HON Financials Honeywell

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 55 d ago Overview →

Growth & profitability

Revenue has grown 2.8% per year over the past 5 years.
Net income has grown slower than revenue (-0.2% vs 2.8% per year).
Free cash flow has grown 0.4% per year over the past 5 years.

Financial health

Total debt ($28.7B) exceeds cash ($12.5B); net debt is $16.2B.
Total debt has grown in line with revenue (5.1% vs 2.8% per year).
Operating income covered interest expense 6.0× in the latest year.
Total debt is 3.0× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 62.9% of earnings and 54.9% of free cash flow.
The dividend has grown 2.8% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$37.4B	$4.7B	36.9%	21.7%	34.0%	6.4%	$5.4B	$28.7B	$12.5B
2024	$34.7B	$5.7B	38.5%	22.1%	30.6%	7.6%	$5.2B	$26.8B	$9.9B
2023	$33.0B	$5.7B	37.5%	22.9%	35.7%	9.2%	$4.6B	$18.4B	$7.9B
2022	$35.5B	$5.0B	37.0%	22.6%	29.7%	8.0%	$4.5B	$19.6B	$9.6B
2021	$34.4B	$5.5B	35.9%	0.0%	29.8%	8.6%	$5.1B	$19.6B	$11.0B
2020	$32.6B	$4.8B	32.1%	0.0%	27.2%	7.4%	$5.3B	$22.4B	$14.3B
2019	$36.7B	$6.1B	33.7%	0.0%	33.2%	10.5%	$6.1B	$16.0B	$9.1B
2018	$41.8B	$6.8B	30.5%	0.0%	37.2%	11.7%	$5.6B	$16.2B	$9.3B
2017	$40.5B	$1.5B	30.6%	0.0%	9.4%	2.6%	$4.9B	$17.9B	$7.1B
2016	$39.3B	$4.8B	30.9%	0.0%	24.8%	8.8%	$4.4B	$15.8B	$7.8B
2015	—	$4.8B	—	—	26.1%	9.7%	$4.4B	$12.1B	$5.5B
2014	—	$4.2B	—	—	24.0%	9.3%	—	$8.7B	$7.0B
2013	—	$3.9B	—	—	22.5%	8.6%	—	$7.5B	$6.4B
2012	—	$2.9B	—	—	22.6%	7.0%	$2.6B	$7.1B	$4.6B
2011	—	$2.1B	—	—	19.1%	5.2%	$2.0B	$7.0B	$3.7B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$9.7B	$5.7B	37.6%	23.0%	30.7%	7.3%	$961M	$34.0B	$8.8B
Mar '26	$9.1B	$821M	38.7%	23.3%	6.0%	1.1%	-$873M	$36.7B	$12.0B
Dec '25	$9.8B	-$115M	35.6%	11.2%	-0.8%	-0.2%	$1.1B	$28.7B	$12.5B
Sep '25	$9.4B	$1.8B	34.3%	25.5%	10.9%	2.3%	$2.9B	$37.0B	$12.9B
Jun '25	$9.3B	$1.6B	39.3%	22.8%	9.8%	2.0%	$1.1B	$36.5B	$10.3B
Mar '25	$8.9B	$1.4B	38.8%	22.4%	8.3%	1.9%	$407M	$32.8B	$9.7B
Dec '24	$9.2B	$1.3B	36.7%	11.8%	6.9%	1.7%	$2.2B	$26.8B	$9.9B
Sep '24	$8.8B	$1.4B	38.8%	26.0%	8.1%	1.9%	$1.7B	$30.8B	$10.6B
Jun '24	$8.6B	$1.5B	39.1%	25.7%	9.1%	2.2%	$1.1B	$27.9B	$9.6B
Mar '24	$9.1B	$1.5B	35.4%	23.0%	8.9%	2.2%	$215M	$25.3B	$11.8B
Dec '23	$9.4B	$1.3B	34.3%	24.4%	8.0%	2.1%	$2.6B	$18.4B	$7.9B
Sep '23	$9.2B	$1.5B	38.4%	23.6%	8.8%	2.5%	$1.6B	$20.3B	$7.8B
Jun '23	$9.1B	$1.5B	38.5%	23.1%	8.6%	2.4%	$1.1B	$21.4B	$8.6B
Mar '23	$8.9B	$1.4B	38.0%	22.0%	8.2%	2.3%	-$977M	$19.2B	$6.9B
Dec '22	$9.2B	$1.0B	37.2%	0.0%	6.1%	1.6%	$2.1B	$19.6B	$9.6B
Sep '22	$9.0B	$1.6B	37.5%	21.8%	8.8%	2.6%	$1.9B	$17.0B	$7.4B
Jun '22	$9.0B	$1.3B	36.8%	20.9%	7.2%	2.0%	$631M	$19.1B	$8.2B
Mar '22	$8.4B	$1.1B	36.4%	21.1%	6.2%	1.8%	-$147M	$19.4B	$9.3B
Dec '21	$8.7B	$1.4B	31.4%	0.0%	7.7%	2.2%	$2.4B	$19.6B	$11.0B
Sep '21	$8.5B	$1.3B	32.2%	21.2%	7.0%	2.0%	$911M	$21.2B	$11.1B

Valuation over time

How the market has priced HON against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 12.2× (Mar '23) to 13.9× (Sep '26).
The price-to-sales ratio has risen from 1.7× (Mar '23) to 1.8× (Sep '26).
The dividend yield has risen from 4.5% (Mar '23) to 4.5% (Sep '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is HON growing its revenue and profit?

Over the past 5 years, Honeywell's revenue has grown 2.8% per year, and net income declined 0.2% per year. These are computed facts, not advice.

How much debt does HON have?

As of FY2025, Honeywell reported $28.7B of total debt against $12.5B of cash; operating income covered interest expense 6.0×.

What is HON's profit margin?

In FY2025, gross margin was 36.9%, operating margin 21.7%, and net margin 12.6%.

What is HON's P/E ratio?

As of Sep '26, Honeywell traded at a price-to-earnings ratio of about 13.9× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.