Form 8-K

8-K — WILLIAMS COMPANIES, INC.

Accession: 0000107263-26-000015

Filed: 2026-05-04

Period: 2026-05-04

CIK: 0000107263

SIC: 4922 (NATURAL GAS TRANSMISSION)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — wmb-20260504.htm (Primary)

EX-99.1 (wmb_20260331xer.htm)

GRAPHIC (wmb_image1a19.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: wmb-20260504.htm · Sequence: 1

wmb-20260504

0000107263false00001072632026-05-042026-05-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 4, 2026

The Williams Companies, Inc.

(Exact name of registrant as specified in its charter)

Delaware 1-4174 73-0569878

(State or other jurisdiction of

incorporation) (Commission

File Number) (IRS Employer

Identification No.)

One Williams Center

Tulsa, Oklahoma

74172-0172

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: 800-945-5426 (800-WILLIAMS)

NOT APPLICABLE

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock, $1.00 par value WMB New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On May 4, 2026, The Williams Companies, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release and accompanying financial highlights and operating statistics and reconciliation schedules are furnished herewith as Exhibit 99.1 and are incorporated herein in their entirety by reference.

The press release and accompanying financial highlights and operating statistics and reconciliation schedules are being furnished pursuant to Item 2.02, Results of Operations and Financial Condition. The information furnished is not deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, is not subject to the liabilities of that section and is not deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

Item 9.01. Financial Statements and Exhibits

(a) None

(b) None

(d) Exhibits.

Exhibit No. Description

99.1

Press release of the Company dated May 4, 2026, publicly announcing the Company's financial results, with Non-GAAP Reconciliations, Financial Highlights, and Operating Statistics, for the quarter ended March 31, 2026.

104

Cover Page Interactive Data File. The cover page XBRL tags are embedded within the inline XBRL document (contained in Exhibit 101).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

THE WILLIAMS COMPANIES, INC.

(Registrant)

Dated: May 4, 2026 By:

/s/ JOHN D. PORTER

John D. Porter

Executive Vice President and Chief Financial Officer (Principal Financial Officer)

EX-99.1

Filename: wmb_20260331xer.htm · Sequence: 2

Document

Exhibit 99.1

News Release

Williams (NYSE: WMB)

One Williams Center

Tulsa, OK 74172

800-Williams

www.williams.com

DATE: Monday, May 4, 2026

MEDIA CONTACT: INVESTOR CONTACTS:

media@williams.com

(800) 945-8723 Danilo Juvane

(918) 573-5075 Caroline Sardella

(918) 230-9992

Williams Announces Record First-Quarter 2026 Results

TULSA, Okla. – Williams (NYSE: WMB) today announced its unaudited financial results for the three months ended March 31, 2026.

Natural gas-focused strategy continues to drive key financial results

•GAAP net income: $864 million, or $0.70 per diluted share (EPS), up 25% vs. 1Q 2025

•Adjusted net income: $895 million, or $0.73 per diluted share (Adj. EPS), up 23% and 22%, respectively, vs. 1Q 2025

•Adjusted EBITDA: $2.254 billion, up $265 million or 13% vs. 1Q 2025

•Cash flow from operations (CFFO): $1.603 billion, up $170 million or 12% vs. 1Q 2025

•Available funds from operations (AFFO): $1.770 billion, up $325 million or 22% vs. 1Q 2025

•Dividend coverage ratio: 2.76x (AFFO basis)

•On track to deliver Adjusted EBITDA in upper half of 2026 guidance range

Disciplined execution drives business growth, advances projects and optimizes portfolio

•Signed customer agreement on Neo, a $2.3 billion behind-the-meter power innovation project with 682 megawatts of installed capacity

•Signed natural gas infrastructure agreement for Atlas, providing up to 164 MMcf/d of capacity to Northeast data center

•Signed customer agreements on Silver Spur transmission project, a 275 MMcf/d expansion on Northwest Pipeline

•Announced ~700 MMcf/d of gathering expansions in Marcellus and Haynesville

•Upsized Transco's Power Express project, increasing capacity to 750 MMcf/d

•Started construction on Transco's Northeast Supply Enhancement and Southeast Supply Enhancement projects

•Placed in service Northwest Pipeline's Naughton Coal Conversion and received notice to proceed on Northwest Pipeline's Wild Trail project

•Commissioned Aristotle pipeline for Plato South power innovation facility

•Closed on sale of South Mansfield upstream JV and Anadarko gathering

CEO Perspective

Chad Zamarin, president and chief executive officer, made the following comments:

“Williams delivered a strong first quarter, supported by the ongoing success of our natural gas-focused strategy and the performance of our premier assets. First-quarter GAAP net income increased 25% year-over-year to $864 million, and Adjusted EBITDA grew 13% year-over-year to $2.254 billion – driven by Transco’s expansion projects, new Gulf volumes, higher storage revenues and higher gathering volumes in the West.”

“Our teams continue to execute at an excellent pace on transmission expansions while adding to our portfolio of power innovation projects. Among several first quarter accomplishments, we placed Northwest Pipeline’s Naughton Coal Conversion into service and broke ground on Transco’s NESE and SESE projects. In addition, we commissioned the Aristotle pipeline to support data centers in Ohio, including the Socrates power innovation facility, and signed a customer agreement for Project Neo, a new behind-the-meter power innovation project.”

Zamarin added, “Natural gas demand is rising, our contracted project portfolio is growing and we’re staying focused on the sharp execution of projects which will drive higher earnings, stable cash flows and strong, durable returns for shareholders. I want to thank our employees and the customers we partner with to safely and reliably serve our nation's energy needs. Together, we will continue to deliver energy infrastructure solutions that seek to lower energy costs.”

