Honeywell Overview
Honeywell Technologies is what remains of one of America's best-known industrial conglomerates after three years of portfolio surgery:
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spin-off of Solstice Advanced Materials (October 2025);
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IPO of quantum-computing affiliate Quantinuum (June 2026);
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spin-off of Honeywell Aerospace (June 2026);
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sale of its warehouse-automation and productivity-device businesses (July–August 2026).
The new company has about USD 20 billion in revenue and three segments: Building Automation, Process Automation & Technology, and Industrial Automation. It sells control systems, fire and security products, process licenses and catalysts, sensors, measurement devices, and OT cybersecurity into buildings, refineries, LNG trains, chemical plants, life-sciences sites, data centers and semiconductor fabs. Its strategic claim is that a large installed base, deep domain know-how and the Honeywell Forge software layer can be turned into recurring software and service revenue, moving customers "from automation to autonomy." Management targets 4–6% organic growth, about 24% segment margin and about USD 12 of adjusted EPS by 2029.
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building automation, fire and life-safety, and access control for fabs and data centers;
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process automation and control systems;
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gas detection and sensing used in semiconductor markets;
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OT (operational-technology) cybersecurity for industrial control environments.
The Electronic Materials business, which made sputtering targets and related semiconductor materials, left with Solstice Advanced Materials (Nasdaq: SOLS) on October 30, 2025.
Company's own description
In its 2026 corporate communications, Honeywell describes itself as "a global, pure-play automation company" serving "the building, industrial and process sectors with a broad portfolio of services, solutions and products, underpinned by our Honeywell Technologies Accelerator operating system and Honeywell Technologies Forge intelligence layer." The company says it combines the domain expertise of more than 50,000 employees with decades of data from its installed base to lead "the industrial sector's transition from automation to autonomy."
The FY2025 Form 10-K was recast in April 2026 to reflect the 2026 segment structure. It describes the three automation segments as follows:
Building Automation (BA): provides unified building automation across products, hardware, software and analytics. This includes fire detection, building controls, energy management, access control and video management, plus installation and maintenance. The Products business sells largely through a channel-partner network; the Solutions business delivers integrated systems and services.
Process Automation and Technology (PA&T): offers end-to-end automation for industrial plants, turbomachinery controls, process licensing and engineering, and energy-transition technologies (renewable fuels, carbon capture, hydrogen). Its Aftermarket business provides licensed process technology, catalysts, adsorbents and services. PA&T combines UOP with the core Honeywell Process Solutions business.
Industrial Automation (IA): provides sensing, measurement and safety solutions for energy, utilities, aerospace and defense, medical and semiconductor markets. Examples include gas detection, custody transfer, burner management and sensors. Since August 2026 it no longer includes Productivity Solutions and Services or Warehouse and Workflow Solutions.
Business model and revenue model
Honeywell Technologies earns revenue in five main ways:
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Product sales. Fire panels and detectors, access-control hardware, controllers, valves, sensors, gas detectors, meters, combustion components, field instruments, catalysts and adsorbents. Sales go direct, through distributors, and through system-integrator and installer channels. In FY2025, BA Products revenue was USD 3,941 million and IA Products USD 4,284 million (the IA figure includes products later divested).
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Projects and solutions. Distributed control systems (DCS), safety systems and integrated building systems delivered under multi-quarter contracts, recognized over time. In FY2025, PA&T Projects revenue was USD 2,717 million, BA Solutions USD 3,426 million and IA Solutions USD 1,814 million.
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Aftermarket and services. Lifecycle services, maintenance contracts, upgrades and migrations, catalyst reloads, and remote monitoring. PA&T Aftermarket was USD 3,720 million in FY2025.
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Licensing. UOP process-technology licenses for refining, petrochemicals, LNG and renewable fuels, typically paired with engineering and catalyst supply.
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Software and subscriptions. Honeywell Forge applications, cybersecurity software and managed services, and data-center and buildings software suites. Management targets about 15% annual growth in recurring software revenue through 2029, and a recurring-revenue share above 45%.
Value-chain position
Honeywell sits in the middle-to-upper layers of the industrial technology stack. It does not build fabs, refineries or buildings. It supplies the control layer (DCS, building management systems, safety instrumented systems), the field layer (sensors, detectors, actuators, meters), the process-design layer (UOP licensing and catalysts), and increasingly the data and AI layer (Forge, Experion Cognition, Forge Cognition) on top. The installed base is large: the company says Building Automation solutions are used in more than 10 million buildings. That base supports a long annuity of aftermarket and migration revenue.
Customer types and end markets
Buildings: commercial real estate, healthcare, hospitality, airports, education, government, critical infrastructure and data centers. Management has said data centers are expected to double as a share of BA sales.
Process industries: refining, petrochemicals, LNG and gas processing, chemicals, renewable fuels, hydrogen and ammonia, life sciences, and semiconductors.
Industrial and utilities: gas, electric and water utilities (smart meters), industrial combustion users, aerospace and defense OEMs, medical-device makers, and semiconductor fabs (sensing and gas detection).
Independent characterization
Honeywell Technologies is best read as a mid-teens-to-low-twenties margin automation franchise that is three portfolios under one roof, with very different drivers:
BA: is a mid-to-high single-digit grower with industry-leading margins (about 27%). Its fire, access and controls positions resemble a branded-products business, and data-center demand is now a meaningful tailwind.
PA&T: is a project- and energy-cycle-sensitive business. It combines the Experion DCS franchise with UOP's licensing and catalyst annuity and, since July 2026, Johnson Matthey's Catalyst Technologies. LNG is the current growth engine.
IA: is the turnaround case. After the PPE, PSS and WWS divestitures, a smaller sensing and measurement core of about USD 3.7–4.0 billion remains. Management is targeting a step-change from mid-teens toward about 25% margins.
Semiconductor exposure is real but diffuse. It runs through fab building systems, specialty gas detection, process sensing, and OT cybersecurity rather than a dedicated semiconductor segment.
Strategy
Stated strategy
At the June 11, 2026 Investor Day, Honeywell described itself as being at "a historic moment" as it takes "the final steps to become a leading, pure-play automation company." It said it has a "revamped innovation machine and simplified business model approach" and aims to "accelerate profitable growth by leveraging our vast installed base and deep domain expertise in mission-critical environments." The strategy has four themes:
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Grow and monetize the installed base through outcome-based services, software and new product innovation (NPI).
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Lead the move "from automation to autonomy" with AI-enabled control rooms (Experion Cognition), agentic building and facility operations (Forge Cognition), and the Forge intelligence layer.
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Shift toward high-growth verticals: data centers, healthcare, hospitality, LNG, life sciences and semiconductors. Building Automation orders in high-growth verticals grew about 50% in Q2 2026.
