Honeywell International Inc.
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ABOUT HONEYWELL
Honeywell International Inc. (Honeywell, we, us, our, or the Company) is an integrated operating company serving a broad range of industries and geographies around the world, with a portfolio that is underpinned by our Honeywell Accelerator operating system and Honeywell Forge platform. Our portfolio of solutions is uniquely positioned to blend physical products with software to serve customers worldwide. On February 6, 2025, we announced our plans to separate Honeywell from Honeywell Aerospace, into two independent U.S. public companies. Our Honeywell business will be a leading global, pure-play automation company, delivering productivity enhancing mission-critical solutions that enable optimized outcomes for customers. Our Honeywell Aerospace business will be a leading global tier-1 aerospace and defense supplier of mission critical systems and technologies that enable the production, maintenance, and safe operation of aerospace and defense platforms. Each of our businesses help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations for aerospace, building automation, industrial automation, process automation, and process technology, that help make the world smarter and safer, as well as more secure and sustainable. The Honeywell brand dates back to 1906, and the Company was incorporated in Delaware in 1985.
Our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and any amendments to those reports, are available free of charge on our Investor Relations website (investor.honeywell.com) under the heading Financials (see SEC Filings) immediately after they are filed with, or furnished to, the SEC. Honeywell uses our Investor Relations website, along with press releases on our primary Honeywell website (honeywell.com) under the heading News & Media, as a means of disclosing information which may be of interest or material to our investors and for complying with disclosure obligations under Regulation FD. Accordingly, investors should monitor our Investor Relations website and Honeywell News feed, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media. Information contained on or accessible through, including any reports available on, our website is not a part of, and is not incorporated by reference into, this Form 10-K or any other report or document we file with the SEC. Any reference to our website in this Form 10-K is intended to be an inactive textual reference only.
In addition, in this Form 10-K, the Company incorporates by reference certain information from its definitive Proxy Statement for the 2026 Annual Meeting of Stockholders (the Proxy Statement), which we expect to file with the SEC not later than 120 days after December 31, 2025, and which will also be available free of charge on our website.
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| ABOUT HONEYWELL |
EXECUTIVE SUMMARY
Leveraging our Honeywell Accelerator operating model, we continued our portfolio transformation, demonstrating growth and operational performance while remaining focused on creating long-term shareowner value. In 2025, we delivered sales growth of 8% to $37.4 billion, with increases in three of our four reportable business segments, led by double-digit growth in our Aerospace Technologies business segment for its third consecutive year. We are unlocking growth by driving differentiated customer outcomes and enhanced, recurring revenue streams through the monetization of our vast installed base.
Portfolio optimization and capital deployment remain a central focus for Honeywell, as evidenced by the separation and segment realignment announcements that we made during 2025. On October 30, 2025, we completed the spin-off of our Advanced Materials (AM) business into an independent, publicly traded company named Solstice Advanced Materials, Inc. (Solstice). The Advanced Materials business was previously included within the Energy and Sustainability Solutions reportable segment. In connection with the spin-off, the AM business is reported in our consolidated financial statements as discontinued operations in all periods presented. See Note 2 Acquisitions, Divestitures, and Discontinued Operations of Notes to Consolidated Financial Statements for further information.
We also deployed $2.2 billion of capital to acquire Sundyne in June 2025 and announced an agreement to acquire Johnson Matthey's Catalyst Technologies business segment for £1.8 billion. We completed the divestiture of our personal protection equipment (PPE) business in May 2025 and announced our intent to pursue the separation of Honeywell from Honeywell Aerospace, into independent, U.S. publicly traded companies, which is expected to be completed in the third quarter of 2026. After the separation, Honeywell Aerospace is expected to be one of the largest publicly-traded aerospace suppliers globally, well-positioned as a premier technology and systems provider for all forms of aircraft. Similarly, Honeywell will be a leading, pure-play automation company with a vast installed base and comprehensive portfolio of technologies, solutions, and software enabling us to solve the world’s most complex problems and power the digital transformation, globally. Refer to the section titled Management's Discussion and Analysis of Financial Condition and Results of Operations for further information.
