Honeywell International (HON) 10-K risk factor changes: FY2025 vs FY2024

For the fiscal year ended December 31, [removed: 2024][added: 2025]

[removed: ][added: ]

The aggregate market value of the common stock held by non-affiliates of the Registrant was approximately [removed: $138.7] [added: $145.3] billion at June 30, [removed: 2024.][added: 2025.]

There were [removed: 649,918,551] [added: 635,675,701] shares of Common Stock outstanding at January [removed: 24, 2025.][added: 23, 2026.]

See [Form 10-K Cross-Reference [removed: Index](#iee3c62a35f1d4be7883283b8e2976aec_343)] [added: Index](#ic3922f0530c04df99983ab02c4d22c0f_331)] for a cross-reference to the traditional SEC Form 10-K format.

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[removed: | [117](#iee3c62a35f1d4be7883283b8e2976aec_307) | | | [Other Information](#iee3c62a35f1d4be7883283b8e2976aec_307) | | |][added: OTHER INFORMATION]

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| [removed: [117](#iee3c62a35f1d4be7883283b8e2976aec_316)] [added: [125](#ic3922f0530c04df99983ab02c4d22c0f_304)] | | | [Directors, Executive Officers, and Corporate [removed: Governance](#iee3c62a35f1d4be7883283b8e2976aec_316)] [added: Governance](#ic3922f0530c04df99983ab02c4d22c0f_304)] | | |

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| [TABLE OF [removed: CONTENTS](#iee3c62a35f1d4be7883283b8e2976aec_16)] [added: CONTENTS](#ic3922f0530c04df99983ab02c4d22c0f_13)] | | | | | |

We describe many of the trends and other factors that drive our business and future results in the section titled [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#iee3c62a35f1d4be7883283b8e2976aec_70)] [added: Operations](#ic3922f0530c04df99983ab02c4d22c0f_64)] and in other parts of this report (including under the section titled [Risk [removed: Factors](#iee3c62a35f1d4be7883283b8e2976aec_136)).][added: Factors](#ic3922f0530c04df99983ab02c4d22c0f_109)).]

Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange [removed: Act).][added: Act), including statements related to the proposed separation of Honeywell from Honeywell Aerospace and the planned sale of the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses.]

They are based on management’s assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors, many of which are difficult to predict and outside of our [removed: control.][added: control, including Honeywell's current expectations, estimates, and projections regarding the proposed separation of Honeywell from Honeywell Aerospace and the planned sale of the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses.]

They are not guarantees of future performance, and actual results, developments, and business decisions may differ significantly from those envisaged by our forward-looking [removed: statements.][added: statements, including the proposed separation of Honeywell from Honeywell Aerospace and the planned sale of the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses, and the anticipated benefits of each.]

Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as [added: changes in or application of trade and tax laws and policies, including the impacts of tariffs and other trade barriers and restrictions,] lower GDP growth or [removed: recession,] [added: recession in the U.S. or globally,] supply chain disruptions, capital markets volatility, inflation, and certain regional conflicts, [removed: that] [added: which] can affect our performance in both the near- and long-term.

These forward-looking statements should be considered in light of the information included in this Form 10-K, including, in particular, the factors discussed within the section titled [Risk [removed: Factors](#iee3c62a35f1d4be7883283b8e2976aec_136).][added: Factors](#ic3922f0530c04df99983ab02c4d22c0f_109).]

Honeywell International Inc. (Honeywell, we, us, our, or the Company) is an integrated operating company serving a broad range of industries and geographies around the [removed: world.][added: world, with a portfolio that is underpinned by our Honeywell Accelerator operating system and Honeywell Forge platform.]

[removed: As a trusted partner, we] [added: Each of our businesses] help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations [removed: through our Aerospace Technologies, Industrial Automation, Building Automation, and Energy] [added: for aerospace, building automation, industrial automation, process automation,] and [removed: Sustainability Solutions business segments] [added: process technology,] that help make the world smarter and safer, as well as more secure and sustainable.

In addition, in this Form 10-K, the Company incorporates by reference certain information from its definitive Proxy Statement for the [removed: 2025] [added: 2026] Annual Meeting of Stockholders (the Proxy Statement), which we expect to file with the SEC not later than 120 days after December 31, [removed: 2024,] [added: 2025,] and which will also be available free of charge on our website.

| [TABLE OF [removed: CONTENTS](#iee3c62a35f1d4be7883283b8e2976aec_16)] [added: CONTENTS](#ic3922f0530c04df99983ab02c4d22c0f_13)] | | | ABOUT HONEYWELL | | |

Leveraging our Honeywell Accelerator operating model, we [removed: demonstrated] [added: continued] our [removed: commitment to] portfolio transformation, [removed: growth,] [added: demonstrating growth] and operational [removed: execution] [added: performance] while remaining focused on creating long-term shareowner value.

