DATE: Monday, Nov. 3, 2025

TULSA, Okla. – Williams (NYSE: WMB) today announced its unaudited financial results for the three and nine months ended Sept. 30, 2025.

•GAAP net income: $646 million, or $0.53 per diluted share (EPS)

•Adjusted net income: $603 million, or $0.49 per diluted share (Adj. EPS), up 14% vs. 3Q 2024

•Adjusted EBITDA: $1.920 billion, up $217 million or 13% vs. 3Q 2024

•Cash flow from operations (CFFO): $1.439 billion, up $196 million or 16% vs. 3Q 2024

•Available funds from operations (AFFO): $1.449 billion, up $163 million or 13% vs. 3Q 2024

•Dividend coverage ratio: 2.37x (AFFO basis)

•Placed in service Transco's Alabama Georgia Connector and Commonwealth Energy Connector expansion projects as well as Northwest Pipeline's Stanfield South project

•Placed in service Gulf deepwater Shenandoah and Salamanca expansions

•Completed Louisiana Energy Gateway and Haynesville West expansion

•Expanded scope of Socrates by ~$400 million to $2 billion and announced two additional Power Innovation projects

•Accelerated wellhead to water strategy with Haynesville E&P sale and strategic partnership with Woodside

•Signed precedent agreements for Pine Prairie storage expansion, MountainWest's Green River West expansion and Transco's Wharton West expansion

Chad Zamarin, president and chief executive officer, made the following comments:

"Williams delivered another quarter of excellent financial results with Adjusted EBITDA up 13% over third quarter last year, reflecting the growing strength of our natural gas strategy. Expansions to our Transco and Gulf assets, as well as higher natural gas gathering and processing volumes in the Northeast and West, drove earnings growth in the quarter.

"Our teams placed critical projects into service in the Southeast, the Pacific Northwest, in Louisiana and in the deepwater Gulf, demonstrating growth and performance across our nationwide footprint. In addition, we increased our investment in the Socrates project and announced two new Power Innovation projects.

Finally, we announced the sale of our South Mansfield upstream assets to JERA and a strategic partnership with Woodside Energy. The significant accomplishments achieved in the third quarter strengthen our core business and further position Williams to continue our impressive track record of growth."

Zamarin added, "Looking ahead, we are reaffirming our previously raised guidance for 2025, with an EBITDA midpoint of $7.750 billion that has been raised $350 million since original guidance was set. As we focus on finishing the year strong, we are also setting our sights to the future and Williams is incredibly well positioned to build upon the impressive growth we have delivered over the past five years. With a strong balance sheet, a solid foundation of core assets, a focused and motivated team and a growing backlog of fully contracted projects now extending beyond 2030, Williams remains uniquely positioned to benefit from the accelerating demand for natural gas."

Williams Summary Financial Information			3Q									Year to Date
Amounts in millions, except ratios and per-share amounts. Per share amounts are reported on a diluted basis. Net income amounts are from continuing operations attributable to The Williams Companies, Inc. available to common stockholders.			2025			2024						2025			2024
GAAP Measures
Net Income			$646			$705						$1,882			$1,737
Net Income Per Share			$0.53			$0.58						$1.54			$1.42
Cash Flow From Operations			$1,439			$1,243						$4,322			$3,756
Non-GAAP Measures (1)
Adjusted EBITDA			$1,920			$1,703						$5,717			$5,304
Adjusted Net Income			$603			$528						$1,899			$1,768
Adjusted Earnings Per Share			$0.49			$0.43						$1.55			$1.45
Available Funds from Operations			$1,449			$1,286						$4,211			$4,043
Dividend Coverage Ratio			2.37		x	2.22		x				2.30		x	2.33		x
Other
Debt-to-Adjusted EBITDA at Quarter End (2)			3.73		x	3.75		x
Capital Investments (Excluding Acquisitions) (3) (4)			$1,053			$720						$2,762			$1,946
(1) Schedules reconciling Adjusted Net Income, Adjusted EBITDA, Available Funds from Operations and Dividend Coverage Ratio (non-GAAP measures) to the most comparable GAAP measure are available at www.williams.com and as an attachment to this news release.
(2) Does not represent leverage ratios measured for WMB credit agreement compliance or leverage ratios as calculated by the major credit ratings agencies. Debt is net of cash on hand, and Adjusted EBITDA reflects the sum of the last four quarters.
(3) Capital investments includes increases to property, plant, and equipment (growth & maintenance), purchases of and contributions to equity-method investments and purchases of other long-term investments.
(4) 3Q YTD 2025 capital excludes $43 million for the acquisition of Saber Midstream, which closed June 2025; $153 million for the investment in Cogentrix, which closed March 2025; $319 million for the Rimrock acquisition, which closed January 2025; and $1 million for an adjustment of the Crowheart acquisition and Discovery consolidation, which closed in 2024. 3Q 2024 and 3Q YTD 2024 capital excludes $151 million for the consolidation of our Discovery JV, which closed August 2024. 3Q YTD 2024 capital also excludes $1.844 billion for the acquisition of the Gulf Coast Storage assets, which closed January 2024.

