HONEYWELL INTERNATIONAL INC
For the period ended Sep 30, 2025. Filed Oct 23, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 23, 2025
HON$220.05+2.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-24.
0000773840-25-000064
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsReview of Business SegmentsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-23.
0000773840-25-000105
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsReview of Business SegmentsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 165 previous paragraphs and 180 current paragraphs.
93 unchanged; 42 reworded; 42 added; 28 removed; 2 previous and 3 current paragraphs rearranged.
Tables are not compared: 20 previous and 20 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (42)
Current report
On October 8, 2024, we announced our intention to spin off our Advanced Materials business into Solstice Advanced Materials, Inc. (Solstice), an independent, U.S. publicly traded company. The spin-off will be a tax-free spin to Honeywell shareowners for U.S. federal income tax purposes. On October 1, 2025, we announced that our Board approved a record date of October 17, 2025 (Record Date) for the pro rata distribution of all of the issued and outstanding shares of Solstice to the holders of our common stock as of the close of business on the Record Date (Eligible Holders). On October 16, 2025, we announced that the Board approved the spin-off, which will be effective as of 12:01 a.m. (New York City time) on October 30, 2025 (Distribution Date). On the Distribution Date, the Eligible Holders will receive one share of Solstice common stock for every four shares of our common stock they hold as of the close of business on the Record Date. Completion of the Distribution is conditioned upon the satisfaction or waiver of certain conditions, as set forth in the form of Separation and Distribution Agreement filed with the SEC as part of the registration statement on Form 10 filed by Solstice, which was declared effective by the SEC on September 30, 2025.
Current report
On September 29, 2025, we permanently divested all of our legacy Bendix asbestos liabilities and certain non-Bendix asbestos liabilities (referenced in clause (i) above). We recorded a pre-tax loss of $148 million in the third quarter of 2025 related to the divested asbestos liabilities. Under the terms of the divestiture agreement, we contributed $1.4 billion in cash and derecognized $1.5 billion in asbestos liabilities and $0.1 billion of related insurance assets on September 29, 2025, which is after our quarter-end close date of September 27, 2025.
Current report
SEGMENT REALIGNMENT
Current report
In October 2025, we announced a planned realignment, expected to be effective in the first quarter of 2026, of our business units comprising our Industrial Automation and Energy and Sustainability Solutions reportable business segments. This realignment will form a new reportable business segment, Process Automation and Technology, and result in a new composition of our Industrial Automation reportable business segment. Process Automation and Technology will be comprised of UOP, which is currently in Energy and Sustainability Solutions, and the core portion of the Process Solutions business, which is currently in Industrial Automation. The new composition of Industrial Automation will continue to include the smart energy, thermal solutions, and process measurement and control businesses, currently included in the Process Solutions business, as well as the Sensing and Safety Technologies, Warehouse and Workflow Solutions, and Productivity Solutions and Services businesses. Following the realignment, our reportable business segments will be Aerospace Technologies, Building Automation, Process Automation and Technology, and Industrial Automation. The realignment will not impact our historical consolidated financial position, results of operations, or cash flows. We expects to report our financial performance based on this realignment effective with the first quarter of 2026.
Current report
•Higher sales volumes, and
Current report
•Favorable impact of foreign currency translation, driven by the weakening of the U.S. dollar against the euro.
Current report
•Adjustment to estimated future environmental liabilities of approximately $0.2 billion or 3%,
Current report
•Higher sales volumes of approximately $0.2 billion or 3%.
Current report
Selling, general and administrative expenses decreased due to higher productivity.
Current report
Selling, general and administrative expenses were flat compared to the same period in 2024.
Current report
Other income increased due to the following:
Current report
•Gain recognized on Resideo termination agreement of approximately $0.8 billion,
Current report
Other income increased due to the following:
Current report
•Gain recognized on Resideo termination agreement of approximately $0.8 billion,
Current report
•Partially offset by higher divestiture-related costs of approximately $0.4 billion.
