WMB Williams Companies, Inc. (The) Common Stock

NYSE · Energy · View on SEC EDGAR ↗
$74.53
Price · Aug 19, 2026
Fundamentals as of Aug 3, 2026
52W Range
$56–$80
77% of range
Analyst Rating
BUY
29 analysts
Price Target
$85
+14% upside
P/E (TTM)
28.1
ROE
20.7%
Net Profit Margin
21.9%

About Williams Companies, Inc. (The) Common Stock Company overview from Wikipedia

The Williams Companies, Inc. is an American energy company based in Tulsa, Oklahoma. Its core business is natural gas processing and transportation, with additional petroleum and electricity generation assets. A Fortune 500 company, its common stock is a component of the S&P 500.

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The Williams Companies, Inc. is an American energy company based in Tulsa, Oklahoma. Its core business is natural gas processing and transportation, with additional petroleum and electricity generation assets. A Fortune 500 company, its common stock is a component of the S&P 500.

History

It was founded as Williams Brothers in 1908 by Miller and David Williams in Fort Smith, Arkansas, and soon expanded to building nationwide pipelines for natural gas and petroleum. The company relocated to Tulsa in 1919. In 1949, John H. Williams, a nephew of the founders, together with his brother Charles Williams and David's son David Williams Jr., bought the business from the founders, along with Roger Walker whose son Bryan J. Walker later in 2017 took ownership stakes; John H. Williams remained as president of the company until 1971 and CEO until 1979.

The company went public in 1957 under the Williams Brothers name. As it diversified in the 1970s, it was renamed The Williams Companies, Inc. Since 1997, their brand identity has been simplified to "Williams".

In 1966, Williams bought the then-largest petroleum products pipeline in America, known as the Great Lakes Pipeline Company, for about $287 million. In 1982, it expanded into natural gas transportation with the purchase of Northwest Energy Company, and extended their reach to the East Coast with the 1995 purchase of Transco Energy Company.

In 2001, Williams acquired Barrett Resources, which provided them with additional national gas reserves.

In 2002, the company found itself in financial distress due to changed market conditions, its competition with Enron Corp. and the large debt of its subsidiary Williams Communications Group. The company obtained and paid off an emergency high interest loan from Warren Buffett to stay out of bankruptcy, and redirected its focus toward natural gas production, processing, and transportation as well as increasing its resource holdings. One of the moves it made around that time (2004) was the sale of two of Canada's largest natural gas straddle plants, and its interest in another to Inter Pipeline Fund for US$540 million.

In 2010, the company underwent a major restructuring that included a reorganization of its extensive pipeline holdings in Williams Partners LP. In October 2010, Williams and Williams Partners LP announced that chairman and chief executive officer Steve Malcolm would retire at the end of the year. The board of directors at Williams said it had elected Alan Armstrong to succeed Malcolm as CEO effective January 3, 2011. Armstrong had served as senior vice president of Williams since 2002.

On February 16, 2011, Williams' board of directors had approved pursuing a plan to separate the company's businesses into two stand-alone, publicly traded corporations. The plan calls for Williams to separate its exploration and production business via an initial public offering in the third quarter of 2011 of up to 20 percent of its interest and, in 2012, a tax-free spinoff to Williams shareholders of its remaining interest. The company's former exploration and production business, WPX Energy Inc., began trading on the New York Stock Exchange on Jan. 3, 2011. The spinoff was completed with the Dec. 31, 2011, distribution of one share of WPX Energy common stock for every three shares of Williams common stock. Williams became an infrastructure company, and many of its pipeline assets are held through the master limited partnership Williams Partners LP.

Telecommunications

The company helped to get the modern telecommunications industry off the ground by running fiber optic cable through its decommissioned pipelines. It built two nationwide networks, which subsequently spun off into separate companies. The first was sold in 1995 to LDDS, which would become WorldCom & then MCI). The second was spun off in 2001 as Williams Communications, filed for bankruptcy the following year, adopted the name WilTel Communications, and ultimately was acquired by and consolidated into Level 3 Communications.

Lawsuits and fines

In 2002, Williams Communications Group was sued because company officials did not properly disclose the failing company's true financial condition, the officials' public statements belied the firm's plummeting fiscal picture. In 2007, the Williams Companies agreed to pay $290 million.

Boardwalk Pipeline Partners and the Williams Companies were fined $2.4 million for 18 incidents that took place between 2006 and 2013. These incidents included one where they failed to monitor corrosion and another, where they waited to repair a natural gas line showing metal loss in Kentucky.

Restatement

On March 1, 1999, Jack D. McCarthy, chief financial officer, said the company's additional review and its annual audit process resulted in

the previously announced 1998 pre-tax income being adjusted downward by $21.2 million.

On September 16, 2004, Williams Cos. said it amended its fiscal 2003 and first-quarter 2004 filings with the Securities and Exchange Commission to show a reclassification to its discontinued operations and a segment reporting change.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

WMB Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$74.53
Market Cap
—
P/E (TTM)
28.1
EPS (TTM)
$2.14
Revenue (TTM)
$11.95B
Div Yield
—
ROE
20.7%
Debt/Equity
0.1
52W Range
$56 – $80

WMB Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $11.95B
10-point trend, +59.4%
2016-12-31 → 2025-12-31
EPS $2.14
10-point trend, +475.4%
2016-12-31 → 2025-12-31
Free Cash Flow $1.00B
10-point trend, -37.7%
2016-12-31 → 2025-12-31
Margins 21.9%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
WMB
Peer Median
P/E (TTM)
5-point trend, +33.8%
28.1
31.3

