WMB US S&P 500Russell 1000 Earnings call · transcribed from the recording
Williams Companies (WMB) · Q3 2026 results and valuation
Share price: $68.92 · 2026-11-11
Williams Companies is an energy infrastructure company that provides natural gas gathering, processing, transmission, and storage services. It operates a network of pipelines and processing facilities to supply natural gas and NGLs to industrial, commercial, and utility customers across the United States. Source: 10-K annual report (2026-02-24)
Results Q3 2026 vs Q2 2026 · previous quarter · published 2 Nov 2026 and 3 Aug 2026
Management sounded upbeat, though noticeably less so answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
—
Figures not yet filed
Outlook given
2 · How management spoke
Upbeat
More upbeat than 89% of company calls
Answers to analysts: upbeat, but clearly less so than the script.
The step down under questioning is smaller than last call.
3 · What stood out
Guidance
Most importantly, though, as Williams Companies has previously discussed.
Valuation
Is Williams Companies undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
The projected cash flow doesn't cover the debt, so the price is far above the model's fair value.
Current price
$68.92
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+31.3% for 10 yrs
Fair value / share
$-10.12
Buy below
$-7.59
Price vs fair value
n/a
Price vs buy-below price
n/a
Read between the lines
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Figure
Achieving over $2 billion in EBITDA in Q3 sets an all-time record for third quarter earnings.
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Fading
That capital comes at an attractive capped 6.35% cost of equity, which is a very efficient way to fund these near-term Power Innovation projects…
Source quote
“Importantly, that capital comes at an attractive capped 6.35% cost of equity, which is a very efficient way to fund these near-term Power Innovation projects... ...of committed capital, including $4.4 billion for 49% of the expected total growth capital expenditures plus $900 million of additional consideration to Williams. Second, that $900 million of additional consideration significantly enhances our compelling project returns across the 5 Power Innovation projects currently underway.”
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Fading
Gulf coast natural gas
Source quote
“With this combination, we solidify our position as the largest gatherer of Haynesville gas connected to Transco, the largest gas... ...our country's fastest-growing supply basin with our fastest-growing demand corridor. natural gas supply to premium, domestic and international...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 85% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“And we feel well positioned with our flexibility to fund additional power innovation opportunities, which will fuel an expansion of our targeted 11% plus EBITDA CAGR through 2030.”
“So to sum it up, the team delivered record third quarter results while executing on projects that will drive growth through the end of the decade and beyond with a...”
“The West grew 34 million or about 9 percent, including initial contributions from the momentum acquisition, which closed in early September, as well as other higher Haynesville results, including a...”
Full figures
Q3 2026 figures are not available yet: the company files its quarterly report (10-Q) a few weeks after the call. This page compares what management said; the figures are added when the report is filed.
Topics
Most discussed now
- Williams Companies' country's growth will continue to be fueled by its ability to produce low cost, low emissions, and highly reliable...
- Natural gas remains Williams Companies' country's most important, most abundant, and most affordable domestic energy resource.
- With the momentum acquisition, its expanding pipeline network, its growing storage portfolio, and its unique backlog of power projects…
- Williams Companies has done that with high return projects.
- If you look at the business and you look at how Williams Companies has grown over the last five years, it has had,...
Faded since Q2 2026
- Dropped I also think it's important to emphasize that as attractive as this joint venture is, Williams Companies would not have done...
- Dropped Primary supply point for that area
- Fading 3.75x leverage opens up in excess of another $2 billion of incremental capacity versus Williams Companies' internal 4x leverage...
- Fading Bringing together great talent and strategic infrastructure is how Williams Companies serves the world's growing energy needs.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Other events · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement · SEC 8-K
The Williams Companies, Inc. entered into a Fourteenth Supplemental Indenture with The Bank of New York Mellon Trust Company, N.A., as trustee, on September 10, 2026.
- Regulation FD disclosure; Other events · SEC 8-K
The Williams Companies, Inc. priced a public offering of $2.75 billion in senior notes to repay commercial paper and fund capital expenditures.
- Other events · SEC 8-K
The Williams Companies, Inc. filed a prospectus supplement on September 3, 2026, to register the resale of up to 26,874,496 shares of common stock.
- Director or officer change · SEC 8-K
Michael A. Creel notified The Williams Companies, Inc. on August 17, 2026, that he will not stand for reelection to the Board of Directors at the 2027 Annual Meeting of Stockholders.
- Results of operations · SEC 8-K
The Williams Companies, Inc. issued a press release on August 3, 2026, reporting financial results for the quarter ended June 30, 2026.
- Regulation FD disclosure · SEC 8-K
Williams announced a $5.34 billion investment from Blackstone, Apollo, and KKR for a 49% interest in five Power Innovation projects, with 2026 Adjusted EBITDA expected in the $8.05 billion to $8.35 billion range.