During the year, we deployed $10.0 billion to capital expenditures, dividends, share repurchases, and mergers and acquisitions. We opportunistically repurchased shares to maintain our commitment to reduce share count by at least 1% per year and increased our dividend for the sixteenth time in the last fifteen years.
As we look forward, we intend to continue deploying capital to high-return opportunities. We have a $37.5 billion backlog as of December 31, 2025, that provides a strong foundation for future growth and sustained capital deployment to accelerate growth.
| YEAR IN REVIEW | ||||||||||||||||||||||||
Sales up 8% | Robust backlog of | Operating cash flows from continuing operations of | ||||||||||||||||||||||
$37.4 BILLION | $37.5 BILLION | $6.1 BILLION | ||||||||||||||||||||||
| as we remain focused on leveraging and evolving our Honeywell Accelerator operating model to deliver growth | as of year-end, demonstrating continued strong demand in our end markets and positioning us well to convert for future growth | as we remain focused on increasing operating cash flows through revenue growth, margin expansion, and improved working capital turnover | ||||||||||||||||||||||
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| ABOUT HONEYWELL |
BUSINESS OBJECTIVES
Our businesses focus on the following objectives:
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| ABOUT HONEYWELL |
MAJOR BUSINESSES
In 2025, we globally managed our business operations through four reportable business segments: Aerospace Technologies, Industrial Automation, Building Automation, and Energy and Sustainability Solutions. The remainder of Honeywell's operations is presented in Corporate and All Other, which is not a reportable business segment. Effective October 30, 2025, Honeywell completed the spin-off of its AM business into an independent, publicly traded company, Solstice Advanced Materials. The AM business had historically been part of the Energy and Sustainability Systems reportable segment. In connection with the spin-off, the AM business is reported in our consolidated financial statements as discontinued operations in all periods presented. In October 2025, the Company announced a planned realignment, expected to be effective in the first quarter of 2026, of its business units comprising its Industrial Automation and Energy and Sustainability Solutions reportable business segments to form a new reportable business segment, Process Automation and Technology, and result in a new composition of its Industrial Automation reportable business segment. Following the realignment, our reportable business segments will be Aerospace Technologies, Building Automation, Process Automation and Technology, and Industrial Automation. Financial information related to our reportable business segments is included in Note 22 Segment Financial Data of Notes to Consolidated Financial Statements.
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results Of Operations
(Dollars in tables and graphs in millions, except per share amounts)
The following Management’s Discussion and Analysis of Financial Condition and Results of Operations is intended to help the reader understand the results of operations and financial condition of Honeywell International Inc. and its consolidated subsidiaries (Honeywell Technologies, we, us, our, or the Company) for the three and nine months ended September 30, 2026. The financial information as of September 30, 2026, should be read in conjunction with the Consolidated Financial Statements for the year ended December 31, 2025, contained in our 2025 Annual Report on Form 10-K. Certain prior year amounts are reclassified to conform to the current year presentation. Discussions throughout the Management’s Discussion and Analysis of Financial Condition and Results of Operations are based on continuing operations unless otherwise noted.
Business Update
Macroeconomic Conditions
We continue to operate in a challenging macroeconomic and geopolitical environment, including ongoing conflict in the Middle East and its impact on energy markets, trade flows, and shipping. Global growth expectations have moderated, while inflationary pressures and market volatility remain elevated. In response, we remain focused on disciplined supplier engagement and proactive actions to manage critical material availability, logistics conditions, and input cost volatility across our network.
