HONEYWELL INTERNATIONAL INC
For the period ended Dec 31, 2025. Filed Feb 17, 2026.
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FY2025 · Filed Feb 17, 2026
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Review of Business Segments
TABLE OF CONTENTS
REVIEW OF BUSINESS SEGMENTS
We globally manage our business operations through four reportable business segments: Aerospace Technologies, Industrial Automation, Building Automation, and Energy and Sustainability Solutions.
AEROSPACE TECHNOLOGIES
| 2025 | 2024 | Change2025vs.2024 | 2023 | Change2024vs.2023 | |
|---|---|---|---|---|---|
| Net sales | $17,510 | $15,458 | 13% | $13,624 | 13% |
| Cost of products and services sold | 11,282 | 9,781 | 8,362 | ||
| Selling, general and administrative and other expenses | 1,944 | 1,689 | 1,502 | ||
| Segment profit | $4,284 | $3,988 | 7% | $3,760 | 6% |
| Factors Contributing to Year-Over-Year Change · 2025 vs. 2024 · 2024 vs. 2023 | ||||
|---|---|---|---|---|
| NetSales · SegmentProfit · NetSales · SegmentProfit | ||||
| Reported percent change | 13% | 7% | 13% | 6% |
| Less: Impact of divestitures to the prior period | —% | —% | —% | —% |
| Reported percent change, adjusted for impact of divestitures | 13% | 7% | 13% | 6% |
| Less: Foreign currency translation | —% | —% | —% | —% |
| Less: Acquisitions | 3% | —% | 2% | 1% |
| Less: Other2 | (2)% | (9)% | —% | —% |
| Organic percent change1 | 12% | 16% | 11% | 5% |
| 1 | Organic sales % change, presented for all of our reportable business segments, is defined as the change in Net sales, adjusted for the impact of divestitures to the prior period, and excluding the impact on sales from foreign currency translation, acquisitions for the first 12 months following the transaction date, and certain other items that are unusual or non-recurring in nature. We believe this non-GAAP measure is useful to investors and management in understanding the ongoing operations and analysis of ongoing operating trends. |
| 2 | Includes Flexjet-related litigation matters, which are considered to be unusual and not indicative of the Company's ongoing performance. |
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| TABLE OF CONTENTS | REVIEW OF BUSINESS SEGMENTS |
|---|
Sales increased $2,052 million due to higher organic sales of $639 million in Defense and Space and higher organic sales of $636 million in Commercial Aviation Aftermarket, both driven by higher sales volume due to increased demand and shipments. Additionally, the acquisitions of CAES and Civitanavi Systems contributed $485 million of inorganic sales in 2025. Beginning September 2025, the results of CAES and Civitanavi Systems are considered organic.
During the fourth quarter of 2025, our Commercial Aviation Aftermarket business recorded charges for the settlement negotiations with Flexjet and the other parties to related litigation matters. Based on negotiations as of December 31, 2025, Aerospace Technologies' sales and segment profit for 2025 decreased by approximately $310 million and $370 million, respectively. Refer to Note 19 Commitments and Contingencies of Notes to Consolidated Financial Statements for further information regarding the Flexjet-related litigation matters.
During the fourth quarter of 2024, our Commercial Aviation Original Equipment business entered into a strategic agreement with Bombardier (the Bombardier Agreement) to provide advanced technology for current and future Bombardier aircraft in avionics, propulsion, and satellite communications technologies. Aerospace Technologies' sales and segment profit for 2024 decreased by approximately $370 million due to the Bombardier Agreement.
Segment profit increased $296 million and segment margin decreased 130 basis points to 24.5% compared to 25.8% for the same period of 2024.
Sales increased $1,834 million due to higher organic sales of $907 million in Commercial Aviation Aftermarket driven by higher sales volumes in air transport due to an increase in flight hours and higher organic sales of $772 million in Defense and Space driven by higher sales volumes due to increased shipments. Additionally, the acquisitions of CAES and Civitanavi Systems contributed $332 million to 2024 sales.
