Williams Companies (WMB) official guidance

The company now expects 2026 Adjusted EBITDA of $8.3 billion to $8.5 billion and growth capex between $7.3 billion and $7.9 billion.

Based on the strong start we've had in the first quarter, if everything else goes according to plan, we are now guiding to the upper half of our original adjusted EBITDA guidance.

The company continues to expect 2026 Adjusted EBITDA between $8.05 billion and $8.35 billion.

•2026 Adjusted EBITDA guidance range of $8.05 billion to $8.35 billion, up 6% vs. 2025 at midpoint

+10% CAGRs for EBITDA and EPS for 2025 through 2030 is what we're targeting.

Including the pro-forma impact of Adjusted EBITDA from the Momentum acquisition for the last four quarters, Williams' updated leverage ratio midpoint for 2026 is now approximately 3.75x.

Williams anticipates a leverage ratio midpoint for 2026 of ~4.0x and has increased the dividend by 5% on an annualized basis to $2.10 in 2026 from $2.00 in 2025.

Available funds from operations (AFFO) | $ | 6,085 | $ | 6,200 | $ | 6,315

| Available funds from operations (AFFO) | $ | 6,085 | $ | 6,200 | $ | 6,315 |

AFFO per common share | $ | 4.95 | $ | 5.05 | $ | 5.14

| AFFO per common share | $ | 4.95 | $ | 5.05 | $ | 5.14 |

As a result, we're increasing our growth CapEx midpoint for 2026 to $7.3 billion.

The company also expects 2026 growth capex between $6.1 billion and $6.7 billion and maintenance capex between $850 million and $950 million.

Common dividends paid | | | $ | 2,575 | |

| Common dividends paid | | | $ | 2,575 | | |

Depreciation, depletion, and amortization expenses and accretion for asset retirement obligations associated with nonregulated operations | | | 2,470 | |

| Depreciation, depletion, and amortization expenses and accretion for asset retirement obligations associated with nonregulated operations | | | 2,470 | | |

Weighted-average shares - diluted (millions) | | | 1,229 | |

| Weighted-average shares - diluted (millions) | | | 1,229 | | |

Coverage Ratio (AFFO/Common dividends paid) | 2.36x | | 2.41x | | 2.45x

| Coverage Ratio (AFFO/Common dividends paid) | 2.36x | | 2.41x | | 2.45x |

Proportional Modified EBITDA of equity-method investments | | | 970 | |

| Proportional Modified EBITDA of equity-method investments | | | 970 | | |

EBITDA Adjustments | | | (185) | |

| EBITDA Adjustments | | | (185) | | |

Adjusted income from continuing operations - diluted earnings per common share | $ | 2.20 | $ | 2.29 | $ | 2.38

| Adjusted income from continuing operations - diluted earnings per common share | $ | 2.20 | $ | 2.29 | $ | 2.38 |

Equity (earnings) losses | | | (600) | |

| Equity (earnings) losses | | | (600) | | |

Interest expense | | | 1,485 | |

| Interest expense | | | 1,485 | | |

Modified EBITDA | $ | 8,235 | $ | 8,385 | $ | 8,535