Part III: Proxy Statement for Annual Meeting of Shareowners to be held May 22, 2026

| [30](#ic3922f0530c04df99983ab02c4d22c0f_109) | | | [Risk Factors](#ic3922f0530c04df99983ab02c4d22c0f_109) | | |

| [48](#ic3922f0530c04df99983ab02c4d22c0f_148) | | | [Other Matters](#ic3922f0530c04df99983ab02c4d22c0f_148) | | |

| [50](#ic3922f0530c04df99983ab02c4d22c0f_157) | | | [Cybersecurity](#ic3922f0530c04df99983ab02c4d22c0f_157) | | |

| [51](#ic3922f0530c04df99983ab02c4d22c0f_160) | | | [Properties](#ic3922f0530c04df99983ab02c4d22c0f_160) | | |

| [51](#ic3922f0530c04df99983ab02c4d22c0f_163) | | | [Legal Proceedings](#ic3922f0530c04df99983ab02c4d22c0f_163) | | |

| [123](#ic3922f0530c04df99983ab02c4d22c0f_289) | | | [Controls and Procedures](#ic3922f0530c04df99983ab02c4d22c0f_289) | | |

| [124](#ic3922f0530c04df99983ab02c4d22c0f_298) | | | [Other Information](#ic3922f0530c04df99983ab02c4d22c0f_295) | | |

| [125](#ic3922f0530c04df99983ab02c4d22c0f_307) | | | [Executive Compensation](#ic3922f0530c04df99983ab02c4d22c0f_307) | | |

| [127](#ic3922f0530c04df99983ab02c4d22c0f_322) | | | [Form 10-K Summary](#ic3922f0530c04df99983ab02c4d22c0f_322) | | |

| [128](#ic3922f0530c04df99983ab02c4d22c0f_325) | | | [Exhibit Index](#ic3922f0530c04df99983ab02c4d22c0f_325) | | |

| [132](#ic3922f0530c04df99983ab02c4d22c0f_328) | | | [Signatures](#ic3922f0530c04df99983ab02c4d22c0f_328) | | |

Forward-looking statements are those that address activities, events, or developments that we or our management intend, expect, project, believe, or anticipate will or may occur in the future.

On February 6, 2025, we announced our plans to separate Honeywell from Honeywell Aerospace, into two independent U.S. public companies.

Our Honeywell business will be a leading global, pure-play automation company, delivering productivity enhancing mission-critical solutions that enable optimized outcomes for customers.

Our Honeywell Aerospace business will be a leading global tier-1 aerospace and defense supplier of mission critical systems and technologies that enable the production, maintenance, and safe operation of aerospace and defense platforms.

We are unlocking growth by driving differentiated customer outcomes and enhanced, recurring revenue streams through the monetization of our vast installed base.

Portfolio optimization and capital deployment remain a central focus for Honeywell, as evidenced by the separation and segment realignment announcements that we made during 2025.

In connection with the spin-off, the AM business is reported in our consolidated financial statements as discontinued operations in all periods presented.

See Note 2 [Acquisitions, Divestit](#ic3922f0530c04df99983ab02c4d22c0f_202)[ures, and Discontinue](#ic3922f0530c04df99983ab02c4d22c0f_202)[d Op](#ic3922f0530c04df99983ab02c4d22c0f_202)[erations](#ic3922f0530c04df99983ab02c4d22c0f_202) of Notes to Consolidated Financial Statements for further information.

We also deployed $2.2 billion of capital to acquire Sundyne in June 2025 and announced an agreement to acquire Johnson Matthey's Catalyst Technologies business segment for £1.8 billion.

We completed the divestiture of our personal protection equipment (PPE) business in May 2025 and announced our intent to pursue the separation of Honeywell from Honeywell Aerospace, into independent, U.S. publicly traded companies, which is expected to be completed in the third quarter of 2026.

After the separation, Honeywell Aerospace is expected to be one of the largest publicly-traded aerospace suppliers globally, well-positioned as a premier technology and systems provider for all forms of aircraft.

Similarly, Honeywell will be a leading, pure-play automation company with a vast installed base and comprehensive portfolio of technologies, solutions, and software enabling us to solve the world’s most complex problems and power the digital transformation, globally.

| | | | $37.4 BILLION | | | | | | | | | $37.5 BILLION | | | | | | | | | $6.1 BILLION | | | | | |

| [TABLE OF CONTENTS](#ic3922f0530c04df99983ab02c4d22c0f_13) | | | ABOUT HONEYWELL | | |

| [TABLE OF CONTENTS](#ic3922f0530c04df99983ab02c4d22c0f_13) | | | ABOUT HONEYWELL | | |

Effective October 30, 2025, Honeywell completed the spin-off of its AM business into an independent, publicly traded company, Solstice Advanced Materials.

