Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
Honeywell International Inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
The analyzed period reveals a trajectory of initial margin expansion followed by a significant divergence between operating efficiency and net profitability in the final quarters. While top-line profitability remained resilient, operational margins experienced a marked decline toward the end of the period, contrasted by volatile spikes in net returns.
- Gross Profit Margin
- A sustained upward trend is observed from March 2022 (32.95%) through December 2024 (38.09%). Following this growth phase, the margin stabilized within a narrow range between 36.51% and 38.21% through September 2026, indicating a consistent ability to manage direct costs of goods sold over the long term.
- Operating Profit Margin
- Operating efficiency showed steady improvement from 17.37% in early 2022 to a peak of 20.09% in September 2023. However, a progressive decline is evident starting in 2025, with the margin falling to 13.32% by September 2026. This downward trend suggests that operating expenses grew at a faster rate than gross profits in the latter half of the period.
- Net Profit Margin
- Net margins remained relatively stable between 14% and 15.5% from 2022 through 2024. Significant volatility emerged in 2025 and 2026, characterized by a sharp dip to 10.89% in March 2026, followed by a substantial increase to 21.58% by June 2026. This pattern suggests the influence of non-operating items or one-time financial gains that decoupled net income from operating performance.
- Return on Equity (ROE)
- ROE exhibited strong growth, rising from 28.58% in March 2022 to a peak of 36.52% in September 2025. An anomalous spike to 44.31% occurred in June 2026, before reverting to 31.46% by September 2026. The overall trend indicates high shareholder returns, though the late-period volatility mirrors the fluctuations seen in the net profit margin.
- Return on Assets (ROA)
- ROA remained stable between 7.5% and 9.2% for the majority of the period. A notable contraction occurred in early 2026, reaching a low of 5.54% in March. This was followed by a rapid recovery, with ROA climbing to 13.28% by September 2026, suggesting a late-period improvement in asset utilization or a significant increase in net income relative to the asset base.
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Gross Profit Margin
Honeywell International Inc., gross profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Gross profit | 2,018) | 3,653) | 3,539) | 3,470) | 3,233) | 3,664) | 3,462) | 3,670) | 3,749) | 3,721) | 3,522) | 3,239) | 3,542) | 3,520) | 3,366) | 3,417) | 3,357) | 3,293) | 3,052) | ||||||
| Net sales | 4,994) | 9,719) | 9,143) | 9,758) | 9,437) | 9,322) | 8,925) | 10,088) | 9,728) | 9,577) | 9,105) | 9,440) | 9,212) | 9,146) | 8,864) | 9,186) | 8,951) | 8,953) | 8,376) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 37.72% | 36.51% | 36.93% | 36.93% | 37.14% | 38.21% | 38.11% | 38.09% | 37.60% | 37.56% | 37.46% | 37.28% | 38.03% | 37.79% | 37.36% | 36.99% | 35.56% | 34.22% | 32.95% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | — | 4.68% | 4.79% | 4.79% | 1.10% | -0.32% | -2.09% | -2.99% | 3.13% | 9.47% | 10.04% | 9.93% | 9.09% | 6.65% | 7.20% | 5.26% | -1.41% | 2.74% | 3.20% | ||||||
| Caterpillar Inc. | — | 30.87% | 29.79% | 30.05% | 31.65% | 32.64% | 33.92% | 34.49% | 34.33% | 34.29% | 33.59% | 33.04% | 31.71% | 30.44% | 28.74% | 26.91% | 26.14% | 25.52% | 25.71% | ||||||
| Eaton Corp. plc | — | 35.90% | 36.89% | 37.59% | 38.10% | 38.16% | 38.45% | 38.20% | 37.83% | 37.53% | 37.06% | 36.36% | 35.54% | 34.51% | 33.64% | 33.19% | 32.83% | 32.55% | 32.36% | ||||||
| GE Aerospace | 31.06% | 30.99% | 31.25% | 31.55% | 32.16% | 31.98% | 31.87% | 30.79% | 27.00% | 24.74% | 22.97% | 21.95% | 23.26% | 23.29% | 24.24% | 24.55% | 24.52% | 25.22% | 24.26% | ||||||
| Lockheed Martin Corp. | 11.73% | 11.80% | 9.82% | 10.15% | 8.16% | 8.16% | 10.11% | 9.75% | 11.97% | 11.91% | 12.10% | 12.55% | 12.54% | 12.70% | 12.74% | 12.56% | 12.99% | 13.39% | 13.36% | ||||||
| RTX Corp. | 21.10% | 20.35% | 20.21% | 20.08% | 20.13% | 20.05% | 19.53% | 19.09% | 19.21% | 16.38% | 17.01% | 17.54% | 17.36% | 20.43% | 20.53% | 20.38% | 20.49% | 20.17% | 19.94% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Gross profit margin = 100
× (Gross profitQ3 2026
+ Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025)
÷ (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
= 100 × (2,018 + 3,653 + 3,539 + 3,470)
÷ (4,994 + 9,719 + 9,143 + 9,758)
