Honeywell Technologies (HON) FY2025 10-K Review

Statements & commentary

Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.

INCOME STATEMENTCASH FLOWBALANCE SHEETVARIANCE YoYBUSINESS QUALITYQUARTERLYOWNERSHIPEVERY FIGURE AS FILED · $M EXCEPT PER-SHARE

Income statement · $ millions	2025	2024	2023
Total revenues	37,442	34,717	33,009	3
· Product	24,515	22,841	22,345
· Service	12,927	11,876	10,664
Cost of revenue	23,613	21,360	20,637
Research and development	1,812	1,454	1,375
Selling, general and administrative	5,450	5,235	4,887
Depreciation, depletion and amortization	1,388	1,153	1,004
Operating income	8,127	7,667	7,563	1
Interest expense	1,344	1,048	749	1
Other income (expense), net	1,247	843	830
Income before income taxes	5,476	6,244	6,191
Income tax provision	1,008	1,249	1,262	1
— of which current	990	1,478	1,073	1
Net income incl. noncontrolling interests	4,772	5,740	5,672
Less: noncontrolling interests	43	35	14
Net income attributable to common	4,729	5,705	5,658	2
Diluted earnings per share	$7.36	$8.71	$8.47
Weighted-average diluted shares	643	655	668	2

Cash flow · $ millions	2025	2024	2023
Net income incl. noncontrolling interests	4,772	5,740	5,672
Depreciation, depletion and amortization	1,388	1,153	1,004
Share-based compensation	196	189	197
Deferred income taxes	18	(229)	189
Change in receivables	825	129	(67)
Change in inventories	636	286	549
Change in payables	724	78	444
Net cash provided by operating activities	6,408	6,097	5,340	3
Capital expenditure	986	871	741	2
Acquisitions, net of cash	2,211	8,880	718	2
Net cash used in investing activities	(2,711)	(10,157)	(1,293)
Dividends paid	2,976	2,902	2,855	3
Repurchases of common stock	3,804	1,655	3,715	3
Net cash used in financing activities	(1,953)	6,839	(5,763)
Cash and equivalents at end of period	12,487	10,567	7,925

Balance sheet · $ millions	2025	2024
Cash and cash equivalents	12,487	9,906
Short-term investments	443	386
Receivables, net	7,621	7,247	1
Inventories	6,162	5,884	1
Total current assets	30,387	27,908
Goodwill	21,079	21,019	1
Intangible assets, net	6,342	6,207
Total assets	73,681	75,196	1
Accounts payable	6,315	6,109
Current debt	1,546	1,325
Total current liabilities	23,414	21,256
Long-term debt	27,141	25,440
Stockholders' equity	13,904	18,619
Noncontrolling interests	1,126	535
Total equity	15,030	19,154

Largest FY/FY moves · $ millions, ranked by \|Δ\|	FY2025	FY2024	Δ $	Δ %	Reading
Net cash used in financing activities · CF	(1,953)	6,839	−8,792	-128.6%	◐ outsized
Net cash used in investing activities · CF	(2,711)	(10,157)	+7,446	+73.3%	◐ outsized
Acquisitions, net of cash · CF	2,211	8,880	−6,669	-75.1%	◐ outsized
Stockholders' equity · BS	13,904	18,619	−4,715	-25.3%	—
Total equity · BS	15,030	19,154	−4,124	-21.5%	—
Total revenues · IS	37,442	34,717	+2,725	+7.8%	—
Cash and cash equivalents · BS	12,487	9,906	+2,581	+26.1%	—
Total current assets · BS	30,387	27,908	+2,479	+8.9%	—
Cost of revenue · IS	23,613	21,360	+2,253	+10.5%	—
Total current liabilities · BS	23,414	21,256	+2,158	+10.2%	—
Repurchases of common stock · CF	3,804	1,655	+2,149	+129.8%	◐ outsized
Cash and equivalents at end of period · CF	12,487	10,567	+1,920	+18.2%	—
Long-term debt · BS	27,141	25,440	+1,701	+6.7%	—
· Product · IS	24,515	22,841	+1,674	+7.3%	—

Business quality — Buffett/Munger screen · deterministic · not part of the filing score	Value	Reading
Return on equity net income ÷ average of start- and end-of-year equity	29.1% sector median 24.0%	strong
Share count, year-end (year-end shares − prior year-end) ÷ prior year-end	-2.2% sector median -0.8%	shrinking
Debt to equity (current debt + long-term debt) ÷ year-end equity	2.20 sector median 0.63	leveraged
FCF consistency, 5yr operating cash flow − capital expenditure, per year	positive 5 of 5	consistent
Margin stability pre-tax income ÷ revenue, swing across up to five years	pre-tax margin 14.6% sector median 14.2%	cyclical