Mitigation strategies are an important component of our approach to managing these risks, including portfolio and supply chain simplification, alignment to local and regional supply sources, pricing actions, dual-source strategies, and longer-term approaches for constrained materials. These efforts include direct engagement with key suppliers, new supplier development, and, where appropriate, design modifications. We maintain relationships with both primary and secondary suppliers to support sourcing continuity and operational flexibility. Due to stringent quality controls and product qualification processes, these strategies have not impacted, and are not expected to impact, product quality or reliability.
To date, our strategies have helped manage our exposure to these supply chain and cost-related conditions. However, continued volatility driven by geopolitical conflict, evolving trade policies, and persistent inflationary pressures may have a material adverse effect on our consolidated results of operations, cash flows, or financial condition.
Portfolio Transformation
We continually assess the relative strength of each business in our portfolio as to strategic fit, market position, profit, and cash flow contribution in order to identify target investment and acquisition opportunities in order to upgrade our combined portfolio. We also identify businesses that do not fit into our long-term strategic plan based on their market position, relative profitability, or growth potential.
On June 4, 2026, the Company’s former consolidated subsidiary Quantinuum completed its IPO. Upon completion of the IPO, the Company retained a 48% noncontrolling ownership interest in Quantinuum and accounts for its Quantinuum investment as an equity method investment.
In the third quarter on June 29, 2026, the Company completed the Aerospace Spin-Off. Each Honeywell Technologies shareowner received one share of Honeywell Aerospace common stock for every two shares of Honeywell Technologies common stock held of record as of the close of business on June 15, 2026, except that they received cash in lieu of any fractional shares of Honeywell Aerospace common stock that they would have received after application of such distribution ratio. After the date of the Aerospace Spin-Off, Honeywell Technologies does not beneficially own any shares of Honeywell Aerospace common stock and no longer consolidates Honeywell Aerospace into its financial results. The historical financial results of Honeywell Aerospace are reflected as discontinued operations under GAAP for all periods. In addition, following completion of the Aerospace Spin-Off, we now manage our businesses through three reportable business segments: Building Automation, Process Automation and Technology, and Industrial Automation.
On July 17, 2026, we acquired Johnson Matthey’s Catalyst Technologies business segment for total consideration of $1,743 million, net of cash acquired. On July 27, 2026, and August 3, 2026, we completed the divestitures of the Warehouse and Workflow Solutions (WWS) and Productivity Solutions and Services (PSS) businesses, respectively.
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Segment Realignment
Effective in the first quarter of 2026, we realigned certain of our business units comprising our Industrial Automation and Energy and Sustainability Solutions reportable business segments. This realignment formed a new reportable business segment, Process Automation and Technology, and resulted in a new composition of our Industrial Automation reportable business segment. Process Automation and Technology is comprised of UOP, which was previously in Energy and Sustainability Solutions, and the core portion of the Process Solutions business, which was previously in Industrial Automation. The new composition of Industrial Automation continues to include the smart energy, thermal solutions, and process measurement and control businesses, previously included in the Process Solutions business, as well as the Sensing and Safety Technologies businesses and the WWS and PSS businesses, prior to divestiture of the WWS and PSS businesses during the third quarter of 2026. Following the realignment, our reportable business segments were Aerospace Technologies, Building Automation, Process Automation and Technology, and Industrial Automation. In addition to the realignment, also beginning in 2026, we report the disaggregation of revenue within our Building Automation, Process Automation and Technology, and Industrial Automation segments based on business models. The realignment had no impact on our historical consolidated financial position, results of operations, or cash flows. Prior period amounts have been recast to reflect this change.
Additionally, in conjunction with the Aerospace Spin-Off, the Company transferred assets of $26 million from the former Aerospace Technologies reportable business segment to the Industrial Automation reportable business segment. Prior period amounts have been recast.
