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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

__________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~September~~March 3031, ~~2025~~2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to _____

Commission file number 1-8974

Honeywell International Inc.

(Exact name of registrant as specified in its charter)


Delaware		22-2640650
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

855 South Mint Street		28202
Charlotte,	North Carolina
(Address of principal executive offices)		(Zip Code)


			(704)			627-6200
			(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $1 per share

HON

The Nasdaq Stock Market LLC

3.500% Senior Notes due 2027

HON 27

The Nasdaq Stock Market LLC

2.250% Senior Notes due 2028

HON 28A

The Nasdaq Stock Market LLC

3.375% Senior Notes due 2030

HON 30

The Nasdaq Stock Market LLC

0.750% Senior Notes due 2032

HON 32

The Nasdaq Stock Market LLC

3.750% Senior Notes due 2032

HON 32A

The Nasdaq Stock Market LLC

4.125% Senior Notes due 2034

HON 34

The Nasdaq Stock Market LLC

3.750% Senior Notes due 2036

HON 36

The Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes x No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	x	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

There were ~~634~~633,~~887~~653,~~208~~119 shares of Common Stock outstanding at ~~September~~March 3031, ~~2025~~2026.

TABLE OF CONTENTS

	Cautionary Statement about Forward-Looking Statements	1
	About Honeywell	2
PART I	Financial Information
ITEM 1	Financial Statements and Supplementary Data (unaudited):	3
	Consolidated Statement of Operations (unaudited) – Three and Nine Months Ended September 30, 2025, and 2024	3
	Consolidated Statement of Operations (unaudited) – Three Months Ended March 31, 2026 and 2025	3
	Consolidated Statement of Comprehensive Income (unaudited) – Three and Nine Months Ended September 30, 2025, and 2024	4
	Consolidated Statement of Comprehensive Income (unaudited) – Three Months Ended March 31, 2026 and 2025	4
	Consolidated Balance Sheet (unaudited) – September 30, 2025, and December 31, 2024	5
	Consolidated Balance Sheet (unaudited) – March 31, 2026 and December 31, 2025	5
	Consolidated Statement of Cash Flows (unaudited) – Nine Months Ended September 30, 2025, and 2024	6
	Consolidated Statement of Cash Flows (unaudited) – Three Months Ended March 31, 2026 and 2025	6
	Consolidated Statement of Shareowners' Equity (unaudited) – Three and Nine Months Ended September 30, 2025, and 2024	7
	Consolidated Statement of Shareowners' Equity (unaudited) – Three Months Ended March 31, 2026 and 2025	8
	Note 1 – Basis of Presentation	89
	Note 2 – Summary of Significant Accounting Policies	89
	Note 3 – Acquisitions and Divestitures	9
	Note 3 – Acquisitions, Divestitures, and Discontinued Operations	10
	Note 4 – Revenue Recognition and Contracts with Customers	1213
	Note 5 – Repositioning and Other (Gains) Charges	15
	Note 5 – Repositioning and Other Charges	16
	Note 6 – Income Taxes	17
	Note 7 – Inventories	17
	Note 8 – Goodwill and Other Intangible Assets—Net	1718
	Note 9 – Debt and Credit Agreements	1918
	Note 10 – Leases	2022
	Note 11 – Derivative Instruments and Hedging Transactions	2123
	Note 12 – Fair Value Measurements	2425
	Note 13 – Earnings Per Share	2526
	Note 14 – Accumulated Other Comprehensive Loss	2627
	Note 15 – Commitments and Contingencies	2627
	Note 16 – Pension Benefits	3029
	Note 17 – Other (Income) Expense	3130
	Note 18 – Segment Financial Data	3130
	Note 19 – Subsequent Events	34
ITEM 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
ITEM 2	Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
ITEM 3	Quantitative and Qualitative Disclosures about Market Risks	51
ITEM 3	Quantitative and Qualitative Disclosures about Market Risks	54
ITEM 4	Controls and Procedures	52
ITEM 4	Controls and Procedures	55
PART II	Other Information
ITEM 1	Legal Proceedings	5653
ITEM 1A	Risk Factors	5653
ITEM 2	Unregistered Sales of Equity Securities and Use of Proceeds	5754
ITEM 4	Mine Safety Disclosures	5754
ITEM 5	Other Information	5754
ITEM 6	Exhibits	5955
	Signatures	6056

TABLE OF CONTENTS

CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS

We describe many of the trends and other factors that drive our business and future results in the section titled Management’s Discussion and Analysis of Financial Condition and Results of Operations and in other parts of this report (including Part II, Item 1A Risk Factors). Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including statements related to the ~~planned spin-off of the Company's Advanced Materials business into Solstice Advanced Materials, a standalone, publicly traded company, the~~ proposed separation of ~~Automation~~Honeywell ~~and~~from Honeywell Aerospace ~~Technologies,~~ and the ~~evaluation~~planned sales of ~~strategic alternatives for~~ the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses. Forward-looking statements are those that address activities, events, or developments that we or our management intend, expect, project, believe, or anticipate will or may occur in the future. They are based on management’s assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors, many of which are difficult to predict and outside of our control, including Honeywell's current expectations, estimates, and projections regarding the ~~planned spin-off of the Company's Advanced Materials business into Solstice Advanced Materials, a standalone, publicly traded company, the~~ proposed separation of ~~Automation~~Honeywell ~~and~~from Honeywell Aerospace ~~Technologies,~~ and the ~~evaluation~~planned sales of ~~strategic alternatives for~~ the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses. They are not guarantees of future performance, and actual results, developments, and business decisions may differ significantly from those envisaged by our forward-looking statements, including the ~~consummation of the spin-off of the Advanced Materials business into Solstice Advanced Materials, the~~ proposed separation of ~~Automation~~Honeywell ~~and~~from Honeywell Aerospace ~~Technologies,~~ and the ~~evaluation~~planned sales of ~~strategic alternatives for~~ the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses, and the anticipated benefits of each. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as changes in or application of trade and tax laws and policies, including the impacts of tariffs and other trade barriers and restrictions, lower GDP growth or recession in the U.S. or globally, supply chain disruptions, capital markets volatility, inflation, and certain regional conflicts, including ongoing conflicts in the Middle East, which can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this Form 10-Q can or will be achieved. These forward-looking statements should be considered in light of the information included in this report and our other filings with the Securities and Exchange Commission (SEC), including, without limitation, the Risk Factors, as well as the description of trends and other factors in Management’s Discussion and Analysis of Financial Condition and Results of Operations, set forth in this report and our ~~2024~~2025 Annual Report on Form 10-K. Any forward-looking plans described herein are not final and may be modified or abandoned at any time.

1 Honeywell International Inc.

TABLE OF CONTENTS

ABOUT HONEYWELL

Honeywell International Inc. (Honeywell, we, us, our, or the Company) is an integrated operating company serving a broad range of industries and geographies around the world, with a portfolio that is underpinned by our Honeywell Accelerator operating system and Honeywell Forge platform. Our ~~products~~portfolio ~~and~~of solutions ~~enable~~is auniquely ~~safer,~~positioned ~~more~~to ~~comfortable,~~blend ~~and~~physical ~~more~~products ~~productive~~with ~~world~~software to serve customers worldwide. On February 6, ~~enhancing~~2025, ~~the~~we ~~quality~~announced ofour ~~life~~plans ofto ~~people~~separate ~~around~~Honeywell ~~the~~from ~~globe~~Honeywell Aerospace, into two independent U.S. public companies. Our Honeywell business iswill ~~aligned~~be ~~with~~a ~~three~~leading ~~powerful~~global, ~~megatrends~~pure-play – automation company, ~~the~~delivering ~~future~~productivity ofenhancing ~~aviation,~~mission-critical ~~and~~solutions ~~energy~~that ~~transition~~enable –optimized ~~underpinned~~outcomes byfor ~~our~~customers. Our Honeywell ~~Accelerator~~Aerospace ~~operating~~business ~~system~~will ~~and~~be ~~Honeywell~~a ~~Forge~~leading ~~Internet~~global oftier-1 ~~Things~~aerospace ~~(IoT)~~and ~~platform.~~defense ~~Our~~supplier ~~portfolio~~ of ~~solutions~~mission iscritical ~~uniquely~~systems ~~positioned~~and totechnologies ~~blend~~that ~~physical~~enable ~~products~~the ~~with~~production, ~~software~~maintenance, toand ~~serve~~safe ~~customers~~operation ~~worldwide.~~of Asaerospace aand ~~trusted~~defense ~~partner,~~platforms. weEach ~~help~~of our businesses helps organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations ~~through~~for ~~our~~aerospace, ~~Aerospace~~building ~~Technologies~~automation, ~~Industrial~~industrial ~~Automation~~automation, ~~Building~~process ~~Automation~~automation, and ~~Energy~~process ~~and~~technology, ~~Sustainability Solutions business segments~~ that help make the world smarter, and safer, as well as more secure and sustainable. The Honeywell brand dates back to 1906, and the Company was incorporated in Delaware in 1985.

Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports, are available free of charge on our Investor Relations website (investor.honeywell.com) under the heading Financials (see SEC Filings) immediately after they are filed with, or furnished to, the SEC. Honeywell uses our Investor Relations website, along with press releases on our primary Honeywell website (honeywell.com) under the heading News & Media, as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website and Honeywell News feed, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media. Information contained on or accessible through, including any reports available on, our website is not a part of, and is not incorporated by reference into, this Quarterly Report on Form 10-Q or any other report or document we file with the SEC. Any reference to our website in this Form 10-Q is intended to be an inactive textual reference only.

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PART I. FINANCIAL INFORMATION

The financial statements and related notes as of ~~September~~March 3031, ~~2025~~2026, should be read in conjunction with the financial statements for the year ended December 31, ~~2024~~2025, contained in the Company's ~~2024~~2025 Annual Report on Form 10-K.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

HONEYWELL INTERNATIONAL INC.

CONSOLIDATED STATEMENT OF OPERATIONS

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
			Three Months Ended March 31,
	2025		2024		2025		2024
					2026		2025
	~~(Dollars in millions, except per share amounts)~~				(Dollars in millions, except per share amounts)
Product sales	$	~~7,086~~	$	~~6,590~~	$	205,~~850~~867	$	195,~~330~~807
Service sales	~~3,322~~		~~3,138~~		93,~~732~~276		93,~~080~~118
Net sales	~~10,408~~		~~9,728~~		309,~~582~~143		288,~~410~~925
Costs, expenses and other
Cost of products sold	~~4,734~~		~~4,166~~		133,~~533~~863		123,~~448~~723
Cost of services sold	~~2,127~~		~~1,813~~		51,~~694~~741		41,~~970~~740
Total Cost of products and services sold	~~6,861~~		~~5,979~~		195,~~227~~604		175,~~418~~463
Research and development expenses	~~497~~		~~368~~		~~1,417~~492		~~1,110~~416
Selling, general and administrative expenses	~~1,296~~		~~1,398~~		41,~~085~~310		41,~~061~~310
Impairment of assets held for sale	—		~~125~~		15263		~~125~~15
Other (income) expense	(822)		(263)		(1,109)		(740)
Loss on debt extinguishment					239		—
Interest and other financial charges	354		297		970		767
Other (income) expense					(7)		(229)
Total costs, expenses and other	8,186		7,904		24,605		22,741
Interest and other financial charges					356		285
Income before taxes	2,222		1,824		5,977		5,669
Total costs, expenses and other					8,257		7,260
Tax expense	363		409		1,082		1,219
Income from continuing operations before taxes					886		1,665
Net income	1,859		1,415		4,895		4,450
Tax expense					91		369
Less: Net income attributable to noncontrolling interest	34		2		51		30
Net income from continuing operations					795		1,296
Net income attributable to Honeywell	$	1,825	$	1,413	$	4,844	$	4,420
Net income from discontinued operations					—		171
Earnings per share of common stock—basic	$	2.87	$	2.17	$	7.57	$	6.79
Net income					795		1,467
Earnings per share of common stock—assuming dilution	$	2.86	$	2.16	$	7.52	$	6.75
Less: Net (loss) income attributable to noncontrolling interest					(26)		18
Net income attributable to Honeywell					$	821	$	1,449
Earnings per share of common stock—basic:
Earnings per share of common stock from continuing operations—basic					$	1.29	$	1.99
Earnings per share of common stock from discontinued operations—basic					—		0.25
Total earnings per share of common stock—basic					$	1.29	$	2.24
Earnings per share of common stock—assuming dilution:
Earnings per share of common stock from continuing operations—assuming dilution					$	1.29	$	1.97
Earnings per share of common stock from discontinued operations—assuming dilution					—		0.25
Total earnings per share of common stock—assuming dilution					$	1.29	$	2.22

The Notes to Consolidated Financial Statements are an integral part of this statement.

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HONEYWELL INTERNATIONAL INC.

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
	2025		2024		2025		2024
	2026		2025
	(Dollars in millions)
Net income	$	~~1,859~~795	$	1,~~415~~467	$	~~4,895~~	$	~~4,450~~
Other comprehensive loss, net of tax
Other comprehensive income (loss), net of tax
Foreign exchange translation adjustment	~~(229)~~144		(~~288~~278)		~~(1,010)~~		~~(229)~~
Pension and other postretirement benefit adjustments	(32)		~~(6)~~11		~~(87)~~		~~(16)~~
Changes in fair value of available for sale investments	—(1)		—		5		~~(1)~~
Changes in fair value of cash flow hedges	240		(1418)		~~(30)~~		~~(26)~~
Other comprehensive loss, net of tax	(230)		(308)		(1,122)		(272)
Other comprehensive income (loss), net of tax	181		(285)
Comprehensive income	~~1,629~~976		1,~~107~~182		~~3,773~~		~~4,178~~
Less: Comprehensive income attributable to the noncontrolling interest	30		23		77		27
Less: Comprehensive (loss) income attributable to the noncontrolling interest	(18)		30
Comprehensive income attributable to Honeywell	$	~~1,599~~994	$	1,~~084~~152	$	~~3,696~~	$	~~4,151~~

The Notes to Consolidated Financial Statements are an integral part of this statement.

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HONEYWELL INTERNATIONAL INC.

CONSOLIDATED BALANCE SHEET

(Unaudited)

	September 30, 2025		December 31, 2024
	March 31, 2026		December 31, 2025
	(Dollars in millions)
ASSETS
Current assets
Cash and cash equivalents	$	1211,~~930~~977	$	1012,~~567~~487
Short-term investments	~~429~~413		~~386~~443
Accounts receivable, less allowances of $320 and $314, respectively	8,923		7,819
Accounts receivable, less allowances of $165 and $202, respectively	8,062		7,621
Inventories	76,~~118~~369		6,~~442~~162
Assets held for sale	—2,377		12,~~365~~492
Other current assets	1,~~347~~392		1,~~329~~182
Total current assets	30,~~747~~590		2730,~~908~~387
Investments and long-term receivables	1,~~568~~414		1,~~394~~404
Property, plant and equipment—net	64,~~681~~664		64,~~194~~629
Goodwill	2321,~~720~~079		21,~~825~~079
Other intangible assets—net	76,~~149~~562		6,~~656~~736
Insurance recoveries for asbestos-related liabilities	159		171
Deferred income taxes	199		199
Deferred income taxes	239		238
Other assets	9,480		9,247
Other assets	10,654		10,810
Total assets	$	73,988	$	73,681
Total assets	$	80,917	$	75,196
LIABILITIES
Current liabilities
Accounts payable	$	76,~~314~~026	$	6,~~880~~315
Commercial paper and other short-term borrowings	64,~~873~~630		45,~~273~~893
Current maturities of long-term debt	723,099		1,~~347~~546
Accrued liabilities	87,~~380~~112		8,~~348~~462
Liabilities held for sale	—1,218		~~408~~1,198
Total current liabilities	22,~~639~~085		2123,~~256~~414
Long-term debt	3029,~~092~~010		2527,~~479~~141
Deferred income taxes	1,~~900~~581		1,~~787~~577
Postretirement benefit obligations other than pensions	~~105~~108		~~112~~111
Asbestos-related liabilities	1,369		1,325
Other liabilities	6,537		6,408
Other liabilities	7,058		6,076
Redeemable noncontrolling interest	7		7
SHAREOWNERS’ EQUITY
Capital—common stock issued	958		958
—additional paid-in capital	910,~~941~~480		910,~~695~~157
Common stock held in treasury, at cost	(4243,~~982~~904)		(3943,~~378~~029)
Accumulated other comprehensive loss	(4,~~639~~973)		(35,~~491~~146)
Retained earnings	5351,~~504~~029		50,~~835~~964
Total Honeywell shareowners’ equity	1613,~~782~~590		1813,~~619~~904
Noncontrolling interest	~~965~~1,077		~~535~~1,126
Total shareowners’ equity	1714,~~747~~667		1915,~~154~~030
Total liabilities, redeemable noncontrolling interest and shareowners’ equity	$	80,917	$	75,196
Total liabilities and shareowners’ equity	$	73,988	$	73,681

The Notes to Consolidated Financial Statements are an integral part of this statement.

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HONEYWELL INTERNATIONAL INC.

CONSOLIDATED STATEMENT OF CASH FLOWS

	Nine Months Ended September 30,
	2025			2024
	(Dollars in millions)
Cash flows from operating activities
Net income		$	4,895	$	4,450
Less: Net income attributable to noncontrolling interest		51		30
Net income attributable to Honeywell		4,844		4,420
Adjustments to reconcile net income attributable to Honeywell to net cash provided by operating activities
Depreciation		563		500
Amortization		612		457
Loss on sale of non-strategic businesses and assets		14		—
Impairment of assets held for sale		15		125
Repositioning and other (gains) charges		(283)		189
Net payments for repositioning and other charges		(279)		(329)
Resideo indemnification and reimbursement agreement termination payment		1,590		—
Pension and other postretirement income		(387)		(443)
Pension and other postretirement benefit payments		(16)		(25)
Stock compensation expense		154		153
Deferred income taxes		54		(46)
Other		(340)		(221)
Changes in assets and liabilities, net of the effects of acquisitions and divestitures
Accounts receivable		(1,035)		(218)
Inventories		(604)		(233)
Other current assets		(199)		(128)
Accounts payable		410		(142)
Accrued liabilities		594		20
Income taxes		(503)		(263)
Net cash provided by operating activities		5,204		3,816
Cash flows from investing activities
Capital expenditures		(928)		(771)
Proceeds from disposals of property, plant and equipment		23		—
Increase in investments		(1,065)		(698)
Decrease in investments		1,048		564
(Payments) receipts from settlements of derivative contracts		(403)		(250)
Cash paid for acquisitions, net of cash acquired		(2,200)		(7,047)
Proceeds from sale of business, net of cash transferred		1,157		—
Net cash used for investing activities		(2,368)		(8,202)
Cash flows from financing activities
Proceeds from issuance of commercial paper and other short-term borrowings		19,171		9,516
Payments of commercial paper and other short-term borrowings		(16,711)		(8,477)
Proceeds from issuance of common stock		140		349
Proceeds from issuance of long-term debt		4,035		10,407
Payments of long-term debt		(1,555)		(1,381)
Repurchases of common stock		(3,704)		(1,200)
Cash dividends paid		(2,214)		(2,161)
Other		198		5
Net cash (used for) provided by financing activities		(640)		7,058
Effect of foreign exchange rate changes on cash and cash equivalents		167		47
Net increase in cash and cash equivalents		2,363		2,719
Cash and cash equivalents at beginning of period		10,567		7,925
Cash and cash equivalents at end of period		$	12,930	$	10,644

(Unaudited)


	Three Months Ended March 31,
	2026			2025
	(Dollars in millions)
Cash flows from operating activities
Net income		$	795	$	1,467
Less: Net income from discontinued operations		—		171
Net income from continuing operations		795		1,296
Adjustments to reconcile net income from continuing operations to net cash (used for) provided by operating activities
Depreciation		134		126
Amortization		223		199
Gain on sale of non-strategic businesses and assets		(6)		(1)
Impairment of assets held for sale		263		15
Loss on debt extinguishment		239		—
Repositioning and other charges		68		43
Net payments for repositioning and other charges		(63)		(104)


Pension and other postretirement income		(167)		(144)
Pension and other postretirement benefit payments		(5)		(5)
Stock compensation expense		57		59
Deferred income taxes		(117)		(19)
Other		33		(221)
Changes in assets and liabilities, net of the effects of acquisitions and divestitures:
Accounts receivable		(447)		(424)
Inventories		(203)		(147)
Other current assets		(135)		29
Accounts payable		(289)		(132)
Accrued liabilities		(825)		(142)
Income taxes		(205)		(50)
Net cash (used for) provided by operating activities from continuing operations		(650)		378
Net cash provided by operating activities from discontinued operations		—		219
Net cash (used for) provided by operating activities		(650)		597
Cash flows from investing activities
Capital expenditures		(223)		(190)

Increase in investments		(194)		(351)
Decrease in investments		212		338
Receipts (payments) from settlements of derivative contracts		85		(125)
Cash paid for acquisitions, net of cash acquired		(5)		(5)
Proceeds from sale of business, net of cash transferred		6		—
Net cash used for investing activities from continuing operations		(119)		(333)
Net cash used for investing activities from discontinued operations		—		(38)
Net cash used for investing activities		(119)		(371)

The Notes to Consolidated Financial Statements are an integral part of this statement.

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	Three Months Ended March 31,
	2026			2025
	(Dollars in millions)
Cash flows from financing activities
Proceeds from issuance of commercial paper and other short-term borrowings		4,758		4,855
Payments of commercial paper and other short-term borrowings		(6,018)		(3,413)
Proceeds from issuance of common stock		170		42
Proceeds from issuance of long-term debt		—		46
Payments of long-term debt		(12,605)		(44)
Repurchases of common stock		(1,000)		(1,902)
Cash dividends paid		(781)		(732)
Pre-separation funding		15,835		—
Other		(92)		(32)
Net cash provided by (used for) financing activities		267		(1,180)
Effect of foreign exchange rate changes on cash and cash equivalents		(8)		44
Net decrease in cash and cash equivalents		(510)		(910)
Cash and cash equivalents at beginning of period		12,487		10,567
Cash and cash equivalents at end of period		$	11,977	$	9,657

Non-cash financing activities
Transfer of Exchange Notes to terminate the Term Loan Agreement		$	6,000	—

The Notes to Consolidated Financial Statements are an integral part of this statement.

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HONEYWELL INTERNATIONAL INC.

CONSOLIDATED STATEMENT OF SHAREOWNERS' EQUITY

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	Three Months Ended March 31,
	2025			2024			2025			2024
	2026			2025
	Shares	$		Shares	$		~~Shares~~	$		~~Shares~~	$
	(In millions, except per share amounts)
Common stock, par value	957.6	958		957.6	958		~~957.6~~	~~958~~		~~957.6~~	~~958~~
Additional paid-in capital
Beginning balance		10,~~048~~157			9,~~495~~695			~~9,695~~			~~9,062~~
Issued for employee savings and option plans		17303			14187			~~252~~			~~303~~
Stock compensation expense		3657			4561			~~154~~			~~153~~
Impact of Quantinuum contribution		(160)			—			(160)			36
Other		(37)			—
Ending balance		910,~~941~~480			9,~~554~~943			~~9,941~~			~~9,554~~
Treasury stock
Beginning balance	(322.73)	(4243,~~897~~029)		(307.98)	(39,~~007~~378)		~~(307.8)~~	~~(39,378)~~		~~(305.8)~~	~~(38,008)~~
Reacquired stock or repurchases of common stock	(04.53)	(981,004)		—(8.9)	—(1,902)		~~(17.6)~~	~~(3,719)~~		~~(6.1)~~	~~(1,200)~~
Issued for employee savings and option plans	02.57	13129		01.58	1880		~~2.7~~	~~115~~		~~4.5~~	~~219~~
Ending balance	(~~322~~323.79)	(4243,~~982~~904)		(~~307~~314.49)	(3841,~~989~~200)		~~(322.7)~~	~~(42,982)~~		~~(307.4)~~	~~(38,989)~~
Retained earnings
Beginning balance		5250,~~399~~964			4950,~~576~~835			~~50,835~~			~~47,979~~
Net income attributable to Honeywell		~~1,825~~821			1,~~413~~449			~~4,844~~			~~4,420~~
Dividends on common stock		(~~720~~756)			(~~702~~734)			~~(2,175)~~			~~(2,112)~~
Ending balance		5351,~~504~~029			5051,~~287~~550			~~53,504~~			~~50,287~~
Accumulated other comprehensive loss
Beginning balance		(45,~~413~~146)			(43,~~075~~491)			~~(3,491)~~			~~(4,135)~~
Foreign exchange translation adjustment		~~(225)~~136			(~~309~~290)			~~(1,036)~~			~~(226)~~
Pension and other postretirement benefit adjustments		(32)			~~(6)~~11			~~(87)~~			~~(16)~~
Changes in fair value of available for sale investments		—(1)			—			5			~~(1)~~
Changes in fair value of cash flow hedges		240			(1418)			~~(30)~~			~~(26)~~
Ending balance		(4,~~639~~973)			(43,~~404~~788)			~~(4,639)~~			~~(4,404)~~
Noncontrolling interest
Beginning balance		~~552~~1,126			~~563~~535			~~535~~			~~578~~
Acquisitions, divestitures, and other		—			—			2			—
Net income attributable to noncontrolling interest		(26)			18
Net income attributable to noncontrolling interest		34			2			51			30
Foreign exchange translation adjustment		8			12
Foreign exchange translation adjustment		(4)			21			26			(3)
Dividends paid		(31)			(4)
Dividends paid		(21)			(18)			(53)			(66)
Ending balance		1,077			561
Contributions from noncontrolling interest holders		404			—			404			29
Total shareowners' equity	633.7	14,667		642.7	18,024
Ending balance		965			568			965			568
Cash dividends per share of common stock		$	1.19		$	1.13
Total shareowners' equity	634.9	17,747		650.2	17,974		634.9	17,747		650.2	17,974
Cash dividends per share of common stock		$	1.13		$	1.08		$	3.39		$	3.24

The Notes to Consolidated Financial Statements are an integral part of this statement.

