Honeywell Intl Inc Financials
This page shows Honeywell Intl Inc (HON) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Honeywell’s operating engine still throws off cash, but rising leverage and interest costs are absorbing more of the benefit.
FY2025 free cash flow was$5.4B on only$986M of capex, showing the business does not need heavy reinvestment to keep producing cash. Yet net income fell even as revenue and operating income improved, because interest expense rose from$1.05B to$1.34B as leverage increased.
The margin pattern says scale was not the main driver: revenue hit a three-year high in FY2025, but gross margin slipped to
Short-term liquidity stayed steady near 1.3x, but balance-sheet financing became more aggressive as long-term debt rose to
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Honeywell Intl Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Honeywell Intl Inc has an operating margin of 21.7%, meaning the company retains $22 of operating profit per $100 of revenue. This strong profitability earns a score of 71/100, reflecting efficient cost management and pricing power. This is down from 22.1% the prior year.
Honeywell Intl Inc's revenue grew 7.8% year-over-year to $37.4B, a solid pace of expansion. This earns a growth score of 44/100.
Honeywell Intl Inc has a moderate D/E ratio of 2.06. This balance of debt and equity financing earns a leverage score of 60/100.
Honeywell Intl Inc's current ratio of 1.30 is below the typical benchmark, resulting in a score of 21/100. However, the company holds substantial cash reserves (53% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Honeywell Intl Inc has a free cash flow margin of 14.5%, earning a moderate score of 61/100. The company generates positive cash flow after capital investments, but with room for improvement.
Honeywell Intl Inc earns a strong 34.0% return on equity (ROE), meaning it generates $34 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 85/100. This is up from 30.6% the prior year.
Honeywell Intl Inc scores 3.31, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Honeywell Intl Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Honeywell Intl Inc generates $1.36 in operating cash flow ($6.4B OCF vs $4.7B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Honeywell Intl Inc earns $6.0 in operating income for every $1 of interest expense ($8.1B vs $1.3B). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
Earnings & Revenue
Honeywell Intl Inc generated $37.4B in revenue in fiscal year 2025. This represents an increase of 7.8% from the prior year.
Honeywell Intl Inc's EBITDA was $9.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 7.9% from the prior year.
Honeywell Intl Inc reported $4.7B in net income in fiscal year 2025. This represents a decrease of 17.1% from the prior year.
Honeywell Intl Inc earned $7.36 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 15.5% from the prior year.
Cash & Balance Sheet
Honeywell Intl Inc generated $5.4B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 3.8% from the prior year.
Honeywell Intl Inc held $12.5B in cash against $28.7B in long-term debt as of fiscal year 2025.
Honeywell Intl Inc paid $4.58 per share in dividends in fiscal year 2025. This represents an increase of 4.8% from the prior year.
Honeywell Intl Inc had 636M shares outstanding in fiscal year 2025. This represents a decrease of 2.2% from the prior year.
Margins & Returns
Honeywell Intl Inc's gross margin was 36.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.5 percentage points from the prior year.
Honeywell Intl Inc's operating margin was 21.7% in fiscal year 2025, reflecting core business profitability. This is down 0.4 percentage points from the prior year.
Honeywell Intl Inc's net profit margin was 12.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 3.8 percentage points from the prior year.
Honeywell Intl Inc's ROE was 34.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.4 percentage points from the prior year.
Capital Allocation
Honeywell Intl Inc invested $1.8B in research and development in fiscal year 2025. This represents an increase of 24.6% from the prior year.
Honeywell Intl Inc spent $3.8B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 129.8% from the prior year.
Honeywell Intl Inc invested $986.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 13.2% from the prior year.
