WMB · 10-Q · 2026Q3 · Full report
Operating Cash Flow Trends
WILLIAMS COMPANIES, INC. · 2026-11-02 · Importance 37 · Surprise 14 · From source text
Net cash provided by operating activities was $4.484 billion for the nine months ended September 30, 2026, up from $4.322 billion in the same 2025 period. The increase primarily reflected higher operating income, excluding noncash items, and higher distributions from equity-method investees. Unfavorable net working-capital changes, including payment of Transco rate refunds in 2026, and unfavorable changes in margin requirements partly offset the increase.
Key facts
- For the nine months ended September 30, 2026, Williams received $5.538 billion of long-term debt proceeds, $4.484 billion of operating cash flow, and $3.737 billion from selling a partial interest in a consolidated subsidiary.
- Williams generated $4.484 billion of net cash from operating activities in the nine months ended September 30, 2026, compared with $4.322 billion in the prior-year period.
- Williams’ net cash provided by operating activities increased in the first nine months of 2026 versus the same 2025 period, primarily from higher operating income excluding noncash items and higher distributions from equity-method investees, partly offset by unfavorable working-capital changes, including Transco rate-refund payments, and unfavorable margin-requirement changes.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +7.8% | For the nine months ended September 30, 2026, Williams received $5.538 billion of long-term debt proceeds, $4.484 billion of operating… |
| cash | positive | realized | +5.3% | For the nine months ended September 30, 2026, Williams received $5.538 billion of long-term debt proceeds, $4.484 billion of operating… |
| cash | positive | realized | +0.2% | Williams generated $4.484 billion of net cash from operating activities in the nine months ended September 30, 2026, compared with $4.322… |