Income StatementBalance SheetCash FlowSegments
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Williams Companies Business Segments

Business, geographic, and product segment breakdowns

Williams Companies generates $11.5B in annual revenue across 3 key segments: Gas & NGL Marketing Services ($5.8B), Northeast G & P ($530.0M), and West ($2.8B). The company-wide operating margin is 34.28%. Based on the Q3 2025 filing.

Gas & NGL Marketing Services (TTM)$5.8BNortheast G & P$530.0MWest (TTM)$2.8B
Latest FilingQ3 2025
Report Date2025-11-03
Market Cap$96.0B
P/E Ratio40.49
ROE19.0%

Products & Services

Receivables, Net, Current

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Derivative Receivables$155.0M$294.0M$347.0M$209.0M$186.0M—
Marketing Of Natural Gas And NGLs—$516.0M————
Oil and Gas, Exploration and Production—$45.0M————

Revenue

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Non Regulated Service Commodity Consideration$34.0M$52.0M$49.0M$47.0M$45.0M—

Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Natural Gas Purchased For Shrink$7.0M$14.0M$28.0M$4.0M$14.0M—
Oil And Gas Purchased$517.0M$608.0M$615.0M$474.0M$471.0M—

Revenue from Contract with Customer, Excluding Assessed Tax

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Non Regulated Service Monetary Consideration$999.0M$1.0B$1.0B$1.1B$1.1B—
Other Service$31.0M$36.0M$43.0M$38.0M$36.0M—
Regulated Service$859.0M$875.0M$900.0M$906.0M$952.0M—

Business Segments

Equity-method investments

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Gas & NGL Marketing Services—$0.0$153.0M$153.0M$153.0M—
Northeast G & P—$3.3B——$3.3B—
Other Operating Segment—$13.0M————
Reportable Segment, Aggregation before Other Operating Segment—$4.1B$4.3B$4.2B$4.1B—
Transmission, Power & Gulf—$272.0M——$262.0M—
West—$476.0M$463.0M$458.0M$460.0M—

Modified EBITDA

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Gas & NGL Marketing Services$11.0M-$110.0M$152.0M-$30.0M$54.0M—
Northeast G & P$476.0M———$505.0M—
Other Operating Segment$58.0M$7.0M$75.0M$118.0M$93.0M—
Reportable Segment, Aggregation before Other Operating Segment$1.6B$1.6B$1.9B$1.7B$1.9B—
Transmission, Power & Gulf$811.0M$42.0M——$973.0M—
West$323.0M$344.0M$354.0M$341.0M$342.0M—

Operating And Administrative Expenses

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Gas & NGL Marketing Services$22.0M$23.0M$39.0M$19.0M$14.0M—
Northeast G & P$120.0M———$114.0M—
Transmission, Power & Gulf$294.0M———$290.0M—
West$157.0M$147.0M$152.0M$150.0M$150.0M—

Other Commitment

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Gas & NGL Marketing Services—$954.0M————

Other Segment Income (Expenses) - Net

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Gas & NGL Marketing Services$0.0$0.0$0.0$1.0M$0.0—
Northeast G & P-$1.0M———-$5.0M—
Transmission, Power & Gulf$46.0M———$37.0M—
West$5.0M-$8.0M$11.0M-$1.0M-$28.0M—

Payments to Acquire Productive Assets

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Gas & NGL Marketing Services$1.0M$1.0M$0.0$1.0M$0.0—
Northeast G & P$56.0M———$53.0M—
Other Operating Segment$114.5M$114.5M————
Reportable Segment, Aggregation before Other Operating Segment$944.0M$925.0M$918.0M$1.0B$974.0M—
Transmission, Power & Gulf$761.0M———$754.0M—
West$126.0M$241.0M$557.0M$238.0M$167.0M—

