Analysis of Revenues

Revenues as Reported

Revenues as Reported

Honeywell International Inc., income statement, revenues

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Commercial Aviation Original Equipment	2,513)	2,223)	2,397)	2,089)	1,720)
Commercial Aviation Aftermarket	7,777)	7,144)	6,241)	5,108)	4,155)
Defense and Space	7,220)	6,091)	4,986)	4,630)	5,151)
Net Aerospace Technologies sales	17,510)	15,458)	13,624)	11,827)	11,026)
Sensing and Safety Technologies	1,171)	1,824)	1,983)	2,145)	3,260)
Productivity Solutions and Services	1,132)	1,202)	1,313)	1,739)	1,610)
Process Solutions	6,165)	6,111)	6,017)	5,446)	4,611)
Warehouse and Workflow Solutions	933)	914)	1,443)	2,308)	2,944)
Net Industrial Automation sales	9,401)	10,051)	10,756)	11,638)	12,425)
Products	4,480)	3,868)	3,583)	3,638)	3,243)
Building Solutions	2,887)	2,672)	2,448)	2,362)	2,296)
Net Building Automation sales	7,367)	6,540)	6,031)	6,000)	5,539)
UOP	3,134)	2,644)	2,586)	2,404)	2,348)
Advanced Materials	—)	3,781)	3,653)	3,592)	3,054)
Net Energy and Sustainability Solutions sales	3,134)	6,425)	6,239)	5,996)	5,402)
Corporate and All Other	30)	24)	12)	5)	—)
Net sales	37,442)	38,498)	36,662)	35,466)	34,392)

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.

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Honeywell International Inc. (NASDAQ:HON)

Analysis of Revenues

Revenues as Reported