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
WMB
Peer Median
Operating Margin
5-point trend, +41.8%
35.1%
—
Net Profit Margin
5-point trend, +53.5%
21.9%
-53.7%
ROA
5-point trend, +39.9%
4.6%
-9.8%
ROE
5-point trend, +58.6%
20.7%
-45.2%
ROIC
5-point trend, +36.7%
23.7%
—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
WMB
Peer Median
Debt / Equity
5-point trend, +0.05
0.1
263.1
Current Ratio
5-point trend, -41.9%
0.5
0.9
Quick Ratio
5-point trend, -53.6%
0.3
—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
WMB
Peer Median
Revenue YoY
5-point trend, +12.4%
13.8%
—
Revenue CAGR 3Y
5-point trend, +12.4%
2.9%
—
Revenue CAGR 5Y
5-point trend, +12.4%
9.1%
—
EPS YoY
5-point trend, +72.6%
17.6%
—
Net Income YoY
5-point trend, +72.6%
17.7%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
WMB
Peer Median
EPS (Diluted)
5-point trend, +72.6%
$2.14
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
WMB
Peer Median
Payout Ratio
5-point trend, -29.0%
93.3%
—

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
—
Payout Ratio
93.3%
5Y Div CAGR
—
Ex-dateAmount
June 12, 2026$0.5250
March 13, 2026$0.5250
Dec. 12, 2025$0.5000
Sept. 12, 2025$0.5000
June 13, 2025$0.5000
March 14, 2025$0.5000
Dec. 13, 2024$0.4750
Sept. 13, 2024$0.4750
June 7, 2024$0.4750
March 7, 2024$0.4750
Dec. 7, 2023$0.4480
Sept. 8, 2023$0.4480
June 9, 2023$0.4480
March 10, 2023$0.4480
Dec. 8, 2022$0.4250
Sept. 8, 2022$0.4250
June 9, 2022$0.4250
March 10, 2022$0.4250
Dec. 9, 2021$0.4100
Sept. 9, 2021$0.4100

WMB Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 29 analysts
  • Strong Buy 8 27.6%
  • Buy 15 51.7%
  • Hold 5 17.2%
  • Sell 1 3.4%
  • Strong Sell 0 0.0%

12-Month Price Target

20 analysts · 2026-08-19
Median target $85.50 +14.7%
Mean target $85.10 +14.2%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.04%
Period EPS Actual EPS Est Surprise
June 30, 2026 $0.67 $0.51 0.16%
March 31, 2026 $0.60 $0.63 -0.03%
Dec. 31, 2025 $0.72 $0.57 0.15%
Sept. 30, 2025 $0.53 $0.52 0.01%
June 30, 2025 $0.45 $0.48 -0.03%
March 31, 2025 $0.57 $0.57 0.00%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
WMB — 28.1 13.8% 21.9% 20.7% —
EPD — 18.5 -6.4% 11.1% — —
ET — — 3.5% 5.2% 9.4% —
KMI $61.16B 20.1 12.2% 18.0% 9.9% —
TRGP $39.61B 21.7 4.0% 11.3% 68.0% —
OKE $46.28B 13.6 55.0% 10.1% 17.2% —
MPLX — — 8.9% 38.1% — —
LNG $41.29B 8.1 27.2% 26.7% 78.3% —
CQP — -109.1 23.6% 27.8% — —
WES — — 6.6% 30.7% — —
PAA — — -9.5% 3.2% — —

