Subtext

The Williams Companies, Inc. WMB

SectorEnergy
Transcripts74
Date range2006-03-01 – 2025-05-06
Calls charted73

Sentiment timeline

Net Loughran-McDonald sentiment per call (×1000), earliest → latest.

-15-8+0+8+152005 Q42008 Q32011 Q22013 Q42016 Q22018 Q42021 Q22024 Q32005 Q4 · Overall: +8.52006 Q1 · Overall: +11.92006 Q2 · Overall: +9.42006 Q3 · Overall: +10.32006 Q4 · Overall: +10.92007 Q2 · Overall: +9.92007 Q3 · Overall: +5.92007 Q4 · Overall: +10.62008 Q1 · Overall: +10.32008 Q2 · Overall: +7.92008 Q3 · Overall: -1.12008 Q4 · Overall: -0.62009 Q1 · Overall: +3.22009 Q2 · Overall: +1.92009 Q3 · Overall: +7.72009 Q4 · Overall: +7.52010 Q1 · Overall: +6.82010 Q2 · Overall: +3.82010 Q3 · Overall: +3.52011 Q1 · Overall: +3.72011 Q2 · Overall: +3.22011 Q3 · Overall: +2.32011 Q4 · Overall: +8.12012 Q1 · Overall: +6.72012 Q2 · Overall: +2.52012 Q3 · Overall: +3.82012 Q4 · Overall: +1.22013 Q1 · Overall: -2.32013 Q2 · Overall: +10.02013 Q3 · Overall: +6.02013 Q4 · Overall: +3.82014 Q1 · Overall: +9.22014 Q2 · Overall: +7.92014 Q3 · Overall: +8.02014 Q4 · Overall: +8.22015 Q1 · Overall: +6.02015 Q2 · Overall: +7.52015 Q3 · Overall: +10.12015 Q4 · Overall: +0.32016 Q1 · Overall: +7.62016 Q2 · Overall: +7.82016 Q3 · Overall: +8.62016 Q4 · Overall: +8.92017 Q1 · Overall: +5.52017 Q2 · Overall: +11.52017 Q3 · Overall: +8.12017 Q4 · Overall: +10.12018 Q1 · Overall: +4.62018 Q2 · Overall: +10.72018 Q3 · Overall: +7.32018 Q4 · Overall: +10.02019 Q1 · Overall: +5.42019 Q2 · Overall: +7.92019 Q3 · Overall: +6.32019 Q4 · Overall: +9.02020 Q1 · Overall: +3.52020 Q2 · Overall: +9.12020 Q3 · Overall: +9.22020 Q4 · Overall: +2.62021 Q1 · Overall: +8.82021 Q2 · Overall: +8.12021 Q3 · Overall: +8.02022 Q1 · Overall: +8.82022 Q2 · Overall: +10.02022 Q3 · Overall: +8.02023 Q1 · Overall: +9.82023 Q2 · Overall: +8.72023 Q3 · Overall: +8.62024 Q1 · Overall: +0.02024 Q2 · Overall: +6.52024 Q3 · Overall: +6.62024 Q4 · Overall: +13.32025 Q1 · Overall: +11.7
Overall

CEO vs CFO

Average sentiment of each executive's remarks per call. Divergence is a signal.