Current report
The effective tax rate decreased 610 basis-points due to the following:
Current report
•Nontaxable return of basis on the Resideo termination agreement of 860 basis-points and
Current report
•Changes in estimate on prior tax positions of 760 basis-points,
Current report
•Partially offset by frictional tax costs on separations of 640 basis-points and
Current report
•Incremental tax expense for tax reserve activities of 410 basis-points.
Current report
The effective tax rate decreased 340 basis-points due to the following:
Current report
•Nontaxable return of basis on the Resideo termination agreement of 320 basis-points and
Current report
•Changes in estimate on prior tax positions of 280 basis-points,
Current report
•Partially offset by frictional tax costs on separations of 270 basis-points.
Current report
•Gain recognized on Resideo termination agreement ($1.23 after tax) and
Current report
•Lower impairment charges on assets held for sale ($0.19 after tax),
Current report
•Partially offset by higher divestiture-related costs ($0.53 after tax) and
Current report
•Adjustment to estimated future environmental liabilities ($0.25 after tax).
Current report
•Gain recognized on Resideo termination agreement ($1.22 after tax) and
Current report
•Higher segment profit ($0.53 after tax),
Current report
•Partially offset by higher divestiture-related costs ($0.70 after tax) and
Current report
•Adjustment to estimated future environmental liabilities ($0.25 after tax).
Current report
BACKLOG
Current report
Segment profit decreased $80 million and segment margin percentage decreased 150 basis points to 18.8% compared to 20.3% for the same period in 2024.
Current report
Segment profit decreased $151 million and segment margin percentage decreased 90 basis points to 18.6% compared to 19.5% for the same period in 2024.
Current report
Segment profit increased $50 million and segment margin percentage increased 80 basis points to 26.7% compared to 25.9% for the same period of 2024.
Current report
Sales increased $179 million due to higher organic sales of $47 million in Advanced Materials driven by increased pricing in fluorine products, offset by lower organic sales of $85 million in UOP driven by lower sales volumes in refining catalyst shipments. Additionally, the acquisitions of Sundyne and LNG contributed $202 million of inorganic sales in the three months ended September 30, 2025.
Current report
Segment profit increased $125 million and segment margin percentage increased 40 basis points to 23.7% compared to 23.3% for the same period of 2024.
Current report
See Note 15 Commitments and Contingencies for further discussion of the Resideo indemnification and reimbursement agreement termination.
Showing the first 40 of 42 passages. Open the source sections for the rest.
Removed paragraphs (28)
Previous report
33 Honeywell International Inc.
Previous report
34 Honeywell International Inc.
Previous report
•Higher sales volumes.
Previous report
Selling, general and administrative expenses increased due to incremental costs from acquisitions.
Previous report
Selling, general and administrative expenses increased due to the following:
Previous report
•Incremental costs from acquisitions of approximately $0.2 billion or 8%,
Previous report
•Partially offset by higher productivity of approximately $0.1 billion or 4%.
Previous report
Other income decreased due to the following:
Previous report
•Lower pension and other postretirement income of approximately $0.1 billion.
Previous report
Other income decreased due to the following:
Previous report
•Higher divestiture-related costs of approximately $0.1 billion, and
Previous report
•Lower pension and other postretirement income of approximately $0.1 billion.
Previous report
The effective tax rate decreased 490 basis-points, primarily driven by changes in accruals on foreign tax matters.
Previous report
The effective tax rate decreased 200 basis-points, primarily driven by changes in accruals on foreign tax matters.
Previous report
•Higher segment profit ($0.20 after tax) and
Previous report
•Lower effective tax rate ($0.10),
Previous report
•Partially offset by higher interest and other financial charges ($0.10 after tax), and
Previous report
•Higher divestiture-related costs ($0.09 after tax).
Previous report
•Higher segment profit ($0.40 after tax),
Previous report
•Partially offset by higher interest and other financial charges ($0.18 after tax), and
Previous report
•Higher divestiture-related costs ($0.17 after tax).
