Short answer
Williams Companies (WMB) filed its fiscal 2024 10-K annual report with the SEC on Feb 25, 2025. It reported revenue of $12.6B (+5.3% year over year) and net income of $2.2B.
- Top risk flagged: Regulatory risk: FERC approval critical for multiple expansion projects totaling over 3,000 Mdth/d expected 2025-2028, including Southeast Supply Enhancement (1,597 Mdth/d)
FY2024 key financial metrics · XBRL
- Revenue
- $12.6B
- +5.3% YoY
- Net income
- $2.2B
- −30.0% YoY
- Operating margin
- 26.4%
- −9.5 pp YoY
- EPS (diluted)
- $1.82
- −30.0% YoY
- ROE
- 17.9%
- −7.7 pp YoY
- Operating cash flow
- $5.0B
- −16.2% YoY
Source: XBRL data from the Williams Companies (WMB) FY2024 10-K on SEC EDGAR. USD.
Williams Companies FY2024 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Interstate natural gas pipeline transportation and midstream infrastructure with regulated rate structures under FERC oversight
- New emphasis on upstream operations via acquisition of Crowheart Energy in November 2024, increasing operator interest above 90%
- Strategic shift: Enhanced focus on new energy ventures including hydrogen, solar, renewable natural gas, and certified low-emission NextGen Gas
- Notable metric: Gas Integrity Management Program costs estimated at $219 million for 2025, including $168 million for Transco and $38 million for NWP
- Cybersecurity compliance: TSA-approved Cybersecurity Implementation and Assessment Plans completed in 2024, aligning with new federal pipeline security directives
Management Discussion & Analysis
- Total revenue not explicitly stated; focus on pipeline capacity utilization and regulated revenues via firm capacity reservation charges
- Operating margins or profit figures not detailed in provided text; results of operations section referenced but specific profitability data missing
- Transmission & Gulf of America segment expanded with acquisitions: acquired full ownership of Discovery (formerly 60%) in Aug 2024; includes Transco, NWP, MountainWest pipelines
- Forward-looking discussion includes focus on safely delivering natural gas to fuel clean energy economy, FERC-regulated pipeline rates, and strategy to maximize asset utilization and attract new business
Risk Factors
- Regulatory risk: FERC approval critical for multiple expansion projects totaling over 3,000 Mdth/d expected 2025-2028, including Southeast Supply Enhancement (1,597 Mdth/d)
- Geopolitical/macro risk: Haynesville Shale gathering assets to serve 1.8 Bcf/d production, linking to Gulf Coast LNG export demand exposure
- Operational risk: Project execution and regulatory timing risk for concurrent expansions such as Deepwater Shenandoah and multiple Transco/NWP projects planned through 2028
- Competitive risk: Potential disruption from third-party offshore lateral pipelines impacting offshore gathering and transportation services in Gulf of America
- Financial risk: Increased interest expense due to 2023-24 debt issuances and imputed interest on acquisition consideration, partially offset by retirements
Generated from the filing text; verify against the original. How to read a 10-K
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