Orders Up 7% Leading to ~$38 Billion BacklogSales of $9.1 Billion, Reported and Organic1 Sales Up 2%Operating Margin of 16.1% and Segment Margin1 of 23.3%Earnings Per Share (EPS) of $1.29, Down (35%) and Adjusted EPS1 of $2.45, Up 11%Honeywell Aerospace Spin-off Planned for Third Quarter (June 29, 2026)

CHARLOTTE, N.C., April 23, 2026 /PRNewswire/ — Honeywell (NASDAQ: HON) today announced results for the first quarter and also announced an agreement to sell its Warehouse and Workflow Solutions (WWS) business in an all-cash transaction to American Industrial Partners. This transaction and the previously announced sale of Productivity Solutions and Services (PSS) are both expected to close in the second half of 2026. The company today also updated the expected timing for the spin-off of Honeywell Aerospace to June 29, 2026, subject to final approval by Honeywell’s Board of Directors and other customary conditions.

First-quarter reported and organic1 sales grew 2% driven primarily by pricing actions and new product introductions. Orders grew 7% organically fueled by strong demand in Building and Industrial Automation. As a result, backlog was up 2% sequentially to $38.3 billion.

Operating income decreased 14% and segment profit1 increased 6% to $2.1 billion with growth in all four segments. Operating margin contracted 320 basis points to 16.1% due to an impairment charge related to the PSS and WWS assets held for sale, and higher repositioning and divestiture-related costs. Excluding these and other items, segment margin1 expanded 90 basis points to 23.3%, driven by higher pricing and earlier-than-anticipated removal of stranded costs related to the planned spin-off of Honeywell Aerospace, which more than offset higher cost inflation.

EPS for the first quarter of $1.29 was down 35% year over year due to charges related to debt restructuring, impairment of assets held for sale, repositioning, and other separation-related items. Excluding these items, adjusted earnings per share1 was up 11% to $2.45 primarily driven by segment profit growth and lower weighted-average share count.

Finally, operating cash flow of ($0.7) billion declined year over year due to higher spin-off and separation-related cost payments and a payment for the settlement of Flexjet-related litigation matters. Free cash flow1,4 of $0.1 billion was down year over year primarily due to the timing of collections, stemming partially from the Middle East conflict.

Management Commentary
“Honeywell delivered a strong start to the year while navigating a challenging geopolitical environment. Orders were up 7% with growth in all segments, pushing backlog to over $38 billion, led by buildings and industrial automation. Through our relentless focus on productivity and execution, we generated 90 basis points of segment margin expansion. This profitable growth, coupled with an acceleration in stranded costs takeout, drove 11% adjusted earnings growth, overcoming the impacts of rising inflation and the disruption in the Middle East. This is a testament to the resiliency of the Honeywell portfolio,” said Vimal Kapur, chairman and chief executive officer of Honeywell.

“This quarter, we took the final steps to conclude our multi-year portfolio transformation with our announcements to sell Productivity Solutions and Services and Warehouse and Workflow Solutions, both of which are expected to close in the second half of 2026. Further, the Honeywell Aerospace spin-off is now expected to be completed in the third quarter on June 29. All of the acquisitions, divestitures, spin-offs and simplification efforts over the last several years have positioned both aerospace and automation for bright futures as independent, leading companies, and we look forward to sharing more at the upcoming investor days in June,” Kapur concluded.

Aerospace Technologies sales for the first quarter grew 3% organically1 year over year. Orders increased 6% compared to the previous year, with a book-to-bill of 1.1x, reflecting the continued elevated demand environment. Electronic solutions delivered strong double-digit growth in the quarter as shipment volumes better aligned to customer build schedules. Temporary mechanical supply chain disruptions pressured output growth across the segment, limiting sales growth in engines and power systems and control systems. Defense and space sales grew 4% driven by expanding global demand amid escalating geopolitical conflict. Commercial original equipment increased 3% as customer order patterns aligned to build schedules. Commercial aftermarket sales grew 3% with ongoing demand strength across the installed base. Segment margin expanded 20 basis points from the prior year to 26.5% as commercial excellence, productivity, and favorable mix were partially offset by cost inflation.

Building Automation sales grew 8% organically1 year over year. By business model, building solutions grew 8% driven by strength in services, and building products grew 8% highlighted by double-digit growth in the fire business, particularly in North America. Orders increased 9% led by growth in data center and hospitality verticals. Segment margin expanded 40 basis points to 26.4%, supported by commercial excellence and volume leverage, partially offset by cost inflation.

Process Automation and Technology sales decreased 6% organically1 year over year, driven by declines in aftermarket, which was down 10% due to delays in refining catalyst shipments and automation service upgrades. Projects sales were flat organically, as double-digit growth in LNG was offset by delays in process automation. PA&T saw an overall slowdown in activity in the Middle East stemming from the conflict which caused a transitory impact on revenue in the quarter. Despite this, orders were up 3% driven by double-digit growth in process technology. Segment margin expanded 200 basis points to 23.7%, driven primarily by productivity actions, partially offset by cost inflation.

