Honeywell International
HON · NasdaqAircraft Engines & Engine Parts · Fiscal year ends Dec 31
Honeywell International reported revenue of $37.4B in the fiscal year ended Dec 2025, up 7.8% from the year before. Operating income was $8.1B, an operating margin of 21.7%, and net income was $4.7B. Operating cash flow of $6.4B less capital expenditure of $986M left free cash flow of $5.4B. Net debt was $22.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $34.4B | $35.5B | $33B | $34.7B | $37.4B |
| Cost of revenue | $22.1B | $22.3B | $20.6B | $21.4B | $23.6B |
| Gross profit | $12.3B | $13.1B | $12.4B | $13.4B | $13.8B |
| Research & development | $1.3B | $1.5B | $1.4B | $1.5B | $1.8B |
| Selling, general & admin | $4.8B | $5.2B | $4.9B | $5.2B | $5.5B |
| Operating income | – | $8B | $7.6B | $7.7B | $8.1B |
| Pre-tax income | $7.2B | $6.4B | $6.2B | $6.2B | $5.5B |
| Income tax | $1.6B | $1.4B | $1.3B | $1.2B | $1B |
| Net income | $5.5B | $5B | $5.7B | $5.7B | $4.7B |
| Diluted EPS | 7.91 | 7.27 | 8.47 | 8.71 | 7.36 |
| Diluted shares | 700M | 683M | 668M | 655M | 643M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $11B | $9.6B | $7.9B | $9.9B | $12.5B |
| Receivables | $6.8B | $7.4B | $7.5B | $7.2B | $7.6B |
| Inventory | $5.1B | $5.5B | $6.2B | $5.9B | $6.2B |
| Current assets | $25.4B | $25B | $23.5B | $27.9B | $30.4B |
| Net PP&E | $5.6B | $5.5B | – | – | – |
| Goodwill | $17.8B | $17.5B | $17.2B | $21B | $21.1B |
| Total assets | $64.5B | $62.3B | $61.5B | $75.2B | $73.7B |
| Payables | $6.5B | $6.3B | $6.8B | $6.1B | $6.3B |
| Deferred revenue | $3.2B | $3.6B | $3.5B | $3.4B | $3.9B |
| Current liabilities | $19.5B | $19.9B | $18.5B | $21.3B | $23.4B |
| Short-term debt | $3.5B | $2.7B | $2.1B | $4.3B | $5.9B |
| Long-term debt | $16.1B | $16.9B | $18.4B | $26.8B | $28.7B |
| Shareholders' equity | $18.6B | $16.7B | $15.9B | $18.6B | $13.9B |
| Backlog (remaining obligations) | $27.7B | $29.6B | $31.8B | $35.3B | $37.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $6B | $5.3B | $5.3B | $6.1B | $6.4B |
| Capital expenditure | $895M | $766M | $741M | $871M | $986M |
| Free cash flow | $5.1B | $4.5B | $4.6B | $5.2B | $5.4B |
| Depreciation & amortisation | $1.1B | $1.2B | $1B | $1.2B | $1.4B |
| Stock-based compensation | $217M | $188M | $197M | $189M | $196M |
| Acquisitions | $1.3B | $178M | $718M | $8.9B | $2.2B |
| Share buybacks | $3.4B | $4.2B | $3.7B | $1.7B | $3.8B |
| Dividends paid | $2.6B | $2.7B | $2.9B | $2.9B | $3B |
| Dividend per share | 3.77 | 3.97 | 4.17 | 4.37 | 4.58 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.1% | −6.9% | 5.2% | 7.8% |
| Operating income growth (YoY) | – | – | −5.7% | 1.4% | 6.0% |
| EPS growth (YoY) | – | −8.1% | 16.5% | 2.8% | −15.5% |
| Gross margin | 35.9% | 37.0% | 37.5% | 38.5% | 36.9% |
| Operating margin | – | 22.6% | 22.9% | 22.1% | 21.7% |
| Net margin | 16.1% | 14.0% | 17.1% | 16.4% | 12.6% |
| Return on equityBlank when equity is negative | 29.8% | 29.7% | 35.7% | 30.6% | 34.0% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 18.9% | 17.6% | 14.2% | 16.2% |
| Free cash flow margin | 15.0% | 12.7% | 13.9% | 15.1% | 14.5% |
| Cash conversion (CFO ÷ net income) | 1.09x | 1.06x | 0.94x | 1.07x | 1.36x |
| Receivable days | 72 | 77 | 83 | 76 | 74 |
| Inventory days | 85 | 90 | 109 | 101 | 95 |
| Payable days | 107 | 103 | 121 | 104 | 98 |
| Debt ÷ equity | 1.06x | 1.17x | 1.29x | 1.67x | 2.49x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $8.6B | $9.9B | $12.5B | $21.2B | $22.1B |
| Current ratio | 1.30x | 1.25x | 1.27x | 1.31x | 1.30x |
Recent filings
More in Aircraft Engines & Engine Parts
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.