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 15
Annual Income Statement data for WMB
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +56.5% $11.95B $10.50B $10.91B $10.96B $10.63B $7.72B $8.20B $8.69B $8.03B $7.50B $7.36B $7.64B
SG&A Expense 12-point trend, +9.1% $721M $708M $665M $636M $558M $466M $558M $569M $594M $722M $741M $661M
Operating Expenses 12-point trend, +27.8% $7.75B $7.16B $6.60B $7.95B $8.00B $5.52B $6.28B $7.92B $7.10B $6.81B $7.13B $6.07B
Operating Income 12-point trend, +167.4% $4.20B $3.34B $4.31B $3.02B $2.63B $2.20B $1.92B $768M $927M $689M $226M $1.57B
Interest Expense 10-point trend, +65.5% · · $1.24B $1.15B $1.18B $1.17B $1.19B $1.11B $1.08B $1.18B $1.04B $747M
Interest Income 6-point trend, -7.0% $40M $67M $79M $15M $7M · · · · · · $43M
Other Non-op 12-point trend, +122.6% $69M $108M $99M $18M $6M $-43M $33M $92M $-25M $85M $102M $31M
Pretax Income 12-point trend, +1.1% $3.62B $2.99B $4.41B $2.54B $2.07B $277M $1.06B $331M $535M $-375M $-1.71B $3.58B
Income Tax 12-point trend, -31.4% $857M $640M $1.00B $425M $511M $79M $335M $138M $-1.97B $-25M $-399M $1.25B
Net Income 12-point trend, +23.8% $2.62B $2.23B $3.18B $2.05B $1.52B $211M $850M $-155M $2.17B $-424M $-571M $2.11B
EPS (Basic) 12-point trend, -27.2% $2.14 $1.82 $2.61 $1.68 $1.25 $0.17 $0.70 $-0.16 $2.63 $-0.57 $-0.76 $2.94
EPS (Diluted) 12-point trend, -26.7% $2.14 $1.82 $2.60 $1.67 $1.24 $0.17 $0.70 $-0.16 $2.62 $-0.57 $-0.76 $2.92
Shares (Basic) 12-point trend, +69.7% 1,221,000,000 1,219,000,000 1,218,000,000 1,218,362,000 1,215,221,000 1,213,631,000 1,212,037,000 973,626,000 826,177,000 750,673,000 749,271,000 719,325,000
Shares (Diluted) 12-point trend, +69.3% 1,225,000,000 1,223,000,000 1,223,000,000 1,222,672,000 1,218,215,000 1,215,165,000 1,214,011,000 973,626,000 828,518,000 750,673,000 749,271,000 723,641,000
EBITDA 12-point trend, +138.4% $6.54B $5.56B $6.38B $5.03B $4.47B $3.92B $3.63B $2.49B $2.64B $2.46B $1.96B $2.75B
Balance Sheet 25
Annual Balance Sheet data for WMB
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 9-point trend, -36.7% · · · $152M $1.68B $142M $289M $168M $899M $170M $100M $240M
Receivables 12-point trend, +83.0% $2.08B $1.86B $1.66B $2.72B $1.98B $999M $996M $992M $976M $938M $1.04B $1.14B
Inventory 12-point trend, +35.9% $314M $279M $274M $320M $379M $136M $125M $130M $113M $138M $127M $231M
Other Current Assets 12-point trend, +20.2% $256M $191M $195M $279M $211M $149M $170M $174M $191M $216M $259M $213M
Current Assets 12-point trend, +71.6% $3.24B $2.66B $4.51B $3.80B $4.55B $1.43B $1.58B $1.46B $2.18B $1.46B $1.53B $1.89B
PP&E (Net) 12-point trend, +49.6% $42.00B $38.69B $34.31B $30.89B $29.26B $28.93B $29.20B $27.50B $28.21B $28.43B $29.58B $28.08B
PP&E (Gross) 12-point trend, +70.2% $62.01B $57.40B $51.84B $47.06B $44.18B $42.49B $41.51B $38.66B $39.51B $38.91B $39.04B $36.44B
Accum. Depreciation 12-point trend, +139.6% $20.01B $18.70B $17.53B $16.17B $14.93B $13.56B $12.31B $11.16B $11.30B $10.48B $9.46B $8.35B
Goodwill 10-point trend, -58.4% $466M $466M $463M $0 $0 · $188M $0 $47M · $47M $1.12B
Intangibles 2-point trend, -4.6% · · · · · · · · · · $9.97B $10.45B
Other Non-current Assets 12-point trend, +293.5% $2.01B $1.83B $1.57B $1.32B $1.28B $1.20B $1.07B $746M $619M $581M $561M $511M
Total Assets 12-point trend, +16.1% $58.57B $54.53B $52.63B $48.43B $47.61B $44.16B $46.04B $45.30B $46.35B $46.84B $49.02B $50.45B
Accounts Payable 12-point trend, +157.1% $2.22B $1.61B $1.38B $2.33B $1.75B $482M $552M $662M $978M $623M $744M $865M
