Honeywell International Inc., adjustment to net income attributable to Honeywell

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net income attributable to Honeywell (as reported)	5,705)	5,658)	4,966)	5,542)	4,779)
Add: Changes in fair value of available for sale investments	1)	5)	(8)	(3)	4)
Net income attributable to Honeywell (adjusted)	5,706)	5,663)	4,958)	5,539)	4,783)

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Honeywell International Inc., adjusted profitability ratios

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Profit Margin
Reported net profit margin	14.82%	15.43%	14.00%	16.11%	14.64%
Adjusted net profit margin	14.82%	15.45%	13.98%	16.11%	14.66%
Return on Equity (ROE)
Reported ROE	30.64%	35.68%	29.74%	29.85%	27.23%
Adjusted ROE	30.65%	35.72%	29.69%	29.83%	27.26%
Return on Assets (ROA)
Reported ROA	7.59%	9.20%	7.97%	8.60%	7.40%
Adjusted ROA	7.59%	9.20%	7.96%	8.59%	7.41%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Honeywell International Inc. adjusted net profit margin ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Honeywell International Inc. adjusted ROE improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Honeywell International Inc. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

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	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Honeywell	5,705)	5,658)	4,966)	5,542)	4,779)
Net sales	38,498)	36,662)	35,466)	34,392)	32,637)
Profitability Ratio
Net profit margin¹	14.82%	15.43%	14.00%	16.11%	14.64%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Honeywell	5,706)	5,663)	4,958)	5,539)	4,783)
Net sales	38,498)	36,662)	35,466)	34,392)	32,637)
Profitability Ratio
Adjusted net profit margin²	14.82%	15.45%	13.98%	16.11%	14.66%

2024 Calculations

¹ Net profit margin = 100 × Net income attributable to Honeywell ÷ Net sales
= 100 × 5,705 ÷ 38,498 = 14.82%

² Adjusted net profit margin = 100 × Adjusted net income attributable to Honeywell ÷ Net sales
= 100 × 5,706 ÷ 38,498 = 14.82%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Honeywell International Inc. adjusted net profit margin ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Honeywell	5,705)	5,658)	4,966)	5,542)	4,779)
Total Honeywell shareowners’ equity	18,619)	15,856)	16,697)	18,569)	17,549)
Profitability Ratio
ROE¹	30.64%	35.68%	29.74%	29.85%	27.23%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Honeywell	5,706)	5,663)	4,958)	5,539)	4,783)
Total Honeywell shareowners’ equity	18,619)	15,856)	16,697)	18,569)	17,549)
Profitability Ratio
Adjusted ROE²	30.65%	35.72%	29.69%	29.83%	27.26%

2024 Calculations

¹ ROE = 100 × Net income attributable to Honeywell ÷ Total Honeywell shareowners’ equity
= 100 × 5,705 ÷ 18,619 = 30.64%

² Adjusted ROE = 100 × Adjusted net income attributable to Honeywell ÷ Total Honeywell shareowners’ equity
= 100 × 5,706 ÷ 18,619 = 30.65%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Honeywell International Inc. adjusted ROE improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Honeywell	5,705)	5,658)	4,966)	5,542)	4,779)
Total assets	75,196)	61,525)	62,275)	64,470)	64,586)
Profitability Ratio
ROA¹	7.59%	9.20%	7.97%	8.60%	7.40%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income attributable to Honeywell	5,706)	5,663)	4,958)	5,539)	4,783)
Total assets	75,196)	61,525)	62,275)	64,470)	64,586)
Profitability Ratio
Adjusted ROA²	7.59%	9.20%	7.96%	8.59%	7.41%

2024 Calculations

¹ ROA = 100 × Net income attributable to Honeywell ÷ Total assets
= 100 × 5,705 ÷ 75,196 = 7.59%

² Adjusted ROA = 100 × Adjusted net income attributable to Honeywell ÷ Total assets
= 100 × 5,706 ÷ 75,196 = 7.59%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Honeywell International Inc. adjusted ROA improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

Honeywell International Inc. (NASDAQ:HON)

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