Industrials · NASDAQ: HON
Honeywell: how the business works
Honeywell sells automation products, software and services for buildings, process plants and factories, and had net sales of $4,994 million in Q3 FY2026, after spinning off its aerospace business.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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Honeywell International Inc. · Charlotte, North Carolina
Updated for Q3 FY2026 · checked
- Net sales, Q3 FY2026
- $4,994M
- Net income from continuing operations to Honeywell, Q3 FY2026
- $767M
- Net sales, FY2025, today's business (unaudited)
- $19.9B
- Backlog, Sep 30, 2026
- $18.8B
- Employees (company statement, Jun 2026)
- More than 50,000
The short version
Honeywell in 5 points
1 · What it sells
Honeywell sells automation products, software and services for buildings, process plants and factories, with net sales of $4,994 million in Q3 FY2026, its first full quarter after the Jun 29, 2026 Aerospace spin-off.
2 · Who pays it
Honeywell does not split sales by type of customer; by segment, Building Automation made 40.4% of Q3 FY2026 net sales, Process Automation and Technology 37.2% and Industrial Automation 22.3%.
3 · What it keeps from $100
Of every $100 that came in during Q3 FY2026, Honeywell kept $14.47 as net income from continuing operations, including $6.30 from a gain on selling businesses, and its operating income was $740 million, or 14.8% of net sales.
4 · Where the operating profit comes from
In Q3 FY2026, Building Automation earned $546 million of segment profit, Process Automation and Technology $412 million and Industrial Automation $205 million, before $101 million of corporate costs.
5 · The one thing to watch
Honeywell's 48% stake in Quantinuum was carried at $7,113 million on Sep 30, 2026, against $6,173 million at Quantinuum's quoted share price, and Honeywell's share of Quantinuum's loss was $147 million in Q3 FY2026.
Sources: From Honeywell's Q3 FY2026 10-Q and Q3 FY2026 earnings release · checked
See the full receipt and the management scorecard below
01Where the money goes · Q3 FY2026
Where does $100 of Honeywell's money go?
Honeywell · Q3 FY2026
Receipt for every $100
| Cost of products and services sold | $55.3 |
|---|---|
| Selling, general and administrative | $19.3 |
| Research and development | $4.4 |
| Interest and other financial charges | $2.7 |
| Share of Quantinuum's loss | $2.7 |
| Income tax | $1.1 |
| Kept as net income from continuing operations | $14.5 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the Q3 FY2026 10-Q. Of every $100 that came in during Q3 FY2026: each line = line ÷ $5,383 million × 100 (net sales $4,994 million + other income $389 million). Other income was $7.23 of each $100, including $6.30 from a $339 million gain on selling businesses. This uses Q3 FY2026, the first full quarter after the Aerospace spin-off, because the FY2025 10-K still includes Honeywell Aerospace. A $103 million loss from discontinued operations came on top.
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02The business in one line
What does Honeywell do?
Building owners, refineries, chemical and power plants and factories pay Honeywell for controls, sensors, software, catalysts and service work; most of the money goes on making and delivering them, and $14.47 of every $100 that came in during Q3 FY2026 was left as net income from continuing operations.
- In Q3 FY2026, Building Automation made 40.4% of net sales, Process Automation and Technology 37.2% and Industrial Automation 22.3% (Cityfort calculation from the Q3 FY2026 10-Q).
- Products were 73% and services 27% of Q3 FY2026 net sales, and cost of products and services sold took $55.29 of every $100 that came in.
03Who pays it
Who pays Honeywell?
Building owners and operators (Building Automation)
40%
of revenue
Pay for fire, security, controls and energy systems and for installing and servicing them. Building Automation was 40.4% of Q3 FY2026 net sales (Cityfort calculation from the Q3 FY2026 10-Q).
Energy, chemical, mining, power and life sciences plants (Process Automation and Technology)
37%
of revenue
Pay for plant automation projects, aftermarket service, process technology licenses and catalysts. This segment was 37.2% of Q3 FY2026 net sales.
Industrial makers and utilities (Industrial Automation)
22%
of revenue
Energy companies, utilities, aerospace and defense firms, medical device and semiconductor makers buy sensors, gas detectors and measurement equipment. This segment was 22.3% of Q3 FY2026 net sales.
- Building owners and operators (Building Automation)40%
- Energy, chemical, mining, power and life sciences plants (Process Automation and Technology)37%
- Industrial makers and utilities (Industrial Automation)22%
How spread out the customers are
Honeywell names no customer that pays 10% or more of its sales, and it reports sales by segment, not by type of customer, so the shares above are segment shares. It has not yet disclosed sales by country for the business left after the Aerospace spin-off.
04Why it makes money
Why does Honeywell make money?
Equipment installed in buildings and plants keeps earning from service, upgrades and parts for years.
In Q3 FY2026, aftermarket work was $1,062 million of Process Automation and Technology's $1,859 million of sales, and services were 27% of Honeywell's net sales. Operating income, Honeywell's own subtotal of net sales minus cost of sales, research and overheads, was 14.8% of net sales in Q3 FY2026, up from 8.4% a year earlier.
