Stock Analysis on Net
Stock Analysis on Net

Honeywell International Inc. (NASDAQ:HON)

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Common-Size Income Statement
Quarterly Data

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Honeywell International Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: 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 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Product sales
Service sales
Net sales
Cost of products sold
Cost of services sold
Cost of products and services sold
Gross profit
Research and development expenses
Selling, general and administrative expenses
Impairment of assets held for sale
Operating income
Other income (expense)
Interest and other financial charges
Income before taxes
Tax expense
Net income
Net (income) loss attributable to noncontrolling interest
Net income attributable to Honeywell

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Sales Composition
Product sales as a percentage of net sales demonstrated a gradual decreasing trend from 74.5% in March 2020 to approximately 67.65% in March 2025, exhibiting moderate volatility along the timeline. In contrast, service sales increased their share of net sales over the same period, rising from 25.5% to around 32.35%, indicating a strategic shift or greater emphasis on service-related revenue streams.
Cost Structure
The combined cost of products and services sold consistently decreased as a percentage of net sales from around 65.39% in March 2020 to levels near 61.14% by mid-2025. This reduction suggests an improvement in cost efficiency or changes in product/service mix favoring higher margin components. Specifically, the cost of products sold showed a notable decline from approximately 51.68% in early 2020 to around 43.93% by June 2025, while the cost of services sold slightly increased, reflecting variations in cost dynamics between the two segments.
Profitability Metrics
Gross profit margin improved from approximately 34.61% in March 2020 to around 38.86% by June 2025, aligning with the trend of declining cost of sales as a percentage of net sales. Operating income exhibited fluctuations, dropping to a low near 13.62% in June 2020 but later climbing to the vicinity of 20.42% by mid-2025, indicative of recovering operational efficiency and possible cost control measures.
Expense Analysis
Selling, general, and administrative expenses remained relatively stable, fluctuating mostly between 13.5% and 15% of net sales, with occasional spikes (e.g., 17.08% in March 2021). Research and development expenses data is available starting from late 2021, showing a slight decreasing trend from about 4.32% to 4.65%, implying sustained but controlled investment in innovation. Notably, impairment of assets held for sale appeared sporadically with minor negative impacts on net sales percentage, diminishing over the examined quarters.
Other Income and Financial Charges
Other income (expense) showed volatility with occasional negative values, notably -5.23% in December 2022, but generally contributed positively to overall income between roughly 0.84% and 5.23% of net sales. Interest and other financial charges increased their negative impact over time, worsening from around -0.86% in early 2020 to nearly -3.19% by mid-2025, reflecting higher financing costs or changes in capital structure.
Tax and Net Income Trends
Tax expenses varied broadly, ranging from a low near -1.6% to highs around -5%, without a clear upward or downward trend, possibly reflecting changes in tax regulations or income mix. Net income attributable to the company declined initially from 18.68% in March 2020 to about 9.72% in September 2020, then rebounded and fluctuated in the 12%-16% range through the later periods, indicating overall resilience despite interim volatility.
Overall Insights
The data reflects a gradual shift in revenue composition from product sales to service sales, improving gross margins and managing costs effectively. While operating income and net income experienced volatility, there is a trend towards recovery and stabilization at healthy profitability levels. Increased financial charges and variability in tax expenses present areas for ongoing attention to optimize financial performance.