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Side-by-side financial comparison of Williams Companies (WMB) and W. R. Berkley Corporation (WRB). Click either name above to swap in a different company.
Williams Companies is the larger business by last-quarter revenue ($3.8B vs $3.7B, roughly 1.0× W. R. Berkley Corporation). Williams Companies runs the higher net margin — 19.1% vs 14.0%, a 5.1% gap on every dollar of revenue. On growth, Williams Companies posted the faster year-over-year revenue change (12.7% vs 4.0%). Over the past eight quarters, Williams Companies's revenue compounded faster (7.3% CAGR vs 5.5%).
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.
William Robert Berkley is the founder and current chairman of W. R. Berkley Corporation and the chairman of the New York University Board of Trustees.
WMB vs WRB — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $3.8B | $3.7B |
| Net Profit | $734.0M | $515.2M |
| Gross Margin | — | — |
| Operating Margin | 27.3% | — |
| Net Margin | 19.1% | 14.0% |
| Revenue YoY | 12.7% | 4.0% |
| Net Profit YoY | 51.0% | — |
| EPS (diluted) | $0.60 | $1.31 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $3.7B | ||
| Q4 25 | $3.8B | $3.7B | ||
| Q3 25 | $3.5B | $3.8B | ||
| Q2 25 | $3.4B | $3.7B | ||
| Q1 25 | $4.2B | $3.5B | ||
| Q4 24 | $3.4B | $3.7B | ||
| Q3 24 | $3.0B | $3.4B | ||
| Q2 24 | $2.8B | $3.3B |
| Q1 26 | — | $515.2M | ||
| Q4 25 | $734.0M | $449.5M | ||
| Q3 25 | $647.0M | $511.0M | ||
| Q2 25 | $546.0M | $401.3M | ||
| Q1 25 | $691.0M | $417.6M | ||
| Q4 24 | $486.0M | $576.1M | ||
| Q3 24 | $706.0M | $365.6M | ||
| Q2 24 | $401.0M | $371.9M |
| Q1 26 | — | — | ||
| Q4 25 | 27.3% | 15.4% | ||
| Q3 25 | 31.8% | 17.2% | ||
| Q2 25 | 28.0% | 14.2% | ||
| Q1 25 | 26.1% | 15.2% | ||
| Q4 24 | 23.2% | 19.9% | ||
| Q3 24 | 27.6% | 14.0% | ||
| Q2 24 | 24.4% | 14.7% |
| Q1 26 | — | 14.0% | ||
| Q4 25 | 19.1% | 12.1% | ||
| Q3 25 | 18.5% | 13.6% | ||
| Q2 25 | 16.2% | 10.9% | ||
| Q1 25 | 16.5% | 11.8% | ||
| Q4 24 | 14.2% | 15.7% | ||
| Q3 24 | 23.3% | 10.8% | ||
| Q2 24 | 14.1% | 11.2% |
| Q1 26 | — | $1.31 | ||
| Q4 25 | $0.60 | $1.13 | ||
| Q3 25 | $0.53 | $1.28 | ||
| Q2 25 | $0.45 | $1.00 | ||
| Q1 25 | $0.56 | $1.04 | ||
| Q4 24 | $0.39 | $0.89 | ||
| Q3 24 | $0.58 | $0.91 | ||
| Q2 24 | $0.33 | $0.92 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $2.1B |
| Total DebtLower is stronger | $27.3B | — |
| Stockholders' EquityBook value | $12.8B | — |
| Total Assets | $58.6B | $44.3B |
| Debt / EquityLower = less leverage | 2.13× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.1B | ||