= 37.72%
2 Click competitor name to see calculations.
The gross profit margin exhibits a sustained expansionary trend from early 2022 through mid-2025, followed by a period of moderate volatility and eventual stabilization.
- Initial Margin Expansion (2022–2023)
- A consistent upward trajectory is observed starting from March 31, 2022, when the gross profit margin stood at 32.95%. This figure increased steadily over the following several quarters, reaching 38.03% by September 30, 2023. This period of growth reflects a strengthening of profitability relative to net sales, which grew from 8,376 million USD to 9,212 million USD during the same interval.
- Period of High-Level Stability (2023–2025)
- From September 2023 through June 30, 2025, the gross profit margin remained consistently elevated, fluctuating within a narrow range between 37.28% and 38.21%. The absolute peak of 38.21% was achieved in June 2025. This stability occurred despite net sales reaching a peak of 10,088 million USD in September 2024, suggesting effective management of the cost of goods sold during a period of revenue growth.
- Recent Contraction and Recovery (2025–2026)
- A moderate decline in profitability is observed between September 30, 2025, and June 30, 2026, with the margin descending to 36.51%. However, a significant recovery occurred by September 30, 2026, where the margin rose back to 37.72%. This recovery is particularly notable as it occurred alongside a sharp decrease in net sales to 4,994 million USD, indicating an increase in the efficiency of profit generation per unit of sale despite lower overall volume.
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Operating Profit Margin
Honeywell International Inc., operating profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Operating income | 740) | 1,737) | 1,474) | 525) | 1,484) | 1,843) | 1,721) | 1,745) | 1,858) | 1,978) | 1,860) | 1,583) | 1,926) | 1,883) | 1,692) | 1,813) | 1,742) | 1,601) | 1,271) | ||||||
| Net sales | 4,994) | 9,719) | 9,143) | 9,758) | 9,437) | 9,322) | 8,925) | 10,088) | 9,728) | 9,577) | 9,105) | 9,440) | 9,212) | 9,146) | 8,864) | 9,186) | 8,951) | 8,953) | 8,376) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 13.32% | 13.72% | 14.14% | 14.88% | 17.98% | 18.83% | 19.06% | 19.33% | 19.23% | 19.68% | 19.65% | 19.32% | 20.09% | 19.73% | 19.05% | 18.12% | 17.55% | 17.31% | 17.37% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | — | 4.89% | 4.63% | 4.79% | -10.24% | -12.27% | -14.63% | -16.10% | -9.08% | -2.31% | -0.93% | -0.99% | -1.86% | -4.62% | -3.58% | -5.33% | -11.99% | -6.98% | -6.53% | ||||||
| Caterpillar Inc. | — | 18.44% | 17.38% | 17.43% | 18.68% | 19.31% | 20.29% | 21.30% | 21.33% | 21.55% | 21.58% | 20.30% | 18.13% | 16.97% | 14.94% | 13.97% | 14.56% | 13.81% | 13.87% | ||||||
| Eaton Corp. plc | — | 17.71% | 18.16% | 18.98% | 18.95% | 18.82% | 19.08% | 18.62% | 18.23% | 17.96% | 17.28% | 16.75% | 16.28% | 15.48% | 14.85% | 14.55% | 13.90% | 16.33% | 15.97% | ||||||
| GE Aerospace | 24.79% | 24.37% | 25.05% | 26.03% | 26.24% | 25.57% | 25.46% | 23.29% | 16.88% | 13.80% | 10.44% | 8.49% | 8.08% | 6.92% | 7.40% | 6.05% | 7.05% | 8.12% | 7.31% | ||||||
| Lockheed Martin Corp. | 11.78% | 11.88% | 9.88% | 10.30% | 8.31% | 8.29% | 10.24% | 9.87% | 12.08% | 11.98% | 12.20% | 12.59% | 12.57% | 12.80% | 12.78% | 12.65% | 13.15% | 13.47% | 13.50% | ||||||
| RTX Corp. | 11.77% | 11.21% | 10.87% | 10.50% | 10.25% | 9.95% | 8.20% | 8.10% | 7.94% | 3.94% | 5.32% | 5.17% | 4.79% | 8.63% | 8.73% | 8.07% | 7.93% | 7.81% | 7.75% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Operating profit margin = 100
× (Operating incomeQ3 2026
+ Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025)
÷ (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
= 100 × (740 + 1,737 + 1,474 + 525)
÷ (4,994 + 9,719 + 9,143 + 9,758)
