Honeywell International Inc. is a diversified technology and manufacturing company that operates through four main business segments, focusing on aerospace, industrial automation, building automation, and energy solutions . The company provides a wide range of products, software, and services, including aircraft components, industrial automation solutions, building safety technologies, and energy transition materials . Honeywell's strategic alignment with global megatrends such as automation and energy transition supports its strong financial performance .
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Aerospace Technologies - Supplies products, software, and services for aircraft, including auxiliary power units, propulsion engines, and integrated avionics, with major sales from Commercial Aviation Aftermarket, Defense and Space, and Commercial Aviation Original Equipment .
- Commercial Aviation Aftermarket - Provides aftermarket services and products for commercial aircraft.
- Defense and Space - Offers products and services for defense and space applications.
- Commercial Aviation Original Equipment - Supplies original equipment for commercial aviation.
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Industrial Automation - Delivers solutions for intelligent, sustainable, and secure operations across various industries, with key contributions from Process Solutions, Sensing and Safety Technologies, and Warehouse and Workflow Solutions .
- Process Solutions - Offers automation and control solutions for industrial processes.
- Sensing and Safety Technologies - Provides sensing and safety products for industrial applications.
- Warehouse and Workflow Solutions - Supplies solutions for warehouse management and workflow optimization.
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Energy and Sustainability Solutions - Focuses on technologies and materials for energy transition, with significant contributions from the UOP business unit and Advanced Materials .
- UOP - Provides process technology and materials for the energy industry.
- Advanced Materials - Develops materials for energy efficiency and sustainability.
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Building Automation - Offers products and technologies for building safety, energy efficiency, and productivity, with contributions from Products and Building Solutions .
- Products - Supplies building safety and energy efficiency products.
- Building Solutions - Provides integrated solutions for building management and productivity.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Vimal Kapur ExecutiveBoard | CEO and Incoming Chairman of the Board | None | CEO since June 1, 2023; will become Chairman on June 7, 2024. Over 35 years at HON, previously COO and leader of multiple business units. | |
Anne T. Madden Executive | SVP and General Counsel | None | Leads legal, compliance, and ESG initiatives. Key in acquisitions like SCADAfence and Carrier’s Access Solutions business. | |
Billal M. Hammoud Executive | President and CEO, Building Automation | None | Rejoined HON in 2021; previously led Smart Energy and Thermal Solutions. Renamed Building Technologies to Building Automation in 2024. | |
Jim Currier Executive | President and CEO, Aerospace Technologies | None | 17 years at HON; previously led Electronic Solutions and Aerospace segments. | |
Karen Mattimore Executive | SVP and Chief Human Resources Officer | None | Leads global HR strategy; joined HON in 2020 as CHRO after holding HR leadership roles in Aerospace. | |
Ken West Executive | President and CEO, Energy and Sustainability Solutions | None | Joined HON in 2018; led UOP and Advanced Materials segments. Key in energy transition acquisitions like Air Products' LNG business. | |
Lucian Boldea Executive | President and CEO, Industrial Automation | None | Joined HON in October 2022; previously led Performance Materials and Technologies. Former EVP at Eastman Chemical Company. | |
Michael Stepniak Executive | VP of Corporate Finance (Incoming CFO) | None | Joined HON in 2020; will succeed Greg Lewis as CFO in early 2025. Former CFO of Aerospace Technologies and Building Technologies. | |
