Williams reported strong unaudited financial results for the three and twelve months ended December 31, 2025, driven by its natural gas–focused strategy and continued project execution.

For full year 2025, Williams posted GAAP net income of $2.62 billion, or $2.14 per diluted share, representing an 18% increase year over year. Adjusted net income reached $2.57 billion, or $2.10 per diluted share, up 10% and 9%, respectively. Adjusted EBITDA rose 9% year over year to a record $7.75 billion, while cash flow from operations increased 19% to $5.90 billion. Available funds from operations totaled $5.86 billion, up 9% compared with 2024.

The company ended the year with a dividend coverage ratio of 2.40x on an AFFO basis and announced a 5% increase in its dividend to $2.10 annualized for 2026, marking its 52nd consecutive year of dividend payments. For 2026, Williams issued adjusted EBITDA guidance of $8.05 billion to $8.35 billion, representing approximately 6% growth at the midpoint versus 2025.

Operationally, Williams completed 12 projects in 2025 across pipeline transmission, gathering, and deepwater assets, and announced 10 additional projects during the year, including pipeline, storage, and power innovation initiatives. The company also executed the Haynesville E&P sale and strategic partnership with Woodside Energy, closed the acquisitions of Rimrock and Saber Midstream, and expanded its power innovation portfolio with a new project, Socrates the Younger.

Chief Executive Officer Chad Zamarin highlighted that Williams’ consistent execution has resulted in a five-year adjusted EBITDA CAGR of 9% and a five-year EPS CAGR of 14%, positioning the company for continued growth as new pipeline transmission, offshore, and power innovation projects come online in 2026 and beyond.

Source: Business Wire