Honeywell — Oct 23, 2025 release

Guidance now includes the impact of the Solstice Advanced Materials spin-off, set for completion on October 30, 2025, which is expected to reduce full-year sales compared to the prior year by $0.7 billion, adjusted earnings per share 2,3 by $0.21, and free cash flow 1 by $0.2 billion. Full-year sales are now expected to be $40.7 billion to $40.9 billion with organic 1 sales growth of approximately 6%. Segment margin 2 is expected to be in the range of 22.9% to 23.0%, with segment margin 2 expansion of 30 to 40 basis points year over year. Adjusted earnings per share 2,3 is now expected to be in the range of $10.60 to $10.70, up 10 cents at the midpoint from the prior guidance range. Operating cash flow is now expected to be in the range of $6.4 billion to $6.8 billion, with free cash flow 1 in the range of $5.2 billion to $5.6 billion. Excluding the impact of the Bombardier agreement 4 signed in the fourth quarter of 2024, the company expects organic sales 1 growth of approximately 5%, segment margin 2 down 40 to 30 basis points year over year, and adjusted earnings per share 2,3 up approximately 3% year over year. The company expects adjusted earnings per share growth of 5% to 6% when excluding both the impact of the Bombardier agreement 4 and the October spin-off of Solstice Advanced Materials. 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 upcoming spin of Solst