Williams Q2 2026: GAAP EPS up 51%, guidance raised for Momentum deal
Williams posted $827 million of second-quarter 2026 net income, $0.68 per diluted share, and lifted its 2026 Adjusted EBITDA midpoint to $8.40 billion while agreeing to buy Momentum Midstream for up to $5.50 billion. Read the quarter as solid operations plus a bigger, more levered growth plan: adjusted profit grew 8%, but free cash flow was negative $458 million and capital spending is running at $7.30–$7.90 billion for the year.
1 · Expected vs. Actual
Free preview belowGAAP earnings of $0.68 per diluted share were up 51% from $0.45 a year ago, but adjusted EPS of $0.50 landed about 2.9% below the $0.51 consensus figure. The distance between $0.68 and $0.50 is mostly excluded items, including a $126 million gain on the June 2026 sale of the Brazos Permian II equity-method investment. So the headline number is real, but it is not repeatable profit.
Total revenues came in at $3.05 billion, up 9.8% from $2.78 billion in the same quarter last year, helped by higher service revenues including new Gulf volumes and higher storage revenues. One caution: the structured data feed for this filing shows $3.38 billion of revenue, while the income statement in the same press release shows $3.05 billion. That roughly $0.31 billion gap makes the top line the least reliable number in this report.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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