Analyst Consensus ?
ConsensusBuy29 ratings
Bullish1965.5%
Neutral931.0%
Bearish13.5%
Honeywell International Inc. · HON · FY2026 Q2 · Calendar Q3 2026
Honeywell Q2: Beat and Raise as Portfolio Reshaping Nears Completion
Honeywell delivered a Q2 2026 beat with $1.95 adjusted EPS versus $1.80 consensus and $5.19B revenue versus $5.03B consensus, driven by 4% organic sales growth and 16% organic order growth. The company raised its full-year outlook for segment margin and adjusted EPS, completed the Johnson Matthey Catalyst Technologies acquisition on July 17, and finished divestitures of Productivity Solutions and Warehouse & Workflow two months ahead of schedule. The Quantinuum IPO was completed with Honeywell retaining a 47% stake. Management's confidence is underpinned by a 9% backlog increase and strong short-cycle order momentum, though the organic sales growth range narrowed to 3-4% from 3-6% as completed divestitures removed approximately $400M in revenue. The stock posted a 6.9% abnormal return on the report session.
Reported Before market openNASDAQIndustrials
$78.30B market cap
100quality score
Company context
Snapshot as of publicationHoneywell International Inc. functions as a global leader in diversified technology and manufacturing. Its Aerospace division furnishes a comprehensive array of products and services for the aviation and space industries. This includes crucial components like auxiliary power units, propulsion systems, integrated avionics, environmental control mechanisms, and electrical power solutions. The segment also supplies engine controls, flight safety systems, communication and navigation hardware, and advanced data and software applications. Additionally, it provides radar, surveillance systems, aircraft lighting, sophisticated instruments, satellite and space components, and aircraft wheels and brakes. Essential support services cover spare parts, repairs, overhauls, maintenance, thermal systems, and wireless connectivity management. The Honeywell Building Technologies unit focuses on creating smarter, safer, and more efficient structures.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.95
Consensus $2
EPS surprise
+8.3%
Reported versus consensus
Reported revenue
$5.19B
Consensus $5.03B
Revenue surprise
+3.2%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$247.05Previous close
$180Low
$242.34Average
$298High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| RBC Capital | Outperform | Outperform | Maintain | Jul 24, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 24, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Jul 14, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 13, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jul 7, 2026 |
| Deutsche Bank | Buy | Buy | Maintain | Jun 30, 2026 |
| Daiwa Capital | Outperform | Neutral | Upgrade | Jun 30, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jun 10, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Jun 3, 2026 |
| TD Cowen | Buy | Buy | Maintain | Apr 24, 2026 |
| Jefferies | Hold | Hold | Maintain | Mar 4, 2026 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Feb 27, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | Jan 30, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Jan 5, 2026 |
| B of A Securities | Underperform | Buy | Downgrade | Nov 18, 2025 |
| Baird | Neutral | Neutral | Maintain | Feb 7, 2025 |
| UBS | Neutral | Sell | Upgrade | Jun 10, 2024 |
| Berenberg | Buy | Hold | Upgrade | Mar 6, 2024 |
| HSBC | Hold | Hold | Maintain | Feb 14, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Feb 3, 2023 |
| Argus Research | Buy | Buy | Maintain | Feb 1, 2021 |
| Bank of America | Buy | Buy | Maintain | Nov 26, 2019 |
| Oppenheimer | Market Perform | Outperform | Downgrade | Jan 8, 2019 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Stifel Nicolaus | Buy | Buy | Maintain | Apr 23, 2018 |
| Stifel | Buy | Buy | Maintain | Apr 23, 2018 |
| Bernstein | Outperform | Outperform | Maintain | Jul 25, 2016 |
| Ladenburg Thalmann | Buy | Hold | Upgrade | Jan 27, 2014 |
| Nomura | Neutral | Buy | Downgrade | Jul 22, 2013 |