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Operational excellence and capital discipline through the Accelerator operating system, stranded-cost removal, and USD 2–4 billion bolt-on acquisitions, especially in core sensing and measurement.
Medium-term targets (2026 Investor Day, three-year framework to 2029)
| Target | Level |
|---|---|
| Organic sales growth | 4–6% per year |
| Segment margin | About 24% by 2029, about 60 bps average annual expansion, plus more than 200 bps from stranded-cost removal, IA portfolio actions and the aerospace trademark agreement |
| Recurring software revenue growth | About 15% per year |
| Adjusted EPS | More than 10% annual growth, about USD 12 by 2029 (split-adjusted) |
| Free cash flow | More than USD 3 billion, conversion above 90% |
| Segment margin ambitions by 2029 | Building Automation about 29%; Process Automation about 25%; Industrial Automation about 25% |
| R&D intensity | 4–4.5% of revenue |
| M&A | USD 2–4 billion bolt-ons |
Organic sales growth: Level: 4–6% per year
Segment margin: Level: About 24% by 2029, about 60 bps average annual expansion, plus more than 200 bps from stranded-cost removal, IA portfolio actions and the aerospace trademark agreement
Recurring software revenue growth: Level: About 15% per year
Adjusted EPS: Level: More than 10% annual growth, about USD 12 by 2029 (split-adjusted)
Free cash flow: Level: More than USD 3 billion, conversion above 90%
Segment margin ambitions by 2029: Level: Building Automation about 29%; Process Automation about 25%; Industrial Automation about 25%
R&D intensity: Level: 4–4.5% of revenue
M&A: Level: USD 2–4 billion bolt-ons
Strategic initiatives in the last 24 months
| Initiative | Timing | Detail |
|---|---|---|
| Three-way separation | Feb 2025 – Jun 2026 | Solstice spun Oct 30, 2025; Aerospace spun Jun 29, 2026 |
| Quantinuum IPO and deconsolidation | Jun 2026 | USD 6,629 million pre-tax deconsolidation gain; retained stake of about 48.1% of voting power accounted for under the equity method |
| Non-core divestitures | 2025–2026 | PPE (2025), WWS (Jul 2026), PSS (Aug 2026), Bendix asbestos liabilities (Oct 2025), Resideo indemnity termination (Q3 2025) |
| Process technology build-out | 2024–2026 | Air Products LNG (2024), Sundyne (2025), Johnson Matthey Catalyst Technologies (Jul 2026) |
| AI and autonomy launches | 2,026 | Experion Cognition (Jun 2026), Forge Cognition with NVIDIA and Dell, expanded OT Cybersecurity Suite (Jun 2026) |
| Stranded-cost elimination | 2,026 | Q3 2026 profit growth was driven partly by removing costs stranded by the spins; Q2 commentary put progress about USD 20 million ahead of the Investor Day plan |
| Regional go-to-market | 2024–2026 | Building Automation regional structure with focus on healthcare, hospitality and data centers |
| Workforce and community | 2,026 | Program to skill 300,000 students in India in AI, cybersecurity and sustainability by 2030 |
| Sustainability commitments | Ongoing | Carbon neutrality in facilities and operations (Scope 1 and 2) by 2035; SBTi-validated targets |
Three-way separation: Timing: Feb 2025 – Jun 2026; Detail: Solstice spun Oct 30, 2025; Aerospace spun Jun 29, 2026
Quantinuum IPO and deconsolidation: Timing: Jun 2026; Detail: USD 6,629 million pre-tax deconsolidation gain; retained stake of about 48.1% of voting power accounted for under the equity method
Non-core divestitures: Timing: 2025–2026; Detail: PPE (2025), WWS (Jul 2026), PSS (Aug 2026), Bendix asbestos liabilities (Oct 2025), Resideo indemnity termination (Q3 2025)
Process technology build-out: Timing: 2024–2026; Detail: Air Products LNG (2024), Sundyne (2025), Johnson Matthey Catalyst Technologies (Jul 2026)
AI and autonomy launches: Timing: 2026; Detail: Experion Cognition (Jun 2026), Forge Cognition with NVIDIA and Dell, expanded OT Cybersecurity Suite (Jun 2026)
Stranded-cost elimination: Timing: 2026; Detail: Q3 2026 profit growth was driven partly by removing costs stranded by the spins; Q2 commentary put progress about USD 20 million ahead of the Investor Day plan
Regional go-to-market: Timing: 2024–2026; Detail: Building Automation regional structure with focus on healthcare, hospitality and data centers
Sustainability commitments: Timing: Ongoing; Detail: Carbon neutrality in facilities and operations (Scope 1 and 2) by 2035; SBTi-validated targets
Products & Services
Launch dates and pricing are given where the company has disclosed them. Honeywell does not publish list prices for most enterprise systems; pricing is typically project-based, per-device or subscription.