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HONEYWELL INTERNATIONAL INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

NOTE 1. BASIS OF PRESENTATION

In the opinion of management, the accompanying unaudited Consolidated Financial Statements reflect all adjustments necessary to present fairly the financial position, results of operations, cash flows, and shareowners' equity of Honeywell International Inc. and its consolidated subsidiaries (Honeywell or the Company) for the periods presented. The interim results of operations and cash flows should not necessarily be taken as indicative of the entire year.

Honeywell reports its quarterly financial information using a calendar convention; the first, second, and third quarters are consistently reported as ending on March 31, June 30, and September 30, respectively. It is Honeywell's practice to establish actual quarterly closing dates using a predetermined fiscal calendar, which requires Honeywell's businesses to close their books on a Saturday in order to minimize the potentially disruptive effects of quarterly closing on the Company's business processes. The effects of this practice are generally not significant to reported results for any quarter and only exist within a reporting year. In the event differences in actual closing dates are material to year-over-year comparisons of quarterly or year-to-date results, Honeywell will provide appropriate disclosures. Honeywell's closing dates for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025,~~2026 and ~~2024~~2025, were ~~September~~March 2728, ~~2025,~~2026 and ~~September~~March 2829, ~~2024~~2025, respectively.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting policies of the Company are set forth in Note 1 Summary of Significant Accounting Policies of Notes to Consolidated Financial Statements in the Company’s ~~2024~~2025 Annual Report on Form 10-K. The Company includes herein certain updates to those policies.

RECLASSIFICATIONS

Certain prior year amounts are reclassified to conform to the current year presentation. ~~This includes the separate disclosure of changes in Income taxes within operating activities on the Consolidated Statement of Cash Flows.~~

On October 30, 2025, the Company completed the spin-off of its Advanced Materials business into an independent, publicly traded company named Solstice Advanced Materials, Inc. (Solstice). Results of operations, financial position, and cash flows for the Advanced Materials business are reported as discontinued operations for all periods presented. Unless otherwise noted, information in these notes to consolidated financial statements relates to continuing operations.

Effective beginning in the first quarter of 2026, the Company realigned certain of its business units as reflected in Note 18 Segment Financial Data, which impacted the composition of its reportable segments. The Company recast historical periods to reflect this change in segment presentation, including the reallocation of goodwill on a relative fair value basis as discussed in Note 8 Goodwill and Other Intangible Assets —Net.

SUPPLY CHAIN FINANCING

Amounts outstanding related to supply chain financing programs are included in Accounts payable in the Consolidated Balance Sheet. Accounts payable included approximately $1,~~153~~085 million and $1,~~150~~141 million as of ~~September~~March 3031, ~~2025,~~2026 and December 31, ~~2024~~2025, respectively. The impact of these programs is not material to the Company's overall liquidity.

RECENT ACCOUNTING PRONOUNCEMENTS

The Company considers the applicability and impact of all Accounting Standards Updates (ASUs) issued by the Financial Accounting Standards Board (FASB). ASUs not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company's Consolidated Financial Statements.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which modernizes the accounting for internal-use software costs by removing all references to prescriptive and sequential software development stages. The new standard requires entities to consider whether significant development uncertainty has been resolved before starting to capitalize software costs and aligns disclosure requirements with Accounting Standards Codification (ASC) 360, Property, Plant, and Equipment. ~~The~~This ASU is effective for annual and interim reporting periods beginning after December 15, 2027, and can be applied prospectively, retrospectively, or using a modified transition method, with early adoption permitted. The Company is currently evaluating the impacts of this guidance on the Company's Consolidated Financial Statements.

In9 Honeywell ~~November~~International 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires companies to disclose additional information about the types of expenses in commonly presented expense captionsInc. The new standard requires tabular disclosure of specified natural expenses in certain expense captions, a qualitative description of amounts that are not separately disaggregated, and disclosure of the Company's definition and total amount of selling expenses. The ASU should be applied prospectively for annual reporting periods beginning after December 15, 2026, with retrospective application and early adoption permitted. The Company is currently evaluating the impacts of this guidance on the Company's Consolidated Financial Statements.

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In ~~December~~November ~~2023~~2024, the FASB issued ASU ~~2023~~2024-0903, Income ~~Taxes~~Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (~~Topic~~Subtopic ~~740~~220-40): ~~Improvements~~Disaggregation toof Income ~~Taxes~~Statement ~~Disclosures~~Expenses, which requires ~~greater~~companies ~~disaggregation~~to disclose additional information about the types of ~~income~~expenses ~~tax~~in ~~disclosures~~commonly presented expense captions. The new standard requires ~~additional~~tabular ~~information~~disclosure toof bespecified ~~disclosed~~natural ~~annually~~expenses ~~with~~in ~~respect~~certain toexpense ~~the~~captions, ~~income~~a ~~tax~~qualitative ~~rate~~description ~~reconciliation~~of ~~and~~amounts ~~income~~that ~~taxes~~are ~~paid~~not separately disaggregated, byand ~~jurisdiction~~disclosure of the Company's definition and total amount of selling expenses. ~~This~~The ASU should be applied prospectively for ~~fiscal~~annual ~~years~~reporting periods beginning after December 15, ~~2024~~2026, with retrospective application and early adoption permitted. The Company is currently evaluating the impacts of this guidance on the Company’'s Consolidated Financial Statements.

InNOTE ~~November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires companies to enhance the disclosures about segment expenses~~3. ~~The new standard requires the disclosure of the Company’s Chief Operating Decision Maker (CODM)~~ACQUISITIONS, ~~expanded incremental line-item disclosures of significant segment expenses used by the CODM for decision-making~~DIVESTITURES, ~~and~~AND ~~the~~DISCONTINUED inclusion of previous annual only segment disclosure requirements on a quarterly basis. This ASU should be applied retrospectively for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company adopted this guidance for annual disclosures for the year ended December 31, 2024, and interim disclosures beginning the first quarter of 2025. The adoption of this standard did not have a material impact on the Company’s Consolidated Financial Statements.OPERATIONS

NOTE 3. ACQUISITIONS AND DIVESTITURES

ACQUISITIONS

Johnson Matthey's Catalyst Technologies Business

On May 22, 2025, the Company announced its agreement to acquire Johnson Matthey's Catalyst Technologies business segment in an all-cash transaction. ~~for~~In February 2026, the agreement was amended to adjust the total consideration to £1.8325 billion. The transaction is subject to customary closing conditions, including receipt of certain regulatory approvals. The transaction is expected to ~~close~~be completed in the ~~first~~third ~~half~~quarter of 2026, and the business will be included within the ~~Energy~~Process Automation and ~~Sustainability~~Technology ~~Solutions~~ reportable business segment.

Sundyne

On June 6, 2025, the Company acquired 100% of the outstanding equity interests of Sundyne, a leader in the design manufacturing, and aftermarket support of highly-engineered pumps and gas compressors for process industries, for total consideration of $2,~~158~~160 million, net of cash acquired. The business is part of the ~~Energy~~Process Automation and ~~Sustainability~~Technology ~~Solutions~~ reportable business segment. The following table summarizes the determination of the fair value of identifiable assets acquired and liabilities assumed that are included in the Consolidated Balance Sheet as of ~~September~~March 3031, ~~2025~~2026:

Current assets	$	~~287~~274
Intangible assets	990
Other noncurrent assets	9792
Current liabilities	(~~102~~103)
Noncurrent liabilities	(~~265~~224)
Net assets acquired	1,~~007~~029
Goodwill	1,~~261~~241
Purchase price	$	2,~~268~~270

The Sundyne identifiable intangible assets primarily include customer relationships, technology, and trademarks which will amortize over their estimated useful lives ranging from one to 15 years using straight-line and accelerated amortization methods. The goodwill is not deductible for tax purposes. As of the end of the ~~third~~first quarter of ~~2025~~2026, the purchase accounting is subject to final adjustment, primarily for the valuation of intangible assets, amounts allocated to goodwill, working capital adjustments, and tax balances.

~~9 Honeywell~~DIVESTITURES ~~International~~AND ~~Inc.~~ASSETS AND LIABILITIES HELD FOR SALE

Productivity Solutions and Services and Warehouse and Workflow Solutions Businesses

During the fourth quarter of 2025, the Company concluded the assets and liabilities of each of the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses, which are part of the Productivity goodwill reporting unit within the Industrial Automation reportable business segment, met the held for sale criteria and the Company presented the associated assets and liabilities of each business as held for sale beginning December 31, 2025. The disposal groups, consisting of the associated assets and liabilities, are measured at the lower of carrying value or fair value, less costs to sell. The carrying amount of any assets, including goodwill, that are part of the disposal groups, but not in the scope of ASC 360-10, Property, Plant, and Equipment, are tested for impairment under the relevant guidance prior to measuring the disposal groups at fair value, less costs to sell. The fair value is based on the use of estimates and is subject to change based on future developments and actual amounts realized upon sale may vary from those recorded as of March 31, 2026.

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(Unaudited)

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~~Air~~The ~~Products'~~Company ~~Liquefied~~performed ~~Natural~~an ~~Gas~~evaluation ~~Process~~as ~~Technology~~of March 31, 2026 to assess the recoverability of the carrying value of the assets held for sale. The Company recognized a $263 million increase to the valuation allowance during the three months ended March 31, 2026, to write down the disposal groups to fair value, less costs to sell, as applicable. Gains resulting from the fair value, less costs to sell, exceeding the carrying value of the disposal groups are not recognized until realized at the completion of the sale. In April 2026, the Company announced it has reached agreements to sell the businesses in two separate transactions, both of which are expected to close in the second half of 2026 and ~~Equipment~~are ~~Business~~subject to customary closing conditions, including receipt of certain regulatory approvals.

On September 30, 2024, the Company acquired 100% of the outstanding equity interests of Air Products' liquefied natural gas process technology and equipment business (LNG), strengthening the Company's energy transition portfolio, for total consideration of $1,843 million, net of cash acquired. The business is part of the Energy and Sustainability Solutions reportable business segment. The Company finalized the evaluation for the fair value of all the assets acquired and liabilities assumed with LNG during the third quarter of 2025. The following table summarizes the ~~determination of the fair value of identifiable~~ assets ~~acquired~~ and liabilities ~~assumed~~classified ~~that~~as ~~are~~held ~~included~~for sale in the Consolidated Balance Sheet ~~as of September 30, 2025~~:

Current assets			$	73
	March 31, 2026				December 31, 2025
Intangible assets			894
Assets held for sale
Other noncurrent assets			82
Accounts receivable	$	524			$	489
Current liabilities			(100)
Inventories	430				394
Noncurrent liabilities			(2)
Other current assets	44				47
Net assets acquired			947
Investments and long-term receivables	31				29
Goodwill			896
Property, plant and equipment—net	161				153
Purchase price			$	1,843
Goodwill	1,135				1,138
Other intangible assets—net	263				262
Deferred income taxes	199				136
Other assets	108				99
Valuation allowance on assets held for sale	(518)				(255)
Total Assets held for sale	$	2,377			$	2,492
Liabilities held for sale
Accounts payable	$	591			$	532
Accrued liabilities	446				484
Other liabilities	181				182
Total Liabilities held for sale	$	1,218			$	1,198

~~The~~11 Honeywell ~~LNG~~International identifiable intangible assets primarily include customer relationships and technology which will amortize over their estimated useful lives ranging from three to 20 years using accelerated amortization methodsInc. ~~The goodwill is deductible for tax purposes.~~

CAES Systems Holdings LLC

On August 30, 2024, the Company acquired 100% of the outstanding equity interests of CAES Systems Holdings LLC (CAES), enhancing the Company's defense and space portfolio with high-reliability radio frequency technologies, for total consideration of $1,935 million, net of cash acquired. The business is part of the Aerospace Technologies reportable business segment. The Company finalized the evaluation for the fair value of all the assets acquired and liabilities assumed with CAES during the third quarter of 2025. The following table summarizes the determination of the fair value of identifiable assets acquired and liabilities assumed that are included in the Consolidated Balance Sheet as of September 30, 2025:

Current assets	$	314
Intangible assets	1,155
Other noncurrent assets	226
Current liabilities	(123)
Noncurrent liabilities	(119)
Net assets acquired	1,453
Goodwill	525
Purchase price	$	1,978

The CAES identifiable intangible assets primarily include customer relationships and trademarks which will amortize over their estimated useful lives ranging from two to 15 years using straight line and accelerated amortization methods. The goodwill is not deductible for tax purposes.

Civitanavi Systems S.p.A.

On August 19, 2024, the Company completed the acquisition of Civitanavi Systems S.p.A., a leader in position navigation and timing technology for the aerospace, defense, and industrial markets, for total consideration of $200 million, net of cash acquired. The business is part of the Aerospace Technologies reportable business segment. The assets acquired and liabilities assumed with Civitanavi Systems S.p.A. are included in the Consolidated Balance Sheet as of September 30, 2025, including $75 million of intangible assets and $107 million of goodwill, which is not deductible for tax purposes. The Company finalized the evaluation for the fair value of all the assets acquired and liabilities assumed with Civitanavi Systems S.p.A. during the third quarter of 2025.

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(Unaudited)

(Dollars in tables in millions, except per share amounts)

~~Carrier~~SPIN-OFFS ~~Global~~AND ~~Corporation's~~DISCONTINUED ~~Global Access Solutions Business~~OPERATIONS

OnAdvanced ~~June~~Materials 3, 2024, the Company acquired 100% of the outstanding equity interests of Carrier Global Corporation's Global Access Solutions business (Access Solutions), an innovative global leader in advanced access and security solutions, electronic locking systems, and contactless mobile key solutions, for total consideration of $4,913 million, net of cash acquired. The business is part of the Building Automation reportable business segment. The Company finalized the evaluation for the fair value of all the assets acquired and liabilities assumed with Access Solutions during the second quarter of 2025. The following table summarizes the determination of the fair value of identifiable assets acquired and liabilities assumed that are included in the Consolidated Balance Sheet as of September 30, 2025: Business

Current assets	$	236
Intangible assets	1,959
Other noncurrent assets	43
Current liabilities	(158)
Noncurrent liabilities	(6)
Net assets acquired	2,074
Goodwill	2,924
Purchase price	$	4,998

On October 30, 2025, the Company completed the spin-off of its Advanced Materials business into an independent, publicly traded company named Solstice Advanced Materials, Inc. (Solstice). In connection with the spin-off of the Advanced Materials business into Solstice, the results of operations, financial position, and cash flows for the Advanced Materials business are reported as discontinued operations for all periods presented in the consolidated financial statements.

The ~~Access~~following ~~Solutions~~table ~~identifiable~~summarizes ~~intangible~~the ~~assets~~key ~~primarily~~components ~~include~~of ~~customer~~net ~~relationships,~~income ~~technology, and trademarks which will amortize over their estimated useful lives ranging~~ from 10discontinued ~~to 20 years using straight line and accelerated amortization methods. The majority of the goodwill is deductible for tax purposes.~~ operations:

DIVESTITURES


	Three Months Ended March 31, 2025
Product Sales	$	838
Service Sales	59
Net Sales	897
Costs, expenses and other
Cost of products sold	528
Cost of services sold	45
Total Cost of products and services sold	573
Research and development expenses	22
Selling, general and administrative expenses	52
Interest and other financial charges	1
Other (income) expense	30
Income from discontinued operations before taxes	219
Tax expense	48
Net income from discontinued operations	$	171

OnAerospace ~~October~~Technologies 1, 2025, the Company announced, in connection with the anticipated spin-off of the Company's Advanced Materials business into an independent, publicly traded company named Solstice Advanced Materials, Inc. (Solstice), that its Board of Directors (Board) approved a record date of October 17, 2025 (Record Date) for the pro rata distribution of all of the issued and outstanding shares of Solstice to the holders of Company common stock as of the close of business on the Record Date (Eligible Holders). On October 16, 2025, the Company announced that the Board approved the spin-off, which will be effective as of 12:01 a.m. (New York City time) on October 30, 2025 (Distribution Date). On the Distribution Date, the Eligible Holders will receive one share of Solstice common stock for every four shares of Company common stock they hold as of the close of business on the Record Date. Completion of the Distribution is conditioned upon the satisfaction or waiver of certain conditions, as set forth in the form of Separation and Distribution Agreement filed with the SEC as part of the registration statement on Form 10 filed by Solstice, which was declared effective by the SEC on September 30, 2025.Business

On ~~May~~February 216, 2025, the Company ~~completed~~announced ~~the~~its ~~sale~~intention ofto ~~its~~pursue ~~personal~~a ~~protective~~separation ~~equipment~~of ~~(PPE)~~Honeywell ~~business~~and inHoneywell ~~exchange~~Aerospace ~~for~~into ~~total~~independent, ~~consideration~~U.S. ofpublicly $1traded companies,~~157 million,~~ ~~net~~which ofis ~~cash~~expected ~~transferred.~~to ~~The~~be ~~Company~~completed ~~recognized~~in athe ~~pre-tax~~third ~~loss~~quarter on ~~sale~~June of29, ~~the~~2026. ~~PPE~~The ~~business~~planned ofseparation ~~$30~~is ~~million~~intended ~~for~~to ~~the~~be ~~nine~~a ~~months~~tax-free ~~ended~~separation ~~September~~to ~~30,~~Honeywell ~~2025,~~shareowners ~~which~~for ~~was~~U.S. ~~recorded~~federal inincome ~~Other~~tax ~~(income)~~purposes. ~~expense~~The inseparation ~~the~~will ~~Consolidated~~be ~~Statement~~subject to the satisfaction of ~~Operations.~~a ~~The~~number ~~PPE~~of ~~business~~customary ~~was~~conditions, ~~previously~~including, ~~part~~among ofothers, the ~~Sensing~~filing and ~~Safety~~effectiveness ~~Technologies~~of ~~business~~applicable ~~unit~~filings ~~within~~(including ~~the~~a ~~Industrial~~Form ~~Automation~~10 ~~reportable~~registration ~~business~~statement ~~segment.~~that Asincludes ofrequired ~~December~~financial ~~31,~~statements) ~~2024,~~with the ~~Company~~SEC, ~~classified~~assurance that the ~~assets~~separation ~~and liabilities~~ of the ~~PPE~~businesses ~~business~~will asbe ~~held~~tax-free ~~for~~to ~~sale.~~Honeywell’s ~~During~~shareowners, ~~the~~receipt ~~first~~of ~~quarter~~applicable ofregulatory ~~2025~~approvals, ~~the~~and ~~Company~~final ~~recognized~~approval aby ~~$15 million~~Honeywell’s ~~increase~~Board toof ~~the~~Directors. ~~valuation~~The ~~allowance~~proposed toseparation ~~write~~is ~~down~~complex ~~the~~in ~~disposal~~nature, ~~group~~and tomay ~~fair~~be ~~value~~affected by unanticipated developments, ~~less~~credit ~~costs~~and toequity ~~sell.~~markets, or changes in market conditions.

On February 6, 2025, the Company announced its intention to pursue a separation of its Automation and Aerospace Technologies businesses into independent, U.S. publicly traded companies, which is expected to be completed in the second half of 2026. The planned separation is intended to be a tax-free separation to 12 Honeywell ~~shareowners~~International ~~for U~~Inc.S. federal income tax purposes. The separation will be subject to the satisfaction of a number of customary conditions, including, among others, the filing and effectiveness of applicable filings (including a Form 10 registration statement that includes required financial statements) with the SEC, assurance that the separation of the businesses will be tax-free to Honeywell’s shareowners, receipt of applicable regulatory approvals, and final approval by Honeywell’s Board. The proposed separation is complex in nature, and may be affected by unanticipated developments, credit and equity markets, or changes in market conditions.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

NOTE 4. REVENUE RECOGNITION AND CONTRACTS WITH CUSTOMERS

The Company has a comprehensive offering of products and services, including software and technologies, that are sold to a variety of customers in multiple end markets. Beginning in 2026, the disaggregation of revenue within its Building Automation, Process Automation and Technology, and Industrial Automation segments is reported based on business model. See the following disaggregated revenue table and related discussions by reportable business segment for details:

	Three Months Ended September 30,				Nine Months Ended September 30,
			Three Months Ended March 31,
	2025		2024		2025		2024
					2026		2025
Aerospace Technologies
Commercial Aviation Original Equipment	$	~~632~~	$	~~617~~	$	~~1,845~~648	$	~~1,959~~627
Commercial Aviation Aftermarket	~~2,085~~		~~1,758~~		51,~~900~~959		51,~~215~~899
Defense and Space	~~1,794~~		~~1,537~~		51,~~245~~715		41,~~298~~646
Net Aerospace Technologies sales	~~4,511~~		~~3,912~~		124,~~990~~322		114,~~472~~172
Industrial Automation
Sensing and Safety Technologies	202		452		966		1,368
Productivity Solutions and Services	284		289		831		909
Process Solutions	1,543		1,522		4,549		4,527
Warehouse and Workflow Solutions	245		238		686		681
Net Industrial Automation sales	2,274		2,501		7,032		7,485
Building Automation
Products	~~1,139~~		~~1,059~~		31,~~293~~005		~~2,780~~905
Building Solutions	739		686		2,103		1,962
Solutions					877		787
Net Building Automation sales	~~1,878~~		~~1,745~~		51,~~396~~882		41,~~742~~692
Energy and Sustainability Solutions
Process Automation and Technology
UOP	771		654		2,242		1,830
Projects					686		602
Advanced Materials	971		909		2,898		2,862
Aftermarket					827		843
Net Energy and Sustainability Solutions sales	1,742		1,563		5,140		4,692
Net Process Automation and Technology sales					1,513		1,445
Corporate and All Other	3		7		24		19
Industrial Automation
Net sales	$	10,408	$	9,728	$	30,582	$	28,410
Products					958		1,173
Solutions					463		424
Net Industrial Automation sales					1,421		1,597
Corporate and All Other					5		19
Net sales					$	9,143	$	8,925

Aerospace Technologies – A global supplier of products, software, and services for aircrafts that it sells to original equipment manufacturers (OEM) and other customers in a variety of end markets including air transport, regional, business and general aviation aircraft, airlines, aircraft operators, and defense and space contractors. Aerospace Technologies products and services include auxiliary power units, propulsion engines, environmental control systems, integrated avionics, wireless connectivity services, electric power systems, engine controls, flight safety, communications, navigation hardware, data and software applications, radar and surveillance systems, aircraft lighting, management and technical services, advanced systems and instruments, satellite and space components, aircraft wheels and brakes, and thermal systems. Aerospace Technologies also provides spare parts, repair, overhaul, and maintenance services (principally to aircraft operators), and sells licenses or intellectual property to other parties. Honeywell Forge solutions enable customers to turn data into predictive maintenance and predictive analytics to enable better fleet management and make flight operations more efficient.