Previous report
Segment profit decreased $21 million and segment margin percentage increased 20 basis points to 19.2% compared to 19.0% for the same period in 2024.
Previous report
Segment profit decreased $71 million and segment margin percentage decreased 60 basis points to 18.5% compared to 19.1% for the same period in 2024.
Previous report
Segment profit increased $172 million and segment margin percentage increased 120 basis points to 26.1% compared to 24.9% for the same period of 2024.
Previous report
Segment profit increased $38 million and segment margin percentage decreased 110 basis points to 24.1% compared to 25.2% for the same period of 2024.
Previous report
Sales increased $269 million due to higher organic sales of $107 million in UOP due to higher licensing sales volumes in gas processing. Additionally, the acquisitions of LNG and Sundyne contributed $189 million in the six months ended June 30, 2025.
Previous report
Segment profit increased $81 million and segment margin percentage increased 60 basis points to 23.2% compared to 22.6% for the same period of 2024.
Reworded paragraphs (42)
Previous wording
The following Management's Discussion and Analysis of Financial Condition and Results of Operations is intended to help the reader understand the results of operations and financial condition of Honeywell International Inc. and its consolidated subsidiaries (Honeywell, we, us, our, or the Company) for the three and six months ended June 30, 2025. The financial information as of June 30, 2025, should be read in conjunction with the Consolidated Financial Statements for the year ended December 31, 2024, contained in our 2024 Annual Report on Form 10-K.
Current wording
The following Management's Discussion and Analysis of Financial Condition and Results of Operations is intended to help the reader understand the results of operations and financial condition of Honeywell International Inc. and its consolidated subsidiaries (Honeywell, we, us, our, or the Company) for the three and nine months ended September 30, 2025. The financial information as of September 30, 2025, should be read in conjunction with the Consolidated Financial Statements for the year ended December 31, 2024, contained in our 2024 Annual Report on Form 10-K.
Previous wording
We continue to monitor macroeconomic and geopolitical developments amid heightened trade tensions, economic and trade policy uncertainty, and inflationary risks. The trade policy volatility during 2025—including new tariffs and, in some cases, subsequent rollbacks or suspensions—could adversely impact global growth and contribute to inflationary pressures. Global conflicts, tariffs, labor disruptions, and regulations continue to generate volatility in global markets and can contribute to supply chain vulnerabilities and pricing fluctuations. We remain proactive in our collaboration with suppliers to minimize shortages and mitigate supply chain and pricing volatility.
Current wording
We continue to monitor macroeconomic and geopolitical developments amid heightened trade tensions, economic and trade policy uncertainty, and inflationary risks. Trade policy volatility during 2025, including new tariffs and, in some cases, subsequent rollbacks or suspensions, could impact global growth and contribute to inflationary pressures. Global conflicts, tariffs, labor disruptions, and regulations continue to generate volatility in global markets and contribute to supply chain vulnerabilities and pricing fluctuations. We remain proactive in our collaboration with suppliers to minimize shortages and mitigate supply chain and pricing volatility.
Previous wording
Mitigation strategies remain crucial to meet customer demand in this evolving environment. Our mitigation strategies include supply chain simplification, continued alignment to local supply sources, pricing actions and dual source strategies, long-term strategies for constrained materials, direct engagement with key suppliers, and new supplier development. Strong relationships with strategic primary and secondary suppliers allow us to collaborate together to reliably source key components and raw materials, develop new products, commit our resources to assist certain suppliers, and at times, alter designs of existing products. We believe these mitigation strategies enable us to reduce supply risk, foster new product innovation, and expand our market presence. Additionally, due to the stringent quality controls and product qualification we perform on any new or altered product, these mitigation strategies have not impacted, and we do not expect them to impact, product quality or reliability.
