filings.toolsItem 5. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
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Item 5. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
Williams’ common stock is listed on the New York Stock Exchange under the symbol “WMB.” At the close of business on February 19, 2026, Williams had 5,329 holders of record of common stock.
Transco and NWP are indirectly wholly owned by Williams.
Cash distributions declared and paid to Williams are as follows:
| Year Ended December 31, | ||||||||||||||
| 2025 | 2024 | |||||||||||||
| (Millions) | ||||||||||||||
| Transco | $ | 1,340 | $ | 1,145 | ||||||||||
| NWP | 148 | 150 |
Share Repurchase Program
In September 2021, Williams’ Board of Directors authorized a share repurchase program with a maximum dollar limit of $1.5 billion. Repurchases may be made from time to time in the open market, by block purchases, in privately negotiated transactions, or in such other manner as determined by management. Williams will also determine the timing and amount of any repurchases based on market conditions and other factors. The share repurchase program does not obligate Williams to acquire any particular amount of common stock, and it may be suspended or discontinued at any time. This share repurchase program does not have an expiration date. Williams’ purchases of its equity securities are as follows:
| Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
| October 1 - October 31, 2025 | — | $ | — | — | $ | 1,360,938,325 | ||||||||||||||||||||
| November 1 - November 30, 2025 | — | — | — | 1,360,938,325 | ||||||||||||||||||||||
| December 1 - December 31, 2025 | — | — | — | 1,360,938,325 | ||||||||||||||||||||||
| Total | — | — |
Performance Graph
Set forth below is a line graph comparing Williams’ cumulative total stockholder return on common stock (assuming reinvestment of dividends) with the cumulative total return of the S&P 500 Stock Index, the Bloomberg Americas Pipelines Index, and the Arca Natural Gas Index for the period of five fiscal years commencing January 1, 2021. The Bloomberg Americas Pipelines Index is composed of Enbridge Inc., TC Energy Corporation, Kinder Morgan, Inc., Keyera Corp., ONEOK, Inc., Cheniere Energy, Inc., Pembina Pipeline Corporation, Plains GP Holdings LP, Targa Resources Corp., and Williams. The Arca Natural Gas Index is comprised of 20 highly capitalized companies in the natural gas industry involved primarily in natural gas exploration and production and natural gas pipeline transportation and transmission. The graph below assumes an investment of $100 at the beginning of the period.
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||||||||||||||||||||||
| The Williams Companies, Inc. | $ | 100 | $ | 138 | $ | 184 | $ | 206 | $ | 335 | $ | 384 | |||||||||||||||||||||||
| S&P 500 Index | 100 | 129 | 105 | 133 | 166 | 196 | |||||||||||||||||||||||||||||
| Bloomberg Americas Pipelines Index | 100 | 160 | 261 | 259 | 283 | 303 | |||||||||||||||||||||||||||||
| Arca Natural Gas Index | 100 | 160 | 205 | 221 | 268 | 303 |
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