Other Matters
On June 29, 2026, following completion of the Aerospace Spin-Off as described above, the Company effected a one-for-two reverse stock split (the Reverse Stock Split) and proportionate reduction in the number of authorized shares of common stock. As a result of the Reverse Stock Split, every two shares of common stock issued and outstanding or held by Honeywell Technologies as treasury shares were automatically combined into one share of common stock, and the number of authorized shares of common stock was reduced from 2 billion to 1 billion with no change in par value. Any fractional shares were settled in cash. All share and per share amounts have been retrospectively adjusted to reflect the Reverse Stock Split for all periods presented.
Results Of Operations
Consolidated Financial Results
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Consolidated Operating Results
Net Sales
The change in Net sales was attributable to the following:
Q3 2026 vs. Q3 2025 | Year to Date | |||||||||||
| Volume | 2 % | — % | ||||||||||
| Price | 5 % | 4 % | ||||||||||
| Foreign currency translation | — % | 1 % | ||||||||||
Acquisitions | 3 % | 2 % | ||||||||||
Divestitures | (9 %) | (5 %) | ||||||||||
Other | — % | — % | ||||||||||
| Total % change in Net sales | 1 % | 2 % | ||||||||||
A discussion of Net sales by reportable business segment can be found in the Review of Business Segments section of this Management’s Discussion and Analysis.
Q3 2026 compared with Q3 2025
Net sales increased due to the following:
•Increased pricing and price adjustments to offset inflation,
•Incremental sales from recent acquisitions, and
•Higher sales volumes,
•Largely offset by lower sales from the divestiture of the WWS and PSS businesses.
YTD 2026 compared with YTD 2025
Net sales increased due to the following:
•Increased pricing and price adjustments to offset inflation, and
•Incremental sales from recent acquisitions,
•Partially offset by lower sales from the divestiture of the WWS, PSS and personal protective equipment (PPE) businesses.
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Cost of Products and Services Sold
Q3 2026 compared with Q3 2025
Cost of products and services sold decreased due to lower costs from recent divestitures.
YTD 2026 compared with YTD 2025
Cost of products and services sold increased due to the following:
•Higher direct and indirect material costs and higher labor costs of approximately $0.3 billion or 3%, and
•Incremental costs from recent acquisitions of approximately $0.3 billion or 3%,
•Largely offset by lower costs from recent divestitures of approximately $0.5 billion or 6%.
Gross Margin
Q3 2026 compared with Q3 2025
Gross margin increased by approximately $0.2 billion and gross margin percentage increased 440 basis points to 40.4% compared to 36.0% for the same period of 2025.
YTD 2026 compared with YTD 2025
Gross margin increased by approximately $0.2 billion and gross margin percentage increased 60 basis points to 39.9% compared to 39.3% for the same period of 2025.
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Research and Development Expenses
Q3 2026 compared with Q3 2025
Research and development expenses declined slightly as a percentage of net sales due to decreased investment in new product development in our Industrial Automation business.
YTD 2026 compared with YTD 2025
Research and development expenses remained flat as a percentage of net sales due to consistent levels of investment in new product development.
Selling, General and Administrative Expenses
Q3 2026 compared with Q3 2025
Selling, general and administrative expenses remained flat compared to the same period in 2025.
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YTD 2026 compared to YTD 2025
Selling, general and administrative expenses decreased due to lower Corporate overhead costs in connection with the Aerospace Spin-Off.
Impairment of Assets Held for Sale
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Impairment of assets held for sale | $ | — | $ | — | $ | 311 | $ | 15 | ||||||||||||||
YTD 2026 compared to YTD 2025
Impairment of assets held for sale increased due to impairment charges recorded on the assets held for sale related to the WWS and PSS businesses for the nine months ended September 30, 2026.
Loss on Debt Extinguishment
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Loss on debt extinguishment | $ | — | $ | — | $ | 241 | $ | — | ||||||||||||||
YTD 2026 compared to YTD 2025
Loss on debt extinguishment in the nine months ended September 30, 2026 due to debt tender offers and redemptions.