Current wording
Mitigation strategies remain crucial to meet customer demand in this evolving environment. Our mitigation strategies include supply chain simplification, continued alignment to local supply sources, pricing actions and dual source strategies, long-term strategies for constrained materials, direct engagement with key suppliers, and new supplier development. Strong relationships with strategic primary and secondary suppliers allow us to collaborate to reliably source key components and raw materials, develop new products, commit our resources to assist certain suppliers, and at times, alter designs of existing products. We believe these mitigation strategies enable us to reduce supply risk, foster new product innovation, and expand our market presence. Additionally, due to the stringent quality controls and product qualification we perform on any new or altered product, these mitigation strategies have not impacted, and we do not expect them to impact, product quality or reliability.
Previous wording
To date, our strategies have helped minimize our exposure to these conditions. However, if we are not successful in sustaining or executing these strategies, these macroeconomic conditions could have a material adverse effect on our consolidated results of operations or operating cash flows.
Current wording
To date, our strategies helped minimize our exposure to these conditions. However, if we are not successful in sustaining or executing these strategies, these macroeconomic conditions could have a material adverse effect on our consolidated results of operations, cash flows, or financial condition.
Previous wording
We continually assess the relative strength of each business in our portfolio as to strategic fit, market position, profit, and cash flow contribution in order to identify target investment and acquisition opportunities in order to upgrade our combined portfolio. We also identify businesses that do not fit into our long-term strategic plan based on their market position, relative profitability, or growth potential. During the second quarter, we completed the divestiture of our PPE business, as well as closed on the acquisition of Sundyne. We also announced our agreement to acquire Johnson Matthey's Catalyst Technologies business segment.
Current wording
We continually assess the relative strength of each business in our portfolio as to strategic fit, market position, profit, and cash flow contribution in order to identify target investment and acquisition opportunities in order to upgrade our combined portfolio. We also identify businesses that do not fit into our long-term strategic plan based on their market position, relative profitability, or growth potential. During the second quarter of 2025, we completed the divestiture of our PPE business, as well as closed on the acquisition of Sundyne. We also announced our agreement to acquire Johnson Matthey's Catalyst Technologies business segment.
Previous wording
On February 6, 2025, we announced our intention to pursue a separation of our Automation and Aerospace Technologies businesses into independent, U.S. publicly traded companies, which is intended to be completed in the second half of 2026. The planned separation is intended to be a tax-free separation to Honeywell shareowners for U.S. federal income tax purposes. The separation will be subject to the satisfaction of a number of customary conditions, including, among others, the filing and effectiveness of applicable filings (including a Form 10 registration statement that includes required financial statements) with the SEC, assurance that the separation of the businesses will be tax-free to Honeywell’s shareowners, receipt of applicable regulatory approvals, and final approval by Honeywell’s Board of Directors. The proposed separation is complex in nature, and may be affected by unanticipated developments, credit and equity markets, or changes in market conditions.
Current wording
On February 6, 2025, we announced our intention to pursue a separation of our Automation and Aerospace Technologies businesses into independent, U.S. publicly traded companies, which is expected to be completed in the second half of 2026. The planned separation is intended to be a tax-free separation to Honeywell shareowners for U.S. federal income tax purposes. The separation will be subject to the satisfaction of a number of customary conditions, including, among others, the filing and effectiveness of applicable filings (including a Form 10 registration statement that includes required financial statements) with the SEC, assurance that the separation of the businesses will be tax-free to Honeywell’s shareowners, receipt of applicable regulatory approvals, and final approval by our Board. The proposed separation is complex in nature, and may be affected by unanticipated developments, credit and equity markets, or changes in market conditions.
Previous wording
•Incremental costs from recent acquisitions of approximately $0.6 billion or 5%, and
Current wording
•Incremental costs from recent acquisitions of approximately $0.2 billion or 3%,
Previous wording
•Higher direct and indirect material costs and higher labor costs of approximately $0.2 billion or 3%.
