HON Honeywell (HON) Q3 FY25 earnings call
Honeywell delivered strong Q3 FY25 results, exceeding organic growth and adjusted EPS guidance, driven by broad-based order momentum and a record backlog. The company is actively transforming its portfolio, successfully spinning off Solstice Advanced Materials ahead of schedule and announcing a new Automation segment structure for 2026, ahead of the planned Aerospace separation. Despite some Q4 margin headwinds in ESS and Industrial Automation, management anticipates margin expansion across all segments in 2026, supported by pricing and productivity.
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HON operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | This call Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Sep 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| Backlog | $35.3BHoneywell's backlog reached a record level of $35.3 billion in the quarter, growing 11% year-over-year.Source: earnings call transcript | $36.1BOrders were $10.6 billion in the quarter, up 3% year-over-year, excluding the effect of acquisitions, both supported by organic backlog growth of 8% to a new record of $36.1 billion.Source: earnings call transcript | — | $37B+Honeywell delivered a strong fourth quarter to close 2025, exceeding our expectations for both adjusted sales and adjusted EPS with orders up 23%, driving our backlog to over $37 billion.Source: earnings call transcript | $38B+Including the orders growth in Aerospace, we drove backlog to over $38 billion with book-to-bill above 1.1.Source: earnings call transcript | — | <$19BWe are instrumenting the business to outperform both in 2027 and over the long term, with strong short-cycle demand, a backlog of nearly $19 billion and momentum across the portfolio.Source: earnings call transcript | — |
| Orders | — | $10.6BOrders were $10.6 billion in the quarter, up 3% year-over-year, excluding the effect of acquisitions, both supported by organic backlog growth of 8% to a new record of $36.1 billion.Source: earnings call transcript | $11.9BOrders grew 22% organically from the previous year to $11.9 billion.Source: earnings call transcript | — | — | — | — | +12.3% |
| Book-to-bill ratio Aerospace Technologies | — | 1.1 ratioAerospace industry demand continues to outpace supplies, supporting our orders growth of 9% and a book-to-bill of 1.1.Source: earnings call transcript | 1.2 ratioOrders momentum continued with strong double-digit orders growth across all 3 end markets and book-to-bill of 1.2x.Source: earnings call transcript | — | 1.1 ratioWe continue to see strong Aerospace demand across commercial OE, commercial aftermarket and defense space, which is driving sustained orders growth of 28% over the last 12-months, which drove roughly $19 billion Aerospace backlog, a 20% increase from the prior year and 1.1 book-to-bill in the first quarter.Source: earnings call transcript | — | — | — |
| Book-to-bill ratio | — | — | — | — | — | 1.1 ratioFinally, book-to-bill for the total company was 1.1, and our ending backlog was up 9%.Source: earnings call transcript | 1 ratioFurthermore, book-to-bill in this quarter was 1.0, which drove ending backlog to nearly $19 billion, up 7%, excluding our divestitures.Source: earnings call transcript | -9.1% |
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