Williams Companies, Inc. (WMB) · Nov 2, 2026 · Earnings

Williams earnings beat revenue estimates as adjusted EPS lands in line

In line — Adjusted EPS $0.54 vs ~$0.54 consensus

Williams earnings showed stronger revenue and EBITDA, while adjusted EPS matched consensus and 2026 guidance stayed unchanged amid heavy expansion spending.

Williams is in an expansion phase: its regulated gas infrastructure is being extended toward rising LNG, power-generation and industrial demand, while the Momentum acquisition and Socrates project add new growth capacity. The quarter shows that strategy is producing operating gains, but much of the broader growth narrative was already established after the second-quarter guidance increase.

The operating quarter was better than the headline EPS suggests. Revenue reached $3.223 billion versus $2.923 billion a year earlier and the published consensus of about $2.99 billion, while adjusted EBITDA rose 6% to $2.039 billion. The strongest contributions came from Transmission, Power & Gulf, Northeast G&P and West; Williams said year-to-date adjusted EBITDA was up 9% to $6.2 billion.

Metric	Q3 2026	Q3 2025	Consensus
Revenue (Income Statement)	$3.223B (+10.3%)	$2.923B	$2.99B
Adjusted EPS (Financial Highlights)	$0.54 (+10.2%)	$0.49	$0.54
Adjusted EBITDA (Financial Highlights)	$2.039B (+6.2%)	$1.920B
Cash flow from operations (Financial Highlights)	$1.505B (+4.6%)	$1.439B
Capital investments, excluding acquisitions (Financial Highlights)	$2.727B	$1.053B
Debt / adjusted EBITDA (Financial Highlights)	3.80x	3.73x

The cleanest benchmark is in line, not a true earnings beat. Adjusted EPS of $0.54 matched the roughly $0.54 consensus, so the quarter did not deliver an earnings-per-share surprise. The revenue and EBITDA upside matters because it confirms healthy execution, but higher general and administrative costs, interest expense and a much larger capital program absorbed enough of that operating strength to leave per-share earnings merely on target.

The growth story advanced, but with heavier capital intensity. Year-to-date capital investments excluding acquisitions reached $6.011 billion versus $2.762 billion a year earlier, while the September Momentum purchase added another $2.816 billion of cash acquisition spending. That spending is aimed at expanding the infrastructure base, but it also explains why debt-to-adjusted EBITDA edged up to 3.80x from 3.73x. Williams still generated $4.809 billion of year-to-date AFFO and maintained 2.48x dividend coverage, so the filing shows funding capacity rather than immediate balance-sheet stress.

Management held the upgraded outlook rather than raising it again. Williams continues to expect 2026 adjusted EBITDA of $8.3 billion to $8.5 billion and growth capex of $7.3 billion to $7.9 billion, with performance tracking toward the upper half of the EBITDA range. That is supportive confirmation, not a fresh catalyst: the range was already reset higher with Momentum in August.

Bottom line: Williams executed ahead of expectations on revenue and operating profit, but adjusted EPS only matched consensus and guidance was unchanged. The filing modestly strengthens the expansion story without rewriting it.

What to watch next

Q3 earnings call, November 3

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Williams earnings beat revenue estimates as adjusted EPS lands in line

What to watch next

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