The tension is immediate and quantifiable: Honeywell delivered strong operating margins — operating income of $7.87B, a 20.44% operating margin — and converted most of earnings into cash, with free cash flow of $4.93B (FCF margin +12.81%) in 2024, yet the company chose to spend aggressively on M&A and tuck‑ins that outpaced operating cash generation for the year. That tradeoff is the defining feature of Honeywell's current capital-allocation story and central to assessing execution risk as the company splits and refocuses businesses ahead of the Solstice spin‑off planned for Q4 2025. Honeywell: Q2 2025 Results and Guidance Press Release REF Industry: Honeywell to spin off Solstice Advanced Materials.

Financial snapshot and independently calculated ratios#

A quick, independently computed view of the FY2024 results highlights where the company sits after a year of purposeful (and expensive) reshaping.