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Arphra AIPlain-English read on The Williams Companies, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $10.63B | $10.97B | $10.91B | $10.5B | $11.95B | $12.22B | $13.46B | $15.22B | $16.09B |
| Cost of revenue | $5.87B | $5.47B | $4.11B | $4.34B | $6.83B | $5.66B | $6.05B | $7.07B | $7.11B |
| Gross profit | $4.75B | $5.5B | $6.8B | $6.17B | $5.12B | $6.69B | $7.32B | $8.24B | $8.71B |
| Gross margin | +44.73% | +50.15% | +62.35% | +58.71% | +42.86% | +54.74% | +54.40% | +54.16% | +54.13% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $558M | $636M | $665M | $708M | $721M | $754.18M | $829.57M | $929.06M | $995.14M |
| Total operating expenses | $2.12B | $2.48B | $2.49B | $2.83B | $721M | $2.25B | $2.54B | $2.81B | $3.06B |
| Operating income | $2.63B | $3.02B | $4.31B | $3.34B | $4.4B | $4.49B | $4.88B | $5.54B | $5.93B |
| Operating margin | +24.76% | +27.52% | +39.53% | +31.79% | +36.83% | +36.74% | +36.28% | +36.37% | +36.89% |
| EBITDA | $5.09B | $5.7B | $7.71B | $6.57B | $7.41B | $7.85B | $8.62B | $9.73B | $10.74B |
| EBIT | $3.25B | $3.69B | $5.64B | $4.35B | $5.07B | $5.42B | $5.92B | $6.75B | $7.2B |
| Below the line | |||||||||
| Interest expense | $1.18B | $1.15B | $1.24B | $1.36B | $1.44B | $1.5B | $1.63B | $1.82B | $1.91B |
| Interest income | $7M | $15M | $79M | $67M | $42M | $67.97M | $75.79M | $87.25M | $93M |
| Other income / expense | -$558M | -$476M | $94M | -$353M | -$776M | — | — | — | — |
| Pre-tax income | $2.07B | $2.54B | $4.41B | $2.99B | $3.63B | $4.1B | $4.56B | $5.06B | $5.34B |
| Income tax expense | $511M | $425M | $1.01B | $640M | $857M | $908.26M | $995.12M | $1.15B | $1.17B |
| Earnings | |||||||||
| Net income | $1.52B | $2.05B | $3.18B | $2.23B | $2.62B | $2.95B | $3.33B | $3.74B | $3.86B |
| Net income · continuing ops | $1.56B | $2.12B | $3.4B | $2.35B | $2.77B | $3.07B | $3.49B | $3.93B | $4.21B |
| Net margin | +14.27% | +18.69% | +29.15% | +21.18% | +21.91% | +24.11% | +24.75% | +24.54% | +23.99% |
| EPS · basic | $1.25 | $1.68 | $2.61 | $1.82 | $2.14 | $2.39 | $2.52 | $3.09 | $3.87 |
| EPS · diluted | $1.24 | $1.67 | $2.60 | $1.82 | $2.14 | $2.36 | $2.53 | $3.09 | $3.86 |
| EPS · low estimate | — | — | — | — | — | $2.15 | $-3.94 | $2.37 | $3.21 |
| EPS · high estimate | — | — | — | — | — | $2.72 | $3.86 | $3.64 | $4.43 |
| Shares · basic | 1.22B | 1.22B | 1.22B | 1.22B | 1.22B | 1.21B | 1.23B | 1.21B | 1.22B |
| Shares · diluted | 1.22B | 1.22B | 1.22B | 1.22B | 1.22B | 1.23B | 1.21B | 1.22B | 1.22B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 8 | 9 | 10 | 5 |
| Analysts (EPS) | — | — | — | — | — | 11 | 11 | 11 | 4 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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