Honeywell Technologies
Sector unknown·HON · USA (SEC 10-K)·Fiscal year to 31/12/2025
(Honeywell, we, us, our, or the Company) is an integrated operating company serving a broad range of industries and geographies around the world, with a portfolio that is underpinned by our Honeywell Accelerator operating system and Honeywell Forge platform.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Construction
End markets
DriverPositive impact: strengthens
“Net sales $ 7,367 $ 6,540 13 % $ 6,031 8 % Cost of products and services sold 3,832 3,482 3,240 Selling, general and administrative and other expenses 1,582 1,377 1,262 Segment profit $ 1,953 $ 1,681 16 % $ 1,529 10 % Factors Contributing to Year-Over-Year Change Net Sales Segment Profit Net Sales Segment Profit Reported percent change 13 % 16 % 8 % 10 % Less: Impact of divestitures to the prior period — % — % — % — % Reported percent change, adjusted for impact of divestitures (1) % — % Less: Acquisitions 5 % 6 % 7 % 10 % Less: Other — % — % — % — % Organic percent change 8 % 10 % 2 % — % 2025 compared with 2024 Sales increased $827 million due to higher organic sales of $287 million in Products and higher organic sales of $217 million in Building Solutions, both driven by higher demand.”
Annual report 2025A · The company itself
Market
“Each of our businesses help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations for aerospace, building automation, industrial automation, process automation, and process technology, that help make the world smarter and safer, as well as more secure and sustainable.”
Annual report 2025A · The company itself
Market
“We globally manage our business operations through four reportable business segments: Aerospace Technologies, Industrial Automation, Building Automation, and Energy and Sustainability Solutions.”
Annual report 2025A · The company itself
Chains in: Interest rates weakens, Housing market strengthens, Public investment and infrastructure strengthens, Business cycle and GDP growth strengthens, Reconstruction of Ukraine strengthens
Defence industry
End markets
Market
“Our Honeywell Aerospace business will be a leading global tier-1 aerospace and defense supplier of mission critical systems and technologies that enable the production, maintenance, and safe operation of aerospace and defense platforms.”
Annual report 2025A · The company itself
Market
“We globally manage our business operations through four reportable business segments: Aerospace Technologies, Industrial Automation, Building Automation, and Energy and Sustainability Solutions.”
Annual report 2025A · The company itself
Chains in: Defence budgets strengthens
Industrial manufacturing
End markets
Market
“Each of our businesses help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations for aerospace, building automation, industrial automation, process automation, and process technology, that help make the world smarter and safer, as well as more secure and sustainable.”
Annual report 2025A · The company itself
Market
“We globally manage our business operations through four reportable business segments: Aerospace Technologies, Industrial Automation, Building Automation, and Energy and Sustainability Solutions.”
Annual report 2025A · The company itself
Artificial intelligence
Technology
StrategyPositive impact: strengthens
“Research and Development Expenses 2025 compared with 2024 Research and development expenses increased as a percentage of net sales primarily due to increased investment in new product development in our Aerospace Technologies business.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Automation and robotics
Technology
Market
“Our Honeywell business will be a leading global, pure-play automation company, delivering productivity enhancing mission-critical solutions that enable optimized outcomes for customers.”
Annual report 2025A · The company itself
Automotive
End markets
Market
“During the fourth quarter of 2024, our Commercial Aviation Original Equipment business entered into a strategic agreement with Bombardier (the Bombardier Agreement) to provide advanced technology for current and future Bombardier aircraft in avionics, propulsion, and satellite communications technologies.”
Annual report 2025A · The company itself
Natural gas
Raw materials and inputs
Market
“Net sales $ 3,134 $ 2,644 19 % $ 2,586 2 % Cost of products and services sold 1,873 1,562 1,599 Selling, general and administrative and other expenses 569 467 418 Segment profit $ 692 $ 615 13 % $ 569 8 % Factors Contributing to Year-Over-Year Change Net Sales Segment Profit Net Sales Segment Profit Reported percent change 19 % 13 % 2 % 8 % Less: Impact of divestitures to the prior period — % — % — % — % Reported percent change, adjusted for impact of divestitures % 1 % — % — % Less: Acquisitions 20 % 31 % 2 % 5 % Less: Other — % — % — % — % Organic percent change (1) % (19) % — % 3 % 2025 compared with 2024 Sales increased $490 million due to inorganic sales growth from the acquisitions of LNG and Sundyne.”