~~Industrial~~Building Automation – A global provider of ~~industrial~~unified building automation solutions ~~that~~across ~~deliver~~products, ~~intelligent~~hardware, ~~sustainable~~software, and ~~secure~~analytics, ~~operations~~which ~~for~~help our customers inconvert ~~refining/petrochemicals,~~buildings ~~life~~into ~~sciences~~safe, ~~utilities~~sustainable, and ~~warehouse~~integrated ~~and logistics segments~~assets. ~~With~~Building ~~millions of installed assets, Industrial~~ Automation ~~deploys~~offerings ~~outcome-based~~include ~~solutions~~fire todetection, ~~increase~~building ~~asset~~controls ~~utilization; improve operational efficiency~~ and ~~labor~~optimization ~~productivity;~~software, ~~reduce~~energy ~~carbon~~management ~~emissions~~systems, ~~with~~access ~~less~~control, ~~energy consumption;~~ and ~~enhance~~video ~~cyber~~management ~~security~~software, ~~for~~complemented ~~critical~~by ~~infrastructure~~installation, maintenance, and ~~operational assets~~upgrades. ~~Industrial~~The ~~Automation~~reportable ~~offerings~~business ~~include~~segment ~~automation~~is ~~control~~comprised ~~and~~of ~~instrumentation~~the ~~products~~Products and ~~services;~~Solutions ~~smart~~business ~~energy~~models. ~~products;~~The ~~sensing~~Products ~~technologies~~business ~~with~~is ana ~~array~~leading provider of ~~custom~~multi-~~engineered~~domain ~~sensors~~controls and ~~services;~~software ~~gas~~offerings, ~~detection~~primarily ~~technologies;~~through ~~and~~an ~~system design~~industry-leading, ~~advanced~~highly ~~automation equipment~~capable, ~~software~~channel ~~and~~partner ~~analytics~~network. ~~for~~The ~~manufacturing,~~Solutions ~~distribution,~~business ~~and~~is ~~fulfillment~~a ~~operations.~~leading ~~Industrial~~provider ~~Automation~~of ~~combines~~integrated ~~these~~systems ~~products~~ and ~~services~~differentiated ~~with~~automation ~~proprietary~~technologies. ~~machine~~Honeywell ~~learning~~Forge ~~and~~integrates ~~artificial~~hardware, ~~intelligence~~software ~~algorithms in products~~ and ~~projects~~services—enhanced ~~which~~by ~~are~~AI-enabled ~~digitally~~solutions—to ~~enabled~~support ~~through~~revenue ~~the~~generation ~~Company's~~and ~~industry~~performance ~~leading~~over ~~industrial~~the ~~Internet~~lifecycle of ~~Things~~a ~~(IoT) platform, Honeywell Forge~~building.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

~~Building~~Process Automation and Technology – A global provider of ~~products,~~end-to-end ~~software,~~ solutions that drive automation throughout the industrial lifecycle, develop and ~~technologies~~innovate ~~that~~advanced ~~enable~~process ~~building~~technology ~~owners~~solutions, and ~~occupants~~help toaccelerate ~~ensure~~customers' ~~their~~digital ~~facilities~~transformations. ~~are~~The ~~safe~~business segment delivers to multiple sectors, including energy, ~~efficient~~mining and minerals, ~~sustainable~~industrials, power generation, and ~~productive~~life sciences. ~~Building~~The ~~Automation~~reportable ~~products~~business segment is comprised of the Projects and ~~services~~Aftermarket ~~include~~business ~~advanced~~models. ~~software~~The ~~applications~~Projects ~~for~~business ~~building~~offers ~~control~~automation solutions for new and ~~optimization;~~existing ~~sensors,~~industrial ~~switches~~plants, solutions for critical turbomachinery control ~~systems~~applications, licensing, engineering of new and ~~instruments~~existing ~~for~~energy facilities, and energy ~~management;~~solutions ~~access~~including ~~control;~~separation ~~video~~and ~~surveillance;~~purification, ~~fire~~gas, ~~products;~~renewable ~~and~~fuels, ~~installation~~blue H2 / blue NH3, ~~maintenance~~green H2, ~~and~~carbon ~~upgrades~~capture, ofplastics ~~systems~~circularity, and energy storage. ~~Honeywell~~The ~~Forge~~Aftermarket business offers solutions ~~enable~~that ~~customers~~improve tosafety, ~~digitally~~reliability, ~~manage~~sustainability, ~~buildings~~and operations excellence and delivers licensed process technology, ~~connecting~~equipment, ~~data~~engineering ~~from~~catalyst, ~~different~~adsorbents, ~~assets~~and services to enable ~~smart~~the ~~maintenance~~energy transition. Honeywell Forge connects and contextualizes assets to enhance productivity, ~~improve~~efficiency ~~building~~and operational performance, ~~and~~helping ~~even~~customers ~~protect~~realize ~~from~~greater ~~incoming~~value ~~security~~from ~~threats~~their operations.

~~Energy~~Industrial ~~and~~Automation ~~Sustainability Solutions~~ – A global provider of ~~industry~~sensing ~~leading~~and ~~technology~~measurement solutions serving mission critical applications across diversified verticals, ~~processing~~including energy, power and ~~licensing~~utilities, ~~capabilities~~aerospace ~~combined~~and ~~with~~defense, ~~material~~medical ~~science~~devices, ~~capabilities~~ and ~~innovative~~semiconductors. ~~chemistry~~Across tothese ~~offer~~verticals, ~~focused~~customers ~~solutions~~desire ~~integral~~similar tooutcomes, ~~facilitating~~such ~~the~~as ~~world's~~operational ~~energy~~efficiency, ~~transition~~asset effectiveness, people performance, and safety. The reportable business segment is comprised of ~~UOP~~the Products and ~~Advanced~~Solutions ~~Materials~~ business ~~units~~models. The ~~UOP~~Products business ~~provides~~offerings ~~sustainable~~include ~~aviation~~fiscal ~~fuels,~~custody ~~petrochemical,~~transfer ~~refining~~solutions, fixed and ~~natural~~portable gas ~~liquefaction technologies~~detection, ~~and~~safety ~~carbon management~~ solutions ~~across~~for ~~multiple~~semiconductor ~~sectors~~manufacturing, ~~through~~terminal ~~process technology solutions~~operations, ~~products~~sensors, ~~including~~switches ~~catalysts~~ and ~~adsorbents~~controls, ~~equipment~~burner ~~and~~management ~~aftermarket~~systems, ~~services.~~and ~~The~~fuel ~~Advanced~~and ~~Materials~~air ~~business~~delivery. ~~provides~~Industrial ~~customers~~Automation ~~with~~offers ~~its~~a ~~Solstice~~comprehensive ~~lower~~suite ~~global~~of ~~warming~~solutions ~~potential~~through ~~refrigeration~~aftermarket ~~and heating solutions~~services, ~~Spectra~~as ~~fibers~~well ~~for~~as ~~high~~through ~~end~~expanding ~~protective~~its ~~armor and medical applications, and leading~~high-~~edge~~value ~~semiconductor~~digital ~~materials.~~services ~~Honeywell Forge solutions serve customer asset productivity~~ and ~~efficiency~~connected ~~needs by providing connectivity~~solutions, ~~data~~all ~~integration,~~of ~~and~~which ~~software~~are ~~solutions~~anchored toin ~~generate~~Honeywell ~~a holistic view of their operations~~Forge.

Corporate and All Other – Corporate and All Other includes revenue from Honeywell's majority-owned investment in Quantinuum. Through Quantinuum, Honeywell provides a wide range of service offerings of fully integrated quantum computing hardware and software solutions.

See Note 18 Segment Financial Data for a summary by disaggregated product and services sales for each reportable business segment.

The Company recognizes revenue arising from performance obligations outlined in contracts with its customers that are satisfied at a point in time and over time. The disaggregation of the Company's revenue based on timing of recognition is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
			Three Months Ended March 31,
	2025		2024		2025		2024
					2026		2025
Products, transferred point in time	55	%	56	%	5649	%	5753	%
Products, transferred over time	13		12		1215		1112
Net product sales	68		68		6864		6865
Services, transferred point in time	5		3		57		45
Services, transferred over time	27		29		2729		2830
Net service sales	32		32		3236		3235
Net sales	~~100~~	%	~~100~~	%	100	%	100	%

CONTRACT BALANCES

The Company tracks progress on satisfying performance obligations under contracts with customers. The related billings and cash collections are recorded in the Consolidated Balance Sheet in Accounts receivable—net and Other assets (unbilled receivables (contract assets) and billed receivables), and Accrued liabilities and Other liabilities (customer advances and deposits (contract liabilities)). Unbilled receivables arise when the timing of cash collected from customers differs from the timing of revenue recognition, such as when contract provisions require specific milestones to be met before a customer can be billed. Contract assets are recognized when the revenue associated with the contract is recognized prior to billing and derecognized when billed in accordance with the terms of the contract. Contract liabilities are recorded when customers remit contractual cash payments in advance of the Company satisfying performance obligations under contractual arrangements, including those with performance obligations to be satisfied over a period of time. Contract liabilities are derecognized when revenue is recorded.

Contract balances are classified as assets or liabilities on a contract-by-contract basis at the end of each reporting period.

1314 Honeywell International Inc.

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HONEYWELL INTERNATIONAL INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

The following table summarizes the Company's contract assets and liabilities balances:

	2025		2024
	2026		2025
Contract assets—January 1	$	2,~~207~~403	$	2,~~013~~155
Contract assets—September 30	2,674		2,263
Contract assets—March 31	2,667		2,335
Change in contract assets - increase (decrease)	$	~~467~~264	$	~~250~~180
Contract liabilities—January 1	$	(43,~~220~~839)	$	(4,~~326~~120)
Contract liabilities—September 30	(4,354)		(3,928)
Contract liabilities—March 31	(4,230)		(4,259)
Change in contract liabilities - (increase) decrease	$	(~~134~~391)	$	~~398~~(139)
Net change	$	~~333~~(127)	$	~~648~~41

For the three ~~and nine~~ months ended ~~September~~March 3031, 2026 and 2025, the Company recognized revenue of $~~326 million and $~~1,~~768~~064 million, ~~respectively, that was previously included in the beginning balance of contract liabilities. For the three~~ and ~~nine months ended September 30, 2024, the Company recognized revenue of~~ $~~454 million and $~~1,~~941~~000 million, respectively, that was previously included in the beginning balance of contract liabilities.

Contract assets included $2,~~621~~615 million and $2,~~139~~424 million of current unbilled balances under long-term contracts as of ~~September~~March 3031, ~~2025,~~2026 and December 31, ~~2024~~2025, respectively. These amounts are billed in accordance with the terms of customer contracts to which they relate.

When contracts are modified to account for changes in contract specifications and requirements, the Company considers whether the modification either creates new or changes the existing enforceable rights and obligations. Contract modifications for goods or services and not distinct from the existing contract, due to the significant integration with the original good or service provided, are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and the Company's measure of progress for the performance obligation to which it relates, is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis. When the modifications include additional performance obligations that are distinct and at relative stand-alone selling price, they are accounted for as a new contract and performance obligation, which are recognized prospectively.

PERFORMANCE OBLIGATIONS

A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is defined as the unit of account. A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, the performance obligation is satisfied. When the contracts with customers require highly complex integration or manufacturing services that are not separately identifiable from other promises in the contracts and, therefore, not distinct, then the entire contract is accounted for as a single performance obligation. In situations when the Company's contracts include distinct goods or services that are substantially the same and have the same pattern of transfer to the customer over time, they are recognized as a series of distinct goods or services. For any contracts with multiple performance obligations, the Company allocates the contract’s transaction price to each performance obligation based on the estimated relative stand-alone selling price of each distinct good or service in the contract. For product sales, each product sold to a customer typically represents a distinct performance obligation. In such cases, the observable stand-alone sales are used to determine the stand-alone selling price.

Performance obligations are satisfied as of a point in time or over time. Performance obligations are supported by contracts with customers, providing a framework for the nature of the distinct goods, services, or bundle of goods and services. The timing of satisfying the performance obligation is typically indicated by the terms of the contract. The Company's remaining performance obligations as of ~~September~~March 3031, ~~2025~~2026, are $3938,~~087~~262 million.

Performance obligations recognized as of ~~September~~March 3031, ~~2025~~2026, will be satisfied over the course of future periods. The Company's disclosure of the timing for satisfying the performance obligation is based on the requirements of contracts with customers. However, from time to time, these contracts may be subject to modifications, impacting the timing of satisfying the performance obligations. Performance obligations expected to be satisfied within one year and greater than one year are 5557% and 4543%, respectively.

The timing of satisfaction of the Company's performance obligations does not significantly vary from the typical timing of payment. Typical payment terms of the Company's fixed price over time contracts include progress payments based on specified events or milestones or based on project progress. For some contracts, the Company may be entitled to receive an advance payment.

The Company applied the practical expedient for certain revenue streams to exclude the value of remaining performance obligations for (i) contracts with an original expected term of one year or less or (ii) contracts for which the Company recognizes revenue in proportion to the amount the Company has the right to invoice for services performed.

14 Honeywell International Inc.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

NOTE 5. REPOSITIONING AND OTHER (GAINS) CHARGES

A summary of net repositioning and other (gains) charges follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Severance	$	40	$	38	$	67	$	91
Asset impairments	2		3		4		5
Exit costs	16		15		44		48
Reserve adjustments	(11)		(28)		(49)		(55)
Total net repositioning charges	47		28		66		89
Asbestos-related charges, net of insurance and reimbursements	169		18		210		54
Probable and reasonably estimable environmental liabilities, net of reimbursements	219		6		243		29
Gain on Resideo indemnification and reimbursement agreement termination1	(802)		—		(802)		—
Other charges	—		—		—		17
Total net repositioning and other (gains) charges	$	(367)	$	52	$	(283)	$	189

1 Refer to Note 15 Commitments and Contingencies for further discussion of the gain related to the Resideo indemnification and reimbursement agreement termination.

The following table summarizes the pre-tax distribution of total net repositioning and other (gains) charges by classification in the Consolidated Statement of Operations:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of products and services sold	$	395	$	23	$	462	$	109
Selling, general and administrative expenses	40		29		57		63
Other (income) expense	(802)		—		(802)		17
Total net repositioning and other (gains) charges	$	(367)	$	52	$	(283)	$	189

The following table summarizes the pre-tax amount of total net repositioning and other (gains) charges by reportable business segment. These amounts are excluded from segment profit as described in Note 18 Segment Financial Data:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Aerospace Technologies	$	1	$	(7)	$	(5)	$	1
Industrial Automation	21		21		31		49
Building Automation	5		1		17		1
Energy and Sustainability Solutions	5		1		6		20
Corporate and All Other	(399)		36		(332)		118
Total net repositioning and other (gains) charges	$	(367)	$	52	$	(283)	$	189

15 Honeywell International Inc.

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HONEYWELL INTERNATIONAL INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

NOTE 5. REPOSITIONING AND OTHER CHARGES

A summary of net repositioning and other charges follows:


	Three Months Ended March 31,
		2026		2025
Severance		$	36	$	24
Asset impairments		3		1
Exit costs		11		11
Reserve adjustments		(8)		(29)
Total net repositioning charges		42		7
Asbestos-related charges, net of insurance and reimbursements		1		20
Probable and reasonably estimable environmental liabilities, net of reimbursements		25		16


Total net repositioning and other charges		$	68	$	43

The following table summarizes the pre-tax distribution of total net repositioning and other charges by classification in the Consolidated Statement of Operations:


	Three Months Ended March 31,
		2026		2025
Cost of products and services sold		$	48	$	35
Selling, general and administrative expenses		20		8

Total net repositioning and other charges		$	68	$	43

The following table summarizes the pre-tax amount of total net repositioning and other charges by reportable business segment. These amounts are excluded from segment profit as described in Note 18 Segment Financial Data:


	Three Months Ended March 31,
		2026		2025
Aerospace Technologies		$	1	$	(7)
Building Automation		5		11
Process Automation and Technology		16		(5)
Industrial Automation		3		11
Corporate and All Other		43		33
Total net repositioning and other charges		$	68	$	43

NET REPOSITIONING CHARGES

In the three months ended ~~September~~March 3031, ~~2025~~2026, the Company recognized gross repositioning charges totaling $5850 million, including severance costs of $4036 million related to workforce reductions of ~~1,055~~562 manufacturing and administrative positions primarily in the Company's ~~Industrial~~Process Automation and ~~Building~~Technology ~~Automation~~ reportable business ~~segments~~segment and Corporate function. ~~The~~These workforce reductions related to productivity and ongoing functional transformation initiatives. The repositioning charges included asset impairments of $23 million related to the write-down of certain assets within the Company's Industrial Automation reportable business segment. The repositioning charges also included exit costs of $1611 million related to current period costs incurred for closure obligations associated with site transitions primarily in the Company's Industrial Automation and Aerospace Technologies reportable business ~~segment~~segments and Corporate function. Also, $118 million of previously established reserves, primarily for severance, were returned to income due to higher-than-expected voluntary exits and adjustments to the scope of previously announced repositioning actions.

In the three months ended September 30, 2024, the Company recognized gross repositioning charges totaling $56 million, including severance costs of $38 million related to workforce reductions of 727 manufacturing and administrative positions primarily in the Company's Industrial Automation and Aerospace Technologies reportable business segments. The workforce reductions related to productivity and ongoing functional transformation initiatives. The repositioning charges included asset impairments of $3 million related to the write-down of certain assets within the Company's Industrial Automation reportable business segment. The repositioning charges also included exit costs of $15 million related to current period costs incurred for closure obligations associated with site transitions primarily in the Company's Industrial Automation reportable business segment and corporate function. Also, $28 million of previously established reserves, primarily for severance, were returned to income due to higher-than-expected voluntary exits and adjustments to the scope of previously announced repositioning actions.

In the nine months ended September 30, 2025, the Company recognized gross repositioning charges totaling $115 million, including severance costs of $67 million related to workforce reductions of 1,917 manufacturing and administrative positions primarily in the Company's Industrial Automation and Building Automation reportable business segments and corporate function. The workforce reductions related to productivity and ongoing functional transformation initiatives. The repositioning charges also included asset impairments of $4 million for the write-down of certain assets within the Company's Industrial Automation reportable business segment and corporate function. The repositioning charges also included exit costs of $44 million primarily related to current period costs incurred for closure obligations associated with site transitions primarily in the Company's Industrial Automation and Building Automation reportable business segments and corporate function. Also, $49 million of previously established reserves, primarily for severance, were returned to income due to higher-than-expected voluntary exits and adjustments to the scope of previously announced repositioning actions.

In the nine months ended September 30, 2024, the Company recognized gross repositioning charges totaling $144 million, including severance costs of $91 million related to workforce reductions of 2,734 manufacturing and administrative positions primarily in the Company's Industrial Automation and Aerospace Technologies reportable business segments and corporate function. The workforce reductions related to productivity and ongoing functional transformation initiatives. The repositioning charges included asset impairments of $5 million related to the write-down of certain assets within the Company's Industrial Automation reportable business segment. The repositioning charges also included exit costs of $48 million related to current period costs incurred for closure obligations associated with site transitions primarily in the Company's Industrial Automation reportable business segment and corporate function. Also, $55 million of previously established reserves, primarily for severance, were returned to income due to adjustments to the scope of previously announced repositioning actions.

The following table summarizes the status of the Company's repositioning reserves, excluding amounts included in Liabilities held for sale in the Consolidated Balance Sheet:

	SeveranceCosts		AssetImpairments		ExitCosts		Total
Balance at December 31, 2024	$	178	$	—	$	7	$	185
Charges	67		4		44		115
Usage—cash	(68)		—		(49)		(117)
Usage—noncash	—		(4)		—		(4)
Foreign currency translation	2		—		—		2
Adjustments	(41)		—		—		(41)
Balance at September 30, 2025	$	138	$	—	$	2	$	140

Certain repositioning projects will recognize exit costs in future periods when the actual liability is incurred. Such exit costs incurred in the nine months ended September 30, 2025, and 2024, were $44 million and $41 million, respectively.

16 Honeywell International Inc.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

~~OTHER~~In ~~CHARGES~~the three months ended March 31, 2025, the Company recognized gross repositioning charges totaling $36 million, including severance costs of $24 million related to workforce reductions of 713 manufacturing and administrative positions primarily in the Company's Building Automation and Industrial Automation reportable business segments. These workforce reductions related to productivity and ongoing functional transformation initiatives. The repositioning charges included asset impairments of $1 million related to the write-down of certain assets within the Company's Industrial Automation reportable business segment. The repositioning charges also included exit costs of $11 million related to current period costs incurred for closure obligations associated with site transitions primarily in the Company's Industrial Automation and Building Automation reportable business segments and Corporate function. Also, $29 million of previously established reserves, primarily for severance, were returned to income due to higher-than-expected voluntary exits and adjustments to the scope of previously announced repositioning actions.

~~During~~The ~~the~~following ~~nine~~table ~~months~~summarizes ~~ended September 30, 2024,~~ the ~~Company~~status ~~recognized Other charges~~ of ~~$17 million related to~~ the ~~settlement of a contractual dispute with a Russian entity associated with the~~ Company's ~~suspension~~repositioning ~~and~~reserves, ~~wind~~excluding ~~down~~amounts ~~activities~~included in ~~Russia.~~Liabilities ~~The~~held ~~charges~~for ~~were~~sale ~~recorded~~ in ~~Other (income) expense in~~ the Consolidated ~~Statement~~Balance ~~of Operations.~~Sheet:

Given the uncertainty inherent in the Company's remaining obligations related to contracts with Russian counterparties, the Company does not believe it is possible to develop estimates of reasonably possible loss in excess of current accruals for these matters (other than as specifically set forth above). Based on available information to date, the Company’s estimate of potential future losses or other contingencies related to suspension and wind down activities, including any guarantee payments or any litigation costs or as otherwise related to the Company's wind down in Russia, could adversely affect the Company's consolidated results of operations in the periods recognized but would not be material with respect to the Company's consolidated financial position. See Note 15 Commitments and Contingencies for a discussion of the recognition and measurement of estimate for contingencies.


	Severance Costs		Asset Impairments		Exit Costs		Total
Balance at December 31, 2025	$	170	$	—	$	2	$	172
Charges	36		3		11		50
Usage—cash	(25)		—		(12)		(37)
Usage—noncash	—		(3)		—		(3)
Foreign currency translation	1		—		—		1
Adjustments	(8)		—		—		(8)

Balance at March 31, 2026	$	174	$	—	$	1	$	175

Certain repositioning projects will recognize exit costs in future periods when the actual liability is incurred. Such exit costs incurred in the three months ended March 31, 2026 and 2025, were $11 million and $11 million, respectively.

NOTE 6. INCOME TAXES

The effective tax rate was lower than the U.S. federal statutory rate of 21% and decreased during ~~2025~~2026 compared to ~~2024~~2025 as a result of ~~the~~a ~~nontaxable~~change ~~return~~in estimate of ~~basis~~reduced frictional tax on the ~~Resideo~~spin-off ~~termination~~of ~~agreement~~the ~~and~~Advanced ~~changes~~Materials inbusiness ~~estimate~~and on prior tax positions, offset by ~~frictional tax costs on separations and~~ incremental tax expense for tax reserve activities.

On July 4, 2025, H.R.1, commonly referred to as the One Big Beautiful Bill Act (OBBBA) was enacted. The OBBBA includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain key Tax Cuts & Jobs Act provisions (both domestic and international), expanding certain Inflation Reduction Act incentives, and accelerating the phase-out of or repealing others.

