Analysis of Geographic Areas
Honeywell International Inc. operates in 3 regions: United States; Europe; and Other International.
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- 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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Area Asset Turnover
Honeywell International Inc., asset turnover by geographic area
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe | |||||
| Other International |
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).
Asset turnover ratios for the geographic areas presented demonstrate varying performance trends over the five-year period. The United States, Europe, and Other International regions each exhibit distinct patterns in their efficiency of asset utilization.
- United States
- The asset turnover ratio for the United States experienced initial growth, increasing from 5.21 in 2021 to 5.38 in 2022. This was followed by a decline to 5.09 in 2023 and further to 4.65 in 2024. A significant increase is then observed in 2025, with the ratio reaching 6.82. This suggests a period of decreasing efficiency followed by a substantial improvement in asset utilization within the United States.
- Europe
- Europe consistently demonstrates the highest asset turnover ratios among the three areas. The ratio shows a steady and consistent upward trend throughout the period, increasing from 12.01 in 2021 to 16.76 in 2025. This indicates a continuous improvement in the efficiency with which assets are employed to generate sales within the European region.
- Other International
- The asset turnover ratio for Other International areas also generally increased over the period, though with less consistency than Europe. The ratio rose from 6.72 in 2021 to 8.19 in 2024, before decreasing slightly to 7.93 in 2025. This suggests a generally improving trend in asset utilization, with a minor pullback in the most recent year.
Overall, Europe consistently maintains a significantly higher asset turnover ratio than both the United States and Other International areas. The United States experienced the most volatility, with a notable decline in 2023 and 2024 followed by a strong recovery in 2025. Other International demonstrates a more moderate, but generally positive, trend.
Area Asset Turnover: United States
Honeywell International Inc.; United States; area 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 | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area 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
Area asset turnover = Net sales ÷ Long-lived assets
= ÷ =
The financial performance related to asset utilization within the United States demonstrates fluctuating efficiency over the five-year period. Net sales exhibited a general upward trajectory, though with a slight decrease in the most recent year. Long-lived assets showed an initial increase followed by a notable decline. Consequently, the area asset turnover ratio experienced considerable variation.
- Net Sales
- Net sales increased from US$20,662 million in 2021 to US$21,262 million in 2022, representing a growth of approximately 2.9%. A slight decrease to US$20,907 million was observed in 2023, followed by a recovery to US$21,819 million in 2024. The most recent year, 2025, saw a marginal decline to US$21,784 million.
- Long-Lived Assets
- Long-lived assets remained relatively stable between 2021 and 2022, fluctuating between US$3,949 million and US$3,964 million. An increase to US$4,107 million was recorded in 2023, followed by a more substantial rise to US$4,694 million in 2024. A significant decrease to US$3,192 million occurred in 2025.
- Area Asset Turnover
- The area asset turnover ratio began at 5.21 in 2021 and increased to 5.38 in 2022, indicating improved asset utilization. A slight decrease to 5.09 was noted in 2023. The ratio then declined further to 4.65 in 2024, suggesting a reduced efficiency in generating sales from assets. A substantial increase to 6.82 was observed in 2025, potentially driven by the decrease in long-lived assets combined with relatively stable net sales. This represents the highest ratio value within the observed period.
The considerable fluctuation in the area asset turnover ratio warrants further investigation. The decrease in long-lived assets in 2025 appears to be the primary driver of the ratio’s increase, and the reasons behind this asset reduction should be examined. While a higher asset turnover ratio is generally favorable, the context of the asset reduction is crucial for a complete understanding of the underlying performance.
Area Asset Turnover: Europe
Honeywell International Inc.; Europe; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area 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
Area asset turnover = Net sales ÷ Long-lived assets
= ÷ =
The financial performance of the European area reveals a consistent increase in asset turnover alongside fluctuating sales and relatively stable long-lived assets. Net sales experienced initial growth, followed by a recent decline, while asset turnover demonstrated a strong upward trajectory throughout the analyzed period.
- Net Sales
- Net sales in the European area exhibited a modest increase from US$6,800 million in 2021 to US$6,840 million in 2022. A more substantial rise was observed in 2023, reaching US$8,052 million, followed by a peak of US$8,760 million in 2024. However, sales decreased to US$8,112 million in 2025, representing a slight contraction from the prior year’s high.
- Long-Lived Assets
- Long-lived assets remained relatively consistent between 2021 and 2024, fluctuating between US$537 million and US$566 million. A decrease was noted in 2025, with long-lived assets reported at US$484 million. This suggests a potential strategic shift in asset allocation or disposal within the region.
- Area Asset Turnover
- Area asset turnover demonstrated a clear upward trend throughout the period. Starting at 12.01 in 2021, the ratio increased to 12.74 in 2022 and continued to climb, reaching 14.51 in 2023. The most significant increase occurred between 2023 and 2024, with the ratio rising to 16.44. This positive trend continued into 2025, with the ratio reaching 16.76. This indicates increasing efficiency in utilizing assets to generate sales within the European area, despite the recent sales decline.
The increasing asset turnover ratio, coupled with the initial sales growth, suggests improved operational efficiency. The recent decrease in sales in 2025, while notable, did not prevent a further increase in asset turnover, indicating that the area continues to generate more sales per dollar of assets. The reduction in long-lived assets in 2025 may contribute to sustaining this higher turnover in subsequent periods.
