Honeywell Technologies
Financial Performance
Honeywell Revenue & Financials
Revenue
$37.4B (FY2025)
Market Cap
$67.4B
Net Income
$4.7B
Employees
50,000
What is Honeywell's revenue?
Honeywell had $37.4B in revenue for fiscal year 2025, up 7.8% from 2024. Net income was $4.7B.
- Latest revenue
- $37.4B (FY2025)
- Year-over-year
- +7.8%
- Growth rate (CAGR)
- -0.5% over 9 years
- Peak revenue
- $41.8B (FY2018)
- Years of data
- 10
- Employees
- 50,000
Financial Analysis
Legacy Honeywell reported $37.4 billion of FY2025 sales from continuing operations (after the Solstice spin) and $4.7 billion of net income. Recast for the Aerospace spin-off, the continuing automation business had a $19.9 billion FY2025 sales base. In Q2 2026, Honeywell Technologies alone posted $5.19 billion of sales (up 3% reported, 4% organic), orders up 16%, a 19.0% segment margin (up 100 basis points), and adjusted EPS of $1.95. Reported EPS of $16.65 was inflated by a one-time gain on deconsolidating Quantinuum. After the quarter, management guided 2026 sales to $19.8-20.0 billion and adjusted EPS to $8.05-8.35, reflecting a 1-for-2 reverse stock split that cut the share count to about 317 million. Honeywell International Inc. is a massive American multinational conglomerate, commanding a market valuation typically exceeding $130 billion.
Revenue Trend Analysis
YoY Change
+7.8%
9-Year CAGR
-0.5%
Peak Year
2018
Trend
Mostly Growing
Honeywell Technologies has 10 full fiscal year figures on this page, compounding at -0.5% annually over 9 years. The most recent year saw a 7.8% increase versus the prior year. Annual revenue peaked in fiscal year 2018 at $41.8B. Of 9 comparable year-over-year steps, 6 showed growth and 3 showed a decline.
Annual revenue history
Click any row to see year details.
Honeywell Technologies balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $6.4B | $986M | $73.7B | $13.9B | $5.4B | Form 10-K |
| FY2024ended Dec 31, 2024 | $6.1B | $871M | $75.2B | $18.6B | $5.2B | Form 10-K |
| FY2023ended Dec 31, 2023 | $5.3B | $741M | $61.5B | $15.9B | $4.6B | Form 10-K |
| FY2022ended Dec 31, 2022 | $5.3B | $766M | $62.3B | $16.7B | $4.5B | Form 10-K |
| FY2021ended Dec 31, 2021 | $6B | $895M | $64.5B | $18.6B | $5.1B | Form 10-K |
| FY2020ended Dec 31, 2020 | $6.2B | $906M | $64.6B | $17.5B | $5.3B | Form 10-K |
| FY2019ended Dec 31, 2019 | $6.9B | $839M | $58.7B | $18.5B | $6.1B | Form 10-K |
| FY2018ended Dec 31, 2018 | $6.4B | $828M | $57.8B | $18.2B | $5.6B | Form 10-K |
| FY2017ended Dec 31, 2017 | $6B | $1B | $59.5B | $16.5B | $4.9B | Form 10-K |
| FY2016ended Dec 31, 2016 | $5.5B | $1.1B | $54.6B | $19.4B | $4.4B | Form 10-K |
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Honeywell Revenue and Financial FAQ
What are the primary financial drivers of Honeywell's consolidated revenue?
Honeywell's revenue is driven by commercial and defense aerospace flight hours and new aircraft build rates, non-residential commercial construction and building retrofits, industrial automation capital expenditure cycles, global refinery and petrochemical production volumes, and adoption of Solstice low-GWP refrigerants.
What is Honeywell's long-term operating margin target and performance?
Honeywell consistently delivers industry-leading segment operating margins exceeding 22% to 23%. This high profitability is sustained through high-margin aftermarket aerospace services, proprietary chemical catalyst pricing power, software recurring revenues, and productivity gains driven by Honeywell Accelerator.
How does Honeywell allocate its free cash flow across capital priorities?
Honeywell maintains a balanced capital deployment framework: consistently increasing annual cash dividend payments (over 14 consecutive years of dividend increases), funding high-return M&A bolt-on acquisitions in aerospace and automation, maintaining active share repurchases, and funding high-ROI internal Capex.
What is Honeywell's free cash flow conversion rate target?
Honeywell targets a free cash flow conversion rate of 100% or greater relative to adjusted net income, supported by disciplined working capital management, inventory optimization, automated accounts receivable collections, and strong cash generation from long-term service contracts.
How do commercial aviation flight hours impact Honeywell's Aerospace segment profitability?
Commercial flight hours directly dictate aftermarket repair, overhaul, and component replacement demand for Honeywell APUs, avionics, and braking systems. Higher global flight hours generate high-margin aftermarket parts and time-and-material service revenues, significantly expanding segment profits.
How does Honeywell manage its research and development (R&D) capital allocation?
Honeywell invests approximately 4% to 5% of annual revenues into customer-funded and corporate-funded R&D, focusing capital on next-generation hybrid-electric aircraft propulsion, sustainable aviation fuels, low-GWP fluorine materials, edge-AI IoT building software, and quantum computing.
What is Honeywell's balance sheet leverage and credit rating profile?
Honeywell maintains an A-grade investment credit rating (A/A2) backed by a strong net debt-to-EBITDA ratio typically between 1.5x and 2.2x, providing substantial borrowing capacity and commercial paper liquidity to fund strategic acquisitions without compromising financial stability.
How did the spin-offs of Resideo Technologies and Garrett Motion impact Honeywell's financials?
In 2018, Honeywell completed the tax-free spin-offs of its residential smart-home business (Resideo Technologies) and automotive turbocharger division (Garrett Motion). The transactions generated multi-billion-dollar cash dividends for Honeywell, streamlined its portfolio, and elevated overall corporate gross margins.
Is Honeywell a profitable company?
Incredibly so. Under legendary former CEO David Cote, Honeywell became a darling of Wall Street. To maintain massive profit margins, they ruthlessly spun off their lower-margin legacy businesses. In 2018, they spun off their home thermostat division (Resideo) and their auto parts division (Garrett), ensuring the core Honeywell only focuses on highly lucrative aerospace and software.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Honeywell 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 reported $37.4B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/honeywell/financials" target="_blank" rel="noopener">CorpDigest — Honeywell financials</a></div>Related Financial Audits
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