Operating income per $100 of net sales
$8.4$14.8
Q3 FY2025 to Q3 FY2026
- Honeywell sells and installs controls, sensors and fire and security systems
- The equipment stays in buildings and plants for years
- Owners pay for maintenance, upgrades, parts and software
- Refineries and chemical plants license UOP process technology and buy catalysts
- Segment profit funds research and acquisitions
- New products and acquired businesses join the installed base
↺ Step 6 feeds back into step 1.
05Business segments · Q3 FY2026
Which businesses make up Honeywell?
Building Automation
40%Fire, security, controls and energy systems for buildings, and the service on them. Segment margin was 27.0% in Q3 FY2026, the highest of the three, and organic sales growth 8%. FY2025 sales were $7,367 million.
Revenue $2.0B · Operating profit $546M
Process Automation and Technology
37%Plant automation, UOP process technology and catalysts, formed in 2026 from Process Solutions and UOP. Segment margin was 22.2% in Q3 FY2026, and it includes Johnson Matthey Catalyst Technologies, bought on Jul 17, 2026, which added $131 million of sales. FY2025 sales were $6,437 million.
Revenue $1.9B · Operating profit $412M
Industrial Automation
22%Sensors, gas detection and measurement equipment. Sales fell 23% from $1,450 million in Q3 FY2025 after the WWS and PSS sales, while organic sales grew 4%; segment margin was 18.4%. FY2025 sales were $6,111 million.
Revenue $1.1B · Operating profit $205M
How the mix changed
- Building Automation
- Process Automation and Technology
- Industrial Automation
Revenue by segment, FY2024 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has Honeywell done?
Revenue
$37.4BFY2025
Yearly net sales include Honeywell Aerospace in every year, but FY2021 and FY2022 also include Advanced Materials (now Solstice), which the FY2025 10-K moves to discontinued operations for FY2023 to FY2025, so the fall from $35,466 million in FY2022 to $33,009 million in FY2023 reflects that change (FY2023 was $36,662 million as first filed), while quarterly net sales are recast to today's business, $4,994 million in Q3 FY2026 against $4,929 million a year earlier.
US$
See the numbers
Net profit
$4.7BFY2025
Net income is Honeywell's total, including businesses until they were spun off, so it swings with one-off items: Q2 FY2026's $5,682 million includes a $6,629 million pre-tax gain on Quantinuum, and yearly EPS is as filed, before the Jun 29, 2026 1-for-2 reverse split.
US$
See the numbers
Profit kept per $100 of revenue
$12.6FY2025
Net income per $100 of net sales fell to $12.6 in FY2025 from $16.4 in FY2024, after $994 million of goodwill and held-for-sale impairments.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$5.1BFY2025
Free cash flow, operating cash flow minus capital spending, was $5,089 million in FY2025 (Cityfort calculation from the FY2025 10-K), including a $1,590 million Resideo payment received and a $1,428 million payment to divest asbestos liabilities.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends Dec 31). Net profit is the share belonging to the company's owners.
Download Honeywell's yearly and quarterly numbers (CSV, with source ids)
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
Sources (11)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 8-K, Exhibit 99.2: supplemental unaudited segment information on a Honeywell Technologies basis, Q1 2024 to Q1 2026 (Jun 29, 2026)
- Q4 FY2024 earnings release (Form 8-K, Exhibit 99.1)
- Q1 FY2025 earnings release (Form 8-K, Exhibit 99)
- Q2 FY2025 earnings release (Form 8-K, Exhibit 99)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Q1 FY2026 earnings release (Form 8-K, Exhibit 99)
- Q2 FY2026 earnings release (Form 8-K, Exhibit 99)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Q3 FY2026 earnings release (Form 8-K, Exhibit 99)
07Who runs it
Who runs Honeywell, and did they deliver?
Vimal Kapur
Chairman and Chief Executive Officer · since 2023
CEO since June 2023 and Chairman since June 2024; earlier he ran Honeywell's building and process businesses.
Michal Stepniak
Senior Vice President and Chief Financial Officer · since 2025
CFO since February 2025, as listed in the FY2025 10-K; earlier CFO of Aerospace Technologies and of the buildings business.
Billal Hammoud
President and CEO, Process Technology (part of Process Automation and Technology) · since 2026
In this role since Oct 1, 2026, after running Building Automation from 2023; he replaced Ken West, who left on Aug 31, 2026.
Juan Picon
President and CEO, Building Automation · since 2026
In this role since Oct 1, 2026; previously President of Building Automation Americas.
What they said, and what happened
2 delivered · 1 too early to tell
Said on Feb 17, 2026
Honeywell said the separation of Honeywell Aerospace was expected to be completed in the third quarter of 2026.
DeliveredWhat happened
The spin-off was completed on Jun 29, 2026, with one HONA share for every two Honeywell shares.
Said on Jul 8, 2025
Honeywell said on Jul 8, 2025 it was evaluating strategic alternatives for its PSS and WWS businesses, which it classed as held for sale at Dec 31, 2025.