HON Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $9.1B-6.3% | $9.8B+3.4% | $9.4B+1.2% | $9.3B+4.4% | $8.9B-2.7% | $9.2B+4.0% | $8.8B+2.9% | $8.6B |
| Cost of Revenue | $5.6B | N/A | $6.9B+8.4% | $6.3B+15.9% | $5.5B | N/A | $6.0B+2.1% | $5.9B |
| Gross Profit | $3.5B+2.0% | $3.5B+7.3% | $3.2B-11.8% | $3.7B+5.8% | $3.5B+2.9% | $3.4B-1.6% | $3.4B+2.0% | $3.4B |
| R&D Expenses | $492.0M | N/A | $497.0M+3.3% | $481.0M+15.6% | $416.0M | N/A | $368.0M-3.7% | $382.0M |
| SG&A Expenses | $1.3B | N/A | $1.3B-9.2% | $1.4B+9.0% | $1.3B | N/A | $1.4B+2.7% | $1.4B |
| Operating Income | $2.1B | N/A | $2.4B+1.7% | $2.4B+18.2% | $2.0B | N/A | $2.3B+4.4% | $2.2B |
| Interest Expense | $356.0M | N/A | $354.0M+7.3% | $330.0M+15.8% | $285.0M | N/A | $297.0M+18.8% | $250.0M |
| Income Tax | $91.0M | N/A | $363.0M+20.2% | $302.0M-18.2% | $369.0M | N/A | $409.0M-1.2% | $414.0M |
| Net Income | $821.0M+813.9% | -$115.0M-106.3% | $1.8B+16.2% | $1.6B+8.4% | $1.4B+12.8% | $1.3B-9.1% | $1.4B-8.5% | $1.5B |
| EPS (Diluted) | $1.29+816.7% | $-0.18-106.3% | $2.86+16.7% | $2.45+10.4% | $2.22+13.3% | $1.96-9.3% | $2.16-8.5% | $2.36 |
HON Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $74.0B+0.4% | $73.7B-8.9% | $80.9B+3.2% | $78.4B+4.3% | $75.2B0.0% | $75.2B+2.3% | $73.5B+6.0% | $69.3B |
| Current Assets | $30.6B+0.7% | $30.4B-1.2% | $30.7B+9.9% | $28.0B+1.2% | $27.6B-0.9% | $27.9B-0.9% | $28.2B+11.0% | $25.4B |
| Cash & Equivalents | $12.0B-4.1% | $12.5B-3.4% | $12.9B+24.9% | $10.3B+7.2% | $9.7B-2.5% | $9.9B-6.9% | $10.6B+11.2% | $9.6B |
| Inventory | $6.4B+3.4% | $6.2B-13.4% | $7.1B+1.5% | $7.0B+6.1% | $6.6B+12.4% | $5.9B-7.2% | $6.3B+0.2% | $6.3B |
| Accounts Receivable | $8.1B+5.8% | $7.6B-14.6% | $8.9B+1.1% | $8.8B+6.9% | $8.3B+13.9% | $7.2B-8.1% | $7.9B+1.6% | $7.8B |
| Goodwill | $21.1B0.0% | $21.1B-11.1% | $23.7B-0.4% | $23.8B+8.1% | $22.0B+4.8% | $21.0B-1.2% | $21.3B+2.1% | $20.8B |
| Total Liabilities | $60.4B+1.0% | $59.8B-6.8% | $64.1B+2.9% | $62.3B+7.9% | $57.8B+2.1% | $56.6B+0.9% | $56.1B+7.1% | $52.4B |
| Current Liabilities | $22.1B-5.7% | $23.4B+3.4% | $22.6B+4.7% | $21.6B-2.0% | $22.1B+3.8% | $21.3B+8.8% | $19.5B-7.2% | $21.0B |
| Long-Term Debt | $32.1B+11.9% | $28.7B-4.9% | $30.2B-0.3% | $30.2B+11.7% | $27.1B+0.9% | $26.8B-3.1% | $27.7B+18.4% | $23.4B |
| Total Equity | $13.6B-2.3% | $13.9B-17.1% | $16.8B+4.3% | $16.1B-7.8% | $17.5B-6.2% | $18.6B+7.0% | $17.4B+2.7% | $16.9B |
| Retained Earnings | $51.0B+0.1% | $51.0B-4.7% | $53.5B+2.1% | $52.4B+1.6% | $51.5B+1.4% | $50.8B+1.1% | $50.3B+1.4% | $49.6B |
HON Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$650.0M-154.0% | $1.2B-63.4% | $3.3B+149.3% | $1.3B+120.9% | $597.0M-73.8% | $2.3B+14.2% | $2.0B+45.7% | $1.4B |
| Capital Expenditures | $223.0M+284.5% | $58.0M-84.5% | $374.0M+2.7% | $364.0M+91.6% | $190.0M+90.0% | $100.0M-64.2% | $279.0M+7.7% | $259.0M |
| Free Cash Flow | -$873.0M-176.2% | $1.1B-60.7% | $2.9B+205.1% | $955.0M+134.6% | $407.0M-81.3% | $2.2B+26.9% | $1.7B+54.5% | $1.1B |
| Investing Cash Flow | -$119.0M+65.3% | -$343.0M+29.7% | -$488.0M+67.7% | -$1.5B-306.7% | -$371.0M+81.0% | -$2.0B+30.1% | -$2.8B+45.5% | -$5.1B |
| Financing Cash Flow | $267.0M+120.3% | -$1.3B-499.5% | -$219.0M-128.9% | $759.0M+164.3% | -$1.2B-438.8% | -$219.0M-112.4% | $1.8B+9.9% | $1.6B |
| Dividends Paid | $781.0M+2.5% | $762.0M+3.7% | $735.0M-1.6% | $747.0M+2.0% | $732.0M-1.2% | $741.0M+3.6% | $715.0M-3.8% | $743.0M |
| Share Buybacks | $1.0B+900.0% | $100.0M0.0% | $100.0M-94.1% | $1.7B-10.5% | $1.9B+318.0% | $455.0M | $0-100.0% | $529.0M |
HON Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.7%+3.1pp | 35.6%+1.3pp | 34.3%-5.0pp | 39.3%+0.5pp | 38.8%+2.1pp | 36.7%-2.1pp | 38.8%-0.3pp | 39.1% |
| Operating Margin | 23.3% | N/A | 25.5%+0.1pp | 25.4%+3.0pp | 22.4% | N/A | 26.0%+0.4pp | 25.7% |
| Net Margin | 9.0%+10.2pp | -1.2%-20.5pp | 19.3%+2.5pp | 16.8%+0.6pp | 16.2%+2.2pp | 14.0%-2.0pp | 16.0%-2.0pp | 18.0% |