Accrued Liabilities 10-point trend, +42.7% · · $1.28B $1.27B $1.03B $944M $1.28B $1.10B $1.17B $1.45B $1.08B $900M
Short-term Debt 11-point trend, -12.3% $700M $455M $725M $350M $0 · $0 $0 $0 $93M $499M $798M
Current Liabilities 12-point trend, +137.9% $6.11B $5.31B $5.83B $4.89B $4.97B $2.32B $3.97B $1.81B $2.65B $2.95B $2.50B $2.57B
Capital Leases 7-point trend, -19.7% $151M $142M $148M $148M $141M $161M $188M · · · · ·
Deferred Tax 5-point trend, -67.7% · · · · · · · $1.52B $3.15B $4.24B $4.22B $4.71B
Total Debt 8-point trend, -12.3% $700M $455M $725M $350M · · · · $0 $93M $499M $798M
Common Stock 12-point trend, +61.3% $1.26B $1.26B $1.26B $1.25B $1.25B $1.25B $1.25B $1.25B $861M $785M $784M $782M
Retained Earnings 12-point trend, -120.6% $-12.24B $-12.40B $-12.29B $-13.27B $-13.24B $-12.75B $-11.00B $-10.00B $-8.43B $-9.65B $-7.96B $-5.55B
Treasury Stock 12-point trend, +13.4% $1.18B $1.18B $1.18B $1.05B $1.04B $1.04B $1.04B $1.04B $1.04B $1.04B $1.04B $1.04B
AOCI 12-point trend, +137.2% $127M $76M $0 $-24M $-33M $-96M $-199M $-270M $-238M $-339M $-442M $-341M
Stockholders' Equity 12-point trend, +45.9% $12.81B $12.44B $12.40B $11.48B $11.42B $11.77B $13.36B $14.66B $9.66B $4.64B $6.15B $8.78B
Liabilities + Equity 12-point trend, +16.1% $58.57B $54.53B $52.63B $48.43B $47.61B $44.16B $46.04B $45.30B $46.35B $46.84B $49.02B $50.45B
Cash Flow 19
Annual Cash Flow data for WMB
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +99.6% $2.35B $2.22B $2.07B $2.01B $1.84B $1.72B $1.71B $1.73B $1.74B $1.76B $1.74B $1.18B
Stock-based Comp 12-point trend, +75.5% $93M $99M $77M $73M $81M $52M $57M $55M $78M $73M $82M $53M
Deferred Tax 12-point trend, -40.3% $744M $506M $981M $431M $509M $108M $379M $220M $-2.01B $-26M $-337M $1.25B
Amort. of Intangibles 7-point trend, +56.9% · · · · · $328M $324M $333M $347M $356M $353M $209M
Other Non-cash 12-point trend, +103.9% $96M $-75M $-370M $327M $-4M $1.40B $693M $1.45B $580M $2.28B $1.77B $-2.47B
Operating Cash Flow 12-point trend, +178.9% $5.90B $4.97B $5.94B $4.89B $3.94B $3.50B $3.69B $3.29B $3.09B $4.16B $2.71B $2.12B
CapEx 12-point trend, +21.4% $4.89B $2.57B $2.52B $2.25B $1.24B $1.24B $2.11B $3.26B $2.40B $2.05B $3.17B $4.03B
Investing Cash Flow 12-point trend, +46.0% $-5.49B $-4.86B $-3.89B $-3.38B $-1.47B $-1.56B $-2.83B $-2.73B $100M $-891M $-3.30B $-10.16B
Debt Issued 12-point trend, -32.5% $4.94B $3.59B $2.75B $1.75B $2.15B $3.90B $767M $3.93B $3.33B $6.53B $9.77B $7.32B
Net Debt Issued 12-point trend, -61.5% $2.11B $648M $2.12B $-1.12B $1.26B $58M $-142M $722M $-2.59B $-563M $3.26B $5.49B
Stock Issued 12-point trend, -99.7% $9M $10M $6M $54M $9M $9M $10M $15M $2.13B $9M $27M $3.42B
Stock Repurchased 5-point trend, +0.00 $0 $0 $130M $9M $0 · · · · · · ·
Net Stock Activity 12-point trend, -99.7% $9M $10M $-124M $54M $9M $9M $10M $15M $2.13B $9M $27M $3.42B
Dividends Paid 12-point trend, +72.9% $2.44B $2.32B $2.18B $2.07B $1.99B $1.94B $1.84B $1.39B $992M $1.26B $1.84B $1.41B
Financing Cash Flow 12-point trend, -105.3% $-406M $-2.20B $-49M $-3.04B $-942M $-2.08B $-745M $-1.30B $-2.46B $-3.19B $451M $7.60B
Net Change in Cash 12-point trend, +100.7% $3M $-2.09B $2.00B $-1.53B $1.54B $-147M $121M $-731M $729M $70M $-140M $-441M
Taxes Paid 5-point trend, -62.1% · · · · · · · $11M $28M $5M $-136M $29M
Free Cash Flow 12-point trend, +152.5% $1.00B $2.40B $3.42B $2.64B $2.71B $2.26B $1.58B $37M $157M $1.61B $-489M $-1.92B
Levered FCF 9-point trend, +291.3% · · $2.47B $1.68B $1.82B $1.42B $771M $-611M $-4.92B $513M $-1.29B ·