-40-20+0+20+402005 Q42008 Q32011 Q22013 Q42016 Q22018 Q42021 Q22024 Q32005 Q4 · CEO: +16.72006 Q1 · CEO: +23.92006 Q2 · CEO: +18.62006 Q3 · CEO: +11.22006 Q4 · CEO: +12.42007 Q2 · CEO: +16.82007 Q3 · CEO: +12.62008 Q4 · CEO: +9.12009 Q1 · CEO: +16.52009 Q2 · CEO: +6.82009 Q3 · CEO: +12.72009 Q4 · CEO: +13.32010 Q1 · CEO: +10.62010 Q2 · CEO: +8.92010 Q3 · CEO: +13.82011 Q1 · CEO: +8.52011 Q2 · CEO: +9.62011 Q3 · CEO: +16.22011 Q4 · CEO: +17.32012 Q1 · CEO: +13.32012 Q2 · CEO: +13.12012 Q3 · CEO: +6.32012 Q4 · CEO: +2.92013 Q1 · CEO: -1.82013 Q2 · CEO: +17.12013 Q3 · CEO: +15.12013 Q4 · CEO: +6.72014 Q1 · CEO: +20.52014 Q2 · CEO: +14.42014 Q3 · CEO: +15.62014 Q4 · CEO: +11.62015 Q1 · CEO: +9.82015 Q3 · CEO: +15.22016 Q1 · CEO: +10.82016 Q2 · CEO: +12.92016 Q3 · CEO: +11.42016 Q4 · CEO: +10.82017 Q1 · CEO: +8.52017 Q2 · CEO: +14.12017 Q3 · CEO: +9.62017 Q4 · CEO: +13.02018 Q1 · CEO: +9.52018 Q2 · CEO: +15.22018 Q3 · CEO: +9.62018 Q4 · CEO: +13.52019 Q1 · CEO: +8.72019 Q2 · CEO: +11.32019 Q3 · CEO: +10.12019 Q4 · CEO: +11.22020 Q1 · CEO: +5.92020 Q2 · CEO: +9.72020 Q3 · CEO: +12.02020 Q4 · CEO: +7.02021 Q1 · CEO: +13.42021 Q2 · CEO: +13.82021 Q3 · CEO: +11.22022 Q1 · CEO: +9.92022 Q2 · CEO: +14.42022 Q3 · CEO: +7.32023 Q1 · CEO: +9.02023 Q2 · CEO: +7.92023 Q3 · CEO: +8.02024 Q1 · CEO: +5.22024 Q2 · CEO: +10.92024 Q3 · CEO: +7.12024 Q4 · CEO: +13.52025 Q1 · CEO: +16.12005 Q4 · CFO: +1.72006 Q2 · CFO: +6.02006 Q3 · CFO: +8.72006 Q4 · CFO: +8.32007 Q2 · CFO: +7.42007 Q3 · CFO: +1.42008 Q4 · CFO: -4.72009 Q1 · CFO: -4.62009 Q2 · CFO: +13.72009 Q3 · CFO: +0.02009 Q4 · CFO: +15.82010 Q1 · CFO: +6.32010 Q2 · CFO: +6.42010 Q3 · CFO: -1.32011 Q1 · CFO: +13.92011 Q2 · CFO: +0.02011 Q3 · CFO: +4.62011 Q4 · CFO: +9.42012 Q1 · CFO: +15.52012 Q2 · CFO: +0.02012 Q3 · CFO: +14.92012 Q4 · CFO: +5.52013 Q1 · CFO: +8.02013 Q2 · CFO: -21.72013 Q3 · CFO: -5.72013 Q4 · CFO: -7.92014 Q1 · CFO: -10.32014 Q2 · CFO: +4.02014 Q3 · CFO: +4.22014 Q4 · CFO: +8.02015 Q1 · CFO: +10.42016 Q1 · CFO: +7.92016 Q2 · CFO: +7.22016 Q3 · CFO: +0.02016 Q4 · CFO: -4.82017 Q1 · CFO: +1.52017 Q2 · CFO: -7.52017 Q3 · CFO: +2.12017 Q4 · CFO: +5.92018 Q1 · CFO: +4.22018 Q2 · CFO: +0.02018 Q3 · CFO: +7.22018 Q4 · CFO: +6.82019 Q1 · CFO: +3.02019 Q2 · CFO: +0.02019 Q3 · CFO: +0.02019 Q4 · CFO: -25.62020 Q1 · CFO: +34.92020 Q2 · CFO: +5.82020 Q3 · CFO: +4.82020 Q4 · CFO: -1.62021 Q1 · CFO: +7.62021 Q2 · CFO: +4.12021 Q3 · CFO: +6.22022 Q1 · CFO: +14.12022 Q2 · CFO: +8.92022 Q3 · CFO: +11.22023 Q1 · CFO: +8.62023 Q2 · CFO: +7.42023 Q3 · CFO: +9.62024 Q1 · CFO: +3.42024 Q2 · CFO: +4.32024 Q3 · CFO: +12.52024 Q4 · CFO: +15.92025 Q1 · CFO: +6.1
CEOCFO

