Honeywell International (HON) financial statements
Honeywell International reported revenue of $37.4B in fiscal 2025, down 0.5% a year over 9 years.
Net income was $4.7B.
Free cash flow was $5.4B, and the company returned $3.0B in dividends and $3.8B in net buybacks.
The diluted share count fell 17% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Honeywell International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $39.3B | $40.5B | $41.8B | $36.7B | $32.6B | $34.4B | $35.5B | $33.0B | $34.7B | $37.4B |
| Cost of revenue | $27.7B | $28.1B | $29.0B | $24.3B | $22.2B | $22.1B | $22.3B | $20.6B | $21.4B | $23.6B |
| Gross profit | $12.2B | $12.4B | $12.8B | $12.4B | $10.5B | $12.3B | $13.1B | $12.4B | $13.4B | $13.8B |
| Research and development | $1.9B | $1.8B | $1.8B | $1.6B | $1.3B | $1.3B | $1.5B | $1.4B | $1.5B | $1.8B |
| Selling, general and admin | $5.6B | $6.1B | $6.1B | $5.5B | $4.8B | $4.8B | $5.2B | $4.9B | $5.2B | $5.5B |
| Operating income | — | — | — | — | — | — | $8.0B | $7.6B | $7.7B | $8.1B |
| Interest expense | $338M | $316M | $367M | $357M | $359M | $343M | $414M | $749M | $1.0B | $1.3B |
| Pre-tax income | $6.5B | $7.0B | $7.5B | $7.6B | $6.0B | $7.2B | $6.4B | $6.2B | $6.2B | $5.5B |
| Income tax | $1.6B | $5.4B | $659M | $1.3B | $1.1B | $1.6B | $1.4B | $1.3B | $1.2B | $1.0B |
| Net income | $4.8B | $1.5B | $6.8B | $6.1B | $4.8B | $5.5B | $5.0B | $5.7B | $5.7B | $4.7B |
| EPS (diluted) | $12.42 | $4.00 | $17.96 | $16.82 | $13.44 | $15.82 | $14.54 | $16.94 | $17.42 | $14.72 |
| Diluted shares | 388M | 386M | 376M | 365M | 356M | 350M | 342M | 334M | 328M | 321M |
| Gross margin | 30.9% | 30.6% | 30.5% | 33.7% | 32.1% | 35.9% | 37.0% | 37.5% | 38.5% | 36.9% |
| Operating margin | — | — | — | — | — | — | 22.6% | 22.9% | 22.1% | 21.7% |
| Net margin | 12.2% | 3.8% | 16.2% | 16.7% | 14.6% | 16.1% | 14.0% | 17.1% | 16.4% | 12.6% |
Balance sheet
Fiscal years, from Honeywell International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $9.4B | $10.8B | $10.9B | $10.4B | $15.2B | $11.5B | $10.1B | $8.1B | $10.3B | $12.9B |
| Receivables | $8.2B | $8.9B | $7.5B | $7.5B | $6.8B | $6.8B | $7.4B | $7.5B | $7.2B | $7.6B |
| Inventory | $4.4B | $4.6B | $4.3B | $4.4B | $4.5B | $5.1B | $5.5B | $6.2B | $5.9B | $6.2B |
| Total current assets | $23.1B | $26.0B | $24.4B | $24.3B | $28.2B | $25.4B | $25.0B | $23.5B | $27.9B | $30.4B |
| Property, plant and equipment | $5.8B | $5.9B | $5.3B | $5.3B | $5.6B | $5.6B | $5.5B | $5.7B | $4.5B | $4.6B |
| Goodwill | $17.7B | $18.3B | $15.5B | $15.6B | $16.1B | $17.8B | $17.5B | $17.2B | $21.0B | $21.1B |
| Total assets | $54.6B | $59.5B | $57.8B | $58.7B | $64.6B | $64.5B | $62.3B | $61.5B | $75.2B | $73.7B |
| Total current liabilities | $16.3B | $18.9B | $18.9B | $18.1B | $19.2B | $19.5B | $19.9B | $18.5B | $21.3B | $23.4B |
| Long-term debt | $12.2B | $12.6B | $9.8B | $11.1B | $16.3B | $14.3B | $15.1B | $16.6B | $25.4B | $27.1B |
| Total liabilities | $35.3B | $42.8B | $39.4B | $40.0B | $46.8B | $45.2B | $45.0B | $45.1B | $56.0B | $58.7B |
| Shareholders' equity | $19.4B | $16.5B | $18.2B | $18.5B | $17.5B | $18.6B | $16.7B | $15.9B | $18.6B | $13.9B |
| Net debt | $4.3B | $5.5B | $469M | $2.0B | $2.1B | $3.3B | $5.5B | $8.6B | $15.5B | $14.7B |
Cash flow
Fiscal years, from Honeywell International's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.5B | $6.0B | $6.4B | $6.9B | $6.2B | $6.0B | $5.3B | $5.3B | $6.1B | $6.4B |
| Capital spending | $1.1B | $1.0B | $828M | $839M | $906M | $895M | $766M | $741M | $871M | $986M |
| Free cash flow | $4.4B | $4.9B | $5.6B | $6.1B | $5.3B | $5.1B | $4.5B | $4.6B | $5.2B | $5.4B |
| Stock-based compensation | $184M | $176M | $175M | $153M | $168M | $217M | $188M | $197M | $189M | $196M |
| Dividends paid | $1.9B | $2.1B | $2.3B | $2.4B | $2.6B | $2.6B | $2.7B | $2.9B | $2.9B | $3.0B |
| Share buybacks (net) | -$2.1B | -$2.9B | -$4.0B | -$4.4B | -$3.7B | -$3.4B | -$4.2B | -$3.7B | -$1.7B | -$3.8B |
| Free cash flow margin | 11.2% | 12.2% | 13.4% | 16.5% | 16.2% | 15.0% | 12.7% | 13.9% | 15.1% | 14.5% |
| Dividends per share | $4.94 | $5.49 | $6.03 | $6.69 | $7.29 | $7.50 | $7.96 | $8.55 | $8.86 | $9.26 |
Questions
What was Honeywell International's revenue in 2025?
$37.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Honeywell International generate?
$5.4B in fiscal 2025 (operating cash flow minus capital spending).
From Honeywell International's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.