NOTE 7. INVENTORIES

	September 30, 2025		December 31, 2024
	March 31, 2026		December 31, 2025
Raw materials	$	1,~~872~~738	$	1,~~528~~638
Work in process	1,~~412~~230		1,~~346~~203
Finished products	3,~~834~~401		3,~~568~~321
Total Inventories	$	76,~~118~~369	$	6,~~442~~162

NOTE 8. GOODWILL AND OTHER INTANGIBLE ASSETS—NET

The following table summarizes the change in the carrying amount of goodwill for the nine months ended September 30, 2025, by reportable business segment:

	December 31, 2024		Acquisitions		CurrencyTranslationAdjustment		September 30, 2025
Aerospace Technologies	$	3,028	$	(28)	$	33	$	3,033
Industrial Automation	9,164		—		239		9,403
Building Automation	6,136		122		180		6,438
Energy and Sustainability Solutions	2,598		1,281		15		3,894
Corporate and All Other	899		—		53		952
Total Goodwill	$	21,825	$	1,375	$	520	$	23,720

17 Honeywell International Inc.

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HONEYWELL INTERNATIONAL INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

NOTE 8. GOODWILL AND OTHER INTANGIBLE ASSETS—NET

As part of the segment realignment discussed in Note 18 Segment Financial Data, the Company performed a reallocation of goodwill on a relative fair value basis as of the first quarter of 2026, with goodwill in prior periods recast on a consistent basis. This resulted in a reallocation of goodwill between the Industrial Automation and Process Automation and Technology reportable business segments. We performed interim impairment tests in the first quarter of 2026 for reporting units impacted and determined there was no goodwill impairment.

The following table summarizes the change in the carrying amount of goodwill for the three months ended March 31, 2026, by reportable business segment:


	December 31, 2025		Acquisitions		Currency Translation Adjustment		March 31, 2026
Aerospace Technologies	$	3,025	$	—	$	(2)	$	3,023
Building Automation	6,439		—		(10)		6,429
Process Automation and Technology	7,140		—		64		7,204
Industrial Automation	3,526		—		(51)		3,475
Corporate and All Other	949		—		(1)		948
Total Goodwill	$	21,079	$	—	$	—	$	21,079

Other intangible assets are comprised of:

September 30, 2025

December 31, 2024

March 31, 2026

December 31, 2025

GrossCarryingAmount

AccumulatedAmortization

NetCarryingAmount

GrossCarryingAmount

AccumulatedAmortization

NetCarryingAmount

Definite-life intangibles

Patents and technology

3,~~720~~304

(21,~~014~~754)

1,~~706~~550

3,~~513~~354

(1,~~849~~714)

1,~~664~~640

Customer relationships

76,~~152~~318

(2,~~566~~096)

4,~~586~~222

6,~~411~~325

(2,~~251~~008)

4,~~160~~317

Trademarks

~~446~~303

(~~326~~237)

~~120~~66

~~398~~297

(~~296~~232)

~~102~~65

Other

~~596~~622

(~~285~~284)

~~311~~338

~~561~~592

(~~270~~272)

~~291~~320

Total definite-life intangibles—net

1110,~~914~~547

(54,~~191~~371)

6,~~723~~176

10,~~883~~568

(4,~~666~~226)

6,~~217~~342

Indefinite-life intangibles

Trademarks

~~426~~386

—

~~426~~386

~~439~~394

—

~~439~~394

Total Other intangible assets—net

1210,~~340~~933

(54,~~191~~371)

76,~~149~~562

1110,~~322~~962

(4,~~666~~226)

6,~~656~~736

Intangible assets amortization expense was $~~141~~153 million and $~~410~~135 million for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025,~~2026 ~~respectively,~~ and ~~$120 million and $275 million for the three and nine months ended September 30~~2025, ~~2024,~~ respectively.

NOTE 9. DEBT AND CREDIT AGREEMENTS


	March 31, 2026		December 31, 2025
2.50% notes due 2026	$	1,500	$	1,500
1.10% notes due 2027	1,000		1,000
3.50% euro notes due 2027	224		763
4.65% notes due 2027	—		1,150
4.95% notes due 2028	—		500
3.90% notes due 2028	1,250		—
2.25% euro notes due 2028	341		881
4.00% notes due 2029	1,250		—
SOFR plus 0.63% notes due 2029	500		—

18 Honeywell International Inc.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

NOTE 9. DEBT AND CREDIT AGREEMENTS


	March 31, 2026		December 31, 2025
4.25% notes due 2029	—		750
2.70% notes due 2029	750		750
4.875% notes due 2029	—		500
4.70% notes due 2030	—		1,000
3.375% euro notes due 2030	415		881
1.95% notes due 2030	949		949
4.30% notes due 2031	2,000		—
4.95% notes due 2031	226		500
1.75% notes due 2031	1,496		1,496
4.75% notes due 2032	281		650
0.75% euro notes due 2032	580		587
3.75% euro notes due 2032	206		587
4.60% notes due 2033	1,750		—
5.00% notes due 2033	460		1,100
4.50% notes due 2034	1,000		1,000
4.125% euro notes due 2034	621		1,174
5.00% notes due 2035	517		1,450
4.95% notes due 2036	3,250		—
3.75% euro notes due 2036	436		881
5.70% notes due 2036	226		441
5.70% notes due 2037	220		462
5.375% notes due 2041	196		417
5.622% notes due 2046	1,000		—
3.812% notes due 2047	442		442
2.80% notes due 2050	701		701
5.25% notes due 2054	537		1,750
5.732% notes due 2056	3,500		—
5.35% notes due 2064	189		650
5.852% notes due 2066	1,500		—
4.37% term loan due 2027	—		1,000
One month term SOFR plus 0.875% term loan due 2027	2,750		2,750
6.625% debentures due 2028	141		201
9.065% debentures due 2033	40		51
Industrial development bond obligations, floating rate maturing at various dates through 2037	12		22
Other (including finance leases), 2.7% weighted average interest rate maturing at various dates through 2040	96		110
Fair value of hedging instruments	(88)		(79)
Debt issuance costs	(355)		(280)
Total Long-term debt and current related maturities	32,109		28,687
Less: Current maturities of long-term debt	3,099		1,546
Total Long-term debt	$	29,010	$	27,141

	September 30, 2025		December 31, 2024
1.35% notes due 2025	$	—	$	1,250
2.50% notes due 2026	1,500		1,500
1.10% notes due 2027	1,000		1,000
3.50% euro notes due 2027	764		675
4.65% notes due 2027	1,150		1,150
4.95% notes due 2028	500		500
2.25% euro notes due 2028	881		779
4.25% notes due 2029	750		750
2.70% notes due 2029	750		750
4.875% notes due 2029	500		500
4.70% notes due 2030	1,000		1,000
3.375% euro notes due 2030	881		779
1.95% notes due 2030	1,000		1,000
4.95% notes due 2031	500		500
1.75% notes due 2031	1,500		1,500
4.75% notes due 2032	650		650
0.75% euro notes due 2032	587		519
3.75% euro notes due 2032	587		519
5.00% notes due 2033	1,100		1,100
4.50% notes due 2034	1,000		1,000
4.125% euro notes due 2034	1,175		1,039
5.00% notes due 2035	1,450		1,450
3.75% euro notes due 2036	881		779
5.70% notes due 2036	441		441
5.70% notes due 2037	462		462
5.375% notes due 2041	417		417
3.812% notes due 2047	442		442
2.80% notes due 2050	750		750
5.25% notes due 2054	1,750		1,750
5.35% notes due 2064	650		650
4.37% term loan due 2027	1,000		1,000
One month term SOFR plus 0.875% term loan due 2027	4,000		—
6.625% debentures due 2028	201		201
9.065% debentures due 2033	51		51
Industrial development bond obligations, floating rate maturing at various dates through 2037	22		22
Other (including finance leases), 3.2% weighted average interest rate maturing at various dates through 2040	247		390
Fair value of hedging instruments	(83)		(136)
Debt issuance costs	(292)		(303)
Total Long-term debt and current related maturities	30,164		26,826
Less: Current maturities of long-term debt	72		1,347
Total Long-term debt	$	30,092	$	25,479

Commercial Paper and Other Short-Term Borrowings

As of March 31, 2026, the Company had $4.6 billion of Commercial paper and other short-term borrowings outstanding at a weighted average interest rate of 3.71%. As of December 31, 2025, the Company had $5.9 billion of Commercial paper and other short-term borrowings outstanding at a weighted average interest rate of 3.68%.

19 Honeywell International Inc.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

~~Commercial Paper and Other Short~~Pre-~~Term~~Separation ~~Borrowings~~Funding

AsIn ofMarch ~~September 30~~2026, ~~2025,~~ the Company ~~had~~entered ~~$6.9~~into ~~billion~~a series of ~~Commercial~~debt ~~paper~~transactions ~~and~~in ~~other~~anticipation ~~short-term~~of ~~borrowings~~the ~~outstanding~~separation atof athe ~~weighted~~Honeywell ~~average~~Aerospace ~~interest~~business. ~~rate~~The ofCompany ~~3.98%.~~entered Asinto ofa ~~December~~Term ~~31,~~Loan ~~2024,~~Credit Agreement (the ~~Company~~Term ~~had~~Loan ~~$4.3~~Agreement), ~~billion~~which provided for term loans in an aggregate principal amount of ~~Commercial~~$6.0 billion. ~~paper~~Interest ~~and~~rates ~~other~~on ~~short-~~the term ~~borrowings~~loans ~~outstanding~~under ateach atranche ~~weighted~~were ~~average~~based ~~interest~~on ~~rate~~prevailing ofmarket 4rates, plus a margin.~~22%.~~

Honeywell Aerospace Inc. (Aerospace) issued an aggregate of $16.0 billion principal amount senior notes (the Aerospace Senior Notes), as listed below:


Principal Amount	Maturity Date	Interest Rate
$1,250	March 2028	3.900%
$1,250	March 2029	4.000%
$500	March 2029	SOFR plus 0.630%
$2,000	March 2031	4.300%
$1,750	March 2033	4.600%
$3,250	March 2036	4.950%
$1,000	March 2046	5.620%
$3,500	March 2056	5.730%
$1,500	March 2066	5.850%

Aerospace will pay interest on the fixed rate notes on March 16 and September 16 of each year, with the first payment due on September 16, 2026. Aerospace will pay interest on the 2029 floating rate notes on March 16, June 16, September 16, and December 16 of each year, with the first payment on June 16, 2026. The Aerospace Senior Notes are senior unsecured obligations of Aerospace, guaranteed on a senior unsecured basis by the Company until the spin-off is completed. Upon the spin-off, the Company will be automatically and unconditionally released from all obligations under the guarantee.

The Senior Notes due 2046, 2056, and 2066 (collectively, the Exchange Notes) were issued by Aerospace to the Company as partial consideration for the contribution of assets by the Company to Aerospace in connection with the anticipated spin-off. In March 2026, the Company satisfied and terminated the Term Loan Agreement, in exchange for the Company's transfer and delivery of the Exchange Notes.

Aerospace also entered into a $1.0 billion 364-day credit agreement (the Aerospace 364-Day Credit Agreement). Amounts borrowed under the Aerospace Five-Year Credit Agreement are required to be repaid no later than March 6, 2031, unless such date is extended pursuant to the terms of the Aerospace Five-Year Credit Agreement. The Aerospace 364-Day Credit Agreement and Aerospace Five-Year Credit Agreement are each guaranteed on a senior unsecured basis by the Company until the spin-off is completed. Upon the spin-off, the Company will be automatically and unconditionally released from all obligations under the guarantees. Amounts borrowed under the Aerospace 364-Day Credit Agreement are due no later than March 5, 2027, unless (i) Aerospace elects to convert all then outstanding amounts into a term loan, upon which such amounts shall be repaid in full on March 5, 2028, or (ii) the Aerospace 364-Day Credit Agreement is terminated earlier pursuant to its terms.

Aerospace entered into a $3.0 billion five-year credit agreement (the Aerospace Five-Year Credit Agreement). The Aerospace 364-Day Credit Agreement and Aerospace Five-Year Credit Agreement are maintained for general corporate purposes.

The revolving credit commitments under the Aerospace 364-Day Credit Agreement and Aerospace Five-Year Credit Agreement are available upon consummation of the spin-off of the Aerospace business, subject to certain conditions customary for facilities of this type.

Term Loan Agreements

OnIn ~~July~~March 12026, ~~2025,~~ the Company repaid its ~~€196~~$1.0 ~~million~~billion ~~($230~~4.37% ~~million)~~term ~~Euro~~loan ~~Term Loan Credit Agreement~~ due ~~2026~~2027.

On May 7, 2025, the Company entered into a Delayed Draw Term Loan Agreement (the Term Loan Agreement). The Term Loan Agreement provides for a delayed draw term loan facility of an aggregate principal amount of up to $6.0 billion comprised of two tranches: (i) commitments to provide loans in an aggregate principal amount of up to $4.0 billion (Tranche A-1) and (ii) commitments to provide loans in an aggregate amount of up to $2.0 billion (Tranche A-2). On May 30, 2025, the Company borrowed $4.0 billion under Tranche A-1, which remained outstanding as of September 30, 2025. Commitments to provide Tranche A-2 will expire on December 19, 2025. Interest rates on the term loans under each tranche will be based on prevailing market rates, plus a margin, in addition to a commitment fee on unused amounts. Amounts borrowed under the Term Loan Agreement are required to be paid no later than May 7, 2027, unless the Term Loan Agreement is terminated earlier pursuant to its terms. The Term Loan Agreement is maintained for general corporate purposes and provides financial flexibility as the Company manages the separation of its Automation, Aerospace Technologies, and Advanced Materials businesses into three independent public companies.

Revolving Credit Agreements

OnIn March 172026, ~~2025,~~ the Company entered into a $3.0 billion 364-day credit agreement (the 364-Day Credit Agreement). The 364-Day Credit Agreement replaced the $13.50 billion 364-day credit agreement dated as of March 1817, ~~2024~~2025, which was terminated in accordance with its terms effective March 176, ~~2025~~2026. Amounts borrowed under the 364-Day Credit Agreement are due no later than March 165, ~~2026~~2027, unless (i) Honeywell elects to convert all then outstanding amounts into a term loan, upon which such amounts shall be repaid in full on March 165, ~~2027~~2028, or (ii) the 364-Day Credit Agreement is terminated earlier pursuant to its terms. ~~The 364-Day Credit Agreement is maintained for general corporate purposes.~~

The Company also maintains a $4.0 billion amended and restated five-year credit agreement dated as of March 18, 2024 (the Five-Year Credit Agreement) for general corporate purposes. Commitments under the Five-Year Credit Agreement can be increased pursuant to the terms of the Five-Year Credit Agreement to an aggregate amount not to exceed $4.5 billion.

As of September 30, 2025, there were no outstanding borrowings under the 364-Day Credit Agreement or the Five-Year Credit Agreement.

NOTE 10. LEASES

The Company's operating and finance lease portfolio is described in Note 10 Leases of Notes to Consolidated Financial Statements in the Company's 2024 Annual Report on Form 10-K.

Supplemental cash flow information related to leases was as follows:

	Nine Months Ended September 30,
		2025		2024
Right-of-use assets obtained in exchange for lease obligations
Operating leases		$	221	$	158
Finance leases		94		67

20 Honeywell International Inc.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

~~Supplemental~~In ~~balance~~March ~~sheet~~2026, ~~information~~the ~~related~~Company toentered ~~leases~~into ~~was~~a $4.0 billion five-year credit agreement (the Five-Year Credit Agreement). The Five-Year Credit Agreement replaced the $4.0 billion five-year credit agreement dated as ~~follows:~~of March 18, 2024, which was terminated in accordance with its terms effective March 6, 2026. Commitments under the Five-Year Credit Agreement can be increased pursuant to the terms of the Five-Year Credit Agreement to an aggregate amount not to exceed (i) $4.5 billion prior to the spin-off of the Aerospace business, and (ii) $3.5 billion following the spin-off of the Aerospace business. Amounts borrowed under the Five-Year Credit Agreement are required to be repaid no later than March 6, 2031, unless such date is extended pursuant to the terms of the Five-Year Credit Agreement. Amounts borrowed under the Five-Year Credit Agreement are required to be repaid no later than March 6, 2031, unless such date is extended pursuant to the terms of the Five-Year Credit Agreement. The 364-Day Credit Agreement and the Five-Year Credit Agreement are maintained for general corporate purposes.

	September 30, 2025		December 31, 2024
Operating leases
Other assets	$	1,067	$	1,025
Accrued liabilities	$	211	$	199
Other liabilities	967		927
Total operating lease liabilities	$	1,178	$	1,126
Finance leases
Property, plant and equipment	$	457	$	396
Accumulated depreciation	(235)		(211)
Property, plant and equipment—net	$	222	$	185
Current maturities of long-term debt	$	53	$	69
Long-term debt	136		85
Total finance lease liabilities	$	189	$	154

Upon consummation of the spin-off of the Aerospace business, the aggregate revolving credit commitments under the 364-Day Credit Agreement will be reduced to $2.0 billion and the aggregate revolving credit commitments under the Five-Year Credit Agreement will be reduced to $3.0 billion.

~~NOTE~~As ~~11.~~of ~~DERIVATIVE~~March 31, ~~INSTRUMENTS~~2026, ~~AND~~there ~~HEDGING~~were ~~TRANSACTIONS~~no outstanding borrowings under the 364-Day Credit Agreement or the Five-Year Credit Agreement.

~~Honeywell's~~Debt ~~foreign~~Tender ~~currency,~~Offers ~~interest rate, credit,~~ and ~~commodity~~Debt ~~price risk management policies are described in Note 11 Derivative Instruments and Hedging Transactions of Notes to Consolidated Financial Statements in the Company's 2024 Annual Report on Form 10-K.~~Redemption

~~The~~In ~~following~~March ~~table~~2026, ~~summarizes~~ the ~~notional~~Company ~~amounts~~commenced ~~and~~a ~~fair~~series ~~values~~of debt tender offers to purchase certain of its existing debt securities. On March 24, 2026, the Company’s ~~outstanding~~purchased ~~derivatives~~the byfollowing ~~risk~~notes ~~category~~for ~~and~~an ~~instrument~~aggregate ~~type~~principal ~~within~~amount of $7.5 billion at early settlement of the ~~Consolidated~~debt ~~Balance~~tender ~~Sheet~~offers:

	Notional						Fair Value Asset				Fair Value Liability
			Principal Amount
	September 30, 2025				December 31, 2024		September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
3.50% euro notes due 2027			$	529
Derivatives in fair value hedging relationships
2.25% euro notes due 2028			528
Interest rate swap agreements	$	4,069			$	3,899	$	14	$	3	$	(97)	$	(139)
3.375% euro notes due 2030			455
Derivatives in cash flow hedging relationships
4.95% notes due 2031			274
Foreign currency exchange contracts	742				1,235		7		30		(21)		(10)
4.75% notes due 2032			369
Commodity contracts	3				1		—		—		—		—
3.75% euro notes due 2032			373
Derivatives in net investment hedging relationships
5.0% notes due 2033			640
Cross currency swap agreements	6,214				7,214		1		124		(776)		(56)
4.125% euro notes due 2034			539
Total derivatives designated as hedging instruments	11,028				12,349		22		157		(894)		(205)
5.0% notes due 2035			933
Derivatives not designated as hedging instruments
3.75% euro notes due 2036			434
Foreign currency exchange contracts	10,114				8,773		5		3		(4)		(5)
5.70% notes due 2036			215
Total Derivative instruments	$	21,142			$	21,122	$	27	$	160	$	(898)	$	(210)
5.70% notes due 2037			241
5.375% notes due 2041			221
5.250% notes due 2054			1,213
5.350% notes due 2064			461
6.625% debentures due 2028			60
9.065% debentures due 2033			11

~~All~~In ~~derivative~~addition, ~~assets are presented~~ in ~~Other~~March ~~current~~2026, ~~assets~~the orCompany ~~Other~~fully ~~assets.~~redeemed ~~All~~the ~~derivative~~following ~~liabilities are presented in Accrued liabilities or Other liabilities.~~notes:

In addition to the foreign currency derivative contracts designated as net investment hedges, certain of the Company's foreign currency denominated debt instruments are designated as net investment hedges. The carrying value of those debt instruments designated as net investment hedges, which includes the adjustment for the foreign currency transaction gain or loss on those instruments, was $6,967 million and $6,158 million as of September 30, 2025, and December 31, 2024, respectively.


	Principal Amount
4.65% notes due 2027	$	1,150
4.95% notes due 2028	500
4.25% notes due 2029	750
4.875% notes due 2029	500
4.70% notes due 2030	1,000

As a result of the debt tender offers and debt redemptions, the Company incurred a $239 million Loss on debt extinguishment and an additional $44 million of debt restructuring costs included in Other (income) expense in the Consolidated Statement of Operations.

21 Honeywell International Inc.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

~~The~~Additionally, ~~following~~on ~~table~~April ~~sets~~10, ~~forth~~2026, the ~~amounts~~Company ~~recorded~~fully inredeemed the ~~Consolidated~~remaining ~~Balance~~balance ~~Sheet~~of ~~related~~the to3.50% ~~cumulative~~euro ~~basis~~notes ~~adjustments~~due 2027 and 2.25% euro notes due 2028 for ~~fair~~aggregate ~~value~~principal ~~hedges:~~of $566 million.

	Carrying Amount of Hedged Item				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Item
	September 30, 2025		December 31, 2024		September 30, 2025		December 31, 2024
Long-term debt	$	3,986	$	3,763	$	(83)	$	(136)

NOTE 10. LEASES

The ~~following~~Company's ~~tables~~operating ~~summarize~~and ~~the~~finance ~~location~~lease ~~and~~portfolio ~~impact~~is todescribed ~~the~~in ~~Consolidated~~Note ~~Statement~~10 Leases of ~~Operations~~Notes ~~related~~ to ~~derivative~~Consolidated ~~instruments:~~Financial Statements in the Company's 2025 Annual Report on Form 10-K.

	Three Months Ended September 30, 2025
	Net Sales		Cost ofProducts Sold		Cost ofServices Sold		Selling,General andAdministrativeExpenses		OtherIncome (Expense)		Interest and OtherFinancial Charges
	$	10,408	$	4,734	$	2,127	$	1,296	$	822	$	354
Gain (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive loss into income	—		(6)		(3)		—		—		—
Gain (loss) on fair value hedges
Interest rate swap agreements
Hedged items	—		—		—		—		—		(4)
Derivatives designated as hedges	—		—		—		—		—		4
Gain (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts	—		—		—		—		(4)		—

Supplemental cash flow information related to leases was as follows:

	Three Months Ended September 30, 2024
			Three Months Ended March 31,
	Net Sales		Cost ofProducts Sold		Cost ofServices Sold				Selling,General andAdministrativeExpenses				OtherIncome(Expense)		Interest and OtherFinancial Charges
							2026				2025
	$	9,728	$	4,166	$	1,813			$	1,398			$	263	$	297
Right-of-use assets obtained in exchange for lease obligations
Gain (loss) on cash flow hedges
Operating leases							$	61			$	64
Foreign currency exchange contracts
Finance leases							11				7
Amount reclassified from accumulated other comprehensive loss into income	—		(1)		—				1				—		—
Gain (loss) on fair value hedges
Interest rate swap agreements
Hedged items	—		—		—				—				—		(123)
Derivatives designated as hedges	—		—		—				—				—		123
Gain (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts	—		—		—				—				(213)		—

Supplemental balance sheet information related to leases was as follows:


	March 31, 2026		December 31, 2025
Operating leases
Other assets	$	905	$	876
Accrued liabilities	$	179	$	174
Other liabilities	833		809
Total operating lease liabilities	$	1,012	$	983
Finance leases
Property, plant and equipment	$	153	$	171
Accumulated depreciation	(96)		(110)
Property, plant and equipment—net	$	57	$	61
Current maturities of long-term debt	$	33	$	37
Long-term debt	26		27
Total finance lease liabilities	$	59	$	64

22 Honeywell International Inc.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

	Nine Months Ended September 30, 2025
	Net Sales		Cost ofProducts Sold		Cost ofServices Sold		Selling,General andAdministrativeExpenses		OtherIncome(Expense)		Interest and OtherFinancial Charges
	$	30,582	$	13,533	$	5,694	$	4,085	$	1,109	$	970
Gain (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive loss into income	—		(9)		(4)		(1)		—		—
Gain (loss) on fair value hedges
Interest rate swap agreements
Hedged items	—		—		—		—		—		(53)
Derivatives designated as hedges	—		—		—		—		—		53
Gain (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts	—		—		—		—		(396)		—

NOTE 11. DERIVATIVE INSTRUMENTS AND HEDGING TRANSACTIONS

	Nine Months Ended September 30, 2024
	Net Sales		Cost ofProducts Sold		Cost ofServices Sold		Selling,General andAdministrativeExpenses		OtherIncome(Expense)		Interest and OtherFinancial Charges
	$	28,410	$	12,448	$	4,970	$	4,061	$	740	$	767
Gain (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive loss into income	3		7		3		6		—		—
Gain (loss) on fair value hedges
Interest rate swap agreements
Hedged items	—		—		—		—		—		(77)
Derivatives designated as hedges	—		—		—		—		—		77
Gain (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts	—		—		—		—		(180)		—

Honeywell's foreign currency, interest rate, credit, and commodity price risk management policies are described in Note 11 Derivative Instruments and Hedging Transactions of Notes to Consolidated Financial Statements in the Company's 2025 Annual Report on Form 10-K.

