Williams earnings date and guidance
Williams' next results are expected on November 2, 2026. Watch whether projects turn construction spending into cash.
What has Williams guided for 2026?
Management guides to adjusted EBITDA of $8,300–$8,500 million. EBITDA measures operating earnings before interest, taxes and depreciation; “adjusted” removes specified items. AFFO, or available funds from operations, is closer to cash, but it remains the company’s own adjusted measure. Williams expects adjusted earnings per share of $2.30–$2.40 and AFFO of $6,310–$6,440 million.
Growth capital has risen to $7,300–$7,900 million from the earlier $6,100–$6,700 million range. Maintenance capital, which keeps existing assets safe and reliable, is separately guided at $850–$950 million. The annualized dividend remains $2.10 per share, after 5.0% growth.
| the period guided | low | high | the date it was given | |
|---|---|---|---|---|
| Adjusted EBITDA | 2026 | 8,300 | 8,500 | Aug 3, 2026 |
| growth capex | 2026 | 7,300 | 7,900 | Aug 3, 2026 |
| maintenance capex | 2026 | 850 | 950 | Aug 4, 2026 |
| Available Funds From Operations (AFFO) | 2026 | 6,310 | 6,440 | Aug 4, 2026 |
| Annual Dividend Growth Rate | 2026 | 5.0% | 5.0% | Aug 4, 2026 |
What this means. The two available funds from operations figures differ because one is a midpoint estimate and the other is a later presentation range, not because the company gave two different forecasts.
Did Williams keep its past promise?
One promise was met: Williams forecast adjusted EBITDA of US$7.75 billion at the midpoint and reported US$7.750 billion. That supports the company’s forecasting record, although the result spans both CEOs and does not prove that every new investment will earn enough.
What trend do Williams' recent quarters show?
A consistent eight-quarter history shows both beats and misses rather than an uninterrupted pattern of outperformance. Even a fractional-cent difference can change the label, which makes the estimate definition and collection date important.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,053 | 3,030 | 3,198 | 2,923 | 2,781 | 3,048 | 2,743 | 2,653 |
| Operating income | 1,182 | 1,321 | 1,048 | 1,109 | 945 | 1,094 | 793 | 838 |
| Net income | 827 | 865 | 734 | 647 | 546 | 691 | 486 | 706 |
| EPS, diluted | 0.68 | 0.70 | 0.60 | 0.53 | 0.45 | 0.56 | 0.40 | 0.58 |
| = Free cash flow | -458 | 244 | -379 | 485 | 478 | 421 | 450 | 561 |
What this means. The company made a profit, but its free cash flow was negative because it spent more cash on equipment, buildings, and software than its daily business brought in.
What should I watch in Williams' next release?
At the November 3, 2026 earnings call, investors should look for updates on Socrates, Atlas, construction costs and Momentum’s effect on cash generation and borrowing. Socrates’ first 200-megawatt phase entered service in July on time and within budget, but the remaining work must repeat that execution.