Williams Summary Financial Information 1Q

Amounts in millions, except ratios and per-share amounts. Per share amounts are reported on a diluted basis. Net income amounts are from continuing operations attributable to The Williams Companies, Inc. available to common stockholders. 2026 2025

GAAP Measures

Net Income $864 $690

Net Income Per Share $0.70 $0.56

Cash Flow From Operations $1,603 $1,433

Non-GAAP Measures (1)

Adjusted EBITDA $2,254 $1,989

Adjusted Net Income $895 $730

Adjusted Earnings Per Share $0.73 $0.60

Available Funds from Operations $1,770 $1,445

Dividend Coverage Ratio 2.76 x 2.37 x

Other

Debt-to-Adjusted EBITDA at Quarter End (2) 3.61 x 3.83 x

Capital Investments (Excluding Acquisitions) (3) (4) $1,642 $670

(1) Schedules reconciling Adjusted Net Income, Adjusted EBITDA, Available Funds from Operations and Dividend Coverage Ratio (non-GAAP measures) to the most comparable GAAP measure are available at www.williams.com and as an attachment to this news release.

(2) Does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand and, for 2026, $439 million of cash purchases of certain reimbursable long-lead Power Innovation equipment, and Adjusted EBITDA reflects the sum of the last four quarters.

(3) Capital investments include increases to property, plant, and equipment (growth & maintenance), purchases of and contributions to equity-method investments and purchases of other long-term investments.

(4) First quarter 2026 capital investments reflects a $18 million change in certain reimbursable long-lead Power Innovation equipment. First quarter 2025 capital excludes $319 million for the Rimrock acquisition, which closed January 2025 and $153 million for the investment in Cogentrix, which closed March 2025.

GAAP Measures

First-quarter 2026 net income increased by $174 million compared to the prior year, benefiting from:

•$203 million of higher service revenues driven by Transco’s higher net rates and expansion projects, new Gulf volumes, higher storage revenues, and higher gathering volumes in the West including acquisitions,

•Higher gas marketing margins, and

•A gain of $182 million from the sale of the South Mansfield upstream interests.

These favorable changes were partially offset by:

•An unfavorable change of $193 million in net unrealized gains/losses on commodity derivatives,

•An increase in operating expenses,

•Higher net interest expense associated with changes in the debt portfolio, and

•A higher provision for income taxes driven by increased pre-tax income.

First-quarter 2026 cash flow from operations increased $170 million compared to the prior year primarily due to higher operating results exclusive of non-cash items and increased distributions from equity-method investees impacted by timing of receipt, partially offset by unfavorable net changes in derivative collateral requirements.

Non-GAAP Measures

First-quarter 2026 Adjusted EBITDA increased by $265 million over the prior year driven by the previously described increases in service revenues and gas marketing margins, partially offset by higher operating expenses.

First-quarter 2026 Adjusted Net Income improved by $165 million over the prior year driven by the previously described impacts to net income, adjusted primarily to remove the effects of net unrealized gains/losses on commodity derivatives and the gain from the sale of the South Mansfield upstream interests.

First-quarter 2026 Available Funds From Operations (AFFO) increased by $325 million compared to the prior year primarily due to higher adjusted operating results exclusive of noncash items and a favorable change in the current component of the income tax provision.

Business Segment Results & Form 10-Q

Williams' operations are comprised of the following reportable segments: Transmission, Power & Gulf; Northeast G&P; West and Gas & NGL Marketing Services, as well as Other. For more information, see the company's first-quarter 2026 Form 10-Q.

First Quarter

Amounts in millions Modified EBITDA Adjusted EBITDA

1Q 2026 1Q 2025 Change 1Q 2026 1Q 2025 Change

Transmission, Power & Gulf $1,010 $858 $152 $1,010 $862 $148

Northeast G&P 524 514 10 524 514 10

West 407 354 53 410 354 56

Gas & NGL Marketing Services 40 152 (112) 227 155 72

Other 232 75 157 83 104 (21)

Total $2,213 $1,953 $260 $2,254 $1,989 $265

Note: Williams uses Modified EBITDA for its segment reporting. Definitions of Modified EBITDA and Adjusted EBITDA and schedules reconciling to net income are included in this news release.

Transmission, Power & Gulf

First-quarter 2026 Modified and Adjusted EBITDA improved compared to the prior year driven by contributions from Transco’s higher net rates and expansion projects, new Gulf volumes associated with Shenandoah, Whale and Ballymore, and higher storage revenues driven by winter storms and higher rates.

Northeast G&P

First-quarter 2026 Modified and Adjusted EBITDA increased slightly compared to the prior year driven primarily by higher volumes at Ohio Valley Midstream and higher gathering volumes and rates at Bradford within Appalachia Midstream, partially offset by lower volumes from Susquehanna Supply Hub.

West

First-quarter 2026 Modified EBITDA and Adjusted EBITDA improved compared to the prior year driven by Louisiana Energy Gateway, placed into service in third-quarter 2025, as well as higher gathering volumes including contributions from the 2025 Rimrock and Saber acquisitions, partially offset by lower minimum volume commitment revenues.

Gas & NGL Marketing Services

First-quarter 2026 Modified EBITDA decreased from the prior year primarily reflecting $189 million of net unfavorable changes in unrealized gains/losses on commodity derivatives, which are excluded from Adjusted EBITDA. Both measures benefited from higher gas marketing margins driven by winter storms.

Other

First-quarter 2026 Modified EBITDA increased from the prior year primarily reflecting the gain from the January 2026 sale of the South Mansfield upstream interests, which is excluded from Adjusted EBITDA. Both measures were impacted by an unfavorable change in net realized results from upstream operations, including the impact of the divested South Mansfield interests.

