Honeywell Aerospace Inc. (HONA) Cash Flow Statement
Where HONA’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.71B +46.0% vs 2024
- Capital expenditures
- $504.0M 2.9% of revenue
- Free cash flow
- $3.20B 18.4% margin
- Returned to shareholders
- —
- Change in cash
- −$31.0M cash at year-end $213.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
HONA operating cash flow, capex and free cash flow
HONA cash flow trends, 2023–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $2.98B2023 | $3.71B2025 | +11.4%/yr | |
| Capital expenditures | $387.0M2023 | $504.0M2025 | +14.1%/yr | |
| Free cash flow | $2.60B2023 | $3.20B2025 | +11.0%/yr | |
| Free cash flow margin | 18.8%2023 | 18.4%2025 | −0.4 pts | |
| Operating cash flow / net income | 1.032023 | 1.362025 | +0.33 | |
| Stock-based compensation | $73.0M2023 | $83.0M2025 | +6.6%/yr | |
| Capex / revenue | 2.8%2023 | 2.9%2025 | +0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HONA cash flow by activity
HONA net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
HONA cash flow statement
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| Operating activities | |||
| Net income | $2.72B | $2.82B | $2.89B |
| Depreciation & amortization | $412.0M | $346.0M | $302.0M |
| Stock-based compensation | $83.0M | $74.0M | $73.0M |
| Change in working capital | $357.0M | −$467.0M | −$167.0M |
| Other non-cash items | $131.0M | −$232.0M | −$110.0M |
| Cash from operating activities | $3.71B | $2.54B | $2.98B |
| Investing activities | |||
| Capital expenditures | −$504.0M | −$488.0M | −$387.0M |
| Investments (net) | −$1.0M | −$15.0M | $0 |
| Acquisitions & other investing | −$20.0M | — | — |
| Cash from investing activities | −$525.0M | — | — |
| Financing activities | |||
| Shares issued | $0 | $0 | $0 |
| Other financing | −$3.25B | $164.0M | −$2.52B |
| Cash from financing activities | −$3.25B | $164.0M | −$2.52B |
| Summary | |||
| Net change in cash | −$31.0M | $99.0M | $22.0M |
| Cash at end of period | $213.0M | $244.0M | $145.0M |
| Free cash flow | $3.20B | $2.05B | $2.60B |
| Free cash flow margin | 18.4% | 13.3% | 18.8% |
| Capex / revenue | 2.9% | 3.2% | 2.8% |
| Operating cash flow / net income | 1.36 | 0.90 | 1.03 |
| Jun '26 | Mar '26 | Jun '25 | Mar '25 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | $256.0M | $642.0M | $844.0M | $777.0M |
| Depreciation & amortization | $122.0M | $111.0M | $110.0M | $102.0M |
| Stock-based compensation | $36.0M | $25.0M | $22.0M | $24.0M |
| Change in working capital | $191.0M | −$1.02B | −$175.0M | −$590.0M |
| Other non-cash items | −$34.0M | $16.0M | −$53.0M | −$36.0M |
| Cash from operating activities | $571.0M | −$225.0M | $748.0M | $277.0M |
| Investing activities | ||||
| Capital expenditures | −$123.0M | −$137.0M | −$133.0M | −$101.0M |
| Investments (net) | −$7.0M | $2.0M | $0 | −$1.0M |
| Acquisitions & other investing | $51.0M | −$7.0M | — | — |
| Cash from investing activities | −$79.0M | −$142.0M | — | — |
| Financing activities | ||||
| Net borrowing (repayment) | $0 | $15.84B | $0 | $0 |
| Shares issued | $0 | $0 | $0 | $0 |
| Other financing | −$403.0M | −$14.70B | −$644.0M | $17.0M |
| Cash from financing activities | −$403.0M | $1.15B | −$644.0M | $17.0M |
| Summary | ||||
| Net change in cash | $68.0M | $776.0M | −$18.0M | $193.0M |
| Cash at end of period | $1.06B | $989.0M | $419.0M | $437.0M |
| Free cash flow | $448.0M | −$362.0M | $615.0M | $176.0M |
| Free cash flow margin | 9.9% | −8.3% | 14.3% | 4.3% |
| Capex / revenue | 2.7% | 3.1% | 3.1% | 2.5% |
| Operating cash flow / net income | 2.23 | −0.35 | 0.89 | 0.36 |
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.
HONA cash generation
In fiscal 2025 (ended December 31, 2025), Honeywell Aerospace generated $3.7 billion of cash from operations (up 46.0%) and spent $504.0 million on capital expenditures, leaving free cash flow of $3.2 billion, 18.4% of revenue. Cash and equivalents fell by $31.0 million over the year.
Related: HONA income statement, HONA balance sheet. See the HONA stock overview for the latest quote and news.
HONA cash flow FAQ
What is Honeywell Aerospace's free cash flow?
Honeywell Aerospace's free cash flow was $3.2 billion in fiscal 2025: $3.7 billion of operating cash flow minus $504.0 million of capital expenditures It was $2.0 billion a year earlier..
How much cash does Honeywell Aerospace generate from operations?
Honeywell Aerospace generated $3.7 billion of cash from operating activities in fiscal 2025, 1.36 times its net income of $2.7 billion.
How much does Honeywell Aerospace spend on capital expenditures?
Honeywell Aerospace spent $504.0 million on capital expenditures in fiscal 2025, 2.9% of revenue, compared with $488.0 million the year before.