NYSE$WMB
Williams Companies Inc · Q4 2021 earnings
Q4 2021 earnings · · Investor relations
Briefing
Reported record results driven by natural gas focused strategy.
Williams announced record fourth-quarter and full-year 2021 results, driven by the strength of its natural gas-focused strategy. The company's adjusted EBITDA increased by 11% compared to the fourth quarter of 2020, and net income increased significantly.
- GAAP net income of $621 million, or $0.51 per diluted share.
- Adjusted net income of $476 million, or $0.39 per diluted share, up 25% and 26%, respectively, vs. 4Q 2020.
- Adjusted EBITDA of $1.483 billion, up $147 million or 11% vs. 4Q 2020.
- Dividend coverage ratio of 2.10x (AFFO basis).
Headline financials
Revenue & EPS history
Williams · Revenue · Quarterly
$3.26B
Forward guidance
The company expects 2022 Adjusted EBITDA between $5.6 billion and $6 billion. The company also expects 2022 growth capex between $1.25 billion to $1.35 billion and maintenance capex between $650 million and $750 million, which includes capital for emissions reduction and modernization initiatives.
Tailwinds
- Expects 3% growth in 2022 with Adjusted EBITDA guidance midpoint of $5.8 billion, yielding 6% CAGR over the last five years
- Anticipates achieving a leverage ratio midpoint of 3.8x
- Expectations to generate positive free cash flow (after capex and dividends)
- Retain financial flexibility
- Dividend guidance increased 3.7% on an annualized basis to $1.70 in 2022 from $1.64 in 2021.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2021
+0.5%
Avg return
Earnings day
+1.0%
Avg return
5 days after
+1.7%
Avg return
30 days after
56%
41 / 73 earnings
Positive
+11.6%
Q2 2020
Best reaction
-10.0%
Q2 2011
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +2.0% | -4.7% | -4.5% | |
| Q4 2025 | +1.5% | +6.5% | +8.4% | |
| Q3 2025 | -4.3% | +0.9% | +7.8% | |
| Q2 2025 | -2.1% | -3.9% | -4.4% | |
| Q1 2025 | -2.6% | -4.2% | +0.6% | |
| Q4 2024 | +4.8% | +5.4% | +4.5% | |
| Q3 2024 | +4.5% | +7.3% | +7.2% | |
| Q2 2024 | +1.5% | +2.5% | +5.3% | |
| Q1 2024 | +1.1% | +2.5% | +7.5% | |
| Q4 2023 | +0.4% | +0.8% | +8.7% | |
| Q3 2023 | +4.0% | +3.9% | +8.4% | |
| Q2 2023 | +1.0% | +1.1% | +1.7% | |
| Q1 2023 | -0.7% | +0.9% | +3.2% | |
| Q4 2022 | -1.5% | -0.3% | -8.4% | |
| Q3 2022 | +2.4% | +2.7% | +6.2% | |
| Q2 2022 | -3.6% | -5.5% | -0.2% | |
| Q1 2022 | +3.0% | +6.9% | +9.2% | |
| Q4 2021 | -0.4% | +3.6% | +10.4% | |
| Q3 2021 | +1.1% | +1.7% | -5.2% | |
| Q2 2021 | +0.3% | +0.0% | -1.6% | |
| Q1 2021 | +0.9% | +3.9% | +12.0% | |
| Q4 2020 | +5.3% | +0.9% | +3.8% | |
| Q3 2020 | -1.1% | -4.8% | +12.8% | |
| Q2 2020 | +11.6% | +9.0% | +11.2% | |
| Q1 2020 | +2.4% | +5.0% | +11.4% | |
| Q4 2019 | +2.6% | -5.1% | -46.3% | |
| Q3 2019 | -3.9% | +0.5% | -2.2% | |
| Q2 2019 | +2.0% | -5.0% | -5.7% | |
| Q1 2019 | -3.1% | -3.4% | -6.9% | |
| Q4 2018 | +0.5% | +2.0% | +3.1% | |
| Q3 2018 | +6.4% | +6.3% | +4.6% | |
| Q2 2018 | +4.1% | +5.3% | -0.5% | |
| Q1 2018 | +0.5% | +1.2% | +2.8% | |
| Q4 2017 | +0.7% | -2.9% | -8.6% | |
| Q3 2017 | -1.4% | +1.0% | +2.8% | |
| Q2 2017 | -2.1% | -2.2% | -5.2% | |
| Q1 2017 | -2.6% | +1.0% | -4.8% | |
| Q4 2016 | -3.1% | -2.4% | -1.1% | |
| Q3 2016 | -3.7% | -3.6% | +3.5% | |
| Q2 2016 | -0.0% | +6.9% | +16.6% | |
| Q1 2016 | +6.1% | — | — | |
| Q4 2015 | +6.1% | — | — | |
| Q3 2015 | +2.2% | — | — | |
| Q2 2015 | -0.2% | — | — | |
| Q1 2015 | -1.4% | — | — | |
| Q4 2014 | -0.5% | — | — | |
| Q3 2014 | +1.8% | — | — | |
| Q2 2014 | -2.5% | — | — | |
| Q1 2014 | +2.5% | — | — | |
| Q4 2013 | +3.6% | — | — | |
| Q3 2013 | -4.2% | — | — | |
| Q2 2013 | +6.8% | — | — | |
| Q1 2013 | -4.6% | — | — | |
| Q4 2012 | -3.9% | — | — | |
| Q3 2012 | -3.2% | — | — | |
| Q2 2012 | -2.7% | — | — | |
| Q1 2012 | +4.9% | — | — | |
| Q4 2011 | +2.6% | — | — | |
| Q3 2011 | +5.7% | — | — | |
| Q2 2011 | -10.0% | — | — | |
| Q1 2011 | -0.5% | — | — | |
| Q4 2007 | +2.1% | — | — | |
| Q4 2010 | +2.1% | — | — | |
| Q3 2010 | +3.9% | — | — | |
| Q2 2010 | -0.1% | — | — | |
| Q1 2009 | -9.8% | — | — | |
| Q1 2010 | +1.1% | — | — | |
| Q4 2009 | +1.5% | — | — | |
| Q3 2009 | +3.3% | — | — | |
| Q3 2008 | +3.3% | — | — | |
| Q4 2008 | -2.7% | — | — | |
| Q2 2009 | -2.7% | — | — | |
| Q2 2008 | -2.7% | — | — |
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