2026 Financial Guidance

The company continues to expect 2026 Adjusted EBITDA between $8.05 billion and $8.35 billion. The company now expects 2026 growth capex between $7 billion and $7.6 billion and maintenance capex between $850 million and $950 million. Williams anticipates a leverage ratio midpoint for 2026 of ~4.1x and has increased the dividend by 5% on an annualized basis to $2.10 in 2026 from $2.00 in 2025. Guidance for 2026 growth capex and debt-to-adjusted EBITDA exclude certain reimbursable long-lead equipment.

Williams First-Quarter 2026 Materials to be Posted Shortly; Q&A Webcast Scheduled for Tomorrow

Williams' first-quarter 2026 earnings presentation will be posted at www.williams.com. The company's first-quarter 2026 earnings conference call and webcast with analysts and investors is scheduled for Tuesday, May 5, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). Participants who wish to join the call by phone must register using the following link: https://register-conf.media-server.com/register/BI217f7f4ff1cb4d4283f684a98030695c

A webcast link to the conference call will be provided on Williams’ Investor Relations website. A replay of the webcast will be available on the website for at least 90 days following the event.

About Williams

Williams (NYSE: WMB) is a trusted energy industry leader committed to safely, reliably and responsibly meeting growing energy demand. We use our infrastructure to deliver one third of the nation’s natural gas to where it's needed most, supplying the energy used to heat our homes, cook our food and generate low-carbon electricity. For over a century, we’ve been driven by a passion for doing things the right way. Today, our team of problem solvers is leading the charge into the clean energy future. Learn more at www.williams.com.

The Williams Companies, Inc.

Consolidated Statement of Income

(Unaudited)

Three Months Ended

March 31,

2026 2025

(Millions, except per-share amounts)

Revenues:

Service revenues $ 2,206 $ 2,003

Service revenues – commodity consideration 46 49

Product sales 1,137 1,058

Net gain (loss) from commodity derivatives (359) (62)

Total revenues

3,030 3,048

Costs and expenses:

Product costs 543 615

Net processing commodity expenses 15 28

Operating and maintenance expenses 565 542

Depreciation, depletion, and amortization expenses

584 585

General and administrative expenses

193 194

Gain on sale of certain assets (182) —

Other operating (income) expense – net

(9) (10)

Total costs and expenses

1,709 1,954

Operating income (loss) 1,321 1,094

Equity earnings (losses) 161 155

Other investing income (loss) – net 24 8

Interest expense (376) (349)

Other income (expense) – net 26 14

Income (loss) before income taxes 1,156 922

Less: Provision (benefit) for income taxes 244 193

Net income (loss) 912 729

Less: Net income (loss) attributable to noncontrolling interests

47 38

Net income (loss) attributable to The Williams Companies, Inc. 865 691

Less: Preferred stock dividends 1 1

Net income (loss) available to common stockholders $ 864 $ 690

Basic earnings (loss) per common share:

Net income (loss) available to common stockholders

$ .71 $ .57

Weighted-average shares (millions)

1,223 1,221

Diluted earnings (loss) per common share:

Net income (loss) available to common stockholders

$ .70 $ .56

Weighted-average shares (millions)

1,226 1,225

The Williams Companies, Inc.

Consolidated Balance Sheet

(Unaudited)

March 31, December 31,

2026 2025

(Millions, except per-share amounts)

ASSETS

Current assets:

Cash and cash equivalents $ 950 $ 63

Trade accounts and other receivables (net of allowance of ($1) at March 31, 2026 and December 31, 2025)

1,676 2,084

Inventories 262 314

Assets held for sale — 318

Derivative assets 172 209

Other current assets and deferred charges 260 256

Total current assets 3,320 3,244

Investments 4,520 4,559

Property, plant, and equipment 63,613 62,010

Accumulated depreciation, depletion, and amortization (20,479) (20,014)

Property, plant, and equipment – net 43,134 41,996

Intangible assets – net

6,670 6,763

Regulatory assets, deferred charges, and other 1,925 2,011

Total assets $ 59,569 $ 58,573

LIABILITIES AND EQUITY

Current liabilities:

Accounts payable $ 2,271 $ 2,224

Liabilities held for sale — 63

Derivative liabilities 174 135

Other current liabilities 1,313 1,639

Commercial paper — 700

Long-term debt due within one year 248 1,345

Total current liabilities 4,006 6,106

Long-term debt 30,054 27,316

Deferred income tax liabilities 5,405 5,170

Regulatory liabilities, deferred income, and other 4,942 4,986

Contingent liabilities and commitments

Equity:

Stockholders’ equity:

Preferred stock ($1 par value; 30 million shares authorized at March 31, 2026 and December 31, 2025; 35 thousand shares issued at March 31, 2026 and December 31, 2025)

35 35

Common stock ($1 par value; 1,470 million shares authorized at March 31, 2026 and December 31, 2025; 1,262 million shares issued at March 31, 2026 and 1,261 million shares issued at December 31, 2025)

1,262 1,261

Capital in excess of par value 24,767 24,801

Retained deficit (12,017) (12,237)

Accumulated other comprehensive income (loss) 125 127

Treasury stock, at cost (39 million shares at March 31, 2026 and December 31, 2025 of common stock)

(1,180) (1,180)

Total stockholders’ equity 12,992 12,807

Noncontrolling interests in consolidated subsidiaries 2,170 2,188

Total equity 15,162 14,995

Total liabilities and equity $ 59,569 $ 58,573

The Williams Companies, Inc.