The following table summarizes the notional amounts and fair values of ~~gain~~the orCompany’s ~~(loss)~~outstanding onderivatives ~~net~~by ~~investment~~risk ~~hedges~~category ~~recognized~~and ininstrument ~~Accumulated~~type ~~other~~within ~~comprehensive~~the ~~loss~~Consolidated Balance Sheet:

	Three Months Ended September 30,				Nine Months Ended September 30,
	Notional				Fair Value Asset				Fair Value Liability
	2025		2024		2025		2024
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Euro-denominated long-term debt	$	(73)	$	(246)	$	(666)	$	(146)
Derivatives in fair value hedging relationships
Euro-denominated commercial paper	(15)		(52)		(140)		(11)
Interest rate swap agreements	$	3,180	$	4,068	$	5	$	14	$	(93)	$	(93)
Cross currency swap agreements	(7)		(314)		(843)		(227)
Derivatives in cash flow hedging relationships
Foreign currency exchange contracts	385		509		1		—		(14)		(6)
Derivatives in net investment hedging relationships
Cross currency swap agreements	6,139		6,139		—		—		(700)		(801)
Total derivatives designated as hedging instruments	9,704		10,716		6		14		(807)		(900)
Derivatives not designated as hedging instruments
Foreign currency exchange contracts	13,128		9,682		13		4		(7)		(5)
Total Derivative instruments	$	22,832	$	20,398	$	19	$	18	$	(814)	$	(905)

All derivative assets are presented in Other current assets or Other assets. All derivative liabilities are presented in Accrued liabilities or Other liabilities.

In addition to the foreign currency derivative contracts designated as net investment hedges, certain of the Company's foreign currency denominated debt instruments are designated as net investment hedges. The carrying value of those debt instruments designated as net investment hedges, which includes the adjustment for the foreign currency transaction gain or loss on those instruments, was $3,143 million and $6,962 million as of March 31, 2026 and December 31, 2025, respectively.

The following table sets forth the amounts recorded in the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges:


	Carrying Amount of Hedged Item				Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of Hedged Item
	March 31, 2026		December 31, 2025		March 31, 2026		December 31, 2025
Long-term debt	$	3,092	$	3,989	$	(88)	$	(79)

23 Honeywell International Inc.

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HONEYWELL INTERNATIONAL INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

The following tables summarize the location and impact to the Consolidated Statement of Operations related to derivative instruments:


	Three Months Ended March 31, 2026
	Net Sales		Cost of Products Sold		Cost of Services Sold		Selling, General and Administrative Expenses		Other Income (Expense)		Interest and Other Financial Charges
	$	9,143	$	3,863	$	1,741	$	1,310	$	7	$	356
Gain (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive loss into income	—		—		—		(1)		—		—



Gain (loss) on fair value hedges
Interest rate swap agreements
Hedged items	—		—		—		—		—		9
Derivatives designated as hedges	—		—		—		—		—		(9)



Gain (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts	—		—		—		—		86		—
Reverse treasury lock contracts	—		—		—		—		(26)		—


	Three Months Ended March 31, 2025
	Net Sales		Cost of Products Sold		Cost of Services Sold		Selling, General and Administrative Expenses		Other Income (Expense)		Interest and Other Financial Charges
	$	8,925	$	3,723	$	1,740	$	1,310	$	229	$	285
Gain (loss) on cash flow hedges
Foreign currency exchange contracts
Amount reclassified from accumulated other comprehensive loss into income	1		—		—		(2)		—		—

Gain (loss) on fair value hedges
Interest rate swap agreements
Hedged items	—		—		—		—		—		(24)
Derivatives designated as hedges	—		—		—		—		—		24



Gain (loss) on derivatives not designated as hedging instruments
Foreign currency exchange contracts	—		—		—		—		(148)		—

The following table summarizes the amounts of gain or (loss) on net investment hedges recognized in Accumulated other comprehensive loss:


	Three Months Ended March 31,
	2026		2025
Euro-denominated long-term debt	$	71	$	(198)
Euro-denominated commercial paper	2		(42)
Cross currency swap agreements	89		(245)

24 Honeywell International Inc.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

NOTE 12. FAIR VALUE MEASUREMENTS

The accounting guidance for fair value measurements and disclosures establishes a three-level fair value hierarchy:

•Level 1 - Inputs are based on quoted prices in active markets for identical assets and liabilities.

•Level 2 - Inputs are based on observable inputs other than quoted prices in active markets for identical or similar assets and liabilities.

•Level 3 - One or more inputs are unobservable and significant.

The Company classifies financial and nonfinancial assets and liabilities in their entirety based on the lowest level of input that is significant to the fair value measurement.

The following table sets forth the Company’s financial assets and liabilities accounted for at fair value on a recurring basis:

	September 30, 2025								December 31, 2024
	March 31, 2026								December 31, 2025
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Foreign currency exchange contracts	$	—	$	1214	$	—	$	1214	$	—	$	334	$	—	$	334
Available for sale investments	5248		~~464~~452		—		~~516~~500		6950		~~427~~481		—		~~496~~531
Interest rate swap agreements	—		145		—		145		—		314		—		314
Cross currency swap agreements	—		1		—		1		—		124		—		124
Investments in equity securities	2		—		—		2		3		—		—		3
Investments in equity securities	2		—		—		2		8		—		—		8
Right to HWI Net Sale Proceeds	—		—		—		—		—		—		4		4
Right to HWI Net Sale Proceeds	—		—		4		4		—		—		6		6
Total assets	$	50	$	471	$	—	$	521	$	53	$	499	$	4	$	556
Total assets	$	54	$	491	$	4	$	549	$	77	$	587	$	6	$	670
Liabilities
Foreign currency exchange contracts	$	—	$	2521	$	—	$	2521	$	—	$	1511	$	—	$	1511
Interest rate swap agreements	—		9793		—		9793		—		~~139~~93		—		~~139~~93
Cross currency swap agreements	—		~~776~~700		—		~~776~~700		—		56801		—		56801
Total liabilities	$	—	$	~~898~~814	$	—	$	~~898~~814	$	—	$	~~210~~905	$	—	$	~~210~~905

The Company values foreign currency exchange contracts, interest rate swap agreements, and cross currency swap agreements, ~~and commodity contracts~~ using broker quotations, or market transactions in either the listed or over-the-counter markets. These derivative instruments are classified within level 2. The Company also holds investments in commercial paper, certificates of deposits, time deposits, and corporate debt securities that are designated as available for sale. These investments are valued using published prices based on observable market data. These investments are classified within level 2.

The Company holds certain available for sale investments in U.S. government securities and investments in equity securities. The Company values these investments utilizing published prices based on quoted market pricing, which are classified within level 1.

The carrying value of cash and cash equivalents, trade accounts and notes receivables, payables, commercial paper, and other short-term borrowings contained in the Consolidated Balance Sheet approximates fair value.

The following table sets forth the Company’s financial assets and liabilities that were not carried at fair value:

September 30, 2025

December 31, 2024

March 31, 2026

December 31, 2025

CarryingValue

FairValue

CarryingValue

FairValue

Assets

Long-term receivables

~~951~~1,002

~~913~~958

~~723~~992

~~666~~961

Liabilities

Long-term debt and related current maturities

3032,~~164~~109

2930,~~543~~974

2628,~~826~~688

2528,~~503~~144

The Company determined the fair value of the long-term receivables by utilizing transactions in the listed markets for identical or similar assets. As such, the fair value of these receivables is considered level 2.

~~24 Honeywell~~The ~~International~~Company ~~Inc~~determined the fair value of the long-term debt and related current maturities by utilizing transactions in the listed markets for identical or similar liabilities. As such, the fair value of the long-term debt and related current maturities is considered level 2.

25 Honeywell International Inc.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

~~The~~As of March 31, 2026 and December 31, 2025, the Company ~~determined~~measured the ~~fair~~disposal ~~value~~group of the ~~long-term~~Productivity ~~debt~~Solutions and ~~related~~Services ~~current~~and ~~maturities~~Warehouse byand ~~utilizing~~Workflow ~~transactions~~Solutions inbusinesses at fair value, less costs to sell. The fair value of the ~~listed~~disposal ~~markets~~group ~~for~~was ~~identical~~determined orusing ~~similar~~significant ~~liabilities~~unobservable inputs based on expected proceeds to be received upon the sale of the businesses. As such, the fair value of the ~~long-term~~disposal ~~debt~~group was considered level 3. See Note 3 Acquisitions, Divestitures, and ~~related~~Discontinued ~~current~~Operations ~~maturities~~for ismore ~~considered~~information ~~level~~on 2.the disposal group.

As of December 31, 2024, the Company measured the disposal group of the PPE business at fair value, less costs to sell. The fair value of the disposal group was determined using significant unobservable inputs based on expected proceeds to be received upon the sale of the business. As such, the fair value of the disposal group was considered level 3. See Note 3 Acquisitions and Divestitures for more information on the disposal group.

NOTE 13. EARNINGS PER SHARE

The details of the earnings per share calculations for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025,~~2026 and ~~2024~~2025, are as follows (shares in millions):

	Three Months Ended September 30,				Nine Months Ended September 30,
Basic	Three Months Ended March 31,
Basic	2025		2024		2025		2024
	2026		2025
Net income attributable to Honeywell	$	1,825	$	1,413	$	4,844	$	4,420
Net income from continuing operations attributable to Honeywell	$	821	$	1,284
Weighted average shares outstanding	635.3		650.4		640.3		651.0
Net income from discontinued operations attributable to Honeywell	—		165
Earnings per share of common stock—basic	$	2.87	$	2.17	$	7.57	$	6.79
Net income attributable to Honeywell	$	821	$	1,449
Weighted average shares outstanding	634.7		648.2
Earnings per share of common stock from continuing operations—basic	$	1.29	$	1.99
Earnings per share of common stock from discontinued operations—basic	—		0.25
Earnings per share of common stock—basic	$	1.29	$	2.24

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
Assuming Dilution	~~2025~~2026		~~2024~~2025		~~2025~~		~~2024~~
Net income attributable to Honeywell	$	1,825	$	1,413	$	4,844	$	4,420
Net income from continuing operations attributable to Honeywell	$	821	$	1,284
Net income from discontinued operations attributable to Honeywell	—		165
Net income attributable to Honeywell	$	821	$	1,449
Average shares
Weighted average shares outstanding	~~635~~634.37		~~650~~648.42		~~640.3~~		~~651.0~~
Dilutive securities issuable—stock plans	3.57		3.75		~~3.7~~		~~4.2~~
Total weighted average diluted shares outstanding	638.84		~~654~~651.17		~~644.0~~		~~655.2~~
Earnings per share of common stock—assuming dilution	$	2.86	$	2.16	$	7.52	$	6.75
Earnings per share of common stock from continuing operations—assuming dilution	$	1.29	$	1.97
Earnings per share of common stock from discontinued operations—assuming dilution	—		0.25
Earnings per share of common stock—assuming dilution	$	1.29	$	2.22

The diluted earnings per share calculations exclude the effect of stock options when the cost to exercise an option exceeds the average market price of the common shares during the period. For the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025,~~2026 ~~the weighted average number of stock options excluded from the computations were 1.7 million~~ and ~~2.6 million~~2025, ~~respectively. For~~ the ~~three and nine months ended September 30, 2024, the~~ weighted average number of stock options excluded from the computations were 42.1 million and 5.2.4 million, respectively.

As of ~~September~~March 3031, ~~2025,~~2026 and ~~2024~~2025, the total shares outstanding were ~~634~~633.97 million and ~~650~~642.27 million, respectively, and as of ~~September~~March 3031, ~~2025,~~2026 and ~~2024~~2025, total shares issued were 957.6 million.

2526 Honeywell International Inc.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

NOTE 14. ACCUMULATED OTHER COMPREHENSIVE LOSS

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE LOSS BY COMPONENT

	ForeignExchangeTranslationAdjustment		Pensionand OtherPostretirementBenefitAdjustments		Changes in Fair Value of Available for Sale Investments		Changes inFair Valueof Cash FlowHedges		Total
Balance at December 31, 2024	$	(2,872)	$	(642)	$	(1)	$	24	$	(3,491)
Balance at December 31, 2025	$	(3,779)	$	(1,378)	$	5	$	6	$	(5,146)
Other comprehensive (loss) income before reclassifications	(1,189)		—		5		(44)		(1,228)
Other comprehensive income (loss) before reclassifications	136		—		(1)		39		174
Amounts reclassified from accumulated other comprehensive loss	~~153~~—		(872)		—		141		80(1)
Net current period other comprehensive (loss) income	(1,036)		(87)		5		(30)		(1,148)
Net current period other comprehensive income (loss)	136		(2)		(1)		40		173
Balance at September 30, 2025	$	(3,908)	$	(729)	$	4	$	(6)	$	(4,639)
Balance at March 31, 2026	$	(3,643)	$	(1,380)	$	4	$	46	$	(4,973)

	ForeignExchangeTranslationAdjustment		Pension and OtherPostretirementBenefitAdjustments		Changes in Fair Value of Available for Sale Investments		Changes inFair Valueof Cash FlowHedges		Total
Balance at December 31, 2023	$	(3,101)	$	(1,055)	$	(2)	$	23	$	(4,135)
Balance at December 31, 2024	$	(2,872)	$	(642)	$	(1)	$	24	$	(3,491)
Other comprehensive loss before reclassifications	(~~226~~290)		—		~~(1)~~—		(1116)		(~~238~~306)
Amounts reclassified from accumulated other comprehensive loss	—		~~(16)~~11		—		(152)		~~(31)~~9
Net current period other comprehensive loss	(226)		(16)		(1)		(26)		(269)
Net current period other comprehensive (loss) income	(290)		11		—		(18)		(297)
Balance at September 30, 2024	$	(3,327)	$	(1,071)	$	(3)	$	(3)	$	(4,404)
Balance at March 31, 2025	$	(3,162)	$	(631)	$	(1)	$	6	$	(3,788)

NOTE 15. COMMITMENTS AND CONTINGENCIES

ENVIRONMENTAL MATTERS

The Company is subject to various federal, state, local, and foreign government requirements relating to the protection of the environment. With respect to environmental matters involving site contamination, the Company continually conducts studies, individually or jointly with other potentially responsible parties, to determine the feasibility of various remedial techniques. It is the Company's policy to record liabilities for environmental matters when remedial efforts or damage claim payments are probable and the costs can be reasonably estimated. Such liabilities are based on the Company's best estimate of the undiscounted future costs required to complete the remedial work. The recorded liabilities are adjusted periodically as remediation efforts progress or as additional technical, regulatory, or legal information becomes available.

Honeywell's environmental matters are further described in Note 19 Commitments and Contingencies of Notes to Consolidated Financial Statements in the Company's ~~2024~~2025 Annual Report on Form 10-K.

The following table summarizes information concerning the Company's recorded liabilities for environmental costs:

Balance at December 31, 2024	$	678
Balance at December 31, 2025	$	894
Accruals for environmental matters deemed probable and reasonably estimable	~~415~~25
Environmental liability payments	(~~112~~22)
Balance at September 30, 2025	$	981
Balance at March 31, 2026	$	897

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

Environmental liabilities are included in the following balance sheet accounts:

	September 30, 2025		December 31, 2024
Accrued liabilities	$	267	$	244
Other liabilities	714		434
Total environmental liabilities	$	981	$	678

In conjunction with the Resideo Technologies, Inc. (Resideo) spin-off, the Company entered into an indemnification and reimbursement agreement with a Resideo subsidiary, pursuant to which Resideo’s subsidiary had an ongoing obligation to make cash payments to Honeywell in amounts equal to 90% of Honeywell’s annual net spending for environmental matters at certain sites as defined in the agreement. As the Company incurred costs for environmental matters deemed probable and reasonably estimable related to the sites covered by the indemnification and reimbursement agreement, a corresponding receivable from Resideo for 90% of such costs was also recorded. The amount payable to Honeywell in any given year was subject to a cap of $140 million, and the payment obligation was to continue until the earlier of December 31, 2043, or December 31 of the third consecutive year during which the annual payment obligation is less than $25 million. Reimbursements associated with this agreement were collected from Resideo quarterly and were $105 million in the nine months ended September 30, 2025.

In the third quarter of 2025, the Company and Resideo entered into a termination agreement for the accelerated monetization of the indemnification and reimbursement agreement. Upon closing of the transactions contemplated pursuant to the termination agreement, the Company received a one-time cash payment of $1,590 million in lieu of all future payments to which the Company was entitled pursuant to the indemnification and reimbursement agreement. Additionally, Resideo paid the quarterly payment of $35 million for the quarter ending September 30, 2025 due under the indemnification and reimbursement agreement. The Company applied the one-time cash payment and quarterly reimbursement payment against the outstanding receivable balance due from Resideo, inclusive of expenses incurred in the third quarter of 2025. The Company recognized a gain of $802 million in Other (income) expense for the cash proceeds received in excess of the receivables due from Resideo as of the third quarter of 2025.

As a result of the termination agreement, Resideo no longer has any obligation to make cash payments to Honeywell in respect of Honeywell's net spending for environmental matters.

During the third quarter of 2025, the Company enhanced its process for estimating environmental liabilities at sites undergoing active remediation. By leveraging improved data availability and refining historical analytics, the Company implemented an improved methodology for estimating environmental liabilities related to actively managed environmental sites. This led to earlier recognition of the estimated probable liabilities related to these sites, resulting in an increase of the estimated environmental liabilities of $211 million. The Company does not currently possess sufficient additional information to reasonably estimate the amounts of environmental liabilities to be recorded upon future completion of studies, litigation, or settlements, and neither the timing nor the amount of the ultimate costs associated with environmental matters can be determined, although they could be material to the Company's consolidated results of operations and operating cash flows in the periods recognized or paid. However, considering the Company's past experience and existing reserves, the Company does not expect that environmental matters will have a material adverse effect on its consolidated financial position.

ASBESTOS MATTERS

Honeywell is named in asbestos-related personal injury claims related to the Bendix Friction Materials (Bendix) business, which was sold in 2014. Bendix manufactured automotive brake linings that contained chrysotile asbestos in an encapsulated form. Claimants consist largely of individuals who allege exposure to asbestos from brakes from either performing or being in the vicinity of individuals who performed brake replacements.

The following tables summarize information concerning Bendix asbestos-related balances:

Asbestos-Related Liabilities

December 31, 2024	$	1,482
Accrual for update to estimated liability	39
Change in estimated cost of future claims	15
Loss on expected settlement	148
Asbestos-related liability payments	(158)
September 30, 2025	$	1,526

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

~~Insurance~~Environmental ~~Recoveries~~liabilities ~~for~~are ~~Asbestos-Related~~included ~~Liabilities~~in the following balance sheet accounts:

December 31, 2024	$	110
	March 31, 2026		December 31, 2025
Insurance receipts for asbestos-related liabilities	(12)
Accrued liabilities	$	180	$	180
September 30, 2025	$	98
Other liabilities	717		714
Total environmental liabilities	$	897	$	894

~~Bendix~~The ~~asbestos-related~~Company ~~balances~~does ~~are~~not ~~included~~currently possess sufficient additional information to reasonably estimate the amounts of environmental liabilities to be recorded upon future completion of studies, litigation, or settlements, and neither the timing nor the amount of the ultimate costs associated with environmental matters can be determined, although they could be material to the Company's consolidated results of operations and operating cash flows in the ~~following~~periods ~~balance~~recognized ~~sheet~~or ~~accounts:~~paid. However, considering the Company's past experience and existing reserves, the Company does not expect that environmental matters will have a material adverse effect on its consolidated financial position.

	September 30, 2025		December 31, 2024
Other current assets	$	14	$	14
Insurance recoveries for asbestos-related liabilities	84		96
Total insurance recoveries for asbestos-related liabilities	$	98	$	110
Accrued liabilities	$	157	$	157
Asbestos-related liabilities	1,369		1,325
Total asbestos-related liabilities	$	1,526	$	1,482

The following tables present information regarding Bendix-related asbestos claims activity:

	Nine Months EndedSeptember 30,	Year Ended December 31,
	2025	2024
Claims unresolved at the beginning of period	4,950	5,517
Claims filed	1,232	1,617
Claims resolved	(1,880)	(2,184)
Claims unresolved at the end of period	4,302	4,950

Disease Distribution of Unresolved Claims	September 30, 2025	December 31, 2024
Mesothelioma and other cancer claims	2,896	2,923
Nonmalignant claims	1,406	2,027
Total claims	4,302	4,950

Honeywell experienced average resolution values per claim excluding legal costs as follows:

	Years Ended December 31,
	2024		2023		2022		2021		2020
	(in whole dollars)
Mesothelioma and other cancer claims	$	79,900	$	66,200	$	59,200	$	56,000	$	61,500
Nonmalignant claims	1,100		1,730		520		400		550

The Consolidated Financial Statements reflect an estimated liability for resolution of asserted (claims filed as of the financial statement date) and unasserted Bendix-related asbestos claims, which exclude the Company’s ongoing legal fees to defend such asbestos claims which will continue to be expensed as they are incurred.

The Company reflects the inclusion of all years of epidemiological disease projection through 2059 when estimating the liability for unasserted Bendix-related asbestos claims. Such liability for unasserted Bendix-related asbestos claims is based on historic and anticipated claims filing experience and dismissal rates, disease classifications, and average resolution values in the tort system over a defined look-back period. The Company valued Bendix asserted and unasserted claims using average resolution values for the previous two years. The Company reviews the valuation assumptions and average resolution values used to estimate the cost of Bendix asserted and unasserted claims during the fourth quarter each year.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

The Company's insurance receivable corresponding to the liability for settlement of asserted and unasserted Bendix asbestos claims reflects coverage which is provided by a large number of insurance policies written by dozens of insurance companies in both the domestic insurance market and the London excess market. Based on the Company's ongoing analysis of the probable insurance recovery, insurance receivables are recorded in the financial statements simultaneous with the recording of the estimated liability for the underlying asbestos claims. This determination is based on the Company's analysis of the underlying insurance policies, historical experience with insurers, ongoing review of the solvency of insurers, judicial determinations relevant to insurance programs, and consideration of the impacts of any settlements reached with the Company's insurers.

Liability Divestiture Transaction

On September 29, 2025, the Company permanently divested all of its legacy Bendix asbestos liabilities and certain non-Bendix asbestos liabilities, contributing cash and transferring asbestos liabilities to a third party entity. As part of the agreement, the Company will be indemnified from future asbestos claims. Under the terms of the agreement, in the fourth quarter, the Company contributed $1.4 billion in cash and derecognized $1.5 billion of asbestos liabilities and $98 million of related insurance assets. Included in the Company's third quarter results is a pre-tax loss on expected settlement of the divestiture of $148 million.

SEC MATTER

The Company is cooperating with a formal investigation by the ~~Securities and Exchange Commission (~~SEC) which is focused on certain financial reporting matters, including with respect to the Company's former Performance Materials and Technologies segment. At this time, the Company does not expect the outcome of this matter to have a material adverse effect on the Company's consolidated results of operations, cash flows, or financial position.

PETROBRAS AND UNAOIL MATTERS

On December 19, 2022, the Company reached a comprehensive resolution to the investigations by the U.S. Department of Justice (DOJ), the SEC, and certain Brazilian authorities (Brazilian Authorities) relating to the Company's use of third parties who previously worked for the Company's UOP business in Brazil in relation to a project awarded in 2010 for Petróleo Brasileiro S.A. (Petrobras). The investigations focused on the Company’s compliance with the U.S. Foreign Corrupt Practices Act and similar Brazilian laws (UOP Matters). The comprehensive resolution also resolves DOJ and SEC investigations relating to a matter involving a foreign subsidiary’s prior contract with Unaoil S.A.M. in Algeria executed in 2011 (the Unaoil Matter).