DeliveredWhat happened
WWS was sold on Jul 27, 2026 for $157 million and PSS on Aug 3, 2026 for $1,370 million.
Said on Oct 22, 2026
Honeywell said it expects FY2026 sales of $20.0 billion to $20.1 billion and organic sales growth of 4% to 5%.
Too early to tellWhat happened
Net sales were $15,004 million in the first nine months of FY2026; the full year is reported with the Q4 FY2026 results.
Sources (6)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 8-K, Exhibit 99.1: Honeywell Technologies launches after Honeywell Aerospace spin-off (Jun 29, 2026)
- Form 8-K, Exhibit 99.1: leadership updates for Process Technology and Building Automation (Aug 19, 2026)
- Form 8-K: completion of Honeywell Aerospace spin-off, reverse stock split (Items 1.01, 2.01, 5.02, 5.03; filed Jun 29, 2026)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Q3 FY2026 earnings release (Form 8-K, Exhibit 99)
08What could go wrong
What could go wrong for Honeywell?
- Legal
Liabilities kept from businesses it sold or spun off
Honeywell says in its Q3 FY2026 10-Q that it agreed to indemnify buyers and spun-off companies for some lawsuits, product liability and environmental matters, and that their own indemnities to Honeywell may not cover it in full.
Watch Loss from discontinued operations: $103 million in Q3 FY2026.
- Technology
Quantinuum stake carried above its quoted value
The 48% Quantinuum stake was carried at $7,113 million on Sep 30, 2026, against $6,173 million at Quantinuum's quoted share price. Honeywell's share of Quantinuum's losses was $412 million in the first nine months of FY2026.
Watch Equity-method lossProfits or losses from companies it partly owns, counted in proportion to its stake. each quarter ($147 million in Q3 FY2026) and the stake's carrying value.
- Debt
Debt due soon and negative rating outlooks
Total debt was $16,593 million on Sep 30, 2026, with $3,783 million of long-term debt due within a year and $2,424 million of commercial paper and short-term borrowings. S&P and Moody's had negative outlooks on Honeywell's ratings.
Watch Net debt ($10,407 million on Sep 30, 2026) and any rating change.
- Demand
Industrial Automation is shrinking
Industrial Automation sales fell 23% to $1,115 million in Q3 FY2026 after two businesses were sold, and its 18.4% segment margin was the lowest of the three segments. The FY2025 10-K names new entrants and technologies that may commoditize its products among its risks.
Watch Industrial Automation organic growth (4% in Q3 FY2026) and segment margin.
- Competition
Price competition
The FY2025 10-K says Honeywell competes in substantially all its product and service areas and that its products face considerable price competition. Its listed key competitors include Siemens, Johnson Controls and Emerson Electric.
Watch Segment margin: 21.3% in Q3 FY2026.
- Execution
Impairments from reshaping the portfolio
Honeywell booked $724 million of goodwill impairment and $270 million of held-for-sale impairments in FY2025, and $311 million of held-for-sale impairments in the first nine months of FY2026. Its 10-Q lists acquired businesses missing expected returns, including through impairment, as a risk.
Watch Impairment lines in each 10-Q and integration of Johnson Matthey Catalyst Technologies.
- Other
Tariffs, trade rules and regional conflicts
Honeywell's Q3 FY2026 10-Q names tariffs and other trade barriers, slower growth or recession, supply chain disruptions, inflation and conflicts in the Middle East as risks that can affect its results.
Watch Organic sales growth (7% in Q3 FY2026) and gross profit per $100 of sales.
09Both sides
What do supporters and critics point to?
What supporters point to
- Organic sales grew 7% in Q3 FY2026, with Building Automation and Process Automation and Technology at 8% each.
- Segment margin rose to 21.3% in Q3 FY2026 from 17.6% a year earlier, and Building Automation's reached 27.0%.
- On Oct 22, 2026, Honeywell raised its FY2026 organic growth outlook to 4% to 5% from 3% to 4%.
- Net debt was $10,407 million on Sep 30, 2026, against $22,417 million of shareowners' equity.
- Backlog was $18,798 million on Sep 30, 2026, up 7% leaving out the divested WWS and PSS businesses.
What critics point to
- GAAP diluted EPS from continuing operations fell 20% to $2.40 in Q3 FY2026, while the adjusted EPS Honeywell highlights rose 34%.
- Today's business has only two years of history, both unaudited, until the FY2026 10-K recasts earlier years.
- Industrial Automation sales fell 23% in Q3 FY2026, and backlog grew 1% as reported in the 10-Q.
- The Quantinuum stake was carried at $7,113 million against $6,173 million at Quantinuum's quoted share price, and its losses cost Honeywell $412 million in nine months.
- The FY2025 10-K lowered net income attributable to Honeywell to $4,729 million from the $5,139 million in the January release, after further impairments.
10What to watch next
What should you watch next at Honeywell?
Next event
Q4 FY2026 results
Date not announced yet.
