Analysis of Reportable Segments
Honeywell International Inc. operates in 4 segments: Aerospace Technologies; Industrial Automation; Building Automation; and Energy and Sustainability Solutions.
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- Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Segment Profit Margin
Honeywell International Inc., profit margin by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Aerospace Technologies | |||||
| Industrial Automation | |||||
| Building Automation | |||||
| Energy and Sustainability Solutions |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Segment profit margins exhibited varied performance across the observed period. While initial values are unavailable for 2021, clear trends emerge from 2022 through 2025. Overall, a pattern of margin compression is evident in several segments, though the timing and magnitude differ.
- Aerospace Technologies
- The Aerospace Technologies segment demonstrated initial strength, increasing from 27.45% in 2022 to 27.60% in 2023. However, subsequent years show a consistent decline, falling to 25.80% in 2024 and further to 24.47% in 2025. This represents a cumulative decrease of approximately 3.0 percentage points over the four-year period.
- Industrial Automation
- Industrial Automation experienced an increase in profit margin from 18.49% in 2022 to 20.54% in 2023. This was followed by a slight decrease to 19.52% in 2024 and a further decline to 18.54% in 2025. While the segment saw initial improvement, it ultimately ended the period with a margin only marginally higher than its 2022 level.
- Building Automation
- Building Automation consistently increased its profit margin throughout the period. Starting at 24.40% in 2022, it rose to 25.35% in 2023, 25.70% in 2024, and reached 26.51% in 2025. This segment represents the only consistent upward trend in profitability among those analyzed.
- Energy and Sustainability Solutions
- The Energy and Sustainability Solutions segment exhibited a decline in profit margin from 25.93% in 2022 to 23.83% in 2023. This downward trend continued, with margins decreasing to 23.69% in 2024 and ultimately reaching 22.08% in 2025. This segment experienced a substantial decrease in profitability over the observed timeframe, totaling approximately 3.85 percentage points.
In summary, while Building Automation demonstrated consistent margin expansion, Aerospace Technologies and Energy and Sustainability Solutions experienced notable declines. Industrial Automation showed initial gains followed by a return towards its earlier margin levels. These varying trends suggest differing dynamics within each segment, potentially influenced by factors such as market conditions, competitive pressures, and internal operational changes.
Segment Profit Margin: Aerospace Technologies
Honeywell International Inc.; Aerospace Technologies; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment profit | |||||
| Net sales | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Segment profit ÷ Net sales
= 100 × ÷ =
The Aerospace Technologies segment demonstrated consistent growth in both segment profit and net sales from 2022 through 2025. However, the segment profit margin experienced a declining trend over the same period.
- Segment Profit
- Segment profit increased from US$3,247 million in 2022 to US$4,284 million in 2025, representing a cumulative growth of approximately 32.2%. The growth was steady year-over-year, with increases of roughly 16.1% from 2022 to 2023 and 5.7% from 2023 to 2024, followed by a 7.4% increase from 2024 to 2025. This indicates sustained positive financial performance within the segment.
- Net Sales
- Net sales mirrored the trend in segment profit, rising from US$11,827 million in 2022 to US$17,510 million in 2025, a cumulative increase of approximately 48.1%. Similar to segment profit, net sales growth was consistent annually, with increases of 15.2% from 2022 to 2023, 13.3% from 2023 to 2024, and 13.3% from 2024 to 2025. This suggests strong demand for the segment’s products and services.
- Segment Profit Margin
- Despite the growth in both segment profit and net sales, the segment profit margin decreased from 27.45% in 2022 to 24.47% in 2025. The margin experienced a slight increase from 27.45% to 27.60% between 2022 and 2023, but then declined to 25.80% in 2024 and further to 24.47% in 2025. This suggests that while the segment is generating higher overall profits, it is doing so at a decreasing rate relative to its sales. Potential factors contributing to this decline could include increased costs of goods sold, rising operating expenses, or changes in product mix towards lower-margin offerings. Further investigation into the cost structure of the segment is warranted.
In summary, the Aerospace Technologies segment exhibits robust revenue and profit growth, but the declining profit margin warrants attention and further analysis to understand the underlying drivers and potential impacts on future profitability.
Segment Profit Margin: Industrial Automation
Honeywell International Inc.; Industrial Automation; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment profit | |||||
| Net sales | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Segment profit ÷ Net sales
= 100 × ÷ =
The Industrial Automation segment demonstrated fluctuating performance between 2022 and 2025. Segment profit and net sales both experienced initial growth followed by subsequent declines. However, the segment profit margin remained relatively stable throughout the period, indicating a consistent ability to maintain profitability despite revenue variations.
- Segment Profit
- Segment profit increased from US$2,152 million in 2022 to US$2,209 million in 2023, representing a modest gain. This was followed by a decrease to US$1,962 million in 2024 and a further decline to US$1,743 million in 2025. This indicates a downward trend in absolute profit over the latter part of the analyzed period.
- Net Sales
- Net sales followed a similar pattern to segment profit. Sales reached US$11,638 million in 2022, decreased to US$10,756 million in 2023, and continued to decline to US$10,051 million in 2024 and US$9,401 million in 2025. The consistent decrease in net sales suggests potential challenges in revenue generation within this segment.
- Segment Profit Margin
- The segment profit margin exhibited relative stability. It began at 18.49% in 2022, increased to 20.54% in 2023, then decreased slightly to 19.52% in 2024, and finally settled at 18.54% in 2025. Despite the fluctuations in both segment profit and net sales, the margin remained within a narrow range, suggesting effective cost management or pricing strategies. The initial increase in margin in 2023, coupled with increased profit, suggests improved operational efficiency. The subsequent decline in profit, while the margin remained relatively stable, indicates that the decrease in revenue was the primary driver of the profit reduction.
Overall, the Industrial Automation segment experienced declining revenue from 2022 to 2025. While the segment profit margin demonstrated resilience, the consistent reduction in net sales warrants further investigation to identify underlying causes and potential mitigation strategies.
