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FY2025 Q4
개선
Honeywell International Inc. 실적 발표
Buzzberg 분석
Record backlog of $37B drives 2026 growth conviction
Honeywell reported a strong Q4 2025 beat and provided 2026 guidance of 3-6% organic sales growth and 6-9% EPS growth, driven by record backlog and price execution. The company is advancing its spin-off plans with aerospace expected to separate in Q3 2026 and automation businesses being streamlined. Key cross-company signals include partnerships with NVIDIA and major financial institutions in quantum computing, and improved aerospace supply chain performance. Q4 2025 adjusted EPS $2.59 (up 17% YoY) and FCF $2.5B (up 48%), both above guidance.
Buzzberg 분석 Record backlog of $37B drives 2026 growth conviction Honeywell reported a strong Q4 2025 beat and provided 2026 guidance of 3-6% organic sales growth and 6-9% EPS growth, driven by record backlog and price execution. The company is advancing its spin-off plans with aerospace expected to separate in Q3 2026 and automation businesses being streamlined. Key cross-company signals include partnerships with NVIDIA and major financial institutions in quantum computing, and improved aerospace supply chain performance. Q4 2025 adjusted EPS $2.59 (up 17% YoY) and FCF $2.5B (up 48%), both above guidance. 전체 분석 보기분석 접기
Honeywell reported a strong Q4 2025 beat and provided 2026 guidance of 3-6% organic sales growth and 6-9% EPS growth, driven by record backlog and price execution. The company is advancing its spin-off plans with aerospace expected to separate in Q3 2026 and automation businesses being streamlined. Key cross-company signals include partnerships with NVIDIA and major financial institutions in quantum computing, and improved aerospace supply chain performance. Q4 2025 adjusted EPS $2.59 (up 17% YoY) and FCF $2.5B (up 48%), both above guidance.
- FY2026 guidance: Sales $38.8-39.8B (org 3-6%), EPS $10.35-10.65 (+6-9%), FCF $5.3-5.6B.
- Aerospace spin expected in Q3 2026; advanced materials spin completed in Oct 2025.
- Record backlog of $37B+ with orders up 23% in Q4, driven by long-cycle aerospace and energy.
매출$6.86B-34% 전분기 대비
주당순이익(EPS)$5.18보고값
매출총이익률36.06%보고값
영업이익률10.41%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Portfolio
Aerospace spin expected in Q3 2026, ahead of plan
AI
Quantinium raises $840M at $10B valuation, launches Helios
핵심 내용 3개 더 보기
Portfolio
PSS and warehouse businesses to be sold in H1 2026
Pricing
Pricing expected ~3.5% in 2026, above historical levels
Margins
Stranded costs from spins to be eliminated in 12-18 months
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $6.86B | -34% 전분기 대비 |
| 주당순이익(EPS) | $5.18 | 보고값 |
| 매출총이익률 | 36.06% | 보고값 |
| 영업이익률 | 10.41% | 보고값 |
| 잉여현금흐름 | $1.117B | 보고값 |
| 자본지출 | $0.058B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 주당순이익(EPS) | FY2026 | $10.35–$10.65 | $10.50 | 신규 제시 |
| 잉여현금흐름 | FY2026 | $5.3B–$5.6B | $5.45B | 신규 제시 |
| 영업이익률 | FY2026 | 22.7%–23.1% | 22.9% | 신규 제시 |
| 영업이익률 | FY2026 Q1 | 22.4%–22.6% | 22.5% | 신규 제시 |
| 매출 | FY2026 | $38.8B–$39.8B | $39.3B | 신규 제시 |
AI, 자본지출 및 수요 분석
경영진 분석
Confident
Management expressed strong conviction in delivering 2026 guidance, highlighted record backlog, robust order growth, and progress on portfolio simplification, while acknowledging specific headwinds but framing them as manageable.