Building Automation
| Product line / brand | Description and capabilities | Target customer | Pricing model |
|---|---|---|---|
| Notifier | Engineered addressable fire alarm control panels, detectors, emergency communications | Large commercial, healthcare, campuses, industrial and fab sites | Product sale through engineered-systems distributors |
| System Sensor | Smoke, heat and multi-criteria detectors, notification appliances | OEMs and fire-system integrators | Product sale |
| Gamewell-FCI, Fire-Lite, Morley-IAS, Esser | Regional and tiered fire-alarm platforms (North America, UK, continental Europe) | Mid-market and regional installers | Product sale |
| Li-ion Tamer (acquired 2025) | Lithium-ion battery off-gas detection for early thermal-runaway warning | Battery energy storage systems, data centers | Product sale |
| LenelS2 (from Carrier Access Solutions, 2024) | Enterprise access control and security management (OnGuard and related platforms) | Enterprises, government, data centers | Software license, hardware and subscriptions |
| Onity | Electronic hotel locks and in-room access | Hospitality | Product sale |
| Supra | Electronic key and lockbox systems | Real-estate professionals | Hardware and subscription |
| Pro-Watch, MAXPRO, Honeywell commercial video | Integrated security management, video management and cameras | Commercial, critical infrastructure | Product and software license |
| Building management systems (Enterprise Buildings Integrator, WEBs/Niagara-based controls, Alerton, Trend, Saia-Burgess Controls) | HVAC and building controls, supervisory software, controllers | Commercial buildings, campuses, OEMs | Product sale and projects |
| Honeywell Forge Connected Buildings | Cloud and edge software connecting building systems for analytics and operations; cited by management as a 2025–2026 new-product driver | Portfolio owners, healthcare, hospitality, data centers | Subscription |
| Honeywell Forge Cybersecurity+ (Buildings) / Cyber Insights | Vendor-neutral, on-premise OT asset, threat and vulnerability visibility for building networks | Building operators, data centers, fab facilities | Software license and subscription |
| Data center software suite | Integrated monitoring of power, cooling, fire and security for data-center uptime | Hyperscale and colocation operators | Software and services |
| Honeywell Building Solutions services | Installation, integration, service contracts, energy services, remote management | Owners and facility managers | Contracts and recurring services |
Process Automation & Technology
| Product line / brand | Description and capabilities | Target customer | Latest version / timing | Pricing model |
|---|---|---|---|---|
| Experion PKS | Flagship DCS for continuous and batch processes | Refining, chemicals, LNG, life sciences, power, semiconductor utilities | Ongoing releases | Projects plus lifecycle services |
| Experion Cognition | AI layer for Experion that predicts abnormal situations and deploys agents to manage them; Operations Assistant gave predictions an average of 5–10 minutes before alarms in pilots | Process plants with operator skills gaps | Launched June 2026 with Borouge International (Ruwais, UAE); commercial availability planned for Q3 2026 | Software license |
| Safety Manager / safety instrumented systems | Safety PLCs and integrated control-and-safety systems | Hazardous-process operators | Ongoing | Projects |
| ControlEdge PLC/RTU | Compact control for distributed assets | Pipelines, utilities, LNG modules | Ongoing | Product sale |
| Compressor Controls Corporation (acquired 2023) | Turbomachinery control and optimization | LNG, gas compression, refining | Ongoing | Projects and aftermarket |
| OT Cybersecurity Suite | Secure Media Exchange (USB threat protection), data diode, managed OT SOC (24/7 vendor-agnostic monitoring), SCADAfence-derived network monitoring | Industrial operators incl. semiconductor and critical infrastructure | Expanded June 2026 | Product, subscription and managed service |
| UOP process licensing | Refining and petrochemical technologies (reforming, olefins, aromatics) plus engineering design packages | Refiners, petrochemical producers | Ongoing | License fees plus engineering |
| UOP catalysts and adsorbents | Reforming and hydroprocessing catalysts, molecular sieves | Refiners, gas processors | Reload cycles | Product sale (aftermarket annuity) |
| Johnson Matthey Catalyst Technologies (acquired July 2026) | Catalysts and licensed technology for syngas, methanol, ammonia, hydrogen and renewable fuels | Chemicals, fertilizer, hydrogen and fuels producers | Closed July 17, 2026 | License plus catalyst supply |
| LNG process technology (from Air Products, 2024) | Liquefaction process technology and coil-wound heat exchangers; LNG Accelerate integrated modular solution featured in 2026 | LNG developers and EPCs | Ongoing | Equipment plus license |
| Sundyne (acquired 2025) | Engineered centrifugal pumps and compressors | Hydrocarbon, chemical, hydrogen applications | Ongoing | Equipment plus aftermarket |
| Ecofining / renewable-fuels technologies | Renewable diesel and sustainable aviation fuel production technology | Refiners, biofuel producers | Ongoing | License plus catalysts |
| Carbon capture and hydrogen | Advanced solvent carbon capture technology, hydrogen-related process solutions | Industrial emitters, energy producers | Advanced solvent carbon capture slated for testing | License and projects |
| Honeywell Forge (process) and Digital Prime | Asset performance, process optimization, lifecycle-service portal | Process plants | Updates previewed 2026 | Subscription |
Industrial Automation
| Product line / brand | Description and capabilities | Target customer | Pricing model |
|---|---|---|---|
| Sensing and Safety Technologies | Pressure, thermal, flow, position and humidity sensors and switches for regulated, mission-critical applications | Aerospace and defense, medical, industrial and semiconductor OEMs | Product sale (design-in) |
| Gas detection (incl. BW Technologies, RAE Systems, Honeywell Analytics brands) | Fixed and portable toxic and combustible gas detection; specialty gas monitoring in fabs | Semiconductor fabs, oil and gas, chemicals, utilities | Product plus service |
| Smart Energy (incl. Elster, Mercury Instruments) | Gas, electric and water meters; custody-transfer measurement; volume correctors; utility communications | Utilities and pipeline operators | Product sale and projects |
| Thermal Solutions (incl. Eclipse, Maxon, Kromschröder) | Industrial combustion, burners, burner management, valves | Industrial heat users | Product sale |
| Process measurement and control | Field instruments, transmitters and analyzers | Process plants | Product sale |
| Divested in 2025–2026 | PPE (sold 2025); Productivity Solutions and Services, i.e. mobile computers, scanners and printers (to Brady, August 2026); Warehouse and Workflow Solutions, i.e. Intelligrated and Transnorm (to American Industrial Partners, July 2026) | — | — |
Enterprise platforms
Honeywell Technologies Forge: The cross-segment "intelligence layer" of industrial software and analytics through which the company plans to monetize its installed base.
Forge Cognition: An agentic AI and simulation platform developed with NVIDIA and Dell Technologies. It runs in manual, semi-autonomous or autonomous modes with operator-defined oversight.
Honeywell Technologies Accelerator: The internal operating system for standardized processes, productivity and new-product development, with AI tools embedded across product development, sales and support.
Financial Narrative
The tables below use consolidated Honeywell International results as reported in the FY2021–FY2025 Forms 10-K. FY2023–FY2025 revenue and income items are on the restated basis that excludes Advanced Materials (Solstice). FY2021–FY2022 income items are as originally reported, including Advanced Materials, because the company has not published a restated series for those years. Aerospace is included in all FY2021–FY2025 periods. It will move to discontinued operations in the FY2026 Form 10-K.
Per-share data are shown on the post-reverse-split basis (1-for-2, June 29, 2026). For example, FY2025 diluted EPS originally reported as USD 7.36 appears as USD 14.72.
Income statement
Additional detail:
Continuing-operations diluted EPS (split-adjusted): USD 14.72 (FY2023), USD 15.16 (FY2024) and USD 13.88 (FY2025).
FY2025 EPS sources: The FY2025 Form 10-K reports diluted continuing EPS of USD 6.94 before the split adjustment. The January 29, 2026 earnings release gave USD 7.57. The 10-K also records a USD 724 million goodwill impairment.
Adjusted EPS: Adjusted EPS excluding Advanced Materials was USD 17.46 in FY2024 and USD 19.56 in FY2025 (split-adjusted; USD 8.73 and USD 9.78 as originally presented), up 12%.
Adjusted segment margin: 22.1% in FY2024 and 22.5% in FY2025.
Margins and growth
Reported revenue grew at a compound annual rate of about 2.2% from FY2021 to FY2025. The restated FY2023–FY2025 series is cleaner: sales rose 5.2% in FY2024 and 7.8% in FY2025, with FY2025 organic growth of 7% (6% excluding the Bombardier agreement).
Commentary.
