Business Description
Honeywell International Inc., founded in 1906, is a diversified technology and manufacturing conglomerate with key operations in aerospace, building technologies, performance materials, and safety solutions. Under CEO Darius Adamczyk’s leadership since 2017, the company leverages innovative engineering and digital transformation to drive revenue growth. Its flagship products include advanced aerospace systems and comprehensive building management solutions, positioning it among the top five players in its sectors. Honeywell is focused on sustainable growth through R&D investments and strategic initiatives that capitalize on emerging IoT and smart manufacturing trends.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 37,442,000 | 34,717,000 | 33,009,000 | 35,466,000 |
| Cost of Sales | 23,613,000 | 21,360,000 | 20,637,000 | 22,347,000 |
| Gross Profit | 13,829,000 | 13,357,000 | 12,372,000 | 13,119,000 |
| Selling, General & Administrative Expenses | 5,450,000 | 5,235,000 | 4,887,000 | 5,214,000 |
| Research & Development Expenses | 1,812,000 | 1,454,000 | 1,375,000 | 1,478,000 |
| Other Operating Expenses | (523,000) | (573,000) | (611,000) | (366,000) |
| Operating Profit | 7,090,000 | 7,241,000 | 6,721,000 | 6,793,000 |
| Interest Expense | (1,344,000) | (1,048,000) | (749,000) | (414,000) |
| Total Non-Operating Income | (1,344,000) | (1,048,000) | (749,000) | (414,000) |
| Income Before Provision for Income Taxes | 5,476,000 | 6,244,000 | 6,191,000 | 6,379,000 |
| Provision for Income Taxes | 1,008,000 | 1,249,000 | 1,262,000 | 1,412,000 |
| Consolidated Net Income | 4,468,000 | 4,995,000 | 4,929,000 | 4,967,000 |
| Net Income Attributable to Minority Interests and Other | 43,000 | 35,000 | 14,000 | 1,000 |
| Net Income Attributable to Discontinued Operations | 304,000 | 745,000 | 743,000 | — |
| Net Income Attributable to Common Shareholders | 4,729,000 | 5,705,000 | 5,658,000 | 4,966,000 |
| Basic EPS | 7.40 | 8.76 | 8.53 | 7.33 |
| Diluted EPS | 7.36 | 8.71 | 8.47 | 7.27 |
| Basic Weighted Average Shares Outstanding | 639,000 | 650,900 | 663,000 | 677,100 |
| Diluted Weighted Average Shares Outstanding | 642,800 | 655,300 | 668,200 | 683,100 |
| Shares Outstanding | 635,300 | 649,800 | 651,800 | 667,600 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 12,487,000 | 9,906,000 | 7,925,000 | 9,627,000 |
| Short-Term Investments | 443,000 | 386,000 | 170,000 | 483,000 |
| Total Cash and Cash Equivalents | 12,930,000 | 10,292,000 | 8,095,000 | 10,110,000 |
| Accounts Receivable | 7,621,000 | 7,247,000 | 7,530,000 | 7,440,000 |
| Total Trade Receivables | 7,621,000 | 7,247,000 | 7,530,000 | 7,440,000 |
| Inventories | 6,162,000 | 5,884,000 | 6,178,000 | 5,538,000 |
| Other Current Assets | 3,674,000 | 4,485,000 | 1,699,000 | 1,894,000 |
| Total Current Assets | 30,387,000 | 27,908,000 | 23,502,000 | 24,982,000 |
| Net Property, Plant & Equipment | 4,629,000 | 4,457,000 | 5,660,000 | 5,471,000 |
| Net Intangible Assets | 6,736,000 | 6,621,000 | 3,231,000 | 3,222,000 |
| Goodwill | 21,079,000 | 21,019,000 | 18,049,000 | 17,497,000 |
| Long-Term Investments | 1,404,000 | 1,230,000 | 939,000 | 945,000 |
| Other Long-Term Assets | 9,446,000 | 13,961,000 | 10,144,000 | 10,158,000 |
| Total Assets | 73,681,000 | 75,196,000 | 61,525,000 | 62,275,000 |
| Accounts Payable | 6,315,000 | 6,109,000 | 6,849,000 | 6,329,000 |
| Accrued Expenses | 8,462,000 | 8,055,000 | 7,809,000 | 9,162,000 |
| Short-Term Debt | 5,893,000 | 4,273,000 | 2,085,000 | 2,717,000 |
| Current Portion of Long-Term Debt | 1,546,000 | 1,325,000 | 1,796,000 | 1,730,000 |
| Other Current Liabilities | 1,198,000 | 1,494,000 | — | — |
| Total Current Liabilities | 23,414,000 | 21,256,000 | 18,539,000 | 19,938,000 |
| Long-Term Debt | 27,141,000 | 25,440,000 | 16,562,000 | 15,123,000 |
| Other Long-Term Liabilities | 8,096,000 | 9,339,000 | 9,983,000 | 9,888,000 |
| Total Long-Term Liabilities | 35,237,000 | 34,779,000 | 26,545,000 | 25,011,000 |
| Total Liabilities | 58,651,000 | 56,035,000 | 45,084,000 | 44,949,000 |
| Common Stock | 958,000 | 958,000 | 958,000 | 958,000 |
| Treasury Stock | (43,029,000) | (39,378,000) | (38,008,000) | (34,443,000) |
