The strong beat and record results should drive positive price action near-term, but watch for leverage creep from higher capex (leverage guided to 4.1x). The upcoming analyst day (May 5) may provide further color on project timelines and capital allocation.
Price Chart
Executive Summary
Williams reported record Q1 2026 results with GAAP net income of $864M ($0.70 EPS) up 25% YoY, and Adjusted EPS of $0.73, beating consensus of $0.64 by 14%. Adjusted EBITDA grew 13% to $2.254B, and AFFO rose 22% to $1.770B. The company reaffirmed its 2026 Adjusted EBITDA guidance of $8.05B-$8.35B and raised growth capex guidance to $7.0B-$7.6B, reflecting strong demand for natural gas infrastructure and data center-related power projects.
Key Financial Metrics
Key Facts
- GAAP net income of $864M ($0.70 EPS) up 25% YoY
- Adjusted EPS of $0.73 vs. consensus $0.64, a 14% beat
- Adjusted EBITDA of $2.254B, up 13% YoY
- AFFO of $1.770B, up 22% YoY, dividend coverage ratio 2.76x
- Reaffirmed 2026 Adj. EBITDA guidance $8.05B-$8.35B; raised growth capex to $7.0B-$7.6B
- Signed $2.3B Neo behind-the-meter power innovation project (682 MW) and other infrastructure agreements
Financial Impact
Adjusted EPS beat consensus by $0.09 (14%); Adj. EBITDA $265M above prior year quarter
Risk Factors
- Higher growth capex increases leverage and project execution risk
- Derivative mark-to-market losses could reverse or add volatility
- Regulatory delays on transmission and power innovation projects
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000107263-26-000015 |
| Document: wmb-20260504.htm | 0000107263-26-000015 |
| Document: 0000107263-26-000015-index-headers.html | 0000107263-26-000015 |
| Document: 0000107263-26-000015-index.html | 0000107263-26-000015 |
| Document: 0000107263-26-000015.txt | 0000107263-26-000015 |
| 8-K Data (Synthetic) | 0000107263-26-000015 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | 8-K | $72.82 $71.81 | ▼ −1.39% | ▼ −0.89% | $70.54 (−3.13%) |
Jul 13, 2026 11w ago | 8-K | $74.46 $73.38 | ▼ −1.45% | ▼ −0.67% | $70.54 (−5.26%) |
Jun 13, 2026 15w ago | Institutional Cluster | $71.49 $74.95 | ▼ −4.84% | ▼ −6.22% | $70.54 (+1.33%) |
May 18, 2026 19w ago | Insider Cluster | $77.69 $76.34 | ▼ −1.74% | ▼ −3.36% | $70.54 (−9.20%) |
May 4, 2026 21w ago | 8-K | $76.12 $74.18 | ▼ −2.55% | ▼ −4.53% | $70.54 (−7.33%) |
May 4, 2026 21w ago | 8-K | $75.41 $74.18 | ▼ −1.63% | ▼ −4.57% | $70.54 (−6.46%) |
May 1, 2026 22w ago | Insider Cluster | $75.54 $72.95 | ▼ −3.43% | ▼ −5.78% | $70.54 (−6.62%) |
Mar 26, 2026 27w ago | DEFA14A | $73.58 $72.59 | ▼ −1.35% | ▼ −5.21% | $70.54 (−4.13%) |
Mar 18, 2026 28w ago | DEFA14A | $72.80 $73.81 | ▲ +1.39% | ▲ +2.10% | $70.54 (−3.10%) |
Mar 11, 2026 29w ago | Insider Cluster | $73.87 $72.80 | ▼ −1.45% | ▲ +0.74% | $70.54 (−4.51%) |
US Market Status
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