The Williams Companies, Inc.

NYSE-WMB

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	683	583	729	517	741	426
Net Income
Depreciation & Amortization	564	605	585	565	566	540
Depreciation, Depletion, and Amortization
Stock Based Compensation	21	19	30	30	21	24
Amortization of Stock-Based Awards
Other Adjustments	242	158	143	140	-39	298
Provision for Deferred Income Taxes
Equity Earnings
Distributions from Equity-Method Investees
Impairment of Goodwill
Impairment of Equity-Method Investments
Impairment of Certain Assets
Net Unrealized Gain from Commodity Derivative Instruments
Gain on Sale of Business
Gain on Disposition of Equity-Method Investments
Loss on Deconsolidation of Businesses
Impairment of and Net Gain on Sale of Assets and Businesses
Gain on Remeasurement of Equity-Method Investments
Inventory Write-Downs
Regulatory Charges Resulting from Tax Reform
Changes in Trade Receivables	83	219	82	-536	97	-44
Change in Accounts Receivable
Changes in Inventories	-5	-89	28	-3	-3	-37
Change in Inventories
Changes in Accounts Payable	-94	-236	-29	456	-98	90
Change in Accounts Payable
Changes in Other Operating Activities	-55	191	-135	-89	-42	-18
Change in Other Current Assets and Deferred Charges
Change in Other Current Liabilities
Changes in Current and Noncurrent Commodity Derivative Assets and Liabilities
Other, Including Changes in Noncurrent Assets and Liabilities
Cash from Operating Activities	1,439	1,450	1,433	1,218	1,243	1,279
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-954	-972	-1,012	-768	-682	-579
Capital Expenditures
Proceeds from Sale of Property, Plant & Equipment	-40	-40	—	-32	-46	-32
Dispositions - Net
Purchases of Investments	-13	-16	-163	-13	-19	-30
Purchases of and Contributions to Equity-Method Investments
Proceeds from Sale of Investments	—	—	—	80.5	161	—
Proceeds from Dispositions of Equity-Method Investments
Payments for Business Acquisitions	—	-0.5	-1	-249	-151	7
Purchases of Businesses, Net of Cash Acquired
Proceeds from Business Divestments	—	—	—	—	—	—
Proceeds from Sale of Businesses, Net of Cash Divested
Other Investing Activities	-1	4	6	-8	-4	14
Contributions in Aid of Construction
Distributions from Unconsolidated Affiliates in Excess of Cumulative Earnings
Other - Net
Cash from Investing Activities	-1,008	-1,024	-1,170	-1,070	-737	-620
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	170	-322	-132	454	-628	628
Proceeds from Commercial Paper - Net
Net Issuance / (Repayments) of Short-Term Debt	170	-322	-132	454	-628	628
Issuance of Long-Term Debt	—	1,497	1,497	747	1,494	1
Proceeds from Long-Term Debt
Repayments of Long-Term Debt	-758	-122	-853	-660	-12	-1,262
Payments of Long-Term Debt
Net Issuance / (Repayments) of Long-Term Debt	-758	1,375	644	87	1,482	-1,261
Issuance of Common Shares	4	2.5	5	2	3	2.5
Proceeds from Issuance of Common Stock
Proceeds from Sale of Limited Partner Units of Consolidated Partnership
Repurchases of Common Shares	—	—	—	—	—	—
Purchases of Treasury Stock
Net Issuance / (Repurchases) of Common Shares	4	2.5	5	2	3	2.5
Common Share Dividends Paid	-611	-611	-610	-579	-579	-579
Common Dividends Paid
Other Financing Activities	-69	-65	-130	-67	-77	-59
Payments for Debt Issuance Costs
Special Distribution from Gulfstream
Contribution to Gulfstream for Repayment of Debt
Proceeds from Sale of Partial Interest in Consolidated Subsidiary
Dividends and Distributions Paid to Noncontrolling Interests
Contributions from Noncontrolling Interests
Other - Net
Cash from Financing Activities	-1,264	377	-223	-850	201	-1,271
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	485	478	421	450	561	700
NOPAT	815.3	727.8	865	674.3	641.5	534.2
Levered Free Cash Flow	162	1,644	1,331	1,674	2,007	165
Unlevered Free Cash Flow	271.3	226.8	302	835.3	382.5	530.2
Net Change in Cash	-833	803	40	-702	707	-612