WILLIAMS COMPANIES, INC. Earnings Summary — Q1 2026

• Net Income reached $912 million for Q1 2026, representing a strong 25% year-over-year increase.
• Operating Income grew to $1.32 billion, driven by lower total operating expenses which fell from $769 million to $586 million YoY.
• Non-operating items were impacted by a substantial $191 million credit in 'Other Operating Expenses' helping the bottom line.
• Revenue remained relatively flat year-over-year at $3.03 billion, suggesting growth is being driven by operational efficiency.
• Interest expenses rose slightly to $376 million, reflecting the capital-intensive nature of the utility-scale infrastructure.
• The core natural gas infrastructure business continues to demonstrate high operating leverage and maturing asset profiles.

Management focus remains on 'Transco' expansions and Gulf of Mexico infrastructure to capture rising LNG export demand and power needs for data centers.

Improving

While revenue growth has plateaued, the company is successfully translating flat top-line performance into significant bottom-line growth through disciplined cost management.

The company is positioned as a primary beneficiary of natural gas demand as a 'transition fuel' and the expansion of domestic energy infrastructure needs.