Prepared remarks vs Q&A

Scripted tone vs unscripted answers. The gap is information.

-35-18+0+18+352005 Q42008 Q32011 Q22013 Q42016 Q22018 Q42021 Q22024 Q32005 Q4 · Prepared remarks: +10.02006 Q1 · Prepared remarks: +12.42006 Q2 · Prepared remarks: +9.62006 Q3 · Prepared remarks: +10.72006 Q4 · Prepared remarks: +10.52007 Q2 · Prepared remarks: +12.62007 Q3 · Prepared remarks: +10.52007 Q4 · Prepared remarks: +14.22008 Q1 · Prepared remarks: +14.62008 Q2 · Prepared remarks: +18.12008 Q3 · Prepared remarks: +0.82008 Q4 · Prepared remarks: +0.82009 Q1 · Prepared remarks: +11.62009 Q2 · Prepared remarks: +4.02009 Q3 · Prepared remarks: +11.52009 Q4 · Prepared remarks: +11.52010 Q1 · Prepared remarks: +7.22010 Q2 · Prepared remarks: +7.92010 Q3 · Prepared remarks: +17.62011 Q1 · Prepared remarks: +7.32011 Q2 · Prepared remarks: +9.22011 Q3 · Prepared remarks: +4.42011 Q4 · Prepared remarks: +8.42012 Q1 · Prepared remarks: +7.02012 Q2 · Prepared remarks: +9.52012 Q3 · Prepared remarks: +0.02012 Q4 · Prepared remarks: +7.92013 Q1 · Prepared remarks: +5.82013 Q2 · Prepared remarks: +18.02013 Q3 · Prepared remarks: +11.92013 Q4 · Prepared remarks: +5.42014 Q1 · Prepared remarks: +9.42014 Q2 · Prepared remarks: +7.32014 Q3 · Prepared remarks: +20.22014 Q4 · Prepared remarks: +13.32015 Q1 · Prepared remarks: +8.92015 Q2 · Prepared remarks: +16.32015 Q3 · Prepared remarks: +12.72015 Q4 · Prepared remarks: +4.22016 Q1 · Prepared remarks: +7.62016 Q2 · Prepared remarks: +7.82016 Q3 · Prepared remarks: +8.92016 Q4 · Prepared remarks: +9.22017 Q1 · Prepared remarks: +8.42017 Q2 · Prepared remarks: +12.22017 Q3 · Prepared remarks: +9.32017 Q4 · Prepared remarks: +14.12018 Q1 · Prepared remarks: +12.72018 Q2 · Prepared remarks: +18.62018 Q3 · Prepared remarks: +13.42018 Q4 · Prepared remarks: +13.62019 Q1 · Prepared remarks: +5.32019 Q2 · Prepared remarks: +13.72019 Q3 · Prepared remarks: +9.62019 Q4 · Prepared remarks: +13.62020 Q1 · Prepared remarks: +5.92020 Q2 · Prepared remarks: +6.62020 Q3 · Prepared remarks: +9.82020 Q4 · Prepared remarks: +2.22021 Q1 · Prepared remarks: +11.22021 Q2 · Prepared remarks: +7.42021 Q3 · Prepared remarks: +9.32022 Q1 · Prepared remarks: +13.62022 Q2 · Prepared remarks: +15.52022 Q3 · Prepared remarks: +8.92023 Q1 · Prepared remarks: +9.42023 Q2 · Prepared