| Return on Equity | 6.0%+6.9pp | -0.8%-11.7pp | 10.9%+1.1pp | 9.8%+1.4pp | 8.3%+1.4pp | 6.9%-1.2pp | 8.1%-1.0pp | 9.1% |
| Return on Assets | 1.1%+1.3pp | -0.2%-2.4pp | 2.3%+0.3pp | 2.0%+0.1pp | 1.9%+0.2pp | 1.7%-0.2pp | 1.9%-0.3pp | 2.2% |
| Current Ratio | 1.39+0.1 | 1.30-0.1 | 1.36+0.1 | 1.29+0.0 | 1.25-0.1 | 1.31-0.1 | 1.44+0.2 | 1.21 |
| Debt-to-Equity | 2.36+0.3 | 2.06+0.3 | 1.80-0.1 | 1.88+0.3 | 1.55+0.1 | 1.44-0.2 | 1.59+0.2 | 1.38 |
| FCF Margin | -9.6%-21.3pp | 11.7%-19.1pp | 30.9%+20.6pp | 10.2%+5.7pp | 4.6%-19.2pp | 23.8%+4.3pp | 19.5%+6.5pp | 13.0% |
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Frequently Asked Questions
What is Honeywell Intl Inc's annual revenue?
Honeywell Intl Inc (HON) reported $37.4B in total revenue for fiscal year 2025. This represents a 7.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Honeywell Intl Inc's revenue growing?
Honeywell Intl Inc (HON) revenue grew by 7.8% year-over-year, from $34.7B to $37.4B in fiscal year 2025.
Is Honeywell Intl Inc profitable?
Yes, Honeywell Intl Inc (HON) reported a net income of $4.7B in fiscal year 2025, with a net profit margin of 12.6%.
What is Honeywell Intl Inc's EBITDA?
Honeywell Intl Inc (HON) had EBITDA of $9.5B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Honeywell Intl Inc have?
As of fiscal year 2025, Honeywell Intl Inc (HON) had $12.5B in cash and equivalents against $28.7B in long-term debt.
What is Honeywell Intl Inc's gross margin?
Honeywell Intl Inc (HON) had a gross margin of 36.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Honeywell Intl Inc's operating margin?
Honeywell Intl Inc (HON) had an operating margin of 21.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Honeywell Intl Inc's net profit margin?
Honeywell Intl Inc (HON) had a net profit margin of 12.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Honeywell Intl Inc pay dividends?
Yes, Honeywell Intl Inc (HON) paid $4.58 per share in dividends during fiscal year 2025.
What is Honeywell Intl Inc's return on equity (ROE)?
Honeywell Intl Inc (HON) has a return on equity of 34.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Honeywell Intl Inc's free cash flow?
Honeywell Intl Inc (HON) generated $5.4B in free cash flow during fiscal year 2025. This represents a 3.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Honeywell Intl Inc's operating cash flow?
Honeywell Intl Inc (HON) generated $6.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Honeywell Intl Inc's total assets?
Honeywell Intl Inc (HON) had $73.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Honeywell Intl Inc's capital expenditures?
Honeywell Intl Inc (HON) invested $986.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Honeywell Intl Inc spend on research and development?
Honeywell Intl Inc (HON) invested $1.8B in research and development during fiscal year 2025.
What is Honeywell Intl Inc's current ratio?
Honeywell Intl Inc (HON) had a current ratio of 1.30 as of fiscal year 2025, which is considered adequate.
What is Honeywell Intl Inc's debt-to-equity ratio?
Honeywell Intl Inc (HON) had a debt-to-equity ratio of 2.06 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Honeywell Intl Inc's return on assets (ROA)?
Honeywell Intl Inc (HON) had a return on assets of 6.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Honeywell Intl Inc's Altman Z-Score?
Honeywell Intl Inc (HON) has an Altman Z-Score of 3.31, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Honeywell Intl Inc's Piotroski F-Score?
Honeywell Intl Inc (HON) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Honeywell Intl Inc's earnings high quality?
Honeywell Intl Inc (HON) has an earnings quality ratio of 1.36x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Honeywell Intl Inc cover its interest payments?
Honeywell Intl Inc (HON) has an interest coverage ratio of 6.0x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Honeywell Intl Inc?
Honeywell Intl Inc (HON) scores 57 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.