Analyst Consensus ?
ConsensusBuy30 ratings
Bullish2066.7%
Neutral1033.3%
Bearish00.0%
Honeywell International Inc. · HON · FY2026 Q3 · Calendar Q4 2026
Honeywell raises 2026 outlook as backlog and Forge support growth
The quarter strengthens the case that Honeywell can extend growth through backlog conversion, energy-project demand, building automation, and Forge recurring revenue. The thesis still depends on execution: integration, project timing, mix, and inflation could limit margin and order momentum.
Reported Before market openNASDAQIndustrials
$68.06B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $2.17
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $5.01B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+1.7%
Event window
SPY move
-1.2%
Same window
Abnormal move
+2.8%
Stock minus SPY
Volume
2.4×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
HONSPY benchmark
Ask FN2 about HON FY2026 Q3
Transcript, numbers and history already loaded
What drove HON's +1.7% move after FY2026 Q3 earnings?What changed in HON's guidance and outlook in FY2026 Q3?Give me the bull and bear case for HON after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, organic growth accelerated from 4% to 7%, the full-year outlook was raised again, backlog reached nearly $19 billion, and remaining stranded costs are now expected to be eliminated by year-end 2026.
Guidance delta
Management raised full-year 2026 guidance to 4–5% organic growth, adjusted EPS of $8.40–$8.45, and $2.1 billion of free cash flow.
Key takeaways
- Organic sales grew 7% and margins reached 21.3% in the quarter.
- Backlog approached $19 billion, with growth in Process Automation & Technology.
- Forge recurring revenue is close to $1 billion, while stranded-cost elimination is ahead of schedule.
Management priorities
- Expand Forge offerings and target 15% ARR growth.
- Convert LNG, refining, and low-carbon energy backlog into growth.
- Continue pricing, productivity, cash-generation, and disciplined M&A initiatives.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$218.31Current
$175Low
$239.88Average
$293High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 22, 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 |
|---|---|---|---|---|
| Mizuho | Outperform | Outperform | Maintain | Oct 15, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Oct 14, 2026 |
| Citigroup | Buy | Buy | Maintain | Oct 12, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Oct 9, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Aug 31, 2026 |
| B of A Securities | Neutral | Underperform | Upgrade | Jul 28, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Jul 27, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 13, 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 |
| 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 current price $218.31. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Mizuho Securities | Analyst unavailable | $255 | $207.61 | +16.8% | Oct 15, 2026 |
| Wells Fargo | Stephen Tusa | $231 | $211.79 | +5.8% | Sep 24, 2026 |
| Morgan Stanley | Analyst unavailable | $250 | $217.43 | +14.5% | Aug 31, 2026 |
| RBC Capital | Analyst unavailable | $293 | $229.15 | +34.2% | Aug 18, 2026 |
| Jefferies | Analyst unavailable | $255 | $229.95 | +16.8% | Aug 17, 2026 |
| Jefferies | Sheila Kahyaoglu | $175 | $246.21 | -19.8% | Aug 9, 2026 |
| Jefferies | Analyst unavailable | $265 | $245.75 | +21.4% | Jul 28, 2026 |