remarks: +13.72023 Q3 · Prepared remarks: +11.42024 Q1 · Prepared remarks: +12.62024 Q2 · Prepared remarks: +9.22024 Q3 · Prepared remarks: +15.52024 Q4 · Prepared remarks: +16.52025 Q1 · Prepared remarks: +13.82005 Q4 · Q&A responses: +2.72006 Q3 · Q&A responses: +12.12006 Q4 · Q&A responses: +18.72007 Q2 · Q&A responses: +7.42007 Q3 · Q&A responses: +5.52007 Q4 · Q&A responses: +8.82008 Q1 · Q&A responses: +4.42008 Q2 · Q&A responses: +5.42008 Q3 · Q&A responses: -2.62008 Q4 · Q&A responses: +1.82009 Q1 · Q&A responses: +5.32009 Q2 · Q&A responses: +8.22009 Q3 · Q&A responses: +6.62009 Q4 · Q&A responses: +11.72010 Q1 · Q&A responses: +9.12010 Q2 · Q&A responses: +5.42010 Q3 · Q&A responses: +0.72011 Q1 · Q&A responses: +3.62011 Q2 · Q&A responses: +3.62011 Q3 · Q&A responses: +3.42012 Q2 · Q&A responses: +0.22012 Q3 · Q&A responses: +8.82012 Q4 · Q&A responses: +2.92013 Q1 · Q&A responses: -0.52013 Q2 · Q&A responses: +5.62013 Q3 · Q&A responses: +0.62013 Q4 · Q&A responses: +4.02014 Q1 · Q&A responses: +10.22014 Q2 · Q&A responses: +30.62014 Q3 · Q&A responses: +4.02014 Q4 · Q&A responses: +11.02015 Q1 · Q&A responses: +7.62015 Q2 · Q&A responses: +4.42015 Q3 · Q&A responses: +10.22015 Q4 · Q&A responses: +3.92017 Q1 · Q&A responses: +4.92017 Q2 · Q&A responses: +13.42017 Q3 · Q&A responses: +9.62017 Q4 · Q&A responses: +8.42018 Q1 · Q&A responses: +3.12018 Q2 · Q&A responses: +9.12018 Q3 · Q&A responses: +6.72018 Q4 · Q&A responses: +10.02019 Q1 · Q&A responses: +9.42019 Q2 · Q&A responses: +6.52019 Q3 · Q&A responses: +9.62019 Q4 · Q&A responses: +6.62020 Q1 · Q&A responses: +5.92020 Q2 · Q&A responses: +13.62020 Q3 · Q&A responses: +10.92020 Q4 · Q&A responses: +5.52021 Q1 · Q&A responses: +9.72021 Q2 · Q&A responses: +12.32021 Q3 · Q&A responses: +8.62022 Q1 · Q&A responses: +8.22022 Q2 · Q&A responses: +10.02022 Q3 · Q&A responses: +10.72023 Q1 · Q&A responses: +12.82023 Q2 · Q&A responses: +7.32023 Q3 · Q&A responses: +0.52024 Q1 · Q&A responses: +2.92024 Q2 · Q&A responses: +8.32024 Q3 · Q&A responses: +4.82024 Q4 · Q&A responses: +13.92025 Q1 · Q&A responses: +14.3
Prepared remarksQ&A responses

Tone vs forward expectations

Management tone next to Wall Street's forward-looking numbers (glopardo): the 12-month forward EPS estimate and the forward P/E per call.