Revenue: The FY2024–FY2025 acceleration came mainly from Aerospace (commercial aftermarket and defense) and from the USD 8.9 billion of 2024 acquisitions (Access Solutions, CAES, LNG, Civitanavi). Organically, Industrial Automation was a drag: it was flat in 2025 after short-cycle weakness in Europe and China.
Gross margin: peaked at 38.5% in FY2024. That year was helped by the Bombardier agreement signed in Q4 2024, which boosted Aerospace profit. FY2025 gross margin fell to 36.9% because of tariff and cost inflation, mix, and about USD 310 million of contra-revenue tied to the Flexjet settlement.
Operating margin: fell 370 basis points in FY2025 to 14.9%. Drivers were the USD 724 million goodwill impairment and the USD 270 million impairment on PSS and WWS held for sale. Excluding these items, operating margin would have been about 17.5%.
Net income: in FY2025 also absorbed higher interest expense (USD 1,344 million versus USD 343 million in FY2021) after the acquisition-funding debt raised in 2024. Lower Advanced Materials discontinued-operations income after the October 2025 spin also weighed.
Balance sheet
Commentary. Leverage rose sharply in 2024 when about USD 8.9 billion of acquisitions was debt-funded, and again in 2025 with buybacks and acquisitions. Net debt peaked at USD 22.1 billion at end-2025. The Aerospace separation reversed this. Honeywell Aerospace paid Honeywell a cash distribution of USD 15.1 billion plus up to USD 1.5 billion more, and Honeywell Technologies used it to retire debt; the Q3 2026 10-Q shows a USD 241 million year-to-date loss on debt extinguishment. By September 30, 2026, total debt had fallen to USD 16.6 billion and net debt to USD 10.9 billion. Goodwill and intangibles jumped in 2024 with Access Solutions and the LNG acquisition, and will step down after the aerospace spin and the PSS/WWS sales. The Catalyst Technologies acquisition offsets part of that decline.
Cash flow
On the restated continuing-operations basis, operating cash flow was USD 4,459 million (FY2023), USD 5,112 million (FY2024) and USD 6,075 million (FY2025). Company-defined free cash flow was USD 4,241 million in FY2024 and USD 5,102 million in FY2025, up 20%. That definition adjusts for capex, separation costs, the Resideo termination payment and the asbestos-liability divestiture.
FY2025 operating cash flow included the one-time USD 1,590 million Resideo payment. FY2023 operating cash flow was reduced by the USD 1,325 million NARCO buyout.
2026 year-to-date (Honeywell Technologies, continuing operations).
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Operating cash flow was USD 932 million for nine months, versus USD 2,610 million in 9M 2025, which included the Resideo payment.
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Q3 2026 free cash flow was USD 688 million (95% conversion), up 15%.
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Q3 capex fell to USD 77 million from USD 150 million.
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Year-to-date share repurchases were USD 1,000 million, all in Q1. Year-to-date dividends paid were USD 1,816 million.
Ratios
Commentary.
Returns: ROE is high (about 30–36%) mainly because buybacks have shrunk the equity base. ROIC is the more telling measure: it fell from about 13% to about 9% as acquisitions added goodwill and debt faster than operating profit.
Leverage: Interest coverage fell from 18x to 4x between FY2021 and FY2025, and net debt to EBITDA rose to about 2.7x. That explains why Moody's put Honeywell on review for downgrade in February 2026 and moved to a negative outlook in June 2026, and why S&P kept a negative outlook.
Working capital: The cash conversion cycle widened by about 20 days over five years, mostly in inventory (supply-chain buffering in Aerospace). FY2023 days metrics compare restated sales with balance sheets that still include Advanced Materials, which overstates DSO and DIO for that year.
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Segment Overview
| Segment | Leader (from Oct 1, 2026) | Business units | Principal offerings |
|---|---|---|---|
Building Automation (BA) | Juan Picon, President & CEO | Building Products; Building Solutions | Fire detection and alarm, access control (incl. former Carrier Access Solutions), video and security, building management systems and controls, Forge buildings software, installation and services |
Process Automation & Technology (PA&T) | Jim Masso, President & CEO, Process Automation; Billal Hammoud, President & CEO, Process Technology | Projects; Aftermarket | Experion DCS, safety systems, turbomachinery controls (Compressor Controls), UOP licensing, catalysts and adsorbents (incl. Johnson Matthey Catalyst Technologies), LNG technology, Sundyne pumps and compressors, renewable fuels, carbon capture, hydrogen |
Industrial Automation (IA) | Peter Lau, President & CEO | Products; Solutions | Sensing and safety technologies, gas detection, smart-energy metering and custody transfer, thermal and combustion solutions, process measurement and control |
Revenue by Segment
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Aerospace Technologies sales (USD Mn) | 13,624 | 15,458 | 17,510 |
Building Automation sales (USD Mn) | 6,031 | 6,540 | 7,367 |
Process Automation and Technology sales (USD Mn) | 5,683 | 5,919 | 6,437 |
Industrial Automation sales (USD Mn) | 7,659 | 6,776 | 6,098 |
Corporate and all other sales (USD Mn) | 12 | 24 | 30 |
Total net sales (USD Mn) | 33,009 | 34,717 | 37,442 |
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View Subscription PlansResults by Segment
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Aerospace Technologies segment profit (USD Mn) | 3,760 | 3,988 | 4,284 |
Building Automation segment profit (USD Mn) | 1,529 | 1,681 | 1,953 |
Process Automation and Technology segment profit (USD Mn) | 1,390 | 1,464 | 1,542 |