Industrial Automation sales grew 1% year over year on an organic1 basis. Solutions grew 7% driven by project timing and aftermarket demand in warehouse and workflow solutions and strong services demand in measurement. Products declined 1% driven by productivity solutions and services, partially offset by continued momentum in sensing. Segment margin expanded 260 basis points year over year to 17.0% driven by commercial excellence and productivity actions, partially offset by cost inflation.

2026 Outlook
The company is maintaining its full-year outlook after a strong first quarter despite the uncertainty stemming from the Middle East conflict. We continue to expect full-year sales of $38.8 billion to $39.8 billion with organic1 sales growth of 3% to 6%; segment margin2 in the range of 22.7% to 23.1%, with segment margin2,5 expansion of 20 to 60 basis points year over year; and adjusted earnings per share2,3  in the range of $10.35 to $10.65, up 6% to 9%. Operating cash flow is now expected to be in the range of $4.4 billion to $4.7 billion, while free cash flow1,4 expectations are unchanged at $5.3 billion to $5.6 billion.

Sale of Warehouse and Workflow Solutions Business
Honeywell announced today that it has agreed to sell its Warehouse and Workflow Solutions (WWS) business to American Industrial Partners (AIP), an operationally focused private equity firm that invests in quality industrial businesses with strong management teams. The transaction is expected to be completed in the second half of 2026 and is subject to customary closing conditions. Terms of the transaction were not disclosed.

This concludes Honeywell’s review of strategic alternatives for the WWS business, which operates commercially under the Intelligrated and Transnorm brands. WWS, which generated approximately $935 million in revenue in 2025, is a leading provider of supply chain and warehouse automation projects, services and products – including automated sortation systems, palletizers, conveyors and robotics solutions as well as aftermarket services and software. WWS will build on AIP’s existing investment in Trew, creating a complementary and differentiated platform to better serve customers across a wide range of industries.

As part of the same strategic review, Honeywell also announced on April 20 that it has agreed to sell its Productivity Solutions and Services business to Brady Corporation.

Upcoming Investor Day Details
The company earlier announced dates for its upcoming investor days ahead of the planned separation of Honeywell Aerospace, now expected to be completed in the third quarter on June 29, 2026. Honeywell Aerospace, which will trade on the Nasdaq under the ticker “HONA”, will host a live webcast of its inaugural investor conference in Phoenix, Arizona on Wednesday, June 3, 2026. Honeywell will then host a live video webcast of its 2026 investor conference in New York City on Thursday, June 11, 2026 for the automation business. Both events will feature presentations and Q&A panels with the respective management teams. Real-time webcasts of the presentations can be accessed at www.honeywell.com/investor, where related materials will be posted following presentations and a replay of the webcasts will be available for 30 days following the presentations.

Conference Call Details
Honeywell will discuss its first-quarter results and full-year 2026 guidance during an investor conference call starting at 8:30 a.m. Eastern Daylight Time today. A live webcast of the investor call as well as related presentation materials will be available through the Investor Relations section of the company’s website (www.honeywell.com/investor). A replay of the webcast will be available for 30 days following the presentation.

About Honeywell
Honeywell 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. As a trusted partner, we 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. For more news and information on Honeywell, please visit www.honeywell.com/newsroom.

Additional Information
Honeywell uses our Investor Relations website, www.honeywell.com/investor, 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, in addition to following our press releases, SEC filings, public conference calls, webcasts, and social media.

Forward Looking Statements
We describe many of the trends and other factors that drive our business and future results in this release. Such discussions contain forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including statements related to the proposed separation of Honeywell from Honeywell Aerospace and the planned sales of the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses. Forward-looking statements are those that address activities, events, or developments that we or our management intend, expect, project, believe, or anticipate will or may occur in the future. They are based on management’s assumptions and assessments in light of past experience and trends, current economic and industry conditions, expected future developments, and other relevant factors, many of which are difficult to predict and outside of our control, including Honeywell’s current expectations, estimates, and projections regarding the proposed separation of Honeywell from Honeywell Aerospace and the planned sales of the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses. They are not guarantees of future performance, and actual results, developments, and business decisions may differ significantly from those envisaged by our forward-looking statements, including the proposed separation of Honeywell from Honeywell Aerospace and the planned sales of the Productivity Solutions and Services and Warehouse and Workflow Solutions businesses, and the anticipated benefits of each. We do not undertake to update or revise any of our forward-looking statements, except as required by applicable securities law. Our forward-looking statements are also subject to material risks and uncertainties, including ongoing macroeconomic and geopolitical risks, such as changes in or application of trade and tax laws and policies, including the impacts of tariffs and other trade barriers and restrictions, lower GDP growth or recession in the U.S. or globally, supply chain disruptions, capital markets volatility, inflation, and certain regional conflicts, including ongoing conflicts in the Middle East, that can affect our performance in both the near- and long-term. In addition, no assurance can be given that any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this release can or will be achieved. These forward-looking statements should be considered in light of the information included in this release, our Form 10-K, and our other filings with the Securities and Exchange Commission. Any forward-looking plans described herein are not final and may be modified or abandoned at any time.