Segment Profit Margin: Building Automation
Honeywell International Inc.; Building Automation; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment profit | |||||
| Net sales | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Segment profit ÷ Net sales
= 100 × ÷ =
The Building Automation segment demonstrated a consistent pattern of growth in both profitability and revenue between 2022 and 2025. Segment profit and net sales both increased steadily over this period, resulting in a strengthening segment profit margin.
- Segment Profit
- Segment profit began at US$1,464 million in 2022 and increased to US$1,953 million by 2025. This represents a cumulative increase of approximately 33.4% over the four-year period. The growth appears relatively consistent year-over-year, with increases of roughly 4.5% from 2022 to 2023, 10.1% from 2023 to 2024, and 16.1% from 2024 to 2025.
- Net Sales
- Net sales exhibited a similar upward trajectory, starting at US$6,000 million in 2022 and reaching US$7,367 million in 2025. This corresponds to a cumulative growth of approximately 23.1%. Annual growth rates were 0.5% from 2022 to 2023, 8.5% from 2023 to 2024, and 12.6% from 2024 to 2025. The acceleration in sales growth from 2023 onwards is notable.
- Segment Profit Margin
- The segment profit margin showed a consistent improvement throughout the analyzed period. Beginning at 24.40% in 2022, it increased to 26.51% in 2025. This indicates that the segment is becoming more efficient at converting sales into profit. The margin increased by 1.0 percentage points from 2022 to 2023, 0.35 percentage points from 2023 to 2024, and 1.81 percentage points from 2024 to 2025. The largest margin expansion occurred in the most recent year, suggesting potential operational improvements or favorable pricing dynamics.
The combined trends suggest a positive performance trajectory for the Building Automation segment. The increasing profit margin, alongside growing sales, indicates strong operational performance and potentially increasing market share or pricing power.
Segment Profit Margin: Energy and Sustainability Solutions
Honeywell International Inc.; Energy and Sustainability Solutions; segment profit margin calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment profit | |||||
| Net sales | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment profit margin = 100 × Segment profit ÷ Net sales
= 100 × ÷ =
The Energy and Sustainability Solutions segment demonstrated fluctuating performance between 2022 and 2025. Segment profit initially decreased before stabilizing and then experiencing a significant decline. Net sales followed a similar pattern, with initial growth followed by a substantial reduction in the most recent year presented.
- Segment Profit
- Segment profit increased from US$1,555 million in 2022 to US$1,487 million in 2023, representing a slight decrease. It then saw a modest recovery to US$1,522 million in 2024. However, a considerable decrease to US$692 million was observed in 2025.
- Net Sales
- Net sales exhibited growth from US$5,996 million in 2022 to US$6,239 million in 2023, and continued to increase to US$6,425 million in 2024. A substantial decline to US$3,134 million was recorded in 2025.
- Segment Profit Margin
- The segment profit margin began at 25.93% in 2022, decreasing to 23.83% in 2023 and 23.69% in 2024. A further decrease to 22.08% was observed in 2025. The margin’s decline, particularly in 2025, aligns with the significant reduction in net sales, suggesting potential pressure on pricing or increased costs.
The period between 2022 and 2024 showed relative stability in profitability, despite a slight margin contraction. The substantial decrease in both segment profit and net sales in 2025 warrants further investigation to determine the underlying causes, such as changes in market conditions, competitive pressures, or internal strategic shifts.
Segment Return on Assets (Segment ROA)
Honeywell International Inc., ROA by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Aerospace Technologies | |||||
| Industrial Automation | |||||
| Building Automation | |||||
| Energy and Sustainability Solutions |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Segment return on assets exhibited varied performance across the reporting periods. Overall, the period from 2022 to 2025 demonstrates fluctuating returns, with some segments showing consistent declines while others experienced initial growth followed by contraction.
- Aerospace Technologies
- The segment demonstrated strong returns, beginning at 26.64% in 2022. Return on assets increased to 28.98% in 2023, representing the highest value observed within the analyzed timeframe. A subsequent decline to 23.51% occurred in 2024, followed by a modest recovery to 23.91% in 2025. This suggests a period of peak performance followed by stabilization at a slightly lower level.
- Industrial Automation
- This segment experienced a consistent downward trend in return on assets throughout the period. Starting at 12.03% in 2022, the return decreased to 10.03% in 2023, 9.33% in 2024, and further to 8.56% in 2025. This consistent decline warrants further investigation into potential operational or market factors impacting profitability.
- Building Automation
- Building Automation showed initial growth followed by a significant decline. The segment began with a return on assets of 22.19% in 2022, increasing to 22.74% in 2023. However, a substantial decrease to 14.70% occurred in 2024, with a partial recovery to 17.95% in 2025. The volatility suggests sensitivity to specific market conditions or internal changes.
- Energy and Sustainability Solutions
- This segment exhibited a more complex pattern. Return on assets increased from 14.28% in 2022 to 18.48% in 2023, indicating improved performance. This was followed by a decrease to 14.72% in 2024 and a more pronounced decline to 8.72% in 2025. The latter decrease is notable and may require further scrutiny.
In summary, while Aerospace Technologies demonstrated relative stability at a high level, the other segments experienced varying degrees of decline or volatility in their return on assets between 2022 and 2025. The consistent downward trend in Industrial Automation and the significant declines in Building Automation and Energy and Sustainability Solutions in later years are areas of potential concern.
Segment ROA: Aerospace Technologies
Honeywell International Inc.; Aerospace Technologies; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment profit | |||||
| Total assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment ROA = 100 × Segment profit ÷ Total assets
= 100 × ÷ =
The Aerospace Technologies segment demonstrated increasing profitability from 2022 to 2025. However, its Return on Assets (ROA) exhibited a more complex pattern over the same period. Segment profit consistently increased year-over-year, while total assets also grew, though at a varying rate.
- Segment Profit
- Segment profit increased from US$3,247 million in 2022 to US$4,284 million in 2025. This represents a cumulative growth of approximately 32.2% over the four-year period, indicating a strengthening financial performance within the segment.