Quarterly · as filed in 10-Q/10-K · $ millions	JUN 25	SEP 25	DEC 25	MAR 26	JUN 26
Total revenues	9,322	9,437	9,758	9,143	9,719
Cost of revenue	5,658	6,861	—	5,604	6,066
Gross profit	3,664	3,233	3,470	—	—
Research and development	459	497	—	492	524
Selling, general and administrative	1,362	1,296	—	1,310	1,344
Depreciation, depletion and amortization	348	397	—	357	312
Operating income	2,128	2,407	—	2,129	2,240
Interest expense	329	—	—	356	363
Other income (expense), net	113	822	—	7	(472)
Income before income taxes	1,627	2,222	—	886	7,264
Income tax provision	244	363	—	91	1,578
Net income incl. noncontrolling interests	1,569	1,859	—	795	5,686
Less: noncontrolling interests	(1)	34	—	(26)	4
Net income attributable to common	1,570	1,825	(115)	821	5,682
Diluted earnings per share	$4.90	$2.86	$-0.18	$1.29	$17.83
Weighted-average diluted shares	320	639	—	638	319

Largest QoQ moves · latest vs prior filed quarter	Prior	Latest	Δ $	Δ %
Income before income taxes	886	7,264	+6,378	+719.9%
Net income incl. noncontrolling interests	795	5,686	+4,891	+615.2%
Net income attributable to common	821	5,682	+4,861	+592.1%
Income tax provision	91	1,578	+1,487	+1,634.1%
Total revenues	9,143	9,719	+576	+6.3%
Other income (expense), net	7	(472)	−479	-6,842.9%
Cost of revenue	5,604	6,066	+462	+8.2%
Gross profit	3,233	3,470	+237	+7.3%

Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only	Value	Reading
Public float	$145,300M	10-K cover · as of 2025-06-30
Insider Form 4s, 90d	48 filings · 0 buys / 7 sells	net selling · −$4,229,459
· West Kenneth J	SELL $1,745,637	Form 4 filed 2026-07-29 · open market
· West Kenneth J	SELL $650,135	Form 4 filed 2026-07-29 · open market
· West Kenneth J	SELL $565,303	Form 4 filed 2026-07-29 · open market
· West Kenneth J	SELL $421,966	Form 4 filed 2026-07-29 · open market
· West Kenneth J	SELL $395,639	Form 4 filed 2026-07-29 · open market
Insider ownership %	—	needs the proxy statement — not read yet, never estimated
Institutional %	—	needs 13F aggregation — not read yet, never estimated
· 10b5-1 adopted	Grace Lieblein, Board Member	11/24/2025 · 7,777 stock options and associated sale of shares to cover option exercise costs and tax obligations. shares · 10-K insider trading arrangements
· 10b5-1 adopted	Ken West, President and Chief Executive Officer, ESS	11/24/2025 · 3,264 restricted stock units and associated sale of shares to cover tax obligations. shares · 10-K insider trading arrangements

COMMENTARY4EARNINGS QUALITY9

10-Q · quarter ended 2026-06-30 · filed 2026-07-23 · 0 match · 2 partly · 0 contradict

Quarterly net sales growth◐PARTLY

“Net sales increased due to the following:”

Revenues, quarterly (vs year-ago quarter) $9.3B → $9.7B+397

The revenues, quarterly (vs year-ago quarter) line moved as stated — $9.3B to $9.7B. The drivers management names are not separately disclosed on the face statements; carried as partly supported.

1 LINES TRACED · 10-Q · ITEM 2 · FILED 2026-07-23

Quarterly diluted EPS growth◐PARTLY

“Earnings per share of common stock–assuming dilution increased due to the following:”

Diluted EPS, quarterly (vs year-ago quarter) $0.00 → $0.00+0.00

The quote contains no checkable figures; the lines it references are shown, and nothing on this page confirms or contradicts it.

1 LINES TRACED · 10-Q · ITEM 2 · FILED 2026-07-23

10-K · FY2025 annual review

sales growth✓MATCHES

“we delivered sales growth of 8% to $37.4 billion, with increases in three of our four reportable business segments, led by double-digit growth in our Aerospace Technologies business segment for its third consecutive year”

Total revenues $34.7B → $37.4B+2,725

Quoted $37.4 billionTotal revenues: filed $37.4B

Quoted 8%Total revenues: change +7.8%

Every quoted figure reconciles to the filed lines: $37.4 billion against total revenues; 8% against total revenues.

1 LINES TRACED · ITEM 7 · EXECUTIVE SUMMARY · P.2

acquisition spending◐PARTLY

“we also deployed $2.2 billion of capital to acquire Sundyne in June 2025 and announced an agreement to acquire Johnson Matthey's Catalyst Technologies business segment for £1.8 billion”

Acquisitions, net of cash $8.9B → $2.2B-6,669

Quoted $2.2 billionAcquisitions, net of cash: filed $2.2B

1 of 2 quoted figures reconcile ($2.2 billion against acquisitions, net of cash); 1.8 billion does not map to a filed line on this page — carried as partly supported.

