Public deck

Williams Companies: natural-gas infrastructure cash flow has to outlast capex and rate risk

WMB has an annual revenue baseline of $12.0B GAAP revenue; $14.9B customer revenue concept, latest revenue marker of $3.0B GAAP revenue Q1 2026; $4.7B customer revenue concept, annual net income of $2.6B and cash of cash concept not standardized in first companyfacts pass. The thesis depends on revenue durability, margins, cash conversion and balance-sheet discipline.