- Total Assets
- Total assets increased from US$12,189 million in 2022 to US$17,920 million in 2025. The largest absolute increase occurred between 2022 and 2023 (US$787 million), followed by 2023 and 2024 (US$3,989 million). The increase from 2024 to 2025 was comparatively smaller, at US$954 million. This suggests potentially differing investment strategies or asset utilization patterns across the observed years.
- Segment ROA
- Segment ROA peaked at 28.98% in 2022, then decreased to 23.51% in 2023. A slight recovery to 23.91% was observed in 2025. While segment profit increased consistently, the faster growth of total assets in 2023 resulted in a lower ROA. The stabilization of ROA between 2024 and 2025 suggests a more balanced relationship between profit generation and asset deployment during those years. Despite the decrease from the peak in 2022, the ROA remained at a relatively high level throughout the period, indicating efficient asset utilization.
In summary, the Aerospace Technologies segment experienced positive profit growth alongside increasing asset levels. The ROA, while fluctuating, remained robust, suggesting that the segment continued to generate substantial returns from its asset base despite the increased investment in assets.
Segment ROA: Industrial Automation
Honeywell International Inc.; Industrial Automation; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment profit | |||||
| Total assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment ROA = 100 × Segment profit ÷ Total assets
= 100 × ÷ =
The Industrial Automation segment demonstrated fluctuating performance between 2022 and 2025. Segment profit and total assets both increased initially, followed by declines in subsequent years. However, the segment’s Return on Assets (ROA) exhibited a consistent downward trend throughout the period.
- Segment Profit
- Segment profit began at US$2,152 million in 2022, increasing to US$2,209 million in 2023. A subsequent decrease was observed, with profit falling to US$1,962 million in 2024 and further declining to US$1,743 million in 2025. This indicates a weakening profitability trend within the segment.
- Total Assets
- Total assets increased from US$17,887 million in 2022 to US$22,026 million in 2023, representing a significant expansion of the segment’s asset base. Assets then decreased to US$21,035 million in 2024 and continued to decline to US$20,351 million in 2025. While the asset base remains substantial, the decreasing trend suggests a potential shift in capital allocation or asset utilization.
- Segment ROA
- Segment ROA began at 12.03% in 2022, indicating a strong return on investment. The ROA decreased to 10.03% in 2023, 9.33% in 2024, and further to 8.56% in 2025. This consistent decline suggests a diminishing ability to generate profit from the segment’s asset base, despite initial increases in both profit and assets. The decreasing ROA warrants further investigation to understand the underlying drivers, such as changes in operational efficiency or increased competition.
The combination of decreasing segment profit and declining ROA, despite an initial increase in total assets, suggests potential challenges in maintaining profitability and efficient asset utilization within the Industrial Automation segment. The trend indicates a need for strategic review and potential operational improvements.
Segment ROA: Building Automation
Honeywell International Inc.; Building Automation; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment profit | |||||
| Total assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment ROA = 100 × Segment profit ÷ Total assets
= 100 × ÷ =
The Building Automation segment demonstrated increasing profitability from 2022 through 2025. However, its Return on Assets (ROA) exhibited more fluctuation over the same period. A significant increase in total assets occurred in 2023, impacting the segment’s ROA.
- Segment Profit
- Segment profit increased consistently from US$1,464 million in 2022 to US$1,953 million in 2025. This represents a cumulative growth of approximately 33.4% over the four-year period, indicating strengthening operational performance and/or favorable market conditions.
- Total Assets
- Total assets for the Building Automation segment remained relatively stable between 2022 and 2023, at US$6,599 million and US$6,723 million respectively. A substantial increase was observed in 2024, reaching US$11,438 million, before decreasing slightly to US$10,883 million in 2025. This large asset increase in 2024 suggests potential acquisitions, significant capital investments, or changes in working capital management.
- Segment ROA
- Segment ROA began at 22.19% in 2022 and increased to 22.74% in 2023. A notable decline occurred in 2024, with ROA falling to 14.70%. The ROA partially recovered in 2025, reaching 17.95%. The decrease in ROA in 2024 is largely attributable to the significant increase in total assets, which outpaced the growth in segment profit. While profit continued to rise, the larger asset base diluted the return. The partial recovery in 2025 suggests a more balanced relationship between profit and assets.
The segment’s ability to maintain profit growth despite the asset increase in 2024 is a positive indicator. However, continued monitoring of the ROA is recommended to assess the efficiency with which assets are being utilized to generate profit.
Segment ROA: Energy and Sustainability Solutions
Honeywell International Inc.; Energy and Sustainability Solutions; segment ROA calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Segment profit | |||||
| Total assets | |||||
| Segment Profitability Ratio | |||||
| Segment ROA1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment ROA = 100 × Segment profit ÷ Total assets
= 100 × ÷ =
The Energy and Sustainability Solutions segment demonstrated fluctuating financial performance between 2022 and 2025. Segment profit and total assets both experienced variability during this period, impacting the segment’s Return on Assets (ROA).
- Segment Profit
- Segment profit increased from US$1,555 million in 2022 to US$1,487 million in 2023, before rising again to US$1,522 million in 2024. A significant decrease is then observed in 2025, with segment profit falling to US$692 million. This represents a substantial decline from prior years.
- Total Assets
- Total assets decreased from US$10,892 million in 2022 to US$8,048 million in 2023. Assets then increased to US$10,337 million in 2024, followed by a decrease to US$7,933 million in 2025. The asset base appears to be undergoing adjustments, potentially influencing profitability.
- Segment ROA
- Segment ROA initially rose from 14.28% in 2022 to 18.48% in 2023, indicating improved profitability relative to the asset base. ROA then decreased to 14.72% in 2024. A marked decline in ROA is evident in 2025, falling to 8.72%. This decrease correlates with the substantial reduction in segment profit and a slight decrease in total assets, suggesting a diminished ability to generate earnings from its resources.