Audited history on today's business
The FY2024 and FY2025 figures without Honeywell Aerospace are unaudited. The FY2026 10-K will be the first annual report of the business left after the spin-off.
Quantinuum stake
Honeywell's share of Quantinuum's loss was $147 million in Q3 FY2026, and the stake was carried at $7,113 million against $6,173 million at Quantinuum's quoted share price on Sep 30, 2026.
Industrial Automation after the sales
Segment sales were $1,115 million and segment profit $205 million in Q3 FY2026, with organic growth of 4%.
Debt and ratings
$3,783 million of long-term debt was due within a year on Sep 30, 2026, and S&P and Moody's had negative outlooks.
11Key facts
Key facts about Honeywell
- What does Honeywell do?
- Honeywell, which calls itself Honeywell Technologies since spinning off Honeywell Aerospace on Jun 29, 2026, sells automation products, software and services for buildings, process plants and factories. Honeywell's net sales were $4,994 million in Q3 FY2026.
- How does Honeywell make money, and what is its business model?
- Honeywell's business model is selling and installing control systems, fire and security products, sensors, process technology and catalysts, then earning from maintenance, upgrades, spare parts and software on that installed equipment. In Q3 FY2026, products were 73% and services 27% of Honeywell's net sales.
- Who are Honeywell's customers?
- Honeywell's customers are building owners and operators, and companies in energy, refining, petrochemicals, mining, power generation, utilities, life sciences, semiconductors and medical devices. Honeywell does not name a customer that pays 10% or more of its sales.
- Is Honeywell profitable?
- Honeywell's Q3 FY2026 net income from continuing operations attributable to Honeywell was $767 million, and total net income attributable to Honeywell was $664 million after a $103 million loss from discontinued operations. Honeywell's FY2025 net income attributable to Honeywell was $4,729 million, a figure that still includes Honeywell Aerospace.
- What is Honeywell's revenue by segment?
- In Q3 FY2026, Honeywell's Building Automation segment had sales of $2,020 million, Process Automation and Technology $1,859 million and Industrial Automation $1,115 million, for net sales of $4,994 million.
- What does Honeywell's Building Automation segment sell?
- Honeywell's Building Automation segment sells fire detection, building controls and optimization software, energy management, access control and video systems, plus installation, maintenance and upgrades. Building Automation had sales of $2,020 million and segment profit of $546 million in Q3 FY2026.
- What does Honeywell's Process Automation and Technology segment sell?
- Honeywell's Process Automation and Technology segment sells automation for industrial plants, turbomachinery controls, licensed process technology and engineering for energy facilities (UOP) and catalysts. Process Automation and Technology had sales of $1,859 million in Q3 FY2026, of which $1,062 million was aftermarket work.
- What does Honeywell's Industrial Automation segment sell?
- Honeywell's Industrial Automation segment sells sensing and measurement products, gas detection, fiscal custody transfer equipment, semiconductor safety products, sensors and switches. Industrial Automation had sales of $1,115 million in Q3 FY2026, down from $1,450 million a year earlier after Honeywell sold its PSS and WWS businesses.
- What happened to Honeywell Aerospace?
- Honeywell spun off Honeywell Aerospace on Jun 29, 2026, giving one Honeywell Aerospace (HONA) share for every two Honeywell shares held on Jun 15, 2026. The same day, Honeywell combined every two of its shares into one, cutting its share count from about 634 million to about 317 million.
- Who owns Honeywell?
- Honeywell is widely held, with one vote per share and 317,358,518 shares on Sep 30, 2026. Holders of 5% or more in filings were Vanguard Capital Management (7.48% at Mar 31, 2026), BlackRock (6.7% in the 2026 proxy) and State Street (5.9% at Jun 30, 2026); directors and executive officers held under 1%.
Sources (8)
- Form 8-K, Exhibit 99.1: Honeywell Technologies launches after Honeywell Aerospace spin-off (Jun 29, 2026)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q3 FY2026 earnings release (Form 8-K, Exhibit 99)
- Form 8-K: completion of Honeywell Aerospace spin-off, reverse stock split (Items 1.01, 2.01, 5.02, 5.03; filed Jun 29, 2026)
- 2026 proxy statement (DEF 14A)
- Schedule 13G, State Street Corporation (event date Jun 30, 2026)
- Schedule 13G, Vanguard Capital Management (event date Mar 31, 2026)
Terms on this page
- Backlog
- Capital expenditures (capex)
- Debt-to-equity
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Market cap
- Net debt
- Net margin
- Operating margin
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Honeywell sell?
Building Automation
Fire detection, building controls and optimization software, energy management, access control and video management, plus installation, maintenance and upgrades. Sales were $2,020 million in Q3 FY2026: $1,113 million of products and $907 million of solutions.
Process Automation and Technology
Automation for new and existing industrial plants, turbomachinery controls, licensing and engineering for energy facilities (the UOP business) and catalysts. Sales were $1,859 million in Q3 FY2026: $797 million from projects and $1,062 million from aftermarket work.