In connection with the comprehensive resolution, (i) the Company agreed to pay a total equivalent of $203 million, which payment occurred in January 2023, to the DOJ, the SEC, and the Brazilian Authorities, collectively, in penalties, disgorgement, and prejudgment interest, (ii) the Company’s subsidiary, UOP, LLC (UOP), entered into a three-year Deferred Prosecution Agreement (DPA) with the DOJ for charges related to the UOP Matters, (iii) UOP entered into leniency agreements with the Brazilian Authorities related to the UOP Matter in Brazil, and (iv) the Company entered into an agreement with the SEC that resolves allegations relating to the UOP Matters and the Unaoil Matter. Pursuant to these agreements, the Company agreed to undertake certain compliance measures and compliance reporting obligations. These agreements entirely resolved the Petrobras and Unaoil investigations. In July 2025, the DOJ filed, and the court granted, a motion for early termination of the DPA, and the deferred charges related to the UOP Matters have been dismissed with prejudice.

LITIGATION MATTERS

Flexjet v. Honeywell International Inc.

Flexjet, LLC (Flexjet) provides private jet services to customers. Honeywell maintains aircraft engine maintenance service contracts with Flexjet. During the COVID-19 pandemic, a customer dispute arose over delayed engine deliveries and specified engine enrollments under these maintenance service contracts. In 2021, the Company notified Flexjet that it was invoking force majeure provisions in response to the pandemic. On March 1, 2023, Flexjet brought suit against the Company, alleging breach of the parties’ aircraft engine maintenance service agreement (the MSA), seeking liquidated damages for delayed engine repairs, and claiming that its liquidated damages continue to accrue related to engines awaiting repair. Additionally, two third-party aircraft repair and services companies, Duncan Aviation, Inc. (Duncan) and StandardAero Business Aviation Services, LLC (StandardAero) each sued Flexjet for amounts allegedly owed for services provided, and Flexjet filed third-party complaints in those cases on January 10, 2025 and June 10, 2025, respectively, purporting to join the Company as a third-party defendant.

The ~~suit~~Company ~~was~~recorded ~~filed~~accruals in ~~the~~accordance ~~Supreme~~with ~~Court~~ASC ~~of the State of New York~~450, ~~County of New York~~Contingencies, ~~Commercial~~with ~~Division.~~respect Onto ~~December 12, 2024,~~ the ~~court~~Flexjet-related ~~issued a partial summary judgment order holding that the MSA could not be terminated for convenience~~matters. OnIn ~~May~~December 8, 2025, the ~~court~~Company ~~ruled~~announced onit ~~the~~was ~~remaining issues~~ in ~~the~~ongoing ~~parties’~~settlement ~~motions~~negotiations ~~for~~with ~~summary~~Flexjet ~~judgment, finding that the MSA’s liquidated damages provision is enforceable~~ and ~~dismissing~~ the ~~Company’s force majeure defense, among~~ other ~~rulings.~~parties ~~The court’s second summary judgment order also held that a trial is necessary~~ to ~~determine whether and to what extent specific engines are covered by~~ the ~~MSA.~~litigation In court filings, Flexjet claimed, based on summary judgment rulings to date, that it is entitled to liquidated damages of at least $500 million, and further claimed that it is owed additional liquidated damages substantially in excess of that amount, in each case before pre-judgment interestmatters. ~~The Company filed notices of appeal of the court’s summary judgment decisions on January 10, 2025 and June 17, 2025. Trial has not yet been scheduled but is currently anticipated in 2026.~~

~~29 Honeywell~~On ~~International~~January ~~Inc~~16, 2026, the Company completed a comprehensive settlement relating to its lawsuit with Flexjet. As part of this comprehensive settlement, the Company entered into settlement agreements with Duncan, StandardAero, and Flexjet. As of January 21, 2026, each of these cases have been dismissed. These settlements resolve all legal disputes among the parties arising out of the alleged breach of the MSA.

In connection with these settlements, the Company paid $59 million in December 2025 associated with the Duncan and StandardAero settlements. The Company paid $375 million in the first quarter of 2026 associated with a settlement payment to Flexjet.

Contemporaneous with the Company’s entry into the settlement agreement with Flexjet, Flexjet and Honeywell amended the MSA to extend the term through 2035.

OTHER MATTERS

The Company is subject to a number of other lawsuits, investigations, and disputes (some of which involve substantial amounts claimed) arising out of the conduct of its business operations or those of previously owned entities, including matters relating to commercial transactions, government contracts, product liability, the integration of emerging technologies (such as, but not limited to, artificial intelligence and machine learning), prior acquisitions and divestitures, employment, employee benefit plans, intellectual property, legal, and environmental, health, and safety matters. The Company recognizes liabilities for any contingency that is probable of occurrence and reasonably estimable. The Company continually assesses the likelihood of adverse judgments or outcomes in such matters, as well as potential ranges of probable losses (taking into consideration any insurance recoveries), based on a careful analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts.

28 Honeywell International Inc.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

InGiven ~~two~~the ~~related~~uncertainty ~~cases~~inherent ~~filed~~in bylitigation ~~third-party~~and ~~aircraft~~investigations, ~~repair~~including ~~and~~those ~~services~~discussed ~~companies,~~in ~~Duncan~~this ~~Aviation~~Note 15, ~~Inc.~~the ~~(Duncan)~~Company ~~and~~cannot ~~StandardAero~~predict ~~Business~~when ~~Aviation~~or ~~Services,~~how ~~LLC~~these ~~(StandardAero)~~matters ~~brought~~will ~~suit~~be ~~against~~resolved ~~Flexjet~~and ~~for~~does ~~amounts~~not ~~allegedly~~believe ~~owed~~it ~~for~~is ~~services~~possible ~~provided.~~to ~~The~~develop ~~Duncan~~estimates ~~litigation~~of ~~was~~reasonably ~~filed~~possible inloss ~~the~~(or ~~U.S.~~a ~~District~~range ~~Court~~ of ~~Nebraska~~possible ~~and~~loss) ~~Flexjet~~in ~~purported~~excess toof ~~join~~current ~~the~~accruals ~~Company~~for ascommitment aand ~~third-party~~contingency ~~defendant~~matters. inConsidering the ~~Duncan litigation. Flexjet~~Company's ~~third-party~~past ~~suit~~experience ~~against~~and existing accruals, the Company ~~was~~does ~~transferred~~not toexpect the ~~U.S.~~outcome ~~District~~of ~~Court~~such ~~for~~matters, either individually or in the ~~Southern~~aggregate, ~~District~~to ofhave ~~New~~a ~~York~~material ~~and~~adverse ~~was~~effect ~~subsequently~~on ~~dismissed.~~the ~~Duncan~~Company's ~~claims~~consolidated ~~against~~financial ~~Flexjet~~position. inBecause ~~the~~most ~~U.S.~~contingencies ~~District~~are ~~Court~~resolved ~~for~~over ~~the~~long ~~District~~periods of ~~Nebraska~~time, ~~remain~~potential ~~pending.~~liabilities ~~The~~are ~~StandardAero~~subject ~~litigation~~to ~~was~~change ~~filed~~due into ~~the~~new ~~Supreme~~developments ~~Court~~(including ofnew ~~the~~discovery ~~State~~ of ~~New York~~facts, ~~County~~changes ofin ~~New York~~legislation, ~~Commercial~~and ~~Division.~~outcomes ~~Flexjet~~of ~~filed~~similar ~~amended~~cases ~~pleadings~~through in the ~~Duncan~~judicial ~~and~~system), ~~StandardAero~~changes ~~cases~~in onassumptions ~~January~~or ~~10,~~changes ~~2025~~in ~~and~~settlement ~~June 10~~strategy, ~~2025,~~which ~~purporting~~could tocause ~~join~~ the Company asto apay ~~third-party~~damage ~~defendant~~awards ~~and~~or ~~claiming~~settlements ~~that~~(or ~~amounts~~become ~~allegedly~~subject ~~owed~~ to ~~the~~equitable ~~respective~~remedies) ~~plaintiffs~~that ~~are~~could ~~the~~have ~~liabilities~~a ofmaterial ~~the~~adverse ~~Company.~~effect ~~The~~on the Company's ~~believes~~consolidated ~~that~~results itof ~~has~~operations ~~strong~~or ~~defenses~~operating ~~and~~cash ~~intends~~flows toin ~~continue~~the toperiods ~~vigorously~~recognized ~~defend~~or ~~the Flexjet-related matters~~paid.

The Company has recorded accruals in accordance with ASC 450, Contingencies, with respect to the Flexjet-related matters, which accruals are not material. Given the uncertainties inherent in litigation, the Company cannot predict when or how these matters will be resolved and cannot reasonably estimate a range of possible loss in excess of accruals.

The ultimate resolution of these matters could result in damage awards or settlements that are materially higher than amounts currently accrued and changes to amounts accrued or paid could have a material adverse effect on the Company's consolidated results of operations or operating cash flows in the period(s) recognized or paid. The Company does not expect the outcome of the Flexjet-related matters, either individually or in the aggregate, to have a material adverse effect on the Company's consolidated financial position.

OTHER MATTERS

The Company is subject to a number of other lawsuits, investigations, and disputes (some of which involve substantial amounts claimed) arising out of the conduct of the Company's business, including matters relating to commercial transactions, government contracts, product liability, prior acquisitions and divestitures, employee benefit plans, intellectual property, and environmental, health, and safety matters. The Company recognizes liabilities for any contingency that is probable of occurrence and reasonably estimable. The Company continually assesses the likelihood of adverse judgments or outcomes in such matters, as well as potential ranges of probable losses (taking into consideration any insurance recoveries), based on a careful analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts.

Given the uncertainty inherent in litigation and investigations, including those discussed in this Note 15, the Company cannot predict when or how these matters will be resolved and does not believe it is possible to develop estimates of reasonably possible loss (or a range of possible loss) in excess of current accruals for commitment and contingency matters. Considering the Company's past experience and existing accruals, the Company does not expect the outcome of such matters, either individually or in the aggregate, to have a material adverse effect on the Company's consolidated financial position. Because most contingencies are resolved over long periods of time, potential liabilities are subject to change due to new developments, changes in settlement strategy or the impact of evidentiary requirements, which could cause the Company to pay damage awards or settlements (or become subject to equitable remedies) that could have a material adverse effect on the Company's consolidated results of operations or operating cash flows in the periods recognized or paid.

NOTE 16. PENSION BENEFITS

Net periodic pension benefit (income) cost for the Company's significant pension plans included the following components:

	U.S. Plans
	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended March 31,
	2025		2024		2025		2024
	2026		2025
Service cost	$	76	$	7	$	21	$	21
Interest cost	~~147~~131		~~150~~147		~~441~~		~~449~~
Expected return on plan assets	(~~289~~282)		(~~282~~289)		~~(867)~~		~~(844)~~
Amortization of prior service (credit) cost	—		(1)		—		(5)
Net periodic benefit (income) cost	$	(145)	$	(135)
Net periodic benefit (income) cost	$	(135)	$	(126)	$	(405)	$	(379)
Net periodic benefit (income) cost - continuing operations	$	(145)	$	(134)
Net periodic benefit (income) cost - discontinued operations	—		(1)

30 Honeywell International Inc.


	Non-U.S. Plans
	Three Months Ended March 31,
	2026		2025
Service cost	$	1	$	1
Interest cost	42		47
Expected return on plan assets	(71)		(73)


Amortization of prior service (credit)	1		—
Recognition of actuarial (gains) losses	—		14

Net periodic benefit (income) cost	$	(27)	$	(11)
Net periodic benefit (income) cost - continuing operations	$	(27)	$	(12)
Net periodic benefit (income) cost - discontinued operations	—		1

The Company repurchased $100 million and $200 million of outstanding Honeywell shares of common stock from the Honeywell U.S. Pension Plan Master Trust during the three months ended March 31, 2026 and 2025, respectively.

29 Honeywell International Inc.

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HONEYWELL INTERNATIONAL INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

	Non-U.S. Plans
	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Service cost	$	1	$	3	$	3	$	9
Interest cost	46		49		138		143
Expected return on plan assets	(69)		(78)		(211)		(226)
Recognition of actuarial (gains) losses	—		—		14		—
Settlements and curtailments	—		—		68		—
Net periodic benefit (income) cost	$	(22)	$	(26)	$	12	$	(74)

The Company repurchased $100 million and $400 million of outstanding Honeywell shares of common stock from the Honeywell U.S. Pension Plan Master Trust during the three and nine months ended September 30, 2025, respectively. The Company completed no repurchases of outstanding Honeywell shares of common stock from the Honeywell U.S. Pension Plan Master Trust during the nine months ended September 30, 2024.

NOTE 17. OTHER (INCOME) EXPENSE

	Three Months Ended September 30,				Nine Months Ended September 30,
			Three Months Ended March 31,
	2025		2024		2025		2024
					2026		2025
Interest income	$	~~(86)~~	$	~~(110)~~	$	(~~255~~90)	$	(~~325~~91)
Pension ongoing income—non-service	~~(169)~~		~~(161)~~		(~~424~~181)		(~~478~~154)
Other postretirement income—non-service	~~(3)~~		~~(3)~~		(112)		(134)
Equity income of affiliated companies	~~(13)~~		~~(17)~~		(4516)		(4711)
Gain on Resideo indemnification and reimbursement agreement termination	(802)		—		(802)		—
Gain on sale of non-strategic businesses and assets					(6)		—
Loss on sale of non-strategic businesses and assets	—		—		30		—
Foreign exchange (gain) loss					5		4
Foreign exchange (gain) loss	(10)		(4)		(25)		27
Divestiture-related costs1					239		11
Divestiture-related costs1	234		—		361		—
Acquisition-related costs					3		6
Acquisition-related costs	13		10		24		34
Debt restructuring costs					44		—
Expense related to Russia-Ukraine conflict	—		—		—		17
Other, net					(3)		10
Other, net	14		22		38		45
Total Other (income) expense					$	(7)	$	(229)
Total Other (income) expense	$	(822)	$	(263)	$	(1,109)	$	(740)


1						Includes divestiture, spin-off, and separation costs.

See Note 15 Commitments and Contingencies for further discussion of the gain related to the Resideo indemnification and reimbursement agreement termination.

See Note 5 Repositioning and Other (Gains) Charges for further discussion of the expense related to the Russia-Ukraine conflict.

NOTE 18. SEGMENT FINANCIAL DATA

Honeywell globally manages its business operations through four reportable business segments. Segment information is consistent with how the Chairman and Chief Executive Officer, who is the Company's chief operating decision maker, and management reviews the businesses, makes investing and resource allocation decisions, and assesses operating performance.

Honeywell’s senior management evaluates segment performance based on segment profit. Each segment’s profit is measured as segment income (loss) before taxes excluding general corporate unallocated expense, interest and other financial charges, interest income, amortization of acquisition-related intangibles, certain acquisition- and divestiture-related costs, impairment of goodwill, impairment of assets held for sale, stock compensation expense, pension and other postretirement income (expense), repositioning and other (gains) charges, loss on debt extinguishment, and other items within Other (income) expense.

~~31 Honeywell~~Effective ~~International~~during ~~Inc~~the first quarter of 2026, the Company realigned certain of its business units comprising the Industrial Automation and Energy and Sustainability Solutions reportable business segments. This realignment formed a new reportable business segment, Process Automation and Technology, and resulted in a new composition of the Industrial Automation reportable business segment. Process Automation and Technology is comprised of UOP, which was previously in Energy and Sustainability Solutions, and the core portion of the Process Solutions business, which was previously in Industrial Automation. The new composition of Industrial Automation continues to include the smart energy, thermal solutions, and process measurement and control businesses, previously included in the Process Solutions business, as well as the Sensing and Safety Technologies, Warehouse and Workflow Solutions, and Productivity Solutions and Services businesses. Following the realignment, the Company's reportable business segments are Aerospace Technologies, Building Automation, Process Automation and Technology, and Industrial Automation. The realignment had no impact on the Company's historical consolidated financial position, results of operations, or cash flows. Prior period amounts have been recast.

30 Honeywell International Inc.

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HONEYWELL INTERNATIONAL INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

In October 2025, the Company announced a planned realignment, expected to be effective in the first quarter of 2026, of its business units comprising its Industrial Automation and Energy and Sustainability Solutions reportable business segments. This realignment will form a new reportable business segment, Process Automation and Technology, and result in a new composition of its Industrial Automation reportable business segment. Process Automation and Technology will be comprised of UOP, which is currently in Energy and Sustainability Solutions, and the core portion of the Process Solutions business, which is currently in Industrial Automation. The new composition of Industrial Automation will continue to include the smart energy, thermal solutions, and process measurement and control businesses, currently included in the Process Solutions business, as well as the Sensing and Safety Technologies, Warehouse and Workflow Solutions, and Productivity Solutions and Services businesses. Following the realignment, the Company’s reportable business segments will be Aerospace Technologies, Building Automation, Process Automation and Technology, and Industrial Automation. The realignment will not impact the Company’s historical consolidated financial position, results of operations, or cash flows. The Company expects to report its financial performance based on this realignment effective with the first quarter of 2026.


Three Months Ended March 31, 2026	Aerospace Technologies		Building Automation		Process Automation and Technology		Industrial Automation		Corporate and All Other		Total Honeywell
Net sales
Products	$	2,393	$	1,322	$	958	$	1,194	$	—	$	5,867
Services	1,929		560		555		227		5		3,276
Total Net sales	4,322		1,882		1,513		1,421		5		9,143
Less
Cost of products and services sold	2,675		993		856		864
Selling, general and administrative expenses	196		273		174		196
Other segment items1	307		120		124		120
Total Segment profit	$	1,144	$	496	$	359	$	241	$	(111)	$	2,129

Depreciation and amortization	$	107	$	64	$	100	$	37	$	49	$	357
Capital expenditures	98		17		54		15		39		223

Three Months Ended September 30, 2025	Aerospace Technologies		Industrial Automation		Building Automation		Energy and Sustainability Solutions		Corporate and All Other		Total Honeywell
Net sales
Products	$	2,606	$	1,511	$	1,369	$	1,600	$	—	$	7,086
Services	1,905		763		509		142		3		3,322
Total Net sales	4,511		2,274		1,878		1,742		3		10,408
Less
Cost of products and services sold	2,844		1,345		990		1,118
Selling, general and administrative expenses	169		297		265		97
Other segment items1	320		204		121		100
Total Segment profit	$	1,178	$	428	$	502	$	427	$	(128)	$	2,407
Depreciation and amortization	$	84	$	87	$	63	$	113	$	50	$	397
Capital expenditures	105		57		22		157		33		374


1						For each reportable segment, the other segment items category includes research and development expenses, equity income of affiliated companies and certain allocated overhead expenses, which are comprised of salaries and fringe benefits, professional & purchased services, and other indirect spend across core corporate functions such as central IT, corporate finance, human resources, supply chain, legal, government relations, and other corporate functions.

Three Months Ended September 30, 2024

Aerospace Technologies

Industrial Automation

Building Automation

Energy and Sustainability Solutions

Corporate and All Other

Total Honeywell

Three Months Ended March 31, 2025

Aerospace Technologies

Building Automation

Process Automation and Technology

Industrial Automation

Corporate and All Other

Total Honeywell

Net sales

Products

2,~~148~~365

1,~~755~~208

~~1,281~~891

1,~~406~~343

—

65,~~590~~807

Services

1,~~764~~807

~~746~~484

~~464~~554

~~157~~254

719

3,~~138~~118

Total Net sales

34,~~912~~172

21,~~501~~692

1,~~745~~445

1,~~563~~597

719

98,~~728~~925

Less

Cost of products and services sold

2,~~446~~592

~~1,461~~868

~~926~~809

~~957~~989

Selling, general and administrative expenses

~~143~~188

~~332~~275

~~256~~208

~~125~~239

Other segment items

~~241~~293

~~200~~109

~~111~~115

98139

Total Segment profit

1,~~082~~099

~~508~~440

~~452~~313

~~383~~230

(~~129~~80)

2,~~296~~002

Depreciation and amortization

7694

~~100~~60

6768

6756

~~357~~325

Capital expenditures

7973

5523

1940

9122

3532

~~279~~190

32 Honeywell International Inc.


	March 31, 2026		December 31, 2025

Aerospace Technologies	$	18,571	$	17,920
Building Automation	10,810		10,883
Process Automation and Technology	17,694		17,572
Industrial Automation	10,534		10,712
Corporate and All Other	16,379		16,594
Total assets	$	73,988	$	73,681

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HONEYWELL INTERNATIONAL INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

Nine Months Ended September 30, 2025	Aerospace Technologies		Industrial Automation		Building Automation		Energy and Sustainability Solutions		Corporate and All Other		Total Honeywell
Net sales
Products	$	7,439	$	4,801	$	3,910	$	4,700	$	—	$	20,850
Services	5,551		2,231		1,486		440		24		9,732
Total Net sales	12,990		7,032		5,396		5,140		24		30,582
Less
Cost of products and services sold	8,154		4,105		2,802		3,248
Selling, general and administrative expenses	538		996		822		379
Other segment items	923		623		351		297
Total Segment profit	$	3,375	$	1,308	$	1,421	$	1,216	$	(289)	$	7,031
Depreciation and amortization	$	278	$	256	$	180	$	310	$	151	$	1,175
Capital expenditures	275		135		69		350		99		928

Nine Months Ended September 30, 2024	Aerospace Technologies		Industrial Automation		Building Automation		Energy and Sustainability Solutions		Corporate and All Other		Total Honeywell
Net sales
Products	$	6,300	$	5,332	$	3,492	$	4,206	$	—	$	19,330
Services	5,172		2,153		1,250		486		19		9,080
Total Net sales	11,472		7,485		4,742		4,692		19		28,410
Less
Cost of products and services sold	7,081		4,358		2,534		2,952
Selling, general and administrative expenses	437		1,060		705		365
Other segment items	777		608		304		284
Total Segment profit	$	3,177	$	1,459	$	1,199	$	1,091	$	(337)	$	6,589
Depreciation and amortization	$	210	$	278	$	132	$	197	$	140	$	957
Capital expenditures	221		149		54		260		87		771

	September 30, 2025		December 31, 2024
Aerospace Technologies	$	18,060	$	16,966
Industrial Automation	21,198		21,035
Building Automation	10,943		11,438
Energy and Sustainability Solutions	13,454		10,337
Corporate and All Other	17,262		15,420
Total assets	$	80,917	$	75,196

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HONEYWELL INTERNATIONAL INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

(Dollars in tables in millions, except per share amounts)

A reconciliation of segment profit to consolidated income before taxes are as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
			Three Months Ended March 31,
	2025		2024		2025		2024
					2026		2025
Segment profit	$	~~2,407~~	$	~~2,296~~	$	72,~~031~~129	$	62,~~589~~002
Interest and other financial charges	~~(354)~~		~~(297)~~		(~~970~~356)		(~~767~~285)
Interest income1	86		~~110~~		~~255~~90		~~325~~91
Amortization of acquisition-related intangibles2	~~(141)~~		~~(120)~~		(~~410~~153)		(~~275~~135)
Impairment of assets held for sale	—		~~(125)~~		(15263)		(~~125~~15)
Stock compensation expense3	~~(36)~~		~~(45)~~		(~~154~~57)		(~~153~~59)
Pension ongoing income4	~~150~~		~~145~~		~~390~~164		~~430~~126
Pension mark-to-market expense4	—		—		~~(14)~~—		—14
Other postretirement income4	3		3		112		134
Repositioning and other gains (charges)5	367		(52)		283		(189)
Repositioning and other charges5					(68)		(43)
Other expense6	(260)		(91)		(430)		(179)
Loss on debt extinguishment					(239)		—
Income before taxes	$	2,222	$	1,824	$	5,977	$	5,669
Divestiture-related costs6					(314)		(11)
Other expense7					(49)		(24)
Income before taxes					$	886	$	1,665

1						Amounts included in Other (income) expense.
2						Amounts included in Cost of products and services sold.
3						Amounts included in Selling, general and administrative expenses.
4						Amounts included in Cost of products and services sold (service cost component), Selling, general and administrative expenses (service cost component), Research and development expenses (service cost component), and Other (income) expense (non-service cost component).
5						Amounts included in Cost of products and services sold, Selling, general and administrative expenses, and Other (income) expense.
6						Amounts ~~include~~included ~~the~~in ~~other~~Selling, ~~components~~general ofand administrative expenses and Other (income) expense ~~not included within other categories in this reconciliation~~. ~~Equity income of affiliated companies is included in segment profit.~~
7						Amounts include the other components of Selling, general and administrative expenses and Other (income) expense not included within other categories in this reconciliation. Equity income of affiliated companies is included in segment profit.