The combination of fluctuating profit and asset levels resulted in a volatile ROA. The significant drop in both segment profit and ROA in 2025 warrants further investigation to understand the underlying drivers and potential implications for future performance.
Segment Asset Turnover
Honeywell International Inc., asset turnover by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Aerospace Technologies | |||||
| Industrial Automation | |||||
| Building Automation | |||||
| Energy and Sustainability Solutions |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
An examination of segment asset turnover reveals varying performance across the reported business units between 2022 and 2025. Overall, the trends suggest differing levels of efficiency in utilizing assets to generate revenue within each segment.
- Aerospace Technologies
- The Aerospace Technologies segment exhibited relatively stable asset turnover, beginning at 0.97 in 2022. A slight increase to 1.05 was noted in 2023, followed by a decrease to 0.91 in 2024, and a recovery to 0.98 in 2025. This indicates a generally consistent ability to generate sales from its asset base, with minor fluctuations over the period.
- Industrial Automation
- In contrast, the Industrial Automation segment demonstrated a consistent downward trend in asset turnover. Starting at 0.65 in 2022, the ratio declined to 0.49 in 2023, then further to 0.48 in 2024, and concluded at 0.46 in 2025. This suggests a decreasing efficiency in utilizing assets to generate revenue within this segment, potentially indicating overinvestment in assets or declining sales.
- Building Automation
- The Building Automation segment’s asset turnover experienced more significant volatility. It began at 0.91 in 2022 and remained relatively stable at 0.90 in 2023. A substantial decrease to 0.57 occurred in 2024, followed by a partial recovery to 0.68 in 2025. This pattern suggests potential operational or market-related disruptions impacting asset utilization in 2024, with some improvement in the subsequent year.
- Energy and Sustainability Solutions
- The Energy and Sustainability Solutions segment showed an initial increase in asset turnover from 0.55 in 2022 to 0.78 in 2023, indicating improved efficiency. However, this was followed by a decline to 0.62 in 2024 and a more pronounced decrease to 0.40 in 2025. This suggests a potential shift in business strategy, project cycles, or market conditions impacting the segment’s ability to efficiently utilize its assets in the later years of the observed period.
The differing trends across segments highlight the importance of evaluating asset utilization at a granular level. The declining ratios in Industrial Automation and, to a lesser extent, Energy and Sustainability Solutions warrant further investigation to understand the underlying causes and potential corrective actions.
Segment Asset Turnover: Aerospace Technologies
Honeywell International Inc.; Aerospace Technologies; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Total assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment asset turnover = Net sales ÷ Total assets
= ÷ =
The segment asset turnover for Aerospace Technologies demonstrates a fluctuating pattern over the observed period. Net sales within the segment increased consistently from 2022 through 2025, while total assets also generally increased, though with some variation in the turnover ratio itself.
- Net Sales Trend
- Net sales exhibited a consistent upward trend, increasing from US$11,827 million in 2022 to US$17,510 million in 2025. This indicates growing revenue generation within the Aerospace Technologies segment.
- Total Assets Trend
- Total assets also generally increased over the period, rising from US$12,189 million in 2022 to US$17,920 million in 2025. However, the increase was not linear; a more substantial rise occurred between 2022 and 2023, followed by a larger increase between 2023 and 2024.
- Segment Asset Turnover Analysis
- The segment asset turnover ratio, which measures how efficiently assets are used to generate sales, was 0.97 in 2022. It increased to 1.05 in 2023, suggesting improved asset utilization. However, the ratio decreased to 0.91 in 2024 before recovering slightly to 0.98 in 2025. This suggests that while sales are growing, the efficiency with which assets are converted into sales has not consistently improved and experienced a dip in 2024.
- The slight decrease in asset turnover in 2024, despite increased sales, warrants further investigation. It could indicate an accumulation of assets that have not yet translated into revenue, or potentially less efficient asset management practices during that year. The recovery in 2025 is a positive sign, but continued monitoring is recommended.
Overall, the Aerospace Technologies segment demonstrates positive sales growth. However, the fluctuating asset turnover ratio suggests that asset utilization efficiency requires ongoing attention and analysis to ensure optimal performance.
Segment Asset Turnover: Industrial Automation
Honeywell International Inc.; Industrial Automation; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Total assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment asset turnover = Net sales ÷ Total assets
= ÷ =
The Industrial Automation segment experienced a decline in net sales between 2022 and 2025, while total assets fluctuated over the same period. This impacted the segment asset turnover ratio, which exhibited a consistent downward trend.
- Net Sales
- Net sales for the Industrial Automation segment decreased from US$11,638 million in 2022 to US$9,401 million in 2025. The decline was approximately 19.2% over the four-year period, with a more pronounced decrease between 2023 and 2024 (from US$10,756 million to US$10,051 million) and again between 2024 and 2025 (from US$10,051 million to US$9,401 million).
- Total Assets
- Total assets within the Industrial Automation segment increased from US$17,887 million in 2022 to US$22,026 million in 2023, representing a substantial increase. However, assets then decreased to US$21,035 million in 2024 and further to US$20,351 million in 2025. Despite the decrease from 2023, the asset base remained higher in 2025 than in 2022.
- Segment Asset Turnover
- The segment asset turnover ratio decreased steadily from 0.65 in 2022 to 0.46 in 2025. This indicates a diminishing ability to generate sales from the segment’s asset base. The ratio decreased from 0.65 to 0.49 between 2022 and 2023, coinciding with the peak in total assets. The subsequent declines to 0.48 and 0.46 in 2024 and 2025, respectively, occurred alongside decreasing net sales and a slight reduction in total assets. The consistent decline suggests that the segment is becoming less efficient in utilizing its assets to generate revenue.
The combination of declining sales and fluctuating, but ultimately elevated, asset levels contributed to the observed decrease in asset turnover. Further investigation may be warranted to understand the drivers behind the sales decline and the composition of the asset base.
