Williams Company Inc. (NYSE: WMB) moved up a modest 1% after delivering mixed headline numbers in its Q1 2026 earnings report. The company delivered adjusted earnings per share (EPS) of 73 cents, easily beating expectations of 63 cents. However, revenue was a slight miss with Williams delivering $3.03 billion, below expectations of $3.28 billion.
Some context is required. For midstream infrastructure companies like Williams, revenue can be misleading due to commodity pass-through accounting. A more relevant metric of a company’s health is adjusted EBITDA. And that’s an area where Williams shone, reporting a record $2.25 billion.