~~NOTE~~32 Honeywell ~~19.~~International ~~SUBSEQUENT EVENTS~~Inc.

In the fourth quarter, the Company permanently divested all of its legacy Bendix asbestos liabilities and certain non-Bendix asbestos liabilities, contributing cash and transferring asbestos liabilities to a third party entity. As part of the agreement, the Company will be indemnified from future asbestos claims. Under the terms of the agreement, in the fourth quarter, the Company contributed $1.4 billion in cash and derecognized $1.5 billion of asbestos liabilities and $98 million of related insurance assets. Included in the Company's third quarter results is a pre-tax loss on expected settlement of the divestiture of $148 million. See Note 15 Commitments and Contingencies for more information.

Also in the fourth quarter, in connection with the planned spin-off, Solstice issued 5.625% Senior Notes due September 30, 2033 in an aggregate principal amount of $1.0 billion (the Notes). The proceeds from the Notes offering will be held in escrow until satisfaction of the conditions precedent to the spin-off and certain other escrow release conditions. If such conditions are not met by March 31, 2026, the Notes will be redeemed at 100% of principal plus accrued interest. Solstice will pay interest on the Notes on March 31 and September 30 of each year, with the first payment due on March 31, 2026. The Notes are senior unsecured obligations of Solstice, guaranteed on a senior unsecured basis by certain of its domestic subsidiaries and, from and after the escrow release date, will be guaranteed on a senior unsecured basis by each of Solstice’s existing and future domestic subsidiaries that guarantees Solstice’s senior credit facilities.

See Note 18 Segment Financial Data for information related to the Company’s planned realignment of its reportable business segments announced on October 22, 2025, and expected to be effective in the first quarter of 2026.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

(Dollars in tables and graphs in millions, except per share amounts)

The following Management's Discussion and Analysis of Financial Condition and Results of Operations is intended to help the reader understand the results of operations and financial condition of Honeywell International Inc. and its consolidated subsidiaries (Honeywell, we, us, our, or the Company) for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025~~2026. The financial information as of ~~September~~March 3031, ~~2025,~~2026 should be read in conjunction with the Consolidated Financial Statements for the year ended December 31, ~~2024~~2025, contained in our ~~2024~~2025 Annual Report on Form 10-K. Certain prior year amounts are reclassified to conform to the current year presentation.

BUSINESS UPDATE

MACROECONOMIC CONDITIONS

We continue to monitor macroeconomic and geopolitical developments ~~amid~~that ~~heightened~~remain ~~trade tensions~~elevated, ~~economic~~including ~~and~~armed ~~trade~~conflict ~~policy~~in ~~uncertainty,~~the ~~and~~Middle ~~inflationary~~East ~~risks.~~and ~~Trade~~its ~~policy~~effects ~~volatility~~on ~~during~~global ~~2025,~~energy ~~including~~markets ~~new~~and ~~tariffs~~maritime ~~and~~shipping, inongoing ~~some~~trade ~~cases,~~policy ~~subsequent~~uncertainty ~~rollbacks~~following orjudicial ~~suspensions,~~and ~~could~~regulatory ~~impact~~developments ~~global~~affecting ~~growth~~U.S. ~~and~~tariff ~~contribute~~authorities, toand evolving inflationary pressures. Global ~~conflicts~~growth projections moderated, and tariffs, ~~labor~~imposed ~~disruptions~~during 2025 and 2026, together with new trade investigations and ~~regulations~~ongoing ~~continue~~negotiations, contributed to ~~generate~~heightened volatility. inElevated ~~global~~energy ~~markets~~prices, tariff pass-through effects, and financial market uncertainty continue to contribute to supply chain ~~vulnerabilities~~ and ~~pricing~~cost ~~fluctuations~~pressures. We ~~remain~~continue ~~proactive~~to inengage ~~our collaboration~~ with suppliers to ~~minimize~~proactively ~~shortages~~manage ~~and~~potential ~~mitigate~~disruptions, ~~supply~~critical ~~chain~~material constraints, and pricing volatility.

Mitigation strategies ~~remain~~are ~~crucial~~an toimportant ~~meet~~component ~~customer~~of ~~demand~~our inapproach ~~this~~to ~~evolving~~managing ~~environment.~~these ~~Our~~risks, ~~mitigation~~including ~~strategies include~~ supply chain simplification, ~~continued~~ alignment to local and regional supply sources, pricing actions, ~~and~~ dual -source strategies, ~~long~~and longer-term ~~strategies~~approaches for constrained materials,. These efforts include direct engagement with key suppliers, ~~and~~ new supplier development., ~~Strong relationships with strategic primary~~ and ~~secondary suppliers allow us to collaborate to reliably source key components and raw materials~~, ~~develop~~where ~~new products~~appropriate, ~~commit~~design ~~our resources to assist certain suppliers, and at times, alter designs of existing products~~modifications. We ~~believe~~maintain ~~these~~relationships ~~mitigation~~with ~~strategies~~primary ~~enable~~and ussecondary tosuppliers ~~reduce~~that ~~supply~~support ~~risk,~~sourcing ~~foster~~continuity ~~new product innovation,~~ and ~~expand~~operational ~~our market presence~~flexibility. ~~Additionally,~~Due ~~due~~ to ~~the~~ stringent quality controls and product qualification ~~we perform on any new or altered product~~processes, these ~~mitigation~~ strategies have not impacted, and weare do not ~~expect~~expected ~~them~~ to impact, product quality or reliability.

To date, our strategies have helped ~~minimize~~manage our exposure to these supply chain and cost-related conditions. However, ifthe weconvergence ~~are~~of ~~not~~geopolitical ~~successful~~conflict, inevolving ~~sustaining~~trade ~~or executing these strategies~~policies, ~~these~~and ~~macroeconomic~~persistent ~~conditions~~inflationary ~~could~~pressures may have a material adverse effect on our consolidated results of operations, cash flows, or financial condition.

PORTFOLIO TRANSFORMATION

We continually assess the relative strength of each business in our portfolio as to strategic fit, market position, profit, and cash flow contribution in order to identify target investment and acquisition opportunities in order to upgrade our combined portfolio. We also identify businesses that do not fit into our long-term strategic plan based on their market position, relative profitability, or growth potential. During the second quarter of 2025, we completed the divestiture of our PPE business, as well as closed on the acquisition of Sundyne. We also announced our agreement to acquire Johnson Matthey's Catalyst Technologies business segment.

On ~~October~~February 86, ~~2024~~2025, we announced our intention to ~~spin~~pursue ~~off~~a ~~our~~separation ~~Advanced~~of ~~Materials~~Honeywell ~~business~~from ~~into~~Honeywell ~~Solstice Advanced Materials~~Aerospace, ~~Inc.~~into ~~(Solstice), an~~ independent, U.S. publicly traded ~~company~~companies, which is intended to be completed in the third quarter on June 29, 2026. The ~~spin-off~~planned ~~will~~separation is intended to be a tax-free ~~spin~~separation to Honeywell shareowners for U.S. federal income tax purposes. OnThe ~~October~~separation 1,will ~~2025,~~be wesubject ~~announced~~to ~~that~~the ~~our~~satisfaction ~~Board~~of ~~approved~~ a ~~record~~number ~~date~~ of ~~October~~customary 17conditions, ~~2025~~including, ~~(Record~~among ~~Date)~~others, ~~for~~ the ~~pro~~filing ~~rata distribution of all of the issued~~ and ~~outstanding~~effectiveness ~~shares~~ of ~~Solstice~~applicable tofilings ~~the~~(including ~~holders~~a ofForm ~~our~~10 ~~common~~registration ~~stock~~statement asthat ofincludes ~~the~~required ~~close~~financial ofstatements) ~~business~~with on the ~~Record Date (Eligible Holders). On October 16~~SEC, ~~2025,~~assurance ~~we announced~~ that the ~~Board~~separation ~~approved~~of the ~~spin-off,~~businesses ~~which~~ will be ~~effective~~tax-free asto ofHoneywell’s ~~12:01 a.m. (New York City time) on October 30~~shareowners, ~~2025~~receipt ~~(Distribution~~of ~~Date).~~applicable Onregulatory ~~the Distribution Date~~approvals, ~~the~~and ~~Eligible~~final ~~Holders~~approval ~~will~~by ~~receive~~Honeywell’s ~~one~~Board ~~share~~ of ~~Solstice common stock for every four shares of our common stock they hold as of the close of business on the Record Date~~Directors. ~~Completion~~The ofproposed ~~the~~separation ~~Distribution~~ is ~~conditioned~~complex ~~upon~~in ~~the satisfaction or waiver of certain conditions~~nature, asand ~~set~~may ~~forth~~be inaffected ~~the~~by ~~form~~unanticipated ofdevelopments, ~~Separation~~credit and ~~Distribution~~equity ~~Agreement filed with the SEC as part of the registration statement on Form 10 filed by Solstice~~markets, ~~which~~or ~~was~~changes ~~declared~~in ~~effective~~market ~~by the SEC on September 30, 2025~~conditions.

35 In 2025, we announced we are evaluating strategic alternatives for our Productivity Solutions and Services and Warehouse and Workflow Solutions businesses within the Industrial Automation reportable segment to further simplify Honeywell's ~~International~~portfolio ~~Inc~~and accelerate shareowner value creation ahead of the planned separation of Honeywell from Honeywell Aerospace. Beginning December 31, 2025, the assets and liabilities of these businesses were classified as held for sale. In April 2026, the Company announced it has reached agreements to sell the businesses in two separate transactions, both of which are expected to close in the second half of 2026 and are subject to customary closing conditions, including receipt of certain regulatory approvals.

33 Honeywell International Inc.

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On ~~February~~May 622, 2025, wethe Company announced ~~our~~its ~~intention~~agreement to ~~pursue~~acquire aJohnson ~~separation~~Matthey's ofCatalyst ~~our~~Technologies ~~Automation~~business ~~and~~segment ~~Aerospace~~in ~~Technologies~~an ~~businesses~~all-cash ~~into independent, U~~transaction.S. ~~publicly~~In ~~traded~~February ~~companies~~2026, ~~which is expected to be completed in~~ the ~~second~~agreement ~~half~~was ofamended ~~2026. The planned separation is intended~~ to beadjust athe ~~tax-free~~total ~~separation~~consideration to ~~Honeywell shareowners for U~~£1.S.325 ~~federal income tax purposes~~billion. ~~The~~Completion ~~separation~~of ~~will be subject to~~ the ~~satisfaction~~transaction ofis aanticipated ~~number~~in ~~of customary conditions, including, among others,~~ the ~~filing~~third ~~and~~quarter ~~effectiveness~~ of ~~applicable filings (including a Form 10 registration statement that includes required financial statements) with the SEC~~2026, ~~assurance~~subject ~~that the separation of the businesses will be tax-free~~ to ~~Honeywell’s~~customary ~~shareowners~~closing conditions, including receipt of ~~applicable~~certain regulatory approvals~~, and final approval by our Board~~. ~~The proposed separation is complex in nature, and may be affected by unanticipated developments, credit and equity markets, or changes in market conditions.~~

On July 8, 2025, we announced we are evaluating strategic alternatives for our Productivity Solutions and Services and Warehouse and Workflow Solutions businesses within the Industrial Automation reportable segment to further simplify Honeywell's portfolio and accelerate shareowner value creation ahead of our planned separation into three independent, U.S. publicly traded companies.

LIABILITY MANAGEMENT REORGANIZATION

On June 23, 2025, we completed our previously announced reorganization (the “Liability Management Reorganization”) in connection with which: (i) certain of our asbestos-related assets and liabilities were allocated to a separate, wholly owned entity, (ii) certain assets and liabilities associated with certain sites for which we had or may have had environmental liabilities were allocated to a separate, wholly owned entity, (iii) certain assets and liabilities associated with certain other sites (not included in clause (ii) above) for which we had or may have had environmental liabilities were allocated to a separate, wholly owned entity, and (iv) all of our remaining assets and liabilities (i.e., all assets and liabilities not included in clauses (i)-(iii) above) were allocated to the Company. The reorganization is intended to provide us flexibility with respect to managing certain asbestos, environmental, and other liabilities, including any future strategic transactions involving such liabilities, and enable us to focus on our operating business, while efficiently managing potential asbestos liabilities, existing or future environmental liabilities and remediation obligations, and certain other liabilities.

On September 29, 2025, we permanently divested all of our legacy Bendix asbestos liabilities and certain non-Bendix asbestos liabilities (referenced in clause (i) above). We recorded a pre-tax loss of $148 million in the third quarter of 2025 related to the divested asbestos liabilities. Under the terms of the divestiture agreement, we contributed $1.4 billion in cash and derecognized $1.5 billion in asbestos liabilities and $0.1 billion of related insurance assets on September 29, 2025, which is after our quarter-end close date of September 27, 2025.

SEGMENT REALIGNMENT

InEffective ~~October 2025, we announced a planned realignment, expected to be effective~~ in the first quarter of 2026, we realigned certain of our business units comprising our Industrial Automation and Energy and Sustainability Solutions reportable business segments. This realignment ~~will~~formed ~~form~~ a new reportable business segment, Process Automation and Technology, and ~~result~~resulted in a new composition of our Industrial Automation reportable business segment. Process Automation and Technology ~~will~~is be comprised of UOP, which iswas ~~currently~~previously in Energy and Sustainability Solutions, and the core portion of the Process Solutions business, which iswas ~~currently~~previously in Industrial Automation. The new composition of Industrial Automation ~~will~~continues ~~continue~~ to include the smart energy, thermal solutions, and process measurement and control businesses, ~~currently~~previously included in the Process Solutions business, as well as the Sensing and Safety Technologies, Warehouse and Workflow Solutions, and Productivity Solutions and Services businesses. Following the realignment, our reportable business segments ~~will~~are be Aerospace Technologies, Building Automation, Process Automation and Technology, and Industrial Automation. In addition to the realignment, also beginning in 2026, we report the disaggregation of revenue within our Building Automation, Process Automation and Technology, and Industrial Automation segments based on business models. The realignment ~~will~~had ~~not~~no impact on our historical consolidated financial position, results of operations, or cash flows. WePrior ~~expects~~period toamounts ~~report~~have ~~our~~been ~~financial~~recast ~~performance~~to ~~based~~reflect on this ~~realignment effective with the first quarter of 2026~~change.

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RESULTS OF OPERATIONS

Consolidated Financial Results

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Net Sales by Segment

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Segment Profit by Segment

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CONSOLIDATED OPERATING RESULTS

Net Sales

The change in Net sales was attributable to the following:

	Q3 2025 vs. Q3 2024	Year to Date 2025 vs. 2024
	Q1 2026 vs. Q1 2025
Volume	3(2 %)	2%
Price	34 %	3%
Foreign currency translation	12 %	—%
Acquisitions, divestitures, and other, net	—%	3%
Acquisitions	1 %
Total % change in Net sales	7%	8%
Divestitures	(3 %)
Other	— %
Total % change in Net sales	2 %

A discussion of Net sales by reportable business segment can be found in the Review of Business Segments section of this Management's Discussion and Analysis.

Q3Q1 ~~2025~~2026 compared with Q3Q1 ~~2024~~2025

Net sales increased due to the following:

•Increased pricing and price adjustments to offset inflation,

•Higher sales volumes, and

•Favorable impact of foreign currency translation, driven by the weakening of the U.S. dollar against the euro.

YTD 2025 compared with YTD 2024

Net sales increased due to the following:

•Incremental sales from recent acquisitions,

•Increased pricing and price adjustments to offset inflation, and

•~~Higher~~Favorable ~~sales~~impact ~~volumes~~of foreign currency translation, driven by the weakening of the U.S. dollar against the currencies of the majority of our international markets, primarily the Australian dollar, Chinese renminbi, and Canadian dollar,

~~40 Honeywell~~•Partially ~~International~~offset ~~Inc.~~by lower sales from the divestiture of the personal protective equipment (PPE) business, and

•Lower sales volumes.

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Cost of Products and Services Sold

Q3Q1 ~~2025~~2026 compared with Q3Q1 ~~2024~~2025

Cost of products and services sold increased due to ~~the~~higher ~~following:~~direct and indirect material costs and higher labor costs.

•Incremental costs from recent acquisitions of approximately $0.2 billion or 3%,

•Adjustment to estimated future environmental liabilities of approximately $0.2 billion or 3%,

•Higher direct and indirect material costs and higher labor costs of approximately $0.2 billion or 3%, and

•Higher sales volumes of approximately $0.2 billion or 3%.

YTD 2025 compared with YTD 2024

Cost of products and services sold increased due to the following:

•Incremental costs from recent acquisitions of approximately $0.8 billion or 5%,

•Higher direct and indirect material costs and higher labor costs of approximately $0.5 billion or 3%, and

•Higher sales volumes of approximately $0.4 billion or 2%.

Gross Margin

Q3Q1 ~~2025~~2026 compared with Q3Q1 ~~2024~~2025

Gross margin ~~decreased~~increased by approximately $0.21 billion and gross margin percentage decreased ~~440~~10 basis points to 3438.17% compared to 38.58% for the same period of ~~2024~~2025.

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YTD 2025 compared with YTD 2024

Gross margin increased by approximately $0.4 billion and gross margin percentage decreased 160 basis points to 37.1% compared to 38.7% for the same period of 2024.

Research and Development Expenses

Q3Q1 ~~2025~~2026 compared with Q3Q1 ~~2024~~2025

Research and development expenses increased as a percentage of net sales due to increased investment in new product development in our Aerospace Technologies business.

YTD 2025 compared with YTD 2024

Research and development expenses increased as a percentage of net sales due to increased investment in new product development in our Aerospace Technologies business.

A summary of our research and development costs is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
			Three Months Ended March 31,
	2025		2024		2025		2024
					2026		2025
Company funded research and development expenses	$	~~497~~	$	~~368~~	$	~~1,417~~492	$	~~1,110~~416
Customer-sponsored research and development1	~~270~~		~~267~~		~~797~~266		~~817~~267
Total research and development costs	$	~~767~~	$	~~635~~	$	~~2,214~~758	$	~~1,927~~683



1			Includes deferred customer funded nonrecurring engineering and development activities and expenditures on customer programs with a significant engineering performance obligation, included in Cost of products and services sold in the Consolidated Statement of Operations.

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Selling, General and Administrative Expenses

Q3Q1 ~~2025~~2026 compared with Q3Q1 ~~2024~~2025

Selling, general and administrative expenses ~~decreased~~were ~~due~~flat compared to ~~higher~~the ~~productivity~~same period in 2025.

~~YTD~~39 Honeywell ~~2025~~International ~~compared to YTD 2024~~Inc.

~~Selling,~~TABLE ~~general~~OF ~~and administrative expenses were flat compared to the same period in 2024.~~CONTENTS

Impairment of Assets Held for Sale

	Three Months Ended September 30,				Nine Months Ended September 30,
			Three Months Ended March 31,
	2025		2024		2025		2024
					2026		2025
Impairment of assets held for sale	$	—	$	~~125~~	$	15263	$	~~125~~15

Q3Q1 ~~2025~~2026 compared with Q3Q1 ~~2024~~2025

AnImpairment of assets held for sale increased due to an impairment charge ~~was~~ recorded on the assets held for sale related to the ~~PPE~~Productivity ~~business~~Solutions ~~during~~and Services and Warehouse and Workflow Solutions businesses for the three months ended ~~September~~March 3031, ~~2024~~2026.

~~YTD~~Loss ~~2025~~on ~~compared~~Debt ~~to YTD 2024~~Extinguishment

An impairment charge was recorded on assets held for sale related to the PPE business during the nine months ended September 30, 2025 and 2024.


	Three Months Ended March 31,
		2026		2025
Loss on debt extinguishment		$	239	$	—

Q1 2026 compared with Q1 2025

Loss on debt extinguishment in the three months ended March 31, 2026 was due to the debt tender offers and redemptions.

Other (Income) Expense

	Three Months Ended September 30,				Nine Months Ended September 30,
			Three Months Ended March 31,
	2025		2024		2025		2024
					2026		2025
Other (income) expense	$	~~(822)~~	$	~~(263)~~	$	(~~1,109~~7)	$	(~~740~~229)

Q3Q1 ~~2025~~2026 compared with Q3Q1 ~~2024~~2025

Other income ~~increased~~decreased due to higher divestiture-related costs related to the ~~following:~~anticipated spin-off of the Aerospace business.

•Gain recognized on Resideo termination agreement of approximately $0.8 billion,

•Partially offset by higher divestiture-related costs of approximately $0.2 billion.

YTD 2025 compared to YTD 2024

Other income increased due to the following:

•Gain recognized on Resideo termination agreement of approximately $0.8 billion,

•Partially offset by higher divestiture-related costs of approximately $0.4 billion.

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Interest and Other Financial Charges

	Three Months Ended September 30,				Nine Months Ended September 30,
			Three Months Ended March 31,
	2025		2024		2025		2024
					2026		2025
Interest and other financial charges	$	~~354~~	$	~~297~~	$	~~970~~356	$	~~767~~285

Q3Q1 ~~2025~~2026 compared with Q3Q1 ~~2024~~2025

Interest and other financial charges increased due to ~~increased~~the pre-separation debt ~~funding~~financing toin ~~support~~advance ~~acquisitions~~of ~~and~~the ~~higher~~anticipated ~~interest rates on long~~spin-~~term~~off ~~debt~~of ~~issuances~~the inAerospace ~~August 2024~~business.

~~YTD~~40 Honeywell ~~2025~~International ~~compared to YTD 2024~~Inc.

~~Interest~~TABLE ~~and~~OF ~~other financial charges increased due to increased debt funding to support acquisitions and higher interest rates on long-term debt issuances in August 2024.~~CONTENTS

Tax Expense

Q3Q1 ~~2025~~2026 compared with Q3Q1 ~~2024~~2025

The effective tax rate decreased ~~610~~1,190 basis-points due to the following:

•~~Nontaxable~~Change ~~return~~in estimate of ~~basis~~reduced frictional tax on the ~~Resideo~~spin-off ~~termination~~of ~~agreement~~the Advanced Materials business of ~~860~~1,130 basis- points and

•Changes in estimate on prior tax positions of ~~760~~460 basis- points,

•Partially offset by ~~frictional~~incremental tax ~~costs~~expense onfor ~~separations~~tax reserve activities of ~~640~~480 basis- points. ~~and~~

~~•Incremental~~Net ~~tax~~Income ~~expense~~from ~~for~~Continuing ~~tax reserve activities of 410 basis-points.~~ Operations

~~YTD~~Q1 ~~2025~~2026 compared ~~with~~to ~~YTD~~Q1 ~~2024~~2025

~~The~~Earnings ~~effective~~per ~~tax~~share ~~rate~~of ~~decreased~~common ~~340~~stock–assuming ~~basis-points~~dilution decreased due to the following:

•~~Nontaxable~~Loss ~~return of basis~~ on ~~the~~debt ~~Resideo~~extinguishment ~~termination~~and ~~agreement~~debt ofrestructuring ~~320~~costs ~~basis-points~~($0.35 ~~and~~after tax),

•~~Changes~~Impairment inof ~~estimate~~assets onheld ~~prior~~for ~~tax~~sale ~~positions~~($0.28 ofafter ~~280 basis-points~~tax), and

•~~Partially~~Higher ~~offset~~divestiture-related ~~by frictional tax~~ costs ~~on separations of 270 basis-points~~($0.28 after tax),

~~44 Honeywell~~•Partially ~~International~~offset ~~Inc~~by higher segment profit ($0.15 after tax).

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Net Income Attributable to Honeywell

Q3 2025 compared to Q3 2024

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

•Gain recognized on Resideo termination agreement ($1.23 after tax) and

•Lower impairment charges on assets held for sale ($0.19 after tax),

•Partially offset by higher divestiture-related costs ($0.53 after tax) and

•Adjustment to estimated future environmental liabilities ($0.25 after tax).