Third-quarter 2025 net income decreased by $59 million, while year-to-date 2025 net income increased by $145 million compared to the prior year. Both comparative periods benefited from:

•Higher service revenues of $210 million and $512 million, respectively, driven by Transco’s higher net rates and expansion projects, new Gulf volumes, and higher gathering and processing volumes including acquisitions,

•Favorable changes of $38 million and $265 million, respectively, in net unrealized gains/losses on commodity derivatives, and

•Higher net realized sales from upstream operations including contributions from the fourth-quarter 2024 Crowheart acquisition.

These favorable changes were unfavorably impacted by:

•The absence of third-quarter 2024 gains of $149 million from the sale of our interests in Aux Sable and $127 million associated with the Discovery Acquisition.

•Lower equity allowance for funds used during construction (equity AFUDC) associated with capital projects at our regulated natural gas pipelines,

•A $25 million write-off in third-quarter 2025 of certain compression assets in the West,

•Higher net interest expense, and

•A higher provision for income taxes, including $25 million recorded in third-quarter 2025 associated with an increase in the estimated deferred state income tax rate.

•Higher operating and administrative costs for the year-to-date period were driven by recent acquisitions and assets placed in service, partially offset by the absence of prior year charges associated with a change in payroll policy. For the quarterly period, these impacts were largely offsetting.

•The year-to-date period also reflected higher depreciation expense, while the quarterly period had little change as higher depreciation expense was offset by a one-time benefit associated with the settlement-in-principle of Transco’s rate case.

Third-quarter and year-to-date 2025 cash flow from operations increased compared to the prior year primarily due to higher operating results exclusive of non-cash items. The year-to-date period was also impacted by favorable net changes to derivative collateral requirements, favorable net changes in working capital, and increased distributions from equity-method investees.

Third-quarter and year-to-date 2025 Adjusted EBITDA increased by $217 million and $413 million, respectively, over the prior year, driven by the previously described increases in service revenues and net realized sales from upstream operations, partially offset by higher operating and administrative costs and lower equity AFUDC.

Third-quarter and year-to-date 2025 Adjusted Net Income improved by $75 million and $131 million, respectively, over the prior year, driven by the previously described impacts to net income, adjusted primarily to remove the effects of net unrealized gains/losses on commodity derivatives, the third-quarter 2024 gains related to Aux Sable and Discovery, the third-quarter 2025 write-off charge, and the third-quarter 2025 income tax expense associated with the increase in the estimated deferred state income tax rate, as well as the related income tax effects of such adjustments.

Third-quarter and year-to-date 2025 Available Funds From Operations (AFFO) increased by $163 million and $168 million, respectively, compared to the prior year primarily due to higher adjusted operating results exclusive of noncash items, partially offset by higher dividends and distributions paid to noncontrolling interests. The year-to-date period also benefited from higher distributions from equity-method investees.

Williams' operations are comprised of the following reportable segments: Transmission, Power & Gulf, Northeast G&P, West and Gas & NGL Marketing Services, as well as Other. For more information, see the company's third-quarter 2025 Form 10-Q.