Industrial Automation
Sensing and measurement, fiscal custody transfer (metering of oil and gas as it changes hands), gas detection, semiconductor safety products, sensors and switches. Sales were $1,115 million in Q3 FY2026: $833 million of products and $282 million of solutions.
48% stake in Quantinuum
Honeywell kept 48% of the quantum computing company Quantinuum after it listed in June 2026. Quantinuum's results are no longer in Honeywell's sales; Honeywell books its share of the profit or loss.
What it does
- Does: Sells and installs control systems, fire and security products and sensors
- Does: Services, upgrades and adds software to equipment already installed
- Does: Licenses process technology to refineries and chemical plants and sells catalysts
What it does not do
- Does not: Does not make aircraft parts or avionics: Honeywell Aerospace (HONA) has been a separate company since Jun 29, 2026
- Does not: Does not make refrigerants or specialty materials: Solstice Advanced Materials was spun off on Oct 30, 2025
- Does not: Does not include Quantinuum's sales: it owns 48% and books only its share of the result
- Does not: No longer owns the PSS and WWS businesses, sold in July and August 2026
13How the money flows
13How the money flows · Q3 FY2026
How does money flow through Honeywell?
Money in
- Net sales (products and services)$5.0B
- Other income, including a $339 million gain on selling businesses$389M
The company
Honeywell
$5.4B came in
Money out
- Cost of products and services sold$3.0B
- Selling, general and administrative$1.0B
- Research and development$239M
- Interest and other financial charges$143M
- Share of Quantinuum's loss$147M
- Income tax$60M
- Net income from continuing operations$779M
- Customers paid Honeywell $4,994 million in Q3 FY2026 for products, projects and service work.
- Making and delivering them cost $2,976 million. Selling and overheads took $1,039 million and research $239 million.
- Other income of $389 million came in, mostly a $339 million gain on selling businesses, mainly PSS.
- Interest took $143 million, Honeywell's share of Quantinuum's loss $147 million and income tax $60 million.
- That left $779 million of net income from continuing operations; $767 million of it belonged to Honeywell's shareholders.
14Competitors and what protects it
14Competitors and what protects it
Who does Honeywell compete with?
Johnson Controls
Named in Honeywell's FY2025 10-K as a key competitor of Building Automation.
Siemens
Named in Honeywell's FY2025 10-K as a key competitor of Building Automation.
Schneider Electric
Named in Honeywell's FY2025 10-K as a key competitor of Building Automation.
Emerson Electric
Named in the FY2025 10-K as a key competitor of Industrial Automation, which then included Process Solutions (moved to Process Automation and Technology in 2026).
Rockwell Automation
Named in the FY2025 10-K as a key competitor of Industrial Automation.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Orders already taken3 of 5
Backlog was $18,798 million on Sep 30, 2026, close to the $19,945 million of FY2025 net sales on today's business; 48.9% of it was in Building Automation.
- Service on installed equipment3 of 5
Aftermarket work was $1,062 million of Process Automation and Technology's Q3 FY2026 sales of $1,859 million, and services were 27% of net sales.
- Licensed process technology3 of 5
The UOP business licenses process technology and supplies engineering and catalysts to energy facilities; Honeywell added Johnson Matthey Catalyst Technologies for $1,743 million in July 2026.
Weak spot
Price competition
The FY2025 10-K says Honeywell's products face considerable price competition. Industrial Automation had the lowest segment margin, 18.4% in Q3 FY2026.
15Where growth could come from
15Where growth could come from
Where could Honeywell's growth come from?
In its Q3 FY2026 earnings release on Oct 22, 2026, Honeywell said it expects FY2026 sales of $20.0 billion to $20.1 billion, organic sales growth of 4% to 5% (up from 3% to 4%), a segment margin of about 20.5% and adjusted EPS of $8.40 to $8.45. It expects GAAP EPS from continuing operations of $21.88 to $21.93, which includes the Quantinuum gain.
Building Automation
Working8% organic sales growth, Q3 FY2026
Segment sales rose to $2,020 million in Q3 FY2026 from $1,878 million a year earlier, and segment margin was 27.0%. Honeywell said in August 2026 that the segment's organic growth rose from 2% in 2023 to 8% in 2025.
Status: Working, on track against what the company said.
Catalyst and process technology purchases
New$131M Q3 FY2026 sales from the catalyst business
Honeywell bought Johnson Matthey Catalyst Technologies for $1,743 million on Jul 17, 2026, after Sundyne for $2,160 million in June 2025. Both sit in Process Automation and Technology, whose organic sales grew 8% in Q3 FY2026.
Status: New, recently announced.
Reshaping Industrial Automation
MixedSales down 23%, organic up 4%, Q3 FY2026
Honeywell sold WWS for $157 million and PSS for $1,370 million in July and August 2026. Industrial Automation sales fell to $1,115 million in Q3 FY2026, and segment profit to $205 million from $216 million.
Status: Mixed, partly on track.
Quantinuum stake
Early$412M share of losses, first nine months of FY2026
Honeywell kept 48% of Quantinuum after it listed in June 2026 and books its share of Quantinuum's result: a $147 million loss in Q3 FY2026.
