At a glance
Honeywell International Inc is worth $71.02B, about 15 times its fiscal 2025 earnings. Revenue grew 7.8% to $37.44B in fiscal 2025, with 12.6% kept as profit. It pays a 1.91% dividend yield, raised every year for at least 9 years, and returned $30.83B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +13.3% over the past year with dividends reinvested and +3.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 42.3% in the 2020 crash (S&P 500: 33.7%) and 22.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 2 months after the lows.
The business in plain English
Honeywell supplies equipment, controls and software for aircraft, factories, refineries and buildings, then earns more from parts, repairs and upgrades over the life of that gear. Of its $37.4 billion in 2025 revenue, 65.5% came from products and 34.5% from services. Its backlog, meaning orders not yet delivered, was $37.5 billion as of December 31, 2025.
Aerospace Technologies was the largest segment, at 46.8% of 2025 revenue. It supplies engines, cockpit electronics, and wheels and brakes to aircraft makers, airlines, defense contractors and the U.S. government. Spare parts and repairs for commercial aircraft brought in $7.8 billion, and defense and space $7.2 billion. Industrial Automation (25.1%) provides process controls, sensors and gas detectors for refineries, drugmakers, utilities and warehouses. Building Automation (19.7%) offers fire, security and energy-management systems. Energy and Sustainability Solutions (8.4%), the UOP unit, licenses refining and petrochemical technology and supplies catalysts, materials that speed up chemical reactions.
By location, the U.S. accounted for 58.2% of 2025 revenue, Europe 21.7% and other international markets 20.2%. Honeywell spun off its Advanced Materials business as a separate public company, Solstice Advanced Materials, on October 30, 2025. It also planned to separate Honeywell Aerospace into its own public company, with completion expected in the third quarter of 2026, leaving Honeywell as an automation company.
Price history
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HON +13.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $24.52B | 65.5% |
| Service | $12.93B | 34.5% |
By business segment
| Aerospace Technologies | $17.51B | 46.8% |
| Industrial Automation | $9.40B | 25.1% |
| Building Automation | $7.37B | 19.7% |
| Energy and Sustainability Solutions | $3.13B | 8.4% |
By geography
| U.S. Plans | $21.78B | 58.2% |
| Europe | $8.11B | 21.7% |
| Other international | $7.55B | 20.2% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.99B, up 1.3% from a year earlier, and net income was $664.0M (-63.6%).
- For fiscal 2025, revenue was $37.44B (+7.8% year over year) with a 12.6% net margin.
Financial health check
| Operating margin | 21.7% good |
|---|---|
| Free cash flow margin | 14.5% good |
| Return on equity (FY2025) | 34% good |
| Return on assets (FY2025) | 6.4% watch |
| Net cash (cash minus debt) | $-10.41B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $32.64B | $4.78B | $5.30B |
| FY2021 | $34.39B | $5.54B | $5.14B |
| FY2022 | $35.47B | $4.97B | $4.51B |
| FY2023 | $33.01B | $5.66B | $4.60B |
| FY2024 | $34.72B | $5.71B | $5.23B |
| FY2025 | $37.44B | $4.73B | $5.42B |
Valuation snapshot
| Market value | $71.02B |
|---|---|
| P/E ratio | 15.2 |
| Dividend yield | 1.91% |
Rank among 1514 US companies
Market value at each year end
Honeywell International’s market value went from $42.86B at the end of 2016 to $71.02B on Nov 2, 2026, up 66%; since the end of 2025 it is up 15%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $71.02B | +14.7% |
| 2025 | $61.93B | -15.7% |
| 2024 | $73.44B | +6.2% |
| 2023 | $69.13B | -4.0% |
| 2022 | $72.04B | +0.4% |
| 2021 | $71.77B | -3.8% |
| 2020 | $74.62B | +18.0% |
| 2019 | $63.24B | +29.3% |
| 2018 | $48.90B | -13.8% |
| 2017 | $56.72B | +32.3% |
| 2016 | $42.86B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| HON price data to Nov 2, 2026 | +16.3% | +13.3% | +10.5% | +3.5% | +11.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +16.3% |
| 2025 | -6.6% |
| 2024 | +10.0% |
| 2023 | +0.0% |
| 2022 | +4.9% |
| 2021 | -0.3% |
| 2020 | +23.0% |
| 2019 | +36.7% |
| 2018 | -5.8% |
| 2017 | +35.1% |
| 2016 | +15.6% |
| 2015 | +5.8% |
| 2014 | +11.6% |
| 2013 | +47.0% |
| 2012 | +20.6% |
| 2011 | +4.9% |
| 2010 | +39.4% |
| 2009 | +23.7% |
| 2008 | -45.3% |
| 2007 | +38.6% |
| 2006 | +24.1% |
| 2005 | +7.4% |
| 2004 | +8.1% |
| 2003 | +43.0% |
| 2002 | -27.4% |
| 2001 | -27.2% |
| 2000 | -16.7% |
| 1999 | +31.7% |
| 1998 | +15.7% |
| 1997 | +17.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 60.5% over that stretch · deepest drop along the way 61.7%, back to its old high 23.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.3% over that stretch · deepest drop along the way 42.3%, back to its old high 7.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 15.2% over that stretch · deepest drop along the way 22.7%, back to its old high 1.5 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 0 open-market purchases and 9 sales ($6.3M), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 27, 2026 | Kenneth J West Pres/CEO Process Technologies | sell | $1.7M |
| Oct 26, 2026 | Vimal Kapur Chief Executive Officer, Director | sell | $1.4M |
| Oct 26, 2026 | Su Ping Lu SrVP, General Counsel, CorpSec | sell | $651K |
| Jul 27, 2026 | Kenneth J West Pres/CEO Process Technologies | sell | $650K |
| Jul 27, 2026 | Kenneth J West Pres/CEO Process Technologies | sell | $565K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.48% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.9% | Jun 30, 2026 |
ETFs with the most weight in HON
| GCAD Gabelli Commercial Aerospace and Defense ETF | 5.2% |
| DIVO Amplify CWP Enhanced Dividend Income ETF | 4.64% |
| PPA Invesco Aerospace & Defense ETF | 4.34% |
| NATO Themes Transatlantic Defense ETF | 4.31% |
| MADE iShares U.S. Manufacturing ETF | 4.05% |
| ICAP Infrastructure Capital Equity Income ETF | 3.86% |
| QQLV Invesco QQQ Low Volatility ETF | 3.83% |
| ROKT SPDR S&P Kensho Final Frontiers ETF | 3.83% |
What could go wrong
- The aerospace split may not go smoothly. Honeywell planned to separate Honeywell Aerospace, expected in the third quarter of 2026. The split may cost more or deliver less than hoped, and would leave a smaller, less diversified Honeywell focused on automation.
