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Williams Companies WMB Transmission, Power & Gulf — Recovery of Direct Costs

Other segment segments

Northeast G & P
-$42M-20.0%
West
-$17M-30.8%
Gas & NGL Marketing Services
$0

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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 us-gaap:RecoveryOfDirectCosts.

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
Product costs and net realized processing commodity expenses(139)(25)(211)(398)
Net unrealized gain (loss) from commodity derivatives within Net processing commodity expenses2
Operating and administrative expenses (3)(290)(114)(150)(14)
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:

Item 1. Financial Statements

FAQ

What is Williams Companies's transmission, power & gulf — recovery of direct costs?
Williams Companies (WMB) reported transmission, power & gulf — recovery of direct costs of -$64M in Q3 2025.
What does transmission, power & gulf — recovery of direct costs mean?
This metric tracks the reimbursement or recovery of specific direct costs incurred by the Transmission, Power & Gulf segment from third parties or customers. It reflects the ability of the segment to pass through certain operational expenses under contractual arrangements, effectively reducing the net cost burden on the company. This is a key indicator of the segment's contractual structure and its ability to mitigate exposure to variable operating expenses.

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