The Williams Companies (WMB) investor relations material

Executive summary

• Achieved record Q1 2026 results with Adjusted EBITDA of $2.254 billion, up 13% year-over-year, and net income attributable to common stockholders up 25% to $865 million, driven by Transco expansions, new Gulf volumes, higher storage revenues, and asset sales.

• Adjusted EPS rose 22% to $0.73, and AFFO increased 22% to $1.77 billion.

• Major projects advanced: Naughton Coal Conversion in service, construction started on NESE and SESE, Aristotle pipeline commissioned, and new projects Neo, Atlas, Silver Spur, and upsized Power Express announced.

• Focused on sustainable growth, efficient operations, and advocating for permitting and judicial reform to accelerate infrastructure development.

• Paid a quarterly dividend of $0.525 per share in March 2026, up from $0.500 per share in 2025.

Financial highlights

• Adjusted EBITDA: $2.254 billion (Q1 2026), up 13% from $1.989 billion (Q1 2025); Adjusted EPS: $0.73, up 22%; AFFO: $1.77 billion, up 22%.

• Net income: $865 million, up 25% year-over-year; diluted EPS: $0.70, up from $0.56.

• Operating income increased to $1.32 billion from $1.09 billion year-over-year.

• Dividend coverage ratio (AFFO basis): 2.76x, up from 2.37x; debt-to-Adjusted EBITDA improved to 3.61x.

• Cash flow from operations: $1.60 billion, up from $1.43 billion; capital expenditures: $1.36–$1.64 billion.

Outlook and guidance

• 2026 Adjusted EBITDA guidance raised to $8.05–$8.35 billion, with Adjusted EPS guidance of $2.20–$2.38 and AFFO guidance of $6.085–$6.315 billion.

• Growth capital for 2026 projected at $7.0–$7.6 billion; maintenance capex $850–$950 million.

• Dividend increased 5% to $2.10 annualized for 2026; dividend coverage ratio expected at 2.41x.

• Expect seasonally lower Q2 EBITDA, with sequential growth resuming in the second half as new facilities come online.

• Targeting +10% earnings CAGR through 2030, with current contracted business supporting a 9% CAGR.