Consolidated Statement of Cash Flows

(Unaudited)

Three Months Ended

March 31,

2026 2025

(Millions)

OPERATING ACTIVITIES:

Net income (loss) $ 912 $ 729

Adjustments to reconcile to net cash provided (used) by operating activities:

Depreciation, depletion, and amortization 584 585

Provision (benefit) for deferred income taxes 235 107

Equity (earnings) losses (161) (155)

Distributions from equity-method investees 223 158

Gain on sale of certain assets (182) —

Net unrealized (gain) loss from commodity derivative instruments 225 32

Inventory write-downs 2 1

Amortization of stock-based awards 22 30

Cash provided (used) by changes in current assets and liabilities:

Accounts receivable 425 82

Inventories 50 28

Other current assets and deferred charges (9) (40)

Accounts payable (194) (29)

Other current liabilities (317) (70)

Changes in current and noncurrent commodity derivative assets and liabilities (138) 4

Other, including changes in noncurrent assets and liabilities (74) (29)

Net cash provided (used) by operating activities 1,603 1,433

FINANCING ACTIVITIES:

Proceeds from (payments of) commercial paper – net (699) (132)

Proceeds from long-term debt 2,768 1,497

Payments of long-term debt (1,109) (853)

Payments for debt issuance costs (24) (12)

Proceeds from issuance of common stock 8 5

Common dividends paid (642) (610)

Dividends and distributions paid to noncontrolling interests (67) (69)

Contributions from noncontrolling interests — 5

Other – net (67) (54)

Net cash provided (used) by financing activities 168 (223)

INVESTING ACTIVITIES:

Property, plant, and equipment:

Capital expenditures (1) (1,359) (1,012)

Dispositions – net 369 —

Proceeds from sale of business 48 —

Purchases of and contributions to equity-method investments (29) (163)

Other – net 87 5

Net cash provided (used) by investing activities (884) (1,170)

Increase (decrease) in cash and cash equivalents 887 40

Cash and cash equivalents at beginning of year 63 60

Cash and cash equivalents at end of period $ 950 $ 100

_________

(1) Increases to property, plant, and equipment $ (1,593) $ (978)

Changes in related accounts payable and accrued liabilities 234 (34)

Capital expenditures $ (1,359) $ (1,012)

Transmission, Power & Gulf

(UNAUDITED)

2025 2026

(Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr

Regulated interstate natural gas transportation, storage, and other revenues (1)

$ 873 $ 892 $ 930 $ 953 $ 3,648 $ 942

Gathering, processing, storage and transportation revenues (1)

179 218 237 258 892 240

Other fee revenues 13 11 6 9 39 33

Commodity margins 14 17 16 21 68 18

Operating and administrative costs (1)

(270) (286) (290) (296) (1,142) (282)

Other segment income (expenses) - net (1)

13 2 37 16 68 22

Proportional Modified EBITDA of equity-method investments

36 37 37 37 147 37

Modified EBITDA 858 891 973 998 3,720 1,010

Adjustments 4 12 (26) — (10) —

Adjusted EBITDA $ 862 $ 903 $ 947 $ 998 $ 3,710 $ 1,010

Statistics for Operated Assets

Natural Gas Transmission (2)

Transcontinental Gas Pipe Line

Avg. daily transportation volumes (MMdth) 15.9 14.0 14.9 15.0 15.0 16.0

Avg. daily firm reserved capacity (MMdth) 20.8 20.6 20.6 21.0 20.8 21.0

Northwest Pipeline LLC

Avg. daily transportation volumes (MMdth) 3.0 2.4 2.4 2.6 2.6 2.7

Avg. daily firm reserved capacity (MMdth) 3.7 3.7 3.7 3.7 3.7 3.7

MountainWest (3)

Avg. daily transportation volumes (MMdth) 3.7 3.1 3.3 3.5 3.4 3.2

Avg. daily firm reserved capacity (MMdth) 8.4 8.0 8.0 8.3 8.2 8.3

Gulfstream - Non-consolidated (4)

Avg. daily transportation volumes (MMdth) 1.0 1.3 1.4 1.1 1.2 1.0

Avg. daily firm reserved capacity (MMdth) 1.4 1.4 1.4 1.4 1.4 1.4

Gathering, Processing, and Crude Oil Transportation

Gathering volumes (Bcf/d) 0.58 0.68 0.75 0.86 0.72 0.76

Plant inlet natural gas volumes (Bcf/d) 0.78 0.89 0.97 1.05 0.93 0.96

NGL production (Mbbls/d) 61 76 87 101 81 91

NGL equity sales (Mbbls/d) 10 15 12 16 13 12

Crude oil transportation volumes (Mbbls/d) 124 196 238 274 208 242

(1) Excludes certain amounts associated with revenues and operating costs for tracked or reimbursable charges.

(2) Tbtu converted to MMdth at one trillion British thermal units = one million dekatherms.

(3) Includes 100% of the volumes associated with the operated equity-method investment White River Hub, LLC.

(4) Includes 100% of the volumes associated with the equity-method investment Gulfstream Natural Gas System, L.L.C.

Northeast G&P

(UNAUDITED)

2025 2026

(Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr

Gathering, processing, transportation, and fractionation revenues (1)

$ 420 $ 419 $ 421 $ 418 $ 1,678 $ 418

Other fee revenues 35 37 36 37 145 36

Commodity margins 6 6 6 6 24 —

Operating and administrative costs (1)

(106) (113) (114) (116) (449) (103)

Other segment income (expenses) - net — (2) (5) (3) (10) 5

Proportional Modified EBITDA of equity-method investments 159 154 161 166 640 168

Modified EBITDA 514 501 505 508 2,028 524

Adjustments — — — — — —

Adjusted EBITDA $ 514 $ 501 $ 505 $ 508 $ 2,028 $ 524

Statistics for Operated Assets

Gathering and Processing

Consolidated (2)

Gathering volumes (Bcf/d) 4.39 4.15 4.10 4.02 4.16 4.01

Plant inlet natural gas volumes (Bcf/d) 1.86 1.89 1.90 1.90 1.89 1.95

NGL production (Mbbls/d) 137 138 150 147 143 152

NGL equity sales (Mbbls/d) 1 1 2 1 1 —

Non-consolidated (3)

Gathering volumes (Bcf/d) 6.47 6.72 6.72 7.01 6.73 6.79

Plant inlet natural gas volumes (Bcf/d) 0.94 1.13 1.16 1.16 1.10 1.11

NGL production (Mbbls/d) 68 71 81 80 75 76

NGL equity sales (Mbbls/d) 5 4 2 1 3 2

(1) Excludes certain amounts associated with revenues and operating costs for reimbursable charges.