Gain on Deconsolidation of Subsidiary
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Gain on deconsolidation of subsidiary | $ | — | $ | — | $ | (6,629) | $ | — | ||||||||||||||
YTD 2026 compared to YTD 2025
Gain on deconsolidation of subsidiary in the nine months ended September 30, 2026 due to deconsolidation of Quantinuum.
Other (Income) Expense
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Other (income) expense | $ | (389) | $ | (957) | $ | (301) | $ | (1,124) | ||||||||||||||
Q3 2026 compared with Q3 2025
Other income decreased due to the following:
•Nonrecurring gain recognized on Resideo termination agreement in the three months ended September 30, 2025 of approximately $0.8 billion, and
•Higher divestiture-related costs of approximately $0.1 billion,
•Partially offset by gain on sale of the WWS and PSS businesses of approximately $0.3 billion.
YTD 2026 compared to YTD 2025
Other income decreased due to the following:
•Nonrecurring gain recognized on Resideo termination agreement in the nine months ended September 30, 2025 of approximately $0.8 billion, and
•Higher divestiture-related costs of approximately $0.4 billion,
•Partially offset by gain on sale of the WWS and PSS businesses of approximately $0.4 billion.
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Interest and Other Financial Charges
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Interest and other financial charges | $ | 143 | $ | 263 | $ | 579 | $ | 715 | ||||||||||||||
Q3 2026 compared with Q3 2025
Interest and other financial charges decreased due to $7.5 billion of debt tender offers and redemptions in 2026.
YTD 2026 compared to YTD 2025
Interest and other financial charges decreased due to $7.5 billion of debt tender offers and redemptions in 2026.
Tax Expense
Q3 2026 compared with Q3 2025
The effective tax rate decreased 660 basis points due to the following:
•Changes in accruals on U.S. federal, state, and foreign tax matters of 3,950 basis points,
•Partially offset by transaction related tax costs, changes in estimate on prior tax positions and other tax accruals of 3,290 basis points.
YTD 2026 compared with YTD 2025
The effective tax rate decreased 270 basis points due to the following:
•Transaction related tax impacts of 890 basis points,
•Partially offset by changes in estimate on prior tax positions of 740 basis points.
Equity Loss
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Equity loss | $ | 147 | $ | — | $ | 412 | $ | — | ||||||||||||||
Q3 2026 compared with Q3 2025
Equity loss in the three months ended September 30, 2026 was due to equity losses on Quantinuum following the deconsolidation of Quantinuum in the second quarter of 2026.
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YTD 2026 compared to YTD 2025
Equity loss in the nine months ended September 30, 2026 was due to equity losses on Quantinuum following the deconsolidation of Quantinuum in the second quarter of 2026.
Net Income from Continuing Operations
Q3 2026 compared to Q3 2025
Earnings per share of common stock–assuming dilution decreased due to the following:
•Nonrecurring gain recognized on Resideo termination agreement in the three months ended September 30, 2025 ($2.51 after tax),
•Partially offset by gain recognized on sale of WWS and PSS businesses ($0.70 after tax),
•Higher tax benefits driven by U.S. federal, and state matters ($0.58 after tax), and
•Higher segment profit ($0.52 after tax).
YTD 2026 compared with YTD 2025
Earnings per share of common stock–assuming dilution increased due to the following:
•Gain on deconsolidation of Quantinuum ($15.70 after tax), and
•Higher segment profit ($1.07 after tax),
•Partially offset by nonrecurring gain recognized on Resideo termination agreement in the nine months ended September 30, 2025 ($2.49 after tax).
