{"schemaVersion":1,"research":true,"symbol":"wmb","name":"Williams Companies","topic":"moat","path":"/stock/wmb/moat","status":"published","version":4,"updatedAt":"2026-10-17T23:23:23.052Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Williams has a narrow moat supported by difficult-to-replicate pipeline infrastructure and the capital required to switch connected producing wells to another gathering provider. These advantages support customer dependency, but competition at alternative delivery points, producer drilling exposure and regulated or fixed contract pricing limit their reach. Operating results support current resilience; rate refunds and gathering-asset impairments show meaningful limits. The passages do not establish exceptional durability or broad pricing power.","advantages":[{"mechanism":"efficient_scale","claim":"Existing interstate pipeline routes connect supply with major demand centers, while regulatory requirements and public opposition impede new competing construction. This supports an incumbent infrastructure advantage, although route-level market exclusivity is not established.","durability":"Physical routes and construction barriers support persistence. The evidence does not establish a guaranteed duration, and the same permitting barriers can constrain Williams' expansions.","risks":"Customers with multiple delivery points can use competing pipelines. Rates face regulatory oversight, and alternative generation sources can reduce natural gas demand. Capacity constraints also intensify competition to connect supply basins with markets.","invalidation":"The advantage would weaken if competing routes repeatedly displaced Williams at its served demand centers, existing capacity became persistently underused, or tariff outcomes prevented adequate recovery of operating and capital costs.","competitors":[],"evidenceIds":["e1","e2","e3"],"counterEvidenceIds":["e4","e5","e6","e7","e8"]},{"mechanism":"switching_costs","claim":"Connected producing wells face significant capital requirements to change gathering providers. Existing customer agreements and minimum-volume commitments provide additional contractual support, without proving unrestricted pricing power.","durability":"Switching friction can last through a connected well's producing life. Longer-term value still depends on contract extensions and producers drilling additional wells; agreement terms vary substantially.","risks":"Producer drilling decisions determine future activity, customer concentration is material, and actual gathering-asset impairments demonstrate that connected infrastructure does not ensure durable economic value.","invalidation":"The advantage would weaken if connected producers routinely switched providers without substantial investment, renewals required persistent fee concessions, or declining drilling and asset impairments repeatedly overwhelmed contractual protection.","competitors":[],"evidenceIds":["e9","e10","e11"],"counterEvidenceIds":["e12","e13","e14","e15"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business competition: barriers to new pipeline construction","excerpt":"Significant entrance barriers to build new pipelines exist, including increased federal and state regulations and elevated public opposition against new pipeline builds, and these factors will continue to impact potential competition for the foreseeable future."},{"id":"e2","sourceId":"filing-1","location":"Business description: Transco operating pipeline route","excerpt":"Transco Transco is an interstate natural gas transmission company that owns and operates an interstate natural gas pipeline system extending from Texas, Louisiana, Mississippi and the Gulf of America through Alabama, Georgia, South Carolina, North Carolina, Virginia, Maryland, Delaware, Pennsylvania, and New Jersey to the New York City metropolitan area."},{"id":"e3","sourceId":"filing-1","location":"Business description: Transco served markets","excerpt":"The system serves customers in Texas and the 12 southeast and Atlantic seaboard states mentioned above, including major metropolitan areas in Georgia, Washington D.C., Maryland, North Carolina, New York, New Jersey, and Pennsylvania."},{"id":"e4","sourceId":"filing-1","location":"Business competition: customers with multiple delivery points","excerpt":"Williams faces competition in a number of key markets, and competes with other interstate and intrastate pipelines for deliveries to customers who can take deliveries at multiple points."