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Dec 31, 2025
Honeywell Q4 2025 Earnings Report
Honeywell reported strong Q4 2025 results with adjusted EPS and sales exceeding guidance despite one-time charges.
Key Takeaways
Honeywell beat guidance on adjusted sales and EPS in Q4 2025, driven by strong demand in Aerospace and Building Automation. While GAAP EPS dropped due to litigation and impairment charges, adjusted metrics showed notable improvement. The company ended the quarter with a record backlog and issued solid 2026 guidance.
Revenue by Segment
Forward Guidance
Honeywell issued 2026 guidance with expected adjusted EPS growth, stable margin expansion, and positive free cash flow outlook.
Positive Outlook
- 2026 adjusted EPS expected to rise to $10.35 - $10.65
- Organic sales growth projected at 3% to 6%
- Segment margin expansion expected up to 60 bps
- Free cash flow forecasted between $5.3B and $5.6B
- Record $37B+ backlog entering 2026
Challenges Ahead
- Guidance does not account for pending Johnson Matthey acquisition
- Operating cash flow forecasted lower than 2025 actuals
- Some margin pressure expected due to inflation
- Pending Aerospace spin-off adds structural complexity
- No forecast provided for pension mark-to-market expense
Historical Earnings Impact
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Avg. Return Before/After Earnings
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