Short answer
Williams Companies (WMB) filed its Q3 2025 10-Q quarterly report on Nov 3, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $3.5B (up 15.0% year over year) with net income of $647M.
Q3 2025 key financials · XBRL
- Revenue
- $3.5B
- +15.0% YoY · +3.3% QoQ
- Net income
- $647M
- −8.4% YoY · +18.5% QoQ
- Operating margin
- 31.8%
- EPS (diluted)
- $0.53
- −8.6% YoY · +17.8% QoQ
Source: XBRL data from the Williams Companies (WMB) Q3 2025 10-Q on SEC EDGAR. USD.
Williams Companies Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $2.923B for Q3 2025, up 10% YoY from $2.653B; Nine months revenue $8.752B, up 13% YoY from $7.760B
- Q3 2025 operating income $1.109B vs $0.838B YoY; net income $1.995B vs $1.829B, operating margin approx. 37.9% vs 31.6% YoY (Q3)
- Best segment: Transmission, Power & Gulf – Q3 Modified EBITDA $2.722B, up $274M YoY due to rate increases and expansions; Worst segment: Gas & NGL Marketing Services – Q3 Modified EBITDA $(14)M, decreased commodity margins by $17M
- Cash from operations $4.322B for nine months 2025, up $566M YoY; capital expenditures $2.938B, increased $1.133B YoY; $3B debt issued and $1.5B retired in 2025 YTD
- Management expects 2025 capex $3.95B-$4.25B focusing on firm contracted expansions; notes risks include recession, regulatory delays, commodity price volatility, and supply chain disruptions
Risk Factors
- No new or changed risk factors since 2024 10-K filing on February 25, 2025
- Material cybersecurity risks including cyberattacks impacting pipeline operations carried forward
- Regulatory compliance risks from federal and state energy regulations affecting Transco and NWP operations continued
- Dependence on natural gas demand and price volatility as core market risk for Williams’ near-term performance maintained
- Liquidity risk from capital expenditure requirements and debt maturities ongoing without material update
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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