Profitability 7
Annual Profitability data for WMB
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 12-point trend, +70.9% 35.1% 31.8% 39.5% 27.5% 24.8% 28.5% 23.4% 8.8% 11.3% 9.3% 3.1% 20.5%
Net Margin 12-point trend, -20.8% 21.9% 21.2% 29.1% 18.7% 14.3% 2.7% 10.4% -1.8% 27.1% -5.7% -7.8% 27.7%
Pretax Margin 12-point trend, -35.4% 30.3% 28.4% 40.4% 23.2% 19.5% 3.6% 13.0% 3.8% 6.7% -5.0% -23.3% 46.9%
EBITDA Margin 12-point trend, +52.3% 54.8% 52.9% 58.5% 45.9% 42.1% 50.8% 44.3% 28.7% 32.9% 32.8% 26.7% 35.9%
ROA 12-point trend, -14.9% 4.6% 4.2% 6.3% 4.3% 3.3% 0.47% 1.9% -0.34% 4.7% -0.88% -1.1% 5.4%
ROE 12-point trend, -33.1% 20.7% 17.9% 26.6% 17.9% 13.1% 1.7% 6.1% -1.3% 30.4% -7.9% -7.6% 31.0%
ROIC 12-point trend, +122.1% 23.7% 20.3% 25.4% 21.2% 17.3% 13.4% 9.8% 3.0% 43.9% 13.8% 2.6% 10.7%
Liquidity & Solvency 4
Annual Liquidity & Solvency data for WMB
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, -27.8% 0.5 0.5 0.8 0.8 0.9 0.6 0.4 0.8 0.8 0.5 0.6 0.7
Quick Ratio 12-point trend, -36.5% 0.3 0.4 0.3 0.6 0.7 0.5 0.3 0.6 0.7 0.4 0.5 0.5
Debt / Equity 8-point trend, -39.8% 0.1 0.0 0.1 0.0 · · · · 0.0 0.0 0.1 0.1
Interest Coverage 9-point trend, +1511.0% · · 3.5 2.6 2.2 1.9 1.6 0.7 0.8 0.6 0.2 ·
Efficiency 2
Annual Efficiency data for WMB
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, +7.5% 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.1 0.2
Receivables Turnover 12-point trend, -28.1% 6.1 6.0 5.0 4.7 7.1 7.7 8.3 8.8 8.4 7.6 6.8 8.4
Per Share 4
Annual Per Share data for WMB
Metric Trend 202520242023202220212020201920182017201620152014
Revenue / Share 12-point trend, -7.6% $9.76 $8.59 $8.92 $8.97 $8.72 $6.35 $6.76 $8.92 $9.69 $9.99 $9.82 $10.55
Cash Flow / Share 12-point trend, +64.7% $4.81 $4.07 $4.86 $4.00 $3.24 $2.88 $3.04 $3.38 $3.08 $4.88 $3.57 $2.92
Dividend / Share 12-point trend, +2.2% $2 $2 $2 $2 $2 $2 $2 $1 $1 $2 $2 $2
EPS (TTM) 12-point trend, -26.7% $2.14 $1.82 $2.60 $1.67 $1.24 $0.17 $0.70 $-0.16 $2.62 $-0.57 $-0.76 $2.92
Growth Rates 10
Annual Growth Rates data for WMB
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -63.4% 13.8% -3.7% -0.53% 3.2% 37.7% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -76.2% 2.9% -0.39% 12.2% · · · · · · · · ·
Revenue CAGR 5Y 9.1% · · · · · · · · · · ·
EPS YoY 5-point trend, -97.2% 17.6% -30.0% 55.7% 34.7% 629.4% · · · · · · ·
EPS CAGR 3Y 3-point trend, -94.2% 8.6% 13.6% 148.2% · · · · · · · · ·
EPS CAGR 5Y 66.0% · · · · · · · · · · ·
Net Income YoY 5-point trend, -97.1% 17.7% -30.0% 55.1% 35.1% 619.0% · · · · · · ·
Net Income CAGR 3Y 3-point trend, -94.2% 8.5% 13.6% 147.0% · · · · · · · · ·
Net Income CAGR 5Y 65.5% · · · · · · · · · · ·
Dividend CAGR 5Y 4.7% · · · · · · · · · · ·
Valuation (TTM) 6
Annual Valuation (TTM) data for WMB
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +56.5% $11.95B $10.50B $10.91B $10.96B $10.63B $7.72B $8.20B $8.69B $8.03B $7.50B $7.36B $7.64B
Net Income TTM 12-point trend, +23.8% $2.62B $2.23B $3.18B $2.05B $1.52B $211M $850M $-155M $2.17B $-424M $-571M $2.11B
P/E 12-point trend, +82.5% 28.1 29.7 13.4 19.7 21.0 117.9 33.9 -137.8 11.6 -54.6 -33.8 15.4
Earnings Yield 12-point trend, -45.2% 3.6% 3.4% 7.5% 5.1% 4.8% 0.85% 2.9% -0.73% 8.6% -1.8% -3.0% 6.5%
Payout Ratio 12-point trend, +39.7% 93.3% 104.1% 68.5% 101.1% 131.3% 919.9% 216.7% -894.2% 45.6% -297.4% -321.5% 66.8%
Annual Payout 12-point trend, +72.9% $2.44B $2.32B $2.18B $2.07B $1.99B $1.94B $1.84B $1.39B $992M $1.26B $1.84B $1.41B