| Additional Paid-in Capital | 10,157,000 | 9,695,000 | 9,062,000 | 8,564,000 |
| Accumulated Other Comprehensive Income | (5,146,000) | (3,491,000) | (4,135,000) | (3,475,000) |
| Retained Earnings | 50,964,000 | 50,835,000 | 47,979,000 | 45,093,000 |
| Total Common Shareholders' Equity | 13,904,000 | 18,619,000 | 15,856,000 | 16,697,000 |
| Minority Interests and Other | 1,126,000 | 542,000 | 585,000 | 629,000 |
| Total Shareholders' Equity | 15,030,000 | 19,154,000 | 16,434,000 | 17,319,000 |
| Total Liabilities and Shareholders' Equity | 73,681,000 | 75,196,000 | 61,525,000 | 62,275,000 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 4,468,000 | 4,995,000 | 4,929,000 | 4,966,000 |
| Depreciation & Amortization | 1,388,000 | 1,152,000 | 1,004,000 | 1,204,000 |
| Share-Based Compensation Expense | 196,000 | 189,000 | 197,000 | 188,000 |
| Other Adjustments | 679,000 | (195,000) | (976,000) | (339,000) |
| Changes in Trade Receivables | (825,000) | (129,000) | 67,000 | (739,000) |
| Changes in Inventories | (636,000) | (286,000) | (549,000) | (440,000) |
| Changes in Accounts Payable | 724,000 | 78,000 | 444,000 | (155,000) |
| Changes in Accrued Expenses | 1,325,000 | 233,000 | 270,000 | 357,000 |
| Changes in Income Taxes Payable | (707,000) | (69,000) | (408,000) | — |
| Changes in Other Operating Activities | (233,000) | (111,000) | 224,000 | 232,000 |
| Cash from Operating Activities | 6,408,000 | 6,097,000 | 5,340,000 | 5,274,000 |
| Capital Expenditure | (986,000) | (871,000) | (741,000) | (766,000) |
| Proceeds from Sale of Property, Plant & Equipment | 31,000 | 43,000 | — | 29,000 |
| Purchases of Investments | — | — | — | (1,211,000) |
| Proceeds from Sale of Investments | (1,503,000) | (1,077,000) | (560,000) | 1,255,000 |
| Payments for Business Acquisitions | (2,211,000) | (8,880,000) | (718,000) | (178,000) |
| Proceeds from Business Divestments | 1,157,000 | — | 4,000 | — |
| Other Investing Activities | (399,000) | 94,000 | 6,000 | 778,000 |
| Cash from Investing Activities | (2,711,000) | (10,157,000) | (1,293,000) | (93,000) |
| Issuance of Short-Term Debt | 24,297,000 | 13,838,000 | 12,991,000 | 7,661,000 |
| Repayments of Short-Term Debt | (22,815,000) | (11,578,000) | (13,663,000) | (8,447,000) |
| Net Issuance / (Repayments) of Short-Term Debt | 1,482,000 | 2,260,000 | (672,000) | (786,000) |
| Issuance of Long-Term Debt | 4,035,000 | 10,408,000 | 2,986,000 | 2,953,000 |
| Repayments of Long-Term Debt | (2,909,000) | (1,812,000) | (1,731,000) | (1,850,000) |
| Net Issuance / (Repayments) of Long-Term Debt | 1,126,000 | 8,596,000 | 1,255,000 | 1,103,000 |
| Issuance of Common Shares | 237,000 | 537,000 | 196,000 | 320,000 |
| Repurchases of Common Shares | (3,804,000) | (1,655,000) | (3,715,000) | (4,200,000) |
| Net Issuance / (Repurchases) of Common Shares | (3,567,000) | (1,118,000) | (3,519,000) | (3,880,000) |
| Common Share Dividends Paid | (2,976,000) | (2,902,000) | (2,855,000) | (2,719,000) |
| Other Financing Activities | 1,982,000 | 3,000 | 28,000 | (48,000) |
| Cash from Financing Activities | (1,953,000) | 6,839,000 | (5,763,000) | (6,330,000) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 176,000 | (137,000) | 14,000 | (183,000) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 1,920,000 | 2,642,000 | (1,702,000) | (1,332,000) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $123.94B |
| P/E | 26.51x |
| P/S | 3.31x |
| EV/EBITDA | 17.31x |
| Return on Equity | 26.1% |
| Return on Invested Capital | 10.9% |
| Current Ratio | 1.30x |
| Dividend Yield | 2.4% |
| Free Cash Flow Margin | 14.5% |
Margins
Gross margin
36.9%
Operating margin
18.9%
Net margin
11.9%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $9.14B | +2.4% | 16.2% | $1.48B |
| Q4 2025 | $6.86B | -32.0% | 12.6% | $867M |
| Q3 2025 | $10.41B | +7.0% | 24.8% | $2.58B |
| Q2 2025 | $10.35B | +8.1% | 21.3% | $2.20B |
| Q1 2025 | $8.93B | — | 21.8% | $1.95B |
| Q4 2024 | $10.09B | — | 18.3% | $1.85B |
| Q3 2024 | $9.73B | — | 21.8% | $2.12B |
| Q2 2024 | $9.58B | — | 23.2% | $2.22B |
More on Honeywell International Inc.
Figures compiled from public company filings.
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