Apple vs Honeywell: Revenue, Profit and Business Model
Apple reported $416.2B of revenue in FY2025 and $112B of net income. Honeywell reported $37.4B of revenue in FY2025 and $4.7B of net income.
Latest financial snapshot
Financial summary
Apple
Apple's fiscal 2025 results describe a hardware business with software margins. Net sales rose 6 percent to $416.2 billion, net income reached $112.0 billion, and total gross margin was 46.9 percent, split between 36.8 percent on Products and 75.4 percent on Services. Services revenue of $109.2 billion, up 14 percent, is the reason the blended margin keeps rising. Cash generation is the other defining feature: operations produced $111.5 billion in fiscal 2025, and Apple returned $89.3 billion through share repurchases and $15.4 billion in dividends, after announcing a new repurchase authorization of up to $100 billion and raising the quarterly dividend to $0.26 per share in May 2025. Research and development came to $34.6 billion, 8 percent of net sales, and cash plus marketable securities stood at $132.4 billion at year end.
Honeywell
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.
Revenue and profit by year
Apple
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $416.2B | $112B | 26.9% | +6.4% | Source |
| FY2024 | $391B | $93.7B | 24.0% | +2.0% | Source |
| FY2023 | $383.3B | $97B | 25.3% | -2.8% | Source |
| FY2022 | $394.3B | $99.8B | 25.3% | +7.8% | Source |
| FY2021 | $365.8B | $94.7B | 25.9% | +33.3% | Source |
| FY2020 | $274.5B | $57.4B | 20.9% | +5.5% | Source |
| FY2019 | $260.2B | $55.3B | 21.2% | -2.0% | Source |
| FY2018 | $265.6B | $59.5B | 22.4% | +15.9% | Source |
| FY2017 | $229.2B | $48.4B | 21.1% | +6.3% | Source |
| FY2016 | $215.6B | $45.7B | 21.2% | — | Source |
Honeywell
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $37.4B | $4.7B | 12.6% | +7.8% | Source |
| FY2024 | $34.7B | $5.7B | 16.4% | +5.2% | Source |
| FY2023 | $33B | $5.7B | 17.1% | -6.9% | Source |
| FY2022 | $35.5B | $5B | 14.0% | +3.1% | Source |
| FY2021 | $34.4B | $5.5B | 16.1% | +5.4% | Source |
| FY2020 | $32.6B | $4.8B | 14.6% | -11.1% | Source |
| FY2019 | $36.7B | $6.1B | 16.7% | -12.2% | Source |
| FY2018 | $41.8B | $6.8B | 16.2% | +3.1% | Source |
| FY2017 | $40.5B | $1.5B | 3.8% | +3.1% | Source |
| FY2016 | $39.3B | $4.8B | 12.2% | — | Source |
Where the revenue comes from
Apple
- iPhone~50%
iPhone net sales were $209.6B in FY2025, up 4%, and the phone is the entry point into Services, accessories, AppleCare, iCloud and App Store spending.
- Services~26%
Services covers the App Store, advertising, cloud, AppleCare, payments, media subscriptions and licensing. FY2025 net sales were $109.2B, up 14%, at a 75.4% gross margin against 36.8% for Products.
- Mac and iPad~15%
Mac net sales were $33.7B and iPad $28.0B in FY2025, driven by Apple silicon refreshes, education, creative work and enterprise adoption.
- Wearables, Home and Accessories~9%
Apple Watch, AirPods, Vision Pro, home devices and accessories were $35.7B in FY2025, down 4%, and they deepen iPhone attachment.
Honeywell
- Building Automation~38%
Building controls, fire, security, energy management, software, services, and connected facility systems.
- Industrial and Process Automation~46%
Process controls, warehouse automation, sensors, safety products, productivity systems, and industrial software.
- Software, Services, and Aftermarket~16%
Recurring software, upgrades, service contracts, connected worker products, and installed-base support.
Business model and strategy
Apple
How it makes money
Apple sells hardware at premium prices and keeps the software, distribution and payment layers on top of it. The iPhone is the entry point, at $209.6 billion of fiscal 2025 net sales, and it pulls customers into iOS, iCloud storage plans, App Store purchases, AppleCare and accessories.
Growth strategy
Growth now comes from monetizing an installed base of more than 2.5 billion devices rather than from unit growth alone. Services rose 14 percent to $109.2 billion in fiscal 2025 on the App Store, advertising, iCloud, AppleCare, payments and subscription media, and Apple packages them through the Apple One bundle.
Competitive advantage
Apple's advantage comes from owning the parts other phone makers buy. It designs its own silicon, the A20 Pro in iPhone 18 Pro and the M5 in Mac and iPad Pro, plus the operating systems, the app store, the payment layer and the retail channel, so hardware, software and services are tuned to each other.
Honeywell
How it makes money
Honeywell Technologies makes money by selling and servicing automation systems for three end markets. Building Automation sells fire, security, access-control, and building-management systems plus installation and service. Industrial Automation sells sensors, gas detection, and control products.
Growth strategy
Honeywell's growth plan is to concentrate capital on automation. Since 2023 it has spent about $11.5 billion on acquisitions such as Carrier's Access Solutions business, Air Products' LNG process business, Sundyne, Compressor Controls, SCADAfence, Li-ion Tamer, and Johnson Matthey's Catalyst Technologies, while selling lower-fit units (PPE in 2025, WWS and PSS in 2026).
Competitive advantage
Honeywell's edge is its installed base. Decades of control systems in refineries, LNG plants, and commercial buildings create switching costs, because replacing a distributed control system or a fire and life-safety network is risky and expensive.
Questions about Apple vs Honeywell
Which company has higher revenue — Apple Inc. or Honeywell Technologies?
Apple Inc. reported $416.2B (FY2025), while Honeywell Technologies reported $37.4B (FY2025). By last reported revenue, Apple Inc. is the larger business, with Honeywell Technologies reporting a smaller revenue base.
What is the market cap of Apple Inc. vs Honeywell Technologies?
Apple Inc.'s market capitalisation stands at $4.98T, while Honeywell Technologies's is $67.4B. Apple Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Honeywell Technologies.
Which is more financially efficient — Apple Inc. or Honeywell Technologies?
Apple Inc. generates $2.51M / employee in revenue per employee, while Honeywell Technologies generates $749k / employee. Apple Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Apple Inc. and Honeywell Technologies make money?
Apple Inc. and Honeywell Technologies generate revenue in fundamentally different ways. Apple Inc.: Apple sells hardware at premium prices and keeps the software, distribution and payment layers on top of it. Honeywell Technologies: Honeywell Technologies makes money by selling and servicing automation systems for three end markets.
Which company is valued higher relative to revenue — Apple Inc. or Honeywell Technologies?
On a price-to-sales (P/S) basis, Apple Inc. trades at 12.0x P/S and Honeywell Technologies at 1.8x P/S. Apple Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Honeywell Technologies. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Apple Inc. bigger than Honeywell Technologies?
By last reported revenue, Apple Inc. ($416.2B (FY2025)) is the larger company compared to Honeywell Technologies ($37.4B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Apple vs Honeywell overview