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Honeywell (HON) delivered FY2025 revenue growth of 7.8% to $37.4B, but net income fell 17.1% to $4.7B, pressured by higher costs, a 24.6% surge in R&D spending, and a significant decline in stockholders' equity amid aggressive share buybacks.
营业收入
$37.44B
同比 ++7.85%
每股收益（基本）
$7.40
同比 -15.53%
毛利率
9.3%
同比 -0.42%
营业利润
$8.13B
同比 ++6.00%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Honeywell International (HON) FY2025 营收 $37.44B，同比增长 7.8%。 净利润 $4.73B，同比下降 17.1%，稀释每股收益 $7.36。 毛利率 9.3%。
HON grew total revenue 7.8% year-over-year to $37.4B in FY2025 (vs. $34.7B in FY2024), reflecting continued demand across its diversified industrial portfolio. This top-line expansion outpaced the prior year's growth trajectory.
来源: Source: 10-K Income Statement
Despite operating income rising 6.0% to $8.1B, net income fell 17.1% to $4.7B (from $5.7B), suggesting significant below-the-line headwinds such as higher interest expense on $29.0B in long-term debt and/or tax-related items.
来源: Source: 10-K Income Statement & Balance Sheet
R&D expense jumped 24.6% year-over-year to $1.8B in FY2025, indicating Honeywell is meaningfully accelerating investment in new technologies and product development, which pressured margins in the near term.
来源: Source: 10-K Income Statement
Share buybacks more than doubled to $3.8B in FY2025 (vs. $1.7B in FY2024), contributing to a 25.3% decline in stockholders' equity to $13.9B and reflecting management's confidence in the business despite near-term earnings pressure.
来源: Source: 10-K Cash Flow Statement & Balance Sheet
Operating cash flow grew 5.1% to $6.4B in FY2025, and cash & equivalents surged 26.1% to $12.5B, providing Honeywell with substantial liquidity even as long-term debt increased 8.3% to $29.0B.
来源: Source: 10-K Cash Flow Statement & Balance Sheet
Long-term debt increased 8.3% to $29.0B in FY2025, while stockholders' equity fell 25.3% to $13.9B, implying a materially higher debt-to-equity ratio. Rising interest obligations likely contributed to the 17.1% net income decline despite solid operating performance, and any further rate increases or refinancing needs could amplify this pressure.
来源: Source: 10-K Balance Sheet & Income Statement
Cost of revenue grew 10.5% year-over-year — significantly faster than revenue growth of 7.8% — causing gross margin to compress from 9.7% to 9.3%. Sustained input cost inflation or supply chain disruptions could further erode profitability if pricing power is insufficient to offset these pressures.
来源: Source: 10-K Income Statement
R&D expenses rose 24.6% to $1.8B in FY2025, well above revenue growth, reflecting a strategic bet on future technologies. While this may drive long-term competitiveness, it creates near-term earnings headwinds and execution risk if new products fail to achieve commercial success.
来源: Source: 10-K Income Statement
Stockholders' equity dropped 25.3% to $13.9B, driven by aggressive share buybacks of $3.8B. While buybacks can enhance per-share value, the declining equity base reduces the company's financial cushion and increases financial leverage, which could be a concern in an economic downturn.
来源: Source: 10-K Balance Sheet & Cash Flow Statement
The current ratio stands at 1.30x in FY2025, with current liabilities growing 10.2% to $23.4B outpacing current asset growth. While still above 1.0x, the thin margin of liquidity coverage warrants monitoring, particularly given the company's elevated debt load.
来源: Source: 10-K Balance Sheet
FY2025 实际 EPS $2.59，分析师一致预期 $2.57，超预期 +1.0%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $37.44B | $34.72B | +7.85% |
营业成本 | $23.61B | $21.36B | +10.55% |
毛利润 | $3.47B | $3.37B | +3.12% |
营业利润 | $8.13B | $7.67B | +6.00% |
净利润 | $4.73B | $5.71B | -17.11% |
每股收益（基本） | $7.40 | $8.76 | -15.53% |
每股收益（稀释） | $7.36 | $8.71 | -15.50% |
研发费用 | $1.81B | $1.45B | +24.62% |
销售及管理费用 | $5.45B | $5.24B | +4.11% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $73.68B | $75.2B | -2.01% |
流动资产 | $30.39B | $27.91B | +8.88% |
流动负债 | $23.41B | $21.26B | +10.15% |
股东权益 | $13.9B | $18.62B | -25.32% |
现金及等价物 | $12.49B | $9.91B | +26.05% |
长期债务 | $29.05B | $26.83B | +8.28% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $6.41B | $6.1B | +5.10% |
投资活动现金流 | $-2.71B | $-10.16B | +73.31% |
筹资活动现金流 | $-1.95B | $6.84B | -128.56% |
股票回购 | $3.8B | $1.66B | +129.85% |
折旧及摊销 | $1.39B | $1.15B | +20.38% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
毛利率 | 9.3% | 9.7% | -0.42% |
营业利润率 | 21.7% | 22.1% | -0.38% |
净利率 | 12.6% | — | — |
净资产收益率 | 34.0% | — | — |
总资产收益率 | 6.4% | — | — |
流动比率 | $1.298 | — | — |
Honeywell's Q2 FY2026 net income surged 262% YoY to $5.68B, driven primarily by a $6.63B gain on the Quantinuum IPO/deconsolidation, while core operating results grew modestly (revenue +4.3%, operating income +5.3%) amid the completed Aerospace Spin-Off and one-for-two reverse stock split.
Honeywell delivered modest 2.4% revenue growth to $9.14B in Q1 2026 with improved operating margins, but net income plunged 43.3% to $821M and operating cash flow turned sharply negative at -$650M, signaling significant one-time charges and working capital headwinds.
Industrial Conglomerates 行业其他公司
Honeywell grew FY2025 revenue 7.8% to $37.4B, but net income fell 17.1% to $4.7B due to rising costs and higher interest expense. Diluted EPS declined 15.5% to $7.36 from $8.71 in the prior year.
HON's net income fell 17.1% to $4.7B even as operating income rose 6.0% to $8.1B, suggesting significant below-the-line headwinds such as higher interest costs on $29.0B of long-term debt. Additionally, cost of revenue grew 10.5% — faster than revenue — and R&D spending surged 24.6% to $1.8B, all compressing profitability.
HON ended FY2025 with $12.5B in cash (up 26.1%) and $6.4B in operating cash flow, reflecting solid liquidity. However, long-term debt stands at $29.0B and stockholders' equity declined 25.3% to $13.9B due to $3.8B in share buybacks, resulting in a leveraged balance sheet with a debt-to-equity ratio of approximately 2.1x.
Yes, Honeywell more than doubled its share repurchases to $3.8B in FY2025, compared to $1.7B in FY2024 — a 129.8% increase. This aggressive capital return contributed to the 25.3% decline in stockholders' equity and helped partially offset the EPS impact of lower net income.
Key risks include elevated financial leverage with $29.0B in long-term debt and a declining equity base, gross margin compression as cost of revenue grew faster than revenue (10.5% vs. 7.8%), and the near-term earnings drag from a 24.6% surge in R&D spending to $1.8B. These factors collectively pressured net income and margins in FY2025.