| Q4 25 | — | $2.5B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | — | $2.0B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.6B |
| Q1 26 | — | — | ||
| Q4 25 | $27.3B | — | ||
| Q3 25 | $25.6B | — | ||
| Q2 25 | $25.6B | — | ||
| Q1 25 | $24.1B | — | ||
| Q4 24 | $24.7B | — | ||
| Q3 24 | $24.8B | — | ||
| Q2 24 | $24.1B | — |
| Q1 26 | — | — | ||
| Q4 25 | $12.8B | $9.7B | ||
| Q3 25 | $12.5B | $9.8B | ||
| Q2 25 | $12.4B | $9.3B | ||
| Q1 25 | $12.5B | $8.9B | ||
| Q4 24 | $12.4B | $8.4B | ||
| Q3 24 | $12.4B | $8.4B | ||
| Q2 24 | $12.3B | $7.8B |
| Q1 26 | — | $44.3B | ||
| Q4 25 | $58.6B | $44.1B | ||
| Q3 25 | $55.7B | $43.7B | ||
| Q2 25 | $56.1B | $42.7B | ||
| Q1 25 | $54.9B | $41.3B | ||
| Q4 24 | $54.5B | $40.6B | ||
| Q3 24 | $53.8B | $40.4B | ||
| Q2 24 | $52.4B | $38.9B |
| Q1 26 | — | — | ||
| Q4 25 | 2.13× | — | ||
| Q3 25 | 2.04× | — | ||
| Q2 25 | 2.06× | — | ||
| Q1 25 | 1.93× | — | ||
| Q4 24 | 1.99× | — | ||
| Q3 24 | 2.00× | — | ||
| Q2 24 | 1.96× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.6B | — |
| Free Cash FlowOCF − Capex | $-379.0M | — |
| FCF MarginFCF / Revenue | -9.9% | — |
| Capex IntensityCapex / Revenue | 50.9% | — |
| Cash ConversionOCF / Net Profit | 2.15× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.6B | $995.1M | ||
| Q3 25 | $1.4B | $1.1B | ||
| Q2 25 | $1.4B | $703.8M | ||
| Q1 25 | $1.4B | $743.8M | ||
| Q4 24 | $1.2B | $810.0M | ||
| Q3 24 | $1.2B | $1.2B | ||
| Q2 24 | $1.3B | $881.3M |
| Q1 26 | — | — | ||
| Q4 25 | $-379.0M | — | ||
| Q3 25 | $485.0M | — | ||
| Q2 25 | $478.0M | — | ||
| Q1 25 | $421.0M | — | ||
| Q4 24 | $450.0M | — | ||
| Q3 24 | $561.0M | — | ||
| Q2 24 | $700.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | -9.9% | — | ||
| Q3 25 | 13.9% | — | ||
| Q2 25 | 14.2% | — | ||
| Q1 25 | 10.1% | — | ||
| Q4 24 | 13.2% | — | ||
| Q3 24 | 18.5% | — | ||
| Q2 24 | 24.6% | — |
| Q1 26 | — | — | ||
| Q4 25 | 50.9% | — | ||
| Q3 25 | 27.3% | — | ||
| Q2 25 | 28.8% | — | ||
| Q1 25 | 24.2% | — | ||
| Q4 24 | 22.5% | — | ||
| Q3 24 | 22.5% | — | ||
| Q2 24 | 20.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | 2.15× | 2.21× | ||
| Q3 25 | 2.22× | 2.23× | ||
| Q2 25 | 2.66× | 1.75× | ||
| Q1 25 | 2.07× | 1.78× | ||
| Q4 24 | 2.51× | 1.41× | ||
| Q3 24 | 1.76× | 3.39× | ||
| Q2 24 | 3.19× | 2.37× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
WMB
| Services | $2.2B | 57% |
| Natural Gas Us Regulated | $740.0M | 19% |
| West | $730.0M | 19% |
| Non Regulated Service Commodity Consideration | $51.0M | 1% |
| Natural Gas Gathering Transportation Marketing And Processing | $45.0M | 1% |
| Affiliated Entity | $23.0M | 1% |
| Other | $14.0M | 0% |
| Other Service | $11.0M | 0% |
WRB
Segment breakdown not available.