},{"id":"e5","sourceId":"filing-1","location":"Business competition: constrained capacity and competition for connections","excerpt":"Additionally, pipeline capacity in many natural gas supply basins is constrained and facing more regulation and opposition causing competition to increase among pipeline companies as they strive to connect those basins to major natural gas demand centers."},{"id":"e6","sourceId":"filing-1","location":"Risk factors: regulatory effects on tariff rates and cost recovery","excerpt":"Regulatory or administrative actions in these areas, including successful complaints or protests against the rates of the gas pipelines, can affect Williams’, Transco’s, and NWP’s businesses in many ways, including decreasing tariff rates and revenues or setting future tariff rates to levels such that revenues are inadequate to recover increases in operating costs or to sustain an adequate return on capital investments, decreasing volumes in the pipelines, increasing costs, and otherwise altering the profitability of the pipeline business."},{"id":"e7","sourceId":"filing-1","location":"Business competition: alternative electricity generation sources","excerpt":"Natural gas delivered on Williams’ system competes with alternative energy sources used to generate electricity such as hydroelectric power, solar, wind, coal, fuel oil, and nuclear."},{"id":"e8","sourceId":"filing-1","location":"Business competition: potential restrictions on natural gas demand","excerpt":"Conversely, natural gas demand could be adversely affected by laws mandating or encouraging solar and wind power sources or restricting the use of natural gas in power generation."},{"id":"e9","sourceId":"filing-1","location":"Notes: customer relationships and capital required to switch gathering providers","excerpt":"Once producer customers’ wells are connected to Williams’ gathering infrastructure, their likelihood of switching to another provider before the wells are abandoned is reduced due to the significant capital investment required."},{"id":"e10","sourceId":"filing-1","location":"Business: gathering and processing agreement duration","excerpt":"Generally, Williams’ gathering and processing agreements are long-term agreements, with terms ranging from month-to-month to the life of the producing lease."},{"id":"e11","sourceId":"filing-1","location":"Business: minimum-volume commitment payment obligations","excerpt":"Williams has certain gas gathering and processing agreements with MVC, whereby the customer is obligated to pay a contractually determined fee based on any shortfall between the actual gathered and processed volumes and the MVC for a stated period."},{"id":"e12","sourceId":"filing-1","location":"Notes: renewal dependence and producer drilling programs","excerpt":"Although a significant portion of the expected future cash flows associated with these contractual customer relationships are dependent on the ability to renew or extend the arrangements beyond the initial contract periods, these expected future cash flows are significantly influenced by the scope and pace of Williams’ producer customers’ drilling programs."},{"id":"e13","sourceId":"filing-1","location":"Business: gathering and processing customer concentration","excerpt":"The top ten customers accounted for approximately 55 percent of gathering and processing fee revenues and NGL margins from noncash commodity-based agreements."},{"id":"e14","sourceId":"filing-1","location":"Segment notes: 2025 compression write-off and gathering-asset impairment","excerpt":"(6) Impairment or write-off of certain assets primarily includes a $25 million write-off of certain compression assets within the West segment in September 2025 and a $176 million impairment of certain gas gathering assets within the West segment in December 2025 (Note 16 – Fair Value Measurements, Guarantees, and Concentration of Credit Risk)."},{"id":"e15","sourceId":"filing-1","location":"Risk factors: commodity prices and achievable contractual pricing","excerpt":"Lower energy commodity prices could negatively impact the ability to maintain or achieve favorable contractual terms, including pricing, and could also result in a decline in the production of energy commodities resulting in reduced customer contracts, supply contracts, and throughput on the pipeline systems."},{"id":"e16","sourceId":"filing-1","location":"Risk factors: fixed-price contracts without cost adjustment","excerpt":"Certain of Williams’, Transco’s, and NWP’s natural gas pipeline services are subject to long-term, fixed-price contracts that are not subject to adjustment, even if the cost to perform such services exceeds the revenues received from such contracts."