Industrial Automation segment profit (USD Mn) | 1,388 | 1,113 | 893 |
Segment Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Aerospace Technologies segment margin (%) | 27.6 | 25.8 | 24.5 |
Building Automation segment margin (%) | 25.4 | 25.7 | 26.5 |
Process Automation and Technology segment margin (%) | 24.5 | 24.7 | 24.0 |
Industrial Automation segment margin (%) | 18.1 | 16.4 | 14.6 |
Segment Margins & Growth (%) (FY2024–FY2025)
| Metric | FY2024 | FY2025 |
|---|---|---|
Aerospace Technologies sales growth (%) | 13.5 | 13.3 |
Building Automation sales growth (%) | 8.4 | 12.6 |
Process Automation and Technology sales growth (%) | 4.2 | 8.8 |
Industrial Automation sales growth (%) | -11.5 | -10.0 |
Revenue by Segment (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Aerospace Technologies share of total sales (%) | 41.3 | 44.5 | 46.8 |
Building Automation share of total sales (%) | 18.3 | 18.8 | 19.7 |
Process Automation and Technology share of total sales (%) | 17.2 | 17.0 | 17.2 |
Industrial Automation share of total sales (%) | 23.2 | 19.5 | 16.3 |
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View Subscription PlansSegment Overview (FY2025 revenue)
| Segment | Business model | FY2025 revenue |
|---|---|---|
Building Automation | Products | 3,941 |
Building Automation | Solutions | 3,426 |
Process Automation and Technology | Projects | 2,717 |
Process Automation and Technology | Aftermarket | 3,720 |
Industrial Automation | Products | 4,284 |
Industrial Automation | Solutions | 1,814 |
Aerospace Technologies (spun off) | Commercial Aviation OE | 2,513 |
Aerospace Technologies (spun off) | Commercial Aviation Aftermarket | 7,777 |
Aerospace Technologies (spun off) | Defense and Space | 7,220 |
Revenue by Segment and Segment Margins & Growth (%)
| Metric | 2Q2025 | 3Q2025 | 2Q2026 | 3Q2026 |
|---|---|---|---|---|
Building Automation sales (USD Mn) | 1,826 | 1,878 | 2,002 | 2,020 |
Process Automation and Technology sales (USD Mn) | 1,613 | 1,598 | 1,679 | 1,859 |
Industrial Automation sales (USD Mn) | 1,577 | 1,450 | 1,501 | 1,115 |
Honeywell Technologies total sales (USD Mn) | 5,018 | 4,929 | 5,187 | 4,994 |
Building Automation segment profit (USD Mn) | 479 | 502 | 542 | 546 |
Process Automation and Technology segment profit (USD Mn) | 386 | 389 | 371 | 412 |
Industrial Automation segment profit (USD Mn) | 257 | 216 | 258 | 205 |
Honeywell Technologies segment profit, after corporate (USD Mn) | 904 | 866 | 985 | 1,062 |
Building Automation segment margin (%) | 26.2 | 26.7 | 27.1 | 27.0 |
Process Automation and Technology segment margin (%) | 23.9 | 24.3 | 22.1 | 22.2 |
Industrial Automation segment margin (%) | 16.3 | 14.9 | 17.2 | 18.4 |
Honeywell Technologies segment margin (%) | 18.0 | 17.6 | 19.0 | 21.3 |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net sales (USD Mn) | 34,392 | 35,466 | 33,009 | 34,717 | 37,442 |
Cost of products and services sold (USD Mn) | 22,061 | 22,347 | 20,637 | 21,360 | 23,613 |
Gross profit (USD Mn) | 12,331 | 13,119 | 12,372 | 13,357 | 13,829 |
Research and development expense (USD Mn) | 1,333 | 1,478 | 1,375 | 1,454 | 1,812 |
Selling, general and administrative expense (USD Mn) | 4,798 | 5,214 | 4,887 | 5,235 | 5,450 |
Impairment charges, goodwill and assets held for sale (USD Mn) | 0 | 0 | 0 | 219 | 994 |
Operating income (USD Mn) | 6,200 | 6,427 | 6,110 | 6,449 | 5,573 |
Other (income) expense, net (USD Mn) | -1,378 | -366 | -830 | -843 | -1,247 |
Interest and other financial charges (USD Mn) | 343 | 414 | 749 | 1,048 | 1,344 |
Pre-tax income from continuing operations (USD Mn) | 7,235 | 6,379 | 6,191 | 6,244 | 5,476 |
Tax expense (USD Mn) | 1,625 | 1,412 | 1,262 | 1,249 | 1,008 |
Net income attributable to Honeywell (USD Mn) | 5,542 | 4,966 | 5,658 | 5,705 | 4,729 |
Depreciation and amortization (USD Mn) | 1,223 | 1,204 | 1,004 | 1,152 | 1,388 |
EBITDA, pre-tax income plus interest plus D&A (USD Mn) | 8,801 | 7,997 | 7,944 | 8,444 | 8,208 |
Diluted EPS, total, split-adjusted (USD) | 15.82 | 14.54 | 16.94 | 17.42 | 14.72 |
Basic EPS, total, split-adjusted (USD) | 16.02 | 14.66 | 17.06 | 17.52 | 14.80 |
Dividends declared per share, split-adjusted (USD) | 7.54 | 7.94 | 8.34 | 8.74 | 9.16 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 35.9 | 37.0 | 37.5 | 38.5 | 36.9 |
Operating margin (%) | 18.0 | 18.1 | 18.5 | 18.6 | 14.9 |
EBITDA margin (%) | 25.6 | 22.5 | 24.1 | 24.3 | 21.9 |
Net margin (%) | 16.1 | 14.0 | 17.1 | 16.4 | 12.6 |
Effective tax rate (%) | 22.5 | 22.1 | 20.4 | 20.0 | 18.4 |
R&D as % of sales (%) | 3.9 | 4.2 | 4.2 | 4.2 | 4.8 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Cash and cash equivalents (USD Mn) | 10,959 | 9,627 | 7,925 | 9,906 | 12,487 |
Commercial paper and other short-term borrowings (USD Mn) | 3,542 | 2,717 | 2,085 | 4,273 | 5,893 |
Current maturities of long-term debt (USD Mn) | 1,746 | 1,653 | 1,710 | 1,278 | 1,509 |
Long-term debt (USD Mn) | 14,254 | 15,123 | 16,562 | 25,440 | 27,141 |
Total debt (USD Mn) | 19,542 | 19,493 | 20,357 | 30,991 | 34,543 |
Net debt (USD Mn) | 8,583 | 9,866 | 12,432 | 21,085 | 22,056 |
Total assets (USD Mn) | 64,470 | 62,275 | 61,525 | 75,196 | 73,681 |
Goodwill (USD Mn) | 17,756 | 17,497 | 18,049 | 21,019 | 21,079 |
Other intangible assets (USD Mn) | 3,613 | 3,222 | 3,231 | 6,621 | 6,736 |
Total current assets (USD Mn) | 25,372 | 24,982 | 23,502 | 27,908 | 30,387 |
Total current liabilities (USD Mn) | 19,508 | 19,938 | 18,539 | 21,256 | 23,414 |
Working capital (USD Mn) | 5,864 | 5,044 | 4,963 | 6,652 | 6,973 |
Total shareowners' equity (USD Mn) | 19,242 | 17,319 | 16,434 | 19,154 | 15,030 |
Honeywell shareowners' equity (USD Mn) | 18,569 | 16,697 | 15,856 | 18,619 | 13,904 |
Financial Analysis
| Item | USD Mn |
|---|---|
Cash and cash equivalents | 5,694 |
Commercial paper and other short-term borrowings | 2,424 |
