Honeywell International (HON) Q4 FY2021 earnings: revenue $8.7 billion, down 2.7% on the year

Honeywell International Inc. (HON) reported revenue of $8.7 billion for Q4 FY2021, the quarter ended 31 December 2021, down 2.7% on the same quarter a year earlier. Net income was $1.4 billion, up 5.1% on the year, and diluted earnings per share $4.10. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2022.

Revenue

$8.7 billion

-2.7% on the year · +2.2% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

n/a

Q1 FY2020Q4 FY2021

Net income

$1.4 billion

+5.1% on the year · +13.6% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$4.10

+7.3% on the year · +13.9% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	8,657	8,473	8,900	+2.2%	-2.7%
Cost of revenue	5,936	n/a	n/a
Gross profit	2,721	n/a	n/a
Gross margin	31.4%	n/a	n/a
Selling, general and administrative	1,203	n/a	n/a
Operating income	n/a	1,793	n/a
Operating margin	n/a	21.2%	n/a
Pre-tax income	1,793	n/a	n/a
Income tax	351	n/a	n/a
Effective tax rate	19.6%	n/a	n/a
Net income	1,428	1,257	1,359	+13.6%	+5.1%
Net margin	16.5%	n/a	n/a
Diluted EPS	$4.10	$3.60	$3.82	+13.9%	+7.3%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	2,663	n/a	n/a
Capital expenditure	281	n/a	n/a
Free cash flow	2,382	n/a	n/a
Free cash flow margin	27.5%	n/a	n/a
Cash from investing	286	n/a	n/a
Cash from financing	-3,059	n/a	n/a
Share-based compensation	45.0	n/a	n/a
Buybacks	881	n/a	n/a
Dividends paid	676	n/a	n/a
Diluted shares, weighted	348m	349m	n/a	-0.4%
Shares outstanding at period end	342m	344m	348m	-0.5%	-1.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	18,569	17,842	17,549	+4.1%	+5.8%
Non-controlling interest	673	n/a	n/a
Debt	19,599	21,249	22,384	-7.8%	-12.4%
Operating lease liabilities	847	n/a	n/a
Finance lease liabilities	99.0	n/a	n/a
Other liabilities	24,683	n/a	n/a
Total liabilities and equity	64,470	n/a	n/a
Fixed assets	5,562	n/a	n/a
Goodwill	17,756	n/a	n/a
Intangible assets	3,613	n/a	n/a
Investments	564	n/a	n/a
Cash and equivalents	10,959	11,087	14,275	-1.2%	-23.2%
Receivables	6,830	n/a	n/a
Inventory	5,138	n/a	n/a
Other assets	14,048	n/a	n/a
Total assets	64,470	n/a	n/a

Questions

What was Honeywell International's revenue in Q4 FY2021?

Honeywell International (HON) reported revenue of $8.7 billion for Q4 FY2021, the quarter ended 31 December 2021, down 2.7% on the same quarter a year earlier.

How much did Honeywell International earn in Q4 FY2021?

Net income for Q4 FY2021 was $1.4 billion, up 5.1% on the year, and diluted earnings per share $4.10.

When did Honeywell International report Q4 FY2021 results?

Honeywell International filed its 10-K for the year that ended with the quarter on 11 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022 †	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	8,657	8,376	8,953	8,951	9,186	8,864	9,146	9,212	9,440	8,157	8,572	8,819	9,169	8,925	9,322	4,929	9,758	9,143	9,719	4,994
Cost of revenue	5,936	5,324	5,660	5,594	6,124	5,498	5,626	5,670	6,201	5,583	5,856	5,979	6,418	5,463	5,658	3,155	9,337	5,604	6,066	2,976
Gross profit	2,721	3,052	3,293	3,357	3,062	3,366	3,520	3,542	3,239	3,222	3,351	3,419	3,365	3,462	3,664	3,233	3,470	3,539	3,653	2,018
Gross margin	31%	36%	37%	38%	33%	38%	38%	38%	34%	39%	39%	39%	37%	39%	39%	66%	36%	39%	38%	40%
R&D	n/a	350	386	387	355	357	375	364	360	360	382	368	426	416	459	268	669	492	524	239
SG&A	1,203	1,431	1,306	1,228	1,249	1,317	1,262	1,252	1,296	1,302	1,361	1,398	1,405	1,310	1,362	1,093	1,685	1,310	1,344	1,039
Operating income	n/a	1,766	1,867	1,952	2,437	1,947	2,113	2,170	2,517	2,094	2,199	2,296	2,183	2,002	2,128	866	3,131	2,129	2,240	1,062
Operating margin	n/a	21%	21%	22%	27%	22%	23%	24%	27%	26%	26%	26%	24%	22%	23%	18%	32%	23%	23%	21%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	285	329	263	n/a	356	363	143
Pre-tax income	1,793	1,505	1,704	1,981	1,189	1,782	1,904	1,967	1,506	1,871	1,974	1,824	1,544	1,665	1,627	1,107	1,077	886	7,264	839
Tax rate	20%	25%	26%	22%	14%	21%	21%	23%	17%	21%	21%	22%	16%	22%	15%	14%	22%	10%	22%	7%
Net income	1,428	1,134	1,261	1,552	1,019	1,394	1,487	1,514	1,263	1,463	1,544	1,413	1,285	1,449	1,570	1,825	-115	821	5,682	664
Net margin	16%	14%	14%	17%	11%	16%	16%	16%	13%	18%	18%	16%	14%	16%	17%	37%	-1%	9%	58%	13%
Diluted EPS	$4.10	$3.28	$3.68	$4.56	$3.02	$4.14	$4.44	$4.54	$3.82	$4.46	$4.72	$4.32	$3.92	$4.44	$4.90	$5.72	-$0.36	$2.58	$17.83	$2.08
Operating cash flow	2,663	36.0	789	2,083	2,366	-784	1,360	1,809	2,955	448	1,371	1,997	2,281	597	1,319	3,288	1,204	-650	1,276	117
Capital expenditure	281	183	158	184	241	193	233	249	364	233	259	279	393	190	303	374	n/a	223	315	n/a
Free cash flow	2,382	-147	631	1,899	2,125	-977	1,127	1,560	2,591	215	1,112	1,718	1,888	407	1,016	2,914	n/a	-873	961	n/a
Buybacks	881	1,018	1,419	390	1,373	699	477	1,011	1,528	671	529	0.0	455	1,902	1,702	100	100	1,000	0.0	0.0
Dividends paid	676	668	691	669	691	725	691	728	711	703	743	715	741	732	747	735	762	781	795	240
Shares outstanding	342m	340m	337m	336m	334m	333m	332m	330m	326m	326m	325m	325m	325m	321m	317m	317m	318m	317m	317m	317m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 11 February 2022: the filing.