Williams Companies (WMB) Q3 2025 10-Q Quarterly Report
Williams Companies (WMB) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 3, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Williams Companies Q3 2025 10-Q Analysis
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
Williams Companies Q3 2025 Quarterly FinancialsXBRL
Revenue
$3.5B
▲ +15.0% YoY▲ +3.3% QoQ
Net Income
$647M
▼ -8.4% YoY▲ +18.5% QoQ
Net Margin
18.5%
▼ -473bp YoY▲ +237bp QoQ
Source: XBRL data from Williams Companies Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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