경영진의 AI 분석
Management discussed Quantinium's progress in quantum computing, including a $840 million raise at a $10 billion valuation, the launch of Helios, the world's most accurate commercial quantum computer, and a partnership with NVIDIA to integrate quantum with AI. They are investing more R&D to maintain leadership and plan an eventual IPO or strategic investment.
투자 및 생산능력
Management expects capital expenditures to increase by roughly $250 million in 2026 to support growth investments tied to orders already in backlog, with a large share going to aerospace supply chain expansion. This increase will be funded by improvements in working capital efficiency, particularly focused on aerospace inventory.
아래에 언급된 기업 12개 모두 표시
기업발표 이후 수익률
고객
BBD.B
고객
Mike Stepniak
The Bombardier agreement was a one-time boost in 2024; its exclusion shows underlying organic growth is lower, indicating no sustained demand from Bombardier beyond that.
근거
“Sales grew 11% organically, or 6% excluding the impact of the 2024 Bombardier Agreement”
파트너
파트너
Vimal Kapur
NVIDIA's partnership with Quantinium positions both companies at the forefront of quantum-AI convergence, potentially driving demand for NVIDIA's hardware in quantum computing applications.
근거
“Continuum also announced a partnership to integrate Helios with Nvidia's AI supercomputing technology to create powerful new architecture that can solve the world's most pressing challenges.”
파트너
Vimal Kapur
JPMorgan is leveraging Quantinium's quantum technology for cybersecurity and encryption, signaling increasing institutional adoption of quantum computing.
근거
“Close collaborative with shareholders such as Quanta, NVIDIA, JP Morgan, Amgen, and Mitsui have led to new commercial partnerships that are supporting the development of critical applications for improving drug discovery, cybersecurity,”
공급망
공급망
Mike Stepniak
Honeywell is pursuing acquisition of Johnson Matthey's Catalyst Technologies business, which would strengthen its position in catalyst and process technology.
근거
“does not incorporate the pending acquisition on Johnson & Matty's Catalyst Technologies business”
공급망
Vimal Kapur
Aerospace supply chain constraints are largely resolved; Honeywell is 'close to PO now, hardly with any past due' indicating capacity has improved and volume can scale. — Improved delivery performance means aerospace OEMs and aftermarket can expect fewer delays, potentially boosting their own production rates and margins.
근거
“we are close to PO now, hardly with any past due, which shows that we have ability to meet their needs of the volume they are looking for.”
공급망
Mike Stepniak
Catalyst shipments in petrochemicals have been delayed due to overcapacity, but 'can only be deferred for a period of time' suggesting pent-up demand that will eventually materialize. — If deferrals reverse, Honeywell's UOP business (energy and sustainability) could see a sharp uptick in catalyst orders, benefiting suppliers to the petrochemical industry.
근거
“Catalyst shipments can be temporarily delayed in the short term, but are ultimately necessary for our customers to maintain yields. And those can only be deferred for a period of time.”
공급망
Vimal Kapur
Data center exposure in building automation is becoming material, now exceeding 5% of revenue, up from near zero a couple years ago. — Honeywell's growing data center revenue indicates strong demand for BMS, fire safety, and security in hyperscale facilities, which is a positive read for other data-center-infrastructure suppliers.
근거
“data center overall position of Honeywell in building automation is becoming slowly material. We are inching towards that becoming greater than 5% of our revenue. Think about it, that number was zero a couple of years back.”
외부 신호
공급망 알파 · 4발표 이후 수익률
Aerospace supply chain constraints are largely resolved; Honeywell is 'close to PO now, hardly with any past due' indicating capacity has improved and volume can scale.
Catalyst shipments in petrochemicals have been delayed due to overcapacity, but 'can only be deferred for a period of time' suggesting pent-up demand that will eventually materialize.
Data center exposure in building automation is becoming material, now exceeding 5% of revenue, up from near zero a couple years ago.
Honeywell has 'already neutralized the advanced materials stranded costs in 2026', implying the Solstice spin-off is no longer a drag and margins should improve without that headwind.
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 12개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.