The Williams Companies, Inc., together with its subsidiaries, operates as an energy infrastructure company primarily in the United States. It operates through Transmission & Gulf of Mexico, Northeast G&P, West, and Gas & NGL Marketing Services segments. The Transmission & Gulf of Mexico segment comprises Transco and Northwest natural gas pipelines; and natural gas gathering and processing, and crude oil production handling and transportation assets in the Gulf Coast region, as well as various petrochemical and feedstock pipelines. The Northeast G&P segment engages in the midstream gathering, processing, and fractionation activities in the Marcellus Shale region primarily in Pennsylvania and New York, and the Utica Shale region of eastern Ohio. The West segment comprises gas gathering, processing, and treating operations in the Rocky Mountain region of Colorado and Wyoming, the Barnett Shale region of north-central Texas, the Eagle Ford Shale region of South Texas, the Haynesville Shale region of northwest Louisiana, and the Mid-Continent region, which includes the Anadarko, Arkoma, and Permian basins; and operates natural gas liquid (NGL) fractionation and storage facilities in central Kansas near Conway. The Gas & NGL Marketing Services segment provides wholesale marketing, trading, storage, and transportation of natural gas for natural gas utilities, municipalities, power generators, and producers; risk and asset management; and NGL marketing services. The company owns and operates 30,000 miles of pipelines, 29 processing facilities, 7 fractionation facilities, and approximately 23 million barrels of NGL storage capacity. The Williams Companies, Inc. was founded in 1908 and is headquartered in Tulsa, Oklahoma.

The Williams Companies, Inc.

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Net Income

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Net Income Attributable to the Williams Companies, Inc.

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Revenue

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Income Statement	Jun '25	Dec '24	Jun '24	Dec '23	Jun '23	Dec '22
Total Revenues	5,829	5,396	5,107	5,343	5,564	5,951
Total Revenues %Chg	14.1%	1%	-8.2%	-10.2%	11%	3.8%
Service Revenues
Product Sales
Service Revenues - Commodity Consideration
Net Gain from Commodity Derivatives
Cost of Sales	2,235	2,292	2,005	2,003	2,016	2,685
Product Costs
Net Processing Commodity Expenses
Operating and Maintenance Expenses
Gross Profit	3,594	3,104	3,102	3,340	3,548	3,266
Gross Profit Margin	61.7%	57.5%	60.7%	62.5%	63.8%	54.9%
Selling, General & Administrative Expenses	362	358	350	328	337	322
Selling, General, and Administrative Expenses
Depreciation & Amortization Expenses	1,190	1,131	1,088	1,050	1,021	1,005
Depreciation, Depletion, and Amortization Expenses
Other Operating Expenses	1,117	1,130	989	921	904	1,005
Impairment of Certain Assets
Impairment of Goodwill
Other Expense - Net
Insurance Recovery
Regulatory Charges Resulting from Tax Reform
Loss on Sale of Certain Assets and Businesses
Operating and Maintenance Expenses
Operating Profit	2,039	1,631	1,708	2,081	2,230	1,892
Operating Income
Operating Margin	35%	30.2%	33.4%	38.9%	40.1%	31.8%
Interest and Investment Income	309	577	326	369	328	351
Equity Earnings
Other Investing Income - Net
Interest Expense	-699	-676	-688	-636	-600	-580
Interest Expense
Interest Capitalized
Non-Operating Income	30	44	64	594	39	7
Impairment of Equity-Method Investments
Net Gain from Energy Transfer Litigation Judgment
Other Income - Net
Total Non-Operating Income	-360	-55	-298	327	-233	-222
Income Before Provision for Income Taxes	1,679	1,576	1,410	2,408	1,997	1,670
Income Before Income Taxes
Provision for Income Taxes	367	318	322	546	459	352
Less: Provision for Income Taxes
Consolidated Net Income	1,312	1,258	1,088	1,852	1,451	1,318
Net Income
Net Income Attributable to Minority Interests and Other	75	66	55	60	64	49
Less: Net Income Attributable to Noncontrolling Interests
Net Income Attributable to Preferred Dividends	-1	-2	-1	-2	-1	-2
Less: Preferred Stock Dividends
Net Income Attributable to Discontinued Operations	—	—	—	-20	-174	—
Income from Discontinued Operations
Income from Discontinued Operations
Net Income Attributable to Common Shareholders	2,474	2,384	2,066	3,584	2,774	2,538
Net Income Attributable to the Williams Companies, Inc.
Less: Preferred Stock Dividends
Net Income Available to Common Stockholders
Basic EPS	1	1	0.9	1.5	1.1	1
Diluted EPS	1	1	0.8	1.5	1.1	1
Basic Weighted Average Shares Outstanding	1,221.2	1,219.6	1,218.8	1,217	1,218.6	1,218.9
Total Shares Outstanding	1,221	1,221	1,219	1,217	1,217	1,218
Diluted Weighted Average Shares Outstanding	1,224.5	1,223.7	1,222.2	1,222	1,223.4	1,223.4
EBITDA	3,229	2,762	2,796	3,131	3,251	2,897
Effective Tax Rate	21.9%	20.2%	22.8%	22.7%	23%	21.1%