D. Scott Davis Board | Independent Director | Board Member at Johnson & Johnson | Former CEO of UPS; expertise in logistics and governance. | |
Darius Adamczyk Board | Executive Chairman (Retiring June 2024) | Board Member at Johnson & Johnson | Former CEO (2017–2023); transitioning to retirement. Key in HON's software and ESG growth. | |
Deborah Flint Board | Independent Director | Board Chair of World Standing Safety and Technical Committee | CEO of Greater Toronto Airports Authority; expertise in aviation and infrastructure. | |
Duncan B. Angove Board | Independent Director | CEO of Blue Yonder Group, Inc. | Technology leader with expertise in software and digital transformation. CEO of Blue Yonder since 2022. | |
Grace D. Lieblein Board | Independent Director | Board Member at American Tower Corp. | Former GM executive; expertise in supply chain and global manufacturing. | |
Kevin Burke Board | Independent Director | None | Former CEO of Con Edison; expertise in energy production and efficiency. | |
Michael W. Lamach Board | Independent Director | Board Member at PPG Industries, Nucor | Former CEO of Trane Technologies; expertise in sustainability and industrial sectors. | |
Robin L. Washington Board | Independent Director | Board Member at Alphabet, Salesforce, Vertiv | Former CFO of Gilead Sciences; expertise in finance and corporate governance. | |
Robin Watson Board | Independent Director | Non-Executive Director at UK Institute of Directors | Former CEO of John Wood Group; expertise in energy and sustainability. | |
Rose Lee Board | Independent Director | CEO of Cornerstone Building Brands | Former DuPont executive; expertise in ESG and sustainability. | |
William S. Ayer Board | Independent Lead Director | None | Former CEO of Alaska Air Group; expertise in governance and aerospace. |
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Could you provide more detail on the specific factors that led to the sales miss in Industrial Automation this quarter, particularly the flat sequential revenues and lower volumes in warehouse and workflow solutions, and what steps are being taken to address these issues?
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With the reduction in your full-year sales guidance due to the slower recovery in Industrial Automation and tempered expectations in Aerospace and Energy markets, how confident are you in achieving your organic growth targets next year, and what are the main risks that could impede this growth?
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Given the challenges in working capital management impacting free cash flow, especially the lower progress in Aerospace inventory and slowing payment cycles in certain high-growth regions, what initiatives are you implementing to improve cash flow generation moving forward?
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Could you elaborate on the rationale behind reclassifying the PPE business as assets held for sale and spinning off Advanced Materials, and how these divestitures will enhance your portfolio optimization efforts and financial performance?
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With the anticipated modest margin contraction in Aerospace due to mix headwinds from original equipment activity and the integration of CAES, how do you plan to mitigate these pressures and return to margin expansion in this segment in 2025?
Research analysts who have asked questions during HONEYWELL INTERNATIONAL earnings calls.
Julian Mitchell
Barclays Investment Bank
5 questions for HON
Nigel Coe
Wolfe Research, LLC
5 questions for HON
Scott Davis
Melius Research
5 questions for HON
Sheila Kahyaoglu
Jefferies
5 questions for HON
Deane Dray
RBC Capital Markets
4 questions for HON
Andrew Kaplowitz
Citigroup
3 questions for HON
Andrew Obin
Bank of America
3 questions for HON
Christopher Snyder
Morgan Stanley
3 questions for HON
C. Stephen Tusa
JPMorgan Chase & Co.
3 questions for HON
Joseph Ritchie
Goldman Sachs
3 questions for HON
Andy Kaplowitz
Citigroup Inc.
2 questions for HON
Chris Snyder
Morgan Stanley
2 questions for HON
Joe Ritchie
Goldman Sachs
2 questions for HON
Nicole DeBlase
BofA Securities
2 questions for HON
Steve Tusa
JPMorgan Chase & Co.