},{"id":"e17","sourceId":"filing-2","location":"MD&A operating cash flow: higher operating income and payment of Transco rate refunds","excerpt":"Williams’ Net cash provided (used) by operating activities for the six months ended June 30, 2026, increased from the six months ended June 30, 2025, primarily due to higher operating income (excluding noncash items previously discussed), partially offset by unfavorable changes in net operating working capital in 2026, which includes the payment of Transco’s rate refunds in 2026, and unfavorable changes in margin requirements."},{"id":"e18","sourceId":"filing-1","location":"MD&A: Northeast G&P results for 2023–2025","excerpt":"Northeast G&P Year Ended December 31, 2025 2024 2023 (Millions) Service revenues $ 1,995 $ 1,913 $ 1,896 Product sales and service revenues – commodity consideration (1) 173 112 137 Segment revenues 2,168 2,025 2,033 Product costs and net processing commodity expenses (1) (149) (88) (125) Other segment costs and expenses (631) (581) (566) Proportional Modified EBITDA of equity-method investments 640 602 574 Northeast G&P Modified EBITDA $ 2,028 $ 1,958 $ 1,916 Commodity margins $ 24 $ 24 $ 12 (1)Included as a component of Commodity margins."},{"id":"e19","sourceId":"filing-2","location":"Unaudited consolidated income statement: first-half 2026 comparative results","excerpt":"Consolidated Statement of Comprehensive Income (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (Millions, except per-share amounts) Revenues: Service revenues $ 2,152 $ 2,041 $ 4,358 $ 4,044 Service revenues – commodity consideration 45 47 91 96 Product sales 762 657 1,899 1,715 Net gain (loss) from commodity derivatives 94 36 (265) (26) Total revenues 3,053 2,781 6,083 5,829 Costs and expenses: Product costs 509 474 1,052 1,089 Net processing commodity expenses 6 4 21 32 Operating and maintenance expenses 597 572 1,162 1,114 Depreciation, depletion, and amortization expenses 592 605 1,176 1,190 General and administrative expenses 180 168 373 362 Gain on sale of certain assets (Note 3) (12) — (194) — Other operating (income) expense – net (1) 13 (10) 3 Total costs and expenses 1,871 1,836 3,580 3,790 Operating income (loss) 1,182 945 2,503 2,039 Equity earnings (losses) 159 142 320 297 Other investing income (loss) – net (Note 3) 134 4 158 12 Interest expense (371) (350) (747) (699) Other income (expense) – net 32 16 58 30 Income (loss) before income taxes 1,136 757 2,292 1,679 Less: Provision (benefit) for income taxes 260 174 504 367 Net income (loss) 876 583 1,788 1,312 Less: Net income (loss) attributable to noncontrolling interests 49 37 96 75 Net income (loss) attributable to The Williams Companies, Inc."},{"id":"e20","sourceId":"filing-1","location":"Segment notes: contractually or regulatorily reimbursable costs","excerpt":"(4) Recoverable power, transportation and storage costs are charges incurred which are reimbursable pursuant to FERC stipulations or customer contracts."},{"id":"e21","sourceId":"filing-2","location":"Unaudited cash flow statement: capital spending, cash generation, financing and distributions","excerpt":"Consolidated Statement of Cash Flows (Unaudited) Six Months Ended June 30, 2026 2025 (Millions) OPERATING ACTIVITIES: Net income (loss) $ 1,788 $ 1,312 Adjustments to reconcile to net cash provided (used) by operating activities: Depreciation, depletion, and amortization 1,176 1,190 Provision (benefit) for deferred income taxes 492 186 Equity (earnings) losses (320) (297) Distributions from equity-method investees 448 412 Gain on sale of certain assets (Note 3) (194) — Net unrealized (gain) loss from commodity derivative instruments 83 (4) Gain on disposition of equity-method investments (Note 3) (127) — Inventory write-downs 12 4 Amortization of stock-based awards 39 49 Cash provided (used) by changes in current assets and liabilities: Accounts receivable 106 301 Inventories (32) (61) Other current assets and deferred charges (23) (36) Accounts payable (240) (265) Other current liabilities (58) 150 Changes in current and noncurrent commodity derivative assets and liabilities (56) 19 Other, including changes in noncurrent assets and liabilities (115) (77) Net cash provided (used) by operating activities 2,979 2,883 FINANCING ACTIVITIES: Proceeds from (payments of) commercial paper – net (224) (454) Proceeds from long-term debt 2,790 2,994 Payments of long-term debt (1,119) (975) Payments for debt issuance costs (33) (26) Proceeds from issuance of common stock 8 5 Common dividends paid (1,284) (1,221) Dividends and distributions paid to noncontrolling interests (140) (131) Contributions from noncontrolling interests 32 19 Other – net (79) (57) Net cash provided (used) by financing activities (49) 154 INVESTING ACTIVITIES: Property, plant, and