Short answer
Williams Companies (WMB) filed its fiscal 2025 10-K annual report with the SEC on Feb 24, 2026. It reported revenue of $14.9B (+17.9% year over year) and net income of $2.6B.
- Top risk flagged: FERC regulatory risk: interstate pipeline rates, certifications, and market manipulation rules under FERC oversight; successful shipper challenges could materially cut revenues
FY2025 key financial metrics · XBRL
- Revenue
- $14.9B
- +17.9% YoY
- Net income
- $2.6B
- +17.7% YoY
- Operating margin
- 28.2%
- +1.7 pp YoY
- EPS (diluted)
- $2.14
- +17.6% YoY
- ROE
- 20.4%
- +2.6 pp YoY
- Operating cash flow
- $5.9B
- +18.6% YoY
Source: XBRL data from the Williams Companies (WMB) FY2025 10-K on SEC EDGAR. USD.
Williams Companies FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Natural gas infrastructure operator: G&P, interstate transmission/storage, NGL fractionation, and marketing across 32,000+ pipeline miles serving ~800 customers
- New LNG-adjacent push: Oct 2025 acquired 10% equity in Louisiana LNG export facility and 80% in Driftwood Pipeline (Line 200); expected in-service 2029
- Power sector pivot: 1.9 GW of onsite natural gas/power generation infrastructure for data centers in Ohio and Utah, backed by up to 12.5-year fixed-price agreements, in-service 2026–2028
- West segment gathering volumes up to 6.09 Bcf/d in 2025 vs 5.46 Bcf/d in 2024, driven by Louisiana Energy Gateway placed in-service July/Aug 2025 and Haynesville expansion completed Sep 2025
- Haynesville upstream exit: sold interests for $398M (closed Jan 30, 2026), reversing prior strategy of holding producing properties to anchor midstream volumes
Management Discussion & Analysis
- Total revenues $11.95B in 2025 vs $10.50B in 2024, up $1.45B; service revenues +$720M (+9% YoY) to $8.35B
- Net income attributable to Williams $2.62B vs $2.23B in 2024 (+18% YoY); operating income $4.20B vs $3.34B; no margin % disclosed in text
- Best segment: Transmission, Power & Gulf Modified EBITDA $3.72B vs $3.27B (+$447M); worst: West Modified EBITDA $1.24B vs $1.31B (-$74M) due to $212M asset impairment
- Operating cash flow $5.90B; capex $4.89B; common dividends paid $2.44B; no share buybacks in 2025; $511M invested in equity-method investments including Cogentrix and Louisiana LNG
- 2026 growth capex guided $6.1B–$6.7B; key risks include recession, permitting delays, inflation/tariffs, and supply chain disruptions; Power Innovation projects (Socrates, Apollo, Aquila) represent major near-term growth driver
Risk Factors
- FERC regulatory risk: interstate pipeline rates, certifications, and market manipulation rules under FERC oversight; successful shipper challenges could materially cut revenues
- Tariff/trade exposure: steel and steel pipe tariffs on foreign-made materials directly threaten construction budgets for capital projects and power innovation builds
- Customer concentration: NWP's largest customer Puget Sound Energy accounts for ~31% of NWP operating revenue; loss would be severely material
- Leverage risk: total long-term debt $29.4B as of Dec 31, 2025, including $5.9B at Transco and $748M at NWP, with covenant restrictions on distributions and asset sales
- Data center/power innovation execution risk: rapidly changing technology makes future power demand of data center customers difficult to predict, risking stranded assets
Generated from the filing text; verify against the original. How to read a 10-K
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