Direct Answer
Honeywell International Inc. (HON) reported net revenues of approximately $36.7 billion in fiscal year 2024 (the calendar year ending December 31, 2024), roughly flat compared with FY2023. Adjusted EPS on a non-GAAP basis reached approximately $10.10. Aerospace Technologies was the standout segment, benefiting from strong commercial aviation aftermarket demand and increased defense spending. In October 2024, Honeywell announced plans to spin off its Automation segment into a separate publicly traded company, a move that would create two focused businesses: one centered on Aerospace and Energy, and one on industrial and building automation.
Revenue by segment (FY2023 to FY2024)
| Segment | FY2023 (approx.) | FY2024 (approx.) |
|---|---|---|
| Aerospace Technologies | $14.0B | $15.6B |
| Industrial Automation | $11.2B | $9.8B |
| Building Automation | $6.2B | $6.1B |
| Energy and Sustainability Solutions | $5.3B | $5.2B |
| Total net revenues | ~$36.7B | ~$36.7B |
Honeywell operates across four reporting segments with distinct end-market exposures. Aerospace Technologies covers commercial aviation, defense, and space; it produces avionics, aircraft engines, navigation systems, and aftermarket services. Industrial Automation covers process automation, sensing and IoT, and productivity solutions for manufacturing and logistics customers. Building Automation covers fire and life safety, building management systems, and access control products. Energy and Sustainability Solutions covers UOP refining and petrochemical technology, Solstice low-global-warming-potential refrigerants, and emerging sustainable aviation fuel technology.
The sharp decline in Industrial Automation from approximately $11.2 billion in FY2023 to $9.8 billion in FY2024 reflects a prolonged destocking cycle in the chemical and energy process industries. Customers reduced purchases to work through elevated inventories accumulated during and after supply chain disruptions, resulting in reduced order volumes despite stable underlying production activity. Building Automation revenues held roughly flat. Energy and Sustainability Solutions also contracted modestly.
Aerospace Technologies bucked this trend, growing from approximately $14.0 billion in FY2023 to $15.6 billion in FY2024 as commercial aviation aftermarket demand accelerated and defense budgets expanded in multiple geographies.
Source: Honeywell International Inc.: Form 10-K SEC Filings (CIK 0000773840)
Key financial metrics (FY2023 to FY2024)
| Metric | FY2023 (approx.) | FY2024 (approx.) |
|---|---|---|
| Net revenues | ~$36.7B | ~$36.7B |
| Net income (GAAP) | ~$5.0B | ~$4.4B |
| Adjusted EPS (non-GAAP) | ~$9.52 | ~$10.10 |
| Free cash flow | ~$4.8B | ~$4.5B |
| Quarterly dividend per share | $1.03 | $1.13 |
| Annualized dividend per share | $4.12 | $4.52 |
GAAP net income declined from approximately $5.0 billion in FY2023 to approximately $4.4 billion in FY2024, partly reflecting charges related to acquisitions and portfolio repositioning activity. Adjusted EPS, which excludes certain acquisition amortization, restructuring, and separation costs, increased from approximately $9.52 to $10.10, reflecting underlying operational improvement in the Aerospace Technologies segment and ongoing cost discipline.
Free cash flow of approximately $4.5 billion in FY2024 remained substantial, supporting both the quarterly dividend and ongoing share repurchases. The annualized dividend rate of $4.52 per share represents more than 14 consecutive years of annual dividend increases. Dividend growth is subject to board approval and is not guaranteed.
Honeywell's adjusted EPS metric excludes amortization of acquisition-related intangible assets, pension mark-to-market adjustments, separation and repositioning charges, and other items management considers non-recurring. Investors comparing Honeywell across periods should verify which items are excluded in each reporting period, as the composition of adjustments can change.
Automation spinoff announcement (October 2024)
In October 2024, Honeywell's board approved a plan to spin off the Automation segment, combining the Industrial Automation and Building Automation businesses, into a separate, independent publicly traded company. Following the separation, Honeywell would retain two segments: Aerospace Technologies and Energy and Sustainability Solutions.
