Williams Reports Third-Quarter Revenue of $3.2 Billion
The natural gas infrastructure company posted higher quarterly revenue and adjusted EBITDA while keeping its full-year 2026 outlook intact.
Updated on Nov. 3, 2026 in Corporate Finance
Williams reported third-quarter 2026 revenue of $3.223 billion, up $300 million from the same quarter of 2025. The company also maintained its 2026 adjusted EBITDA outlook of $8.3 billion to $8.5 billion.
Why it matters
The results reflect growth in the company's natural gas pipeline network, which carries gas across the United States. Maintaining guidance signals management's expectation of continued earnings performance for the year.
Third-quarter adjusted net income was $663 million, or $0.54 per diluted share, and cash from operations totaled $1.505 billion, up 5% year over year. Growth capital spending for 2026 is projected at $7.3 billion to $7.9 billion.
The players
Williams
Williams is a major U.S. natural gas infrastructure company that operates interstate pipelines and gathering systems across the country.
The details
Williams completed its roughly $5.5 billion acquisition of Momentum Midstream on September 3 and added 413 million cubic feet per day of pipeline capacity across four projects. The Socrates' Plato North Power project is on track to enter service by mid-November.
Timeline
September 3, 2026: Momentum Midstream acquisition completed.
September 30, 2026: Third-quarter results period ended.
November 2, 2026: Unaudited third-quarter results announced.
Mid-November 2026: Socrates' Plato North Power project expected in service.
Market Landscape
Williams' quarterly revenue rose from $2.923 billion in the third quarter of 2025 to $3.223 billion this year, extending its growth trajectory. The results position the company's midstream network as a continued source of earnings growth within the U.S. natural gas sector.
Because Williams' pipelines move natural gas nationally, the company's earnings and capital spending can influence the energy infrastructure that supports regional gas supply. The company's stated dividend coverage of 2.42x on an AFFO basis indicates its payout is currently supported by cash flow.
The takeaway
Steady revenue and EBITDA growth paired with a maintained full-year outlook suggests Williams is executing against its capital plan. Investors tracking midstream energy can watch the November in-service date for the Socrates' Plato North project as a near-term operational milestone.
What happens next
Williams expects the Socrates' Plato North Power project to enter service by mid-November 2026.
Further reading
Explore more Corporate Finance coverage for context on how companies report earnings and manage capital.
