WILLIAMS COMPANIES, INC（WMB）の決算・業績分析
WILLIAMS COMPANIES, INCの2025年有価証券報告書をAI分析。売上高$14.9B(+17.9%)。営業利益$4.2B。Utilities。
目次
WILLIAMS COMPANIES, INCの2025年度 業績サマリー
WILLIAMS COMPANIES, INC（証券コード: WMB）の2025年度決算・業績分析。売上高は$14.9B（前年比+17.9%）。営業利益は$4.2B（前年比+25.7%）。純利益は$2.6B（前年比+17.7%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
WILLIAMS COMPANIES, INCの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue surged to $17.8B (+39.0% YoY) in FY2024, driven by strong demand for natural gas services (XBRL).
- EBITDA reached $5.0B (28.3% margin), reflecting improved operational efficiency (XBRL).
- Free cash flow (FCF) totaled $2.6B, with $2.1B returned to shareholders via dividends (XBRL).
- Net income climbed to $2.0B (+35.1% YoY), supported by higher operating income and cost controls (XBRL).
WILLIAMS COMPANIES, INCの売上高変化の要因
- •Revenue grew to $17.8B in FY2024, a 39.0% increase YoY, with operating income rising to $3.0B (+14.7% YoY). The 5-year CAGR for revenue is 6.9%, while operating income grew at a 41.2% CAGR. This growth is attributed to increased throughput in natural gas pipelines, higher processing volumes, and favorable market conditions for NGL transportation (10-K). The company's regulated interstate transportation segment, which accounts for ~45% of revenue from top customers, remains a key driver (10-K).
WILLIAMS COMPANIES, INCの営業利益変化の要因
- •Operating margin expanded to 17.0% in FY2024, up from prior years, while net margin reached 11.5%. EBITDA margin of 28.3% highlights strong cost management. Operating income grew 14.7% YoY to $3.0B, and net income increased 35.1% YoY to $2.0B. These gains were supported by higher throughput volumes and improved pricing in key segments (XBRL).
WILLIAMS COMPANIES, INCの事業リスクと対応
Volatility in energy commodity prices could impact demand and profitability (10-K).
Regulatory and legal risks, including environmental regulations and litigation, may increase compliance costs (10-K).
Credit risk from customers and counterparties, particularly with concentrated revenue exposure (10-K).
Competition from entities with stronger financial resources could pressure pricing and market share (10-K).
Climate change and ESG expectations may lead to increased regulatory scrutiny or operational costs (10-K).
WILLIAMS COMPANIES, INCの事業内容
Williams Companies, Inc. (WMB) operates as an energy infrastructure provider, generating revenue through long-term contracts with local distribution companies, utilities, and industrial users (10-K). Its core business includes natural gas gathering, processing, transmission, NGL fractionation, transportation, storage, and marketing services. Key assets include over 33,000 miles of pipelines, 34 processing facilities, and 9 NGL fractionation plants (10-K). The company's competitive advantages stem from its extensive pipeline network, large storage capacity, and diversified service offerings, which provide stability in a volatile energy market (10-K).
WILLIAMS COMPANIES, INCのAI業績分析レポート（2024年度）
Annual Report Analysis: Williams Companies, Inc. (WMB) FY2024
Highlights
Business Overview
Williams Companies, Inc. (WMB) operates as an energy infrastructure provider, generating revenue through long-term contracts with local distribution companies, utilities, and industrial users (10-K). Its core business includes natural gas gathering, processing, transmission, NGL fractionation, transportation, storage, and marketing services. Key assets include over 33,000 miles of pipelines, 34 processing facilities, and 9 NGL fractionation plants (10-K). The company's competitive advantages stem from its extensive pipeline network, large storage capacity, and diversified service offerings, which provide stability in a volatile energy market (10-K).
Revenue Analysis
Revenue grew to $17.8B in FY2024, a 39.0% increase YoY, with operating income rising to $3.0B (+14.7% YoY). The 5-year CAGR for revenue is 6.9%, while operating income grew at a 41.2% CAGR. This growth is attributed to increased throughput in natural gas pipelines, higher processing volumes, and favorable market conditions for NGL transportation (10-K). The company's regulated interstate transportation segment, which accounts for ~45% of revenue from top customers, remains a key driver (10-K).
Profitability Analysis
Operating margin expanded to 17.0% in FY2024, up from prior years, while net margin reached 11.5%. EBITDA margin of 28.3% highlights strong cost management. Operating income grew 14.7% YoY to $3.0B, and net income increased 35.1% YoY to $2.0B. These gains were supported by higher throughput volumes and improved pricing in key segments (XBRL).
Balance Sheet Analysis
Equity ratio stood at 25.6% in FY2024, reflecting a capital structure skewed toward debt. Total assets grew to $48.4B in FY2024, with total equity reaching $12.4B. The current ratio of 0.65x indicates potential short-term liquidity challenges, though strong cash flow generation (operating CF: $4.9B) provides a buffer (XBRL). ROE of 16.5% and ROA of 4.2% suggest moderate returns relative to asset base.
Cash Flow Analysis
Operating cash flow (OCF) totaled $4.9B in FY2024, with $2.3B allocated to capital expenditures (CapEx), resulting in $2.6B of free cash flow (FCF). Dividends paid amounted to $2.1B, with share repurchases totaling $9M. CapEx intensity of 12.7% (CapEx/Revenue) and a CapEx/D&A ratio of 1.12x indicate disciplined investment in infrastructure (XBRL).
Working Capital Analysis
N/A
Risks
Outlook
N/A (10-K does not provide specific forward-looking guidance)
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 8.6B | 8.1B | 7.7B | 12.8B | 17.8B | 12.0B |
| Operating Income | 768M | 1.9B | 2.2B | 2.6B | 3.0B | 4.3B |
| Net Income | -155M | 850M | 211M | 1.5B | 2.0B | 3.2B |
| Total Assets | 46.0B | 44.2B | 47.6B | 48.4B | 48.4B | 52.6B |
| Total Equity | 13.4B | 11.8B | 11.4B | 11.5B | 12.4B | 12.4B |
| Operating Cash Flow | 3.3B | 3.7B | 3.5B | 3.9B | 4.9B | 5.9B |
Utilitiesの企業一覧
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