Named analyst price targets
Upside is calculated against the persisted previous close $247.05. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Analyst unavailable | $265 | $245.75 | +7.3% | Jul 28, 2026 |
| UBS | Analyst unavailable | $265 | $245.81 | +7.3% | Jul 27, 2026 |
| BMO Capital | Daniel DiCicco | $276 | $243.15 | +11.7% | Jul 27, 2026 |
| RBC Capital | Analyst unavailable | $298 | $242.65 | +20.6% | Jul 24, 2026 |
| Bernstein | Analyst unavailable | $243 | $226.42 | -1.6% | Jul 12, 2026 |
| Wolfe Research | Analyst unavailable | $265 | $220.6 | +7.3% | Jul 9, 2026 |
| Deutsche Bank | Nicole Deblase | $263 | $223.75 | +6.5% | Jun 30, 2026 |
| Daiwa | Analyst unavailable | $255 | $227.8 | +3.2% | Jun 30, 2026 |
| Barclays | Analyst unavailable | $239 | $215.7 | -3.3% | Jun 10, 2026 |
| Bernstein | Varun Govindaraj | $233 | $215.7 | -5.7% | Jun 9, 2026 |
| RBC Capital | Deane Dray | $275 | $217.12 | +11.3% | Jun 5, 2026 |
| Goldman Sachs | Joe Ritchie | $276 | $235.23 | +11.7% | Jun 3, 2026 |
| Wolfe Research | Nigel Coe | $275 | $233 | +11.3% | May 29, 2026 |
| Barclays | Analyst unavailable | $251 | $231.72 | +1.6% | May 27, 2026 |
| Barclays | Analyst unavailable | $243 | $214.34 | -1.6% | Apr 24, 2026 |
| BMO Capital | Analyst unavailable | $273 | $225.17 | +10.5% | Mar 26, 2026 |
| Barclays | Julian Mitchell | $275 | $246.16 | +11.3% | Mar 3, 2026 |
| Goldman Sachs | Analyst unavailable | $262 | $243.97 | +6.1% | Feb 23, 2026 |
| Jefferies | Analyst unavailable | $240 | $229.35 | -2.9% | Feb 3, 2026 |
| RBC Capital | Analyst unavailable | $268 | $228.92 | +8.5% | Jan 30, 2026 |
| Robert W. Baird | Peter Arment | $240 | $227.24 | -2.9% | Jan 30, 2026 |
| Wells Fargo | Joseph O'Dea | $235 | $227.24 | -4.9% | Jan 30, 2026 |
| Barclays | Analyst unavailable | $259 | $227.24 | +4.8% | Jan 30, 2026 |
| Bernstein | Analyst unavailable | $255 | $215.02 | +3.2% | Jan 16, 2026 |
| RBC Capital | Analyst unavailable | $249 | $213.98 | +0.8% | Jan 15, 2026 |
| Wells Fargo | Joseph O'Dea | $215 | $204.94 | -13.0% | Jan 7, 2026 |
| Vertical Research | Jeffrey Sprague | $220 | $199.7 | -10.9% | Jan 5, 2026 |
| Mizuho Securities | Brett Linzey | $240 | $195.88 | -2.9% | Jan 5, 2026 |
| Barclays | Julian Mitchell | $250 | $195.5 | +1.2% | Dec 24, 2025 |
| Evercore ISI | Alexander Virgo | $255 | $193.64 | +3.2% | Dec 15, 2025 |
| Barclays | Analyst unavailable | $269 | $193.47 | +8.9% | Dec 4, 2025 |
| BNP Paribas | Andrew Buscaglia | $195 | $193.15 | -21.1% | Dec 3, 2025 |
| Morgan Stanley | Analyst unavailable | $235 | $213.95 | -4.9% | Oct 28, 2025 |
| Goldman Sachs | Joe Ritchie | $245 | $218.43 | -0.8% | Oct 27, 2025 |
| Wells Fargo | Joseph O'Dea | $230 | $216.14 | -6.9% | Oct 27, 2025 |
| RBC Capital | Deane Dray | $253 | $216.14 | +2.4% | Oct 27, 2025 |
| RBC Capital | Analyst unavailable | $235 | $215.8 | -4.9% | Oct 24, 2025 |
| UBS | Analyst unavailable | $258 | $218.46 | +4.4% | Oct 24, 2025 |
| Barclays | Julian Mitchell | $247 | $213.12 | -0.0% | Mar 26, 2025 |
| Barclays | Julian Mitchell | $255 | $220.63 | +3.2% | Jan 8, 2025 |
| Wells Fargo | Joseph O'Dea | $240 | $220.63 | -2.9% | Jan 7, 2025 |
| Bank of America Securities | Andrew Obin | $230 | $209.1 | -6.9% | Oct 24, 2024 |
| Mizuho Securities | Brett Linzey | $245 | $204.67 | -0.8% | Sep 13, 2024 |
| Morgan Stanley | Chris Snyder | $210 | $202.98 | -15.0% | Sep 6, 2024 |
| RBC Capital | Deane Dray | $214 | $202.28 | -13.4% | Jul 26, 2024 |
| UBS | Damian Karas | $215 | $208.78 | -13.0% | Jun 10, 2024 |
| RBC Capital | Deane Dray | $218 | $205.6 | -11.8% | Jun 4, 2024 |
| Deutsche Bank | Nicole DeBlase | $215 | $194.04 | -13.0% | Apr 15, 2024 |
| Berenberg Bank | Philip Buller | $240 | $200.5 | -2.9% | Mar 6, 2024 |
| Morgan Stanley | Joshua Pokrzywinski | $219 | $208.26 | -11.4% | Jul 27, 2023 |
| Wells Fargo | Joseph O’Dea | $180 | $172.8 | -27.1% | Jul 17, 2022 |
| Barclays | Julian Mitchell | $204 | $169.51 | -17.4% | Jul 15, 2022 |
| Deutsche Bank | Nicole DeBlase | $211 | $169.39 | -14.6% | Jul 14, 2022 |
| Morgan Stanley | Joshua Pokrzywinski | $194 | $195.19 | -21.5% | Jun 7, 2022 |