Third-quarter and year-to-date 2025 Modified and Adjusted EBITDA improved compared to the prior year driven by Transco’s higher net rates and expansion projects, as well as new Gulf volumes, partially offset by lower equity AFUDC. Modified EBITDA for the 2024 periods was impacted by one-time acquisition costs and the unfavorable impact of a change in payroll policy, which are excluded from Adjusted EBITDA, while adjusted EBITDA for the 2025 periods reflect adjustments related to Transco’s rate case and a net gain related to certain asset retirements.

Third-quarter and year-to-date 2025 Modified and Adjusted EBITDA increased compared to the prior year driven primarily by higher gathering volumes at Bradford. The year-to-date period also benefited from higher volumes at Ohio Valley Midstream and Cardinal, partially offset by the absence of Aux Sable, which was sold in third-quarter 2024.

Third-quarter and year-to-date 2025 Modified and Adjusted EBITDA increased compared to the prior year driven by the Louisiana Energy Gateway project coming into service, new volumes from the 2025 Rimrock and Saber acquisitions, and higher volumes in the Haynesville, partially offset by lower minimum volume commitment (MVC) revenues in the Eagle Ford. The year-to-date period also benefited from higher commodity margins. Modified EBITDA for both the quarterly and year-to-date periods was impacted by a $25 million write-off of certain compression assets in third-quarter 2025, which is excluded from Adjusted EBITDA.

Third-quarter 2025 Modified EBITDA increased from the prior year primarily reflecting a $36 million net favorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA. Year-to-date 2025 Modified EBITDA also increased from the prior year reflecting a $230 million net favorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA. Both periods reflected lower gas marketing margins partially offset by proportional EBITDA from the March 2025 investment in Cogentrix.

The increases in third-quarter and year-to-date 2025 Modified and Adjusted EBITDA compared to the prior year reflects contributions from the fourth-quarter 2024 Crowheart acquisition. Year-to-date Modified EBITDA also includes a $35 million net favorable change in unrealized gains/losses on commodity derivatives, which is excluded from Adjusted EBITDA.

The company continues to expect 2025 Adjusted EBITDA guidance midpoint of $7.75 billion within the range of between $7.6 billion and $7.9 billion. The company has increased its 2025 growth capex by $500 million to between $3.95 billion and $4.25 billion in connection with the recently announced decision to invest in Woodside Energy’s Louisiana LNG project.

Maintenance capex remains between $650 million and $750 million, excluding capital for emissions reduction and modernization initiatives. Williams continues to expect a leverage ratio midpoint for 2025 of ~3.7x and has increased the dividend by 5.3% on an annualized basis to $2.00 in 2025 from $1.90 in 2024.

Williams' third-quarter 2025 earnings presentation will be posted at www.williams.com. The company's third-quarter 2025 earnings conference call and webcast with analysts and investors is scheduled for Tuesday, Nov. 4, at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). Participants who wish to join the call by phone must register using the following link: https://register-conf.media-server.com/register/BIf717155f3c1d4f85b8cab5065ade2228

A webcast link to the conference call will be provided on Williams' Investor Relations website. A replay of the webcast will also be available on the website for at least 90 days following the event.

Williams (NYSE: WMB) is a trusted energy industry leader committed to safely, reliably and responsibly meeting growing energy demand. We use our infrastructure to deliver one third of the nation’s natural gas to where it's needed most, supplying the energy used to heat our homes, cook our food and generate low-carbon electricity. For over a century, we’ve been driven by a passion for doing things the right way. Today, our team of problem solvers is leading the charge into the clean energy future. Learn more at www.williams.com.

This news release and accompanying materials may include certain financial measures – adjusted EBITDA, adjusted income (“earnings”), adjusted earnings per share, available funds from operations and dividend coverage ratio – that are non-GAAP financial measures as defined under the rules of the SEC.

Our segment performance measure, modified EBITDA, is defined as net income (loss) before income (loss) from discontinued operations, income tax expense, net interest expense, equity earnings from equity-method investments, other net investing income, impairments of equity investments and goodwill, depreciation and amortization expense, and accretion expense associated with asset retirement obligations for nonregulated operations. We also add our proportional ownership share (based on ownership interest) of modified EBITDA of equity-method investments, including our indirect share from interests owned by equity-method investees.