(2) Includes volumes associated with Susquehanna Supply Hub, the Northeast JV, and Utica Supply Hub.

(3) Includes 100% of the volumes associated with operated equity-method investments, including the Laurel Mountain Midstream partnership, Blue Racer Midstream, and the Bradford Supply Hub and the Marcellus South Supply Hub within Appalachia Midstream Investments.

West

(UNAUDITED)

2025 2026

(Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr

Net gathering, processing, transportation, storage, and fractionation revenues (1)

$ 415 $ 426 $ 449 $ 474 $ 1,764 $ 478

Other fee revenues 8 5 6 8 27 7

Commodity margins 34 29 29 26 118 31

Operating and administrative costs (1)

(152) (150) (150) (153) (605) (149)

Other segment income (expenses) - net 11 (1) (3) (3) 4 7

Impairment or write-off of certain assets — — (25) (187) (212) (3)

Proportional Modified EBITDA of equity-method investments

38 32 36 36 142 36

Modified EBITDA 354 341 342 201 1,238 407

Adjustments — — 25 187 212 3

Adjusted EBITDA $ 354 $ 341 $ 367 $ 388 $ 1,450 $ 410

Statistics for Operated Assets

Gathering and Processing

Gathering volumes (Bcf/d) 5.69 5.94 6.14 6.56 6.09 6.37

Plant inlet natural gas volumes (Bcf/d) 1.52 1.69 1.72 1.78 1.68 1.76

NGL production (Mbbls/d) 83 102 103 105 99 103

NGL equity sales (Mbbls/d) 6 8 7 7 7 7

NGL and Crude Oil Transportation volumes (Mbbls/d) (2)

310 292 294 281 294 269

(1) Excludes certain amounts associated with revenues and operating costs for reimbursable charges.

(2) Includes 100% of the volumes associated with Overland Pass Pipeline Company (an operated equity-method investment), Rocky Mountain Midstream, and Bluestem pipelines.

Gas & NGL Marketing Services

(UNAUDITED)

2025 2026

(Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr

Commodity margins $ 191 $ (16) $ 6 $ 45 $ 226 $ 248

Net unrealized gain (loss) from derivative instruments (3) (4) 46 101 140 (192)

Operating and administrative costs (39) (19) (14) (21) (93) (34)

Other segment income (expenses) - net — 1 — 1 2 —

Proportional Modified EBITDA of equity-method investments 3 8 16 9 36 18

Modified EBITDA 152 (30) 54 135 311 40

Adjustments 3 15 (43) (93) (118) 187

Adjusted EBITDA $ 155 $ (15) $ 11 $ 42 $ 193 $ 227

Statistics

Product Sales Volumes

Natural Gas (Bcf/d) 7.27 6.17 6.52 6.34 6.57 6.73

NGLs (Mbbls/d) 182 170 174 215 185 205

Other

(UNAUDITED)

2025 2026

(Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr

Service revenues $ 4 $ 4 $ 4 $ 4 $ 16 $ 4

Net realized product sales 153 146 151 166 616 138

Net unrealized gain (loss) from derivative instruments (29) 40 5 (6) 10 (33)

Operating and administrative costs (54) (76) (71) (82) (283) (63)

Other segment income (expenses) - net 1 4 4 8 17 4

Gain on sale of certain assets — — — — — 182

Modified EBITDA 75 118 93 90 376 232

Adjustments 29 (40) (3) 7 (7) (149)

Adjusted EBITDA $ 104 $ 78 $ 90 $ 97 $ 369 $ 83

Statistics

Net Product Sales Volumes

Natural Gas (Bcf/d) 0.27 0.29 0.30 0.31 0.29 0.22

NGLs (Mbbls/d) 10 12 11 13 11 12

Crude Oil (Mbbls/d) 7 8 7 7 7 8

Capital Expenditures and Investments

(UNAUDITED)

2025 2026

(Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr

Capital expenditures:

Transmission, Power & Gulf $ 369 $ 590 $ 660 $ 1,639 $ 3,258 $ 1,174

Northeast G&P 62 39 57 53 211 27

West 549 274 172 119 1,114 82

Gas & NGL Marketing Services — 1 — — 1 —

Other 32 68 65 144 309 76

Total (1)

$ 1,012 $ 972 $ 954 $ 1,955 $ 4,893 $ 1,359

Purchases of and contributions to equity-method investments:

Transmission, Power & Gulf $ — $ — $ — $ 313 $ 313 $ 18

Northeast G&P 10 10 12 6 38 11

West — — 1 — 1 —

Gas & NGL Marketing Services 153 — — — 153 —

Other — 6 — — 6 —

Total $ 163 $ 16 $ 13 $ 319 $ 511 $ 29

Summary:

Transmission, Power & Gulf $ 369 $ 590 $ 660 $ 1,952 $ 3,571 $ 1,192

Northeast G&P 72 49 69 59 249 38

West 549 274 173 119 1,115 82

Gas & NGL Marketing Services 153 1 — — 154 —

Other 32 74 65 144 315 76

Total $ 1,175 $ 988 $ 967 $ 2,274 $ 5,404 $ 1,388

Capital investments:

