greeksoup/ stock research
Stock research / United States / HON / FY2025

Honeywell International (HON) FY2025 results: revenue $37.4 billion, up 7.8% on the year

Honeywell International Inc. (HON) reported revenue of $37.4 billion for fiscal 2025, the year ended 31 December 2025, up 7.8% on the year before. Net income was $4.7 billion, down 17.1%, and diluted earnings per share $14.72. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.

Revenue
$37.4 billion
+7.8% on the year
FY2018FY2025
Operating margin
21.7%
22.1% a year earlier
FY2018FY2025
Net income
$4.7 billion
-17.1% on the year
FY2018FY2025
Diluted EPS
$14.72
-15.5% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

From this 10-K

Honeywell is an integrated operating company serving a broad range of industries and geographies, with a portfolio built around its Honeywell Accelerator operating system and its Honeywell Forge software platform, blending physical products with software. Its work covers aerospace, building automation, industrial automation, process automation and process technology. The Honeywell brand dates back to 1906 and the company was incorporated in Delaware in 1985, with head offices in Charlotte, North Carolina. In 2025 it managed operations through four reportable segments, Aerospace Technologies, Industrial Automation, Building Automation, and Energy and Sustainability Solutions, with the rest in Corporate and All Other.

Honeywell International Inc., the 10-K for 2025

Honeywell is an integrated operating company serving a broad range of industries and geographies, with a portfolio built around its Honeywell Accelerator operating system and its Honeywell Forge software platform, blending physical products with software. Its work covers aerospace, building automation, industrial automation, process automation and process technology. The Honeywell brand dates back to 1906 and the company was incorporated in Delaware in 1985, with head offices in Charlotte, North Carolina. In 2025 it managed operations through four reportable segments, Aerospace Technologies, Industrial Automation, Building Automation, and Energy and Sustainability Solutions, with the rest in Corporate and All Other.

Aerospace Technologies

The segment supplies products, software and services for aircraft to original equipment manufacturers and other customers across commercial air transport, business aviation, airlines, aircraft operators, defence and space primes and the United States government. The range covers auxiliary power units, propulsion engines, environmental control systems, integrated avionics, connectivity services, electric power systems, engine controls, flight safety, communications, navigation hardware, radar and surveillance systems, aircraft lighting, technical services, satellite and space components, wheels and brakes and thermal systems. It also sells spare parts, repair, overhaul and maintenance services, mainly to aircraft operators, and licenses intellectual property to others. Its three business units are Commercial Aviation Original Equipment, Commercial Aviation Aftermarket and Defense and Space, and Honeywell Forge turns fleet data into predictive maintenance and analytics.

Industrial and Building Automation

Industrial Automation serves refining and petrochemicals, life sciences, utilities and warehouse and logistics customers, with automation control and instrumentation, smart energy products, custom-engineered sensors, gas detection, and system design, automation equipment, software and analytics for manufacturing, distribution and fulfilment, tied into the Forge platform. Its business units are Process Solutions, Sensing and Safety Technologies, Productivity Solutions and Services, and Warehouse and Workflow Solutions; the personal protective equipment business inside Sensing and Safety Technologies was sold on 21 May 2025, and on 8 July 2025 the company said it was evaluating strategic alternatives for Productivity Solutions and Services and Warehouse and Workflow Solutions, both classified as held for sale at 31 December 2025. Building Automation supplies products, software and technologies that keep facilities safe, energy efficient and productive, covering building control and optimisation software, sensors, switches, control systems and instruments for energy management, access control, video surveillance and fire products, plus installation, maintenance and upgrades, split into Products and Building Solutions.

Energy and Sustainability Solutions

The segment is made up of the UOP business unit and works across five verticals, refining, petrochemicals, low carbon energy, gas and liquefied natural gas, and industrial solutions. UOP delivers licensed process technology, equipment, engineering, catalysts, adsorbents and services, with the Forge platform adding connectivity, data integration and software for asset productivity and efficiency.