Status: Early, too early to judge.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
16The company's own measures (non-GAAP)
16The company's own measures · Q3 FY2026, unless the row says otherwise
What do Honeywell's own measures show?
Official (GAAP): Operating income (net sales minus cost of sales, research and overheads), Q3 FY2026
$740M
Company's own measure: Segment profit, Q3 FY2026
$1.1B
The three segments' profit of $1,163 million less $101 million of corporate costs. Honeywell's reconciliation lists amortization of acquired intangibles, repositioning charges and impairments among the items between the two figures.
Official (GAAP): Operating margin (operating income ÷ net sales), Q3 FY2026
14.8%
Company's own measure: Segment margin, Q3 FY2026
21.3%
Segment profit divided by segment sales. It was 17.6% in Q3 FY2025, when the operating margin was 8.4%.
Official (GAAP): Diluted EPS from continuing operations, Q3 FY2026
$2.40
Company's own measure: Adjusted EPS, Q3 FY2026
$2.27
Adjusted EPS rose 34% from $1.70 while GAAP EPS from continuing operations fell 20% from $2.99. Q3 FY2025's GAAP figure included a gain of about $802 million from ending the Resideo indemnification agreement; Q3 FY2026's included a $339 million gain on selling businesses.
Official (GAAP): Diluted EPS from continuing operations, FY2025, today's business
$3.24
Company's own measure: Adjusted EPS, FY2025, today's business
$6.46
Both after the reverse split and without Honeywell Aerospace and Solstice, as Honeywell restated them in its 2026 releases. FY2025 GAAP EPS here carries $724 million of goodwill impairment and $270 million of held-for-sale impairments.
Official (GAAP): Operating cash flow from continuing operations, Q3 FY2026
$607M
Company's own measure: Free cash flow (company definition), Q3 FY2026
$688M
Operating cash flow minus capital spending of $77 million, plus $158 million of separation payments Honeywell adds back. Operating cash flow minus capital spending alone was $530 million (Cityfort calculation from the Q3 FY2026 10-Q).
Official (GAAP): Reported net sales growth, Q3 FY2026 (Cityfort calculation from the Q3 FY2026 10-Q)
1.3%
Company's own measure: Organic sales growth, Q3 FY2026
7%
Honeywell's measure leaves out the effects of acquisitions, divestitures and currency moves, such as the WWS and PSS sales and the catalyst purchase.
Official (GAAP): Backlog (remaining performance obligations) growth as reported in the 10-Q
1.0%
Company's own measure: Backlog growth excluding WWS and PSS, Sep 30, 2026
7%
Backlog was $18,798 million on Sep 30, 2026. The 10-Q puts its growth from a year earlier at 1%; the earnings release puts it at 7% leaving out the divested WWS and PSS businesses.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
17Financial strength and debt
17Financial strength · Sep 30, 2026
How much debt does Honeywell have?
- Total debt$16.6B
- Cash and investments$6.2B
- Net debt (debt minus cash)$10.4B
- Net worth (shareholders' money)$22.4B
- Debt to equity
- 0.74×
- $ of debt for every $1 of shareholders' money
- Net debt of $10,407 million is commercial paper and short-term borrowings ($2,424 million), long-term debt due within a year ($3,783 million) and long-term debt ($10,386 million), minus cash ($5,694 million) and short-term investments ($492 million) (Cityfort calculation from the Q3 FY2026 10-Q).
- Total debt was $34,571 million at Dec 31, 2025 on the recast basis. In March 2026 Honeywell bought back $7.5 billion of its notes, and $16.0 billion of notes issued by Honeywell Aerospace left with that company at the spin-off.
- The 48% Quantinuum stake was carried at $7,113 million on Sep 30, 2026; valued at Quantinuum's quoted share price, it was worth $6,173 million.
- Operating lease liabilities of $647 million are not counted in debt here.
18Who owns it
18Who owns it · ownership as of Mar 27, 2026
Who owns Honeywell?
- Officers and directors (as a group), shares
- 0.2%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did Honeywell's insiders report trading?
Honeywell's insiders made 116 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported no purchases and 18 sales (53,908 shares) in the open market or privately (codes P and S).
None of the sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 104 other share transactions (M: 60, F: 39, A: 5).
They also report 147 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
- M
- exercise or conversion of an option or other derivative, exempt under Rule 16b-3
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 122 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Honeywell's Form 4 filings on EDGAR.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
Sources (6)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026)
- Schedule 13G, Vanguard Capital Management (event date Mar 31, 2026)
- Schedule 13G/A, The Vanguard Group (event date Mar 13, 2026; reports 0 shares after internal realignment)
- 2026 proxy statement (DEF 14A)
- Schedule 13G, State Street Corporation (event date Jun 30, 2026)
19What it does with profit
19What it does with profit
What does Honeywell do with its profit?
Dividend per share
$4.58FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Dec 31, 2021
Share repurchases in FY2021.
$3.4B
Buyback · Dec 31, 2022
Share repurchases in FY2022.
