WMB
Market read
The latest filing evidence is available. 0 of 19 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 7 directly disclosed connections are confirming.
Invalidation: The isolated read changes if WMB's group or a disclosed connection begins moving with it.
Research brief
The latest filing evidence is available. 0 of 19 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 7 directly disclosed connections are confirming.
No thresholded adverse filing evidence is available yet.
Company research
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
No qualifying adverse evidence was identified; that is not proof there is no downside.
Reported annual revenue and per-share history. This is accounting history, not a forecast.
What management says matters
“While the new law did not have a significant impact on Williams’ federal income tax provision, Williams did have a temporary deferral of federal income tax payments as a result of permanently restoring full bonus depreciation of certain business property and…”10-K · Feb 24, 2026 ↗
“Revenues increased primarily due to higher Natural gas transportation service revenues driven by rate increases effective April 1, 2025, and increased firm transportation revenues from new contracts executed at higher rates to replace expiring contracts.”10-Q · May 4, 2026 ↗
“76 Table of Contents Management’s Discussion and Analysis (Continued) Allowance for equity and borrowed funds used during construction (AFUDC) decreased as a result of lower eligible capital expenditures.”10-Q · Nov 3, 2025 ↗
“Proportional Modified EBITDA of equity-method investments increased primarily due to higher volumes at OPPL.”10-Q · Nov 3, 2025 ↗
Valuation discipline
Price/sales 6.0× · EV/sales 6.0×. Comparisons use only industry-matched filing peers.
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 11 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
Jodie has not returned a relevant primary source or news item for WMB. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
10-Q filed 2026-05-04 against the comparable filing from 2025-05-05.
No thresholded deterioration was identified.
“Williams’ Net cash provided (used) by operating activities for the three months ended March 31, 2026 increased from the three months ended March 31, 2025 primarily due to higher operating income (excluding noncash items previously discussed), partially offset by unfavorable changes in margin requirements.”
“Service revenues increased primarily due to: • A $54 million increase in the Haynesville Shale region primarily due to higher gathering volumes including those resulting from Louisiana Energy Gateway which was placed into service in third-quarter 2025 and the acquisition of Saber Midstream, LLC in June 2025; • An $11 million increase in the DJ Basin region primarily due to higher gathering volumes, including those associated with the acquisition of natural gas gathering and processing assets from Rimrock Energy Partners, LLC on January 31, 2025; partially offset by • A $10 million decrease in the Eagle Ford Shale region primarily due to lower MVC revenue.”
“Commodity margins increased $57 million primarily due to a $50 million increase in natural gas marketing margins, including $32 million of higher natural gas transportation capacity marketing margins and $18 million of higher natural gas storage marketing margins, both primarily driven by favorable net realized pricing spreads.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
“For the year ended December 31, 2025, Transco’s largest customer was Duke Energy Corporation, which accounted for approximately 9 percent of its operating revenue, and NWP’s largest customer was Puget Sound Energy, Inc., which accounted for approximately 31 p…”
Depended on by
“For the years ended December 31, 2025, 2024 and 2023, revenue derived from projects performed under MSAs was 32.0%, 36.8%, and 36.7% of total revenue, respectively.”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 5 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
WMB is currently a Follower in the organic co-movement group Oil & Gas Midstream. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
No durable theme membership has been observed for this name yet.