equipment: Capital expenditures (1) (3,193) (1,984) Dispositions – net (Note 3) 345 (40) Proceeds from sale of business (Note 7) 48 — Proceeds from disposition of equity-method investments (Note 3) 6 — Purchases of and contributions to equity-method investments (91) (179) Other – net 95 9 Net cash provided (used) by investing activities (2,790) (2,194) Increase (decrease) in cash and cash equivalents 140 843 Cash and cash equivalents at beginning of year 63 60 Cash and cash equivalents at end of period $ 203 $ 903 _________ (1) Increases to property, plant, and equipment $ (3,347) $ (2,041) Changes in related accounts payable and accrued liabilities 154 57 Capital expenditures $ (3,193) $ (1,984) See the Combined Notes to Financial Statements."},{"id":"e22","sourceId":"filing-2","location":"Subsequent events: power innovation minority-interest sale and committed capital","excerpt":"Power Innovation Joint Venture In July 2026, Williams sold a 49 percent noncontrolling interest in five power innovation projects, Socrates, Apollo, Aquila, Socrates the Younger, and Neo, to an investor in exchange for $5.34 billion of committed capital."},{"id":"e23","sourceId":"filing-2","location":"Other information: election to issue acquisition consideration shares","excerpt":"Other Information Unregistered Sales of Equity Securities On August 3, 2026, Williams made an irrevocable election to issue 26,874,496 shares of its common stock, par value $1.00 per share, as consideration for its acquisition (the Acquisition) of the membership interests of M6 Midstream LLC pursuant to the terms of a Membership Interest Purchase Agreement entered into on July 17, 2026, with M6 Midstream Holdings LLC and M6 Midstream Blocker LLC."},{"id":"e24","sourceId":"filing-3","location":"Executive compensation: identified 2025 performance metrics","excerpt":"Most Important Performance Metrics in 2025 Adjusted EBITDA Available Funds From Operations (AFFO) Per Share Relative Total Stockholder Return (TSR) Return on Capital Employed (ROCE) 85 Williams Companies | 2026 Proxy Statement Executive Compensation Tables and Other Information The following supplemental charts demonstrate the significant growth in both TSR and in our financial performance over this four year period creating a strong relationship between performance and the SEC’s required calculation of CAP: Williams Companies | 2026 Proxy Statement 86 Executive Compensation Tables and Other Information Securities Authorized For Issuance Under Equity Compensation Plans The following table provides information concerning Williams common stock that may be issued upon the exercise of options, warrants and rights under all of our existing equity compensation plans as of December 31, 2025, including The Williams Companies, Inc."},{"id":"e25","sourceId":"filing-3","location":"Existing equity compensation plans: outstanding awards at December 31, 2025","excerpt":"PLAN CATEGORY NUMBER OF SECURITIES TO BE ISSUED UPON EXERCISE OF OUTSTANDING OPTIONS, WARRANTS, AND RIGHTS(1) WEIGHTED-AVERAGE PRICE OF OUTSTANDING OPTIONS, WARRANTS, AND RIGHTS(2) NUMBER OF SECURITIES REMAINING AVAILABLE FOR FUTURE ISSUANCE UNDER EQUITY COMPENSATION PLANS (EXCLUDING SECURITIES REFLECTED IN THE FIRST COLUMN OF THIS TABLE)(3) Equity Compensation plans approved by security holders 6,006,061 $ 28.68 7,764,590 Equity Compensation plans not approved by security holders — — — Total 6,006,061 $ 28.68 7,764,590 (1) Includes 5,713,127 shares of RSUs, all of which were approved by security holders."},{"id":"e26","sourceId":"filing-3","location":"Stockholder letter: completed CEO and independent lead director appointments","excerpt":"Chad Zamarin became President and CEO and joined the Board, while Stephen Bergstrom assumed the role of independent Lead Director."},{"id":"e27","sourceId":"filing-3","location":"Governance practices: independent membership of key board committees","excerpt":"• Allow only independent directors to serve on the Audit, Compensation and Management Development, and Governance and Sustainability Board committees."},{"id":"e28","sourceId":"filing-1","location":"Auditor report: unqualified opinion on internal control over financial reporting","excerpt":"We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 24, 2026 expressed an unqualified opinion thereon."},{"id":"e29","sourceId":"filing-3","location":"Stockholder letter: reported 2025 earnings and achievement of revised guidance","excerpt":"Financial Results Underscore Business Strength In 2025, we delivered GAAP net income of $2.615 billion and record Adjusted EBITDA of $7.75 billion,* achieving the midpoint of guidance that we raised three times by a total of $350 million."