Honeywell — Jul 24, 2025 release

Operating cash flow is still expected to be in the range of $6.7 billion to $7.1 billion, with free cash flow 1 in the range of $5.4 billion to $5.8 billion. Excluding the impact of the Bombardier agreement 4 signed in the fourth quarter of 2024, the company expects organic sales 1 growth of 3% to 4%, segment margin 2 down 30 to 10 basis points year over year, and adjusted earnings per share 2,3 up 1% to 3% year over year. Guidance now includes the impact of the Sundyne acquisition, which closed in June, and the sale of the company's Personal Protective Equipment business, which closed in May. A summary of the company's full-year guidance changes can be found in Table 1. Portfolio Transformation In February, Honeywell announced that its Board of Directors concluded its comprehensive portfolio review and decided to pursue a separation of its Automation and Aerospace businesses. The planned separation, coupled with the previously announced plan to spin advanced materials, expected in the fourth quarter of 2025, will result in three publicly-listed industry leaders and is intended to be fully completed in the second half of 2026. To oversee the transformation processes, Honeywell formed dedicated separation management offices to ensure that its business leaders remain focused on managing day-to-day operations. During the second quarter, Honeywell continued to optimize its portfolio and judiciously deploy shareholder capital ahead of the planned separation, including repurchasing