Product Costs And Net Realized Processing Commodity Expenses

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Gas & NGL Marketing Services$450.0M$530.0M$513.0M$421.0M$398.0M—
Northeast G & P$19.0M———$25.0M—
Transmission, Power & Gulf$87.0M———$139.0M—
West$210.0M$208.0M$254.0M$201.0M$211.0M—

Proportional Modified EBITDA Equity Method Investments

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Gas & NGL Marketing Services$0.0$0.0-$3.0M-$8.0M-$16.0M—
Northeast G & P-$149.0M———-$161.0M—
Transmission, Power & Gulf-$41.0M———-$37.0M—
West-$35.0M-$36.0M-$38.0M-$32.0M-$36.0M—

Recovery of Direct Costs

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Gas & NGL Marketing Services$0.0$0.0$0.0$0.0$0.0—
Northeast G & P-$35.0M———-$42.0M—
Transmission, Power & Gulf-$65.0M———-$64.0M—
West-$13.0M-$13.0M-$14.0M-$15.0M-$17.0M—

Revenue from Contract with Customer, Excluding Assessed Tax

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Gas & NGL Marketing Services$1.0B$1.3B$2.1B$1.2B$1.2B—
Northeast G & P$502.0M———$530.0M—
West$663.0M$684.0M$726.0M$676.0M$712.0M—

Revenue Not from Contract with Customer, Other

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Gas & NGL Marketing Services$515.0M$551.0M$1.1B$596.0M$658.0M—
Northeast G & P$11.0M———$11.0M—
Other Operating Segment$8.0M$2.0M-$27.0M$53.0M$24.0M—
Transmission, Power & Gulf$8.0M———$8.0M—
West$0.0$1.0M-$1.0M$1.0M$3.0M—

Revenues Adjustments For Certain Risk Management Activities Costs

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Gas & NGL Marketing Services$1.0B$1.4B$2.4B$1.4B$1.5B—
Northeast G & P$0.0———$0.0—
Other Operating Segment$0.0$0.0$0.0$0.0$0.0—
Transmission, Power & Gulf$0.0———$0.0—
West$0.0$0.0$0.0$0.0$0.0—

Total Assets

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Gas & NGL Marketing Services—$46.0M$193.0M$188.0M$183.0M—
Northeast G & P—$12.9B——$12.6B—
Other Operating Segment—$1.8B————
Reportable Segment, Aggregation before Other Operating Segment—$48.3B$48.9B$49.4B$49.9B—
Transmission, Power & Gulf—$23.1B——$24.3B—
West—$12.1B$12.5B$12.8B$12.7B—

Unrealized

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Gas & NGL Marketing Services$1.0M-$3.0M-$10.0M$12.0M$2.0M—
Northeast G & P$0.0———$0.0—
Transmission, Power & Gulf$0.0———$0.0—
West$0.0$0.0$0.0$0.0$0.0—

Equity Method Investment, Ownership Percentage

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Northeast G & P————50.0%—
Transmission, Power & Gulf—60.0%——50.0%—
West50.0%50.0%50.0%50.0%50.0%—

Business Combination Acquisition Related Costs Cumulative

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Other Operating Segment——$1.0M———
Transmission, Power & Gulf$250.0K$250.0K————

Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Liabilities

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Other Operating Segment———-$56.0M——

Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Property, Plant, and Equipment

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Other Operating Segment———-$56.0M——

Disposal Group, Consideration

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Other Operating Segment—————$398.0M

Revenue

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Other Operating Segment$103.0M$20.0M$155.0M$190.0M$160.0M—
Reportable Segment, Aggregation before Other Operating Segment$2.8B$2.9B$3.3B$2.9B$3.1B—
Transmission, Power & Gulf$1.2B$144.0M——$1.4B—

Goodwill

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Transmission And Gulf Of America—$400.0M————

Subsidiary of Limited Liability Company or Limited Partnership, Ownership Interest

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
West——$0.5———

Tangible Asset Impairment Charges

SegmentQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
West————$25.0M—