}],"changes":["No comparable previous version."],"limitations":["Assessment uses only supplied passages. Source dates are filing dates: February 24, 2026; August 3, 2026; and March 18, 2026. They are not retrieval dates.","Competition disclosures identify generic pipeline categories, without naming direct competitors. Companies in the stock-performance index and director biographies are not established competitors; competitor arrays therefore remain empty.","Construction barriers and switching friction are issuer disclosures. Route-level market shares, competing capacity, customer-level renewal outcomes and comparative costs are unavailable.","Revenue growth does not isolate realized fee changes from volumes, acquisitions or business mix. Rate refunds provide observed adverse pricing evidence, but their magnitude and broader pricing implications are not established.","No customer retention rate is supplied. Retention is assessed indirectly from physical switching costs, contractual obligations and continuing service revenue.","Compensation metrics and outstanding awards are disclosed, but executive ownership, award weights, realized incentive outcomes and detailed vesting conditions are missing. Proposed plan amendments are not treated as adopted.","Execution is assessed partly from indirect operating evidence and issuer-reported guidance achievement. Acquisition completion, future project returns and forecast growth are not assumed.","The July 2026 power transaction establishes a sale and capital commitment, not receipt of all committed funding. Acquisition share issuance remained conditional on closing."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Operating pipeline routes, disclosed construction barriers and substantial capital required to switch connected wells establish current structural advantages. Comparative route economics and exclusivity are not established.","evidenceIds":["e1","e2","e3","e9"]},{"criterion":"durability","grade":3,"rationale":"Physical infrastructure and switching investment support persistence, reinforced by long-term agreements and some minimum-volume obligations. Variable contract terms, renewal dependence and drilling exposure preclude exceptional durability.","evidenceIds":["e1","e9","e10","e11","e12"]},{"criterion":"customer_dependency","grade":3,"rationale":"Capital-intensive reconnection makes connected wells dependent on existing gathering infrastructure, while minimum-volume commitments support payment obligations. Dependency is weaker for customers able to receive competing pipeline deliveries.","evidenceIds":["e9","e11","e4"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Northeast G&P results improved across 2023–2025 and first-half 2026 operating cash flow benefited from higher operating income. Actual asset impairments and rate refunds demonstrate limits; competition and drilling exposure remain material.","evidenceIds":["e18","e17","e14","e4","e12"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Transco paid rate refunds in 2026, providing an observed adverse pricing outcome. Growing service revenues do not isolate fee realization, and the passages provide no offsetting demonstrated pricing gains. Refund magnitude is unavailable.","evidenceIds":["e17","e19"]},{"criterion":"retention","grade":3,"rationale":"Physical switching investment and minimum-volume payment obligations support strong customer stickiness, with continuing Northeast service revenues providing indirect operating support. This is an indirect assessment, not a measured renewal or churn rate.","evidenceIds":["e9","e10","e11","e18","e12"]},{"criterion":"margin_resilience","grade":2,"rationale":"Northeast G&P earnings increased despite higher segment costs, and some costs are reimbursable. Fixed-price exposure and actual impairments limit resilience; consolidated operating income also includes asset-sale gains, so improvement cannot all be attributed to recurring economics.","evidenceIds":["e18","e20","e16","e14","e19"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Certain long-term fixed-price services cannot adjust charges even when costs exceed revenue, and regulators can constrain tariff recovery. Minimum-volume obligations protect payment quantities rather than confer broad freedom to reprice.","evidenceIds":["e16","e6","e11"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half 2026 operating cash flow of $2.979 billion fell below $3.193 billion of capital expenditures before dividends; debt proceeds exceeded repayments. A minority-interest sale secured significant capital commitments, but gathering impairments and conditional