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Sep 30, 2025
Williams Q3 2025 Earnings Report
Williams reported strong Q3 2025 results with higher earnings and operational performance driven by natural gas strategy and infrastructure expansions.
Key Takeaways
Williams posted a solid quarter, with $646 million in net income and continued growth in adjusted EBITDA. The company benefited from increased service revenues and strategic project deployments across multiple regions.
Adjusted EBITDA rose to $1.92 billion, driven by expansion projects and higher gas volumes.
Net income reached $646 million for the quarter.
Strong operational cash flow at $1.439 billion.
Dividend coverage ratio improved to 2.37x, reflecting disciplined capital management.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Williams reaffirmed its full-year 2025 guidance, maintaining the adjusted EBITDA midpoint at $7.75 billion and increasing growth capex by $500 million.
Positive Outlook
- Adjusted EBITDA guidance midpoint held at $7.75 billion.
- Raised growth capex to $4.25 billion reflecting new investments.
- Strong dividend coverage ratio projected at 2.32x.
- Maintained leverage ratio target near 3.7x.
- Expanding backlog of contracted projects through 2030.
Challenges Ahead
- Higher capex due to new investment in Louisiana LNG.
- Lower equity AFUDC affecting earnings.
- Q3 included a $25M write-off in compression assets.
- Higher operating and administrative costs from acquisitions.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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