Honeywell International Inc. (HON) Cash Flow Statement
Where HON’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $6.38B +4.6% vs 2024
- Capital expenditures
- $986.0M 2.6% of revenue
- Free cash flow
- $5.39B 14.4% margin
- Returned to shareholders
- $6.78B 126% of free cash flow
- Change in cash
- $1.92B cash at year-end $12.49B
Cash from operations
$6.38B
Capital expenditures
−$986.0M
Investments (net)
−$433.0M
Acquisitions & other
−$1.29B
Dividends
−$2.98B
Share buybacks (net)
−$3.80B
Net borrowing (repayment)
+$2.61B
Shares issued
+$237.0M
Other financing
+$1.98B
Currency & other
+$205.0M
Change in cash
$1.92B
Drawn to scale: where the cash came from and how it was used. Hover for values.
HON operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
HON cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $5.50B2016 | $6.38B2025 | +1.7%/yr | |
| Capital expenditures | $1.09B2016 | $986.0M2025 | −1.2%/yr | |
| Free cash flow | $4.40B2016 | $5.39B2025 | +2.3%/yr | |
| Free cash flow margin | 11.2%2016 | 14.4%2025 | +3.2 pts | |
| Operating cash flow / net income | 1.142016 | 1.322025 | +0.18 | |
| Stock-based compensation | $184.0M2016 | $196.0M2025 | +0.7%/yr | |
| Dividends paid | $1.92B2016 | $2.98B2025 | +5.0%/yr | |
| Share buybacks (net) | $2.08B2016 | $3.80B2025 | +6.9%/yr | |
| Capex / revenue | 2.8%2016 | 2.6%2025 | −0.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HON cash flow by activity
OperatingInvestingFinancingChange in cash
HON net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HON cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $4.83B | $5.71B | $5.66B | $4.97B | $5.61B | $4.78B | $6.14B | $6.76B | $1.66B | $4.81B |
| Depreciation & amortization | $1.39B | $1.15B | $1.00B | $1.20B | $1.22B | $1.00B | $1.09B | $1.12B | $1.11B | $1.03B |
| Stock-based compensation | $196.0M | $194.0M | $202.0M | $188.0M | $217.0M | $168.0M | $153.0M | $175.0M | $176.0M | $184.0M |
| Change in working capital | −$352.0M | $237.0M | $361.0M | −$745.0M | $288.0M | $1.36B | $44.0M | $286.0M | −$563.0M | −$184.0M |
| Other non-cash items | $312.0M | −$1.19B | −$1.89B | −$340.0M | −$1.30B | −$1.10B | −$531.0M | −$1.91B | $3.58B | −$341.0M |
| Cash from operating activities | $6.38B | $6.10B | $5.34B | $5.27B | $6.04B | $6.21B | $6.90B | $6.43B | $5.97B | $5.50B |
| Investing activities | ||||||||||
| Capital expenditures | −$986.0M | −$871.0M | −$741.0M | −$766.0M | −$895.0M | −$906.0M | −$839.0M | −$828.0M | −$1.03B | −$1.09B |
| Investments (net) | −$433.0M | −$10.16B | −$1.29B | −$93.0M | $152.0M | $123.0M | $211.0M | $1.97B | −$2.33B | −$273.0M |
| Acquisitions & other investing | −$1.29B | $871.0M | $741.0M | $766.0M | −$318.0M | −$204.0M | $95.0M | −$118.0M | −$214.0M | −$1.97B |
| Cash from investing activities | −$2.71B | −$10.16B | −$1.29B | −$93.0M | −$1.06B | −$987.0M | −$533.0M | $1.03B | −$3.57B | −$3.34B |
| Financing activities | ||||||||||
| Dividends paid | −$2.98B | −$2.90B | −$2.85B | −$2.72B | −$2.63B | −$2.59B | −$2.44B | −$2.27B | −$2.12B | −$1.92B |