Segment Asset Turnover: Building Automation
Honeywell International Inc.; Building Automation; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Total assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment asset turnover = Net sales ÷ Total assets
= ÷ =
An examination of the Building Automation segment reveals fluctuations in net sales, total assets, and the resulting asset turnover ratio over the five-year period. Net sales demonstrate a consistent upward trajectory, increasing from US$6,000 million in 2022 to US$7,367 million in 2025. However, total assets experienced a more volatile pattern. While increasing modestly from 2022 to 2023, a substantial rise occurred in 2024, followed by a decrease in 2025.
- Segment Asset Turnover
- The segment asset turnover ratio decreased from 0.91 in 2022 to 0.90 in 2023, indicating a slight reduction in the efficiency with which assets were used to generate sales. A more pronounced decline was observed in 2024, with the ratio falling to 0.57. This suggests a significant decrease in asset utilization during that year. A partial recovery occurred in 2025, with the ratio increasing to 0.68, though it remained below the levels observed in 2022 and 2023. The decrease in asset turnover in 2024 coincides with the largest increase in total assets, suggesting that the increase in assets did not translate into a proportional increase in sales.
The divergence between the increasing sales trend and the fluctuating asset turnover ratio warrants further investigation. The substantial asset increase in 2024, coupled with the corresponding drop in asset turnover, could indicate investments in long-term assets that have not yet generated corresponding revenue, or potentially, inefficient asset allocation. The partial recovery in 2025 suggests that these investments may be beginning to yield returns, but continued monitoring is recommended to assess the long-term impact on asset utilization efficiency.
Overall, while the Building Automation segment demonstrates positive sales growth, the asset turnover ratio indicates a need to carefully manage asset investments and ensure efficient utilization to maximize profitability.
Segment Asset Turnover: Energy and Sustainability Solutions
Honeywell International Inc.; Energy and Sustainability Solutions; segment asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Total assets | |||||
| Segment Activity Ratio | |||||
| Segment asset turnover1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment asset turnover = Net sales ÷ Total assets
= ÷ =
The Energy and Sustainability Solutions segment experienced fluctuating financial performance between 2022 and 2025. Net sales and total assets both exhibited volatility during this period, impacting the segment’s asset turnover ratio.
- Net Sales
- Net sales increased from US$5,996 million in 2022 to US$6,239 million in 2023, and further to US$6,425 million in 2024. However, a significant decrease to US$3,134 million was observed in 2025.
- Total Assets
- Total assets decreased from US$10,892 million in 2022 to US$8,048 million in 2023. An increase to US$10,337 million occurred in 2024, followed by a decline to US$7,933 million in 2025.
- Segment Asset Turnover
- The segment asset turnover ratio initially increased from 0.55 in 2022 to 0.78 in 2023, indicating improved efficiency in generating sales from assets. This positive trend was not sustained, as the ratio decreased to 0.62 in 2024. A substantial decline to 0.40 was recorded in 2025, coinciding with the significant reduction in net sales. This suggests a considerable decrease in the segment’s ability to generate sales relative to its asset base in the final year of the observed period.
The fluctuations in both net sales and total assets appear to be driving the changes in the segment asset turnover ratio. The sharp decrease in sales in 2025, coupled with a relatively stable asset base, resulted in the lowest asset turnover ratio over the analyzed timeframe.
Segment Capital Expenditures to Depreciation
Honeywell International Inc., capital expenditures to depreciation by reportable segment
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Aerospace Technologies | |||||
| Industrial Automation | |||||
| Building Automation | |||||
| Energy and Sustainability Solutions |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
An examination of segment capital expenditures relative to depreciation reveals varying investment patterns across the reported segments between 2022 and 2025. The ratios presented indicate the amount of capital expenditure for each segment relative to its depreciation expense, offering insight into the level of investment in maintaining and expanding segment assets.
- Aerospace Technologies
- The Aerospace Technologies segment demonstrates an increasing ratio from 0.86 in 2022 to a peak of 1.24 in 2024, suggesting increased capital investment relative to depreciation during this period. A subsequent decrease to 1.06 in 2025 indicates a moderation in this investment pace. This pattern could reflect strategic investments in new technologies or capacity expansion followed by a stabilization of investment.
- Industrial Automation
- The Industrial Automation segment exhibits a substantial increase in the ratio, rising from 0.18 in 2022 to 0.59 in both 2024 and 2025. This signifies a significant escalation in capital expenditure relative to depreciation, potentially driven by modernization efforts, increased production demands, or the adoption of new automation technologies. The consistent ratio in the last two years suggests a sustained level of investment.
- Building Automation
- The Building Automation segment shows a decreasing trend in the ratio. Starting at 0.80 in 2022, it declines to 0.39 in 2024 before a slight recovery to 0.45 in 2025. This suggests a reduction in capital expenditure relative to depreciation, possibly indicating a focus on cost control, asset optimization, or a shift in investment strategy. The modest increase in 2025 may represent a resumption of limited investment.
- Energy and Sustainability Solutions
- The Energy and Sustainability Solutions segment initially shows an increasing ratio from 1.18 in 2022 to 1.48 in 2023, indicating increased capital spending relative to depreciation. However, the ratio then decreases to 1.31 in 2024 and further to 0.65 in 2025. This pattern could be attributed to the completion of major projects in 2023, followed by a reduction in investment as projects move into operation or are reassessed. The substantial decline in 2025 warrants further investigation.
Overall, the segment-level analysis reveals diverse investment behaviors. While Aerospace Technologies and Industrial Automation demonstrate increasing or sustained investment, Building Automation and Energy and Sustainability Solutions exhibit decreasing ratios, suggesting differing strategic priorities and investment cycles within the organization.
Segment Capital Expenditures to Depreciation: Aerospace Technologies
Honeywell International Inc.; Aerospace Technologies; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation and amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
Analysis of segment capital expenditures to depreciation for Aerospace Technologies reveals a fluctuating pattern over the observed period. Capital expenditures increased consistently from 2022 through 2025, while depreciation and amortization exhibited a more variable trend. Consequently, the segment capital expenditures to depreciation ratio demonstrates a dynamic relationship between these two financial items.
