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FY2026 Q2
Improving
Williams Companies, Inc. (The) earnings call
Buzzberg read
Long-term EBITDA growth target raised to 11%+ CAGR
Williams reported Q2 2026 EBITDA up 6% YoY, raised FY26 guidance to $8.3–8.5B, and increased long-term growth target to 11%+ CAGR. Key announcements included the acquisition of Momentum Midstream, a $5.34B power innovation JV with Blackstone, and two major Gulf Coast pipeline expansion projects (Shelby Connector and Delta Access). Socrates phase one came online ahead of schedule, proving execution in the power innovation business. Q2 2026 EBITDA of $1.92B, up 6% YoY
Buzzberg read Long-term EBITDA growth target raised to 11%+ CAGR Williams reported Q2 2026 EBITDA up 6% YoY, raised FY26 guidance to $8.3–8.5B, and increased long-term growth target to 11%+ CAGR. Key announcements included the acquisition of Momentum Midstream, a $5.34B power innovation JV with Blackstone, and two major Gulf Coast pipeline expansion projects (Shelby Connector and Delta Access). Socrates phase one came online ahead of schedule, proving execution in the power innovation business. Q2 2026 EBITDA of $1.92B, up 6% YoY Read full analysisCollapse analysis
Williams reported Q2 2026 EBITDA up 6% YoY, raised FY26 guidance to $8.3–8.5B, and increased long-term growth target to 11%+ CAGR. Key announcements included the acquisition of Momentum Midstream, a $5.34B power innovation JV with Blackstone, and two major Gulf Coast pipeline expansion projects (Shelby Connector and Delta Access). Socrates phase one came online ahead of schedule, proving execution in the power innovation business. Q2 2026 EBITDA of $1.92B, up 6% YoY
- FY26 guidance raised to $8.3–8.5B (from $8.1B previously)
- Long-term growth target raised to 11%+ CAGR through 2030
- Momentum Midstream acquired for $5.5B, expanding Haynesville footprint
Revenue$3.053B+1% QoQ
EPS$0.50-32% QoQ
Gross margin83.33%Reported
Operating margin38.72%Reported
6 grounded callouts
What matters now
The highest-signal changes from the call.
AI
Socrates Phase 1 achieved in-service
Capex
Power innovation JV secures $5.34B capital at 6.35% cost
Show 3 more callouts
M&A
Momentum Midstream acquisition strengthens Gulf Coast position
Capex
Two new expansion projects announced: Shelby Connector and Delta Access
Demand
Power innovation demand expands beyond primary customer
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $3.053B | +1% QoQ |
| EPS | $0.50 | -32% QoQ |
| Gross margin | 83.33% | Reported |
| Operating margin | 38.72% | Reported |
| Free cash flow | $-0.458B | Reported |
| Capex | $1.834B | Reported |
AI, capex & demand read
Management read
Upbeat
Management emphasized strong execution, raised EBITDA guidance, and increased long-term growth targets, reflecting confidence in the business outlook.
Management AI read
Management highlighted the successful delivery of power innovation projects supporting data center growth, including the in-service of Socrates Phase 1, and noted strong commercial interest from multiple customers beyond the first primary hyperscaler.
Investment and capacity
The company is raising growth capex guidance primarily for newly announced projects like Shelby Connector and Delta Access, and has secured $5.34 billion in committed capital for power innovation projects through a joint venture.
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Companiesreturns since call
Partners
Partners
Chad Zamarin
Blackstone provided $5.34B in committed capital for Williams' power innovation JV at a capped 6.35% cost of equity, enabling Williams to scale without dilutive equity.
Evidence
“I want to congratulate the Williams and Blackstone teams as well as key partners Apollo and KKR for achieving a great outcome and for supporting this exciting business.”
Supply chain
Supply chain
Larry Larsen
Socrates phase one in-service under 18 months de-risks the power innovation model and enables faster commercialization of future projects, particularly in data center power. — Independent power producers like Vistra and Constellation face competition from Williams' behind-the-meter solution in core data center markets.
Evidence
“As of this week, we're delivering first power to the facility and expect to see that ramp up over the course of the month.”
Supply chain
Chad Zamarin
Line 200 extension and Delta Access pipeline expand capacity from Gillis, Louisiana, to serve LNG demand and new power loads, indicating growing natural gas infrastructure needs. — Williams' pipeline expansions provide critical supply assurance to LNG exporters like Cheniere, supporting their export growth.
Evidence
“The combined Williams and Momentum assets will form the backbone that connects our country's fastest growing supply basin with our fastest growing demand corridor.”
External signals
Supply-chain alpha · 3returns since call
Momentum Midstream acquisition provides leverage to Haynesville growth and LNG exports; combined with Transco and storage creates an integrated Gulf Coast supply network.
Socrates phase one in-service under 18 months de-risks the power innovation model and enables faster commercialization of future projects, particularly in data center power.
Line 200 extension and Delta Access pipeline expand capacity from Gillis, Louisiana, to serve LNG demand and new power loads, indicating growing natural gas infrastructure needs.
Evidence
“The extension of Line 200 includes a new lateral to serve growing power demand in the Lake Charles, Louisiana area and is a nice upside to the Woodside Partnership.”
Methodology & coverage
Management-only analysis. All 6 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.