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WMB · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Williams Companies Inc. (WMB) stock moving?
Williams reported Q3 2026 on Nov 2 with mixed results: sales of $3.223B beat the $2.893B estimate and adjusted EBITDA reached $2.039B with about 6% growth, but adjusted EPS of $0.54 missed the $0.55 estimate. Management kept FY2026 adjusted EPS guidance at $2.35, below the $2.40 consensus. On the call, management pointed to Line 200 in service by end-2028, plans to term out Woodside LNG capacity at fixed margins, one to two more power project announcements by year-end with longer contract terms, and no expected delay to data center projects from the elections. Offsetting this, a resale prospectus for up to 26.9M existing shares was filed the same day, adding potential supply. The stock peaked near $76 intraday on Oct 29 and closed at $74.35 on Oct 30. It fell to $71.19 on Nov 2 and dropped sharply on Nov 4 to $67.86 on about 20.6M shares, roughly double the two-week average of about 10M. It hit a low of $63.80 on Nov 5 and closed at $67.46 on Nov 10 on 10.8M shares, a partial rebound. The sell-off coincided with the results and share offering, but the news alone does not establish the cause. Near-term sentiment is weighed by the EPS miss, the guidance below consensus, and the share overhang. Longer-term growth rests on the project pipeline, which still depends on announcements not yet made.
News behind the analysis
- The Williams Companies, Inc. Reports Third-Quarter 2026 Financial ResultsQ3 2026 net income was $699 million and adjusted EBITDA was $2.039 billion, and the company announced closing its acquisition of Momentum Midstream.
- Williams Companies Q3 Adj. EPS $0.54 Misses $0.55 Estimate, Sales $3.223B Beat $2.893B EstimateAdjusted EPS came in just below consensus while revenue beat estimates by about $330 million.
- Williams Companies Affirms FY2026 Adj EPS Guidance of $2.35 vs $2.40 EstThe company kept its FY2026 adjusted EPS guidance at $2.35, which sits below the $2.40 analyst estimate.
- Williams Companies Files Prospectus To Offer Up To 26,874,496 Shares Of Common Stock By StockholdersA resale prospectus covers up to 26.9 million existing shares held by selling stockholders, which adds potential supply to the stock.
- Williams Targets Line 200 In Service By 2028 End; Plans To Term Out Woodside LNG Capacity At Fixed MarginsManagement targets Line 200 in service by the end of 2028 and plans to term out Woodside LNG capacity at fixed margins.
- Williams Sees One To Two Additional Power Project Announcements By 2026 End; Expects Longer Contract TermsManagement expects one to two more power project announcements by the end of 2026 and longer contract terms on new deals.
- Williams Says Elections Are Not Expected To Delay Data Center ProjectsManagement does not expect the elections to delay its data center projects.
- Williams Companies Q3 2026 Earnings Call TranscriptThe full transcript of the Q3 2026 earnings call is available, covering results, guidance and project commentary.
About Williams Companies Inc.
Williams is a Tulsa-based natural gas infrastructure company. It owns the Transco pipeline, the largest US interstate gas pipeline system, plus gathering, processing and storage assets. It is putting more money into gas supply for LNG exports and for power plants that serve data centers, and in 2026 it bought Momentum Midstream.
How it makes money
Most of its earnings come from fees on long-term, largely take-or-pay contracts. Customers pay to transport natural gas on its pipelines (mainly Transco and other interstate lines in the Transmission & Gulf segment) and to gather and process gas in the Northeast (Marcellus/Utica) and the West. Smaller amounts come from gas storage, a gas and NGL marketing business (Sequent), and newer power-generation projects. It guides to roughly $8.3–8.5 billion of adjusted EBITDA for 2026 and pays a dividend of about $2.10 per share a year.
What usually moves WMB
- US natural gas demand, including LNG exports
- Power and data-center gas demand projects
- Pipeline expansion approvals and project timing
- Interest rates and debt levels (leverage about 3.75x)
- Dividend growth expectations