Current wording
•Higher direct and indirect material costs and higher labor costs of approximately $0.2 billion or 3%, and
Previous wording
•Incremental costs from recent acquisitions of approximately $0.3 billion or 5%, and
Current wording
•Incremental costs from recent acquisitions of approximately $0.8 billion or 5%,
Previous wording
•Higher direct and indirect material costs and higher labor costs of approximately $0.4 billion or 3%.
Current wording
•Higher direct and indirect material costs and higher labor costs of approximately $0.5 billion or 3%, and
Previous wording
Gross margin increased by approximately $0.3 billion and gross margin percentage was flat at 38.9% compared to the same period of 2024.
Current wording
Gross margin decreased by approximately $0.2 billion and gross margin percentage decreased 440 basis points to 34.1% compared to 38.5% for the same period of 2024.
Previous wording
Gross margin increased by approximately $0.6 billion and gross margin percentage decreased 10 basis points to 38.7% compared to 38.8% for the same period of 2024.
Current wording
Gross margin increased by approximately $0.4 billion and gross margin percentage decreased 160 basis points to 37.1% compared to 38.7% for the same period of 2024.
Previous wording
An impairment charge was recorded on assets held for sale related to the PPE business during the six months ended June 30, 2025.
Current wording
An impairment charge was recorded on assets held for sale related to the PPE business during the three months ended September 30, 2024.
Previous wording
•Higher divestiture-related costs of approximately $0.1 billion, and
Current wording
•Partially offset by higher divestiture-related costs of approximately $0.2 billion.
Previous wording
Interest and other financial charges increased due to higher interest rates on issuances of long-term debt in past years.
Current wording
Interest and other financial charges increased due to increased debt funding to support acquisitions and higher interest rates on long-term debt issuances in August 2024.
Previous wording
Interest and other financial charges increased due to higher interest rates on issuances of long-term debt in past years.
Current wording
Interest and other financial charges increased due to increased debt funding to support acquisitions and higher interest rates on long-term debt issuances in August 2024.
Previous wording
Our backlog of orders increased 14% to $36.6 billion, as of June 30, 2025, compared to June 30, 2024. Backlog represents the estimated remaining value of work to be performed or products to be shipped under firm contracts. Backlog is equal to our remaining performance obligations under the contracts that meet the guidance on revenue from contracts with customers as discussed in Note 4 Revenue Recognition and Contracts with Customers of Notes to Consolidated Financial Statements. Our backlog by reportable business segment is as follows:
Current wording
Our backlog of orders increased 14% to $39.1 billion, as of September 30, 2025, compared to September 30, 2024. Backlog represents the estimated remaining value of work to be performed or products to be shipped under firm contracts. Backlog is equal to our remaining performance obligations under the contracts that meet the guidance on revenue from contracts with customers as discussed in Note 4 Revenue Recognition and Contracts with Customers of Notes to Consolidated Financial Statements. Our backlog by reportable business segment is as follows:
Previous wording
Sales increased $416 million due to higher organic sales of $180 million in Defense and Space driven by higher sales volumes due to increased shipments and higher organic sales of $118 million in Commercial Aviation Aftermarket driven by increased pricing in air transport. Additionally, the acquisitions of CAES and Civitanavi Systems contributed $197 million to sales in the three months ended June 30, 2025.
Current wording
Sales increased $599 million due to higher organic sales of $327 million in Commercial Aviation Aftermarket and higher organic sales of $147 million in Defense and Space, both driven by higher sales volumes due to increased demand and shipments. Additionally, the acquisitions of CAES and Civitanavi Systems contributed $108 million of inorganic sales in the three months ended September 30, 2025. Beginning September 2025, the results of CAES and Civitanavi Systems are considered organic following the first 12 months after the transaction date.
Previous wording
Segment profit increased $102 million and segment margin percentage decreased 180 basis points to 25.9% compared to 27.7% for the same period of 2024.
Current wording
Segment profit increased $96 million and segment margin percentage decreased 160 basis points to 26.1% compared to 27.7% for the same period of 2024.