| Wells Fargo | Joseph O’Dea | $203 | $195.43 | -17.8% | May 8, 2022 |
| Credit Suisse | Analyst unavailable | $206 | $200.34 | -16.6% | May 2, 2022 |
| Morgan Stanley | Analyst unavailable | $216 | $200.12 | -12.6% | May 2, 2022 |
| Citigroup | Analyst unavailable | $232 | $193.51 | -6.1% | May 2, 2022 |
| Deutsche Bank | Nicole DeBlase | $230 | $192.07 | -6.9% | Apr 19, 2022 |
| Cowen & Co. | Gautam Khanna | $230 | $196.03 | -6.9% | Apr 3, 2022 |
| Wells Fargo | Joseph O’Dea | $209 | $187.43 | -15.4% | Mar 5, 2022 |
| UBS | Markus Mittermaier | $220 | $182.13 | -10.9% | Feb 20, 2022 |
| Wells Fargo | Joseph O'Dea | $205 | $192.48 | -17.0% | Feb 7, 2022 |
| Citigroup | Andrew Kaplowitz | $248 | $191.5 | +0.4% | Feb 6, 2022 |
| J.P. Morgan | Stephen Tusa | $235 | $190.45 | -4.9% | Feb 4, 2022 |
| Robert W. Baird | Peter Arment | $243 | $190.69 | -1.6% | Feb 3, 2022 |
| Mizuho Securities | Brett Linzey | $235 | $190.69 | -4.9% | Feb 3, 2022 |
| Jefferies | Sheila Kahyaoglu | $230 | $203.33 | -6.9% | Jan 23, 2022 |
| Berenberg Bank | Phil Buller | $230 | $216.46 | -6.9% | Jan 14, 2022 |
| Credit Suisse | John Walsh | $226 | $209 | -8.5% | Jan 4, 2022 |
| Bank of America Securities | Andrew Obin | $245 | $203.53 | -0.8% | Dec 8, 2021 |
| Wolfe Research | Nigel Coe | $259 | $221.94 | +4.8% | Jul 12, 2021 |
Track every rating change on HON the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+5.7%
Event window
SPY move
-1.2%
Same window
Abnormal move
+6.9%
Stock minus SPY
Volume
1.3×
Versus trailing sessions
Subsequent drift
+0.3%
Up to 20 sessions
HONSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
The portfolio transformation that dominated Honeywell's Q1 narrative is now substantially complete. The Aerospace spinoff targeted for June 29 was executed, the JM Catalyst Technologies acquisition closed July 17 at roughly 13x EBITDA, and divestitures finished two months ahead of schedule. The Quantinuum IPO was completed alongside a 1-for-2 reverse stock split affecting adjusted EPS. Guidance sentiment shifted from maintained to raised, with segment margin and EPS outlook lifted even as the organic sales growth range narrowed due to divestiture impacts. The bullish score rose from 78 to 85.
Guidance delta
FY2026 guidance was raised. Organic sales growth range narrowed to 3-4% from the prior 3-6%, reflecting approximately $400M in revenue removed by completed divestitures. Segment margin expansion guidance increased to 250-290 bps. Adjusted EPS midpoint was raised to $8.20. The prior quarter had maintained guidance at 3-6% organic growth without specific margin or EPS midpoint figures.
Key takeaways
- Q2 adjusted EPS of $1.95 beat consensus of $1.80 by 8.3%; revenue of $5.19B beat consensus of $5.03B by 3.2%.
- Organic order growth of 16% and a 9% backlog increase signal strong demand momentum into H2.
- Full-year guidance raised on segment margin (250-290 bps expansion) and adjusted EPS midpoint of $8.20.
- Johnson Matthey Catalyst Technologies acquisition closed July 17 at roughly 13x EBITDA, expanding the Process Automation portfolio.
- Divestitures of Productivity Solutions and Warehouse & Workflow completed two months ahead of schedule, simplifying the portfolio.
Management priorities
- Integrate Johnson Matthey Catalyst Technologies and leverage combined offerings across hydrogen, methanol, ammonia, and renewable fuels.
- Accelerate Forge platform rollout to achieve approximately 15% ARR growth for 2026.
- Launch additional new products in Building and Industrial Automation segments.
- Continue driving outcome-based services and software subscriptions to monetize the installed base.
- Retire debt and maintain a strong balance sheet for future strategic acquisitions.
Related earnings events
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Sources
- Earnings call transcript and parsed analysis · 2026-07-23T18:05:02.194493+00:00
- FN2 earnings calendar · 2026-07-29T01:23:15.868211+00:00
- Polygon adjusted daily market bars · 2026-07-29T10:12:36.437002+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T10:12:36.434795+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.