- Capital Expenditures
- Capital expenditures for Aerospace Technologies were not reported for 2021. However, from 2022 to 2025, expenditures increased from US$246 million to US$404 million, representing a cumulative growth of 64.2%. This suggests a sustained investment in the segment’s assets during this period.
- Depreciation and Amortization
- Depreciation and amortization were reported as US$285 million in 2022, decreasing to US$267 million in 2023. A subsequent increase to US$299 million was observed in 2024, followed by a more substantial rise to US$380 million in 2025. This indicates potential shifts in the asset base or changes in depreciation methods impacting the reported expense.
- Segment Capital Expenditures to Depreciation Ratio
- The segment capital expenditures to depreciation ratio was 0.86 in 2022. This ratio increased to 1.16 in 2023, indicating that capital expenditures exceeded depreciation expense. The ratio continued to rise to 1.24 in 2024, further emphasizing greater investment relative to asset depreciation. In 2025, the ratio decreased to 1.06, suggesting a moderation in the pace of capital expenditure growth relative to depreciation. The overall trend suggests a period of increased investment in the segment, followed by a stabilization in the final year of the observation period.
The observed fluctuations in both depreciation and the capital expenditures to depreciation ratio warrant further investigation to understand the underlying drivers. Specifically, examining the composition of capital expenditures and the factors influencing depreciation expense could provide valuable insights into the segment’s investment strategy and asset management practices.
Segment Capital Expenditures to Depreciation: Industrial Automation
Honeywell International Inc.; Industrial Automation; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation and amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
Analysis of segment capital expenditures to depreciation for the Industrial Automation segment reveals a notable shift in investment patterns over the observed period. Initially, capital expenditures were not reported, but beginning in 2022, a clear trend emerges characterized by increasing capital expenditure relative to depreciation.
- Capital Expenditures
- Capital expenditures within the Industrial Automation segment were initially reported at US$77 million in 2022. These expenditures increased significantly to US$194 million in 2023, and further to US$214 million in 2024. A slight decrease to US$201 million is observed in 2025, but remain substantially higher than the 2022 level.
- Depreciation and Amortization
- Depreciation and amortization decreased steadily from US$422 million in 2022 to US$343 million in 2025. This consistent decline suggests a potential reduction in the asset base subject to depreciation, or a shift towards more efficient asset utilization.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation began at 0.18 in 2022. This ratio increased substantially to 0.50 in 2023, and continued to rise to 0.59 in 2024. The ratio remained stable at 0.59 in 2025. This upward trend indicates that the segment is investing a progressively larger amount in capital assets relative to the depreciation expense recognized on existing assets. The stabilization in 2024 and 2025 suggests a potential plateau in this investment intensity, or a balance between new investments and asset depreciation.
The combined effect of increasing capital expenditures and decreasing depreciation results in a significant increase in the segment capital expenditures to depreciation ratio. This suggests a strategic focus on growth and modernization within the Industrial Automation segment, potentially involving investments in new technologies or expansion of existing capabilities. The consistent ratio in the final two years may indicate a sustained level of investment relative to the existing asset base.
Segment Capital Expenditures to Depreciation: Building Automation
Honeywell International Inc.; Building Automation; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation and amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
Analysis of segment capital expenditures to depreciation for the Building Automation segment reveals a fluctuating relationship over the observed period. Capital expenditures and depreciation both increased in absolute terms, but at differing rates, resulting in a changing ratio.
- Capital Expenditures
- Capital expenditures within the Building Automation segment began at an unreported level in 2021, then increased to US$74 million in 2022. This trend continued with a rise to US$79 million in 2023, followed by a slight decrease to US$78 million in 2024. A more substantial increase is observed in 2025, reaching US$108 million.
- Depreciation and Amortization
- Depreciation and amortization also experienced growth throughout the period. Starting from an unreported value in 2021, it reached US$92 million in 2022 and US$107 million in 2023. A significant increase occurred between 2023 and 2024, rising to US$198 million, and continued to US$242 million in 2025.
- Segment Capital Expenditures to Depreciation Ratio
- The segment capital expenditures to depreciation ratio began at an unreported level in 2021. In 2022, the ratio was 0.80, indicating that capital expenditures were 80% of depreciation. This ratio decreased to 0.74 in 2023. A substantial decline is then observed in 2024, with the ratio falling to 0.39. While the ratio increased slightly in 2025 to 0.45, it remains considerably lower than the levels seen in 2022 and 2023. This suggests that depreciation and amortization are growing at a faster rate than capital expenditures in recent years.
The increasing gap between depreciation and capital expenditures suggests a potential shift in the segment’s investment strategy or asset base. Further investigation may be warranted to understand the drivers behind this trend, such as the age of existing assets, changes in accounting policies, or a strategic decision to reduce capital investment in favor of utilizing existing capacity.
Segment Capital Expenditures to Depreciation: Energy and Sustainability Solutions
Honeywell International Inc.; Energy and Sustainability Solutions; segment capital expenditures to depreciation calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Capital expenditures | |||||
| Depreciation and amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
1 2025 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
The segment capital expenditures to depreciation ratio for Energy and Sustainability Solutions demonstrates considerable fluctuation between 2022 and 2025. Initial values indicate increasing investment relative to asset write-down, followed by a substantial decrease.
- Capital Expenditures
- Capital expenditures within the segment were not reported for 2021. Reported expenditures increased from US$291 million in 2022 to US$374 million in 2023, remaining relatively stable at US$373 million in 2024 before declining significantly to US$146 million in 2025.
