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Edge23 Jan 2026
Death, Taxes, and Garbage: The Story of WM
How Waste Management turned garbage into one of America's most stable business models through landfills, regulation, and nationwide scale.
Honeywell International
Honeywell International (HON) investor relations material
Honeywell International Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Q4 2025 delivered strong results, with adjusted sales and EPS exceeding expectations, orders up 23%, and backlog surpassing $37B.
Major portfolio transformation advanced, including Solstice Advanced Materials spin-off, planned Aerospace separation by Q3 2026, and sales of non-core businesses.
Quantinuum achieved $840M fundraising at a $10B valuation, launched Helios quantum computer, and partnered with NVIDIA, positioning for quantum leadership.
2026 guidance projects continued organic growth, margin expansion, and robust free cash flow, supported by operational improvements and a strong backlog.
Leadership changes and new segment reporting structure to take effect in 1Q26, aligning with separation plans.
Financial highlights
Q4 2025 organic sales grew 11% (6% ex-Bombardier), adjusted EPS up 17% to $2.59, and free cash flow up 48% to $2.5B.
Full-year 2025 adjusted sales reached $37.8B, up 9–10% organically, with adjusted EPS $9.78, up 12%, and free cash flow $5.1B, up 20%.
Segment margin for Q4 2025 was 22.8% (up 240 bps); full-year adjusted segment margin was 22.5% (up 40 bps).
$10B deployed to capital in 2025: $3.8B share repurchases, $2.2B acquisitions, $1B capex, $3B dividends, $3.8B debt repaid.
Q4 operating income fell 35% due to impairment and litigation charges; Flexjet litigation settlement excluded from adjusted metrics.
Outlook and guidance
2026 sales guidance: $38.8B–$39.8B, up 3%–6% organically, with segment margin 22.7%–23.1% (up 20–60 bps).
Adjusted EPS guidance: $10.35–$10.65, up 6%–9%; free cash flow guidance: $5.3B–$5.6B, up 4%–10%.
Q1 2026 organic sales growth of 3%–5% expected; segment margin 22.4%–22.6%; adjusted EPS $2.25–$2.35.
Margin expansion expected from operational improvements, pricing, and volume leverage, with Quantinuum investments as a headwind.
Rationale for PSS/WWS divestiture
ESS sales decline vs. UOP orders growth?
2026 OCF vs. FCF outlook divergence?
IA's future strategy post PSS/WWS divestitures
NPI's expected contribution to 2026 organic growth
When will pent-up catalyst demand impact PA&T growth?
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Next Honeywell International earnings date
Q1 202628 Apr, 2026
Honeywell International
Next Honeywell International earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
A Diverse Conglomorate
Honeywell International Inc. is an American conglomerate operating worldwide. The company operates through 4 different business segments and has a significant presence in aerospace, building technologies, performance materials, and safety. Initially focusing on thermostat and control systems, Honeywell has expanded its offerings over time, providing solutions in automation, advanced materials, and software for both consumer and industrial markets. With a long history and a diverse product portfolio, Honeywell has maintained a steady position in the global business landscape.
History and Notable Mergers
Honeywell International Inc. traces its origins to 1906 when Mark Honeywell founded the Honeywell Heating Specialty Company, specializing in hot water heat generators. Over the decades, the company diversified and expanded, merging with various entities. A significant milestone for the company came in 1927 when Honeywell merged with the Minneapolis Heat Regulator Company, integrating thermostat technologies. This laid the foundation for their venture into control systems. However, the most transformative merger occurred in 1999 when Honeywell (then known as Honeywell Inc.) combined with AlliedSignal, a company with a broader portfolio. Although the name Honeywell was retained due to its superior brand recognition, the post-merger entity was largely driven by the AlliedSignal team.
Aerospace
Honeywell's Aerospace segment is a global provider of integrated avionics, engines, systems, and service solutions for aircraft manufacturers, airlines, business and general aviation, military, space, and airport operations. Their product portfolio encompasses auxiliary power units, cockpit electronics, as well as various control and communications systems. Beyond hardware, Honeywell Aerospace offers software and service solutions that can be applied in various parts of the aviation industry.
Other Business Groups
As previously mentioned, Honeywell does business in four distinct business segments. This also means that they compete with a wide variety of different companies, but some of the more notable ones include GE, Siemens, Lockheed Martin, and several others.
Honeywell Building Technologies offers products, software, solutions, and technologies that help improve energy efficiency, safety, and security in buildings, homes, and cities. Honeywell Performance Materials and Technologies produces advanced materials, process technologies, and automation solutions. It provides a wide range of high-performance products including petrochemicals, refining, gas processing, and advanced materials for a variety of industries. The safety arm of the business caters to a range of industries and manufactures protection equipment, supply chain technology, and warehouse automation solutions.
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