$4.2B
Buyback · Dec 31, 2023
Share repurchases in FY2023.
$3.7B
Buyback · Dec 31, 2024
Share repurchases in FY2024.
$1.7B
Buyback · Dec 31, 2025
Share repurchases in FY2025.
$3.8B
Buyback · Sep 30, 2026
Share repurchases in the first nine months of FY2026; none in Q3 FY2026. $679 million of the authorization was left on Sep 30, 2026.
$1.0B
20Governance signals
20Governance signals
What do Honeywell's governance filings show?
- Auditor
- Deloitte & Touche LLP
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- Honeywell keeps 48% of Quantinuum, accounted for under the equity method since Jun 4, 2026, and has agreements with Honeywell Aerospace from the spin-off. The related-party section of the 2026 proxy statement was not reviewed for this page.
- Credit rating
- S&P, Fitch and Moody's, as stated in Honeywell's Q3 FY2026 10-Q A long-term, A-1 short-term (S&P) / A, F1 (Fitch) / A2, P1 (Moody's) (Negative (S&P and Moody's); Stable (Fitch)), Oct 22, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
disclosure · Jun 29, 2026
Only two unaudited years on today's business
Honeywell's figures without Honeywell Aerospace and Solstice for FY2024, FY2025 and the quarters to Q1 FY2026 are unaudited supplemental data furnished on Jun 29, 2026, which the company calls preliminary. Its 10-K years FY2021 to FY2025 all include Honeywell Aerospace.
disclosure · Feb 17, 2026
FY2025 net income lowered after the earnings release
The Jan 29, 2026 release gave FY2025 net income attributable to Honeywell of $5,139 million. The 10-K filed Feb 17, 2026 reported $4,729 million, after a further $436 million goodwill impairment and a $35 million held-for-sale impairment, less a $61 million tax benefit.
disclosure
Operating income is Honeywell's own subtotal
Honeywell's statements of operations show no operating income line. Its operating income is net sales minus cost of sales, research, overheads and certain impairments.
other
Chairman and CEO roles combined
Vimal Kapur has been CEO since June 2023 and Chairman since June 2024.
other · Jun 15, 2026
Four directors left the board at the spin-off
Four of the 12 nominees in the 2026 proxy statementThe yearly filing about shareholder votes, the board and executive pay. Learn more, Arnold, Ayer, Davis and Flint, resigned at the spin-off to join Honeywell Aerospace's board.
Sources (9)
- 2026 proxy statement (DEF 14A)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 8-K, Exhibit 99.2: supplemental unaudited segment information on a Honeywell Technologies basis, Q1 2024 to Q1 2026 (Jun 29, 2026)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q4 FY2025 earnings release (Form 8-K, Exhibit 99.1)
- Form 8-K, Exhibit 99.1: Honeywell files 2025 Form 10-K with additional impairment charges (filed Feb 17, 2026)
- Q2 FY2026 earnings release (Form 8-K, Exhibit 99)
- Form 8-K, Exhibit 99.1: Honeywell Technologies launches after Honeywell Aerospace spin-off (Jun 29, 2026)
- Form 8-K: four directors to resign from the Board at the Aerospace spin-off (Item 5.02, filed Jun 15, 2026)
21What the market paid
21What the market paid · price as of Nov 5, 2026
What did the market pay for Honeywell on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: a $215.78 close on Nasdaq, from Nasdaq's historical price table. Market value = $215.78 × 317,358,518 shares (10-Q cover, Sep 30, 2026, a different date from the price) = $68,480 million (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q3 FY2026 10-Q). No P/E is shown: the last four quarters' GAAP EPS includes Honeywell Aerospace and the $6,629 million Quantinuum gain. No dividend yield or free cash flow yield is shown either, because FY2025 dividends per share were paid before the reverse split and FY2025 free cash flow includes Honeywell Aerospace. Prices before Jun 29, 2026, such as the $464.42 close on Jun 26, are from before the spin-off and the reverse split and do not compare with later prices.
- Share price
- $215.78
- Market value (market cap)
- $68.5B
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
3.4×
$68.5B market value ÷ $20.2B revenue (four quarters to Sep 30, 2026) = 3.4×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 10-Ks and 10-Qs and earnings releases. Source: HON historical prices, Jun 22 to Nov 5, 2026 (Nasdaq historical table; HON is listed on Nasdaq); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Form 8-K, Exhibit 99.2: supplemental unaudited segment information on a Honeywell Technologies basis, Q1 2024 to Q1 2026 (Jun 29, 2026) and 5 more
How price ratios work
Shares used for the market value: 317.36 million ($215.78 × 317.36 million shares ≈ $68.5B). Source: Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026)
Source: HON historical prices, Jun 22 to Nov 5, 2026 (Nasdaq historical table; HON is listed on Nasdaq); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
Sources (9)
- HON historical prices, Jun 22 to Nov 5, 2026 (Nasdaq historical table; HON is listed on Nasdaq)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 8-K, Exhibit 99.2: supplemental unaudited segment information on a Honeywell Technologies basis, Q1 2024 to Q1 2026 (Jun 29, 2026)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Q1 FY2026 earnings release (Form 8-K, Exhibit 99)
- Q2 FY2026 earnings release (Form 8-K, Exhibit 99)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Q3 FY2026 earnings release (Form 8-K, Exhibit 99)
- Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026)
22How it got here
22How it got here
How did Honeywell get here?