1 LINES TRACED · ITEM 7 · EXECUTIVE SUMMARY · P.2

capital deployment◐PARTLY

“During the year, we deployed $10.0 billion to capital expenditures, dividends, share repurchases, and mergers and acquisitions”

Capital expenditure $871M → $986M+115

Dividends paid $2.9B → $3.0B+74

Repurchases of common stock $1.7B → $3.8B+2,149

Acquisitions, net of cash $8.9B → $2.2B-6,669

The quoted figures do not map one-for-one onto a filed line on this page; carried as partly supported.

4 LINES TRACED · ITEM 7 · EXECUTIVE SUMMARY · P.2

buybacks and dividends◐PARTLY

“We opportunistically repurchased shares to maintain our commitment to reduce share count by at least 1% per year and increased our dividend for the sixteenth time in the last fifteen years”

Repurchases of common stock $1.7B → $3.8B+2,149

Dividends paid $2.9B → $3.0B+74

Weighted-average diluted shares 655M → 643M-12

The quoted figures do not map one-for-one onto a filed line on this page; carried as partly supported.

3 LINES TRACED · ITEM 7 · EXECUTIVE SUMMARY · P.2

Capital returned vs free cash flow✗RED FLAG

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Capital returned ÷ FCF, three years (newest first)1.25× · 0.87× · 1.43×

Current year ($2,976M + $3,804M) ÷ ($6,408M − $986M)1.25×

Capital returned exceeded free cash flow (1.25×). Above 1.2× in two of three years. Management's own account touching these lines appears in the "capital deployment" claim on this page (partial); this page has not independently verified it.

EARNINGS-QUALITY FLAG · 4 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Cash tax vs book charge◐WATCH

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Cash income taxes paid$1,798M

Total book tax charge$1,008M

Divergence ($1,798M − $1,008M) ÷ $1,008M+78.4%

Deferred tax asset $2,203M → $2,324M+121M

Cash taxes paid diverge from the total book charge by +78.4%. Carried as watch.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Receivables pace✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

DSO, prior year $7,247M ÷ $34,717M × 36576.2 days

DSO, current year $7,621M ÷ $37,442M × 36574.3 days

Change-1.9 days

Days sales outstanding moved -1.9 days — inside the ±7-day watch threshold.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Goodwill weight✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Goodwill$21,079M

Total assets$73,681M

Weight $21,079M ÷ $73,681M28.6%

Impairments, three years (newest first)none filed

Goodwill is 28.6% of assets (threshold 40%), no impairment in three years.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Interest coverage✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Operating income$8,127M

Interest expense$1,344M

Coverage $8,127M ÷ $1,344M6.0×

Operating income covers interest 6.0× (threshold 6×).

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Inventory vs revenue pace✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Inventory $5,884M → $6,162M+4.7%

Revenue $34,717M → $37,442M+7.8%

Gap 4.7% − 7.8%-3.1pp

Inventory moved +4.7%, revenue +7.8% (gap -3.1pp). The flag tests inventory OUTRUNNING revenue by more than 7pp.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Cash conversion stability✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Operating cash flow, three years (newest first)$6,408M · $6,097M · $5,340M

Net income incl. noncontrolling interests, three years (newest first)$4,772M · $5,740M · $5,672M

OCF ÷ NI, three years (newest first)1.34× · 1.06× · 0.94×

Swing 1.34× − 0.94×0.40×

Cause verified by this pageno

Net income attributable to common, three years (newest first) shown so both bases reconcile; the ratio above uses the consolidated line$4,729M · $5,705M · $5,658M

OCF ÷ NI ran 1.34× · 1.06× · 0.94× across three years — swing 0.40×, inside the 1.00× threshold.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Stock compensation in cash flow✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Share-based compensation$196M

Operating cash flow$6,408M

Share $196M ÷ $6,408M3.1%

Share-based compensation is 3.1% of operating cash flow (threshold 15%).

EARNINGS-QUALITY FLAG · 1 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Share-count artefact✓CLEAN

SILENT IN MD&ADisclosed in the statements; not discussed by management.

Weighted-average shares 655M → 643M-1.8%

Shares outstanding, year-end 649.8M → 635.3M-2.2%

EPS-growth vs NI-growth gap+1.5pp

No share-count artefact: weighted-average and year-end counts do not diverge in direction.

EARNINGS-QUALITY FLAG · 2 LINES TRACED · COMPUTED FROM THE FILED STATEMENTS

Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY

Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →Days sales outstanding →

Terms and acronyms used on this page

Income statement & cash flow

ImpairmentA write-down of an asset's carrying value. Non-cash, and it does not reverse. A large impairment in one year flatters the next year's comparison.

OCFOperating cash flow — net cash provided by operating activities, as reported.

FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.

Balance sheet & market

Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.

Filing & document terms

10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.

YoY · CAGRYear over year · compound annual growth rate.

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Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Honeywell Technologies's Form 10-K for FY2025 (accession 0000773840-26-000013), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. HON is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.