Annual report 2025A · The company itself
Utilities
End markets
Market
“We globally manage our business operations through four reportable business segments: Aerospace Technologies, Industrial Automation, Building Automation, and Energy and Sustainability Solutions.”
Annual report 2025A · The company itself
Inflation
Macro
DriverNegative impact: weakens
“Net sales increased due to the following: •Increased pricing and price adjustments to offset inflation, •Incremental sales from recent acquisitions, and •Higher sales volumes, •Partially offset by lower sales from the divestiture of the PPE business, and •The sales impact of the settlement of the Flexjet-related litigation matters.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Cost of Products and Services Sold 2025 compared with 2024 Cost of products and services sold increased due to the following: •Incremental costs from recent acquisitions of approximately $0.9 billion or 4%, •Higher direct and indirect material costs and higher labor costs of approximately $0.7 billion or 3%, and •Higher sales volumes of approximately $0.6 billion or 3%.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Gross Margin 2025 compared with 2024 Gross margin increased by approximately $0.5 billion and gross margin as a percentage of Net sales decreased 160 basis points to 36.9% compared to 38.5% for the same period of 2024.”
Annual report 2025A · The company itself
Chains out: this weakens Consumer spending, strengthens Interest rates
Aviation and travel
End markets
DriverPositive impact: strengthens
“Sales increased $2,052 million due to higher organic sales of $639 million in Defense and Space and higher organic sales of $636 million in Commercial Aviation Aftermarket, both driven by higher sales volume due to increased demand and shipments.”
Annual report 2025A · The company itself
DriverPositive impact: strengthens
“2024 compared with 2023 Sales increased $1,834 million due to higher organic sales of $907 million in Commercial Aviation Aftermarket driven by higher sales volumes in air transport due to an increase in flight hours and higher organic sales of $772 million in Defense and Space driven by higher sales volumes due to increased shipments.”
Annual report 2025A · The company itself
Chains in: Fuel strengthens, Pandemics and outbreaks weakens
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“Cost of Products and Services Sold 2025 compared with 2024 Cost of products and services sold increased due to the following: •Incremental costs from recent acquisitions of approximately $0.9 billion or 4%, •Higher direct and indirect material costs and higher labor costs of approximately $0.7 billion or 3%, and •Higher sales volumes of approximately $0.6 billion or 3%.”
Annual report 2025A · The company itself
Other currencies
Macro
DriverNegative impact: weakens
“2024 compared with 2023 Net sales increased due to the following: •Incremental sales from recent acquisitions, •Increased pricing and price adjustments to offset inflation, and •Higher sales volumes, •Partially offset by unfavorable impact of foreign currency translation, driven by the strengthening of the U.S. dollar against the Turkish lira, Chinese renminbi, and Canadian dollar, offset by the weakening of the U.S. dollar against the British pound.”
Annual report 2025A · The company itself
USD vs DKK/EUR
Macro
DriverNegative impact: weakens
“2024 compared with 2023 Net sales increased due to the following: •Incremental sales from recent acquisitions, •Increased pricing and price adjustments to offset inflation, and •Higher sales volumes, •Partially offset by unfavorable impact of foreign currency translation, driven by the strengthening of the U.S. dollar against the Turkish lira, Chinese renminbi, and Canadian dollar, offset by the weakening of the U.S. dollar against the British pound.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 37.44 bn USD |
| Revenue growth vs. the year before, same method | 7.8 % |
| EBITDA reported by the company | 9.52 bn USD |
| Net debt debt incl. leasing minus cash | 17.54 bn USD |
| Diluted EPS per share | 7.36 USD |
Source: 10-K (SEC) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✓ |
| Healthy balance sheet | ✓ |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (USD), not converted to DKK. Quotes are shown as the company's own words in English.