Additionally, Aerospace Technologies' sales and segment profit for 2024 decreased by approximately $370 million due to the Bombardier Agreement.
Segment profit increased $228 million and segment margin percentage decreased 180 basis points to 25.8% compared to 27.6% for the same period of 2023.
INDUSTRIAL AUTOMATION
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| TABLE OF CONTENTS | REVIEW OF BUSINESS SEGMENTS |
|---|
| 2025 | 2024 | Change2025vs.2024 | 2023 | Change2024vs.2023 | |
|---|---|---|---|---|---|
| Net sales | $9,401 | $10,051 | (6)% | $10,756 | (7)% |
| Cost of products and services sold | 5,492 | 5,880 | 6,379 | ||
| Selling, general and administrative and other expenses | 2,166 | 2,209 | 2,168 | ||
| Segment profit | $1,743 | $1,962 | (11)% | $2,209 | (11)% |
| Factors Contributing to Year-Over-Year Change · 2025 vs. 2024 · 2024 vs. 2023 | ||||
|---|---|---|---|---|
| NetSales · SegmentProfit · NetSales · SegmentProfit | ||||
| Reported percent change | (6)% | (11)% | (7)% | (11)% |
| Less: Impact of divestitures to the prior period | (6)% | (5)% | —% | —% |
| Reported percent change, adjusted for impact of divestitures | —% | (6)% | (7)% | (11)% |
| Less: Foreign currency translation | —% | —% | (1)% | (1)% |
| Less: Acquisitions | —% | —% | 1% | 1% |
| Less: Other | —% | —% | —% | —% |
| Organic percent change | —% | (6)% | (7)% | (11)% |
Sales decreased $650 million due to the sale of our PPE business within our Sensing and Safety Technologies business on May 21, 2025.
Segment profit decreased $219 million and segment margin decreased 100 basis points to 18.5% compared to 19.5% for the same period in 2024.
On July 8, 2025, the Company announced it is evaluating strategic alternatives for its Productivity Solutions and Services and Warehouse and Workflow Solutions businesses. Following the Company's strategic review, the assets and liabilities of these businesses are classified as held for sale as of December 31, 2025.
Sales decreased $705 million due to lower organic sales of $527 million in Warehouse and Workflow Solutions driven by lower demand for projects and lower organic sales of $155 million in Sensing and Safety Technologies driven by lower demand for personal protective equipment.
During the second quarter of 2022, our Productivity Solutions and Services business entered into a license and settlement agreement (the Agreement). Under the Agreement, we received $360 million, paid in equal quarterly installments over eight quarters, beginning with the second quarter of 2022 and ending with the first quarter of 2024. The Agreement provides each party a license to its existing patent portfolio for use by the other party’s existing products and resolved the patent-related litigation between the parties.
Segment profit decreased $247 million and segment margin percentage decreased 100 basis points to 19.5% compared to 20.5% for the same period in 2023.
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|---|
BUILDING AUTOMATION
| 2025 | 2024 | Change2025vs.2024 | 2023 | Change2024vs.2023 | |
|---|---|---|---|---|---|
| Net sales | $7,367 | $6,540 | 13% | $6,031 | 8% |
| Cost of products and services sold | 3,832 | 3,482 | 3,240 | ||
| Selling, general and administrative and other expenses | 1,582 | 1,377 | 1,262 | ||
| Segment profit | $1,953 | $1,681 | 16% | $1,529 | 10% |
| Factors Contributing to Year-Over-Year Change · 2025 vs. 2024 · 2024 vs. 2023 | ||||
|---|---|---|---|---|
| NetSales · SegmentProfit · NetSales · SegmentProfit | ||||
| Reported percent change | 13% | 16% | 8% | 10% |
| Less: Impact of divestitures to the prior period | —% | —% | —% | —% |
| Reported percent change, adjusted for impact of divestitures | 13% | 16% | 8% | 10% |
| Less: Foreign currency translation | —% | —% | (1)% | —% |
| Less: Acquisitions | 5% | 6% | 7% | 10% |
| Less: Other | —% | —% | —% | —% |
| Organic percent change | 8% | 10% | 2% | —% |
Sales increased $827 million due to higher organic sales of $287 million in Products and higher organic sales of $217 million in Building Solutions, both driven by higher demand. Additionally, the acquisition of Access Solutions contributed $302 million of inorganic sales growth during 2025. Beginning June 2025, the results of Access Solutions are considered organic.