2023
Milestone
Vimal Kapur becomes CEO
Kapur became CEO in June 2023 and Chairman in June 2024; he calls 2023 the start of the portfolio changes that split Honeywell into three companies.
2024
Business-model change
Acquisitions funded with debt
Honeywell bought Access Solutions for $4,913 million, CAES for $1,935 million and an LNG technology business for $1,843 million; total debt rose to $31,099 million at Dec 31, 2024 from $20,443 million a year earlier, as filed in the FY2024 10-K.
2025
Business-model change
Plan to separate Aerospace
On Feb 6, 2025, Honeywell announced it would separate Honeywell Aerospace into its own listed company.
2025
Business-model change
Solstice Advanced Materials spun off
On Oct 30, 2025, shareholders received one Solstice share for every four Honeywell shares, taking the materials business out of Honeywell.
2026
Milestone
Quantinuum lists; Honeywell keeps 48%
Quantinuum left Honeywell's consolidated accounts on Jun 4, 2026 after its listing, giving Honeywell a $6,629 million pre-tax gain.
2026
Business-model change
Aerospace spin-off and reverse split
On Jun 29, 2026, Honeywell spun off Honeywell Aerospace, which had sold $17,510 million in FY2025, and combined every two Honeywell shares into one.
2026
Milestone
Catalysts in, WWS and PSS out
Honeywell bought Johnson Matthey Catalyst Technologies for $1,743 million on Jul 17, 2026, and sold WWS for $157 million and PSS for $1,370 million in July and August.
Sources (6)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 8-K, Exhibit 99.1: Honeywell Technologies launches after Honeywell Aerospace spin-off (Jun 29, 2026)
- Form 10-K, fiscal year 2024 (ended Dec 31, 2024)
- Form 8-K, Exhibit 99.1: Honeywell completes spin-off of Solstice Advanced Materials (Oct 30, 2025)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 8-K: completion of Honeywell Aerospace spin-off, reverse stock split (Items 1.01, 2.01, 5.02, 5.03; filed Jun 29, 2026)
23Sources and changes
Where every number on this page comes from
Sources (25 documents)
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 17, 2026
- S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 14, 2025
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 16, 2024
- S5Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 22, 2026
- S6Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 23, 2026
- S7Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 23, 2026
- S8Q3 FY2026 earnings release (Form 8-K, Exhibit 99) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 22, 2026
- S9Q2 FY2026 earnings release (Form 8-K, Exhibit 99) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 23, 2026
- S10Q1 FY2026 earnings release (Form 8-K, Exhibit 99) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 23, 2026
- S11Q4 FY2025 earnings release (Form 8-K, Exhibit 99.1) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 29, 2026
- S13Q2 FY2025 earnings release (Form 8-K, Exhibit 99) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 24, 2025
- S14Q1 FY2025 earnings release (Form 8-K, Exhibit 99) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2025
- S15Q4 FY2024 earnings release (Form 8-K, Exhibit 99.1) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 6, 2025
- S16Form 8-K, Exhibit 99.1: Honeywell files 2025 Form 10-K with additional impairment charges (filed Feb 17, 2026) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 17, 2026
- S17Form 8-K: completion of Honeywell Aerospace spin-off, reverse stock split (Items 1.01, 2.01, 5.02, 5.03; filed Jun 29, 2026) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 29, 2026
- S18Form 8-K, Exhibit 99.1: Honeywell Technologies launches after Honeywell Aerospace spin-off (Jun 29, 2026) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 29, 2026
- S19Form 8-K, Exhibit 99.2: supplemental unaudited segment information on a Honeywell Technologies basis, Q1 2024 to Q1 2026 (Jun 29, 2026) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 29, 2026
- S212026 proxy statement (DEF 14A) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 10, 2026
- S22Schedule 13G, State Street Corporation (event date Jun 30, 2026) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2026
- S23Schedule 13G, Vanguard Capital Management (event date Mar 31, 2026) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S24Schedule 13G/A, The Vanguard Group (event date Mar 13, 2026; reports 0 shares after internal realignment) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S25Form 8-K, Exhibit 99.1: Honeywell completes spin-off of Solstice Advanced Materials (Oct 30, 2025) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2025
- S27Form 8-K, Exhibit 99.1: leadership updates for Process Technology and Building Automation (Aug 19, 2026) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 19, 2026
- S28HON historical prices, Jun 22 to Nov 5, 2026 (Nasdaq historical table; HON is listed on Nasdaq) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 5, 2026
- S30Form 8-K: four directors to resign from the Board at the Aerospace spin-off (Item 5.02, filed Jun 15, 2026) · Honeywell International Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 15, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version. (first version)
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