Area Asset Turnover: Other International
Honeywell International Inc.; Other International; area asset turnover calculation
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Net sales | |||||
| Long-lived assets | |||||
| Area Activity Ratio | |||||
| Area 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
Area asset turnover = Net sales ÷ Long-lived assets
= ÷ =
Analysis of the provided financial information reveals a generally positive trend in area asset turnover for the period between 2021 and 2025, alongside fluctuating net sales and relatively stable long-lived assets. The area asset turnover ratio demonstrates increasing efficiency in asset utilization, although a slight decrease is observed in the most recent year.
- Net Sales
- Net sales experienced an initial increase from US$6,930 million in 2021 to US$7,703 million in 2023. This growth slowed in 2024, reaching US$7,919 million, before declining to US$7,546 million in 2025. This suggests a potential stabilization or slight contraction in sales towards the end of the analyzed period.
- Long-Lived Assets
- Long-lived assets remained relatively consistent throughout the five-year period, fluctuating between US$985 million and US$1,032 million. A slight downward trend is observable, decreasing from US$1,032 million in 2021 to US$952 million in 2025. This indicates a stable investment in long-term assets within this geographic area.
- Area Asset Turnover
- The area asset turnover ratio increased steadily from 6.72 in 2021 to 8.19 in 2024, indicating improved efficiency in generating sales from long-lived assets. However, the ratio decreased slightly to 7.93 in 2025. This suggests that while asset utilization remained strong overall, the efficiency experienced a minor reduction in the final year, potentially linked to the observed decline in net sales.
The consistent long-lived asset base, coupled with increasing sales up to 2024, drove the improvement in asset turnover. The slight decrease in both net sales and asset turnover in 2025 warrants further investigation to determine the underlying causes and potential impact on future performance.
Net sales
Honeywell International Inc., net sales by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe | |||||
| Other International | |||||
| 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).
Net sales exhibited varied performance across geographic regions between 2021 and 2025. Overall, total net sales demonstrated an increasing trend, though with some fluctuation. The United States remains the largest contributor to net sales, while Europe and Other International regions show distinct patterns of growth and, in the case of Other International, a recent decline.
- United States
- Net sales in the United States experienced moderate growth from US$20,662 million in 2021 to US$21,262 million in 2022. A slight decrease was observed in 2023, with sales reaching US$20,907 million. This was followed by a recovery, with sales increasing to US$21,819 million in 2024, and remaining relatively stable at US$21,784 million in 2025. The region consistently represents the largest portion of overall net sales.
- Europe
- Europe demonstrated consistent growth in net sales from 2021 to 2024. Sales increased from US$6,800 million in 2021 to US$8,760 million in 2024. However, 2025 saw a decrease to US$8,112 million, representing a potential shift in regional performance. Despite this recent decline, the region’s sales have significantly increased over the five-year period.
- Other International
- Net sales in Other International regions showed growth from US$6,930 million in 2021 to US$7,919 million in 2024. A decrease was noted in 2025, with sales falling to US$7,546 million. This represents the first decline in this region’s sales during the analyzed period and warrants further investigation.
- Total Net Sales
- Total net sales increased from US$34,392 million in 2021 to US$38,498 million in 2024, indicating overall company growth. A slight decrease was observed in 2025, with total sales reaching US$37,442 million. This decrease is attributable to the combined performance of all regions, particularly the declines in Europe and Other International.
The observed trends suggest a strengthening presence in Europe until 2024, while the Other International region experienced a slowdown in 2025. The United States remains a stable and significant contributor to overall net sales. The slight overall decline in 2025 warrants monitoring to determine if it represents a temporary fluctuation or the beginning of a more substantial trend.
Long-lived assets
Honeywell International Inc., long-lived assets by geographic area
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |
|---|---|---|---|---|---|
| United States | |||||
| Europe | |||||
| Other International | |||||
| 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 value of long-lived assets demonstrates varied performance across geographic regions between 2021 and 2025. Overall, total long-lived assets initially decreased before experiencing growth, ultimately concluding with a decline in the final year of the observed period.
- United States
- Long-lived assets in the United States experienced a slight decrease from US$3,964 million in 2021 to US$3,949 million in 2022. This was followed by a period of growth, reaching US$4,694 million in 2024. However, a substantial decrease is observed in 2025, with the value falling to US$3,192 million. This represents the most significant fluctuation within any single region during the period.
- Europe
- Europe exhibited a relatively stable pattern. The value of long-lived assets decreased from US$566 million in 2021 to US$537 million in 2022, then showed a modest recovery to US$555 million in 2023. A slight decline occurred in 2024, reaching US$533 million, followed by a further decrease to US$484 million in 2025. The fluctuations in Europe were less pronounced than those observed in the United States.
- Other International
- The ‘Other International’ region showed a minor decrease from US$1,032 million in 2021 to US$985 million in 2022. The value then stabilized, remaining near US$1,000 million through 2024, before decreasing to US$952 million in 2025. This region demonstrated the most consistent performance throughout the period.
- Total Long-Lived Assets
- Total long-lived assets decreased from US$5,562 million in 2021 to US$5,471 million in 2022. Growth was then observed, peaking at US$6,194 million in 2024. A notable decline occurred in 2025, with the total value falling to US$4,628 million. The overall trend suggests a period of expansion followed by a contraction in the final year.
The decrease in total long-lived assets in 2025 is primarily driven by the substantial reduction in the United States, suggesting potential asset disposals, impairments, or shifts in investment strategy within that region. The relative stability of the ‘Other International’ region provides a contrasting element to the more volatile performance of the United States and, to a lesser extent, Europe.