Current maturities of long-term debt | 3,783 |
Long-term debt | 10,386 |
Total debt | 16,593 |
Net debt | 10,899 |
Total assets | 53,098 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow, total (USD Mn) | 6,038 | 5,274 | 5,340 | 6,097 | 6,408 |
Capital expenditures (USD Mn) | 895 | 766 | 741 | 871 | 986 |
Free cash flow, operating cash flow less capex (USD Mn) | 5,143 | 4,508 | 4,599 | 5,226 | 5,422 |
Dividends paid (USD Mn) | 2,626 | 2,719 | 2,855 | 2,902 | 2,976 |
Share repurchases (USD Mn) | 3,380 | 4,200 | 3,715 | 1,655 | 3,804 |
Cash paid for acquisitions, net (USD Mn) | 1,326 | 178 | 718 | 8,880 | 2,211 |
Proceeds from business sales (USD Mn) | 203 | 0 | 4 | 0 | 1,157 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Return on equity, on year-end Honeywell equity (%) | 29.8 | 29.7 | 35.7 | 30.6 | 34.0 |
Return on assets (%) | 8.6 | 8.0 | 9.2 | 7.6 | 6.4 |
ROIC, after-tax operating income over debt plus equity (%) | 12.4 | 13.6 | 13.2 | 10.3 | 9.2 |
Current ratio (x) | 1.30 | 1.25 | 1.27 | 1.31 | 1.30 |
Total debt to total equity (x) | 1.02 | 1.13 | 1.24 | 1.62 | 2.30 |
Net debt to EBITDA (x) | 0.98 | 1.23 | 1.56 | 2.50 | 2.69 |
Interest coverage, operating income over interest (x) | 18.1 | 15.5 | 8.2 | 6.2 | 4.1 |
Asset turnover (x) | 0.53 | 0.57 | 0.54 | 0.46 | 0.51 |
Days sales outstanding (days) | 74.4 | 78.4 | 85.3 | 77.9 | 74.3 |
Days inventory outstanding (days) | 85.0 | 90.5 | 109.3 | 100.5 | 95.2 |
Days payables outstanding (days) | 107.3 | 103.4 | 121.1 | 104.4 | 97.6 |
Cash conversion cycle (days) | 52.1 | 65.5 | 73.5 | 74.0 | 71.9 |
Financial Analysis (Annual)
| Metric | Previous guidance | Current guidance (Oct 22, 2026) |
|---|---|---|
Sales | USD 19.8–20.0 billion | USD 20.0–20.1 billion |
Organic growth | 3–4% | 4–5% (Q4: 5–6%) |
Segment margin | 20.1–20.5% | About 20.5% (about +290 bps) |
Adjusted EPS | USD 8.05–8.35 | USD 8.40–8.45 (+30–31%) |
Operating cash flow | About USD 2.1 billion | About USD 2.1 billion |
Free cash flow | About USD 2.0 billion | About USD 2.1 billion |
Revenue by Region
| Region | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
United States net sales (USD Mn) | 18,697 | 19,531 | 21,784 |
Europe net sales (USD Mn) | 7,265 | 7,963 | 8,112 |
Other international net sales (USD Mn) | 7,047 | 7,223 | 7,546 |
Total net sales (USD Mn) | 33,009 | 34,717 | 37,442 |
Region Margins & Growth (%)
| Region | FY2024 | FY2025 |
|---|---|---|
United States sales growth (%) | 4.5 | 11.5 |
Europe sales growth (%) | 9.6 | 1.9 |
Other international sales growth (%) | 2.5 | 4.5 |
Revenue by Region (%)
| Region | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
United States share of sales (%) | 56.6 | 56.3 | 58.2 |
Europe share of sales (%) | 22.0 | 22.9 | 21.7 |
Other international share of sales (%) | 21.3 | 20.8 | 20.2 |
Segment Overview — Aerospace Technologies
| Segment | US exports as % of segment sales | Non-US manufactured products and services as % of segment sales |
|---|---|---|
Aerospace Technologies | 33 | 27 |
Building Automation | 2 | 56 |
Process Automation and Technology | 27 | 61 |
Industrial Automation | 4 | 47 |
Total company | 21 | 42 |
Valuation Snapshot
| Metric | Value |
|---|---|
Share price (Oct 29, 2026 close) | USD 218.26 |
Shares outstanding | About 317 million |
Market capitalization | About USD 69 billion |
Enterprise value (market cap plus net debt of USD 10.9 billion at Sep 30, 2026) | About USD 80 billion |
P/E on 2026 guided adjusted EPS (USD 8.425 midpoint) | About 25.9x |
EV / 2026 guided sales (USD 20.05 billion midpoint) | About 4.0x |
Analyst consensus (12 analysts, 12-month targets) | Average USD 260.90; high USD 293; low USD 231 |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividends declared per share, split-adjusted (USD) | 7.54 | 7.94 | 8.34 | 8.74 | 9.16 |
Dividends paid (USD Mn) | 2,626 | 2,719 | 2,855 | 2,902 | 2,976 |
Dividends & Capital Returns
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Share repurchases (USD Mn) | 3,380 | 4,200 | 3,715 | 1,655 | 3,804 |
Credit Ratings
| Agency | Long-term | Short-term | Outlook | Recent action |
|---|---|---|---|---|
S&P Global | A | A-1 | Negative | Mar 6, 2026: watch negative changed to negative outlook |
Fitch | A | F1 | Stable | Mar 6, 2026: watch negative changed to stable |
Moody's | A2 | P-1 | Negative | Feb 2, 2026: review for downgrade; Jun 25, 2026: changed to negative outlook |
Components
| Component | USD Mn |
|---|---|
Commercial paper and other short-term borrowings | 2,424 |
Current maturities of long-term debt (due within 12 months) | 3,783 |
Long-term debt | 10,386 |
Analyst Conclusions
Management guidance (FY2026, as of October 22, 2026)
Management guides to:
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sales of USD 20.0–20.1 billion, with 4–5% organic growth (5–6% in Q4);
-
segment margin of about 20.5%, about 290 bps higher than 2025;
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adjusted EPS of USD 8.40–8.45, up 30–31%;
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operating cash flow of about USD 2.1 billion and free cash flow of about USD 2.1 billion;
-
about 319.4 million diluted shares.
FY2027 guidance is expected in February 2027. Medium-term targets run to 2029: 4–6% organic growth, about 24% segment margin, about USD 12 adjusted EPS, and more than USD 3 billion of free cash flow.
Bull case
-
Margin self-help is visible and partly locked in. Q3 2026 segment margin expanded 370 bps to 21.3% while organic growth was 7%. Stranded-cost removal is running ahead of plan, so the about 24% 2029 target needs only modest operational gains beyond structural actions.
-
Growth is broad and orders lead sales. Q2 2026 orders rose 16% (PA&T up 24%), Q3 backlog reached nearly USD 19 billion (up 7% excluding divestitures), and Building Automation has posted eight straight quarters of high-single-digit organic growth.
