Direct Answer
Williams Companies reports revenue across 4 business segments in its fiscal 2025 Form 10-K. Transmission Power Gulf is the largest, with $5.4 billion of revenue (46% of the total), followed by West at $2.8 billion (24%).
How Does Williams Companies Make Money?
No single line supplies a majority of revenue: the largest, Transmission Power Gulf, is 46%, which spreads Williams Companies's exposure across several demand drivers. Between fiscal 2024 and 2025, Gas NGL Marketing Services grew fastest (+21.6%) and West slowest (+6.7%), so the revenue mix tilts toward Gas NGL Marketing Services while that gap lasts.
| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Transmission Power Gulf | $5.4 billion | $4.6 billion | 45.5% | 17.6% |
| West | $2.8 billion | $2.7 billion | 23.8% | 6.7% |
| Gas NGL Marketing Services | $2.2 billion | $1.8 billion | 18.2% | 21.6% |
| Northeast GP | $2.2 billion | $2.0 billion | 18.1% | 7.1% |
What Does Williams Companies Sell?
Williams Companies also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.
| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
|---|---|---|---|---|
| Service | $8.3 billion | $7.6 billion | 69.9% | 9.4% |
| Product | $3.3 billion | $3.0 billion | 27.5% | 10.0% |
| Non Regulated Service Commodity Consideration | $192 million | $134 million | 1.6% | 43.3% |
| Energy Commodities and Service | $120 million | -$250 million | 1.0% | n/a |
What the Segment Figures Do Not Show
The rows above add up to 106% of Williams Companies's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.
Where These Numbers Come From
Every figure on this page is a value Williams Companies reported in the segment note and revenue disclosures of its Form 10-K filed February 24, 2026 (accession 0000107263-26-000006), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.
Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.
Frequently Asked Questions
What are Williams Companies's business segments?
In its fiscal 2025 Form 10-K, Williams Companies reports revenue for Transmission Power Gulf, West, Gas NGL Marketing Services and Northeast GP.
Which part of Williams Companies brings in the most revenue?
Transmission Power Gulf, with $5.4 billion of revenue in fiscal 2025, or 46% of the total.
Where does Williams Companies report its segment results?
In the segment note to the financial statements in its Form 10-K, most recently filed February 24, 2026, alongside management's discussion of each segment's results.