On this page of StockholderLetter.com we present the latest annual shareholder letter from HONEYWELL INTERNATIONAL INC — ticker symbol HON. Reading current and past HON letters to shareholders can bring important insights into the investment thesis.

 •  4/9/2025 Letter Continued (Full PDF)
 •  4/6/2023 HON Stockholder Letter
 •  4/2/2024 HON Stockholder Letter
 •  More "Auto Parts" Category Stockholder Letters
 •  HON Benford's Law Stock Score = 83

HON Shareholder/Stockholder Letter Transcript:

2024
ANNUAL
REPORT


A Letter From Our
Chairman & CEO
Dear Fellow Shareowner:
Over the past century, a spirit of transformation
has driven Honeywell   s ability to deliver for
customers and produce value for all stakeholders.
Looking ahead, this gives me great confidence
in our plans for separating into three industryleading, publicly traded companies with a sharp
focus and strong potential for sustained value
creation. I am incredibly excited to continue
leading us forward to write the next chapter in
Honeywell   s storied history.
I am more confident than ever
that our revitalized portfolio
optimization strategy, established
history of operational excellence
and robust installed base will
unlock further value creation as
we continue to solve the world   s
most complex challenges and
enhance the lives of people and
communities across the globe.   
experienced a better and safer life, I learned that
driving dramatic improvements often requires
embracing change. Everything my upbringing
instilled in me about the value of transformation
was ultimately put into practice when I joined
Honeywell, at the young age of 24 years, as part
of a joint venture in India that had to find its future
in a highly competitive environment requiring
growth, innovation and results. All of these
experiences informed the four beliefs, which I
practice in every business I have run: simplify,
innovate to grow, transform continuously and
have an operating system.
In my first major role as President of Honeywell   s
Process Solutions business in 2014, everything
came full circle, and I made a focus on
transformation a key operating principle. Our
results in the subsequent years were impressive.
When I was then tasked with leading Honeywell   s
Building Automation business in 2018, I instilled
a similar set of principles that once again
generated strong performance. As Chairman
and CEO, I have come to believe that our ability
to transform as an organization -- beyond what
As I look back on my formative years in India, the we ever could have imagined even a decade ago
need for adaptability and flexibility was constant. -- is pivotal to realizing Honeywell   s full value
I grew up in a small town, where my family did for shareowners, customers, employees and the
not have a climate-controlled house, a car or a communities in which we operate.
refrigerator     many of the basic amenities that
people now consider essential. As I grew up and

TRANSFORMING HONEYWELL   S PORTFOLIO
Since aligning Honeywell to the three
compelling megatrends of automation, the
future of aviation and energy transition last
January, we have been moving swiftly and
decisively to optimize and simplify our portfolio
to deliver superior growth and drive incremental
shareowner value. As part of our disciplined
capital deployment strategy, we completed
nearly $9 billion of accretive acquisitions to
accelerate growth and support our pivot to
higher-growth verticals.
These included the acquisitions of Carrier
Access Solutions, Civitanavi, CAES and Air
Products    liquified natural gas business. In
tandem, we announced several portfolio
optimization efforts, including the sale of
our personal protective equipment business
and the critical decision to spin off our
Advanced Materials business into Solstice
Advanced Materials.
Building on this, in February 2025, our
Board completed a comprehensive, yearlong business portfolio evaluation, and we
announced our intent to pursue a full separation
of Automation and Aerospace Technologies.
The planned separation, coupled with the
spin of our Advanced Materials business
into Solstice Advanced Materials will enable
the creation of three independent, industryleading companies, each of which will have
a clear path to accelerate growth and deliver
enhanced customer and shareowner value
while offering a bright future for our employees.
THREE INDUSTRY-LEADING
PUBLIC COMPANIES
GROWTH DRIVERS
STRATEGY
ADVANTAGES
HONEYWELL
HONEYWELL
AEROSPACE
SOLSTICE
ADVANCED
MATERIALS
Global scale, with
a comprehensive
portfolio of
technologies, solutions
and software driving
productivity
Large installed base,
recurring aftermarket
sales and best-in-class
margins with leading
R&D investment
Unique financial profile
with market-leading
brands across specialty
chemicals and materials
Build on vast installed
base and deepen
presence in highgrowth verticals
Multi-year commercial
original equipment
and defense
investment upcycle
Enhanced financial
flexibility to pursue
innovation and
develop new solutions
with next-gen chemistry
Positioned to address
the future of
automation, energy
and digitalization
Address the future of
aviation through
electrification and
autonomy of flight
IP-protected portfolio
serving growing
regulatory-driven
markets
Pure play
automation leader
Premier technology
and systems provider
Sustainability-focused
specialty chemicals and
materials pure play

A FOCUS ON ORGANIC GROWTH
5%
Throughout 2024, we took intentional actions to make growth
a top priority in all aspects of our business, increasing full-year
adjusted earnings per share1 by 4%, to $9.89, and growing full-year Growth in full-year sales from
sales by 5%, and 3% organically,1 while segment profit1 grew 1%. 2023 to 2024
Beyond the changes executed across our portfolio, we upgraded
talent, incorporated process improvements in our execution and
deployed new high-impact innovations for our customers.
While increasing our research and development expenditures by
5% in 2024, we were able to launch several new groundbreaking
products this year, which range from an artificial intelligence (AI)
-powered Connected Buildings solution and an environmental
cooling system for aircraft to a new portfolio of technologies that
produce Sustainable Aviation Fuels (SAF) and diesel from a variety
of pathways. Together, this progress helped invigorate organic
growth with a 1% year-over-year increase in NPI vitality (the overall
percentage of sales from new products) to 34% and with revenue
contributions from new products totaling $13.1 billion in 2024.
5%
Increase in R&D expenditures
in 2024
$13.1 billion
Total revenue contributions
from new products in 2024
Automation
Honeywell NXS and NXU New Releases:
The next generation of smart gas meters that provide
an integrated and autonomous safety shutoff valve to
keep residents safe from surges and abnormalities
associated with the gas grid, using cellular
connectivity to command a shutoff in the event of an
emergency.
Honeywell Forge Connected Buildings:
Smart hardware, software and services simplify the
complexity of building operations. Predictive
insights, integrated workflows and remote operations
elevate building performance towards energy
efficiency, operational efficiency and resiliency goals.
Future of Aviation
Honeywell Attune:
Advanced technology that generates cold air or
liquid that cools heat-generating electronic
components, batteries and aircraft cockpits and
cabins. It is the ideal cooling solution for
applications such as military, urban air mobility and
civilian aircraft, including fixed wing and helicopters.
Honeywell Electric Environmental Control Systems:
Honeywell   s newest air and thermal control system
that reduces performance extraction so engines can
fly faster and longer, while reducing fuel burn and
increasing efficiency.
Energy Transition
Honeywell Renewable Fuels:
A portfolio of technologies that produce
Sustainable Aviation Fuels (SAF) and diesel from a
variety of pathways, including fats and oils, ethanol,
CO2, clean hydrogen and Fischer-Tropsch products.
Honeywell Performance+ Services:
Accelerants to digitize industrial operations by
driving more proactive and predictive solutions to
enhance operations of refining, petrochemical and
gas processing plants by maximizing throughput,
optimizing processes and upskilling workforces.
1See Non-GAAP Financial Measures section for additional information regarding non-GAAP measures.



 4/9/2025 Letter Continued (Full PDF)