The announced rationale centers on operational focus and capital allocation. An Automation-focused standalone company would be able to target investments specifically toward process automation, sensing, building management, and fire safety customers, without competing internally for resources against Aerospace Technologies. The remaining Honeywell entity would be a focused aerospace and energy technology business, with higher average organic growth and margin characteristics.
CEO Vimal Kapur, who took the role in June 2023 following Darius Adamczyk, has been the primary architect of the portfolio transformation. Before the Automation spinoff announcement, Honeywell also completed the acquisition of Carrier Global's access control business for approximately $4.95 billion in 2024, expanding Building Automation's position in the physical security market before that segment transitions to the new entity.
For existing HON shareholders, a spinoff typically results in receiving shares in the new company alongside continued ownership of the existing entity. The separation structure, tax treatment, and record date had not been finalized as of the initial announcement. Investors should review Honeywell's SEC filings for updated separation timelines and terms.
Spinoff transactions can create near-term complexity in financial comparisons: once completed, historical Honeywell financials will reflect only the continuing segments, making year-over-year segment comparisons require adjustment. Both the new Automation company and the remaining Honeywell entity are expected to maintain dividend policies, though the specific rates are subject to each company's board after separation.
Aerospace Technologies: the growth engine in FY2024
Aerospace Technologies is Honeywell's largest segment by revenue and contributed the most to group performance in FY2024. The segment produces avionics systems, turboprop and turbofan engines for business and regional aviation, auxiliary power units, propulsion systems, environmental control systems, navigation products, and a broad range of aftermarket parts and maintenance, repair, and overhaul services.
Commercial aviation aftermarket demand has been unusually strong as airlines prioritize fleet reliability over new aircraft deliveries amid continued Boeing and Airbus production constraints. Airlines operating aging fleets require higher volumes of spare parts and overhaul services, and Honeywell's installed base of avionics and engines positions it directly in that demand stream. Aftermarket revenues generally carry higher margins than original equipment sales, improving the segment's profitability mix.
Defense and space revenue also grew in FY2024 as governments in the United States, Europe, and the Indo-Pacific expanded defense budgets. Honeywell supplies guidance and navigation systems, satellite components, and avionics upgrades for military platforms. Long-cycle government programs provide revenue visibility that partially offsets commercial aerospace volatility.
Business aviation, which includes avionics and propulsion systems for private and charter aircraft, also remained active. Demand for business jets stayed elevated relative to pre-2020 levels, though growth rates moderated from the peak years immediately following the pandemic.
Frequently Asked Questions
What was Honeywell's net revenue in fiscal year 2024?
Honeywell International Inc. reported net revenues of approximately $36.7 billion in fiscal year 2024 (the calendar year ending December 31, 2024), roughly flat with fiscal year 2023. The company's Aerospace Technologies segment was the primary growth driver, offsetting weakness in Industrial Automation and Building Automation driven by destocking cycles in process industries.
What is Honeywell's planned automation spinoff?
In October 2024, Honeywell announced its intention to spin off its Automation segment, which combines the Industrial Automation and Building Automation businesses, into an independent publicly traded company. The remaining Honeywell entity would focus on Aerospace Technologies and Energy and Sustainability Solutions. The separation was intended to give each business more operational focus and capital allocation flexibility. Honeywell had not specified a finalized completion date as of the announcement.
Does Honeywell pay a dividend and has it grown?
Yes. Honeywell pays a quarterly dividend of $1.13 per share as of fiscal year 2024, equating to $4.52 per share on an annualized basis. The company has increased its dividend for more than 14 consecutive years, demonstrating a consistent capital return commitment alongside share repurchases. Dividend increases are subject to board approval and are not guaranteed.
Which Honeywell segment performed best in FY2024?
Aerospace Technologies was Honeywell's highest-growth segment in fiscal year 2024. Strong demand from commercial aviation aftermarket services and defense and space programs drove revenue growth. The segment benefited from continued air travel recovery, aging aircraft fleets requiring maintenance and upgrades, and increased defense spending. Industrial Automation and Building Automation faced more challenging conditions due to inventory destocking and softer industrial demand.