Previous wording
Sales increased $919 million due to higher organic sales of $358 million in Commercial Aviation Aftermarket and higher organic sales of $313 million in Defense and Space, both driven by higher sales volumes due to increased shipments. Additionally, the acquisitions of CAES and Civitanavi Systems contributed $377 million to sales in the six months ended June 30, 2025.
Current wording
Sales increased $1,518 million due to higher organic sales of $688 million in Commercial Aviation Aftermarket and higher organic sales of $462 million in Defense and Space, both driven by higher sales volumes due to increased demand and shipments. Additionally, the acquisitions of CAES and Civitanavi Systems contributed $485 million of inorganic sales in the nine months ended September 30, 2025.
Previous wording
Segment profit increased $38 million and segment margin percentage decreased 170 basis points to 25.5% compared to 27.2% for the same period of 2024.
Current wording
Segment profit increased $198 million and segment margin percentage decreased 170 basis points to 26.0% compared to 27.7% for the same period of 2024.
Previous wording
On February 6, 2025, the Company announced its intention to separate its Automation and Aerospace Technologies businesses into independent, U.S. publicly traded companies.
Current wording
On February 6, 2025, the Company announced its intention to separate its Automation and Aerospace Technologies businesses into independent, U.S. publicly traded companies, which is expected to be completed in the second half of 2026.
Previous wording
Sales decreased $126 million due to lower sales of $141 million driven by the sale of our PPE business on May 21, 2025.
Current wording
Sales decreased $227 million due to a decline of $264 million resulting from the sale of our PPE business on May 21, 2025.
Previous wording
Sales decreased $226 million due to lower sales of $141 million driven by the sale of our PPE business on May 21, 2025, and lower organic sales of $68 million in Productivity Solutions and Services driven by a decrease in license and settlement payments.
Current wording
Sales decreased $453 million due to a decline of $405 million resulting from the sale of our PPE business on May 21, 2025 and lower organic sales of $78 million in Productivity Solutions and Services driven by a decrease in license and settlement payments.
Previous wording
Sales increased $521 million due to higher organic sales of $135 million in Products and higher organic sales of $104 million in Building Solutions, both driven by higher demand. Additionally, the acquisition of Access Solutions contributed $302 million of inorganic sales in the six months ended June 30, 2025.
Current wording
Sales increased $133 million due to higher organic sales of $68 million in Products and higher organic sales of $49 million in Building Solutions, both driven by higher demand.
Previous wording
Sales increased $255 million due to higher organic sales of $84 million in Products driven by higher demand. Additionally, the acquisition of Access Solutions contributed $123 million of inorganic sales in the three months ended June 30, 2025. Beginning June 3, 2025, Access Solutions results are considered organic following the first 12 months after the transaction date.
Current wording
Sales increased $654 million due to higher organic sales of $203 million in Products and higher organic sales of $153 million in Building Solutions, both driven by higher demand. Additionally, the acquisition of Access Solutions contributed $302 million of inorganic sales in the nine months ended September 30, 2025. Beginning June 2025, the results of Access Solutions are considered organic following the first 12 months after the transaction date.
Previous wording
Segment profit increased $82 million and segment margin percentage increased 90 basis points to 26.2% compared to 25.3% for the same period of 2024.
Current wording
Segment profit increased $222 million and segment margin percentage increased 100 basis points to 26.3% compared to 25.3% for the same period of 2024.
Previous wording
Sales increased $233 million due to higher organic sales of $93 million in UOP due to higher licensing sales volumes in gas processing. Additionally, the acquisitions of LNG and Sundyne contributed $114 million in the three months ended June 30, 2025.
Current wording
Sales increased $448 million driven by the acquisitions of LNG and Sundyne.
Previous wording
On October 8, 2024, the Company announced its intention to spin off its Advanced Materials business into Solstice Advanced Materials, an independent, U.S. publicly traded company, which is expected to be completed during the fourth quarter of 2025.