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $11.95B$10.50B$10.91B$10.96B$10.63B
Operating Margin % 35.1%31.8%39.5%27.5%24.8%
Net Income $2.62B$2.23B$3.18B$2.05B$1.52B
Diluted EPS $2.14$1.82$2.60$1.67$1.24
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 0.10.00.10.0—
Current Ratio 0.50.50.80.80.9
Quick Ratio 0.30.40.30.60.7
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $1.00B$2.40B$3.42B$2.64B$2.71B

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Institutional owners (13F) 2,010 filers · $51.2B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
157 (-112 vs prior Q) 109 (+15 vs prior Q) 721 (+71 vs prior Q) 639 (-22 vs prior Q) +92.4M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD CAPITAL MANAGEMENT LLC $5,935,911,694 79,848,153 11.60% Shares
STATE STREET CORP $5,353,632,716 72,015,506 10.47% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $3,234,811,357 43,513,739 6.32% Shares
WELLINGTON MANAGEMENT GROUP LLP $2,314,964,773 31,140,231 4.53% Shares
GEODE CAPITAL MANAGEMENT, LLC $1,913,987,688 25,876,409 3.74% Shares
MORGAN STANLEY $1,361,454,887 18,313,894 2.66% Shares
Clearbridge Investments, LLC $1,289,192,505 17,341,842 2.52% Shares
Blackstone Inc. $1,289,129,866 17,340,999 2.52% Shares
NORGES BANK $896,555,417 12,060,202 1.75% Shares
NEUBERGER BERMAN GROUP LLC $847,221,542 11,396,163 1.66% Shares
TORTOISE CAPITAL ADVISORS, L.L.C. $834,357,314 11,223,531 1.63% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $570,989,111 7,680,779 1.12% Shares
DIMENSIONAL FUND ADVISORS LP $557,544,664 7,499,926 1.09% Shares
AMERICAN CENTURY COMPANIES INC $536,956,239 7,222,977 1.05% Shares
UBS Group AG $518,396,534 6,973,319 1.01% Shares
VANGUARD FIDUCIARY TRUST CO $510,475,533 6,866,768 1.00% Shares
Bahl & Gaynor LLC $503,396,921 6,771,549 0.98% Shares
VICTORY CAPITAL MANAGEMENT INC $482,367,067 6,488,650 0.94% Shares
RAYMOND JAMES FINANCIAL INC $420,788,105 5,660,319 0.82% Shares
WESTWOOD HOLDINGS GROUP INC $365,740,515 4,919,835 0.71% Shares
ENVESTNET ASSET MANAGEMENT INC $365,553,408 4,917,318 0.71% Shares
Brookfield Corp /ON/ $365,295,251 4,913,845 0.71% Shares
AMERIPRISE FINANCIAL INC $345,051,034 4,644,395 0.67% Shares
ONTARIO TEACHERS PENSION PLAN BOARD $329,094,185 4,426,879 0.64% Shares
Pictet Asset Management Holding SA $305,218,084 4,105,616 0.60% Shares
MACKENZIE FINANCIAL CORP $290,625,911 3,909,415 0.57% Shares
1832 Asset Management L.P. $290,215,629 3,903,896 0.57% Shares
Artisan Partners Limited Partnership $286,477,739 3,853,615 0.56% Shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ $283,171,691 3,809,143 0.55% Shares
BANK OF AMERICA CORP /DE/ $272,040,762 3,659,413 0.53% Shares
Swiss National Bank $256,398,660 3,449,000 0.50% Shares
National Pension Service $245,769,452 3,306,019 0.48% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $242,879,931 3,267,150 0.47% Shares
BARCLAYS PLC $240,415,560 3,234,000 0.47% Shares
ALLIANCEBERNSTEIN L.P. $231,440,327 3,179,999 0.45% Shares
CI INVESTMENTS INC. $224,015,338 3,013,389 0.44% Shares
GOLDMAN SACHS GROUP INC $220,666,331 2,968,339 0.43% Shares
BlackRock, Inc. $212,754,538 2,861,912 0.42% Shares
JOHNSON INVESTMENT COUNSEL INC $204,529,475 2,751,271 0.40% Shares
Sumitomo Mitsui Trust Group, Inc. $197,712,136 2,659,566 0.39% Shares
Vanguard Global Advisers, LLC $197,264,610 2,653,546 0.39% Shares
CITADEL ADVISORS LLC $194,925,279 2,622,078 0.38% Shares
BARCLAYS PLC $194,049,702 2,610,300 0.38% Put option
VANGUARD ASSET MANAGEMENT, Ltd $193,976,700 2,609,318 0.38% Shares
ROYAL BANK OF CANADA $192,912,000 2,595,000 0.38% Call option
Point72 Asset Management, L.P. $187,965,493 2,528,457 0.37% Shares
JENNISON ASSOCIATES LLC $181,597,227 2,442,793 0.35% Shares
RHUMBLINE ADVISERS $168,705,658 2,269,381 0.33% Shares
JANE STREET GROUP, LLC $168,038,136 2,260,400 0.33% Put option
BANK OF MONTREAL /CAN/ $165,291,124 2,223,448 0.32% Shares
LPL Financial LLC $165,019,741 2,219,798 0.32% Shares
California Public Employees Retirement System $164,861,662 2,217,671 0.32% Shares
JANE STREET GROUP, LLC $163,168,866 2,194,900 0.32% Call option
Merewether Investment Management, LP $162,283,625 2,182,992 0.32% Shares
REAVES W H & CO INC $157,165,911 2,114,150 0.31% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $154,334,211 2,120,558 0.30% Shares
Rare Infrastructure Ltd $151,905,608 2,418,494 0.30% Shares
CAPITAL ADVISORS INC/OK $148,636,913 1,999,420 0.29% Shares
Alyeska Investment Group, L.P. $147,952,434 1,990,213 0.29% Shares
PRINCIPAL FINANCIAL GROUP INC $147,177,365 1,979,787 0.29% Shares
Holocene Advisors, LP $145,981,161 1,963,696 0.29% Shares
Legal & General Group Plc $142,067,161 1,911,046 0.28% Shares
CUSHING ASSET MANAGEMENT, LP dba NXG INVESTMENT MANAGEMENT $138,725,874 1,866,100 0.27% Shares
SILVERCREST ASSET MANAGEMENT GROUP LLC $137,915,822 1,855,203 0.27% Shares
KAYNE ANDERSON CAPITAL ADVISORS LP $130,555,834 1,756,199 0.26% Shares
CONGRESS ASSET MANAGEMENT CO $129,938,601 1,747,896 0.25% Shares
BANK OF NOVA SCOTIA $125,488,819 1,688,039 0.25% Shares
BNP PARIBAS FINANCIAL MARKETS $124,166,385 1,670,250 0.24% Shares
AVIVA PLC $124,048,630 1,668,666 0.24% Shares
FMR LLC $123,586,643 1,662,451 0.24% Shares
HighTower Advisors, LLC $121,848,535 1,639,071 0.24% Shares
Focus Partners Wealth $121,556,183 1,635,137 0.24% Shares
CITADEL ADVISORS LLC $120,259,818 1,617,700 0.24% Call option
Nuveen, LLC $119,269,312 1,604,376 0.23% Shares
TRUIST FINANCIAL CORP $115,889,438 1,558,911 0.23% Shares
MILLENNIUM MANAGEMENT LLC $109,358,303 1,471,056 0.21% Shares
First Financial Bankshares Inc $106,742,799 1,435,873 0.21% Shares
Clark Capital Management Group, Inc. $106,641,404 1,434,509 0.21% Shares
Energy Income Partners, LLC $97,568,945 1,312,469 0.19% Shares
JONES FINANCIAL COMPANIES LLLP $94,967,632 1,218,784 0.19% Shares
PointState Capital LP $92,097,521 1,238,869 0.18% Shares
Munro Partners $91,042,191 1,224,673 0.18% Shares
Maryland State Retirement & Pension System $91,025,390 1,224,447 0.18% Shares
Vanguard Investments Australia, Ltd. $90,645,884 1,219,342 0.18% Shares
NEW YORK STATE COMMON RETIREMENT FUND $90,026,558 1,211,011 0.18% Shares
PARNASSUS INVESTMENTS, LLC $87,143,950 1,172,235 0.17% Shares
Electron Capital Partners, LLC $85,839,952 1,154,694 0.17% Shares
Nuveen Asset Management, LLC $85,130,327 1,572,992 0.17% Shares
SCHRODER INVESTMENT MANAGEMENT GROUP $81,729,231 1,088,852 0.16% Shares
AGF MANAGEMENT LTD $81,672,600 1,098,636 0.16% Shares
Yaupon Capital Management LP $80,922,733 1,088,549 0.16% Shares
FIL Ltd $80,861,774 1,087,729 0.16% Shares
M.D. Sass, LLC $80,850,834 1,087,582 0.16% Shares
CBRE INVESTMENT MANAGEMENT LISTED REAL ASSETS LLC $79,543,949 1,070,002 0.16% Shares
NEOS Investment Management LLC $79,289,334 1,066,577 0.15% Shares
Junto Capital Management LP $79,196,484 1,065,328 0.15% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $78,225,826 1,052,271 0.15% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $77,997,825 1,049,204 0.15% Shares
Connor, Clark & Lunn Investment Management Ltd. $77,738,750 1,045,719 0.15% Shares
Empower Advisory Group, LLC $77,355,179 1,040,559 0.15% Shares