acquisition dilution make the evidence mixed. Future investment returns remain unproven.","evidenceIds":["e21","e22","e14","e23"]},{"criterion":"incentive_alignment","grade":2,"rationale":"Disclosed compensation metrics include AFFO per share, relative TSR and ROCE alongside EBITDA, and existing shareholder-approved equity awards establish actual incentive arrangements. Missing executive ownership, metric weights and realized payout details prevent a stronger assessment.","evidenceIds":["e24","e25"]},{"criterion":"execution","grade":3,"rationale":"Three years of improving Northeast G&P results, higher first-half 2026 operating cash generation and issuer-reported achievement of revised 2025 guidance support demonstrated execution. Operating evidence is partly indirect, and asset impairments temper the conclusion; forecasts are excluded.","evidenceIds":["e18","e17","e21","e29","e14"]},{"criterion":"governance","grade":3,"rationale":"An appointed independent lead director, independent membership requirements for key committees and an unqualified internal-control audit support established oversight. These disclosures do not establish exceptional governance outcomes or complete board independence after the proposed election.","evidenceIds":["e26","e27","e28"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"1103878e2001738355d15a62b9884b70489fe9941828653dc89b5114d143ce7c","updatedAt":"2026-10-17T23:23:23.052Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/99250/000010726326000006/wmb-20251231.htm","publishedAt":"2026-02-24","sha256":"a3ea46b092225ecb07aaf806ae47b4df398e4c5a491b67b1337e2cf89b5c2ec7","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/99250/000010726326000026/wmb-20260630.htm","publishedAt":"2026-08-03","sha256":"83f2e133157e4965b4d6cc6aae4cf61da90ad1fe5a5f993b641e3e180c970940","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/107263/000119312526112643/wmb-20260317.htm","publishedAt":"2026-03-18","sha256":"7379e76819fa6a6ca8e20f16ec38cf79eb0d79f2d200bb1eb7826f5b0010fd0e","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:d3f0179bb86e3be58c9bdc8aa4f7e21182c568eaec031a2fcec042e7e198118e","usage":{"input_tokens":50798,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3528,"reasoning_output_tokens":126},"basisSupplement":{"previousHash":"8ed5ec91b7f1c0818eae2ed0b0ff77cb2fb6a33fa00ad31140ea2157f0fee666","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":20.580413016270338,"roic":5.440242366424453,"fcf_margin":21.16708385481852,"sbc_revenue":0.6336045056320401},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":16.980813593653295,"roic":6.896182059985254,"fcf_margin":14.831485961852248,"sbc_revenue":0.410735385134755},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":35.936978992997666,"roic":null,"fcf_margin":28.526175391797263,"sbc_revenue":0.6418806268756252},"issues":{"ev_sales":"Cash and cash equivalents is unavailable in the extracted statements for this period.","ev_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roiic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":26.432868904369855,"roic":null,"fcf_margin":19.007283090563647,"sbc_revenue":0.7837238758708043},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Cash and cash equivalents is unavailable in the extracted statements for this period.","ev_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roiic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":28.16296395731257,"roic":null,"fcf_margin":6.7454191556480305,"sbc_revenue":0.6242029666420565},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Cash and cash equivalents is unavailable in the extracted statements for this period.","ev_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roiic":"Cash and cash equivalents is unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","cash":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt":"Cash and cash equivalents is unavailable in the extracted statements for this period.","net_debt_ebitda":"Cash and cash equivalents is unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/99250/000010726326000006/wmb-20251231.htm","publishedAt":"2026-02-24","sha256":"a3ea46b092225ecb07aaf806ae47b4df398e4c5a491b67b1337e2cf89b5c2ec7","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/99250/000010726326000026/wmb-20260630.htm","publishedAt":"2026-08-03","sha256":"83f2e133157e4965b4d6cc6aae4cf61da90ad1fe5a5f993b641e3e180c970940","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/107263/000119312526112643/wmb-20260317.htm","publishedAt":"2026-03-18","sha256":"7379e76819fa6a6ca8e20f16ec38cf79eb0d79f2d200bb1eb7826f5b0010fd0e","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}