= 13.32%
2 Click competitor name to see calculations.
The operating profit margin exhibited a distinct trajectory characterized by an initial expansion phase, a period of stabilization, and a subsequent marked decline over the analyzed period.
- Margin Expansion and Peak Performance
- From March 2022 to September 2023, a consistent upward trend in operating efficiency was observed. The operating profit margin rose from 17.37% to a peak of 20.09%. This growth was supported by a steady increase in both operating income and net sales, indicating successful operational scaling and cost management relative to revenue growth.
- Stabilization Phase
- Between December 2023 and March 2025, the operating profit margin entered a phase of relative stability, fluctuating within a narrow range between 19.06% and 19.68%. During this interval, net sales continued to grow, reaching a peak of 10,088 million USD in September 2024. However, operating income remained relatively stagnant, suggesting that incremental revenue gains were largely offset by corresponding increases in operating expenses.
- Margin Contraction and Recent Volatility
- A significant downward trend emerged starting in June 2025, with the operating profit margin falling to 18.83% and continuing a steep decline to 13.32% by September 2026. This contraction is most evident in the final quarters of the period, where operating income experienced substantial drops, falling to 525 million USD in December 2025 and 740 million USD in September 2026. The sharp margin compression in the final period coincides with a severe reduction in net sales to 4,994 million USD, indicating a simultaneous decline in both revenue volume and operational efficiency.
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Net Profit Margin
Honeywell International Inc., net profit margin calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income attributable to Honeywell Technologies | 664) | 5,682) | 821) | (115) | 1,825) | 1,570) | 1,449) | 1,285) | 1,413) | 1,544) | 1,463) | 1,263) | 1,514) | 1,487) | 1,394) | 1,019) | 1,552) | 1,261) | 1,134) | ||||||
| Net sales | 4,994) | 9,719) | 9,143) | 9,758) | 9,437) | 9,322) | 8,925) | 10,088) | 9,728) | 9,577) | 9,105) | 9,440) | 9,212) | 9,146) | 8,864) | 9,186) | 8,951) | 8,953) | 8,376) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 20.98% | 21.58% | 10.89% | 12.63% | 16.23% | 15.02% | 14.85% | 14.82% | 15.01% | 15.49% | 15.52% | 15.43% | 14.87% | 15.08% | 14.54% | 14.00% | 15.38% | 14.74% | 15.30% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | — | 2.59% | 2.46% | 2.50% | -12.20% | -14.18% | -16.58% | -17.77% | -10.88% | -4.68% | -2.81% | -2.86% | -3.74% | -6.08% | -5.86% | -7.41% | -13.75% | -8.69% | -8.00% | ||||||
| Caterpillar Inc. | — | 15.28% | 14.06% | 13.89% | 15.17% | 15.83% | 16.63% | 17.59% | 17.15% | 17.46% | 17.65% | 16.18% | 14.35% | 13.53% | 12.10% | 11.85% | 13.70% | 13.19% | 13.02% | ||||||
| Eaton Corp. plc | — | 12.75% | 13.99% | 14.89% | 14.74% | 15.11% | 15.55% | 15.25% | 15.31% | 15.12% | 14.38% | 13.87% | 13.24% | 12.30% | 12.00% | 11.86% | 11.36% | 11.70% | 11.21% | ||||||
| GE Aerospace | 18.43% | 18.92% | 19.21% | 20.57% | 19.99% | 20.43% | 19.41% | 18.67% | 14.28% | 9.25% | 5.96% | 14.68% | 15.08% | 13.91% | 12.35% | 0.31% | -8.10% | -6.18% | -6.70% | ||||||
| Lockheed Martin Corp. | 8.23% | 8.16% | 6.38% | 6.69% | 5.73% | 5.85% | 7.66% | 7.51% | 9.36% | 9.48% | 9.73% | 10.24% | 10.29% | 10.48% | 8.60% | 8.69% | 9.07% | 7.33% | 9.45% | ||||||
| RTX Corp. | 8.75% | 8.28% | 8.03% | 7.60% | 7.67% | 7.35% | 5.63% | 5.91% | 5.97% | 3.12% | 4.90% | 4.64% | 4.76% | 7.88% | 8.08% | 7.75% | 6.76% | 6.84% | 6.47% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
Net profit margin = 100
× (Net income attributable to Honeywell TechnologiesQ3 2026
+ Net income attributable to Honeywell TechnologiesQ2 2026
+ Net income attributable to Honeywell TechnologiesQ1 2026
+ Net income attributable to Honeywell TechnologiesQ4 2025)
÷ (Net salesQ3 2026
+ Net salesQ2 2026
+ Net salesQ1 2026
+ Net salesQ4 2025)
= 100 × (664 + 5,682 + 821 + -115)
÷ (4,994 + 9,719 + 9,143 + 9,758)
= 20.98%
2 Click competitor name to see calculations.
The net profit margin exhibits a period of prolonged stability followed by a phase of increased volatility and a subsequent significant expansion in profitability during the final quarters of the analyzed period.
- Period of Stability (March 2022 – December 2024)
- Between March 2022 and December 2024, the net profit margin remained remarkably consistent, fluctuating within a narrow range between 14.00% and 15.52%. This stability indicates a well-managed cost structure and a consistent ability to convert net sales into profit, as the margin typically hovered around the 15% mark despite fluctuations in total sales volume.
- Margin Compression and Volatility (2025)
- The first three quarters of 2025 maintained the established trend, peaking at 16.23% in September. However, a downward shift occurred in the final quarter of 2025, with the margin declining to 12.63%. This represents a break from the previous multi-year consistency, signaling a temporary compression in profitability.
- Profitability Expansion (2026)
- A significant shift in operational efficiency is observed in 2026. After reaching a period low of 10.89% in March, the net profit margin surged to 21.58% in June and remained elevated at 20.98% in September. This expansion is particularly notable as it occurred despite a sharp contraction in net sales in the September 2026 quarter, suggesting a substantial improvement in the proportion of income retained per dollar of revenue.
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Return on Equity (ROE)
Honeywell International Inc., ROE calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income attributable to Honeywell Technologies | 664) | 5,682) | 821) | (115) | 1,825) | 1,570) | 1,449) | 1,285) | 1,413) | 1,544) | 1,463) | 1,263) | 1,514) | 1,487) | 1,394) | 1,019) | 1,552) | 1,261) | 1,134) | ||||||
| Total Honeywell Technologies shareowners’ equity | 22,417) | 18,537) | 13,590) | 13,904) | 16,782) | 16,095) | 17,463) | 18,619) | 17,406) | 16,947) | 16,454) | 15,856) | 17,231) | 17,299) | 16,919) | 16,697) | 17,707) | 17,541) | 18,365) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 31.46% | 44.31% | 30.18% | 34.01% | 36.52% | 35.52% | 32.59% | 30.64% | 32.65% | 34.13% | 34.81% | 35.68% | 31.42% | 31.52% | 30.89% | 29.74% | 30.36% | 28.96% | 28.58% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | — | 39.92% | 37.88% | 40.98% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||||
| Caterpillar Inc. | — | 55.91% | 50.53% | 41.67% | 44.89% | 50.57% | 55.01% | 55.37% | 55.04% | 64.26% | 63.77% | 53.02% | 44.48% | 45.85% | 39.18% | 42.25% | 47.28% | 42.96% | 38.07% | ||||||
| Eaton Corp. plc | — | 18.90% | 20.23% | 21.04% | 20.84% | 21.10% | 21.27% | 20.52% | 19.71% | 18.99% | 17.63% | 16.90% | 16.29% | 15.10% | 14.72% | 14.45% | 14.26% | 14.12% | 13.35% | ||||||
| GE Aerospace | 51.95% | 50.86% | 47.79% | 46.60% | 42.86% | 40.54% | 36.34% | 33.90% | 33.11% | 25.51% | 11.77% | 34.63% | 35.27% | 30.77% | 27.72% | 0.62% | -18.56% | -12.75% | -12.20% | ||||||
| Lockheed Martin Corp. | 64.72% | 71.70% | 64.00% | 74.65% | 67.95% | 78.82% | 82.34% | 84.26% | 92.71% | 109.09% | 101.89% | 101.24% | 75.11% | 76.41% | 58.97% | 61.86% | 49.05% | 41.16% | 62.10% | ||||||
| RTX Corp. | 12.13% | 11.66% | 10.95% | 10.32% | 10.22% | 9.85% | 7.48% | 7.94% | 7.72% | 3.83% | 5.75% | 5.34% | 4.59% | 7.67% | 7.61% | 7.16% | 6.36% | 6.34% | 5.79% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
ROE = 100
× (Net income attributable to Honeywell TechnologiesQ3 2026
+ Net income attributable to Honeywell TechnologiesQ2 2026
+ Net income attributable to Honeywell TechnologiesQ1 2026
+ Net income attributable to Honeywell TechnologiesQ4 2025)
÷ Total Honeywell Technologies shareowners’ equity
= 100 × (664 + 5,682 + 821 + -115)
÷ 22,417 = 31.46%
2 Click competitor name to see calculations.
The analysis of profitability ratios indicates a period of sustained growth in Return on Equity (ROE) from early 2022 through mid-2025, followed by a phase of significant volatility in 2026.
- ROE Growth and Stability
- Between March 31, 2022, and September 30, 2025, ROE demonstrated a consistent upward trajectory, rising from 28.58% to a peak of 36.52%. This growth was supported by steady net income figures, which generally ranged between 1.0 billion and 1.8 billion US dollars, while shareowners' equity remained relatively stable, fluctuating primarily between 15.8 billion and 18.6 billion US dollars.
- Late 2025 Performance Volatility
- A notable disruption occurred in the quarter ending December 31, 2025, where net income dropped to a negative 115 million US dollars. Despite this loss and a corresponding decrease in shareowners' equity to 13.9 billion US dollars, the ROE for that period was recorded at 34.01%, suggesting specific accounting adjustments or non-operational impacts that decoupled the ROE from the net income dip.
- Anomalous 2026 Peak and Correction
- The second quarter of 2026 exhibited an extreme outlier in performance, with net income surging to 5.682 billion US dollars. This spike drove the ROE to its highest recorded level of 44.31%. However, this trend was short-lived; by September 30, 2026, ROE reverted to 31.46%. This correction coincided with a substantial increase in shareowners' equity to 22.417 billion US dollars, which diluted the impact of the quarterly net income of 664 million US dollars.
Overall, the financial data reveals a company that maintained a strong and efficient return on equity for several years before entering a period of high volatility characterized by irregular swings in net income and a significant expansion of the equity base in 2026.
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Return on Assets (ROA)
Honeywell International Inc., ROA calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Net income attributable to Honeywell Technologies | 664) | 5,682) | 821) | (115) | 1,825) | 1,570) | 1,449) | 1,285) | 1,413) | 1,544) | 1,463) | 1,263) | 1,514) | 1,487) | 1,394) | 1,019) | 1,552) | 1,261) | 1,134) | ||||||
| Total assets | 53,098) | 77,344) | 73,988) | 73,681) | 80,917) | 78,419) | 75,218) | 75,196) | 73,492) | 69,329) | 65,645) | 61,525) | 61,296) | 62,337) | 59,883) | 62,275) | 60,287) | 62,258) | 63,352) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 13.28% | 10.62% | 5.54% | 6.42% | 7.57% | 7.29% | 7.57% | 7.59% | 7.73% | 8.34% | 8.72% | 9.20% | 8.83% | 8.75% | 8.73% | 7.97% | 8.92% | 8.16% | 8.29% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Boeing Co. | — | 1.47% | 1.38% | 1.33% | -6.57% | -6.89% | -7.36% | -7.56% | -5.79% | -2.41% | -1.60% | -1.62% | -2.11% | -3.32% | -3.03% | -3.60% | -6.14% | -3.90% | -3.60% | ||||||
| Caterpillar Inc. | — | 10.57% | 9.87% | 9.01% | 9.89% | 10.45% | 11.70% | 12.30% | 12.38% | 13.21% | 13.43% | 11.81% | 10.50% | 9.79% | 8.50% | 8.18% | 9.11% | 8.33% | 7.90% | ||||||
| Eaton Corp. plc | — | 6.81% | 7.24% | 9.91% | 9.66% | 9.69% | 10.04% | 9.89% | 9.60% | 9.27% | 8.83% | 8.37% | 8.03% | 7.37% | 7.23% | 7.03% | 6.67% | 6.58% | 6.30% | ||||||
| GE Aerospace | 7.16% | 7.03% | 6.72% | 6.69% | 6.29% | 6.19% | 5.64% | 5.32% | 4.93% | 3.85% | 2.14% | 5.81% | 6.45% | 5.89% | 5.33% | 0.12% | -3.23% | -2.38% | -2.48% | ||||||
| Lockheed Martin Corp. | 10.10% | 10.07% | 8.09% | 8.38% | 6.97% | 7.14% | 9.71% | 9.59% | 12.02% | 12.23% | 12.33% | 13.19% | 12.29% | 12.39% | 10.41% | 10.84% | 11.28% | 9.09% | 12.06% | ||||||
| RTX Corp. | 4.76% | 4.45% | 4.26% | 3.94% | 3.91% | 3.68% | 2.79% | 2.93% | 2.86% | 1.40% | 2.17% | 1.97% | 1.96% | 3.43% | 3.43% | 3.27% | 2.82% | 2.81% | 2.63% | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 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).
1 Q3 2026 Calculation
ROA = 100
× (Net income attributable to Honeywell TechnologiesQ3 2026
+ Net income attributable to Honeywell TechnologiesQ2 2026
+ Net income attributable to Honeywell TechnologiesQ1 2026
+ Net income attributable to Honeywell TechnologiesQ4 2025)
÷ Total assets
= 100 × (664 + 5,682 + 821 + -115)
÷ 53,098 = 13.28%
2 Click competitor name to see calculations.
The analysis of the Return on Assets (ROA) reveals three distinct phases: a period of relative stability, a phase of gradual compression, and a subsequent period of high volatility culminating in a peak. Between March 2022 and March 2024, the ROA remained consistently within a narrow range, predominantly between 7.97% and 9.20%, indicating a stable relationship between net income and the asset base.
- Asset Expansion and ROA Compression (2024–2025)
- Beginning in early 2024, a downward trend in ROA is observed, declining from 8.72% in March 2024 to 6.42% by December 2025. This compression is primarily driven by a significant increase in total assets, which grew from 65.6 billion USD to a peak of 80.9 billion USD in September 2025. During this same interval, net income remained relatively stagnant or experienced fluctuations that did not scale proportionally with the asset growth, resulting in diminished asset efficiency.
- Net Income Volatility and Asset Reduction (2025–2026)
- The end of 2025 and the course of 2026 are characterized by extreme fluctuations. A notable contraction occurred in December 2025, where net income dropped to -115 million USD, driving the ROA to its lowest point in the analyzed period. However, a sharp reversal followed in June 2026, with net income spiking to 5.682 billion USD.
- Efficiency Peak (September 2026)
- The period concludes with a significant increase in ROA, reaching a high of 13.28% by September 2026. This peak is the result of a dual impact: a substantial increase in quarterly net income and a sharp reduction in total assets, which fell to 53.1 billion USD. This combination indicates a dramatic shift toward higher capital efficiency and improved profitability relative to the size of the balance sheet.
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