HONEYWELL INTERNATIONAL INC (HON)

Honeywell International Inc. is an integrated operating company serving a broad range of industries and geographies worldwide, blending physical products with software. Its portfolio is underpinned by the Honeywell Accelerator operating system and the Honeywell Forge platform. The Honeywell brand dates to 1906, and the company was incorporated in Delaware in 1985. In 2025 it reported sales of $37.4 billion, up 8%, and a backlog of $37.5 billion. It has announced plans to separate into two independent U.S. public companies, a pure-play automation company (Honeywell) and Honeywell Aerospace, expected in the third quarter of 2026. In October 2025 it completed the spin-off of its Advanced Materials business as Solstice Advanced Materials, and it also acquired Sundyne, sold its personal protective equipment business, and agreed to acquire Johnson Matthey's Catalyst Technologies business.

In 2025 Honeywell managed its business through four reportable segments. Aerospace Technologies (2025 revenue of $17.5 billion) supplies auxiliary power units, propulsion engines, environmental control systems, avionics, connectivity, electric power, engine controls, radar and surveillance, wheels and brakes, and satellite and space components, plus spare parts, repair, overhaul and maintenance services. Its business units are Commercial Aviation Original Equipment, Commercial Aviation Aftermarket, and Defense and Space. Industrial Automation ($9.4 billion) offers automation control and instrumentation, smart energy products, sensing and gas detection technologies, and warehouse and workflow automation systems and software. Its units are Process Solutions, Sensing and Safety Technologies, Productivity Solutions and Services, and Warehouse and Workflow Solutions. Building Automation ($7.4 billion) provides building control software, sensors, access control, video surveillance, fire products, and installation and maintenance services through Products and Building Solutions units. Energy and Sustainability Solutions ($3.1 billion) consists of the UOP business, which delivers licensed process technology, equipment, engineering, catalysts, adsorbents and services. Corporate and All Other includes the Quantinuum business. A realignment expected in the first quarter of 2026 will form a new Process Automation and Technology segment from parts of Industrial Automation and Energy and Sustainability Solutions.

Customers include aircraft original equipment manufacturers, airlines, aircraft operators, defense and space primes, and the U.S. government, as well as refining and petrochemical, life sciences, utilities, warehouse and logistics, and building owner and occupant customers. Sales to the U.S. government were $4.8 billion in 2025, mostly to the Department of Defense and principally through Aerospace Technologies. Backlog by segment was Aerospace Technologies $18.4 billion, Building Automation $9.1 billion, Industrial Automation $5.3 billion, Energy and Sustainability Solutions $4.6 billion, and Corporate and All Other $0.2 billion.

Honeywell manufactures, sells, services and conducts research and development globally. U.S. exports were 21% of 2025 sales, and non-U.S. manufactured products and services, mainly in Europe and Asia, were 42%. It manages raw material and component supply through supply chain simplification, local sourcing, dual sourcing, supplier engagement and supply tracking tools. Competition is based on performance, technology, innovation, quality, reliability, service, delivery and price. Named competitors include RTX, Safran, Rolls Royce, Garmin and Thales in aerospace; Johnson Controls, Schneider Electric and Siemens in building automation; Emerson Electric, Rockwell Automation, Zebra Technologies and Itron in industrial automation; and Clariant, Topsoe and Flowserve in energy and sustainability.