2 questions for HON
Amit Mehrotra
UBS
1 question for HON
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Competes in the Aerospace segment, focusing on performance, applied technology, product innovation, and other factors. | |
Competes in the Aerospace segment, focusing on performance, applied technology, product innovation, and other factors. | |
Competes in the Aerospace segment, focusing on performance, applied technology, product innovation, and other factors. | |
Competes in the Aerospace segment, focusing on performance, applied technology, product innovation, and other factors. | |
Safran | Competes in the Aerospace segment, focusing on performance, applied technology, product innovation, and other factors. |
Thales | Competes in the Aerospace segment, focusing on performance, applied technology, product innovation, and other factors. |
Competes in the Honeywell Building Technologies segment, focusing on performance, applied technology, product innovation, and other factors. | |
Competes in the Honeywell Building Technologies segment, focusing on performance, applied technology, product innovation, and other factors. | |
Schneider Electric | Competes in both the Honeywell Building Technologies and Performance Materials and Technologies segments, focusing on performance, applied technology, product innovation, and other factors. |
Siemens | Competes in the Honeywell Building Technologies segment, focusing on performance, applied technology, product innovation, and other factors. |
Competes in the Performance Materials and Technologies segment, focusing on performance, applied technology, product innovation, and other factors. | |
Arkema | Competes in the Performance Materials and Technologies segment, focusing on performance, applied technology, product innovation, and other factors. |
Axens | Competes in the Performance Materials and Technologies segment, focusing on performance, applied technology, product innovation, and other factors. |
Competes in the Performance Materials and Technologies segment, focusing on performance, applied technology, product innovation, and other factors. | |
Competes in the Performance Materials and Technologies segment, focusing on performance, applied technology, product innovation, and other factors. | |
Haldor Topsoe | Competes in the Performance Materials and Technologies segment, focusing on performance, applied technology, product innovation, and other factors. |
Competes in the Performance Materials and Technologies segment, focusing on performance, applied technology, product innovation, and other factors. | |
Competes in the Safety and Productivity Solutions segment, focusing on performance, applied technology, product innovation, and other factors. | |
Kion Group | Competes in the Safety and Productivity Solutions segment, focusing on performance, applied technology, product innovation, and other factors. |
Competes in the Safety and Productivity Solutions segment, focusing on performance, applied technology, product innovation, and other factors. | |
Competes in the Safety and Productivity Solutions segment, focusing on performance, applied technology, product innovation, and other factors. | |
Competes in the Safety and Productivity Solutions segment, focusing on performance, applied technology, product innovation, and other factors. | |
Identified as a key competitor in the Aerospace segment, particularly in the context of noncompete agreements. | |
Identified as a key competitor in the Aerospace segment, particularly in the context of noncompete agreements. | |
Identified as a key competitor in the Aerospace segment, particularly in the context of noncompete agreements. | |
Williams International Co., LLC | Identified as a key competitor in the Aerospace segment, particularly in the context of noncompete agreements. |
Identified as a key competitor in the Aerospace segment, particularly in the context of noncompete agreements. | |
Identified as a key competitor in the Aerospace segment, particularly in the context of noncompete agreements. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
U.S. Government | Primarily OEM production, engineering development programs, spares, repairs, and overhaul services | Aerospace Technologies | **2024 revenue: $4,346 million (11.3% of the total $38,498 million) ** |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Civitanavi Systems S.p.A. | 2024 | Completed on August 19, 2024 for $200 million (net of cash), including $75 million in intangible assets and $107 million in non‐deductible goodwill. The acquisition strengthens Honeywell’s aerospace navigation and timing capabilities, aligning with their focus on automation and future aviation, and was funded via a Euro Term Loan Credit Agreement subject to regulatory conditions. |