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Backlog
Our backlog of orders increased 1% to $18.8 billion as of September 30, 2026, compared to September 30, 2025. Backlog represents the estimated remaining value of work to be performed or products to be shipped under firm contracts. Backlog is equal to our remaining performance obligations under the contracts that meet the guidance on revenue from contracts with customers as discussed in Note 4 Revenue Recognition and Contracts with Customers of Notes to Consolidated Financial Statements. Our backlog by reportable business segment is as follows:
September 30, 2026 | |||||||||
| Building Automation | $ | 9,194 | |||||||
Process Automation and Technology | 7,971 | ||||||||
| Industrial Automation | 1,633 | ||||||||
| Total backlog | $ | 18,798 | |||||||
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Review of Business Segments
During the first quarter of 2026, the Company realigned certain of its business units as reflected in Note 18 Segment Financial Data, which impacts the composition of its reportable segments. The Company recast historical periods to reflect this change in segment presentation. See Note 18 Segment Financial Data to Notes to Consolidated Financial Statements for further discussion.
We previously globally managed our business operations through four reportable business segments: Aerospace Technologies, Building Automation, Process Automation and Technology, and Industrial Automation. Following completion of the Aerospace Spin-Off, we now manage our businesses through three reportable business segments: Building Automation, Process Automation and Technology, and Industrial Automation. The historical financial results of Honeywell Aerospace are reflected as discontinued operations under GAAP for all periods.
Building Automation
Net Sales
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Net sales | $ | 2,020 | $ | 1,878 | 8 | % | $ | 5,904 | $ | 5,396 | 9 | % | ||||||||||||||||||||||
| Cost of products and services sold | 1,068 | 990 | 3,126 | 2,802 | ||||||||||||||||||||||||||||||
| Selling, general and administrative and other expenses | 406 | 386 | 1,194 | 1,173 | ||||||||||||||||||||||||||||||
| Segment profit | $ | 546 | $ | 502 | 9 | % | $ | 1,584 | $ | 1,421 | 11 | % | ||||||||||||||||||||||
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2026 vs. 2025 | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| Factors Contributing to Year-Over-Year Change | Net Sales | Segment Profit | Net Sales | Segment Profit | |||||||||||||||||||
Reported percent change | 8 | % | 9 | % | 9 | % | 11 | % | |||||||||||||||
| Less: Impact of divestitures to the prior period | — | % | — | % | — | % | — | % | |||||||||||||||
Reported percent change, adjusted for impact of divestitures | 8 | % | 9 | % | 9 | % | 11 | % | |||||||||||||||
| Less: Foreign currency translation | — | % | — | % | 1 | % | 1 | % | |||||||||||||||
| Less: Acquisitions | — | % | — | % | — | % | — | % | |||||||||||||||
| Less: Other | — | % | — | % | — | % | — | % | |||||||||||||||
Organic percent change1 | 8 | % | 9 | % | 8 | % | 10 | % | |||||||||||||||
1 | Organic sales % change, presented for all of our reportable business segments, is defined as the change in Net sales, adjusted for the impact of divestitures to the prior period, and excluding the impact on sales from foreign currency translation, acquisitions for the first 12 months following the transaction date, and certain other items that are unusual or non-recurring in nature. We believe this non-GAAP measure is useful to investors and management in understanding the ongoing operations and analysis of ongoing operating trends. | ||||||
Sales increased $142 million due to higher organic sales of $110 million in Products and higher organic sales of $38 million in Solutions, both driven by higher demand.
Segment profit increased $44 million and segment margin percentage increased 30 basis points to 27.0% compared to 26.7% for the same period of 2025.
YTD 2026 compared to YTD 2025
Sales increased $508 million due to higher organic sales of $284 million in Products and higher organic sales of $158 million in Building Solutions, both driven by higher demand.
Segment profit increased $163 million and segment margin percentage increased 50 basis points to 26.8% compared to 26.3% for the same period of 2025.
