Honeywell (HON) Q1 2026 (USD): adj. EPS 2.45 (exp. 2.32), Revenue 9.14bln (exp. 9.3bln); reaffirms outlook

• Orders Up 7% Leading to ~USD 38bln backlog, led by buildings and industrial automation
• Operating Margin 16.1%, Segment Margin 23.3%
• Honeywell Aerospace Spin-off planned for Q3

GUIDANCE:

• Sees Q2 EPS between 2.35-2.45 (exp. 2.56)
• Sees Q2 revenue between USD 9.4-9.6bln (exp. 9.7bln)

COMMENTARY:

• Exec notes strong start to the year while navigating a challenging geopolitical environment.
• Profitable growth, coupled with an acceleration in stranded costs takeout, drove 11% adj. earnings growth, overcoming the impacts of rising inflation and the disruption in the Middle East.
• Took the final steps to conclude multi-year portfolio transformation, which are expected to close in H2 2026
• Honeywell Aerospace spin-off is now expected to be completed in the third quarter on June 29th.