Common-Size Income Statement
Quarterly Data
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Honeywell International Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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Honeywell International Inc., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
The common-size income statement reveals several noteworthy trends in the company’s financial performance between March 2021 and December 2025. A significant shift in the revenue mix between product and service sales is observed, alongside fluctuations in profitability metrics. Cost management appears to be dynamic, and certain non-recurring items impact net income in later periods.
- Revenue Mix
- Product sales, initially representing approximately 76% of net sales, demonstrate a consistent, albeit gradual, decline to around 53% by December 2025. Conversely, service sales exhibit an increasing trend, rising from roughly 24% to 47% over the same period. This suggests a strategic shift towards a service-oriented business model. The most substantial change in this mix occurs between September 2024 and December 2025.
- Cost of Goods Sold
- The cost of products and services sold, as a percentage of net sales, generally decreased from 67.53% in March 2021 to a low of 61.46% in September 2024, before increasing to 63.94% by December 2025. The cost of services sold shows a more pronounced increase over the period, rising from 13.70% to 25.74% in December 2025. This increase in the cost of services sold as a percentage of net sales likely correlates with the growing proportion of service revenue.
- Gross Profit
- Gross profit as a percentage of net sales generally increased from 32.47% in March 2021 to a peak of 38.86% in June 2025, before decreasing to 36.06% in December 2025. This suggests improved efficiency in managing production and service delivery costs for much of the period, though this trend reverses in the final quarter.
- Operating Income
- Operating income as a percentage of net sales fluctuated throughout the period, peaking at 22.13% in September 2022, and declining to -3.86% in December 2025. This decline is significant and warrants further investigation. The decrease is not solely attributable to cost of goods sold, as other operating expenses also play a role.
- Operating Expenses
- Research and development expenses remained relatively stable as a percentage of net sales, generally ranging between 3.78% and 5.76%. Selling, general, and administrative expenses decreased from 14.62% in March 2021 to a low of 12.45% in September 2025, before increasing substantially to 19.90% in December 2025. This increase in SG&A expenses contributes to the decline in operating income in the final quarter.
- Non-Recurring Items
- Impairment charges, specifically impairment of goodwill and assets held for sale, become significant in December 2025, representing 10.55% and 3.72% of net sales, respectively. These charges substantially reduce net income in that quarter. Other income (expense) also shows volatility, with a notable negative impact in December 2022 (-5.23%).
- Net Income
- Net income as a percentage of net sales mirrors the trends in operating income, peaking at 17.86% in September 2025, and declining sharply to -1.79% in December 2025. The impact of impairment charges and increased operating expenses are clearly visible in this decline. Net income attributable to noncontrolling interest is relatively small, but shows some fluctuation.
In summary, the company experienced a strategic shift towards service revenue, generally improved gross profit margins for much of the period, but faced significant challenges in the final quarter of 2025 due to increased operating expenses and substantial impairment charges, resulting in a net loss.