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

Honeywell reported adjusted EPS of 2.45, outperforming expectations, while revenue was slightly below consensus.

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

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  • 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.
Context

The solid earnings performance is bolstered by a 7% increase in orders and a robust backlog, indicating resilience despite geopolitical challenges. Their reaffirmed guidance for Q2, though below expectations, reflects cautious optimism, particularly with planned spin-offs that signal a strategic shift in focus.

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