Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Honeywell International Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The quarterly financial data presents various trends across sales, costs, profits, and expenses over the specified periods. Evaluating these trends offers insights into operational performance and financial health dynamics.
- Sales Trends
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Product sales showed some volatility, initially declining from 6,305 million in March 2020 to a lower point in September 2020, followed by recovery and fluctuating levels around the 6,000-7,000 million mark in subsequent quarters. Service sales exhibited a more consistent upward trend, increasing steadily from approximately 2,158 million in March 2020 to 3,177 million by March 2025, indicating growth in the services segment.
Net sales, combining product and service sales, followed a pattern of initial decline due to decreases in product sales early in the period, stabilizing and gradually increasing over time, peaking near 10,000 million in December 2024 before a slight decrease in March 2025. Overall, net sales demonstrated resilience and growth potential.
- Cost Analysis
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The cost of products sold fluctuated with product sales but generally remained between approximately 4,000 and 4,800 million, reflecting variations in production and cost management. The cost of services sold showed gradual increases, aligning with the expansion in service sales, rising toward nearly 1,800 million by the end of the period.
Combined cost of products and services showed some reduction in the earlier years but trended upward afterward, which may correspond with increasing sales volumes and inflationary pressures. Notably, costs reached a higher level near 6,400 million in later periods, consistent with growing operations.
- Profitability
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Gross profit had an upward trajectory overall, with dips in early periods but recovering to peak values exceeding 3,700 million in late 2024. This improvement reflects the effective management of costs relative to growing sales.
Operating income demonstrated variability, declining initially but recovering and stabilizing around 1,500 to 1,900 million in later quarters. Some declines are observed in quarters with higher cost impacts or increased expenses.
- Expenses and Other Income
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Research and development expenses, reported from March 2022 onward, exhibited slight fluctuations around the 350 to 440 million range, showing consistent investment in innovation.
Selling, general and administrative expenses were somewhat volatile, generally ranging between 1,100 and 1,400 million, with some spikes in certain quarters that may have impacted operating income.
Other income and expenses revealed high variability, with some quarters showing strong positive contributions and others negative swings, notably a significant negative impact in December 2022. These fluctuations likely influenced the volatility in income before taxes.
- Financial Charges and Income Taxes
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Interest and other financial charges gradually increased over time from approximately 73 million to around 290 million, indicating higher financing costs or changes in debt structure.
Tax expenses showed considerable quarterly fluctuations without a clear upward or downward trend, suggesting variability in taxable income and possibly tax planning impacts.
- Net Income Performance
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Net income showed an initial decline through 2020, followed by growth and stabilization, with some quarters reaching above 1,500 million. However, fluctuations continued, with notable decreases coinciding with higher cost periods or lower other income gains.
Net income attributable to Honeywell International generally tracked the company's total net income pattern, reflecting the core business profitability. The contribution from noncontrolling interests was relatively minor and inconsistent.
- Additional Observations
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Impairment charges appeared only in the last quarters, with relatively small values, suggesting limited asset write-down impacts on profitability.
The financial data reveals stability in core operations with positive growth in service sales and net sales, supported by effective cost management. However, volatility in other income and financial charges, along with fluctuating tax expenses, contributed to variability in overall profitability.