Current wording
On October 1, 2025, the Company announced the anticipated spin-off its Advanced Materials business into Solstice Advanced Materials, an independent, U.S. publicly traded company, is expected to be completed on October 30, 2025.
Previous wording
See Note 5 Repositioning and Other Charges of Notes to Consolidated Financial Statements for a discussion of our repositioning actions and related charges incurred in the six months ended June 30, 2025, and 2024. Cash spending related to our repositioning actions was $81 million in the six months ended June 30, 2025, and was funded through operating cash flows.
Current wording
See Note 5 Repositioning and Other(Gains)Charges of Notes to Consolidated Financial Statements for a discussion of our repositioning actions and related charges incurred in the nine months ended September 30, 2025, and 2024. Cash spending related to our repositioning actions was $117 million in the nine months ended September 30, 2025, and was funded through operating cash flows.
Previous wording
As of June 30, 2025, and December 31, 2024, we held $10.7 billion and $11.0 billion, respectively, of cash and cash equivalents, including our short-term investments. We monitor third-party depository institutions that hold our cash and cash equivalents on a daily basis. Our emphasis is primarily safety of principal and secondarily maximizing yield of those funds. We diversify our cash and cash equivalents among counterparties to minimize exposure to any one counterparty.
Current wording
As of September 30, 2025, and December 31, 2024, we held $13.4 billion and $11.0 billion, respectively, of cash and cash equivalents, including our short-term investments. We monitor third-party depository institutions that hold our cash and cash equivalents on a daily basis. Our emphasis is primarily safety of principal and secondarily maximizing yield of those funds. We diversify our cash and cash equivalents among counterparties to minimize exposure to any one counterparty.
Previous wording
As of June 30, 2025, we held $9.2 billion of the Company’s cash, cash equivalents, and short-term investments in non-U.S. subsidiaries. We do not have material amounts related to any jurisdiction subject to currency control restrictions that impact our ability to access and repatriate such amounts. Under current laws, we do not expect taxes on repatriation or restrictions on amounts held outside of the U.S. to have a material effect on our overall liquidity.
Current wording
As of September 30, 2025, we held $9.9 billion of the Company’s cash, cash equivalents, and short-term investments in non-U.S. subsidiaries. We do not have material amounts related to any jurisdiction subject to currency control restrictions that impact our ability to access and repatriate such amounts. Under current laws, we do not expect taxes on repatriation or restrictions on amounts held outside of the U.S. to have a material effect on our overall liquidity.
Previous wording
Net cash provided by operating activities was driven by Net income, partially offset by changes in working capital driven by an increase in accounts receivable due to timing of customer cash collections.
Current wording
Net cash provided by operating activities was driven by the receipt of the Resideo indemnification and reimbursement agreement termination payment of $1,590 million, partially offset by changes in working capital driven by an increase in accounts receivable of $1,035 million due to timing of customer cash collections.
Previous wording
Net cash used for investing activities was driven by $2,163 million of cash paid for acquisitions, $554 million of capital expenditures, and $415 million of net payments from settlements of derivative contracts, partially offset by $1,157 million of proceeds from the sale of the PPE business.
Current wording
Net cash used for investing activities was driven by $2,200 million of cash paid for acquisitions, $928 million of capital expenditures, and $403 million of net payments from settlements of derivative contracts, partially offset by $1,157 million of proceeds from the sale of the PPE business.
Previous wording
Net cash used for financing activities was driven by $3,604 million of repurchases of common stock, $1,479 million of cash dividends paid, and $1,309 million of payments of long-term debt, partially offset by $4,035 million of long-term debt proceeds and $1,873 million of net proceeds of commercial paper.
Current wording
Net cash used for financing activities was driven by $3,704 million of repurchases of common stock, $2,214 million of cash dividends paid, and $1,555 million of payments of long-term debt, partially offset by $4,035 million of long-term debt proceeds and $2,460 million of net proceeds from commercial paper.