The AM business had historically been part of the Energy and Sustainability Systems reportable segment.

In connection with the spin-off, the AM business is reported in our consolidated financial statements as discontinued operations in all periods presented.

In October 2025, the Company announced a planned realignment, expected to be effective in the first quarter of 2026, of its business units comprising its Industrial Automation and Energy and Sustainability Solutions reportable business segments to form a new reportable business segment, Process Automation and Technology, and result in a new composition of its Industrial Automation reportable business segment.

Following the realignment, our reportable business segments will be Aerospace Technologies, Building Automation, Process Automation and Technology, and Industrial Automation.

| $2,513 million | | | $7,777 million | | | $7,220 million | | |

| [TABLE OF CONTENTS](#ic3922f0530c04df99983ab02c4d22c0f_13) | | | ABOUT HONEYWELL | | |

| $1,171 million | | | $1,132 million | | | $6,165 million | | | $933 million | | |

| 1 | | | On May 21, 2025, the Company completed the sale of its personal protective equipment (PPE) business which was included in the Sensing and Safety Technologies business unit. | | | | | |

| 2 | | | On July 8, 2025, the Company announced it is evaluating strategic alternatives for its Productivity Solutions and Services and Warehouse and Workflow Solutions businesses, which are classified as held for sale as of December 31, 2025. | | | | | |

| $4,480 million | | | $2,887 million | | |

| [TABLE OF CONTENTS](#ic3922f0530c04df99983ab02c4d22c0f_13) | | | ABOUT HONEYWELL | | |

| ENERGY AND SUSTAINABILITY SOLUTIONS Energy and Sustainability Solutions (ESS) is enabling energy security for customers globally through a century of domain expertise and innovation to provide efficient and responsible energy expansion through digitally optimized operations. The business segment is comprised of five end-market focused verticals: Refining, Petrochemicals, Low Carbon Energy, Gas & LNG, and Industrial Solutions. The reportable business segment is comprised of the UOP business unit. The UOP business delivers licensed process technology, equipment, engineering, catalysts, adsorbents, and services through end-to-end solutions to its customers enabled by the convergence of its domain expertise and vast installed base, combined with the Honeywell Forge platform. Forge provides connectivity, data integration, and software solutions powered by deep expertise across ESS which serve customer asset productivity and efficiency needs. | | | | | | | | |  | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

Certain information required by Part III is incorporated by reference from the Registrant's definitive proxy statement for the Annual Meeting of Shareowners, or an amendment to this Form 10-K, which the Registrant intends to file with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates.

| [28](#iee3c62a35f1d4be7883283b8e2976aec_136) | | | [Risk Factors](#iee3c62a35f1d4be7883283b8e2976aec_136) | | |

| [45](#iee3c62a35f1d4be7883283b8e2976aec_163) | | | [Other Matters](#iee3c62a35f1d4be7883283b8e2976aec_163) | | |

| [47](#iee3c62a35f1d4be7883283b8e2976aec_175) | | | [Cybersecurity](#iee3c62a35f1d4be7883283b8e2976aec_175) | | |

| [48](#iee3c62a35f1d4be7883283b8e2976aec_178) | | | [Properties](#iee3c62a35f1d4be7883283b8e2976aec_178) | | |

| [48](#iee3c62a35f1d4be7883283b8e2976aec_181) | | | [Legal Proceedings](#iee3c62a35f1d4be7883283b8e2976aec_181) | | |

| [116](#iee3c62a35f1d4be7883283b8e2976aec_301) | | | [Controls and Procedures](#iee3c62a35f1d4be7883283b8e2976aec_301) | | |

| [117](#iee3c62a35f1d4be7883283b8e2976aec_319) | | | [Executive Compensation](#iee3c62a35f1d4be7883283b8e2976aec_319) | | |

| [119](#iee3c62a35f1d4be7883283b8e2976aec_334) | | | [Form 10-K Summary](#iee3c62a35f1d4be7883283b8e2976aec_334) | | |

| [120](#iee3c62a35f1d4be7883283b8e2976aec_337) | | | [Exhibit Index](#iee3c62a35f1d4be7883283b8e2976aec_337) | | |

| [124](#iee3c62a35f1d4be7883283b8e2976aec_340) | | | [Signatures](#iee3c62a35f1d4be7883283b8e2976aec_340) | | |

Forward-looking statements are those that address activities, events, or developments that management intends, expects, projects, believes, or anticipates will or may occur in the future and include statements related to the proposed spin-off of the Company's Advanced Materials business into a stand-alone, publicly traded company and the proposed separation of Automation and Aerospace.

