Williams 10-Q Backs Q3 Beat: $2.39B Nine-Month Net Income, $5.1B Momentum Deal Closed
WMB sits 27% above its 52-week low of $56.19.
Summary
Williams' Q3 10-Q confirms nine-month net income of $2,392 million (up 27%) and details the $5.1 billion Momentum close and $5.34 billion Pantheon power JV, with total debt now $33.9 billion against $6.5 billion of liquidity.
Key Events · Earnings and Guidance · WMB
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Nine-Month Net Income Up 27%
Net income attributable to Williams was $2,392 million for the nine months ended September 30, 2026, up $508 million or 27% versus $1,884 million a year earlier, on revenue of $9,306 million versus $8,752 million.
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Momentum Deal Closed at $5.1B
The M6 Midstream (Momentum) acquisition closed September 3, 2026 for approximately $5.1 billion, including cash, roughly 27 million Williams shares and $869 million of retained NG3 debt; in the 27 days owned, it added $113 million of revenue and $40 million of Modified EBITDA.
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Pantheon Power JV Funds $5.34B
Williams sold a 49% noncontrolling interest in five power projects for $5.34 billion of committed capital — $3.74 billion received in July 2026 and $1 billion in October 2026, with the remainder due through the first quarter of 2027.
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Debt Rises to $33.9B
Total debt carrying value rose to $33,934 million from $28,661 million at December 31, 2025 after $5.5 billion of 2026 senior note issuances; liquidity stands at $6,506 million against $2.2 billion of long-term debt due within one year.
Analysis · WMB · Energy & Transportation
The headline numbers were already out via the same-day earnings release, so the incremental news here is the audited-in-detail picture behind them: nine-month net income attributable to Williams of $2,392 million, up $508 million or 27% from a year earlier, on revenue of $9,306 million. Two large balance-sheet moves also landed in the quarter. The $5.1 billion Momentum acquisition closed September 3, 2026 (cash plus roughly 27 million newly issued shares and $869 million of retained NG3 debt), and the sale of a 49% stake in the Pantheon power projects brought $5.34 billion of committed capital, of which $3.74 billion landed in July and $1 billion in October. Total debt carrying value climbed to $33,934 million from $28,661 million at year-end 2025, and the company still carries a $1.6 billion working capital deficit, though $6.5 billion of liquidity and investment-grade ratings (Moody's and Fitch both positive outlook) cover the $2.2 billion due within a year. Also new: a one-time five-year cash incentive plan for the top five executives, payable only on a 10% Adjusted EBITDA CAGR through 2030 and leverage at or below 4.0x — a hard commitment to the deleveraging story after a debt-funded year.
How filings like this one have moved
In the 30 days to Nov 2, 2026, 32.7% of the 1910 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, WMB was trading at $71.19 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $87.1B. The 52-week trading range was $56.19 to $80.08. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.