Honeywell Technologies filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $33.61 billion, which rose 3.9% on the year before. That growth rate was up 11.3 percentage points on the rate a quarter earlier.

What stands out

Net income rose 15.1% over the year while free cash flow fell 86.2%: reported profit and cash are moving at different speeds. Meanwhile, capital spending rose 106.3%, faster than operating cash flow’s 74.0%, so less of the cash generated was left over.

What the company earns

The company makes money. The trailing gross margin was 12.7%. The trailing operating margin was 32.7%, up 13.9 percentage points from a year earlier. The trailing net margin was 21.0%. Net income over the twelve months was $7.05 billion, which rose 15.1% on the year before.

The cash picture

Less cash came in than a year earlier. Operating cash flow over the twelve months was $1.95 billion, down 74.0% on the year before. Alongside that, capital spending was $980.0 million, or 2.9% of revenue. Free cash flow, operating cash flow less capital spending, was $967.0 million, down 86.2% on the year before. Free cash flow was 2.9% of revenue (the free-cash-flow margin), down 18.8 percentage points from a year earlier.

Share count

The average diluted share count fell 1.5% over the year.

How today compares

In the context of past results: today’s free-cash-flow margin of 2.9% is higher than 0% of the company’s own past quarterly readings, which have ranged from 4.6% to 21.7%. Over the same period, today’s operating margin of 32.7% is higher than 100% of the company’s own past quarterly readings, which have ranged from 18.8% to 32.2%. Today’s twelve-month revenue growth rate of 3.9% is higher than 65% of the company’s own past quarterly readings, which have ranged from −13.9% to 14.2%.

Guidance

Looking ahead, the company has guided. The company raised its Full-Year 2026 guidance for Sales: $20.0 billion to $20.1 billion. Over the same period, the company raised its Full-Year 2026 guidance for Segment Margin (adjusted): 20.5%. The company raised its Full-Year 2026 guidance for Segment Margin Expansion (adjusted): 290. The company raised its Full-Year 2026 guidance for Adjusted Earnings Per Share: $8.40 to $8.45.

The valuation angle

Our model translates these figures into value. In our model, growth 5 percentage points lower would lower the value by 62.3%, and 5 percentage points higher would raise it by 81.6%. Over those twelve months, a free-cash-flow margin 1 percentage point lower would lower it by 86.3%.

Next to watch

The next filing will show whether the trends above continue, slow or reverse.