Honeywell — Apr 23, 2026 release

Reconciliation of Expected Cash Provided by Operating Activities to Expected Free Cash Flow (Unaudited) (Dollars in billions)   Twelve Months Ended December 31, 2026(E) Cash provided by operating activities from continuing operations ~$4.4 - $4.7 Capital expenditures ~(1.3) Spin-off and separation-related cost payments ~1.8 Settlement of Flexjet-related litigation matters ~0.4 Free cash flow ~$5.3 - $5.6 We define free cash flow as cash provided by operating activities from continuing operations less cash for capital expenditures and excluding spin-off and separation-related cost payments, the Resideo indemnification and reimbursement agreement termination payment, the cash payment for settlement of divestiture of asbestos liabilities, and the cash payment for settlement of Flexjet-related litigation matters.   We believe that free cash flow is a non-GAAP measure that is useful to investors and management as a measure of cash generated by operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This measure can also be used to evaluate our ability to generate cash flow from operations and the impact that this cash flow has on our liquidity.