-
The balance sheet is reset for compounding. Net debt fell to about USD 10.9 billion. With about USD 2.1 billion of 2026 free cash flow rising toward more than USD 3 billion, Honeywell has capacity for USD 2–4 billion bolt-ons and renewed buybacks. The Quantinuum stake is an extra, unconsolidated source of value.
Bear case
-
Peer margins are the real benchmark, and the gap is wide. At about 20.5% segment margin after corporate costs, Honeywell Technologies trails Emerson (27.6%) and must expand margins about 60 bps a year for three years just to reach about 24%.
-
PA&T's cyclicality and integration risk. The segment fell 1% organically in Q2 2026 on catalyst timing, and its Q3 margin fell 210 bps with the JM acquisition. Much of the growth story depends on Middle East LNG orders exposed to regional conflict.
-
Valuation already assumes success. About 26x 2026 adjusted EPS and about 4x EV/sales sit near automation-peer levels, despite a history of 0% relative-TSR payouts, negative outlooks from two rating agencies, and an IA segment whose recast margin fell to 14.6% in 2025.
Key catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable |
|---|---|
| Q4 2026 | Delivery of 5–6% organic growth and about 20.5% full-year segment margin; restart of share repurchases |
| Jan–Feb 2027 | Q4 2026 results and first full-year 2027 guidance; first Honeywell Technologies-only Form 10-K |
| 2,027 | JM Catalyst Technologies integration and PA&T margin recovery toward about 25% by 2029 |
| 2,027 | Industrial Automation margin path toward about 25%; further portfolio pruning or USD 2–4 billion bolt-ons in sensing and measurement |
| 2,027 | Experion Cognition commercial wins beyond Borouge; Forge recurring-revenue growth (target about 15%) |
| 2,027 | Rating-agency actions (S&P and Moody's negative outlooks) after deleveraging |
| Ongoing | Quantinuum share price and equity-method losses; any monetization of the stake |
| Ongoing | Data-center and semiconductor-fab demand (BA orders, gas detection, OT cybersecurity) |
| Ongoing | Board refresh after the spin, including a new CGRC chair and possible new independent directors |
Q4 2026: Catalyst / monitorable: Delivery of 5–6% organic growth and about 20.5% full-year segment margin; restart of share repurchases
Jan–Feb 2027: Catalyst / monitorable: Q4 2026 results and first full-year 2027 guidance; first Honeywell Technologies-only Form 10-K
2027: Catalyst / monitorable: JM Catalyst Technologies integration and PA&T margin recovery toward about 25% by 2029
2027: Catalyst / monitorable: Industrial Automation margin path toward about 25%; further portfolio pruning or USD 2–4 billion bolt-ons in sensing and measurement
2027: Catalyst / monitorable: Experion Cognition commercial wins beyond Borouge; Forge recurring-revenue growth (target about 15%)
2027: Catalyst / monitorable: Rating-agency actions (S&P and Moody's negative outlooks) after deleveraging
Ongoing: Catalyst / monitorable: Quantinuum share price and equity-method losses; any monetization of the stake
Ongoing: Catalyst / monitorable: Data-center and semiconductor-fab demand (BA orders, gas detection, OT cybersecurity)
Ongoing: Catalyst / monitorable: Board refresh after the spin, including a new CGRC chair and possible new independent directors
Analyst verdict
Honeywell Technologies has come out of a three-year teardown as a coherent, if not yet best-in-class, automation company. The portfolio is now easy to explain:
-
a high-margin buildings franchise riding data-center and healthcare demand;
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a process-automation and process-technology business, unusual in pairing control systems with process licensing and catalysts;
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a smaller sensing and measurement business that management has explicitly labeled a margin-repair project.
The first standalone quarter was better than the market feared: 7% organic growth, a 370 bp margin gain and a 34% rise in adjusted EPS, followed by a third guidance raise in five months.
The debate is no longer about portfolio structure. It is about execution against a peer group that is already more profitable. Emerson's adjusted segment EBITA margin is about seven points above Honeywell Technologies' guided 2026 segment margin. The about 24% target for 2029 is credible because more than 200 bps of it is structural, but the remainder depends on PA&T absorbing Johnson Matthey's catalyst business without lasting dilution and on IA moving from mid-teens to mid-twenties margins. Neither has been demonstrated yet.
The balance sheet is no longer a constraint: net debt fell by more than half after the Aerospace distribution. Two rating agencies keep negative outlooks, however, and management has not yet set out how it will allocate capital between bolt-on acquisitions and buybacks now that USD 679 million is left under the 2023 buyback authorization.
At about 26x guided 2026 adjusted EPS, the shares price in substantial delivery against the 2029 targets. On balance, Honeywell Technologies looks like a high-quality automation asset at a fair price. Upside depends on proof points: sustained mid-single-digit organic growth, PA&T margin recovery in 2027, and visible recurring-revenue traction from Forge and Experion Cognition. The February 2027 guidance will be the first full test of the 2029 framework.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | In role since | Prior roles | Education | Age |
|---|---|---|---|---|---|
Vimal Kapur | Chairman & Chief Executive Officer | CEO Jun 2023; Chairman Jun 2024 | President & COO (2022–2023); CEO Honeywell Building Technologies; joined Honeywell 1989 | B.E., Thapar Institute of Engineering & Technology | 60 |
Mike (Michal) Stepniak | Senior Vice President & Chief Financial Officer | Feb 2025 | CFO Aerospace Technologies; CFO Honeywell Building Technologies | — | — |
Juan Picon | President & CEO, Building Automation | Oct 1, 2026 | President, BA Americas (Oct 2024–Sep 2026); President, Fire Life Safety (2024); executive roles at Sensata, WESCO Distribution, General Cable; 18+ earlier years at Honeywell | Law degree, Complutense University of Madrid; MBA, Arizona State; Master's in EU Law, Carlos III; Diploma in Business, CEC Madrid | — |
Billal Hammoud | President & CEO, Process Technology (PA&T) | Oct 1, 2026 | President & CEO, Building Automation (2023–2026); President & CEO, Building Technologies; President & GM, Smart Energy and Thermal Solutions; ESAB | MBA and B.S. Mechanical Engineering, Wayne State University | 54 |
Jim Masso | President & CEO, Process Automation (PA&T) | Joined Jul 14, 2025 | President & CEO, Allied Power Group | — | — |
Peter Lau | President & CEO, Industrial Automation | Oct 2025 | CEO, FARO Technologies | — | — |
Su Ping Lu | SVP, General Counsel & Corporate Secretary | — | — | — | — |
Suresh Venkatarayalu | SVP, Chief Technology Officer & President, Connected Enterprise | — | — | — | — |
Jennifer Reilly | SVP & Chief Human Resources Officer | 2026 | VP HR, Process Technology; VP HR, Safety and Productivity Solutions; EVP & CHRO, MKS Instruments (2019–2023); Danaher; Hershey; General Mills | M.A., University of Minnesota; B.A., St. Olaf College | — |
Eric Seidel | SVP & Chief Commercial Officer | — | — | — | — |
Sabi Varma | SVP & Chief Strategy Officer | — | — | — | — |
Peter Kropik | SVP, Enterprise Transformation & Chief Digital Officer | — | — | — | — |
Scott Hillpot | SVP, Chief Integrated Supply Chain Officer | — | — | — | — |
“—” = not publicly disclosed.