| UBS | Analyst unavailable | $265 | $245.81 | +21.4% | Jul 27, 2026 |
| BMO Capital | Daniel DiCicco | $276 | $243.15 | +26.4% | Jul 27, 2026 |
| RBC Capital | Analyst unavailable | $298 | $242.65 | +36.5% | Jul 24, 2026 |
| Bernstein | Analyst unavailable | $243 | $226.42 | +11.3% | Jul 12, 2026 |
| Wolfe Research | Analyst unavailable | $265 | $220.6 | +21.4% | Jul 9, 2026 |
| Deutsche Bank | Nicole Deblase | $263 | $223.75 | +20.5% | Jun 30, 2026 |
| Daiwa | Analyst unavailable | $255 | $227.8 | +16.8% | Jun 30, 2026 |
| Barclays | Analyst unavailable | $239 | $215.7 | +9.5% | Jun 10, 2026 |
| Bernstein | Varun Govindaraj | $233 | $215.7 | +6.7% | Jun 9, 2026 |
| RBC Capital | Deane Dray | $275 | $217.12 | +26.0% | Jun 5, 2026 |
| Goldman Sachs | Joe Ritchie | $276 | $235.23 | +26.4% | Jun 3, 2026 |
| Wolfe Research | Nigel Coe | $275 | $233 | +26.0% | May 29, 2026 |
| Barclays | Analyst unavailable | $251 | $231.72 | +15.0% | May 27, 2026 |
| Barclays | Analyst unavailable | $243 | $214.34 | +11.3% | Apr 24, 2026 |
| BMO Capital | Analyst unavailable | $273 | $225.17 | +25.1% | Mar 26, 2026 |
| Barclays | Julian Mitchell | $275 | $246.16 | +26.0% | Mar 3, 2026 |
| Goldman Sachs | Analyst unavailable | $262 | $243.97 | +20.0% | Feb 23, 2026 |
| Jefferies | Analyst unavailable | $240 | $229.35 | +9.9% | Feb 3, 2026 |
| RBC Capital | Analyst unavailable | $268 | $228.92 | +22.8% | Jan 30, 2026 |
| Robert W. Baird | Peter Arment | $240 | $227.24 | +9.9% | Jan 30, 2026 |
| Wells Fargo | Joseph O'Dea | $235 | $227.24 | +7.6% | Jan 30, 2026 |
| Barclays | Analyst unavailable | $259 | $227.24 | +18.6% | Jan 30, 2026 |
| Bernstein | Analyst unavailable | $255 | $215.02 | +16.8% | Jan 16, 2026 |
| RBC Capital | Analyst unavailable | $249 | $213.98 | +14.1% | Jan 15, 2026 |
| Wells Fargo | Joseph O'Dea | $215 | $204.94 | -1.5% | Jan 7, 2026 |
| Vertical Research | Jeffrey Sprague | $220 | $199.7 | +0.8% | Jan 5, 2026 |
| Mizuho Securities | Brett Linzey | $240 | $195.88 | +9.9% | Jan 5, 2026 |
| Barclays | Julian Mitchell | $250 | $195.5 | +14.5% | Dec 24, 2025 |
| Evercore ISI | Alexander Virgo | $255 | $193.64 | +16.8% | Dec 15, 2025 |
| Barclays | Analyst unavailable | $269 | $193.47 | +23.2% | Dec 4, 2025 |
| BNP Paribas | Andrew Buscaglia | $195 | $193.15 | -10.7% | Dec 3, 2025 |
| Morgan Stanley | Analyst unavailable | $235 | $213.95 | +7.6% | Oct 28, 2025 |
| Goldman Sachs | Joe Ritchie | $245 | $218.43 | +12.2% | Oct 27, 2025 |
| Wells Fargo | Joseph O'Dea | $230 | $216.14 | +5.4% | Oct 27, 2025 |
| RBC Capital | Deane Dray | $253 | $216.14 | +15.9% | Oct 27, 2025 |
| RBC Capital | Analyst unavailable | $235 | $215.8 | +7.6% | Oct 24, 2025 |
| UBS | Analyst unavailable | $258 | $218.46 | +18.2% | Oct 24, 2025 |
| Barclays | Julian Mitchell | $247 | $213.12 | +13.1% | Mar 26, 2025 |
| Barclays | Julian Mitchell | $255 | $220.63 | +16.8% | Jan 8, 2025 |
| Wells Fargo | Joseph O'Dea | $240 | $220.63 | +9.9% | Jan 7, 2025 |
| Bank of America Securities | Andrew Obin | $230 | $209.1 | +5.4% | Oct 24, 2024 |
| Mizuho Securities | Brett Linzey | $245 | $204.67 | +12.2% | Sep 13, 2024 |
| Morgan Stanley | Chris Snyder | $210 | $202.98 | -3.8% | Sep 6, 2024 |
| RBC Capital | Deane Dray | $214 | $202.28 | -2.0% | Jul 26, 2024 |
| UBS | Damian Karas | $215 | $208.78 | -1.5% | Jun 10, 2024 |
| RBC Capital | Deane Dray | $218 | $205.6 | -0.1% | Jun 4, 2024 |
| Deutsche Bank | Nicole DeBlase | $215 | $194.04 | -1.5% | Apr 15, 2024 |