Adjusted EBITDA further excludes items of income or loss that we characterize as unrepresentative of our ongoing operations. Such items are excluded from net income to determine adjusted income and adjusted earnings per share. Management believes this measure provides investors meaningful insight into results from ongoing operations.

Available funds from operations (AFFO) is defined as cash flow from operations excluding the effect of changes in working capital and certain other changes in noncurrent assets and liabilities, reduced by preferred dividends and net distributions to noncontrolling interests. AFFO may be adjusted to exclude certain items that we characterize as unrepresentative of our ongoing operations.

This news release is accompanied by a reconciliation of these non-GAAP financial measures to their nearest GAAP financial measures. Management uses these financial measures because they are accepted financial indicators used by investors to compare company performance. In addition, management believes that these measures provide investors an enhanced perspective of the operating performance of assets and the cash that the business is generating.

Neither adjusted EBITDA, adjusted income, nor available funds from operations are intended to represent cash flows for the period, nor are they presented as an alternative to net income or cash flow from operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with United States generally accepted accounting principles.

Reconciliation of "Net Income (Loss)" to “Modified EBITDA” and Non-GAAP “Adjusted EBITDA”
(UNAUDITED)
			2024																		2025
(Dollars in millions)			1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Year						1st Qtr			2nd Qtr			3rd Qtr						Year-to-date
Net income (loss)			$	662		$	426		$	741		$	517		$	2,346					$	729		$	583		$	683					$	1,995
Provision (benefit) for income taxes			193			129			227			91			640						193			174			246						613
Interest expense			349			339			338			338			1,364						349			350			372						1,071
Equity (earnings) losses			(137)			(147)			(147)			(129)			(560)						(155)			(142)			(152)						(449)
Other investing (income) loss - net			(24)			(18)			(290)			(11)			(343)						(8)			(4)			(19)						(31)
Proportional Modified EBITDA of equity-method investments			228			238			227			216			909						236			231			250						717
Depreciation, depletion, and amortization expenses			548			540			566			565			2,219						585			605			564						1,754
Accretion expense associated with asset retirement obligations for nonregulated operations			18			21			17			25			81						24			24			23						71
Modified EBITDA			$	1,837		$	1,528		$	1,679		$	1,612		$	6,656					$	1,953		$	1,821		$	1,967					$	5,741
Transmission, Power & Gulf			$	829		$	808		$	811		$	825		$	3,273					$	858		$	891		$	973					$	2,722
Northeast G&P			504			481			476			497			1,958						514			501			505						1,520
West			327			318			323			344			1,312						354			341			342						1,037
Gas & NGL Marketing Services			101			(126)			11			(110)			(124)						152			(30)			54						176
Other			76			47			58			56			237						75			118			93						286
Total Modified EBITDA			$	1,837		$	1,528		$	1,679		$	1,612		$	6,656					$	1,953		$	1,821		$	1,967					$	5,741
Adjustments (1):
Transmission, Power & Gulf			$	10		$	4		$	19		$	1		$	34					$	4		$	12		$	(26)					$	(10)
Northeast G&P			—			(2)			8			2			8						—			—			—						—
West			1			1			7			1			10						—			—			25						25
Gas & NGL Marketing Services			88			112			(7)			146			339						3			15			(43)						(25)
Other			(2)			24			(3)			14			33						29			(40)			(3)						(14)
Total Adjustments			$	97		$	139		$	24		$	164		$	424					$	36		$	(13)		$	(47)					$	(24)
Adjusted EBITDA:
Transmission, Power & Gulf			$	839		$	812		$	830		$	826		$	3,307					$	862		$	903		$	947					$	2,712
Northeast G&P			504			479			484			499			1,966						514			501			505						1,520
West			328			319			330			345			1,322						354			341			367						1,062
Gas & NGL Marketing Services			189			(14)			4			36			215						155			(15)			11						151
Other			74			71			55			70			270						104			78			90						272
Total Adjusted EBITDA			$	1,934		$	1,667		$	1,703		$	1,776		$	7,080					$	1,989		$	1,808		$	1,920					$	5,717
(1) Adjustments by segment are detailed in the "Reconciliation of Income (Loss) from Continuing Operations Attributable to The Williams Companies, Inc. to Non-GAAP Adjusted Income," which is also included in these materials.