| Share repurchases & issuance (net) | −$3.80B | −$1.66B | −$3.71B | −$4.20B | −$3.38B | −$3.71B | −$4.40B | −$4.00B | −$2.89B | −$2.08B |
| Net borrowing (repayment) | $2.61B | $10.86B | $583.0M | $317.0M | −$2.40B | $5.89B | −$177.0M | −$1.51B | $1.11B | $6.41B |
| Shares issued | $237.0M | $537.0M | $350.0M | $320.0M | $229.0M | $393.0M | $498.0M | $267.0M | $0 | $0 |
| Other financing | $1.98B | $3.0M | −$126.0M | −$48.0M | −$81.0M | −$59.0M | −$79.0M | $2.48B | $377.0M | −$2.07B |
| Cash from financing activities | −$1.95B | $6.84B | −$5.76B | −$6.33B | −$8.25B | −$81.0M | −$6.60B | −$5.03B | −$3.52B | $346.0M |
| Summary | ||||||||||
| Net change in cash | $1.92B | $2.64B | −$1.70B | −$1.33B | −$3.32B | $5.21B | −$220.0M | $2.23B | −$784.0M | $2.39B |
| Cash at end of period | $12.49B | $10.57B | $7.92B | $9.63B | $10.96B | $14.28B | $9.07B | $9.29B | $7.06B | $7.84B |
| Free cash flow | $5.39B | $5.23B | $4.60B | $4.51B | $5.14B | $5.30B | $6.06B | $5.61B | $4.93B | $4.40B |
| Free cash flow margin | 14.4% | 15.1% | 12.5% | 12.7% | 15.0% | 16.2% | 16.5% | 13.4% | 12.2% | 11.2% |
| Capex / revenue | 2.6% | 2.5% | 2.0% | 2.2% | 2.6% | 2.8% | 2.3% | 2.0% | 2.5% | 2.8% |
| Operating cash flow / net income | 1.32 | 1.07 | 0.94 | 1.06 | 1.08 | 1.30 | 1.12 | 0.95 | 3.60 | 1.14 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $5.69B | $795.0M | $312.0M | $34.0M | $1.57B | $1.47B | $1.29B | $1.42B | $1.56B | $1.48B | $1.26B | $1.51B |
| Depreciation & amortization | $312.0M | $357.0M | $367.0M | $397.0M | $404.0M | $374.0M | $377.0M | $357.0M | $309.0M | $291.0M | $301.0M | $308.0M |
| Stock-based compensation | $51.0M | $57.0M | $42.0M | $36.0M | $57.0M | $61.0M | $41.0M | $45.0M | $55.0M | $53.0M | $54.0M | $39.0M |
| Change in working capital | $434.0M | −$1.90B | $985.0M | −$6.0M | −$469.0M | −$862.0M | $781.0M | $746.0M | −$276.0M | −$1.01B | $1.26B | $66.0M |
| Other non-cash items | −$5.21B | $40.0M | −$531.0M | $2.83B | −$242.0M | −$443.0M | −$208.0M | −$566.0M | −$277.0M | −$357.0M | $81.0M | −$118.0M |
| Cash from operating activities | $1.28B | −$650.0M | $1.18B | $3.29B | $1.32B | $597.0M | $2.28B | $2.00B | $1.37B | $448.0M | $2.96B | $1.81B |
| Investing activities | ||||||||||||
| Capital expenditures | −$315.0M | −$223.0M | −$58.0M | −$374.0M | −$364.0M | −$251.0M | −$100.0M | −$279.0M | −$259.0M | −$233.0M | −$364.0M | −$249.0M |
| Investments (net) | $32.0M | $103.0M | −$13.0M | −$488.0M | −$1.51B | −$371.0M | −$1.96B | −$2.80B | −$5.13B | −$273.0M | −$539.0M | −$45.0M |
| Acquisitions & other investing | −$646.0M | $1.0M | −$272.0M | $374.0M | $364.0M | $251.0M | $100.0M | $279.0M | $259.0M | $233.0M | $364.0M | $249.0M |
| Cash from investing activities | −$929.0M | −$119.0M | −$343.0M | −$488.0M | −$1.51B | −$371.0M | −$1.96B | −$2.80B | −$5.13B | −$273.0M | −$539.0M | −$45.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$795.0M | −$781.0M | −$762.0M | −$735.0M | −$747.0M | −$732.0M | −$741.0M | −$715.0M | −$743.0M | −$703.0M | −$711.0M | −$728.0M |
