Calepin des entreprises international 2026 VA.pdf — page 94

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Business trends
	
 Honeywell revenues reached $38.5 billion (€35.6 billion) in 2024, up 5% year-on-year in local currency. 
Three of the group’s four divisions reported higher sales, including Building Automation (construction, +8.4%) 
and Energy and Sustainability Solutions (solutions for fuel and chemical production, technological materials, 
etc., +3%). Revenues in the Aerospace Technologies division (civil and military aeronautics, space) grew 13.5%, 
exceeding their 2019 level, driven by the recovery in the civil aeronautics sector and the increase in deliveries 
of military equipment.
	
 In February 2025, Honeywell initiated a project to split the group into three independent entities listed in 
the United States, whith completion expected in the second half of 2026. These three entities will be (1) the 
Aerospace Technologies division, which will become a group focused entirely on aeronautics, defence and 
space, (2) the building and industrial activities (Building Automation and Industrial Automation divisions, 
excluding the personal protective equipment activities that were sold to Protective Industrial Products in 
May 2025, and the UOP segment of the Energy and Sustainability Solutions division), and (3) the Advanced 
Materials segment of the Energy and Sustainability Solutions division, which was floated on the stock market 
under the name Solstice Advanced Materials in October 2025.
Home market
	
 In 2024, Honeywell generated 43% of its revenues in the United States. Sales to the U.S. Department of 
Defense amounted to $3.8 billion (€3.5 billion), or 63% of the group’s defence activities.
	
 Under multi-year contracts, Honeywell is involved in the maintenance and modernisation of various key 
equipment for the U.S. Armed Forces. The group is in particular in charge of upgrading its T55 turboshaft 
engine that powers the U.S. Army’s CH-47 Chinook helicopters (development of the T55-GA-714C version, 
which provides a 22% increase in power and an 8% reduction in fuel consumption compared with the 
T55-GA-714A version).
	
 The U.S. Navy awarded Honeywell a $92 million (€85 million) contract in December 2024 to supply 
6,096 spare parts over five years for the F/A-18 Hornet fighter aircraft (Boeing), such as wheels, disc brakes, 
stators, hydraulic pistons, etc. The contract includes the sale of parts under FMS procedures to foreign 
operators of the aircraft (Canada, Spain, Finland, Switzerland, Kuwait and Malaysia).
	
 In June 2025, Bell (part of Textron) selected Honeywell’s 36-150 auxiliary power unit to power its future MV-75 
(formerly V-280 Valor) utility tiltrotor aircraft.	
	
 The group signed a $24 million (€22 million) contract with the U.S. Navy in September 2025 to produce spare 
parts for 69 auxiliary power units installed on F/A-18 Hornet fighter aircraft (Boeing).
Export markets
	
 Honeywell generated 57% of its revenues from exports in 2024. 43% of production is located outside the 
United States, mainly in Europe and Asia (but only 29% in the Aerospace Technologies division).
	
 MRO contracts are key drivers of export sales. They are supported by engine production licences and 
partnerships, for example with Japan’s KHI (for the T55 engines of the CH-47JA helicopters), Turkey’s Turkish 
Aerospace (for the CTS800 engines of the T129 ATAK and T625 Gökbey helicopters) and Taiwan’s AIDC (for 
the F125 engines of the F-CK-1 Ching-kuo multirole combat aircraft).
Technology and Innovation
	
 Self-financed R&D expenditure amounted to $1.5 billion (€1.4 billion) in 2024, representing 4% of revenues.
STRATEGIC HIGHLIGHTS
HONEYWELL INTERNATIONAL