Previous wording
Six months ended June 30, 2025 compared with six months ended June 30, 2024
Current wording
Nine months ended September 30, 2025 compared with nine months ended September 30, 2024
Previous wording
Net cash provided by operating activities increased by $97 million, driven by a $424 million favorable impact of other operating activities due to timing of customer advances and $230 million increase in noncash adjustments driven by higher depreciation and amortization, partially offset by a $569 million unfavorable impact of working capital driven by an increase in accounts receivable due to timing of customer cash collections.
Current wording
Net cash provided by operating activities increased by $1,388 million, driven by the receipt of the Resideo indemnification and reimbursement agreement termination payment of $1,590 million and increase in Net income of $424 million, partially offset by an unfavorable impact of working capital driven by an increase in accounts receivable of $817 million due to timing of customer cash collections.
Previous wording
Net cash used for investing activities decreased by $3,525 million, driven by a $2,750 million decrease in cash paid for acquisitions and $1,157 million increase in proceeds from the sale of the PPE business, partially offset by a $491 million increase in net payments from settlements of derivative contracts.
Current wording
Net cash used for investing activities decreased by $5,834 million, driven by a $4,847 million decrease in cash paid for acquisitions and $1,157 million of proceeds from the sale of the PPE business.
Previous wording
Net cash used for financing activities increased by $5,719 million, driven by a $2,404 million increase in repurchases of common stock, $1,675 million decrease in long-term debt proceeds, $704 million increase in payments of long-term debt, $631 million decrease in net proceeds of commercial paper, and $211 million decrease in proceeds from the issuance of common stock.
Current wording
Net cash used for financing activities increased by $7,698 million, driven by a $6,372 million decrease in long-term debt proceeds and $2,504 million increase in repurchases common stock, partially offset by a $1,421 million increase in net proceeds from commercial paper.
Previous wording
In addition to normal operating cash requirements, our principal future cash requirements include funding capital expenditures, share repurchases, dividends, strategic acquisitions, and debt repayments. During the six months ended June 30, 2025, we repurchased common stock of $3.6 billion. Refer to the section titled Liquidity and Capital Resources of our 2024 Form 10-K for a discussion of our expected capital expenditures, share repurchases, mergers and acquisitions activity, and dividends for 2025.
Current wording
In addition to normal operating cash requirements, our principal future cash requirements include funding capital expenditures, share repurchases, dividends, strategic acquisitions, and debt repayments. During the nine months ended September 30, 2025, we repurchased common stock of $3.7 billion. Refer to the section titled Liquidity and Capital Resources of our 2024 Form 10-K for a discussion of our expected capital expenditures, share repurchases, mergers and acquisitions activity, and dividends for 2025.
Showing the first 40 of 42 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
•Higher sales volumes of approximately $0.4 billion or 2%.
Current report — wording carried from elsewhere
An impairment charge was recorded on assets held for sale related to the PPE business during the nine months ended September 30, 2025 and 2024.
Current report — wording carried from elsewhere
Segment profit increased $44 million and segment margin percentage was flat at 24.5% compared to the same period of 2024.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
In addition, on October 8, 2024, we announced our intention to spin off our Advanced Materials business into Solstice Advanced Materials, an independent, U.S. publicly traded company, which is targeted to be completed during the fourth quarter of 2025. The planned spin-off is intended to be a tax-free spin to Honeywell shareowners for U.S. federal income tax purposes. The spin-off will be subject to the satisfaction of a number of customary conditions, including, among others, finalization of the financial statements of Solstice Advanced Materials, the filing and effectiveness of applicable filings (including a Form 10 registration statement) with the SEC, assurance that the spin-off of Solstice Advanced Materials will be tax-free to Honeywell’s shareowners, receipt of applicable regulatory approvals, and final approval by Honeywell’s Board of Directors. The proposed spin-off is complex in nature, and may be affected by unanticipated developments, credit and equity markets, or changes in market conditions.
Previous report — wording carried elsewhere
•Incremental sales from recent acquisitions, and