Demand
← Отчётные звонки
01
02
03
04 05 06
Тон
Капзатраты
A1 A2 A3
HON
FY2025 Q3
Повышен
Отчётный звонок Honeywell International Inc.
Вывод Buzzberg
Orders grew 22% organically, broad-based across segments
Honeywell delivered a strong Q3 with 6% organic sales growth and orders up 22%, leading to a third guidance raise for the year. Management highlighted the upcoming spin-off of Solstice (Oct 30) and a new segment realignment for 2026. Margins in Aerospace and Building Automation are improving, while ESS faces transitory headwinds from catalyst delays. Cross-company signals include Gulfstream naming Honeywell for its new G300 jet and Nvidia investing in Honeywell's quantum venture Quantinuum. Organic sales grew 6% in Q3, above expectations; adjusted EPS $2.82 (+9% YoY).
Вывод Buzzberg Orders grew 22% organically, broad-based across segments Honeywell delivered a strong Q3 with 6% organic sales growth and orders up 22%, leading to a third guidance raise for the year. Management highlighted the upcoming spin-off of Solstice (Oct 30) and a new segment realignment for 2026. Margins in Aerospace and Building Automation are improving, while ESS faces transitory headwinds from catalyst delays. Cross-company signals include Gulfstream naming Honeywell for its new G300 jet and Nvidia investing in Honeywell's quantum venture Quantinuum. Organic sales grew 6% in Q3, above expectations; adjusted EPS $2.82 (+9% YoY). Читать полный анализСвернуть анализ
Honeywell delivered a strong Q3 with 6% organic sales growth and orders up 22%, leading to a third guidance raise for the year. Management highlighted the upcoming spin-off of Solstice (Oct 30) and a new segment realignment for 2026. Margins in Aerospace and Building Automation are improving, while ESS faces transitory headwinds from catalyst delays. Cross-company signals include Gulfstream naming Honeywell for its new G300 jet and Nvidia investing in Honeywell's quantum venture Quantinuum. Organic sales grew 6% in Q3, above expectations; adjusted EPS $2.82 (+9% YoY).
- Orders surged 22% YoY to $11.9B, with book-to-bill above 1 across all segments.
- Full-year revenue guidance raised to $40.7-40.9B; EPS raised to $10.60-10.70.
- Solstice spin-off completed early (Oct 30); Aerospace separation on track for H2 2026.
Выручка$10.408BФакт
EPS$2.82Факт
Валовая маржа34.08%Факт
Операционная маржа16.85%Факт
6 подтверждённых тезисов
Что важно сейчас
Самые значимые изменения по итогам звонка.
Guidance
Raising full-year EPS guidance for the third time
Margins
Aerospace margins bottomed in Q2, set to expand in 2026
Показать ещё 3 тезиса
Margins
ESS margins to expand in 2026 despite Q4 contraction
Pricing
Pricing to become stronger tailwind in 2026
Capital Allocation
Continuum raises capital at double prior valuation
Отчётный период
Фактические результаты
| Показатель | Факт | Изменение |
|---|---|---|
| Выручка | $10.408B | Факт |
| EPS | $2.82 | Факт |
| Валовая маржа | 34.08% | Факт |
| Операционная маржа | 16.85% | Факт |
| Свободный денежный поток | $2.914B | Факт |
| Капзатраты | $0.374B | Факт |
Прогнозные данные
Прогноз компании
| Показатель | Период | Диапазон | Середина | Статус |
|---|---|---|---|---|
| EPS | FY2025 | $10.60–$10.70 | $10.65 | Повышен |
| EPS | FY2025 Q4 | $2.52–$2.62 | $2.57 | Обозначен |
| Свободный денежный поток | FY2025 | $5.2B–$5.6B | $5.4B | Подтверждён |
| Выручка | FY2025 | $40.7B–$40.9B | $40.8B | Повышен |
| Выручка | FY2025 Q4 | $10.1B–$10.3B | $10.2B | Обозначен |
AI, капзатраты и спрос
Оценка менеджмента
Confident
Management expressed confidence in raising guidance for the third time, highlighted strong order growth and portfolio transformation progress, and provided positive forward-looking statements about 2026 margin expansion.
Инвестиции и мощности
Capital expenditures were mentioned as a factor in the quarter's free cash flow decline due to timing, and the company committed $400 million to high return capital projects in the quarter.
все упомянутые компании ниже: 5
Компаниис момента звонка
Клиенты
Клиенты
Vimal Kapoor
Gulfstream's selection of Honeywell for the new G300 platform indicates progress in the business jet market, potentially expanding Honeywell's aftermarket revenue and reinforcing Gulfstream's product pipeline.
Доказательства
“Gulfstream recently announced that Honeywell's engines and avionics will power its new super midsize G300 business jet platform”
Партнёры
Партнёры
Vimal Kapoor
Nvidia's investment in Quantinuum signals a deepening partnership in quantum computing, potentially accelerating Nvidia's quantum software/hardware ecosystem and providing credibility for Quantinuum's roadmap.
Доказательства
“collaboration with new shareholders such as Quanta and Nvidia, in addition to others like JP Morgan, Amgen, and Mitsui”
Цепочка поставок
Цепочка поставок
Vimal Kapoor
Honeywell's termination of the indemnification agreement with Resideo simplifies its balance sheet; the $1.6B cash inflow reduces Honeywell's liabilities but has no direct operational impact on Resideo.
Доказательства
“We also terminated an indemnification and reimbursement agreement with Resideo in exchange for $1.6 billion in cash.”
Цепочка поставок
Mike Stepniak
Honeywell's aerospace OE sales have recoupled with build rates of large customers after months of decoupling, supporting margin recovery in 2026. — The recoupling suggests that Boeing and Airbus production rates are stabilizing or improving, reducing supply-chain friction for aerospace component suppliers and enabling faster revenue conversion.
Доказательства
“Commercial OEE returned to growth as expected as our sales recoupled to the delivery rates of our large customers”
Внешние сигналы
Альфа цепочки поставок · 3с момента звонка
Honeywell's quantum venture Quantinuum added Nvidia as a shareholder and partner in its latest capital raise, doubling valuation to $10B pre-money.
Доказательства
“the company announced in September a second raise at double the prior valuation. As important as the capital contributions... the collaboration with new shareholders such as Quanta and Nvidia”
Honeywell's aerospace OE sales have recoupled with build rates of large customers after months of decoupling, supporting margin recovery in 2026.
Honeywell is gaining momentum in data-center building controls, albeit from a low base, and recently partnered with LS Electric.
Доказательства
“data center is becoming a bigger part of our building automation business ... starting from a very low position, but we are certainly gaining more and more momentum”
Методология и полнота
Анализ основан только на заявлениях менеджмента. Показаны все подтверждённые упоминания компаний: 5. Фактические результаты и прогнозы разделены. Публичные доказательства ограничены восемью короткими атрибутированными цитатами. AI-анализ может быть неполным или ошибочным — проверяйте важные утверждения по первоисточнику.