Forward EPS estimate

$0.78$1.45$2.112005 Q42008 Q32011 Q22013 Q42016 Q22018 Q42021 Q22024 Q32014 Q1: $1.222014 Q2: $1.302014 Q3: $1.382014 Q4: $1.412015 Q1: $1.052015 Q2: $1.202015 Q3: $1.172015 Q4: $1.082016 Q1: $1.102016 Q2: $1.012016 Q3: $0.882016 Q4: $1.062017 Q1: $0.992017 Q2: $0.982017 Q3: $0.962017 Q4: $0.962018 Q1: $0.922018 Q2: $0.922018 Q3: $0.982018 Q4: $1.022019 Q1: $1.042019 Q2: $1.022019 Q3: $1.042019 Q4: $1.052020 Q1: $1.092020 Q2: $0.982020 Q3: $1.062020 Q4: $1.192021 Q1: $1.172021 Q2: $1.232021 Q3: $1.212022 Q1: $1.412022 Q2: $1.532022 Q3: $1.692023 Q1: $1.752023 Q2: $1.842023 Q3: $1.862024 Q1: $1.852024 Q2: $1.942024 Q3: $2.02

Forward P/E

5.4927.2148.932005 Q42008 Q32011 Q22013 Q42016 Q22018 Q42021 Q22024 Q32014 Q1: 34.062014 Q2: 44.122014 Q3: 41.502014 Q4: 30.942015 Q1: 45.932015 Q2: 40.462015 Q3: 39.362015 Q4: 23.902016 Q1: 15.892016 Q2: 21.552016 Q3: 33.992016 Q4: 27.572017 Q1: 28.982017 Q2: 29.382017 Q3: 31.612017 Q4: 30.272018 Q1: 30.592018 Q2: 29.092018 Q3: 28.622018 Q4: 21.882019 Q1: 26.512019 Q2: 26.292019 Q3: 23.772019 Q4: 21.982020 Q1: 8.492020 Q2: 19.372020 Q3: 20.212020 Q4: 18.282021 Q1: 19.982021 Q2: 22.422021 Q3: 21.282022 Q1: 22.132022 Q2: 20.682022 Q3: 19.822023 Q1: 16.402023 Q2: 16.372023 Q3: 18.442024 Q1: 19.992024 Q2: 21.552024 Q3: 22.37

Divergence watch ⚑

Quarters where tone and the forward EPS estimate moved opposite ways.

  • 2015 Q3 tone ↑ +2.5 fwd EPS ↓ -0.03 Tone rose while the forward EPS estimate was cut.
  • 2017 Q2 tone ↑ +5.9 fwd EPS ↓ -0.02 Tone rose while the forward EPS estimate was cut.
  • 2018 Q3 tone ↓ -3.4 fwd EPS ↑ +0.07 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q1 tone ↓ -4.7 fwd EPS ↑ +0.02 Tone cooled even as the forward EPS estimate rose.
  • 2019 Q2 tone ↑ +2.5 fwd EPS ↓ -0.02 Tone rose while the forward EPS estimate was cut.
  • 2020 Q1 tone ↓ -5.5 fwd EPS ↑ +0.04 Tone cooled even as the forward EPS estimate rose.
  • 2020 Q2 tone ↑ +5.6 fwd EPS ↓ -0.11 Tone rose while the forward EPS estimate was cut.
  • 2020 Q4 tone ↓ -6.6 fwd EPS ↑ +0.13 Tone cooled even as the forward EPS estimate rose.
  • 2021 Q1 tone ↑ +6.1 fwd EPS ↓ -0.02 Tone rose while the forward EPS estimate was cut.
  • 2022 Q3 tone ↓ -2.1 fwd EPS ↑ +0.15 Tone cooled even as the forward EPS estimate rose.

Recent transcripts

CallDateSentiment ×1000Fwd EPSFwd P/E
2025 Q12025-05-06+11.7——View →
2024 Q42025-02-13+13.3——View →
2024 Q32024-11-07+6.6$2.0222.4View →
2024 Q22024-08-06+6.5$1.9421.6View →
2024 Q12024-05-07+0.0$1.8520.0View →
2023 Q32023-11-02+8.6$1.8618.4View →
2023 Q22023-08-03+8.7$1.8416.4View →
2023 Q12023-05-04+9.8$1.7516.4View →