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Process Automation and Technology
Net Sales
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | |||||||||||||||||||||||||||||
| Net sales | $ | 1,859 | $ | 1,598 | 16 | % | $ | 5,051 | $ | 4,656 | 8 | % | ||||||||||||||||||||||
| Cost of products and services sold | 1,069 | 896 | 2,910 | 2,601 | ||||||||||||||||||||||||||||||
| Selling, general and administrative and other expenses | 378 | 313 | 999 | 967 | ||||||||||||||||||||||||||||||
| Segment profit | $ | 412 | $ | 389 | 6 | % | $ | 1,142 | $ | 1,088 | 5 | % | ||||||||||||||||||||||
2026 vs. 2025 | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| Factors Contributing to Year-Over-Year Change | Net Sales | Segment Profit | Net Sales | Segment Profit | |||||||||||||||||||
Reported percent change | 16 | % | 6 | % | 8 | % | 5 | % | |||||||||||||||
| Less: Impact of divestitures to the prior period | — | % | — | % | — | % | — | % | |||||||||||||||
Reported percent change, adjusted for impact of divestitures | 16 | % | 6 | % | 8 | % | 5 | % | |||||||||||||||
| Less: Foreign currency translation | — | % | — | % | 1 | % | 1 | % | |||||||||||||||
| Less: Acquisitions | 8 | % | — | % | 6 | % | 5 | % | |||||||||||||||
| Less: Other | — | % | — | % | — | % | — | % | |||||||||||||||
Organic percent change | 8 | % | 6 | % | 1 | % | (1) | % | |||||||||||||||
Q3 2026 compared to Q3 2025
Sales increased $261 million due to higher organic sales of $98 million in Projects driven by increased volume and higher organic sales of $26 million in Aftermarket driven by refining demand. Additionally, the acquisition of Johnson Matthey's Catalyst Technologies business contributed $131 million of inorganic sales during the three months ended September 30, 2026.
Segment profit increased $23 million and segment margin percentage decreased 210 basis points to 22.2% compared to 24.3% for the same period of 2025.
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YTD 2026 compared to YTD 2025
Sales increased $395 million as the acquisitions of Sundyne and Johnson Matthey's Catalyst Technologies business contributed $330 million of inorganic sales during the nine months ended September 30, 2026. In addition, organic sales increased $132 million in Projects driven by increased volume, partially offset by lower organic sales of $114 million in Aftermarket driven by a decline in catalyst shipments.
Segment profit increased $54 million and segment margin percentage decreased 80 basis points to 22.6% compared to 23.4% for the same period of 2025.
Industrial Automation
Net Sales
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||||||
Recent insider activity
| Date | Insider | Role | Action | Shares | Price | Value |
|---|---|---|---|---|---|---|
| 2026-10-26 | Lu Su Ping | SrVP, General Counsel, CorpSec | Sell | -2,943 | $221.18 | -$650,934 |
| 2026-10-26 | Kapur Vimal | Chief Executive Officer | Sell | -6,459 | $220.99 | -$1,427,374 |
| 2026-08-03 | West Kenneth J | Pres/CEO Process Technologies | Sell | -316 | $245.47 | -$77,569 |
Source: SEC Form 4 filings.
Next expected filings
- ~2027-02-16 10-K expected by 2027-03-07 (in 111 days)
- ~2027-04-22 10-Q expected by 2027-05-08 (in 176 days)
- ~2027-07-22 10-Q expected by 2027-08-07 (in 267 days)
- ~2027-10-21 10-Q expected by 2027-11-06 (in 358 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-10-22 8-K Earnings Release; Financial Statements and Exhibits
- 2026-10-22 10-Q Quarterly Report
- 2026-08-19 8-K Officer/Director Change; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-07-24 10-Q/A Quarterly Report (Amended)
- 2026-07-23 8-K Earnings Release; Financial Statements and Exhibits
- 2026-07-23 10-Q Quarterly Report
- 2026-06-29 8-K Material Agreement Entered; Completion of Acquisition/Disposition; Earnings Release; Material Modification to Rights; Officer/Director Change; Bylaws/Articles Amended; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-06-15 8-K Officer/Director Change; Regulation FD Disclosure; Other Events
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