- Depreciation and Amortization
- Depreciation and amortization were also not reported for 2021. The value increased from US$247 million in 2022 to US$253 million in 2023, then to US$285 million in 2024, and decreased to US$226 million in 2025. The increase from 2022 to 2024 suggests a growing asset base subject to depreciation.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio began at 1.18 in 2022, indicating that capital expenditures exceeded depreciation and amortization by 18%. This ratio increased to 1.48 in 2023, suggesting a greater emphasis on investment in new assets relative to the depreciation of existing ones. In 2024, the ratio decreased to 1.31, indicating a slight moderation in the pace of investment relative to depreciation. A substantial decline to 0.65 was observed in 2025, signifying that depreciation and amortization exceeded capital expenditures by 35%. This suggests a period of reduced investment or increased asset write-down within the segment.
The decreasing ratio in 2025 warrants further investigation to determine the underlying causes, such as project completion, asset sales, or a shift in investment strategy. The initial increase in the ratio from 2022 to 2023 could indicate a period of expansion or modernization within the segment.
Net sales
Honeywell International Inc., net sales by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Aerospace Technologies | |||||
| Industrial Automation | |||||
| Building Automation | |||||
| Energy and Sustainability Solutions | |||||
| Corporate and All Other | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The reporting segments demonstrate varied performance between 2022 and 2025. Overall, total net sales initially increased before experiencing a slight decline in the most recent year presented. A significant portion of this trend is attributable to the performance of individual segments.
- Aerospace Technologies
- This segment exhibits consistent and substantial growth throughout the period. Net sales increased from US$11,827 million in 2022 to US$17,510 million in 2025, representing a considerable expansion. This segment appears to be a primary driver of overall company revenue growth.
- Industrial Automation
- In contrast to Aerospace Technologies, Industrial Automation experienced a downward trend in net sales. Starting at US$11,638 million in 2022, sales decreased to US$9,401 million in 2025. This represents a notable contraction, suggesting potential challenges within this segment.
- Building Automation
- Building Automation demonstrates moderate growth over the observed period. Net sales increased from US$6,000 million in 2022 to US$7,367 million in 2025, indicating a steady, albeit less dramatic, expansion compared to Aerospace Technologies.
- Energy and Sustainability Solutions
- This segment initially showed a modest increase in net sales from US$5,996 million in 2022 to US$6,425 million in 2024. However, a significant decline is observed in 2025, with net sales falling to US$3,134 million. This substantial decrease warrants further investigation.
- Corporate and All Other
- The "Corporate and All Other" segment represents a relatively small portion of total net sales and exhibits a gradual increase, from US$5 million in 2022 to US$30 million in 2025. While growing, its impact on overall revenue is limited.
Total net sales increased from US$35,466 million in 2022 to US$38,498 million in 2024, before decreasing slightly to US$37,442 million in 2025. The growth in Aerospace Technologies and Building Automation was partially offset by the declines in Industrial Automation and, particularly, Energy and Sustainability Solutions. The overall trend suggests a shifting revenue composition, with increasing reliance on the Aerospace Technologies segment.
Segment profit
Honeywell International Inc., segment profit by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Aerospace Technologies | |||||
| Industrial Automation | |||||
| Building Automation | |||||
| Energy and Sustainability Solutions | |||||
| Corporate and All Other | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Segment profit performance demonstrates varied trends across the reporting periods. Overall, total segment profit increased from 2022 to 2023, remained relatively stable in 2024, and then decreased in 2025. A closer examination of individual segments reveals the drivers behind these overall results.
- Aerospace Technologies
- Aerospace Technologies exhibited consistent growth in segment profit from 2022 through 2025, increasing from US$3,247 million to US$4,284 million. This represents a substantial and steady upward trend, indicating strong performance within this segment.
- Industrial Automation
- Industrial Automation experienced a modest increase in segment profit from 2022 to 2023, followed by a decline in both 2024 and 2025. Profit decreased from US$2,209 million in 2023 to US$1,743 million in 2025. This suggests potential challenges or changing market conditions impacting this segment’s profitability.
- Building Automation
- Building Automation demonstrated a consistent upward trend in segment profit throughout the observed period. Profit increased from US$1,464 million in 2022 to US$1,953 million in 2025, indicating sustained growth and positive momentum.
- Energy and Sustainability Solutions
- Energy and Sustainability Solutions showed a slight decrease in segment profit from 2022 to 2023, followed by a stabilization in 2024, and a significant decline in 2025. Profit decreased substantially from US$1,522 million in 2024 to US$692 million in 2025. This represents a considerable downturn and warrants further investigation.
- Corporate and All Other
- The Corporate and All Other segment consistently reported a loss throughout the period. The magnitude of the loss increased each year, moving from US$396 million in 2022 to US$545 million in 2025. This escalating loss requires attention and analysis to identify contributing factors and potential mitigation strategies.
The overall trend in total segment profit is influenced by the offsetting performance of individual segments. While Aerospace Technologies and Building Automation demonstrate strong growth, declines in Industrial Automation and, particularly, Energy and Sustainability Solutions, coupled with the increasing loss in the Corporate and All Other segment, contribute to the overall decrease in total segment profit observed in 2025.
Depreciation and amortization
Honeywell International Inc., depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Aerospace Technologies | |||||
| Industrial Automation | |||||
| Building Automation | |||||
| Energy and Sustainability Solutions | |||||
| Corporate and All Other | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Depreciation and amortization expense across reportable segments exhibited varied trends between 2022 and 2025. Overall, total depreciation and amortization increased from US$1,204 million in 2022 to US$1,388 million in 2025, indicating a growing investment in long-lived assets or a shift in asset base composition.
- Aerospace Technologies
- Depreciation and amortization within this segment demonstrated an initial decrease from US$285 million in 2022 to US$267 million in 2023. However, a subsequent increase was observed, reaching US$380 million in 2025. This suggests potential increased capital expenditure or asset acquisitions within the segment in recent years.
- Industrial Automation
- This segment experienced a consistent decline in depreciation and amortization expense, moving from US$422 million in 2022 to US$343 million in 2025. This could be attributed to a reduction in capital investments, asset disposals, or changes in the useful lives of assets within the segment.
