Loading
Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Praneeth Satish | Wells Fargo | 14 (7%) |
| John Mackay | Goldman Sachs | 12 (0%) |
| Jeremy Tonet | JPMorgan | 11 (0%) |
| Theresa Chen | Barclays | 10 (0%) |
| Manav Gupta | UBS | 10 (0%) |
| Spiro Dounis | Citigroup | 9 (0%) |
| Keith Stanley | Wolfe Research | 9 (0%) |
| Jean Salisbury | Bank of America | 7 (0%) |
| Ameet Thakkar | BMO Capital Markets | 6 (0%) |
| Julien Dumoulin-Smith | Jefferies | 6 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wells Fargo | 1 | 14 (7%) |
| Goldman Sachs | 1 | 12 (0%) |
| JPMorgan | 1 | 11 (0%) |
| Wolfe Research | 2 |
| 11 (0%) |
| UBS | 1 | 10 (0%) |
| Barclays | 1 | 10 (0%) |
| Bank of America | 2 | 9 (0%) |
| Citigroup | 1 | 9 (0%) |
Williams delivered record Q1 adjusted EBITDA of $2.25B growing 13% as EPS grew 22%, with full-year guidance raised to the upper half of the original range. The Neo power innovation project was announced expanding the growing project backlog that supports a 9% base CAGR, while the company increased growth CAPEX midpoint for 2026 to $7.3B. Data center power demand continued driving infrastructure expansion across the footprint, though balance sheet leverage sat temporarily above the long-term target.
Capex Investment | Demand | Cloud & AI | Capital Allocation | Geographic Expansion | Competitive Dynamics | Regulation Policy | Revenue Growth | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 6 | 5 | 4 | 4 | 3 | 1 | 4 |
| 2025Q1 | 9 | 6 | 5 | 2 | 2 | 4 | 2 | 3 |
| 2025Q2 | 11 | 4 | 2 | 3 | 4 | 3 | 5 | 1 |
| 2025Q3 | 5 | 7 | 7 | 8 | 7 | 4 | 1 | 2 |
| 2025Q4 | 5 | 5 | 4 | 2 | 1 | |||
| 2026Q1 | 7 | 5 | 8 | 3 | 3 | 5 | 3 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Capex Investment | 6 | 9 | 11 | 5 | 5 | 7 |
| Demand | 6 | 6 | 4 | 7 | 5 | 5 |
| Cloud & AI | 5 | 5 | 2 | 7 | 8 | |
| Capital Allocation | 4 | 2 | 3 | 8 | 4 | 3 |
| Geographic Expansion | 4 | 2 | 4 | 7 | 3 | |
| Competitive Dynamics | 3 | 4 | 3 | 4 | 5 | |
| Regulation Policy | 1 | 2 | 5 | 1 | 2 | 3 |
| Revenue Growth | 4 | 3 | 1 | 2 | 1 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $2.74B | -1.5% | $0.40 | -57.0% | 28.9% | 17.7% | $345M |
| FY2025 Q1 | $3.05B | +10.0% | $0.57 | +9.6% | 35.9% | 22.7% | $421M |
| FY2025 Q2 | $2.77B | +18.6% | $0.45 | +36.4% | 32.0% | 19.7% |
| $478M |
| FY2025 Q3 | $2.92B | +10.2% | $0.53 | -8.6% | 37.9% | 22.1% | $485M |
| FY2025 Q4 | $3.20B | +16.6% | $0.60 | +50.0% | 40.9% | 23.0% | $-485M |
| FY2026 Q1 | $3.03B | -0.6% | $0.71 | +24.6% | 43.6% | 28.5% | $244M |
| FY2026 Q2 | $3.05B | +10.2% | $0.68 | +51.1% | 38.7% | 27.1% | $-458M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What WMB and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“there will be a ramp post that Southeast supply enhancement project on Transco coming online.”
The Southeast Supply Enhancement project on Williams' Transco pipeline is expected to debottleneck Appalachian markets and enable EQT's Southeast gas supply.
“First thing I'd say is things are progressing well on the Woodside LNG project. We've taken over and now are the primary owner of Line 200, which will connect from Transco, also our Louisiana Energy Gateway system and will be the primary source of delivering gas into the Woodside LNG terminal.”
Williams is the primary owner of Line 200 supplying gas into Woodside's LNG terminal, and reports the Woodside LNG project is progressing well, a positive read-through for Woodside's LNG buildout.
“about $15 million of the overall $72 million increase for Sequent was related to the Cogentrix investment acquired in March of '25. And as a reminder, we expect to divest our Cogentrix investment later this year.”
Williams holds a Cogentrix investment (acquired March 2025) that contributed to Sequent's EBITDA growth and which Williams plans to divest later this year, signaling a stake exit.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
WMB Williams Companies | 6 | -0.6% | |
| EPD Enterprise Products Partners L.P. | 5 | -6.7% | |
| KMI Kinder Morgan | 9 | +13.5% | |
| OKE ONEOK | 9 | +19.6% | |
| TRGP Targa Resources | 5 | -15.6% |