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Williams Companies: With Balance Sheet Strength Intact, How Big Can Its Next Growth Cycle Get?

The Williams Companies recently disclosed their performance for the third quarter of 2025, presenting both growth accomplishments and plans for future expansions. Analyzing the results reveals a complex picture of the company’s performance with several notable highlights, as well as areas that require close scrutiny. On the positive side, Williams achieved a 13% increase in adjusted EBITDA over the same period last year, reaching approximately $1.92 billion. This improvement was primarily driven by their Transmission, Power & Gulf segment, which saw an uplift of $117 million, a record-setting performance attributed to revenue generation from key expansion projects, such as those involving Transco. Furthermore, the Northeast Gathering and Processing (G&P) segment contributed positively with a $21 million increase, fueled by higher volumes and rates. Another highlight is Williams’ strategic advancements in their LNG and transmission infrastructure.