| Berenberg Bank | Philip Buller | $240 | $200.5 | +9.9% | Mar 6, 2024 |
| J.P. Morgan | Stephen Tusa | $215 | $208.26 | -1.5% | Jul 27, 2023 |
| Wells Fargo | Joseph O’Dea | $180 | $172.8 | -17.5% | Jul 17, 2022 |
| Barclays | Julian Mitchell | $204 | $169.51 | -6.6% | Jul 15, 2022 |
| Deutsche Bank | Nicole DeBlase | $211 | $169.39 | -3.3% | Jul 14, 2022 |
| Morgan Stanley | Joshua Pokrzywinski | $194 | $195.19 | -11.1% | Jun 7, 2022 |
| Wells Fargo | Joseph O’Dea | $203 | $195.43 | -7.0% | May 8, 2022 |
| Credit Suisse | Analyst unavailable | $206 | $200.34 | -5.6% | May 2, 2022 |
| Morgan Stanley | Analyst unavailable | $216 | $200.12 | -1.1% | May 2, 2022 |
| Citigroup | Analyst unavailable | $232 | $193.51 | +6.3% | May 2, 2022 |
| Deutsche Bank | Nicole DeBlase | $230 | $192.07 | +5.4% | Apr 19, 2022 |
| Cowen & Co. | Gautam Khanna | $230 | $196.03 | +5.4% | Apr 3, 2022 |
| Wells Fargo | Joseph O’Dea | $209 | $187.43 | -4.3% | Mar 5, 2022 |
| UBS | Markus Mittermaier | $220 | $182.13 | +0.8% | Feb 20, 2022 |
| Wells Fargo | Joseph O'Dea | $205 | $192.48 | -6.1% | Feb 7, 2022 |
| Citigroup | Andrew Kaplowitz | $248 | $191.5 | +13.6% | Feb 6, 2022 |
| J.P. Morgan | Stephen Tusa | $235 | $190.45 | +7.6% | Feb 4, 2022 |
| Robert W. Baird | Peter Arment | $243 | $190.69 | +11.3% | Feb 3, 2022 |
| Mizuho Securities | Brett Linzey | $235 | $190.69 | +7.6% | Feb 3, 2022 |
| Jefferies | Sheila Kahyaoglu | $230 | $203.33 | +5.4% | Jan 23, 2022 |
| Berenberg Bank | Phil Buller | $230 | $216.46 | +5.4% | Jan 14, 2022 |
| Credit Suisse | John Walsh | $226 | $209 | +3.5% | Jan 4, 2022 |
| Bank of America Securities | Andrew Obin | $245 | $203.53 | +12.2% | Dec 8, 2021 |
| Wolfe Research | Nigel Coe | $259 | $221.94 | +18.6% | Jul 12, 2021 |
Track every rating change on HON the moment it posts. Free to start.
Start freeCompany 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.…
Historical context
All HON earningsIndustrials peers this season
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| LUV Southwest Airlines Co. | FY2026 Q3 · Calendar Q4 2026 | +15.6% | +4.3% | Southwest maintains guidance as demand and loyalty initiatives support Q3 |
| GGG Graco Inc. | FY2026 Q3 · Calendar Q4 2026 | -2.5% | -16.6% | Graco posts record Q3 sales as backlog grows, but industrial timing stays measured |
Latest beats and misses
Who reports nextBeat on EPS
- PNFPFY2026 Q3 · October 21, 2026+2.7% EPS+2.3% move
- SCCOFY2026 Q3 · October 21, 2026+6.4% EPS-2.1% move
- PKGFY2026 Q3 · October 21, 2026+3.8% EPS+4.2% move
- URIFY2026 Q3 · October 21, 2026+11.3% EPS+3.9% move
- LUVFY2026 Q3 · October 21, 2026+15.6% EPS+4.3% move
- RSFY2026 Q3 · October 21, 2026+17.4% EPS-0.7% move
Missed on EPS
- ROLFY2026 Q3 · October 21, 2026-1.4% EPS+5.6% move
- GGGFY2026 Q3 · October 21, 2026-2.5% EPS-16.6% move
- GL-PDFY2026 Q3 · October 21, 2026-1.2% EPS— move
- GLFY2026 Q3 · October 21, 2026-1.2% EPS-3.8% move
- METAFY2026 Q3 · October 21, 2026-41.4% EPS+0.5% move
- LVSFY2026 Q3 · October 21, 2026-20.9% EPS-1.7% move
Get the HON recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-10-22T17:09:21.798059+00:00
- FN2 earnings calendar · 2026-10-22T01:23:13.354406+00:00
- Polygon adjusted daily market bars · 2026-10-22T21:50:43.480362+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-22T21:50:43.477692+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 · As of 2026-10-22. For educational purposes only; not investment advice.