| Share repurchases & issuance (net) | $1.00B | −$1.00B | −$100.0M | −$100.0M | −$1.70B | −$1.90B | −$455.0M | $0 | −$529.0M | −$671.0M | −$1.53B | −$1.01B |
| Net borrowing (repayment) | −$2.73B | −$13.87B | −$2.33B | $341.0M | $3.15B | $1.44B | $791.0M | $2.46B | — | — | — | — |
| Shares issued | $29.0M | $170.0M | $97.0M | $42.0M | $56.0M | $42.0M | $188.0M | $40.0M | $165.0M | $144.0M | $45.0M | $36.0M |
| Other financing | −$1.01B | $15.74B | $1.78B | $233.0M | −$3.0M | −$32.0M | −$2.0M | −$21.0M | $2.71B | $4.93B | −$142.0M | −$861.0M |
| Cash from financing activities | −$3.51B | $267.0M | −$1.31B | −$219.0M | $759.0M | −$1.18B | −$219.0M | $1.76B | $1.60B | $3.70B | −$2.34B | −$2.56B |
| Summary | ||||||||||||
| Net change in cash | −$3.23B | −$510.0M | −$443.0M | $2.58B | $692.0M | −$910.0M | −$77.0M | $1.07B | −$2.18B | $3.83B | $155.0M | −$856.0M |
| Cash at end of period | $8.75B | $11.98B | $12.49B | $12.93B | $10.35B | $9.66B | $10.57B | $10.64B | $9.58B | $11.76B | $7.92B | $7.77B |
| Free cash flow | $961.0M | −$873.0M | $1.12B | $2.91B | $955.0M | $346.0M | $2.18B | $1.72B | $1.11B | $215.0M | $2.59B | $1.56B |
| Free cash flow margin | 9.9% | −9.5% | 16.3% | 28.0% | 9.2% | 3.5% | 21.6% | 17.7% | 11.6% | 2.4% | 27.4% | 16.9% |
| Capex / revenue | 3.2% | 2.4% | 0.8% | 3.6% | 3.5% | 2.6% | 1.0% | 2.9% | 2.7% | 2.6% | 3.9% | 2.7% |
| Operating cash flow / net income | 0.22 | −0.82 | 3.77 | 96.71 | 0.84 | 0.41 | 1.77 | 1.41 | 0.88 | 0.30 | 2.34 | 1.19 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
HON cash generation
In fiscal 2025 (ended December 31, 2025), Honeywell generated $6.4 billion of cash from operations (up 4.6%) and spent $986.0 million on capital expenditures, leaving free cash flow of $5.4 billion, 14.4% of revenue. It returned $6.8 billion to shareholders through dividends ($3.0 billion) and net share buybacks ($3.8 billion). Cash and equivalents rose by $1.9 billion over the year.
Related: HON income statement, HON balance sheet, HON dividend history. See the HON stock overview for the latest quote and news.
HON cash flow FAQ
What is Honeywell's free cash flow?
Honeywell's free cash flow was $5.4 billion in fiscal 2025: $6.4 billion of operating cash flow minus $986.0 million of capital expenditures It was $5.2 billion a year earlier..
How much cash does Honeywell generate from operations?
Honeywell generated $6.4 billion of cash from operating activities in fiscal 2025, 1.32 times its net income of $4.8 billion.
How much does Honeywell spend on capital expenditures?
Honeywell spent $986.0 million on capital expenditures in fiscal 2025, 2.6% of revenue, compared with $871.0 million the year before.
How much stock does Honeywell buy back?
Honeywell spent $3.8 billion on net share repurchases in fiscal 2025.
How much does Honeywell pay in dividends?
Honeywell paid $3.0 billion in dividends in fiscal 2025, 55.2% of free cash flow.