Air Products' LNG Process Technology and Equipment Business | 2024 | Finalized on September 30, 2024 for $1.81 billion in an all‐cash deal, this acquisition adds LNG process technology and equipment (including proprietary coil-wound heat exchangers) to bolster Honeywell’s Energy and Sustainability Solutions with integrated digital automation via Honeywell Forge and Experion platforms, with immediate EPS accretion expected. |
CAES Systems Holdings LLC | 2024 | Completed on August 30, 2024 for approximately $1.9 billion (all-cash), this deal enhances Honeywell's defense and space portfolio by adding advanced RF technologies, expanding its presence on critical platforms and new opportunities (e.g., Navy Radar and UAS/C-UAS), while incorporating significant intangibles and non-deductible goodwill. |
Carrier Global Corporation's Global Access Solutions Business | 2024 | Finalized on June 3, 2024 for $4.95 billion in an all‐cash transaction, the acquisition integrates key brands (LenelS2, Onity, Supra) into Honeywell’s Building Automation segment, enhancing recurring revenue with substantial intangible assets and goodwill, and positioning the company as a leader in digital security solutions. |
SCADAfence | 2023 | Completed on August 25, 2023 for $52 million (net of cash), this acquisition augments Honeywell’s cybersecurity portfolio in operational technology (OT) and IoT, with $17 million in intangible assets and $42 million in goodwill, complementing its Honeywell Connected Enterprise offerings for industrial and critical infrastructure security. |
Compressor Controls Corporation | 2023 | Completed on June 30, 2023 for approximately $661–$670 million (net of cash), this acquisition enhances Honeywell’s Process Solutions by adding advanced control and digitization capabilities for LNG, refining, and petrochemicals, with significant intangible assets and goodwill recorded, representing roughly 15x EBITDA and expected cost synergies. |
US Digital Design, Inc. | 2022 | Acquired on January 18, 2022 for about $185 million, this acquisition strengthens Honeywell’s Building Technologies segment by providing advanced public safety communications for first responders, with $47 million in intangibles and approximately $130 million in goodwill, and is projected to deliver a 25% return on invested capital by year five. |
Recent press releases and 8-K filings for HON.
- Consolidated net sales declined 8.9% year-over-year to $431.8 million in Q2 FY2026.
- GAAP diluted loss per share was $13.44, driven by $326.4 million of non-cash asset impairment charges, versus prior-year EPS of $0.74.
- Non-GAAP adjusted EPS declined to $0.59 from $1.21, reflecting higher tariffs, increased promotional spend, and unfavorable operating leverage.
- Fiscal 2026 guidance calls for net sales of $1.739–$1.780 billion and non-GAAP adjusted EPS of $3.75–$4.25, amid ongoing tariff pressures and cost-mitigation initiatives.
- One year post spin-off, Solstice Advanced Materials reports $4 billion in sales, 4,000 employees, and two segments—Refrigerants & Applied Solutions and Electronics & Specialty Materials—backed by a 1.5× leverage balance sheet.
- Positioned in high-growth markets: 12% CAGR in advanced electronics, 8% CAGR in refrigerants through 2030, and 300% projected growth in nuclear through 2050; 45% of sales from new products, supported by 5,700 patents and 300 R&D scientists.
- Capital allocation priorities: invest in organic growth, maintain a strong balance sheet, pursue bolt-on acquisitions, and return cash via dividends/buybacks; includes $200 million expansion of CuMn sputtering target capacity in Spokane.
- 2025 guidance: sales $3.75–3.85 billion, adjusted EBITDA at 25%, and CapEx of $365–415 million; medium-term sales growth targeted at low-to-mid single digits.
- Solstice spun off as an independent advanced materials company in 2025, generating $3.8 billion net sales in 2024.
- Achieved 4.4% net sales CAGR (2017–2024), 26.4% Adj. EBITDA margin, and 21.5% ROIC in 2024.
- Refrigerants & Applied Solutions drove 72% of net sales ($2.7 billion), with Electronic & Specialty Materials comprising the remainder.
- Maintains a 1.5x net leverage ratio, 70.3% cash conversion, and BB+ credit ratings from Fitch and S&P.
- Global presence across 120 countries, 24 manufacturing sites, and strong local-for-local supply chain.
- Solstice Advanced Materials will host its inaugural Investor Day in New York City on Oct. 8, 2025, where management will present an independent growth strategy and release full-year 2025 financial guidance and a medium-term outlook.
- The spin-off from Honeywell aims to enhance Solstice’s agility and operational focus in specialty materials, leveraging a strong balance sheet to pursue high-return opportunities.
- Honeywell shareholders of record on Oct. 17, 2025 will receive one share of Solstice for every four shares held; Solstice common stock is expected to begin trading on Nasdaq under the ticker SOLS on Oct. 30, 2025, while Honeywell remains on Nasdaq as HON.
- Honeywell International Inc. will spin off its specialty chemical unit, Solstice Advanced Materials, with a record date of October 17, 2025, and share distribution expected on October 30, 2025.
- Shareholders will receive one Solstice share for every four Honeywell shares, and Solstice will trade on Nasdaq under the ticker SOLS while Honeywell continues as HON.
- Solstice’s portfolio spans refrigerants, semiconductor materials, protective fibers, healthcare packaging, and nuclear power, targeting sustainability and advanced technology trends.
- The spinoff streamlines Honeywell’s focus on core segments—aerospace, industrial automation, energy and sustainability, and building automation—and aims to enhance shareholder value; an investor day is scheduled for October 8, 2025.
- Honeywell’s Board has set October 17, 2025 as the record date and expects to distribute one Solstice share for every four Honeywell shares on October 30, 2025, in a tax-free spin-off to Honeywell shareholders.
- Solstice common stock will commence “when-issued” trading under ticker SOLS WI around October 20, 2025, and regular-way trading as SOLS on October 30, 2025, while Honeywell shares will trade ex-distribution under HON WI from October 20–29, 2025.
- Concurrently, Solstice completed a $1 billion senior notes offering at 5.625% interest, maturing September 30, 2033, with semi-annual payments beginning March 31, 2026.
- Honeywell's Board approved raising the annual cash dividend from $4.52 to $4.76 per share.
- The increase applies to the Q4 2025 dividend of $1.19 per share, payable on December 5, 2025, to shareholders of record on November 14, 2025.
- This marks the 16th dividend increase in 15 consecutive years, underscoring the company's focus on shareholder value.
- CEO Vimal Kapur highlighted confidence in Honeywell’s future and its planned transformation into three independent companies.
- Solstice Advanced Materials priced $1 billion aggregate principal of senior notes due 2033 at 5.625% annual interest, payable semi-annually, maturing September 30, 2033.
- Offering expected to close around September 30, 2025, with the spin-off of Solstice from Honeywell anticipated in Q4 2025.
- Proceeds will be used, alongside borrowings under a first-lien term B loan facility, to fund a distribution to Honeywell and cover transaction costs, with remaining funds for general corporate purposes; funds held in escrow pending spin-off conditions, redeemable if conditions unmet by March 31, 2026.
- The notes are senior unsecured obligations of Solstice, guaranteed by its domestic subsidiaries, and are offered to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.
- In connection with its planned spin-off of Solstice Advanced Materials, Honeywell’s Solstice unit is launching a private offering of $1 billion aggregate principal amount of senior notes due 2033.
- A portion of the proceeds, along with borrowings from a senior secured term B loan facility, will fund a distribution to Honeywell and cover transaction fees, with remaining proceeds for general corporate purposes, all held in escrow until spin-off conditions are met (or redeemed if not by March 31, 2026).
- The Spin-Off is expected to close in the fourth quarter of 2025, concurrent with Solstice entering senior secured first-lien term B and revolving credit facilities.
- The Notes will be senior unsecured obligations guaranteed by Solstice’s domestic subsidiaries and offered to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.
- Peter Lau named President and CEO of Honeywell’s Industrial Automation business, effective October 15, 2025, succeeding Lucian Boldea.
- Lau returns after leading FARO Technologies through a strategic transformation and previously headed Honeywell’s Security, Fire and Electrical Products businesses, where he pivoted offerings from hardware to software and expanded global reach.
- This leadership change coincides with Honeywell’s evaluation of strategic alternatives for its Productivity Solutions and Services and Warehouse and Workflow Solutions units, ahead of a planned spin-off into three independent companies in H2 2026.