Honeywell vs Zebra Technologies: Revenue, Profit and Business Model
Honeywell had $37.4B of annual revenue in FY2025 and $4.7B of net income. Zebra Technologies had $5.4B of annual revenue in FY2025 and $419M of net income.
Latest financial snapshot
Honeywell
- Latest annual revenue
- $37.4B (FY2025)
- Net income
- $4.7B
- Net margin
- 12.6%
- Revenue growth
- -0.5% a year, FY2016–FY2025
Zebra Technologies
- Latest annual revenue
- $5.4B (FY2025)
- Net income
- $419M
- Net margin
- 7.8%
- Revenue growth
- +4.7% a year, FY2016–FY2025
Financial summary
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. Honeywell International Inc. is a massive American multinational conglomerate, commanding a market valuation typically exceeding $130 billion.
Zebra Technologies
Net sales fell from $5.781 billion in 2022 to $4.584 billion in 2023 as customers worked through device inventory, then recovered to $4.981 billion in 2024 and $5.396 billion in 2025. GAAP net income was $419 million in 2025 versus $528 million in 2024. Second-quarter 2026 net sales were $1.557 billion, up 20.4% (9.2% organic), with adjusted gross margin of 53.3%.
Revenue and profit by year
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 |
Zebra Technologies
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $5.4B | $419M | 7.8% | +8.3% | Source |
| FY2024 | $5B | $528M | 10.6% | +8.7% | Source |
| FY2023 | $4.6B | $296M | 6.5% | -20.7% | Source |
| FY2022 | $5.8B | $463M | 8.0% | +2.7% | Source |
| FY2021 | $5.6B | $837M | 14.9% | +26.5% | Source |
| FY2020 | $4.4B | $504M | 11.3% | -0.8% | Source |
| FY2019 | $4.5B | $544M | 12.1% | +6.3% | Source |
| FY2018 | $4.2B | $421M | 10.0% | +13.3% | Source |
| FY2017 | $3.7B | $17M | 0.5% | +4.1% | Source |
| FY2016 | $3.6B | -$137M | -3.8% | — | Source |
Where the revenue comes from
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.
Zebra Technologies
- Asset Intelligence & Tracking (AIT)
Not formally reported
Printers, printing supplies, RFID, and related services.
- Enterprise Visibility & Mobility (EVM)
Not formally reported
Mobile computers, data capture, machine vision, and related software and services.
Business model and strategy
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.
Zebra Technologies
How it makes money
Zebra sells hardware such as mobile computers, scanners, printers, and RFID readers, mostly through channel partners and resellers, and adds recurring revenue from printing supplies, service contracts, and software. Results follow enterprise device refresh cycles and spending on warehouse, retail, and healthcare projects.
Growth strategy
Zebra is widening its portfolio beyond scanners and printers. Recent deals include Matrox Imaging (2022) for machine vision, Photoneo (2025) for 3D vision, and Elo Touch Solutions (2025) for touchscreens and point-of-sale devices.
Competitive advantage
Large installed base of enterprise devices; broad reseller and partner network; portfolio spanning data capture, printing, RFID, and machine vision.
Questions about Honeywell vs Zebra Technologies
Which company has higher revenue — Honeywell Technologies or Zebra Technologies Corporation?
Honeywell Technologies had $37.4B (FY2025), while Zebra Technologies Corporation had $5.4B (FY2025). By latest annual revenue, Honeywell Technologies is the larger business, with Zebra Technologies Corporation showing a smaller revenue base.
What is the market cap of Honeywell Technologies vs Zebra Technologies Corporation?
Honeywell Technologies's market capitalisation stands at $67.4B, while Zebra Technologies Corporation's is $13.5B. Honeywell Technologies carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Zebra Technologies Corporation.
How does revenue per employee compare for Honeywell Technologies and Zebra Technologies Corporation?
Honeywell Technologies has $749k / employee in revenue per employee, while Zebra Technologies Corporation has $540k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Honeywell Technologies and Zebra Technologies Corporation make money?
Honeywell Technologies and Zebra Technologies Corporation generate revenue in fundamentally different ways. Honeywell Technologies: Honeywell Technologies makes money by selling and servicing automation systems for three end markets. Zebra Technologies Corporation: Zebra sells hardware such as mobile computers, scanners, printers, and RFID readers, mostly through channel partners and resellers, and adds recurring revenue from printing supplies, service contracts, and software.
Which company is valued higher relative to revenue — Honeywell Technologies or Zebra Technologies Corporation?
On a price-to-sales (P/S) basis, Honeywell Technologies trades at 1.8x P/S and Zebra Technologies Corporation at 2.5x P/S. Zebra Technologies Corporation 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 Honeywell Technologies bigger than Zebra Technologies Corporation?
By last reported revenue, Honeywell Technologies ($37.4B (FY2025)) is the larger company compared to Zebra Technologies Corporation ($5.4B (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 Honeywell vs Zebra Technologies overview