1.22B | 1.22B | 1.21B | 973.63M | 828.52M | 750.67M | 749.27M | 747M | 687.18M | 681M | 598.17M | 585M | 589.38M | 592.72M | 609.87M | 608.63M | 605.85M | 528.06M | 516.53M | 518.28M | 502.84M | 448.12M | 441.11M | 430M | 324.1M | 408.55M |
| Basic Shares Outstanding | 1.22B | 1.22B | 1.22B | 1.22B | 1.22B | 1.22B | 1.21B | 1.21B | 973.63M | 826M | 750M | 749M | 725.09M | 683M | 681M | 588.55M | 585M | 581.12M | 581.34M | 596.17M | 595.05M | 570.42M | 528.06M | 516.53M | 516.69M | 489.81M | 443.91M | 441.11M | 430M | 324.1M | 408.55M |
| Dividend Payout Ratio | - | 93.28% | 104.09% | 68.54% | 101.07% | 131.31% | 919.91% | 216.71% | - | 45.63% | - | - | 66.79% | 228.37% | 86.38% | 121.54% | - | 89.82% | 17.63% | 23.54% | 66.86% | 45.54% | 26.51% | - | - | - | 58.71% | 119.11% | 205.02% | 49.28% | 34.45% |
Regulatory and Permitting Hurdles
As reported in recent quarterly filings, WMB's revenue growth has exhibited significant fluctuations, ranging from a 16.6% expansion in 2025Q4 to a 10.1% contraction in 2024Q1, suggesting that the company's top-line performance remains sensitive to seasonal demand shifts and the timing of specific infrastructure project completions.
The inconsistent revenue trajectory appears to reflect the interplay between stable, fee-based transmission contracts and more volatile marketing segment activities. Investors should monitor whether the recent pivot toward Gulf Coast LNG-linked assets can provide a more consistent growth floor compared to the historically variable Northeast gathering volumes.
Based on the provided income statement data, gross margins have fluctuated wildly between 38.1% and 83.9% over the last ten quarters, indicating that the company's cost of goods sold is subject to significant non-recurring charges or accounting adjustments that obscure the underlying profitability of its core pipeline operations.
The wide variance in gross margins suggests that the company's reported COGS may be heavily influenced by commodity price fluctuations within the marketing segment or periodic maintenance-related expenses. Analysts should look past these headline figures to focus on the stability of the transmission segment's take-or-pay contracts to gauge true margin durability.
According to the latest financial statements, WMB maintains an operating margin of 43.6% as of 2026Q1, demonstrating that the company successfully leverages its massive fixed-asset base to convert incremental revenue into operating income, provided that throughput volumes remain consistent across its primary interstate pipeline arteries.
The company's ability to maintain operating margins above 40% in recent periods suggests that the fixed-cost nature of its infrastructure provides a significant tailwind during periods of high utilization. However, this high operating leverage implies that any sustained decline in regional gas production could lead to rapid margin compression.
As evidenced by the historical data, net income has experienced extreme volatility, including a sharp drop in 2024Q2, which appears largely disconnected from operating income trends and likely reflects non-cash charges or derivative fair value adjustments that complicate the assessment of the company's true recurring earnings power.
The discrepancy between operating income and net income suggests that investors should prioritize Adjusted EBITDA or Distributable Cash Flow over GAAP net income when evaluating dividend coverage. The inconsistent impact of stock-based compensation and other non-operating items further necessitates a cautious approach to relying on headline EPS as a performance metric.
Quick answers to the most common questions about buying WMB stock.
For fiscal year 2025, The Williams Companies, Inc. (WMB) reported total revenue of $11.95B. This represents a 74.5% increase compared to $6.85B in 1996.
The Williams Companies, Inc. (WMB) is profitable, generating $2.62B in net income for the fiscal year ending 2025 with a net profit margin of 21.9%.
The Williams Companies, Inc. (WMB) reported an operating income of $4.40B, resulting in an operating profit margin of 36.8%. This margin reflects the operational efficiency of the business before interest and taxes.
The Williams Companies, Inc. (WMB) generated $5.12B in gross profit for the year, representing a gross profit margin of 42.9%. This demonstrates the company's core pricing power and production efficiency.