The Williams Companies, Inc. (WMB Quick QuoteWMB - Free Report) reported third-quarter 2026 adjusted earnings of 54 cents per share, missing the Zacks Consensus Estimate of 55 cents by 1.82%. The bottom line nevertheless rose 10.2% from 49 cents a year earlier, supported by improved transmission, power and gathering results.

Revenues of $3,223 million surpassed the $3,185 million consensus by 1.19% and increased 10.3% from $2,923 million a year earlier. Adjusted EBITDA climbed 6.2% to $2,039 million, while four completed pipeline projects added 413 million cubic feet per day of contracted capacity.

Williams Companies, Inc. (The) Price, Consensus and EPS Surprise

Williams Companies, Inc. (The) price-consensus-eps-surprise-chart | Williams Companies, Inc. (The) Quote

WMB's Transmission and Northeast Units Grow

Transmission, Power & Gulf: Revenues rose to $1,526 million from $1,392 million. Adjusted EBITDA improved to $1030 million from $947 million, aided by new power-generation income from Socrates South, which began operating in July. Higher Gulf Coast storage rates and pipeline expansion contributions also supported the segment.

Northeast G&P: Revenues increased to $552 million from $530 million, while adjusted EBITDA grew to $542 million from $505 million. Higher volumes at Ohio Valley Midstream and Susquehanna Supply Hub, together with stronger contributions from equity-method investments, drove the gains.

Williams' West and Marketing Results Diverge

West: Segment revenues reached $859 million, up from $712 million a year ago. Adjusted EBITDA rose to $401 million from $367 million, benefiting from the Momentum Midstream acquisition, Louisiana Energy Gateway operations and higher Haynesville volumes. Lower Eagle Ford and DJ Basin volumes partially offset these gains.

Gas & NGL Marketing Services: Revenues climbed to $586 million from $448 million. However, adjusted EBITDA declined to $4 million from $11 million amid unfavorable realized derivative results in gas marketing storage. The Other segment's adjusted EBITDA fell to $62 million from $90 million, reflecting the divestiture of South Mansfield upstream assets.

WMB's Momentum Deal Bolsters Pipeline Growth

Williams closed its $5.5 billion Momentum Midstream acquisition on Sept. 3, ahead of schedule. The transaction added 6 billion cubic feet per day of gathering capacity and 4.05 billion cubic feet per day of take-or-pay capacity in the Haynesville. Williams is advancing the Shelby Connector and Delta Access Pipeline projects to link more basin supply with Gulf Coast markets.

The company placed Gillis West, Wharton West, Huntingdon Connector and Ryckman Creek Lateral into service. It also announced the Southeast Supply Enhancement II project with 150-plus million cubic feet per day of committed capacity, expanded Garden Connector's planned capacity to 144 million cubic feet per day and commercialized a 9.4-billion-cubic-foot expansion at Clay Basin storage.

Williams' Rising Costs Weigh on Operating Margins

Total costs and expenses increased 15.0% to $2.087 billion from $1.814 billion. Product costs rose to $618 million from $471 million, while operating and maintenance expenses increased to $639 million from $583 million. General and administrative expenses climbed to $275 million from $168 million amid higher employee-related and acquisition costs.

Consequently, the GAAP operating margin narrowed to 35.2% from 37.9%. Even so, net income available to common stockholders advanced to $699 million from $646 million, helped partly by an $83 million gain on the sale of Permian gathering assets.

WMB's Cash Flow and Balance Sheet Position

Cash flow from operations grew to $1.505 billion from $1.439 billion in the prior-year quarter. Available funds from operations rose to $1.589 billion from $1.449 billion, supported by stronger operating performance and higher equity-investment distributions. The dividend coverage ratio increased to 2.42 times from 2.37 times.

Capital investments, excluding acquisitions and certain reimbursable power equipment, totaled $2.727 billion versus $1.053 billion a year earlier. As of Sept. 30, 2026, this Zacks Rank #3 (Hold) company held $1.756 billion in cash and cash equivalents and $31.732 billion in long-term debt. Its debt-to-adjusted EBITDA ratio was 3.80 times, up from 3.73 times a year earlier.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Williams' Outlook Centers on Power and Gas Demand

Williams maintained its 2026 adjusted EBITDA guidance of $8.3-$8.5 billion and expects to finish in the upper half of that range. Adjusted earnings are projected at $2.30-$2.40 per share, with growth capital expenditures of $7.3-$7.9 billion. The company anticipates year-end leverage of approximately 3.75 times on a pro forma basis for Momentum.

The second and final Socrates power phase is scheduled to begin service by mid-November. Management also expects to announce one or two additional power projects before year-end, broadening its customer base. Williams is targeting adjusted EBITDA compound annual growth of 11% or more through 2030, supported by its expanding pipeline and power project portfolios.

Important Earnings at a Glance

While we have discussed WMB’s third-quarter results in detail, let us take a look at three other key reports in this space.

ExxonMobil Holdings Corporation (XOM Quick QuoteXOM - Free Report) reported third-quarter 2026 adjusted earnings of $4.23 per share, beating the Zacks Consensus Estimate of $3.90 per share by 8.5%. The bottom line increased from the year-ago figure of $1.88 per share.

Revenues of $113.16 billion topped the consensus estimate of $103 billion by 9.9% and increased 32.7% year over year from $85.29 billion. GAAP earnings per share (EPS) rose to $3.72 from $1.76 in the year-ago quarter.

The strong results were primarily driven by record refining margins, operational efficiency and optimization activities.

XOM generated $25.65 billion in operating cash flow during the third quarter, supported by strong earnings and operational performance. Free cash flow totaled $19.11 billion, reflecting cash generation after investments and other cash-flow adjustments.

Core Laboratories Inc. (CLB Quick QuoteCLB - Free Report) reported third-quarter 2026 adjusted earnings of 16 cents per share, missing the Zacks Consensus Estimate of 17 cents by 5.88%. The bottom line declined 27.3% from the year-ago quarter’s 22 cents, reflecting geopolitical disruptions and higher operating costs.

This oilfield service provider reported quarterly revenues of $132.1 million, beating the Zacks Consensus Estimate of $131 million by 0.84%. However, revenues declined 1.8% year over year. Stronger international laboratory activity and improved completion product sales supported performance, with product revenues increasing 8% year over year.

As of Sept. 30, 2026, Core Laboratories had cash and cash equivalents of $21.4 million and total long-term debt of approximately $114.8 million.

U.S. energy supermajor Chevron Corporation (CVX Quick QuoteCVX - Free Report) reported adjusted third-quarter 2026 earnings per share of $5.28, beating the Zacks Consensus Estimate of $4.78. The 10.5% earnings surprise reflected higher refined product sales margins, improved crude oil realizations and reliable operations. The bottom line surged 185.4% from the year-ago adjusted profit of $1.85 per share.

The integrated energy giant generated revenues of $67.8 billion, exceeding the Zacks Consensus Estimate of $60.5 billion by 12.1%. Revenues increased 36.3% year over year. Chevron's U.S. refineries achieved record crude throughput of 1.09 million barrels per day, operating at nearly 98% utilization.

Chevron generated $16 billion in operating cash flow, compared with $9.4 billion a year earlier. Higher earnings and increased cash distributions from Tengizchevroil supported the improvement. Free cash flow surged to $12 billion from $4.9 billion.