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Honeywell (HON) investor relations material
Honeywell Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Q3 2025 sales reached $10.4B, up 7% year-over-year, with organic sales up 6% and orders up 22%, led by Aerospace and Building Automation; net income attributable to shareholders was $1.83B, up 29% year-over-year.
EPS was $2.86, up 32% year-over-year; adjusted EPS was $2.82, up 9%, both exceeding guidance.
Major portfolio transformation underway, including the completed Solstice Advanced Materials spin-off, Aerospace separation planned for 2026, and divestiture of PPE business.
New reporting structure and segment realignment to take effect in 2026, streamlining operations and aligning with business objectives.
Quantinuum raised over $600M at a $10B valuation to support quantum computing initiatives.
Financial highlights
Q3 2025 organic sales grew 6% to $9.7B, with segment profit up 5% and margin expansion in Building Automation.
Free cash flow was $1.5B, down 16% year-over-year due to higher working capital; operating cash flow for the nine months was $5.2B, up $1.4B year-over-year.
Backlog increased 14% year-over-year to $39.1B as of September 30, 2025.
Returned $0.8B to shareholders in Q3 via dividends and share repurchases; $3.7B repurchased in the first nine months.
Gross margin for Q3 2025 was 34.1%, down from 38.5% in Q3 2024.
Outlook and guidance
Full-year 2025 sales expected at $40.7B–$40.9B, with organic growth of approximately 6%.
Adjusted EPS guidance raised to $10.60–$10.70, up 7–8% year-over-year.
Free cash flow guidance set at $5.2B–$5.6B, reflecting the Solstice spin-off impact.
Segment margin expected at 22.9%–23.0%, expanding 30–40 bps year-over-year.
Guidance incorporates the impact of the Solstice spin-off and Bombardier agreement.
How does new automation segmentation align with pure-play strategy?
Adjusted EPS growth excluding all spin-off impacts?
Compare Aerospace vs. Building Automation margin drivers.
Industrial Automation 2026 margin expansion drivers?
Quantinuum stake monetization timeline?
Aerospace 2026 margin expansion drivers?
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Baird 55th Annual Global Industrial Conference11 Nov, 2025
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Frequently asked questions
A Diverse Conglomorate
Honeywell International Inc. is an American conglomerate operating worldwide. The company operates through 4 different business segments and has a significant presence in aerospace, building technologies, performance materials, and safety. Initially focusing on thermostat and control systems, Honeywell has expanded its offerings over time, providing solutions in automation, advanced materials, and software for both consumer and industrial markets. With a long history and a diverse product portfolio, Honeywell has maintained a steady position in the global business landscape.
History and Notable Mergers
Honeywell International Inc. traces its origins to 1906 when Mark Honeywell founded the Honeywell Heating Specialty Company, specializing in hot water heat generators. Over the decades, the company diversified and expanded, merging with various entities. A significant milestone for the company came in 1927 when Honeywell merged with the Minneapolis Heat Regulator Company, integrating thermostat technologies. This laid the foundation for their venture into control systems. However, the most transformative merger occurred in 1999 when Honeywell (then known as Honeywell Inc.) combined with AlliedSignal, a company with a broader portfolio. Although the name Honeywell was retained due to its superior brand recognition, the post-merger entity was largely driven by the AlliedSignal team.
Aerospace
Honeywell's Aerospace segment is a global provider of integrated avionics, engines, systems, and service solutions for aircraft manufacturers, airlines, business and general aviation, military, space, and airport operations. Their product portfolio encompasses auxiliary power units, cockpit electronics, as well as various control and communications systems. Beyond hardware, Honeywell Aerospace offers software and service solutions that can be applied in various parts of the aviation industry.
Other Business Groups
As previously mentioned, Honeywell does business in four distinct business segments. This also means that they compete with a wide variety of different companies, but some of the more notable ones include GE, Siemens, Lockheed Martin, and several others.
Honeywell Building Technologies offers products, software, solutions, and technologies that help improve energy efficiency, safety, and security in buildings, homes, and cities. Honeywell Performance Materials and Technologies produces advanced materials, process technologies, and automation solutions. It provides a wide range of high-performance products including petrochemicals, refining, gas processing, and advanced materials for a variety of industries. The safety arm of the business caters to a range of industries and manufactures protection equipment, supply chain technology, and warehouse automation solutions.
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