- Building Automation
- A significant upward trend is apparent in Building Automation, with depreciation and amortization increasing from US$92 million in 2022 to US$242 million in 2025. This substantial growth likely reflects considerable investment in new assets or expansions within this segment.
- Energy and Sustainability Solutions
- Depreciation and amortization in this segment remained relatively stable between 2022 and 2023, at US$247 million and US$253 million respectively. A moderate increase to US$285 million was noted in 2024, followed by a decrease to US$226 million in 2025. This fluctuation may be linked to project-based capital spending within the segment.
- Corporate and All Other
- A gradual increase in depreciation and amortization was observed in the Corporate and All Other segment, rising from US$158 million in 2022 to US$197 million in 2025. This suggests a growing asset base supporting corporate functions or other consolidated activities.
The combined effect of these segment-level trends resulted in an overall increase in total depreciation and amortization expense. The most pronounced changes occurred within the Aerospace Technologies and Building Automation segments, indicating significant capital activity within those areas.
Capital expenditures
Honeywell International Inc., capital expenditures by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Aerospace Technologies | |||||
| Industrial Automation | |||||
| Building Automation | |||||
| Energy and Sustainability Solutions | |||||
| Corporate and All Other | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Capital expenditures increased significantly between 2022 and 2024, then decreased in 2025. This trend is evident when examining expenditures across reportable segments. The largest portion of capital expenditure is consistently allocated to Aerospace Technologies and Energy and Sustainability Solutions.
- Aerospace Technologies
- Capital expenditures for this segment demonstrate a consistent upward trend, increasing from US$246 million in 2022 to US$404 million in 2025. This represents a substantial investment over the period, suggesting expansion or modernization efforts within this segment.
- Industrial Automation
- Capital expenditures in Industrial Automation experienced a significant increase from US$77 million in 2022 to US$194 million in 2023. While remaining relatively stable at US$214 million in 2024, expenditures decreased to US$201 million in 2025. This suggests a period of focused investment followed by stabilization.
- Building Automation
- Capital expenditures for Building Automation remained relatively stable between 2022 and 2024, fluctuating between US$74 million and US$79 million. A notable increase to US$108 million is observed in 2025, indicating a potential new investment cycle within this segment.
- Energy and Sustainability Solutions
- This segment exhibited the highest initial capital expenditure in 2022 at US$291 million, followed by US$374 million in 2023. Expenditures remained stable in 2024 at US$373 million, but experienced a substantial decrease to US$146 million in 2025. This significant reduction warrants further investigation to understand the underlying reasons.
- Corporate and All Other
- Capital expenditures for Corporate and All Other increased steadily from US$78 million in 2022 to US$128 million in 2024, before decreasing slightly to US$127 million in 2025. This suggests ongoing investment in corporate infrastructure or shared resources.
- Total Capital Expenditures
- Total capital expenditures increased from US$766 million in 2022 to a peak of US$1,164 million in 2024, before declining to US$986 million in 2025. The decrease in 2025 is primarily driven by the reduction in Energy and Sustainability Solutions expenditures, partially offset by increases in Aerospace Technologies and Building Automation.
The overall pattern indicates a period of significant capital investment between 2022 and 2024, followed by a moderate pullback in 2025. Segment-specific trends vary, with Aerospace Technologies consistently increasing investment, while Energy and Sustainability Solutions experienced a substantial decrease in the most recent year.
Total assets
Honeywell International Inc., total assets by reportable segment
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Aerospace Technologies | |||||
| Industrial Automation | |||||
| Building Automation | |||||
| Energy and Sustainability Solutions | |||||
| Corporate and All Other | |||||
| Total |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The reported total assets demonstrate significant fluctuations across the analyzed period. While asset figures are unavailable for 2021, a clear pattern of growth followed by stabilization and then a slight decline emerges from 2022 through 2025.
- Aerospace Technologies
- Assets within this segment exhibited consistent growth from 2022 to 2024, increasing from US$12,189 million to US$16,966 million. A more moderate increase was observed in 2025, reaching US$17,920 million. This suggests continued investment and expansion within this area.
- Industrial Automation
- This segment experienced substantial growth between 2022 and 2023, rising from US$17,887 million to US$22,026 million. However, assets then decreased in both 2024 and 2025, falling to US$21,035 million and subsequently to US$20,351 million. This indicates a potential shift in investment strategy or asset disposition within this segment.
- Building Automation
- A notable increase in assets is observed in this segment between 2022 and 2024, growing from US$6,599 million to US$11,438 million. A slight decrease occurred in 2025, with assets reported at US$10,883 million. This segment demonstrates a strong growth trajectory, albeit with a recent moderation.
- Energy and Sustainability Solutions
- This segment showed an initial increase from US$10,892 million in 2022 to US$8,048 million in 2023, followed by a recovery to US$10,337 million in 2024. A subsequent decline to US$7,933 million was recorded in 2025. The volatility within this segment suggests potential restructuring or project-specific asset fluctuations.
- Corporate and All Other
- Assets in this segment decreased from US$14,708 million in 2022 to US$11,752 million in 2023, then increased to US$15,420 million in 2024, and finally reached US$16,594 million in 2025. This segment exhibits the most variability, potentially reflecting corporate-level asset allocation and consolidation.
- Total Assets
- Total assets increased significantly from US$62,275 million in 2022 to US$75,196 million in 2024. However, a slight decrease to US$73,681 million was observed in 2025. The overall trend indicates a period of expansion followed by a stabilization, with a minor contraction in the most recent year. The growth in 2023 and 2024 was primarily driven by increases in Aerospace Technologies, Industrial Automation, and Building Automation, while the 2025 decline was partially offset by growth in Corporate and All Other.
The interplay between segment asset changes suggests a dynamic allocation of resources. The growth in Aerospace Technologies and Building Automation contrasts with the decline in Industrial Automation and Energy and Sustainability Solutions, indicating strategic shifts in investment priorities. The fluctuations within the "Corporate and All Other" segment further contribute to the overall asset profile.