Directors' Remuneration
| Executive | Salary | Stock awards | Option awards | Non-equity incentive | Pension / NQDC change | All other | Total |
|---|---|---|---|---|---|---|---|
Vimal Kapur, Chairman & CEO | 1,600,000 | 10,866,269 | 3,623,914 | 3,516,800 | 573,547 | 200,905 | 20,381,435 |
Michal Stepniak, SVP & CFO | 875,000 | 2,848,455 | 946,512 | 1,245,197 | 0 | 457,115 | 6,372,279 |
James Masso, President & CEO, Process Automation (partial year) | 298,558 | 3,850,310 | 413,165 | 314,300 | 0 | 5,200 | 4,881,533 |
Billal Hammoud, President & CEO, Building Automation | 693,539 | 2,477,084 | 486,402 | 1,008,837 | 10,255 | 58,327 | 4,734,443 |
Metric | FY2023 | FY2024 | FY2025 | — | — | — | — |
CEO Vimal Kapur total compensation, Summary Compensation Table (USD) | 14,401,630 | 18,277,193 | 20,381,435 | — | — | — | — |
Board of Directors
| Director | Role | Director since | Principal background | Age (2026 proxy) |
|---|---|---|---|---|
Vimal Kapur | Chairman & CEO | 2023 | Honeywell CEO | 60 |
Michael W. Lamach | Independent Lead Director (from May 2026) | 2023 | Retired Chairman & CEO, Trane Technologies | 62 |
Duncan B. Angove | Independent; MDCC member | 2018 | CEO, Blue Yonder | 59 |
Grace D. Lieblein | Independent; MDCC Chair | 2013 | Former VP Global Quality, General Motors | 65 |
Indra K. Nooyi | Independent; MDCC member | 2026 | Former Chair & CEO, PepsiCo | 70 |
Marc Steinberg | Independent; Audit Committee member | 2025 | Partner, Elliott Investment Management | 36 |
Robin Watson | Independent | 2022 | Former CEO, John Wood Group; chartered mechanical engineer | 59 |
Stephen Williamson | Independent; Audit Committee Chair | 2025 | Former SVP & CFO, Thermo Fisher Scientific; ICAEW member | 59 |
Board & Management Changes
| Date | Change |
|---|---|
Feb 2025 | Mike Stepniak succeeds Greg Lewis as CFO |
Jul 2025 | Jim Masso joins as President & CEO, Process Automation |
Oct 2025 | Peter Lau becomes President & CEO, Industrial Automation, succeeding Lucian Boldea |
Nov 2025 | Jim Currier named CEO-designate of Honeywell Aerospace; Craig Arnold named its Chair |
| 2026 | Jennifer Reilly becomes CHRO, succeeding Karen Mattimore |
May 22, 2026 | Michael Lamach becomes independent Lead Director |
Jun 29, 2026 | Four directors move to the Honeywell Aerospace board |
Aug 31, 2026 | Ken West, President & CEO of Process Technology, departs for an external opportunity |
Oct 1, 2026 | Billal Hammoud moves to Process Technology; Juan Picon leads Building Automation |
Major Shareholders
| Holder | Shares | % of common stock |
|---|---|---|
The Vanguard Group | 61,121,019 | 9.6 |
BlackRock, Inc. | 42,313,312 | 6.7 |
All directors and executive officers as a group | 972,188 | Less than 1 |
Competitive Landscape
Competitors by Segment
| Segment | Principal competitors | Where Honeywell is advantaged | Where Honeywell is challenged |
|---|---|---|---|
Building Automation | Johnson Controls, Siemens (Smart Infrastructure), Schneider Electric, Bosch, ASSA ABLOY, Allegion, Carrier | Fire detection leadership (Notifier, System Sensor), access control scale after Access Solutions, roughly 27% margin, data-center and healthcare momentum | Schneider and Siemens offer broader electrical and power stacks for data centers; JCI is a large HVAC-integrated rival |
Process Automation (DCS, safety) | Emerson, ABB, Yokogawa, Siemens, Schneider Electric (AVEVA), Rockwell Automation | Experion installed base in refining, LNG and chemicals; integration with UOP licensing; AI-autonomy lead (Experion Cognition) | Emerson's DeltaV and AspenTech software depth; ABB and Yokogawa strength in Asia |
Process Technology (licensing, catalysts) | Shell Catalysts & Technologies, Topsoe, Axens, Clariant, Albemarle, Linde, Air Liquide | UOP licensing heritage; LNG technology from Air Products; JM catalyst portfolio | Catalyst volumes are lumpy (2025–2026 shipment timing); energy-capex cyclicality |
Industrial Automation (sensing, gas detection, metering) | Emerson, Endress+Hauser, Sensata, TE Connectivity, Amphenol, MSA Safety, Dräger, Itron, Landis+Gyr, Xylem | Regulated, mission-critical sensing niches (medical, aerospace, semiconductor gas detection) | Lower-margin history, utility-meter deployment deferrals, sub-scale in parts after divestitures |
OT cybersecurity (incl. semiconductor fabs) | Claroty, Dragos, Nozomi Networks, TXOne Networks, Fortinet, Palo Alto Networks, Cisco, Siemens | Embedded in Honeywell control systems; SCADAfence technology; managed OT SOC | Specialist vendors (TXOne in fabs) and network-security majors set the pace |
Peer Comparison FY2025
| Company | Fiscal year | Revenue | Reported revenue growth (%) | Organic growth (%) | Margin metric |
|---|---|---|---|---|---|
Honeywell Technologies (three automation segments) | FY2025 | USD 19,902 million | 3.5 | — | Segment profit before corporate 22.0%; 2026 guided segment margin after corporate about 20.5% |
Emerson Electric | FY2025 (Sep) | USD 18,016 million | 3 | 3 | Adjusted segment EBITA 27.6% |
Johnson Controls | FY2025 (Sep) | USD 23.6 billion | 3 | 6 | Adjusted segment margin up 100 bps |
Rockwell Automation | FY2025 (Sep) | USD 8,342 million | 1 | 1 | Segment operating margin 20.4% |
Schneider Electric | FY2025 (Dec) | EUR 40.2 billion | 5.2 | 8.9 | Adjusted EBITA 18.7% |
“—” = not publicly disclosed.