YTD 2025 compared with YTD 2024

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

•Gain recognized on Resideo termination agreement ($1.22 after tax) and

•Higher segment profit ($0.53 after tax),

•Partially offset by higher divestiture-related costs ($0.70 after tax) and

•Adjustment to estimated future environmental liabilities ($0.25 after tax).

BACKLOG

Our backlog of orders increased 1415% to $3938.13 billion, as of ~~September~~March 3031, ~~2025~~2026, compared to ~~September~~March 3031, ~~2024~~2025. Backlog represents the estimated remaining value of work to be performed or products to be shipped under firm contracts. Backlog is equal to our remaining performance obligations under the contracts that meet the guidance on revenue from contracts with customers as discussed in Note 4 Revenue Recognition and Contracts with Customers of Notes to Consolidated Financial Statements. Our backlog by reportable business segment is as follows:

	September 30, 2025
	March 31, 2026
Aerospace Technologies	$	1718,~~503~~822
Industrial Automation	5,435
Building Automation	9,255
Building Automation	9,050
Process Automation and Technology	7,437
Energy and Sustainability Solutions	7,078
Industrial Automation	2,667
Corporate and All Other1	2181
Total backlog	$	3938,~~087~~262


1						The backlog within Corporate and All Other relates to the Quantinuum business.

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REVIEW OF BUSINESS SEGMENTS

WeDuring ~~globally~~the ~~manage~~first ~~our~~quarter ~~business~~of ~~operations~~2026, ~~through~~the ~~four~~Company ~~reportable~~realigned certain of its business ~~segments:~~units ~~Aerospace~~as ~~Technologies,~~reflected ~~Industrial~~in ~~Automation,~~Note ~~Building~~18 ~~Automation~~Segment Financial Data, ~~and~~which ~~Energy~~impacts ~~and~~the ~~Sustainability~~composition ~~Solutions~~of its reportable segments. The Company recast historical periods to reflect this change in segment presentation. See Note 18 Segment Financial Data to Notes to Consolidated Financial Statements for further discussion.

We globally manage our business operations through four reportable business segments: Aerospace Technologies, Building Automation, Process Automation and Technology, and Industrial Automation,

AEROSPACE TECHNOLOGIES

Net Sales

	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,
			Three Months EndedMarch 31,
	2025		2024		%Change		2025		2024		%Change
							2026		2025		%Change
Net sales	$	~~4,511~~	$	~~3,912~~	15	%	$	124,~~990~~322	$	114,~~472~~172	134	%
Cost of products and services sold	~~2,844~~		~~2,446~~				82,~~154~~675		72,~~081~~592
Selling, general and administrative and other expenses	~~489~~		~~384~~				~~1,461~~503		~~1,214~~481
Segment profit	$	~~1,178~~	$	~~1,082~~	9	%	$	31,~~375~~144	$	31,~~177~~099	64	%

	2025 vs. 2024
	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
Factors Contributing to Year-Over-Year Change	NetSales		SegmentProfit		NetSales		SegmentProfit
Organic1	12	%	9	%	9	%	5	%
Foreign currency translation	—	%	—	%	—	%	—	%
Acquisitions, divestitures, and other, net	3	%	—	%	4	%	1	%
Total % change	15	%	9	%	13	%	6	%

43 Honeywell International Inc.

1 Organic sales % change, presented for all of our reportable business segments, is defined as the change in Net sales, excluding the impact on sales from foreign currency translation and acquisitions, net of divestitures, for the first 12 months following the transaction date. We believe this non-GAAP measure is useful to investors and management in understanding the ongoing operations and analysis of ongoing operating trends.

Q3 2025 compared to Q3 2024

Sales increased $599 million due to higher organic sales of $327 million in Commercial Aviation Aftermarket and higher organic sales of $147 million in Defense and Space, both driven by higher sales volumes due to increased demand and shipments. Additionally, the acquisitions of CAES and Civitanavi Systems contributed $108 million of inorganic sales in the three months ended September 30, 2025. Beginning September 2025, the results of CAES and Civitanavi Systems are considered organic following the first 12 months after the transaction date.

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Segment profit increased $96 million and segment margin percentage decreased 160 basis points to 26.1% compared to 27.7% for the same period of 2024.


		2026 vs. 2025
	Three Months Ended March 31,
Factors Contributing to Year-Over-Year Change		Net Sales		Segment Profit
Reported percent change		4	%	4	%
Less: Impact of divestitures to the prior period		—	%	—	%
Reported percent change, adjusted for impact of divestitures		4	%	4	%
Less: Foreign currency translation		1	%	1	%
Less: Acquisitions		—	%	—	%
Less: Other		—	%	—	%
Organic percent change1		3	%	3	%

~~YTD~~1 ~~2025~~Organic ~~compared~~sales % change, presented for all of our reportable business segments, is defined as the change in Net sales, adjusted for the impact of divestitures to ~~YTD~~the ~~2024~~prior period, and excluding the impact on sales from foreign currency translation, acquisitions for the first 12 months following the transaction date, and certain other items that are unusual or non-recurring in nature. We believe this non-GAAP measure is useful to investors and management in understanding the ongoing operations and analysis of ongoing operating trends.

~~Sales~~Q1 ~~increased~~2026 ~~$1,518~~compared ~~million due~~ to ~~higher~~Q1 organic sales of $688 million in Commercial Aviation Aftermarket and higher organic sales of $462 million in Defense and Space, both driven by higher sales volumes due to increased demand and shipments. Additionally, the acquisitions of CAES and Civitanavi Systems contributed $485 million of inorganic sales in the nine months ended September 30, 2025.

~~Segment~~Sales ~~profit~~ increased $~~198~~150 million ~~and~~due ~~segment~~to ~~margin~~higher ~~percentage~~organic ~~decreased~~sales ~~170~~of ~~basis~~$58 ~~points~~million toin ~~26.0%~~Defense ~~compared~~and toSpace ~~27.7%~~and ~~for~~higher ~~the~~organic ~~same~~sales ~~period~~ of ~~2024~~$54 million in Commercial Aviation Aftermarket, both driven by increased pricing.

OnSegment ~~February~~profit 6,increased ~~2025,~~$45 ~~the~~million ~~Company~~and ~~announced~~segment ~~its~~margin ~~intention~~percentage toincreased ~~separate~~20 ~~its~~basis ~~Automation~~points ~~and~~to ~~Aerospace Technologies businesses into independent, U~~26.S.5% ~~publicly~~compared ~~traded companies, which is expected~~ to be26.3% ~~completed~~for in the ~~second~~same ~~half~~period of ~~2026~~2025.

~~INDUSTRIAL~~BUILDING AUTOMATION

Net Sales

Three Months EndedSeptember 30,

Nine Months EndedSeptember 30,

Three Months EndedMarch 31,

2025

2024

%Change

2025

2024

%Change

2026

2025

%Change

Net sales

21,~~274~~882

21,~~501~~692

~~(9)~~11

~~7,032~~

~~7,485~~

~~(6)~~

Cost of products and services sold

~~1,345~~993

~~1,461~~868

~~4,105~~

~~4,358~~

Selling, general and administrative and other expenses

~~501~~393

~~532~~384

~~1,619~~

~~1,668~~

Segment profit

~~428~~496

~~508~~440

~~(16)~~13

~~1,308~~

~~1,459~~

~~(10)~~

	2025 vs. 2024
	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
Factors Contributing to Year-Over-Year Change	NetSales		SegmentProfit		NetSales		SegmentProfit
Organic	1	%	(10)	%	(1)	%	(6)	%
Foreign currency translation	1	%	1	%	—	%	—	%
Acquisitions, divestitures, and other, net	(11)	%	(7)	%	(5)	%	(4)	%
Total % change	(9)	%	(16)	%	(6)	%	(10)	%

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Q3 2025 compared to Q3 2024


	2026 vs. 2025
	Three Months Ended March 31,
Factors Contributing to Year-Over-Year Change	Net Sales		Segment Profit
Reported percent change	11	%	13	%
Less: Impact of divestitures to the prior period	—	%	—	%
Reported percent change, adjusted for impact of divestitures	11	%	13	%
Less: Foreign currency translation	3	%	5	%
Less: Acquisitions	—	%	—	%
Less: Other	—	%	—	%
Organic percent change	8	%	8	%

~~Sales~~Q1 ~~decreased~~2026 ~~$227~~compared ~~million due~~ to aQ1 ~~decline of $264 million resulting from the sale of our PPE business on May 21,~~ 2025.

~~Segment~~Sales ~~profit~~increased ~~decreased~~ $80190 million ~~and~~due ~~segment~~to ~~margin~~higher ~~percentage~~organic ~~decreased~~sales ~~150~~of ~~basis~~$71 ~~points~~million toin ~~18.8%~~Products ~~compared~~and tohigher ~~20.3%~~organic ~~for~~sales ~~the~~of ~~same~~$61 ~~period~~million in ~~2024~~Solutions, both driven by higher demand.

~~YTD~~Segment ~~2025~~profit increased $56 million and segment margin percentage increased 40 basis points to 26.4% compared to ~~YTD~~26.0% ~~2024~~for the same period of 2025.

~~Sales~~PROCESS ~~decreased~~AUTOMATION ~~$453~~AND million due to a decline of $405 million resulting from the sale of our PPE business on May 21, 2025 and lower organic sales of $78 million in Productivity Solutions and Services driven by a decrease in license and settlement payments.TECHNOLOGY

During the second quarter of 2022, our Productivity Solutions and Services business entered into a license and settlement agreement (the Agreement). Under the Agreement, we received $360 million, paid in equal quarterly installments over eight quarters, beginning with the second quarter of 2022 and ending with the first quarter of 2024. The Agreement provides each party a license to its existing patent portfolio for use by the other party's existing products and resolved the patent-related litigation between the parties.

Segment profit decreased $151 million and segment margin percentage decreased 90 basis points to 18.6% compared to 19.5% for the same period in 2024.

On July 8, 2025, the Company announced it is evaluating strategic alternatives for its Productivity Solutions and Services and Warehouse and Workflow Solutions businesses.

BUILDING AUTOMATION

Net Sales

	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
	2025		2024		%Change		2025		2024		%Change
	2026		2025		%Change
Net sales	$	1,~~878~~513	$	1,~~745~~445	85	%	$	~~5,396~~	$	~~4,742~~	14	%
Cost of products and services sold	~~990~~856		~~926~~809				~~2,802~~		~~2,534~~
Selling, general and administrative and other expenses	~~386~~298		~~367~~323				~~1,173~~		~~1,009~~
Segment profit	$	~~502~~359	$	~~452~~313	1115	%	$	~~1,421~~	$	~~1,199~~	19	%

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	2025 vs. 2024
	2026 vs. 2025
	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
	Three Months EndedMarch 31,
Factors Contributing to Year-Over-Year Change	NetSales		SegmentProfit		~~NetSales~~		~~SegmentProfit~~
Organic	7	%	10	%	8	%	11	%
Reported percent change	5	%	15	%
Foreign currency translation	1	%	1	%	—	%	—	%
Less: Impact of divestitures to the prior period	—	%	—	%
Acquisitions, divestitures, and other, net	—	%	—	%	6	%	8	%
Reported percent change, adjusted for impact of divestitures	5	%	15	%
Total % change	8	%	11	%	14	%	19	%
Less: Foreign currency translation	2	%	2	%
Less: Acquisitions	9	%	12	%
Less: Other	—	%	—	%
Organic percent change	(6)	%	1	%

Q3Q1 ~~2025~~2026 compared to Q3Q1 ~~2024~~2025

Sales increased $~~133~~68 million due to ~~higher~~inorganic ~~organic~~ sales of $68121 million in ~~Products~~Sundyne ~~and~~during ~~higher~~the three months ended March 31, 2026, partially offset by lower organic sales of $4982 million in ~~Building~~Aftermarket ~~Solutions, both~~ driven by ~~higher~~a ~~demand~~decline in refining catalyst shipments.

Segment profit increased $5046 million and segment margin percentage increased 80200 basis points to 2623.7% compared to 2521.97% for the same period of ~~2024~~2025.

~~YTD~~INDUSTRIAL ~~2025 compared to YTD 2024~~AUTOMATION

Sales increased $654 million due to higher organic sales of $203 million in Products and higher organic sales of $153 million in Building Solutions, both driven by higher demand. Additionally, the acquisition of Access Solutions contributed $302 million of inorganic sales in the nine months ended September 30, 2025. Beginning June 2025, the results of Access Solutions are considered organic following the first 12 months after the transaction date.

Segment profit increased $222 million and segment margin percentage increased 100 basis points to 26.3% compared to 25.3% for the same period of 2024.

ENERGY AND SUSTAINABILITY SOLUTIONS

Net Sales

	Three Months EndedSeptember 30,						Nine Months EndedSeptember 30,
			Three Months EndedMarch 31,
	2025		2024		%Change		2025		2024		%Change
							2026		2025		%Change
Net sales	$	~~1,742~~	$	~~1,563~~	11	%	$	51,~~140~~421	$	41,~~692~~597	10(11)	%
Cost of products and services sold	~~1,118~~		~~957~~				~~3,248~~864		~~2,952~~989
Selling, general and administrative and other expenses	~~197~~		~~223~~				~~676~~316		~~649~~378
Segment profit	$	~~427~~	$	~~383~~	11	%	$	~~1,216~~241	$	~~1,091~~230	115	%

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	2025 vs. 2024
					2026 vs. 2025
	Three Months EndedSeptember 30,				Nine Months EndedSeptember 30,
			Three Months EndedMarch 31,
Factors Contributing to Year-Over-Year Change	~~NetSales~~		~~SegmentProfit~~		NetSales		SegmentProfit
Organic	(2)	%	(8)	%	1	%	(3)	%
Reported percent change					(11)	%	5	%
Foreign currency translation	1	%	—	%	1	%	—	%
Less: Impact of divestitures to the prior period					(15)	%	(13)	%
Acquisitions, divestitures, and other, net	12	%	19	%	8	%	14	%
Reported percent change, adjusted for impact of divestitures					4	%	18	%
Total % change	11	%	11	%	10	%	11	%
Less: Foreign currency translation					3	%	5	%
Less: Acquisitions					—	%	—	%
Less: Other					—	%	—	%
Organic percent change					1	%	13	%

Q3Q1 ~~2025~~2026 compared to Q3Q1 ~~2024~~2025

Sales ~~increased~~decreased $~~179~~176 million due to higher organic sales of $47 million in Advanced Materials driven by increased pricing in fluorine products, offset by lower organic sales of $85 million in UOP driven by lower sales volumes in refining catalyst shipments. Additionally, the ~~acquisitions~~sale of ~~Sundyne~~our ~~and~~PPE ~~LNG~~business ~~contributed~~on ~~$202~~May ~~million of inorganic sales in the three months ended September 30~~21, 2025.

Segment profit increased $4411 million and segment margin percentage ~~was~~increased ~~flat~~260 atbasis 24points to 17.50% compared to 14.4% for the same period ofin ~~2024~~2025.

~~YTD~~On July 8, 2025, ~~compared~~the Company announced it is evaluating strategic alternatives for its Productivity Solutions and Services and Warehouse and Workflow Solutions businesses. Following the Company's strategic review, the assets and liabilities of these businesses were classified as held for sale beginning December 31, 2025. In April 2026, the Company announced it has reached agreements to ~~YTD~~sell ~~2024~~the businesses in two transactions, both of which are expected to close in the second half of 2026 and are subject to customary closing conditions, including receipt of certain regulatory approvals.

Sales increased $448 million driven by the acquisitions of LNG and Sundyne.

Segment profit increased $125 million and segment margin percentage increased 40 basis points to 23.7% compared to 23.3% for the same period of 2024.

On October 1, 2025, the Company announced the anticipated spin-off its Advanced Materials business into Solstice Advanced Materials, an independent, U.S. publicly traded company, is expected to be completed on October 30, 2025.

CORPORATE AND ALL OTHER

Corporate and All Other primarily includes unallocated corporate costs, interest expense on holding-company debt, and the controlling majority-owned interest in Quantinuum. Corporate expenses historically allocated to Advanced Materials and not eligible to be part of discontinued operations are now included in Corporate and All Other. Corporate and All Other is not a separate reportable business segment as segment reporting criteria is not met. The Company continues to monitor the activities in Corporate and All Other to determine the need for further reportable business segment disaggregation.

REPOSITIONING CHARGES

See Note 5 Repositioning and Other ~~(Gains)~~ Charges of Notes to Consolidated Financial Statements for a discussion of our repositioning actions and related charges incurred in the ~~nine~~three months ended ~~September~~March 3031, ~~2025,~~2026 and ~~2024~~2025. Cash spending related to our repositioning actions was $~~117~~37 million in the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026, and was funded through operating cash flows.

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LIQUIDITY AND CAPITAL RESOURCES

(Dollars in tables in millions)

We leverage operating cash flows as the primary source of liquidity. Each of our businesses focuses on increasing operating cash flows through revenue growth, margin expansion, and improved working capital turnover. We also maintain other key sources of liquidity, including U.S. cash balances, and the ability to access non-U.S. cash balances, short-term debt from the commercial paper market, long-term borrowings, committed credit lines, and access to the public debt and equity markets.

CASH

As of ~~September~~March 3031, ~~2025,~~2026 and December 31, ~~2024~~2025, we held $1312.4 billion and $1112.09 billion, respectively, of cash and cash equivalents, including our short-term investments. We monitor third-party depository institutions that hold our cash and cash equivalents on a daily basis. Our emphasis is primarily safety of principal and secondarily maximizing yield of those funds. We diversify our cash and cash equivalents among counterparties to minimize exposure to any one counterparty.

As of ~~September~~March 3031, ~~2025~~2026, we held $96.97 billion of the Company’s cash, cash equivalents, and short-term investments in non-U.S. subsidiaries. We do not have material amounts related to any jurisdiction subject to currency control restrictions that impact our ability to access and repatriate such amounts. Under current laws, we do not expect taxes on repatriation or restrictions on amounts held outside of the U.S. to have a material effect on our overall liquidity.

CASH FLOW SUMMARY

Our cash flows from operating, investing, and financing activities, as reflected in the Consolidated Statement of Cash Flows, are summarized as follows:

	Nine Months Ended September 30,
	Three Months Ended March 31,
	2025		2024		Variance
	2026		2025		Variance
Cash and cash equivalents at beginning of period	$	1012,~~567~~487	$	710,~~925~~567	$	21,~~642~~920
Operating activities
Net income attributable to Honeywell	4,844		4,420		424
Net income from continuing operations	795		1,296		(501)
Noncash adjustments	~~742~~694		~~935~~278		~~(193)~~416
Changes in working capital	(~~1,229~~939)		(~~593~~703)		(~~636~~236)
Resideo indemnification and reimbursement agreement termination payment	1,590		—		1,590
Other operating activities	(1,200)		(493)		(707)
Other operating activities	(743)		(946)		203
Net cash provided by operating activities from discontinued operations	—		219		(219)
Net cash provided by operating activities	5,204		3,816		1,388
Net cash (used for) provided by operating activities	(650)		597		(1,247)
Net cash used for investing activities	(2,368)		(8,202)		5,834
Net cash used for investing activities from continuing operations	(119)		(333)		214
Net cash (used for) provided by financing activities	(640)		7,058		(7,698)
Net cash used for investing activities from discontinued operations	—		(38)		38
Effect of foreign exchange rate changes on cash and cash equivalents	167		47		120
Net cash provided by (used for) financing activities	267		(1,180)		1,447
Net increase in cash and cash equivalents	2,363		2,719		(356)
Effect of foreign exchange rate changes on cash and cash equivalents	(8)		44		(52)
Cash and cash equivalents at end of period	$	12,930	$	10,644	$	2,286
Net decrease in cash and cash equivalents	(510)		(910)		400
Cash and cash equivalents at end of period	$	11,977	$	9,657	$	2,320

~~Nine~~Three months ended ~~September~~March 3031, ~~2025~~2026

Net cash ~~provided~~used byfor operating activities from continuing operations was driven by ~~the~~an ~~receipt~~$825 ofmillion ~~the~~decline ~~Resideo~~in ~~indemnification~~accrued ~~and~~liabilities ~~reimbursement~~driven ~~agreement~~by ~~termination~~the Flexjet litigation settlement payment of $~~1,590~~375 million, ~~partially~~and ~~offset~~a bydecline ~~changes~~ in ~~working~~accrued ~~capital~~interest ~~driven~~due byto ancash ~~increase~~interest inpayments ~~accounts receivable~~ of $~~1,035~~463 million ~~due to timing of customer cash collections~~.

Net cash used for investing activities ~~was driven by $2,200 million of cash paid for acquisitions, $928 million of capital expenditures, and $403 million of net payments~~ from ~~settlements~~continuing ofoperations ~~derivative~~was ~~contracts,~~driven ~~partially offset~~ by ~~$1,157~~capital ~~million of proceeds from the sale of the PPE business~~expenditures.

Net cash ~~used~~provided ~~for~~by financing activities was driven by $315,~~704~~835 million of ~~repurchases~~pre-separation offunding ~~common~~related ~~stock,~~to ~~$2,214~~the ~~million~~anticipated spin-off of ~~cash~~the ~~dividends~~Aerospace ~~paid~~business, ~~and~~partially offset by $112,~~555~~605 million of payments of long-term debt, ~~partially~~$1,260 ~~offset~~million byof net payments of commercial paper, $41,~~035~~000 million of ~~long-term~~repurchases ~~debt~~of ~~proceeds~~common stock, and $~~2,460~~781 million of ~~net~~cash ~~proceeds~~dividends ~~from commercial paper~~paid.

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~~Nine~~Three months ended ~~September~~March 3031, ~~2025~~2026 compared with ~~nine~~three months ended ~~September~~March 3031, ~~2024~~2025

Net cash ~~provided~~used byfor operating activities from continuing operations increased by $1,~~388~~028 million, driven by ~~the~~an ~~receipt~~increase in accrued liabilities of ~~the~~$683 ~~Resideo~~million ~~indemnification~~due ~~and~~to ~~reimbursement~~the ~~agreement~~Flexjet ~~termination~~litigation settlement payment of $~~1,590~~375 million, ~~and~~higher ~~increase~~cash ininterest ~~Net~~payments ~~income~~ of $~~424~~136 million, ~~partially~~and ~~offset~~a by$236 anmillion unfavorable impact of working capital driven by antiming ~~increase in accounts receivable~~ of ~~$817~~payments ~~million due to timing~~ of ~~customer~~accounts ~~cash collections~~payable.

Net cash used for investing activities from continuing operations decreased by $~~5,834~~214 million, driven by a $~~4,847~~210 million ~~decrease~~net increase in cash ~~paid~~receipts ~~for acquisitions and $1,157 million of proceeds~~ from ~~the~~settlements ~~sale~~ of ~~the~~derivative ~~PPE business~~contracts.

Net cash ~~used~~provided ~~for~~by financing activities increased by $71,~~698~~447 million, driven by a $615,~~372~~835 million ~~decrease~~of inpre-separation ~~long~~funding related to the anticipated spin-~~term~~off ~~debt~~of ~~proceeds~~the Aerospace business and a $~~2,504~~902 million ~~increase~~decrease in repurchases of common stock, partially offset by a $112,~~421~~561 million increase inof payments of long-term debt, and a $2,702 million increase of net ~~proceeds~~payments ~~from~~of commercial paper.

See Note 15 Commitments and Contingencies for further discussion of the Resideo indemnification and reimbursement agreement termination.

ASSESSMENT OF CURRENT LIQUIDITY AND CASH REQUIREMENTS

Based on past performance and current expectations, we believe our operating cash flows will be sufficient to meet our future operating cash needs for at least the next twelve months. If necessary, our available cash, committed credit lines, and access to the public debt and equity markets provide additional sources of short-term and long-term liquidity to fund current operations, debt maturities, and future investment opportunities.

See Note 9 Debt and Credit Agreements of Notes to Consolidated Financial Statements for additional discussion of items impacting our liquidity.

In addition to normal operating cash requirements, our principal future cash requirements include funding capital expenditures, share repurchases, dividends, strategic acquisitions, and debt repayments. During the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026, we repurchased common stock of $31.70 billion. Refer to the section titled Liquidity and Capital Resources of our ~~2024~~2025 Form 10-K for a di

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