Segment profit increased $272 million and segment margin increased 80 basis points to 26.5% compared to 25.7% for the same period of 2024.
Sales increased $509 million due to higher organic sales of $245 million in Building Solutions driven by higher demand for building projects and services, partially offset by lower organic sales of $124 million in Products driven by lower demand. The acquisition of Access Solutions contributed $424 million to 2024 sales.
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| TABLE OF CONTENTS | REVIEW OF BUSINESS SEGMENTS |
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Segment profit increased $152 million and segment margin percentage increased 30 basis points to 25.7% compared to 25.4% for the same period of 2023.
ENERGY AND SUSTAINABILITY SOLUTIONS
| 2025 | 2024 | Change2025vs.2024 | 2023 | Change2024vs.2023 | |
|---|---|---|---|---|---|
| Net sales | $3,134 | $2,644 | 19% | $2,586 | 2% |
| Cost of products and services sold | 1,873 | 1,562 | 1,599 | ||
| Selling, general and administrative and other expenses | 569 | 467 | 418 | ||
| Segment profit | $692 | $615 | 13% | $569 | 8% |
| Factors Contributing to Year-Over-Year Change · 2025 vs. 2024 · 2024 vs. 2023 | ||||
|---|---|---|---|---|
| NetSales · SegmentProfit · NetSales · SegmentProfit | ||||
| Reported percent change | 19% | 13% | 2% | 8% |
| Less: Impact of divestitures to the prior period | —% | —% | —% | —% |
| Reported percent change, adjusted for impact of divestitures | 19% | 13% | 2% | 8% |
| Less: Foreign currency translation | —% | 1% | —% | —% |
| Less: Acquisitions | 20% | 31% | 2% | 5% |
| Less: Other | —% | —% | —% | —% |
| Organic percent change | (1)% | (19)% | —% | 3% |
Sales increased $490 million due to inorganic sales growth from the acquisitions of LNG and Sundyne. Beginning October 2025, the results of LNG are considered organic.
Segment profit increased $77 million and segment margin decreased 120 basis points to 22.1% compared to 23.3% for the same period of 2024.
Sales increased $58 million driven by inorganic sales growth from the acquisition of LNG.
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| TABLE OF CONTENTS | REVIEW OF BUSINESS SEGMENTS |
|---|
Segment profit increased $46 million and segment margin increased 130 basis points to 23.3% compared to 22.0% for the same period of 2023.
CORPORATE AND ALL OTHER
Corporate and All Other primarily includes unallocated corporate costs, interest expense on holding-company debt, and the controlling majority-owned interest in Quantinuum. Corporate expenses historically allocated to Advanced Materials and not eligible to be part of discontinued operations are now included in Corporate and All Other. Corporate and All Other is not a separate reportable business segment as segment reporting criteria is not met. The Company continues to monitor the activities in Corporate and All Other to determine the need for further reportable business segment disaggregation.
REPOSITIONING CHARGES
See Note 4 Repositioning and Other (Gains) Charges of Notes to Consolidated Financial Statements for a discussion of our repositioning actions and related charges incurred in 2025, 2024, and 2023. Cash spending related to our repositioning actions was $153 million, $189 million, and $280 million in 2025, 2024, and 2023, respectively, and was funded through operating cash flows.
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