10-KPeriod: FY2025

HONEYWELL INTERNATIONAL INC Annual Report, Year Ended Dec 31, 2025

Filed February 17, 2026For Securities:HONHONIV

Summary

Honeywell International Inc. reported a solid performance in 2025, driven by broad-based growth across its business segments and strategic portfolio actions. The company achieved an 8% increase in sales, reaching $37.4 billion, with its Aerospace Technologies segment delivering a third consecutive year of double-digit growth. Honeywell's strategic focus on portfolio optimization was evident through the spin-off of its Advanced Materials business and the acquisition of Sundyne. The company also announced its intent to separate its Aerospace Technologies business into an independent entity, a move expected to be completed in the third quarter of 2026. Financially, Honeywell demonstrated strong operational cash flow generation and continued its commitment to capital deployment through share repurchases and dividend increases. The company's robust backlog of $37.5 billion provides a strong foundation for future growth. Despite macroeconomic headwinds such as inflation and supply chain disruptions, Honeywell's mitigation strategies proved effective, allowing it to navigate these challenges while focusing on long-term shareowner value.

Financial Highlights

56 data points
Beta

Revenue

$37.44B

36.9% Gross Margin

Net Income

$4.73B

12.6% Net Margin

EPS (Diluted)

$7.36

Total Assets

$73.68B

Cash & Equivalents

$12.49B

Free Cash Flow

$5.42B

Financial Statements
Beta
Revenue$37.44B
Cost of Revenue$23.61B
Gross Profit$13.83B
R&D Expenses$1.81B
SG&A Expenses$5.45B
Operating Income$8.13B
Net Income$4.73B
EPS (Basic)$7.40
EPS (Diluted)$7.36
Shares Outstanding (Basic)639.00M
Shares Outstanding (Diluted)642.80M

Key Highlights

  • 1Total sales increased by 8% to $37.4 billion in 2025.
  • 2Aerospace Technologies segment achieved double-digit growth for the third consecutive year.
  • 3Completed the spin-off of the Advanced Materials business into Solstice Advanced Materials, Inc.
  • 4Acquired Sundyne for $2.2 billion and announced an agreement to acquire Johnson Matthey's Catalyst Technologies business.
  • 5Announced plans to separate Honeywell Aerospace into an independent company, expected in Q3 2026.
  • 6Maintained a strong backlog of $37.5 billion as of December 31, 2025.
  • 7Returned $10.0 billion to shareholders in 2025 through capital expenditures, dividends, share repurchases, and M&A.

Frequently Asked Questions

Honeywell's sales growth in 2025 was driven by increased pricing and price adjustments to offset inflation, incremental sales from recent acquisitions (Sundyne, CAES, Civitanavi Systems, Access Solutions), and higher sales volumes across its segments, particularly in Aerospace Technologies and Building Automation. This growth was partially offset by lower sales from the divestiture of the PPE business and a settlement related to Flexjet litigation.

Honeywell announced its intention to separate its Aerospace Technologies segment into an independent, U.S. publicly traded company. This separation is expected to be completed in the third quarter of 2026. The process is subject to customary closing conditions, including SEC filings, regulatory approvals, and final Board approval.

Honeywell implemented several mitigation strategies to address macroeconomic challenges, including supply chain simplification, aligning to local supply sources, utilizing digital solutions for shortage management, implementing pricing actions and dual-sourcing strategies, longer-term planning for constrained materials, and direct engagement with key suppliers. These strategies helped minimize exposure to conditions such as inflation, supply chain vulnerabilities, and pricing fluctuations.

In 2025, Honeywell completed the spin-off of its Advanced Materials business into Solstice Advanced Materials, Inc. It also completed the acquisition of Sundyne and announced an agreement to acquire Johnson Matthey's Catalyst Technologies business. Additionally, the company divested its personal protection equipment (PPE) business and announced its intent to explore strategic alternatives for its Productivity Solutions and Services and Warehouse and Workflow Solutions businesses.