Increases to property, plant, and equipment $ 978 $ 1,063 $ 1,038 $ 2,296 $ 5,375 $ 1,593

Purchases of businesses, net of cash acquired 1 — — — 1 —

Purchases of and contributions to equity-method investments 163 16 13 319 511 29

Purchases of other long-term investments 1 3 2 1 7 2

Total $ 1,143 $ 1,082 $ 1,053 $ 2,616 $ 5,894 $ 1,624

(1) Increases to property, plant, and equipment

$ 978 $ 1,063 $ 1,038 $ 2,296 $ 5,375 $ 1,593

Changes in related accounts payable and accrued liabilities 34 (91) (84) (341) (482) (234)

Capital expenditures $ 1,012 $ 972 $ 954 $ 1,955 $ 4,893 $ 1,359

Contributions from noncontrolling interests $ 5 $ 14 $ 3 $ 14 $ 36 $ —

Contributions in aid of construction $ 10 $ 16 $ 11 $ 14 $ 51 $ 16

Proceeds from sale of certain assets $ — $ — $ — $ — $ — $ 390

Proceeds from sale of business $ — $ — $ — $ — $ — $ 48

Non-GAAP Measures

This news release and accompanying materials may include certain financial measures – adjusted EBITDA, adjusted income (“earnings”), adjusted earnings per share, available funds from operations and dividend coverage ratio – that are non-GAAP financial measures as defined under the rules of the SEC.

Our segment performance measure, modified EBITDA, is defined as net income (loss) before income (loss) from discontinued operations, income tax expense, net interest expense, equity earnings from equity-method investments, other net investing income, impairments of equity investments and goodwill, depreciation and amortization expense, and accretion expense associated with asset retirement obligations for nonregulated operations. We also add our proportional ownership share (based on ownership interest) of modified EBITDA of equity-method investments, including our indirect share from interests owned by equity-method investees.

Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from net income to determine adjusted income and adjusted earnings per share. Management believes this measure provides investors meaningful insight into results from ongoing operations.

Available funds from operations (AFFO) is defined as cash flow from operations excluding the effect of changes in working capital and certain other changes in noncurrent assets and liabilities, reduced by preferred dividends and net distributions to noncontrolling interests. AFFO may be adjusted to exclude certain items that we characterize as unrepresentative of our ongoing operations.

This news release is accompanied by a reconciliation of these non-GAAP financial measures to their nearest GAAP financial measures. Management uses these financial measures because they are accepted financial indicators used by investors to compare company performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of assets and the cash that the business is generating.

Neither adjusted EBITDA, adjusted income, nor available funds from operations are intended to represent cash flows for the period, nor are they presented as an alternative to net income or cash flow from operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles.

Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income

(UNAUDITED)

2025 2026

(Dollars in millions, except per-share amounts) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr

Income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders $ 690 $ 546 $ 646 $ 733 $ 2,615 $ 864

Income (loss) from continuing operations - diluted earnings (loss) per common share (1)

$ .56 $ .45 $ .53 $ .60 $ 2.14 $ .70

Adjustments:

Transmission, Power & Gulf

Transco rate case timing* $ 4 $ 11 $ (15) $ — $ — $ —

Acquisition and transition-related costs* — 1 — — 1 —

Net gain related to certain asset retirements* — — (11) — (11) —

Total Transmission, Power & Gulf adjustments 4 12 (26) — (10) —

West

Impairment or write-off of certain assets — — 25 187 212 3

Total West adjustments — — 25 187 212 3

Gas & NGL Marketing Services

Impact of volatility on NGL linefill transactions*

— 11 3 8 22 (5)

Net unrealized (gain) loss from derivative instruments

3 4 (46) (101) (140) 192

Total Gas & NGL Marketing Services adjustments 3 15 (43) (93) (118) 187

Other

Acquisition and transition-related costs* — — 2 1 3 —

Net unrealized (gain) loss from derivative instruments

29 (40) (5) 6 (10) 33

Gain on sale of certain upstream assets — — — — — (182)

Total Other adjustments 29 (40) (3) 7 (7) (149)

Adjustments included in Modified EBITDA 36 (13) (47) 101 77 41

Adjustments below Modified EBITDA

Transco rate case timing 11 35 (46) — — —

Our share of fair value change from Cogentrix investment — — — (153) (153) (2)

Amortization of intangible assets from 2021 Sequent acquisition 5 4 5 4 18 3

16 39 (41) (149) (135) 1

Total adjustments 52 26 (88) (48) (58) 42

Less tax effect for above items (12) (6) 20 12 14 (11)

Adjustments for tax-related items (2)

— — 25 (25) — —

Adjusted income from continuing operations available to common stockholders $ 730 $ 566 $ 603 $ 672 $ 2,571 $ 895

Adjusted income from continuing operations - diluted earnings per common share (1)

$ .60 $ .46 $ .49 $ .55 $ 2.10 $ .73

Weighted-average shares - diluted (millions) 1,225 1,224 1,225 1,226 1,225 1,226

(1) The sum of earnings per share for the quarters may not equal the total earnings per share for the year due to changes in the weighted-average number of common shares outstanding.

(2) The third quarter of 2025 includes an adjustment associated with an increase in our estimated deferred state income tax rate. The fourth quarter of 2025 includes an adjustment associated with a decrease in our estimated deferred state income tax rate.

*Amounts are included in Additional adjustments on the Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO).