Our products and solutions enable a safer, more comfortable, and more productive world, enhancing the quality of life of people around the globe.

Our business is aligned with three powerful megatrends – automation, the future of aviation, and energy transition – underpinned by our Honeywell Accelerator operating system and Honeywell Forge Internet of Things (IoT) platform.

In 2024, we continued our portfolio realignment to three powerful megatrends (automation, the future of aviation, and the energy transition), and deployed $9 billion of capital across four acquisitions: Carrier Global Corporation's Global Access Solutions business (Access Solutions), CAES Systems Holdings LLC (CAES), Air Products' liquefied natural gas process technology and equipment business (LNG), and Civitanavi Systems S.p.A.

We also committed to two strategic divestitures of non-core businesses announced in 2024, including the sale of our personal protection equipment (PPE) business and our intent to spin off our Advanced Materials business into an independent, U.S. publicly traded company.

Additionally, we announced in February 2025 our intent to pursue the separation of our Automation and Aerospace Technologies businesses into independent, U.S. publicly traded companies, forming three industry-leading public companies in Automation, Aerospace Technologies, and Advanced Materials.

Also in 2024, we announced Honeywell Connected Enterprise (HCE) 3.0, advancing our software strategy by integrating HCE into each strategic business group, while maintaining our robust software development expertise at the center.

We expect this strategy to deliver improved outcomes for our customers and drive sustained, accretive software growth across the portfolio.

We further progressed Accelerator, deploying best practices by business model consistently across the portfolio and scaling our capabilities across business models to drive growth.

We also leveraged Accelerator to support the integration of each of our acquisitions.

| | | | $38.5 BILLION | | | | | | | | | $35.3 BILLION | | | | | | | | | $6.1 BILLION | | | | | |

| $2,223 million | | | $7,144 million | | | $6,091 million | | |

| 1 | | | | | | On November 22, 2024, the Company announced it reached an agreement to sell its personal protective equipment business. | | | | | |

| $1,824 million | | | $1,202 million | | | $6,111 | | | $914 million | | |

| $3,868 million | | | $2,672 million | | |

| ENERGY AND SUSTAINABILITY SOLUTIONS Energy and Sustainability Solutions is a leading global provider of industry leading technology, processing, and licensing capabilities combined with material science capabilities and innovative chemistry to offer focused solutions integral to facilitating the world's energy transition. The reportable business segment is comprised of UOP and Advanced Materials1 business units. The UOP business provides sustainable aviation fuels, petrochemical, refining, and natural gas liquefaction technologies, and carbon management solutions across multiple sectors through process technology solutions, products, including catalysts and adsorbents, equipment and aftermarket services. The Advanced Materials business provides customers with its Solstice lower global warming potential refrigeration and heating solutions, Spectra fibers for high end protective armor and medical applications, and leading-edge semiconductor materials. Our Honeywell Forge solutions serve customer asset productivity and efficiency needs by providing connectivity, data integration, and software solutions to generate a holistic view of their operations. | | | | | | | | |  | | |

| $2,644 million | | | $3,781 million | | |

The vast majority of principal raw materials used in our operations are readily available.

We assist certain suppliers facing manufacturing challenges by committing our own resources to their sites and facilities.

Where we cannot procure key components or raw materials, we consider altering existing products and developing new products to satisfy customer needs.

We continue to leverage existing supplier relationships and are not dependent on any one supplier for a material amount of our raw materials.

Tariffs on key components, particularly those resulting from trade tensions between major economies, continue to affect pricing and availability.

As part of our commitment to reduce GHG emissions, we have been implementing solar projects to reduce dependency on conventional power sources, including installing rooftop and carport solar systems at various facilities to offset the sites' energy usage.

In addition to being on a path to achieve our carbon neutrality goals, in 2023, we exceeded our 10-10-10 commitments that we established in 2019 to (i) reduce Scope 1 and 2 GHG emissions intensity by 10% from a 2018 baseline, (ii) deploy at least 10 renewable energy opportunities, and (iii) achieve certification to ISO 50001 Energy Management Standard at 10 facilities.

| 1 | | | Methodology for identifying sustainability-oriented offerings is available at investor.honeywell.com (see “ESG/ESG Information/Identification of Sustainability-Oriented Offerings”). | | |

Our Global Inclusion and Diversity Steering Committee is co-sponsored by our Chairman and CEO, Senior Vice President and General Counsel, and Senior Vice President and Chief Human Resources Officer.

The committee fortifies our inclusion and diversity governance structure and is augmented by the councils embedded in each of our business groups.