- Air travel slumps hit its biggest segment. Aerospace Technologies was 46.8% of 2025 revenue. Fewer flying hours, delayed or canceled aircraft orders, parts shortages or counterfeit parts in the supply chain could cut sales of new equipment and spare parts.
- Deals and divestitures may disappoint. Honeywell paid $2.2 billion for Sundyne, agreed to acquire Johnson Matthey's Catalyst Technologies for £1.8 billion and put two units up for possible sale. Integrating or exiting businesses may not go as planned.
- U.S. government can cancel or audit contracts. Defense and space brought in $7.2 billion in 2025. The government can end contracts even when Honeywell is not at fault and can audit its work, while shutdowns can delay orders and payments.
- Industrial and energy customers can cut spending. Factory, refinery, chemical plant, utility and construction customers may delay projects in downturns. Volatile oil and gas prices can reduce refinery investment, hurting demand for UOP technology and automation systems.
- Over half of sales face foreign risks. Counting U.S. exports, international business is more than half of sales. Tariffs, sanctions, trade wars, currency swings and conflicts abroad could raise costs or reduce demand.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; Acquisition or sale of assets completed; Quarterly results released; Change to shareholder rights; Executive or board change; Bylaws or fiscal year changed; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement; Other company announcement
- Investor presentation or announcement; Other company announcement
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Other company announcement
- Quarterly results released
For income and retirement investors
Honeywell says its 2025 dividend increase was its sixteenth in fifteen years. Dividends per share rose from $7.26 in 2020 to $9.16 in 2025, about 4.8% a year (adjusted for a mid-2026 reverse split that turned every two shares into one). The 2025 dividend used 62.9% of earnings and 54.9% of free cash flow, the cash left after running the business and investing in equipment. Over 2021–2025, share repurchases of $16.8 billion topped the $14.1 billion paid in dividends, and Honeywell aims to cut its share count by at least 1% a year.
The share price fell 61.7% in the 2008 financial crisis, taking about 23 months from its low to recover. It fell 42.3% in the 2020 COVID crash (recovered in about 7 months) and 22.7% in the 2022 market slump (recovered in about 1.5 months). The planned aerospace separation may change the size of future dividends. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Honeywell make money?
Honeywell earns money supplying equipment, controls and software to aircraft makers, airlines, defense contractors, the U.S. government, factories, refineries and building owners, then servicing that gear. Of its $37.4 billion in 2025 revenue, 65.5% came from products and 34.5% from services. Aerospace Technologies was the largest segment at 46.8%, followed by Industrial Automation at 25.1%, Building Automation at 19.7% and Energy and Sustainability Solutions at 8.4%. Spare parts and repairs for commercial aircraft alone brought in $7.8 billion.
Is Honeywell spinning off its aerospace business?
Yes, that was the plan in its annual report filed February 17, 2026. On February 6, 2025, Honeywell announced it would separate Honeywell Aerospace into an independent U.S. public company, with completion expected in the third quarter of 2026. Aerospace Technologies made up 46.8% of 2025 revenue. The remaining Honeywell would be a pure automation company. Honeywell had already spun off Advanced Materials as Solstice Advanced Materials on October 30, 2025, and completed the sale of its personal protective equipment business in May 2025.
Does Honeywell raise its dividend every year?
Yes, its filings show a higher dividend every year from 2016 through 2025, and Honeywell says its 2025 increase was its sixteenth in fifteen years. Dividends per share grew from $7.26 in 2020 to $9.16 in 2025, about 4.8% a year, adjusted for a mid-2026 reverse stock split (two old shares became one). The 2025 dividend used 62.9% of earnings and 54.9% of free cash flow. Net income fell 17.1% that year, so the dividend took a bigger share of profit.
Does Honeywell repurchase its own shares?
Yes. Honeywell spent $16.8 billion on share repurchases from 2021 through 2025, more than the $14.1 billion it paid in dividends. Repurchases were $3.8 billion in 2025, up from $1.7 billion in 2024. The company says it aims to reduce its share count by at least 1% a year. Shares outstanding fell 7.5% between January 28, 2022 and September 30, 2026, so each remaining share represents a slightly larger slice of the company.
How did Honeywell stock hold up in past market crashes?
It fell sharply but recovered each time. The share price dropped 61.7% in the 2008 financial crisis and took about 23 months from its March 9, 2009 low to regain its prior high. It fell 42.3% in the 2020 COVID crash, recovering in about 7 months, and 22.7% in the 2022 bear market, when stocks broadly fell, recovering in about 1.5 months. Its worst drop across about 30 years of price history was 70.2%.