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 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
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
FCF
Total debt
Cash
2025
$37.4B
$4.7B
36.9%
21.7%
$5.4B
$28.7B
$12.5B
2024
$34.7B
$5.7B
38.5%
22.1%
$5.2B
$26.8B
$9.9B
2023
$33.0B
$5.7B
37.5%
22.9%
$4.6B
$18.4B
$7.9B
2022
$35.5B
$5.0B
37.0%
22.6%
$4.5B
$19.6B
$9.6B
2021
$34.4B
$5.5B
35.9%
0.0%
$5.1B
$19.6B
$11.0B
2020
$32.6B
$4.8B
32.1%
0.0%
$5.3B
$22.4B
$14.3B
2019
$36.7B
$6.1B
33.7%
0.0%
$6.1B
$16.0B
$9.1B
2018
$41.8B
$6.8B
30.5%
0.0%
$5.6B
$16.2B
$9.3B
2017
$40.5B
$1.5B
30.6%
0.0%
$4.9B
$17.9B
$7.1B
2016
$39.3B
$4.8B
30.9%
0.0%
$4.4B
$15.8B
$7.8B
2015
—
$4.8B
—
—
$4.4B
$12.1B
$5.5B
2014
—
$4.2B
—
—
—
$8.7B
$7.0B
2013
—
$3.9B
—
—
—
$7.5B
$6.4B
2012
—
$2.9B
—
—
$2.6B
$7.1B
$4.6B
2011
—
$2.1B
—
—
$2.0B
$7.0B
$3.7B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
Mar '26
$9.1B
$821M
38.7%
23.3%
-$873M
$36.7B
$12.0B
Dec '25
$9.8B
-$115M
35.6%
11.2%
$1.1B
$28.7B
$12.5B
Sep '25
$9.4B
$1.8B
34.3%
25.5%
$2.9B
$37.0B
$12.9B
Jun '25
$9.3B
$1.6B
39.3%
25.4%
$1.0B
$36.5B
$10.3B
Mar '25
$8.9B
$1.4B
38.8%
22.4%
$407M
$32.8B
$9.7B
Dec '24
$9.2B
$1.3B
36.7%
11.8%
$2.2B
$26.8B
$9.9B
Sep '24
$8.8B
$1.4B
38.8%
26.0%
$1.7B
$30.8B
$10.6B
Jun '24
$8.6B
$1.5B
39.1%
25.7%
$1.1B
$27.9B
$9.6B
Mar '24
$9.1B
$1.5B
35.4%
23.0%
$215M
$25.3B
$11.8B
Dec '23
$9.4B
$1.3B
34.3%
24.4%
$2.6B
$18.4B
$7.9B
Sep '23
$9.2B
$1.5B
38.4%
23.6%
$1.6B
$20.3B
$7.8B
Jun '23
$9.1B
$1.5B
38.5%
23.1%
$1.1B
$21.4B
$8.6B
Mar '23
$8.9B
$1.4B
38.0%
22.0%
-$977M
$19.2B
$6.9B
Dec '22
$9.2B
$1.0B
37.2%
0.0%
$2.1B
$19.6B
$9.6B
Sep '22
$9.0B
$1.6B
37.5%
21.8%
$1.9B
$17.0B
$7.4B
Jun '22
$9.0B
$1.3B
36.8%
20.9%
$631M
$19.1B
$8.2B
Mar '22
$8.4B
$1.1B
36.4%
21.1%
-$147M
$19.4B
$9.3B
Dec '21
$8.7B
$1.4B
31.4%
0.0%
$2.4B
$19.6B
$11.0B
Sep '21
$8.5B
$1.3B
32.2%
21.2%
$911M
$21.2B
$11.1B
Jun '21
$8.8B
$1.4B
31.8%
20.4%
$1.1B
$21.4B
$11.4B
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 24.4× (Mar '23) to 31.0× (Jun '26).
The price-to-sales ratio has risen from 3.4× (Mar '23) to 3.9× (Jun '26).
The dividend yield has fallen from 2.2% (Mar '23) to 2.0% (Jun '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 Jun '26, Honeywell traded at a price-to-earnings ratio of about 31.0× (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.