Reconciliation of "Net Income (Loss)" to “Modified EBITDA” and Non-GAAP “Adjusted EBITDA”

(UNAUDITED)

2025 2026

(Dollars in millions) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr

Net income (loss) $ 729 $ 583 $ 683 $ 773 $ 2,768 $ 912

Provision (benefit) for income taxes 193 174 246 244 857 244

Interest expense 349 350 372 371 1,442 376

Equity (earnings) losses (155) (142) (152) (311) (760) (161)

Other investing (income) loss - net (8) (4) (19) (11) (42) (24)

Proportional Modified EBITDA of equity-method investments

236 231 250 248 965 259

Depreciation, depletion, and amortization expenses 585 605 564 593 2,347 584

Accretion expense associated with asset retirement obligations for nonregulated operations

24 24 23 25 96 23

Modified EBITDA $ 1,953 $ 1,821 $ 1,967 $ 1,932 $ 7,673 $ 2,213

Transmission, Power & Gulf $ 858 $ 891 $ 973 $ 998 $ 3,720 $ 1,010

Northeast G&P 514 501 505 508 2,028 524

West 354 341 342 201 1,238 407

Gas & NGL Marketing Services 152 (30) 54 135 311 40

Other 75 118 93 90 376 232

Total Modified EBITDA $ 1,953 $ 1,821 $ 1,967 $ 1,932 $ 7,673 $ 2,213

Adjustments (1):

Transmission, Power & Gulf $ 4 $ 12 $ (26) $ — $ (10) $ —

West — — 25 187 212 3

Gas & NGL Marketing Services 3 15 (43) (93) (118) 187

Other 29 (40) (3) 7 (7) (149)

Total Adjustments $ 36 $ (13) $ (47) $ 101 $ 77 $ 41

Adjusted EBITDA:

Transmission, Power & Gulf $ 862 $ 903 $ 947 $ 998 $ 3,710 $ 1,010

Northeast G&P 514 501 505 508 2,028 524

West 354 341 367 388 1,450 410

Gas & NGL Marketing Services 155 (15) 11 42 193 227

Other 104 78 90 97 369 83

Total Adjusted EBITDA $ 1,989 $ 1,808 $ 1,920 $ 2,033 $ 7,750 $ 2,254

(1) Adjustments by segment are detailed in the "Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income," which is also included in these materials.

Reconciliation of Cash Flow from Operating Activities to Non-GAAP Available Funds from Operations (AFFO)

(UNAUDITED)

2025 2026

(Dollars in millions, except coverage ratios) 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Year 1st Qtr

Net cash provided (used) by operating activities $ 1,433 $ 1,450 $ 1,439 $ 1,576 $ 5,898 $ 1,603

Exclude: Cash (provided) used by changes in:

Accounts receivable (82) (219) (83) 603 219 (425)

Inventories, including write-downs (29) 86 4 (24) 37 (52)

Other current assets and deferred charges 40 (4) 7 28 71 9

Accounts payable 29 236 94 (474) (115) 194

Other current liabilities 70 (220) 55 (75) (170) 317

Changes in current and noncurrent commodity derivative assets and liabilities (4) (15) (58) (22) (99) 138

Other, including changes in noncurrent assets and liabilities 29 48 76 60 213 74

Preferred dividends paid (1) — (1) (1) (3) (1)

Dividends and distributions paid to noncontrolling interests (69) (62) (66) (62) (259) (67)

Contributions from noncontrolling interests 5 14 3 14 36 —

Additional Adjustments * 24 3 (21) 24 30 (20)

Available funds from operations $ 1,445 $ 1,317 $ 1,449 $ 1,647 $ 5,858 $ 1,770

Common dividends paid $ 610 $ 611 $ 611 $ 610 $ 2,442 $ 642

Coverage ratio:

Available funds from operations divided by Common dividends paid 2.37 2.16 2.37 2.70 2.40 2.76

*See detail on Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income. The first quarter of 2025 also includes $20 million related to an expected distribution from an equity-method investee not received until early April. This amount is excluded from the second quarter of 2025. The fourth quarter of 2025 also includes $15 million related to an expected distribution from an equity‑method investee not received until early January 2026, and this amount is excluded from the first quarter of 2026.

Reconciliation of Net Income (Loss) from Continuing Operations to Modified EBITDA, Non-GAAP Adjusted EBITDA and Cash Flow from Operating Activities to Available Funds from Operations (AFFO)

2026 Guidance

(Dollars in millions, except per-share amounts and coverage ratio) Low Mid High

Net income (loss) from continuing operations $ 3,010 $ 3,125 $ 3,240

Provision (benefit) for income taxes 905 940 975

Interest expense 1,485

Equity (earnings) losses (600)

Proportional Modified EBITDA of equity-method investments

970

Depreciation, depletion, and amortization expenses and accretion for asset retirement obligations associated with nonregulated operations 2,470

Other (5)

Modified EBITDA $ 8,235 $ 8,385 $ 8,535

EBITDA Adjustments (185)

Adjusted EBITDA $ 8,050 $ 8,200 $ 8,350

Net income (loss) from continuing operations $ 3,010 $ 3,125 $ 3,240

Less: Net income (loss) attributable to noncontrolling interests and preferred dividends 180

Net income (loss) from continuing operations attributable to The Williams Companies, Inc. available to common stockholders $ 2,830 $ 2,945 $ 3,060

Adjustments:

Adjustments included in Modified EBITDA(1)

(185)

Adjustments below Modified EBITDA (1)

Allocation of adjustments to noncontrolling interests —

Total adjustments (174)

Less tax effect for above items 44

Adjusted income from continuing operations available to common stockholders $ 2,700 $ 2,815 $ 2,930

Adjusted income from continuing operations - diluted earnings per common share $ 2.20 $ 2.29 $ 2.38

Weighted-average shares - diluted (millions) 1,229

Available Funds from Operations (AFFO):

Net cash provided by operating activities (net of changes in working capital, changes in current and noncurrent derivative assets and liabilities, and changes in other, including changes in noncurrent assets and liabilities) $ 6,315 $ 6,430 $ 6,545

Preferred dividends paid (3)

Dividends and distributions paid to noncontrolling interests (260)

Contributions from noncontrolling interests 48

Additional adjustments(1)

(15)

Available funds from operations (AFFO) $ 6,085 $ 6,200 $ 6,315

AFFO per common share $ 4.95 $ 5.05 $ 5.14

Common dividends paid $ 2,575

Coverage Ratio (AFFO/Common dividends paid) 2.36x 2.41x 2.45x

(1) Includes items of income or loss that we characterize as unrepresentative of our ongoing operations.

