Honeywell International Inc.
Explore Honeywell International Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
CorpDigest
Honeywell International Inc.
Explore Honeywell International Inc.
Core profile pages, annual revenue records, and related research hubs for this company.
Financial Performance
Revenue
$37.4B
Market Cap
$143.0B
Net Income
$4.7B
Employees
99,000
Revenue flat-lined between 2023 and FY2025 at $37.4B. Net income of $4.68 billion on that revenue implies a 12.8% net margin — respectable for an industrial conglomerate but below what a pure-play aerospace company would generate on similar assets. The conglomerate discount that Elliott Management is targeting represents the gap between what the aerospace backlog ($32 billion, roughly 2.2 years of segment revenue) would be worth as a standalone and what it contributes to the blended multiple. The asbestos liability inherited from Bendix Corporation through the AlliedSignal merger has been a decades-long drag on the balance sheet. Environmental cleanup costs at the former Onondaga Lake site in New York have added further tail-risk charges. These liabilities — products of 1999 strategic decisions — continue appearing in current financial statements. The $143 billion market capitalization prices Honeywell at roughly 3.9x revenue, a multiple that would expand meaningfully if the aerospace and defense assets were separated and valued independently. The certification assets for commercial aircraft avionics, with 2.2 years of visible backlog and a 30-to-40-year aftermarket tail on each aircraft delivered, could command a premium technology multiple rather than an industrial conglomerate multiple. The UOP licensing business — IP-based, high-margin, recurring — is another asset whose value gets compressed inside the consolidated structure. Licensing fees from 50% of the world's refinery gasoline reforming units don't fluctuate with equipment orders. They arrive annually. That revenue profile belongs in a different valuation bucket than the Industrial Automation segment's capital equipment sales.
Revenue Trend Analysis
YoY Change
+2.1%
5-Year CAGR
+2.8%
Peak Year
2025
Trend
Consistent Growth
Honeywell International Inc. has reported revenue across 6 fiscal years, compounding at +2.8% annually over 5 years. The most recent year saw a 2.1% increase versus the prior year. Revenue peaked in 2025 at $37.4B. Out of 5 reported periods, 5 showed growth and 0 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $37.4B | — | +2.1% |
| FY2024 | $36.7B | $4.7B | +0.0% |
| FY2023 | $36.7B | — | +3.4% |
| FY2022 | $35.5B | — | +3.1% |
| FY2021 | $34.4B | — | +5.4% |
| FY2020 | $32.6B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
Honeywell's revenue was essentially flat between 2023 and 2024 at $36.7 billion, on which it earned net income of about $4.68 billion — a net margin of roughly 12.8%. That figure is respectable for a diversified industrial but below what a pure-play aerospace company would generate on comparable assets.
Aerospace was the clear standout in fiscal 2024 with an operating margin of about 27.5%, while Building Automation and Industrial Automation delivered margins in the 18% to 21% range. On a segment-adjusted basis the blended operating margin sits near 21.8%, among the highest of large diversified industrials in the S&P 500.
Honeywell's roughly $143 billion market capitalization values it at about 3.9 times revenue, a multiple activists argue understates the sum of the parts. The aerospace unit alone carries a backlog near $32 billion — about 2.2 years of segment revenue — with a 30-to-40-year aftermarket tail per aircraft that could command a premium technology multiple if separated.
Honeywell posted organic growth of roughly 4% in fiscal 2024, short of the 7% management had targeted at the start of the year. The shortfall came mainly from slower short-cycle industrial markets such as warehouse automation and Sensing & Safety Technologies, plus weak commercial-construction-linked building orders as higher interest rates compressed real estate investment.
Honeywell inherited Bendix asbestos liabilities through the 1999 AlliedSignal merger, recognizing over $1.8 billion in cumulative charges through 2010 and annual claims costs averaging $150-200 million per year into the mid-2010s. Environmental remediation, including more than $1 billion spent on the Onondaga Lake Superfund site, has added further tail-risk charges.
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Honeywell International Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/honeywell/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Honeywell International Inc. reported $37B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/honeywell/financials" target="_blank" rel="noopener">CorpDigest — Honeywell International Inc. financials</a></div>