What move does the options market price into Williams Companies's report?

Implied ±3.5%, either direction.

How often does Williams Companies move more than the options market prices?

2 of the last 8 reports moved at least as far as the implied move.

WMBNYSENatural Gas Transmission

Williams Companies, Inc. (WMB) earnings date, market-implied expected move, and options open interest by expiry

74.35

−0.53 · −0.71%

post 74.36 +0.01%

Closed17:46 ET

Open74.88Volume7.6MMkt cap$90.9BP/E29.63EPS2.51Div yield2.79%

Day73.33 – 75.6544%52-wk54.53 – 78.9181%

WMB

Williams Companies, Inc.

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±3.5%implied · report alone

8Q avg ±2.2%·×1.59·rich

71.7276.98

straddle ±5.0%

spot 74.35exp Nov 6ATM strike 74ATM straddle 4.40IV 53%

Oct 30 closereport share · term structure

Expected move

Inputs

Next report

Nov 2

after close · in 2 days

confirmedQ3 FY26

Calendar

Next report

Last report

+1.53%

vs ±3.4% implied · ×0.45

shaded = implied · ▲▼ = realized

Aug 3 '26 · confirmed

Implied vs realized

Largest filed tie

55.00%

of WMB revenue · Undisclosed top ten gathering and processing customers

customerWMB 10-K

Supply chain

Largest filed tie

13F top-10 QoQ

+4.12%

shares held · 10 largest managers

13F · Jun 30 '26123d lag

1,835 managers

Top fund weight

5.03%

WMB weight · XLE

N-PORTJun 30 '26

10 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Williams Companies (WMB) reports on Nov 2 after close (confirmed date).

Implied vs realized

8 reports

2 of 8≥ implied

avg implied: ±3.8%
avg realized: ±2.2%

Nov 6 '24Nov 6 '24confirmed±2.8%▲+0.20%×0.07

Feb 12 '25Feb 12 '25confirmed±2.8%▲+4.82%×1.71

May 5 '25May 5 '25confirmed±3.4%▼−2.44%×0.71

Aug 4 '25Aug 4 '25confirmed±8.3%▼−2.09%×0.25

Q3 FY25Nov 3 '25confirmed±3.1%▼−4.27%×1.38

Feb 10 '26Feb 10 '26confirmed±3.6%▲+1.46%×0.40

Q1 FY26May 4 '26confirmed±2.8%▲+0.94%×0.34

Q2 FY26Aug 3 '26confirmed±3.4%▲+1.53%×0.45

quarterimplied−10%0+10%realized×

Q2 FY26±3.4%▲+1.53%×0.45

Q1 FY26±2.8%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 10 expiries · Oct 30 close

0.14OI · 10 expiries · Oct 30 closeP/C open interest · Nov 6 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

11,238+1%Nov 66d81,354+1%

8,3750%Nov 1313d4.591,825+3%4.59

14,898−7%Nov 2020d0.15102,1570%0.15

74+164%Nov 2727d0.061,221+1407%0.06

170%Dec 434d0.1894+944%0.18

5 later expiries

0—Dec 1141d—0——

5,686−1%Dec 1848d0.37

ExpiryPutsCallsP/C

Nov 66d11,238+1%81,354+1%0.14

Nov 1313d8,3750%1,825+3%4.59

Nov 2020d14,898−7%102,1570%0.15

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±5.0%

Funds 4

XLE±0.3%

FTC±0.0%

VTV±0.0%

RSP±0.0%

Suppliers 2

PRIM±3.5%×0.70

EPSN±2.0%×0.40

Customers 1

BKV±3.7%×0.74

Dashed = straddle · × = co-movement · max 500dMethod 2 more funds Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

28.69%as filednet margin · revenue +0.76% QoQ · +9.78% YoY

Revenue

$3.1B+0.76% QoQ

Gross profit

$2.5B+2.67% QoQ

83.13% margin

Operating income

$1.2B−10.52% QoQ

38.72% margin

Pre-tax income

$1.1B−1.73% QoQ

Net income

$876M−3.95% QoQ

28.69% margin

Cost of revenue

$515M−7.71% QoQ

Operating expenses

$1.4B+17.81% QoQ

SG&A $777M

Depreciation $592M

Other expense

$46M

Tax

$260M+6.56% QoQ

Revenue$3.1B+0.76%

Gross profit

$2.5B+2.67%

83.13% margin

Operating income

$1.2B−10.52%

38.72% margin

Pre-tax income

$1.1B−1.73%

Net income

$876M−3.95%

28.69% margin

Cost of revenue

$515M−7.71%

Operating expenses

$1.4B+17.81%

SG&A $777M

Depreciation $592M

Other expense

$46M

Tax$260M+6.56%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Jun 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Oct 30 close · Hatch = extended hours · ▯ up · ▮ down · bars = volume, 15mSource: market data · 17:45 ET

Intraday

Event sensitivity

GDP ×1.41· ±1.6% vs ±1.1% · 20 releases

eventrelease day|move|up · n×base

GDPgross domestic product±1.6%14 of 20×1.41

CPROFcorporate profits±1.6%7 of 12×1.38

PCEpersonal income & outlays±1.5%12 of 20×1.34

PPIproducer prices±1.4%3 of 11×1.21

NFPjobs report±1.4%4 of 10×1.21

CPIconsumer prices±1.2%8 of 11×1.06

FOMCrate decision±0.9%14 of 25×0.82

Bar = avg |move| to ±2% · tick = ±1.1% avg day · ×base = |move| ÷ ±1.1% · min 6 releases

Earnings history

EPS 0.68 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Aug 3 '26 · confirmed	0.68	—
Q1 FY26	May 4 '26 · confirmed	0.70	—
Q3 FY25	Nov 3 '25 · confirmed	0.53	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod