Name: Honeywell International Inc. (NASDAQ:HON) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

Honeywell International Inc., income statement, revenues

US$ in millions

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Commercial Aviation Original Equipment	2,223)	2,397)	2,089)	1,720)	1,932)
Commercial Aviation Aftermarket	7,144)	6,241)	5,108)	4,155)	3,786)
Defense and Space	6,091)	4,986)	4,630)	5,151)	5,826)
Net Aerospace Technologies sales	15,458)	13,624)	11,827)	11,026)	11,544)
Sensing and Safety Technologies	1,824)	1,983)	2,145)	3,260)	3,207)
Productivity Solutions and Services	1,202)	1,313)	1,739)	1,610)	1,256)
Process Solutions	6,111)	6,017)	5,446)	4,611)	4,590)
Warehouse and Workflow Solutions	914)	1,443)	2,308)	2,944)	2,018)
Net Industrial Automation sales	10,051)	10,756)	11,638)	12,425)	11,071)
Products	3,868)	3,583)	3,638)	3,243)	2,995)
Building Solutions	2,672)	2,448)	2,362)	2,296)	2,194)
Net Building Automation sales	6,540)	6,031)	6,000)	5,539)	5,189)
UOP	2,644)	2,586)	2,404)	2,348)	2,177)
Advanced Materials	3,781)	3,653)	3,592)	3,054)	2,656)
Net Energy and Sustainability Solutions sales	6,425)	6,239)	5,996)	5,402)	4,833)
Corporate and All Other	24)	12)	5)	—)	—)
Net sales	38,498)	36,662)	35,466)	34,392)	32,637)

Based on: 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), 10-K (reporting date: 2020-12-31).

The analysis of the annual revenue data reveals several notable trends and patterns across different segments over the five-year period.

Commercial Aviation Original Equipment: This segment experienced fluctuations, starting at $1,932 million in 2020, decreasing to $1,720 million in 2021, then increasing significantly to $2,397 million in 2023 before slightly declining to $2,223 million in 2024. This suggests some volatility, possibly from market fluctuations or supply chain factors.
Commercial Aviation Aftermarket: There was a consistent and strong upward trend, with revenues growing steadily each year from $3,786 million in 2020 to $7,144 million in 2024, nearly doubling over the period. This indicates expanding demand and possibly an increasing installed base driving aftermarket sales.
Defense and Space: Revenues started at $5,826 million in 2020 but declined for two consecutive years to $4,630 million in 2022, then partially recovered to $6,091 million in 2024. The rebound in the final years may reflect renewed contracts or defense spending increases.
Net Aerospace Technologies sales: This category overall showed solid growth, from $11,544 million in 2020 to $15,458 million in 2024, despite some intermediate fluctuations. This denotes a positive trajectory in aerospace-related revenues.
Sensing and Safety Technologies: Revenues declined steadily from $3,207 million in 2020 to $1,824 million in 2024. This consistent decrease signals potential market contraction or competitive pressures in this segment.
Productivity Solutions and Services: This segment rose from $1,256 million in 2020 to a peak of $1,739 million in 2022, followed by a decline to $1,202 million in 2024, indicating a volatile demand pattern and possibly transitional challenges or market shifts.
Process Solutions: The segment showed consistent growth from $4,590 million in 2020 to $6,111 million in 2024, reflecting steady demand and expansion in industrial process markets.
Warehouse and Workflow Solutions: There was a peak in 2021 at $2,944 million, followed by a sharp decrease to $914 million in 2024. This decline may indicate a significant reduction in sales or restructuring effects in this area.
Net Industrial Automation sales: Sales increased from $11,071 million in 2020 to $12,425 million in 2021, then decreased gradually to $10,051 million in 2024. This pattern suggests cyclical demand with a high point in 2021.
Products: This subcategory under industrial automation showed a steady increase from $2,995 million to $3,868 million over the period, implying consistent growth within this product line despite overall industrial sales fluctuations.
Building Solutions: There was consistent, moderate growth, from $2,194 million in 2020 to $2,672 million in 2024, suggesting stable market demand in building-related offerings.
Net Building Automation sales: Revenues rose steadily from $5,189 million in 2020 to $6,540 million in 2024, reflecting growing adoption and sales in building automation technologies.
UOP: This segment exhibited moderate growth from $2,177 million in 2020 to $2,644 million in 2024, indicating steady demand in energy or related markets.
Advanced Materials: There was a clear upward trend, with sales increasing from $2,656 million in 2020 to $3,781 million in 2024, pointing to expanding applications and market penetration for advanced materials.
Net Energy and Sustainability Solutions sales: This segment showed consistent growth from $4,833 million in 2020 to $6,425 million in 2024, highlighting an increasing emphasis on sustainability and energy-related solutions.
Corporate and All Other: This category was negligible through the earlier years but demonstrated a gradual increase from $5 million in 2022 to $24 million in 2024, possibly reflecting increased corporate-level activities or minor business units.
Net sales: Total net sales progressed steadily from $32,637 million in 2020 to $38,498 million in 2024, representing an overall growth trend of approximately 18% across the period, underscoring consistent expansion in the company's revenue base.

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