Reshaping the company

On 6 February 2025 Honeywell announced a separation of the company into two independent United States public companies, one an automation business and one an aerospace and defence supplier, which the filing states is expected to be completed in the third quarter of 2026. On 30 October 2025 it completed the spin-off of its Advanced Materials business, previously inside Energy and Sustainability Solutions, as Solstice Advanced Materials, now reported as a discontinued operation in all periods. In June 2025 it acquired Sundyne, and it has agreed to buy Johnson Matthey's Catalyst Technologies business. In October 2025 it announced a realignment expected in the first quarter of 2026 that will form a new Process Automation and Technology segment from parts of Industrial Automation and Energy and Sustainability Solutions, leaving four segments: Aerospace Technologies, Building Automation, Process Automation and Technology, and Industrial Automation.

Competition, supply and people

Competition runs across substantially all product and service areas, with named rivals including Garmin, L3Harris, Rolls Royce, RTX, Safran and Thales in aerospace, Johnson Controls, Schneider Electric and Siemens in building automation, Clariant, Flowserve and Topsoe in energy and sustainability, and Dematic, Emerson Electric, Itron, Rockwell Automation and Zebra Technologies in industrial automation. Most principal raw materials remain available, and supply is managed through simplification, local sourcing, dual sourcing, longer term planning for constrained materials, supplier engagement, formula-driven or long-term supply agreements, price adjustments and hedging. At 31 December 2025 it employed approximately 101,000 people across 79 countries, excluding approximately 19,000 staff at two Department of Energy facilities it manages as a contract operator without controlling their human resource policies.

From Honeywell's annual report on Form 10-K for the year ended 31 December 2025, read as the whole document rather than from a separately located business section. The filing

Written from the 10-K filed 17 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue37,44234,71733,009+7.8%
Cost of revenue23,61321,36020,637+10.5%
Gross profit13,82913,35712,372+3.5%
Gross margin36.9%38.5%37.5%
Research and development1,8121,4541,375+24.6%
Selling, general and administrative5,4505,2354,887+4.1%
Operating income8,1277,6677,563+6.0%
Operating margin21.7%22.1%22.9%
Pre-tax income5,4766,2446,191-12.3%
Income tax1,0081,2491,262-19.3%
Effective tax rate18.4%20.0%20.4%
Net income4,7295,7055,658-17.1%
Net margin12.6%16.4%17.1%
Diluted EPS$14.72$17.42$16.94-15.5%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow6,4086,0975,340+5.1%
Capital expenditure986871741+13.2%
Free cash flow5,4225,2264,599+3.8%
Free cash flow margin14.5%15.1%13.9%
Cash from investing-2,711-10,157-1,293
Cash from financing-1,9536,839-5,763
Depreciation and amortisation1,3881,1531,004+20.4%
Share-based compensation196189197+3.7%
Buybacks3,8041,6553,715+129.8%
Dividends paid2,9762,9022,855+2.5%
Dividend per share$9.16$8.74$8.34+4.8%
Diluted shares, weighted321m328m334m-1.9%
Shares outstanding at period end318m325m326m-2.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity13,90418,61915,856-25.3%
Non-controlling interest1,126535578+110.5%
Debt34,58031,03820,443+11.4%
Operating lease liabilities809863897-6.3%
Finance lease liabilities27.046.099.0-41.3%
Other liabilities23,23524,09523,652-3.6%
Total liabilities and equity73,68175,19661,525-2.0%
Goodwill21,07921,01917,238+0.3%
Intangible assets6,7366,6213,231+1.7%
Investments443386170+14.8%
Cash and equivalents12,4879,9067,925+26.1%
Receivables7,6217,2477,530+5.2%
Inventory6,1625,8846,178+4.7%
Other assets19,15324,13319,253-20.6%
Total assets73,68175,19661,525-2.0%

10-K for the year ended 31 December 2025, filed 17 February 2026: the filing.