Company insiders 80 insiders · 39 officers · 36 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Chad J. Zamarin President and CEO July 1, 2025 A 659,291 0 0 $0
Steven J Malcolm President & CEO Dec. 9, 2010 M 711,844 0 0 $0
John Dean Porter EVP & CFO June 25, 2026 M 197,290 0 0 $0
John D Chandler Sr. Vice President & CFO Feb. 24, 2021 A 194,233 0 0 $0
Donald R Chappel Sr. Vice President & CFO Sept. 26, 2017 S 60,032 0 0 $0
Larry C Larsen Executive Vice President & COO Aug. 11, 2025 S 77,612 0 0 $0
Micheal G. Dunn Executive Vice President & COO March 7, 2025 S 714,693 0 0 $0
Todd J. Rinke Senior Vice President July 9, 2025 A 22,233 0 0 $0
Thomas F Mccoy Senior Vice President April 1, 2025 A 10,031 0 0 $0
Mary A. Hausman VP Chief Accounting Officer March 4, 2025 S 22,339 0 0 $0
Chad A. Teply Senior Vice President Feb. 27, 2025 S 133,048 0 0 $0
Debbie L. Pickle SVP & Chief HR Officer Feb. 24, 2025 M 83,302 0 0 $0
Eric J Ormond Senior Vice President Feb. 20, 2025 A 27,735 0 0 $0
Scott A. Hallam SVP Transmission & Gulf of Mex July 7, 2023 S 226,973 0 0 $0
Walter J Bennett SVP Gathering & Processing March 1, 2022 M 161,556 0 0 $0
John E Poarch SVP - Project Execution Feb. 21, 2020 M 65,087 0 0 $0
Ted T Timmermans VP, Controller, and CAO May 29, 2019 S 18,666 0 0 $0
James E. Scheel Senior Vice President Feb. 22, 2019 M 71,005 0 0 $0
Frank J Ferazzi SVP Atlantic-Gulf Aug. 6, 2018 S 14,537 0 0 $0
Robyn L Ewing Senior Vice President Sept. 27, 2017 S 27,090 0 0 $0
Rory Lee Miller Sr. Vice President June 21, 2017 J 91,586 0 0 $0
Sarah C. Miller SVP & General Counsel Feb. 24, 2017 M 14,246 0 0 $0
John R. Dearborn JR SVP - NGL & Petchem Services Feb. 24, 2017 M 24,240 0 0 $0
Francis E. Billings Senior Vice President Feb. 24, 2017 M 35,113 0 0 $0
Robert S Purgason Senior Vice President Aug. 4, 2016 A — 0 0 $0
Brian L. Perilloux Senior Vice President Feb. 25, 2016 M 35,235 0 0 $0
Fred E. Pace Senior Vice President Feb. 25, 2016 M 21,104 0 0 $0
Craig L Rainey SVP & General Counsel Feb. 27, 2015 M 70,901 0 0 $0
Allison G. Bridges Senior Vice President Dec. 23, 2014 J 68,229 0 0 $0
Randy M. Newcomer Interim Senior Vice President Feb. 23, 2013 M 32,937 0 0 $0
Randall Lee Barnard Sr. Vice President Feb. 29, 2012 M 19,211 0 0 $0
Phillip D Wright Subsidiary Sr. Vice President Feb. 23, 2012 M 322,148 0 0 $0
James J Bender Sr. Vice President & GC Nov. 7, 2011 M 32,507 0 0 $0
Ralph A Hill Sr. Vice President E&P March 18, 2008 S 0 0 0 $0
JOHNSON MICHAEL P Senior Vice President March 17, 2008 M 22,620 0 0 $0
William E Hobbs Subsidiary Sr. Vice President Oct. 9, 2007 M 0 0 0 $0
Gary R Belitz Controller Feb. 25, 2005 A 5,362 0 0 $0
John Douglas Whisenant Sr. Vice President Gas Pipes Sept. 13, 2004 M 17,147 0 0 $0
Mark D Wilson Senior Vice President April 7, 2004 M 0 0 0 $0
Robb E Turner Director Aug. 5, 2026 A 8,785 0 0 $0
Stephen W Bergstrom Director May 19, 2026 G 198,605 0 0 $0
Michael A Creel Director April 28, 2026 A 84,658 0 0 $0
William H Spence Director April 28, 2026 A 79,051 0 0 $0
Scott D Sheffield Director April 28, 2026 A 76,302 0 0 $0
Alan S Armstrong Director March 5, 2026 J 2,503,509 0 0 $0
Carri A. Lockhart Director April 29, 2025 A 16,138 0 0 $0
Jesse J Tyson Director April 29, 2025 A 21,928 0 0 $0
Stacey H Dore Director April 29, 2025 A 32,940 0 0 $0
Richard E Muncrief Director April 29, 2025 A 21,368 0 0 $0
Murray D Smith Director April 30, 2024 A 53,574 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 23 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
The Williams Companies, Inc., Williams Gas Pipeline Company, LLC ×45 filings Aug. 10, 2018 — Initial filing M&A / sale SEC
CORVEX MANAGEMENT LP, KEITH MEISTER, SOROBAN MASTER FUND LP, SOROBAN CAPITAL GP LLC, SOROBAN CAPITAL PARTNERS LP, SOROBAN CAPITAL PARTNERS GP LLC, ERIC W. MANDELBLATT ×9 filings Aug. 3, 2016 — Initial filing Passive investment SEC
The Williams Companies, Inc. (2), Williams Discovery Pipeline, LLC (2), Williams Energy, L.L.C. (2), Williams Partners GP LLC (2), Williams Partners Holdings LLC (2), Williams Gas Pipeline Company, LLC (2), WGP Gulfstream Pipeline Company, L.L.C. (2) ×2 filings March 27, 2012 — Initial filing — SEC
WPX Energy, Inc. (2), The Williams Companies, Inc. (2) Jan. 5, 2012 — Initial filing — SEC
The Williams Companies, Inc. IRS No. Dec. 23, 2004 — Initial filing — SEC
