Williams stock holds outlook after record third-quarter EBITDA

Williams delivered record third-quarter results on November 2, 2026, as stronger service revenues from power generation, storage and pipeline projects lifted profitability. In its earnings release, the company said adjusted EBITDA rose 6% year over year to 2.039 billion US dollars for the quarter ended September 30.

Adjusted net income increased 10% to 663 million US dollars, or 0.54 US dollars per diluted share. GAAP net income available to common stockholders reached 699 million US dollars, compared with 646 million US dollars a year earlier. Revenue rose to 3.223 billion US dollars from 2.923 billion US dollars.

Infrastructure projects drive earnings

Transmission, Power & Gulf produced 1.030 billion US dollars of adjusted EBITDA, up from 947 million US dollars in the prior-year quarter. Williams attributed the improvement to new power-generation revenue, projects placed into service and higher storage revenue, partly offset by higher operating and administrative expenses.

The West segment benefited from the Momentum Midstream acquisition and the Louisiana Energy Gateway project. Across the portfolio, Williams expanded pipeline capacity by 413 million cubic feet per day through four projects, announced a 9.4 billion cubic feet storage expansion at Clay Basin and advanced Transco projects in the Southeast and Garden Connector corridors.

Chief Executive Chad Zamarin said the company was progressing toward the upper half of its 2026 adjusted EBITDA range. He also pointed to the Socrates power project, which Williams said was on track to reach service by mid-November, and to further projects intended to meet rising LNG, power-generation and industrial demand.

Outlook stays unchanged

Williams kept its 2026 adjusted EBITDA guidance at 8.3 billion to 8.5 billion US dollars and its growth capital spending range at 7.3 billion to 7.9 billion US dollars. The company expects a leverage ratio midpoint of about 3.75 times, excluding certain reimbursable long-lead equipment.

Management continues to target adjusted EBITDA compound annual growth of more than 11% through 2030. The combination of contracted infrastructure, additional power opportunities and the Momentum acquisition supports the long-term growth case, while the planned investment level and leverage outlook remain important factors for shareholders.

Williams stock traded at 61.09 euros on Lang & Schwarz at 14:08 CET on Thursday, November 5, 2026.

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