Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Williams' Q2 FY2026 results were highlighted by a substantial increase in net income, driven by expansion-related service revenue growth and a $127 million gain from the sale of its Brazos Permian II equity-method investment. The company also made strategic moves, agreeing to acquire Momentum Midstream for up to $5.5 billion to expand its Haynesville footprint and selling a 49% stake in five power innovation projects for $5.34 billion to strengthen its balance sheet. While operating income rose sharply, higher interest expense from recent debt issuances partially offset gains. Williams continued to reward shareholders with a regular quarterly dividend of $0.525 per share, underscoring its financial discipline.
Revenue
$3.05B
+9.78% YoY
EPS (Diluted)
$0.68
+51.11% YoY
Operating Income
$1.18B
+25.08% YoY
Source: SEC XBRL
Williams (WMB) reported Q2 FY2026 revenue of $3.05B, up 9.8% year over year. Operating margin was 38.7%, up 4.7 points from 34.0% a year earlier. WMB's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 2 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Mar 2026 | 0.60 | 0.63 | Miss -4.6% |
| Dec 2025 | 0.72 | 0.57 | Beat +25.3% |
| Sep 2025 | 0.53 | 0.52 | Beat +2.5% |
| Jun 2025 | 0.45 | 0.48 | Miss -6.3% |
4 reported segments · SEC XBRL
Segment revenue totals $3.16B; with -$111M of reconciling items (corporate, unallocated and eliminations) it ties to the $3.05B of consolidated revenue on the income statement.
Compiled by AI from 10-Q Item 2 of this filing
Service revenues increased $111 million, or 5%, compared to Q2 2025, primarily due to higher revenues from expansion projects in the Transmission, Power & Gulf and West segments, as well as increased volumes from the Northeast JV.
Source: 10-Q Item 2 MD&A
Williams completed the sale of its equity-method investment in Brazos Permian II, LLC within the West segment for total consideration of $143 million, resulting in a $127 million gain recognized in Q2 2026.
Source: 10-Q Item 2 MD&A
In July 2026, Williams agreed to acquire Momentum for up to $5.5 billion, including approximately $2 billion of Williams common stock, adding 6 Bcf/d of gathering capacity and 4 Bcf/d of pipeline capacity in the Haynesville Shale.
Source: 10-Q Item 2 MD&A
Williams sold a 49% noncontrolling interest in five power innovation projects for $5.34 billion of committed capital, with an initial contribution of approximately $3.75 billion received in July 2026, expected to bolster the balance sheet.
Source: 10-Q Item 2 MD&A
Williams paid a regular quarterly dividend of $0.525 per share in June 2026, continuing its track record of returning cash to shareholders.
Source: 10-Q Item 2 MD&A
Compiled by AI from this SEC filing · 2 high, 3 medium, 0 low
The company recorded a $265 million net loss from commodity derivatives over the first six months of 2026, reflecting significant mark-to-market swings that could cause substantial earnings volatility in future periods.
Source: 10-Q Income Statement (XBRL)
Interest expense increased 6% in Q2 and 7% year-to-date compared to the prior-year periods, driven by recent debt issuances, which could pressure net income if interest rates remain elevated or increase further.
Source: 10-Q Income Statement (XBRL)
With 2026 growth capital expenditures expected between $7.3 billion and $7.9 billion, plus the $5.5 billion Momentum acquisition, Williams faces substantial funding needs that may strain liquidity if operating cash flow or financing markets weaken.
Source: 10-Q Cash Flow Statement (XBRL)
The current ratio stood at only 0.48 as of June 30, 2026, indicating that current liabilities significantly exceed current assets, potentially requiring reliance on external financing or operating cash flow to meet short-term obligations.
Source: 10-Q Balance Sheet (XBRL)
Several major expansion projects, including Southeast Supply Enhancement and Power Innovation facilities, require timely regulatory approvals and successful construction; any delays or cost overruns could impact growth projections and cash flows.
Source: 10-Q Item 2 MD&A
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 3.05 $B | 2.78 $B | +9.78% |
Operating Income $B | 1.18 $B | 0.95 $B | +25.08% |
Net Income $M | 827.00 $M | 546.00 $M | +51.47% |
EPS (Basic) $ | 0.68 $ | 0.45 $ | +51.11% |
EPS (Diluted) $ | 0.68 $ | 0.45 $ | +51.11% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
Williams Companies (WMB) delivered strong Q1 FY2026 results with net income surging 25.2% YoY to $865M and operating margin expanding 7.7 percentage points to 43.6%, despite a slight 0.6% dip in revenue to $3.03B.
Williams Companies (WMB) delivered strong FY2025 results with revenue rising 13.8% to $11.95B and operating income surging 25.7% to $4.20B, driven by robust natural gas infrastructure demand.
Other companies in Oil & Gas Storage & Transportation