Williams Companies (WMB) financial statements
Williams Companies reported revenue of $11.9B in fiscal 2025, up 5.3% a year over 9 years.
Net income was $2.6B and the operating margin 35.1%, against 9.2% in 2016.
Free cash flow was $1.0B, and the company returned $2.4B in dividends.
The diluted share count rose 63% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Williams Companies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $7.5B | $8.0B | $8.6B | $8.2B | $7.7B | $10.6B | $11.0B | $10.9B | $10.5B | $11.9B |
| Selling, general and admin | $722M | $594M | $569M | $558M | $466M | $558M | $636M | $665M | $708M | $721M |
| Operating income | $689M | $927M | $768M | $1.9B | $2.2B | $2.6B | $3.0B | $4.3B | $3.3B | $4.2B |
| Interest expense | $1.2B | $1.1B | $1.1B | $1.2B | $1.2B | $1.2B | $1.1B | $1.2B | $1.4B | $1.4B |
| Pre-tax income | -$375M | $535M | $331M | $1.1B | $277M | $2.1B | $2.5B | $4.4B | $3.0B | $3.6B |
| Income tax | -$25M | -$2.0B | $138M | $335M | $79M | $511M | $425M | $1.0B | $640M | $857M |
| Net income | -$424M | $2.2B | -$155M | $850M | $211M | $1.5B | $2.0B | $3.2B | $2.2B | $2.6B |
| EPS (diluted) | -$0.57 | $2.62 | -$0.16 | $0.70 | $0.17 | $1.24 | $1.67 | $2.60 | $1.82 | $2.14 |
| Diluted shares | 751M | 829M | 974M | 1.21B | 1.22B | 1.22B | 1.22B | 1.22B | 1.22B | 1.23B |
| Operating margin | 9.2% | 11.5% | 8.9% | 23.4% | 28.5% | 24.8% | 27.5% | 39.5% | 31.8% | 35.1% |
| Net margin | -5.7% | 27.1% | -1.8% | 10.4% | 2.7% | 14.3% | 18.7% | 29.1% | 21.2% | 21.9% |
Balance sheet
Fiscal years, from Williams Companies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $170M | $899M | $168M | $289M | $142M | $1.7B | $152M | $2.1B | $60M | $63M |
| Receivables | $938M | $976M | $992M | $996M | $999M | $2.0B | $2.7B | $1.7B | $1.9B | $2.1B |
| Inventory | $138M | $113M | $130M | $125M | $136M | $379M | $320M | $274M | $279M | $314M |
| Total current assets | $1.5B | $2.2B | $1.5B | $1.6B | $1.4B | $4.5B | $3.8B | $4.5B | $2.7B | $3.2B |
| Property, plant and equipment | $28.4B | $28.2B | $27.5B | $29.2B | $28.9B | $29.3B | $30.9B | $34.3B | $38.7B | $42.0B |
| Goodwill | — | $47M | $0 | $188M | — | $0 | $0 | $463M | $466M | $466M |
| Total assets | $46.8B | $46.4B | $45.3B | $46.0B | $44.2B | $47.6B | $48.4B | $52.6B | $54.5B | $58.6B |
| Total current liabilities | $2.9B | $2.6B | $1.8B | $4.0B | $2.3B | $5.0B | $4.9B | $5.8B | $5.3B | $6.1B |
| Long-term debt | $22.6B | $20.4B | $22.4B | $20.1B | $21.5B | $21.6B | $21.9B | $23.4B | $24.7B | $27.3B |
| Total liabilities | $32.8B | $30.2B | $29.3B | $29.7B | $29.6B | $33.5B | $34.4B | $37.7B | $39.7B | $43.6B |
| Shareholders' equity | $4.6B | $9.7B | $14.7B | $13.4B | $11.8B | $11.4B | $11.5B | $12.4B | $12.4B | $12.8B |
| Net debt | $22.5B | $19.5B | $22.2B | $19.9B | $21.3B | $20.0B | $21.8B | $21.2B | $24.7B | $27.3B |
Cash flow
Fiscal years, from Williams Companies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.2B | $3.1B | $3.3B | $3.7B | $3.5B | $3.9B | $4.9B | $5.9B | $5.0B | $5.9B |
| Capital spending | $2.1B | $2.4B | $3.3B | $2.1B | $1.2B | $1.2B | $2.3B | $2.5B | $2.6B | $4.9B |
| Free cash flow | $2.1B | $690M | $37M | $1.6B | $2.3B | $2.7B | $2.6B | $3.4B | $2.4B | $1.0B |
| Stock-based compensation | $73M | $78M | $55M | $57M | $52M | $81M | $73M | $77M | $99M | $93M |
| Dividends paid | $1.3B | $992M | $1.4B | $1.8B | $1.9B | $2.0B | $2.1B | $2.2B | $2.3B | $2.4B |
| Share buybacks (net) | — | — | — | — | — | $0 | -$9M | -$130M | $0 | $0 |
| Net borrowing | -$972M | -$2.7B | $720M | -$146M | $58M | $1.3B | -$776M | $2.5B | $379M | $2.4B |
| Free cash flow margin | 28.1% | 8.6% | 0.4% | 19.3% | 29.2% | 25.5% | 24.0% | 31.4% | 22.9% | 8.4% |
| Dividends per share | $1.68 | $1.20 | $1.42 | $1.52 | $1.60 | $1.64 | $1.69 | $1.78 | $1.89 | $1.99 |
Questions
What was Williams Companies's revenue in 2025?
$11.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does Williams Companies generate?
$1.0B in fiscal 2025 (operating cash flow minus capital spending).
From Williams Companies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.