Forward-Looking Statements

The reports, filings, and other public announcements of The Williams Companies, Inc. (Williams) may contain or incorporate by reference statements that do not directly or exclusively relate to historical facts. Such statements are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). These forward-looking statements relate to anticipated financial performance, management’s plans and objectives for future operations, business prospects, outcomes of regulatory proceedings, market conditions, and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995.

All statements, other than statements of historical facts, included in this report that address activities, events, or developments that we expect, believe, or anticipate will exist or may occur in the future, are forward-looking statements. Forward-looking statements can be identified by various forms of words such as “anticipates,” “believes,” “seeks,” “could,” “may,” “should,” “continues,” “estimates,” “expects,” “forecasts,” “intends,” “might,” “goals,” “objectives,” “targets,” “planned,” “potential,” “projects,” “scheduled,” “will,” “assumes,” “guidance,” “outlook,” “in-service date,” or other similar expressions. These forward-looking statements are based on management’s beliefs and assumptions and on information currently available to management and include, among others, statements regarding:

•Levels of dividends to Williams' stockholders;

•Future credit ratings of Williams and its affiliates;

•Amounts and nature of future capital expenditures;

•Expansion and growth of business and operations;

•Expected in-service dates for capital projects;

•Financial condition and liquidity;

•Business strategy;

•Cash flow from operations or results of operations;

•Rate case filings;

•Seasonality of certain business components;

•Natural gas, natural gas liquids, and crude oil prices, supply, and demand;

•Demand for services.

Forward-looking statements are based on numerous assumptions, uncertainties, and risks that could cause future events or results to be materially different from those stated or implied in this report. Many of the factors that will determine these results are beyond our ability to control or predict. Specific factors that could cause actual results to differ from results contemplated by the forward-looking statements include, among others, the following:

•Availability of supplies, market demand, and volatility of prices;

•Development and rate of adoption of alternative energy sources;

•The impact of existing and future laws and regulations, the regulatory environment, environmental matters, and litigation, as well as our ability and the ability of other energy companies with whom we conduct or seek to conduct business, to obtain necessary permits and approvals, and our ability to achieve favorable rate proceeding outcomes;

•Exposure to the credit risk of customers and counterparties;

•Our ability to acquire new businesses and assets and successfully integrate those operations and assets into existing businesses as well as successfully expand our facilities, and consummate asset sales on acceptable terms;

•The ability to successfully identify, evaluate, and timely execute our capital projects and investment opportunities;

•The strength and financial resources of our competitors and the effects of competition;

•The amount of cash distributions from and capital requirements of our investments and joint ventures in which we participate;

•The ability to effectively execute our financing plan;

•Increasing scrutiny and changing expectations from stakeholders with respect to environmental, social, and governance practices;

•The physical and financial risks associated with climate change;

•The impacts of operational and developmental hazards and unforeseen interruptions;

•The risks resulting from outbreaks or other public health crises;

•Risks associated with weather and natural phenomena, including climate conditions and physical damage to our facilities;

•Acts of terrorism, cybersecurity incidents, and related disruptions;

•Costs and funding obligations for defined benefit pension plans and other postretirement benefit plans;

•Changes in maintenance and construction costs, as well as our ability to obtain sufficient construction-related inputs, including skilled labor;

•Inflation, interest rates, tariffs on foreign-made materials and goods (including steel and steel pipes) necessary to our business, and general economic conditions (including future disruptions and volatility in the global credit markets and the impact of these events on customers and suppliers);

•Risks related to financing, including restrictions stemming from debt agreements, future changes in credit ratings as determined by nationally recognized credit rating agencies, and the availability and cost of capital;

•The ability of the members of the Organization of Petroleum Exporting Countries and other oil exporting nations to agree to and maintain oil price and production controls and the impact on domestic production;

•Changes in the current geopolitical situation;

•Changes in U.S. governmental administration and policies;

•Whether we are able to pay current and expected levels of dividends;

•Additional risks described in our filings with the Securities and Exchange Commission (SEC).

Given the uncertainties and risk factors that could cause our actual results to differ materially from those contained in any forward-looking statement, we caution investors not to unduly rely on our forward-looking

statements. We disclaim any obligations to, and do not intend to, update the above list or announce publicly the result of any revisions to any of the forward-looking statements to reflect future events or developments.

In addition to causing our actual results to differ, the factors listed above and referred to below may cause our intentions to change from those statements of intention set forth in this report. Such changes in our intentions may also cause our results to differ. We may change our intentions, at any time and without notice, based upon changes in such factors, our assumptions, or otherwise.

Because forward-looking statements involve risks and uncertainties, we caution that there are important factors, in addition to those listed above, that may cause actual results to differ materially from those contained in the forward-looking statements. For a detailed discussion of those factors, see (a) Part I, Item IA. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025, as filed with the SEC on February 24, 2026, and (b) Part II, Item 1A. Risk Factors in subsequent Quarterly Reports on Form 10-Q.

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dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration