Total Revenue

+8% ( " " )

The 8% increase to $10,352 million in Q2 2025 versus $9,577 million in Q2 2024 is driven by strong underlying growth factors such as pricing adjustments, volume improvement, and acquisition contributions that had been building in previous periods ( " " " " ).

Aerospace Segment

+11% ( " " )

An 11% rise to $4,307 million reflects robust demand in both commercial and defense markets, with higher flight hours and a growing order backlog supporting performance—trends that continued from prior periods and built on earlier successes in shipment and backlog growth ( " " " ).

Honeywell Building Technologies

+16% ( " " )

The Building Technologies segment’s 16% year-over-year increase to $1,826 million is attributable to stronger demand in building solutions and products, further bolstered by acquisition impacts, following an upward trend observed in previous quarters ( " " " ).

Performance Materials and Technologies

+14.5% ( " " )

The 14.5% increase to $1,837 million is driven by improved organic performance and benefits from recent realignment initiatives, echoing the positive momentum seen in earlier periods as the segment focused on enhanced product mix and market positioning ( " " " ).

Safety and Productivity Solutions

-5% ( " " )

A decline of about 5% to $2,380 million is largely due to ongoing headwinds from lower PPE demand, mix pressures, and margin impacts from receivables write-downs, challenges that had also affected prior period performance ( " " " ).

Corporate and All Other

-60% (from $5 million to $2 million) ( " " )

The drop in this segment is primarily because the contribution from the Quantinuum business and other unallocated corporate items was lower in Q2 2025, continuing a trend of minor impact on overall revenue where such adjustments have been observed in previous periods ( " " " ).

Organic Sales Growth

FY 2025

2% to 5% (or 1% to 4% excluding Bombardier) "

4% to 5% (or 3% to 4% excluding Bombardier) " "

raised

Total Sales

FY 2025

$39.6 billion to $40.5 billion "

$40.8 billion to $41.3 billion " "

raised

Segment Margin

FY 2025

down 10 to up 20 bps excluding Bombardier "

decrease by 30 to 10 bps excluding Bombardier " "

lowered

EPS

FY 2025

$10.20 to $10.50 "

$10.45 to $10.65 " "

raised

Free Cash Flow

FY 2025

$5.4 billion to $5.8 billion "

$5.4 billion to $5.8 billion "

no change

R&D Investment

FY 2025

no prior guidance

4.6% of sales " "

no prior guidance

Organic Sales Growth

Q3 2025

no prior guidance

2% to 4% " "

no prior guidance

Segment Margin

Q3 2025

no prior guidance

22.7% to 23.1% "

no prior guidance

EPS

Q3 2025

no prior guidance

$2.50 to $2.60 "

no prior guidance

Aerospace

Strong order momentum and robust organic sales were consistently noted in Q1 2025 " as well as in Q4 2024 " " and Q3 2024 " " , with margin pressures driven by mix effects and acquisition integration costs, and minimal mention of tariffs in earlier periods.

Q2 2025 emphasized robust order momentum coupled with clear discussion of margin pressures from tariff‐related cost inflation and pricing challenges, along with increased R&D support. " " " "

Recurring strength but with a sharper focus on tariff-related pricing challenges and integration drag in Q2 2025.

Portfolio Transformation

Discussions in Q1 2025 " " " and Q3/Q4 2024 " " " " detailed plans for spinning off businesses, separations into stand-alone companies, and outlined M&A integration risks and opportunities, with ongoing strategic reviews.

Q2 2025 reinforced the strategy with specifics on separation into three independent companies, updated spin‐off timelines (e.g. Solstice Advanced Materials in Q4 2025), and clearer strategic alternatives for certain segments. " " " "

Consistent strategic transformation with enhanced execution clarity in the current period.

Increased R&D Investment

Q1 2025 mentioned an increased R&D spend (rising by 50 basis points to 4.5% of sales) driving organic growth in aerospace and building automation " " ; Q4 2024 discussed long-term investments in aerospace technologies for electrification and mobility. " " "

Q2 2025 highlighted an investment of approximately $200 million incremental R&D in Aerospace alongside accelerated growth in building automation through software-led innovations. " " "

Sustained commitment to R&D with clearer investment figures and a focused push on growth drivers in key segments.

Tariff and Trade Uncertainty

Q1 2025 detailed the mitigation of a $500 million tariff impact through pricing adjustments and productivity measures " " " " , while Q4 2024 noted that tariff impacts were not material due to local-for-local strategies. " Q3 2024 did not mention this topic.

Q2 2025 reiterated the proactive management of tariffs using pricing, sourcing, and productivity measures, and explicitly connected tariff-driven cost inflation to margin pressures in Aerospace. " " " " "

An evolving emphasis with increased caution in Q2 2025 regarding tariff impacts, contrasting with previous muted or mitigating perspectives.

Short-cycle Business and Industrial Automation

Q1 2025 reported a 2% organic decline in Industrial Automation, highlighting operational risks such as receivables write-downs and soft demand in PPE, especially in China " " " ; Q3 2024 noted delayed recoveries and project pushouts " " " ; Q4 2024 emphasized muted demand and cautious outlooks. " " "

Q2 2025 noted that while short-cycle products (e.g. Building Automation) were resilient, Industrial Automation faced demand challenges; however, orders in these segments performed better than feared with improved resilience. " " "

Persistent concerns with operational and demand challenges remain, though Q2 2025 shows slight improvements in order stability amid ongoing caution.

Recovery in Industrial and Building Automation

Q1 2025 showed mixed signals with a decline in Industrial Automation and strong high-single-digit growth in Building Automation " " ; Q3 2024 reported moderate recovery in Building Automation and stabilization in Industrial Automation " " ; Q4 2024 highlighted regional differences affecting guidance. " "

Q2 2025 reported Building Automation achieving 8% organic growth with margin expansion and improved outlook, while Industrial Automation remained flat but saw an upward revision in outlook based on regional performance. " " "

A positive recovery is evident in Building Automation with a revised, more optimistic outlook; Industrial Automation remains cautious but shows signs of stabilization.

Energy Segment Uncertainty

Q1 2025 mentioned uncertainty with soft orders and project delays in Energy, offset by strong LNG performance " ; Q3 2024 noted project pushouts linked to geopolitical and election uncertainties " ; Q4 2024 did not specifically address uncertainty in this segment. "

Q2 2025 emphasized uncertainty due to project delays in large energy projects and soft orders in traditional refining, leading to a slight reduction in the outlook and a more cautious stance. " "

Previously less consistently noted, Energy uncertainty is re-highlighted in Q2 2025 with a focus on delayed projects and softness in orders, signaling renewed caution in the segment.

Divergent Regional Market Dynamics

Q1 2025 observed strong performance in emerging markets such as the Middle East and North America and noted weakness in China, particularly in Industrial Automation " " ; Q3 2024 detailed double-digit growth in India and Saudi Arabia, moderate recovery in Europe, and persistent weakness in China " ; Q4 2024 mentioned emerging market tailwinds versus weak demand in Europe and China. "

Q2 2025 reported a more normalized global growth picture with the U.S. as the leading region, improved performance in Europe and China, and continued strength in areas like international defense spending. " "

The focus has shifted from stark regional divergence to a normalization of growth globally, with traditionally weak regions (Europe and China) showing recovery while emerging markets remain robust.