Analysis of Revenues
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Revenues as Reported
Honeywell International Inc., income statement, revenues
US$ in millions
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).
Overall, net sales demonstrate a general upward trajectory from 2021 to 2024, reaching $38.498 billion, before experiencing a slight decrease in 2025 to $37.442 billion. This growth is primarily driven by significant increases in the Aerospace Technologies and Building Automation segments, although performance varies considerably across other business areas.
- Aerospace Technologies
- Net Aerospace Technologies sales consistently increased from $11.026 billion in 2021 to $17.510 billion in 2025. Both Commercial Aviation segments, Original Equipment and Aftermarket, contributed to this growth. The Aftermarket segment exhibited particularly strong performance, more than doubling from $4.155 billion to $7.777 billion over the period. Defense and Space also showed growth, increasing from $5.151 billion in 2021 to $7.220 billion in 2025, with a notable jump between 2022 and 2023, and again between 2023 and 2024.
- Industrial Automation
- Net Industrial Automation sales experienced a decline from $12.425 billion in 2021 to $9.401 billion in 2025. This decrease was driven by reductions in both Sensing and Safety Technologies and Warehouse and Workflow Solutions. Sensing and Safety Technologies saw a substantial decrease, falling from $3.260 billion to $1.171 billion. Warehouse and Workflow Solutions also declined significantly, from $2.944 billion to $933 million. Process Solutions remained relatively stable, fluctuating between $4.611 billion and $6.165 billion.
- Building Automation and Energy & Sustainability Solutions
- Net Building Automation sales demonstrated consistent growth, increasing from $5.539 billion in 2021 to $7.367 billion in 2025. Energy and Sustainability Solutions initially increased from $5.402 billion to $6.425 billion between 2021 and 2024, but experienced a significant decrease in 2025, falling to $3.134 billion. This decline was primarily driven by a reduction in Advanced Materials, for which 2025 figures are incomplete.
- Other Segments
- Products and Building Solutions showed modest growth over the period, increasing from $3.243 billion and $2.296 billion respectively in 2021 to $4.480 billion and $2.887 billion in 2025. Corporate and All Other revenue remained minimal throughout the period, increasing from an unrecorded value in 2021 to $30 million in 2025.
The overall revenue trend indicates a shift in the company’s performance, with increasing reliance on the Aerospace Technologies and Building Automation segments, while Industrial Automation experienced a notable decline. The significant decrease in Energy and Sustainability Solutions revenue in 2025 warrants further investigation, particularly concerning the incomplete reporting for Advanced Materials.