Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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Honeywell International Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-03-31), 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).
Operational cash flow exhibits significant quarterly volatility, characterized by a recurring pattern of substantial increases in the fourth quarter of each fiscal year. While net income remained relatively stable between 1.1 billion and 1.8 billion US dollars for most of the analyzed period, the conversion of these earnings into operating cash varied widely, including a notable deficit of 784 million US dollars in the first quarter of 2023 and a peak of 3.2 billion US dollars in the third quarter of 2024. A sharp decline in net cash provided by operating activities to negative 650 million US dollars is observed by the end of the series in March 2026.
- Operating Cash Flow Dynamics
- The volatility in operating cash is largely driven by fluctuations in accrued liabilities and accounts receivable. Significant swings in accrued liabilities, such as the 1.1 billion US dollar increase in December 2022 and the 825 million US dollar decrease in March 2026, heavily influence the quarterly cash position. Non-cash adjustments, including depreciation and amortization, remained consistent throughout the period, typically totaling between 300 million and 400 million US dollars per quarter, until a sharp decrease in depreciation was recorded in December 2025.
- Investing Activities and Capital Allocation
- A transition toward aggressive acquisition activity is evident starting in the second quarter of 2024, with cash outflows for acquisitions reaching 4.9 billion US dollars in June 2024, followed by sustained expenditures exceeding 2 billion US dollars in subsequent quarters. Capital expenditures generally ranged from 150 million to 400 million US dollars per quarter, though a marked reduction to 58 million US dollars occurred in December 2025. The investment profile is further characterized by consistent cycling of short-term investments.
- Financing and Capital Structure
- Financing activities are dominated by the heavy use of commercial paper for short-term liquidity management and a consistent commitment to shareholder returns. Cash dividends have been maintained with a slight upward trend, increasing from approximately 640 million US dollars per quarter in 2021 to 781 million US dollars by March 2026. Common stock repurchases were frequent and substantial through 2023 but became more sporadic in 2024 and 2025. A massive deleveraging event is noted in March 2026, with payments of long-term debt totaling 12.6 billion US dollars.
- Non-Recurring Events and Restructuring
- The final quarters of the data set indicate a period of significant corporate restructuring. This is highlighted by a 724 million US dollar impairment of goodwill in December 2025, a 1.59 billion US dollar termination payment related to a reimbursement agreement in the same period, and a 1.4 billion US dollar asbestos liabilities divestiture payment in March 2026. These outflows were offset by substantial pre-separation funding, which totaled 15.8 billion US dollars in the final quarter reported.