The Williams Companies Inc. ×6 filings Dec. 16, 2004 — Initial filing — SEC
Undisclosed reporting person Sept. 18, 2003 — Initial filing — SEC
Undisclosed reporting person Aug. 21, 2003 — Initial filing — SEC
Undisclosed reporting person July 10, 2003 — Initial filing — SEC
Undisclosed reporting person, Undisclosed reporting person June 20, 2003 — Initial filing — SEC
Undisclosed reporting person June 20, 2003 — Initial filing — SEC
Undisclosed reporting person Jan. 8, 2003 — Initial filing — SEC
Undisclosed reporting person Dec. 12, 2002 — Initial filing — SEC
Undisclosed reporting person Nov. 20, 2002 — Initial filing — SEC
Undisclosed reporting person Oct. 2, 2002 — Initial filing — SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 220 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
TEXU · Direxion Shares ETF Trust 8.70% 6,098 NS April 30, 2026 N-PORT
MLPX · Global X Funds 8.54% 4,239,147 NS May 31, 2026 N-PORT
USAI · Pacer Funds Trust 7.42% 106,051 NS April 30, 2026 N-PORT
TPYP · Tortoise Capital Series Trust 7.23% 848,730 NS May 31, 2026 N-PORT
ENFR · ALPS ETF Trust 6.06% 390,390 NS May 31, 2026 N-PORT
TPZ · Tortoise Capital Series Trust 5.42% 97,592 NS May 31, 2026 N-PORT
NBET · Neuberger Berman ETF Trust 5.38% 31,641 NS April 30, 2026 N-PORT
TNGY · Tortoise Capital Series Trust 5.35% 398,309 NS May 31, 2026 N-PORT
LNGX · Global X Funds 4.23% 33,910 NS May 31, 2026 N-PORT
GXPE · Global X Funds 4.16% 1,149 NS May 31, 2026 N-PORT
ELCV · Strategy Shares 4.10% 118,536 NS April 30, 2026 N-PORT
TOLZ · ProShares Trust 4.00% 97,562 NS May 31, 2026 N-PORT
FENY · FIDELITY COVINGTON TRUST 3.62% 961,463 NS April 30, 2026 N-PORT
AMZA · ETFis Series Trust I 3.60% 218,901 NS April 30, 2026 N-PORT
GDIV · Harbor ETF Trust 3.44% 101,723 NS April 30, 2026 N-PORT
EIPI · First Trust Exchange-Traded Fund VI… 3.13% 461,486 NS May 31, 2026 N-PORT
ERX · Direxion Shares ETF Trust 2.97% 107,994 NS April 30, 2026 N-PORT
DIG · ProShares Trust 2.86% 29,864 NS May 31, 2026 N-PORT
FXN · First Trust Exchange-Traded AlphaDE… 2.62% 415,407 NS April 30, 2026 N-PORT
CAML · Professionally Managed Portfolios 2.39% 117,928 NS April 30, 2026 N-PORT
IQRA · New York Life Investments Active ET… 2.02% 1,828 NS April 30, 2026 N-PORT
QIDX · Spinnaker ETF Series 1.93% 9,673 NS April 30, 2026 N-PORT
EMLP · First Trust Exchange-Traded Fund IV 1.55% 826,212 NS April 30, 2026 N-PORT
VOLT · Tema ETF Trust 1.51% 152,744 NS May 31, 2026 N-PORT
TCAI · Tortoise Capital Series Trust 1.46% 44,304 NS May 31, 2026 N-PORT
YOKE · EA Series Trust 1.23% 36,317 NS April 30, 2026 N-PORT
NFRA · FlexShares Trust 1.23% 493,696 NS April 30, 2026 N-PORT
FPWR · First Trust Exchange-Traded Fund IV 1.16% 4,087 NS April 30, 2026 N-PORT
LQAI · Exchange Listed Funds Trust 1.15% 317 NS April 30, 2026 N-PORT
QUVU · Hartford Funds Exchange-Traded Trust 1.09% 24,640 NS April 30, 2026 N-PORT
VRAI · ETFis Series Trust I 1.06% 2,559 NS April 30, 2026 N-PORT
ESLV · Strategy Shares 0.98% 1,511 NS April 30, 2026 N-PORT
RSHO · Tema ETF Trust 0.97% 37,077 NS May 31, 2026 N-PORT
AVIE · AMERICAN CENTURY ETF TRUST 0.94% 1,348 NS May 31, 2026 N-PORT
ACLC · AMERICAN CENTURY ETF TRUST 0.88% 38,063 NS May 31, 2026 N-PORT
AVLV · AMERICAN CENTURY ETF TRUST 0.83% 1,503,564 NS May 31, 2026 N-PORT
UPSD · ETF Series Solutions 0.78% 10,303 NS April 30, 2026 N-PORT
QLV · FlexShares Trust 0.67% 14,924 NS April 30, 2026 N-PORT
NBGX · Neuberger Berman ETF Trust 0.66% 1,380 NS May 31, 2026 N-PORT
EIPX · First Trust Exchange-Traded Fund IV 0.53% 36,960 NS April 30, 2026 N-PORT
HUSV · First Trust Exchange-Traded Fund III 0.52% 4,931 NS April 30, 2026 N-PORT
FTC · First Trust Exchange-Traded AlphaDE… 0.49% 81,024 NS April 30, 2026 N-PORT
MFSG · MFS Active Exchange Traded Funds Tr… 0.45% 21,608 NS May 31, 2026 N-PORT
DFLV · Dimensional ETF Trust 0.44% 335,918 NS April 30, 2026 N-PORT
JMOM · J.P. Morgan Exchange-Traded Fund Tr… 0.43% 123,757 NS April 30, 2026 N-PORT
DFUV · Dimensional ETF Trust 0.43% 808,174 NS April 30, 2026 N-PORT
JPUS · J.P. Morgan Exchange-Traded Fund Tr… 0.40% 23,307 NS April 30, 2026 N-PORT
FDLO · FIDELITY COVINGTON TRUST 0.32% 58,002 NS April 30, 2026 N-PORT
FDMO · FIDELITY COVINGTON TRUST 0.31% 34,635 NS April 30, 2026 N-PORT
AVUS · AMERICAN CENTURY ETF TRUST 0.31% 582,612 NS May 31, 2026 N-PORT