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Williams Companies WMB Gas & NGL Marketing Services — Modified EBITDA

Other segment segments

Reportable Segment, Aggregation before Other Operating Segment
$1.87B
Transmission, Power & Gulf
$973M
Northeast G & P
$505M
West
$342M+5.9%
Other Operating Segment
$93M

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MPLXNatural Gas & NGL Services — Operating Expenses
$428M-3.8%

Other financials

Income statement

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Revenue$3.1B+9.8%
Operating income$1.1B+32.3%
Net income$827.0M+51.5%
EPS (diluted)$0.68+51.1%

Balance sheet

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Cash & equivalents$70.0M-90.8%
Total debt$26.6B+2.9%
Total equity$12.5B+0.7%
Total assets$55.7B+3.5%

Cash flow

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Operating cash flow$1.4B+15.8%
CapEx$954.0M+39.9%
Free cash flow$485.0M-13.5%

Valuation

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Market cap$87.49B+18.9%
P/E32.3×+13.1×
P/S7.4×+1.6×

Profitability

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Operating margin34.3%-0.2pp
Net margin20.6%-6.7pp
FCF margin16%-13.4pp

Returns & leverage

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Return on equity19%-4.7pp
Debt / equity2.1×+0.1×
Current ratio0.4×-0.1×

Where this comes from

Reported directly by Williams Companies in its filing.

Tagged under the XBRL concept wmb:ModifiedEBITDAEarningsLoss.

The source filing: Williams Companies’s 10-Q, filed November 3, 2025.

Filed
Nov 3, 2025
Fiscal quarter
Q4 FY2025
Calendar quarter
Q4 2025
Accession
0000107263-25-000145
Three Months Ended September 30, 2025Transmission, Power & Gulf / Three Months Ended September 30, 2025Northeast G&PWestGas & NGL Marketing Services (1)Total
Recoverable power, transportation, and storage costs (4)(64)(42)(17)
Other segment income (expenses) - net (5)37(5)(28)
Proportional Modified EBITDA of equity-method investments371613616
Total Modified EBITDA of reportable segments$973$505$342$54$1,874
Reconciliation of Modified EBITDA:
Contribution from upstream operations, corporate, and other business activities93
Depreciation, depletion, and amortization expenses(564)
Equity earnings (losses)152

Item 1. Financial Statements

FAQ

What is Williams Companies's gas & NGL marketing services — modified EBITDA?
Williams Companies (WMB) reported gas & NGL marketing services — modified EBITDA of $54M in Q3 2025.
How has Williams Companies's gas & NGL marketing services — modified EBITDA changed year-over-year?
Williams Companies's gas & NGL marketing services — modified EBITDA increased by 390.9% year-over-year, from $11M to $54M.
What is the long-term trend for Williams Companies's gas & NGL marketing services — modified EBITDA?
Over 2 years (2021 to 2024), Williams Companies's gas & NGL marketing services — modified EBITDA has grown at a 137.4% compound annual growth rate (CAGR), from $22M to -$124M.
What does gas & NGL marketing services — modified EBITDA mean?
This is the primary measure of the marketing segment's operating profitability, adjusted for non-cash items and specific non-recurring charges. It serves as the key performance indicator for the segment's ability to generate cash flow.

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