Key financial results

  • Third quarter adjusted EBITDA grew 6% over the third quarter of 2025.Third quarter adjusted EBITDA grew 6% over the third quarter of 2025
  • Year-to-date adjusted EBITDA is up 9% compared to 2025.and 9% year-to-date
  • The company achieved over $2 billion in EBITDA in the third quarter, setting an all-time record.achieving over $2 billion in EBITDA in Q3, sets an all-time record for third quarter earnings.
  • Adjusted EPS and AFFO both grew 10% for the quarter.we also delivered 10% growth in both adjusted EPS and AFFO for the quarter.

Business segment results

  • Transmission, Power, and Gulf: Transmission, Power, and Gulf improved $83 million, or about 9%, driven by the Socrates project, storage, and pipeline expansions.our overall financial performance continues to be led by our transmission power and golf businesses, which improved $83 million or about 9%.
  • Northeast G&P: Northeast G&P grew $37 million, or 7%, due to higher volumes across major systems.
  • West: The West segment grew $34 million, or about 9%, benefiting from the Momentum acquisition and Louisiana Energy Gateway pipeline.The West grew $34 million or about 9%, including initial contributions from the Momentum acquisition
  • Sequent Marketing: Sequent Marketing results were lower than the prior year due to seasonal factors.Our sequent marketing business was a bit lower than last year with continued seasonally lower opportunities for this business.
  • Other: The Other segment was down about $28 million, primarily due to the divestiture of upstream Haynesville assets.Finally, our Other segment, which includes our upstream businesses, was down about $28 million, primarily due to our divestiture of the upstream Haynesville assets

Capital allocation

  • Year-end leverage is expected to be around 3.75x, excluding impacts of additional power projects announced before year-end.we would expect year-end leverage to be around 3.75x with the momentum acquisition on a full year run rate basis.
  • The 3.75x leverage level provides $2 billion of incremental capacity relative to the company's 4x ceiling.3.75x provides another $2 billion of incremental capacity versus our internal 4x leverage ceiling
  • Growth CapEx guidance remains unchanged.In advance of those future announcements, our growth CapEx guidance remains unchanged.
  • The company is open to joint venture structures to fund growth, similar to the Blackstone deal.the Blackstone deal proved out that there's tremendous appetite to partner with us. So if along the way, we need to bring in partners, we can certainly do that
  • Natural gas demand is accelerating due to LNG exports, industrial reshoring, and surging power demand.LNG exports are growing along the Gulf Coast, industrial reshoring is happening and power demand is surging for the first time in decades.
  • Gas storage is becoming increasingly valuable for LNG and power customers.gas storage becomes increasingly valuable as natural gas demand continues to grow, especially as demand increases from LNG and power customers
  • Management emphasized the need for permitting reform to ensure infrastructure development.this reinforces the importance of permitting reform.

Competitive landscape

  • The company is focused on partnering with high-quality hyperscalers for power projects.we're only focused on really the highest quality hyperscalers and projects that we think fit really well within our strategic capabilities.
  • The success of the Socrates project has established the company's credibility in the power space.

Macroeconomic environment

  • The election is not considered a gating issue for the company's project backlog.I wouldn't say that, that's a gating issue for any of the discussions that we've been having.
  • Movement in 10-year treasury rates has impacted the cost of capital for financing arrangements.the underlying movement in the 10-year treasuries has caused there to be a shift in the cost of capital for that. for that kind of arrangement.

Growth opportunities and strategies

  • The Momentum Midstream acquisition closed on September 3, integrating into the Haynesville and Transco footprint.On September 3, we closed our acquisition of Momentum Midstream 1 month ahead of schedule
  • Four expansion projects were placed into service during the quarter, adding over 400 million cubic feet per day of capacity.successfully placed 4 expansion projects into service. Gilles West, Warton West, the Huntington Connector and the Rickman Creek lateral
  • The second phase of the Socrates power project is scheduled to enter service this week.Later this week, and again, ahead of schedule and within budget, our teams will place the second and final phase of Socrates into service.
  • The company is targeting 11% plus compound annual EBITDA growth through 2030.we are well positioned to deliver on the long-term growth target we raised last quarter to 11% plus compound annual EBITDA growth through 2030.
  • A 9.4 Bcf expansion of the Mountain West Clay Basin storage facility was commercialized.commercialized another gas storage expansion project a 9.4 Bcf expansion of our Mountain West Clay Basin facility.

Financial guidance and outlook

  • Full year 2026 adjusted EBITDA is tracking toward the upper half of the $8.3 billion to $8.5 billion range.our existing businesses continue tracking toward the upper half of our $8.3 billion to $8.5 billion range.
  • The company expects sector-leading growth in 2027.But before we get to '28, we also expect to see sector-leading growth in '27.

Power Innovation and Data Centers

  • The company has $5.9 billion in commitments for long-lead equipment to support future power projects.I think you're talking about the $5.9 billion that's referred to in terms of commitments.
  • Management expects to announce 1 to 2 additional power projects by the end of the year.we expect to announce 1 to 2 more power projects by year's end
  • Future power projects are expected to feature longer contract tenures and a diversified customer base.we also expect contracts to significantly extend in term
  • The company is learning from project execution to improve efficiency and reduce costs for customers.the goal is to keep driving down the cost for the customer while preserving returns

Q3 2026 results

MetricResultChange
Adjusted EBITDA$2.04 billionUp 6% vs Q3 2025
Adjusted EPSNot specifiedUp 10%
AFFONot specifiedUp 10%
Transmission, Power, and Gulf segment EBITDANot specifiedUp $83 million or 9%
Northeast G&P segment EBITDANot specifiedUp $37 million or 7%
West segment EBITDANot specifiedUp $34 million or 9%

How management sounded

Balanced (+35 on our -100 to +100 scale). Management highlighted record EBITDA, successful project execution like Socrates, and a strong growth backlog, while maintaining a disciplined approach to leverage and capital allocation. Management sounded more upbeat than on 20% of the 302 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.

Read the analyst Q&A summary and guidance and outlook for this call.

What to watch before the next call

  • The announcement of one to two additional power projects by the end of 2026.
  • Progress on permitting reform legislation, specifically the Baha bill.
  • Integration progress and synergy capture from the Momentum Midstream acquisition.
  • Updates on the ultimate sizing and commercialization of the Southeast Supply Enhancement project.

Earlier calls

  • Q2 2026 (Aug 4, 2026), tone Positive: Williams reported a 6% increase in second quarter 2026 EBITDA to $1.92 billion and raised its full-year EBITDA guidance to a range of $8.3 billion to $8.5 billion following the $5.5 billion acquisition of Momentum Midstream.