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Honeywell

HON Q1 2026 Earnings

Reported Apr 23, 2026 at 6:03 AM ET · SEC Source

Q1 26 EPS

$2.45

Q1 26 Revenue

$9.14B

MISS 1.48%

Est. $9.28B

vs S&P Since Q1 26

-5.6%

TRAILING MARKET

HON -3.8% vs S&P +1.7%

Market Reaction

Did HON Beat Earnings? Q1 2026 Results

Honeywell International posted a mixed but ultimately encouraging first quarter for fiscal 2026, beating Wall Street's earnings target for the fourth consecutive quarter while coming in just short on revenue. Adjusted EPS of $2.45 topped the $2.32 co… Read more Honeywell International posted a mixed but ultimately encouraging first quarter for fiscal 2026, beating Wall Street's earnings target for the fourth consecutive quarter while coming in just short on revenue. Adjusted EPS of $2.45 topped the $2.32 consensus estimate by 5.61%, and while revenue of $9.14 billion missed the $9.28 billion consensus by 1.48% and fell 6.9% year over year, the shortfall was largely explained by deliberate portfolio surgery, with planned divestitures of the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses reshaping the company's revenue base ahead of the June 29 Honeywell Aerospace spin-off. Segment margin expanded 90 basis points to 23.3% as pricing actions and stranded cost removal took hold, and orders grew 7% organically, lifting backlog to $38.30 billion. Some analysts had flagged concerns about divestiture valuations in the weeks before the print, but the underlying operational momentum offered reassurance. Honeywell reaffirmed full-year sales guidance of $38.80 billion to $39.80 billion and adjusted EPS of $10.35 to $10.65, signaling confidence in the path ahead.

Key Takeaways

  • • Orders grew 7% organically across all segments, pushing backlog to ~$38.3 billion
  • • Pricing actions and new product introductions drove 2% organic sales growth
  • • Segment margin expanded 90 basis points to 23.3% driven by commercial excellence, productivity, and accelerated stranded cost removal
  • • Building Automation delivered 8% organic growth with 9% order growth fueled by data center and hospitality verticals
  • • Aerospace Technologies maintained 1.1x book-to-bill with 6% order growth
  • • Adjusted EPS grew 11% driven by segment profit growth and lower weighted-average share count

HON Forward Guidance & Outlook

Honeywell reaffirmed its full-year 2026 outlook despite Middle East conflict uncertainty. Full-year sales are expected at $38.8 billion to $39.8 billion with organic sales growth of 3% to 6%. Segment margin is guided at 22.7% to 23.1%, with 20 to 60 basis points of expansion year over year. Adjusted EPS is expected at $10.35 to $10.65, representing 6% to 9% growth. Operating cash flow guidance was updated to $4.4 billion to $4.7 billion (from $4.7 billion to $5.0 billion previously), while free cash flow expectations are unchanged at $5.3 billion to $5.6 billion with 4% to 10% growth. The Honeywell Aerospace spin-off is now targeted for June 29, 2026.

24/7 Wall St

HON YoY Financials

Q1 2026 vs Q1 2025, source: SEC Filings

24/7 Wall St

HON Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 25 Q1 26

“Honeywell delivered a strong start to the year while navigating a challenging geopolitical environment. Orders were up 7% with growth in all segments, pushing backlog to over $38 billion, led by buildings and industrial automation. Through our relentless focus on productivity and execution, we generated 90 basis points of segment margin expansion. This profitable growth, coupled with an acceleration in stranded costs takeout, drove 11% adjusted earnings growth, overcoming the impacts of rising inflation and the disruption in the Middle East. This is a testament to the resiliency of the Honeywell portfolio.”

— Vimal Kapur, Q1 2026 Earnings Press Release

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