This release contains financial measures presented on a non-GAAP basis. Honeywell’s non-GAAP financial measures used in this release are as follows:

Segment profit, on an overall Honeywell basis;Segment profit margin, on an overall Honeywell basis;Organic sales growth;Free cash flow; andAdjusted earnings per share.

Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Refer to the Appendix attached to this release for reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures.

Appendix

Non-GAAP Financial Measures

The following information provides definitions and reconciliations of certain non-GAAP financial measures presented in this press release to which this reconciliation is attached to the most directly comparable financial measures calculated and presented in accordance with generally accepted accounting principles (GAAP).

Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. Certain measures presented on a non-GAAP basis represent the impact of adjusting items net of tax. The tax-effect for adjusting items is determined individually and on a case-by-case basis. Other companies may calculate these non-GAAP measures differently, limiting the usefulness of these measures for comparative purposes.

Management does not consider these non-GAAP measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitations of these non-GAAP financial measures are that they exclude significant expenses and income that are required by GAAP to be recognized in the consolidated financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expenses and income are excluded or included in determining these non-GAAP financial measures. Investors are urged to review the reconciliation of the non-GAAP financial measures to the comparable GAAP financial measures and not to rely on any single financial measure to evaluate Honeywell’s business.

As indicated herein, certain forward-looking non-GAAP financial measures are not reconciled because management cannot reliably predict or estimate certain items for the reasons specified herein with respect to each non-GAAP financial measure.

We define organic sales percentage as the year-over-year change in reported sales relative to the comparable period, 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 measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.

A quantitative reconciliation of reported sales percent change to organic sales percent change has not been provided for the forward-looking measure of organic sales percent change because management cannot reliably predict or estimate, without unreasonable effort, the fluctuations in global currency markets that impact foreign currency translation, nor is it reasonable for management to predict the timing, occurrence and impact of acquisition and divestiture transactions, all of which could significantly impact our reported sales percent change.

We define adjusted net sales as net sales less the sales impact of the Flexjet-related litigation matters. Management  considers the nature and significance of these litigation matters to be unusual and not indicative of the Company’s ongoing performance. We believe this measure is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.

We define operating income as net sales less total cost of products and services sold, research and development expenses, selling, general and administrative expenses, impairment of goodwill, and impairment of assets held for sale. We define segment profit, on an overall Honeywell basis, as operating income, excluding stock compensation expense, pension and other postretirement service costs, amortization of acquisition-related intangibles, certain acquisition- and divestiture-related costs and impairments, and repositioning and other charges. We define adjusted segment profit, on an overall Honeywell basis, as segment profit excluding the segment profit impact of the Flexjet-related litigation matters. We define segment profit margin, on an overall Honeywell basis, as segment profit divided by net sales. We define adjusted segment profit margin, on an overall Honeywell basis, as adjusted segment profit divided by adjusted net sales. We believe these measures are useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends.

A quantitative reconciliation of operating income to segment profit, on an overall Honeywell basis, has not been provided for all forward-looking measures of segment profit and segment profit margin included herein. Management cannot reliably predict or estimate, without unreasonable effort, the impact and timing on future operating results arising from items excluded from segment profit, particularly pension mark-to-market expense as it is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. The information that is unavailable to provide a quantitative reconciliation could have a significant impact on our reported financial results. To the extent quantitative information becomes available without unreasonable effort in the future, and closer to the period to which the forward-looking measures pertain, a reconciliation of operating income to segment profit will be included within future filings.

Acquisition amortization and acquisition- and divestiture-related costs are significantly impacted by the timing, size, and number of acquisitions or divestitures we complete and are not on a predictable cycle and we make no comment as to when or whether any future acquisitions or divestitures may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies.

We define adjusted earnings per share as diluted earnings per share from continuing operations adjusted to exclude various charges as listed above. We believe adjusted earnings per share is a measure that is useful to investors and management in understanding our ongoing operations and in analysis of ongoing operating trends. For forward-looking information, management cannot reliably predict or estimate, without unreasonable effort, the pension mark-to-market expense or the divestiture-related costs. The pension mark-to-market expense is dependent on macroeconomic factors, such as interest rates and the return generated on invested pension plan assets. The divestiture-related costs are subject to detailed development and execution of separation restructuring plans for the announced separation of Honeywell from Honeywell Aerospace. We therefore do not include an estimate for the pension mark-to-market expense or divestiture-related costs. Based on economic and industry conditions, future developments, and other relevant factors, these assumptions are subject to change.

Acquisition amortization and acquisition- and divestiture-related costs are significantly impacted by the timing, size, and number of acquisitions or divestitures we complete and are not on a predictable cycle and we make no comment as to when or whether any future acquisitions or divestitures may occur. We believe excluding these costs provides investors with a more meaningful comparison of operating performance over time and with both acquisitive and other peer companies.

We define free cash flow as cash provided by operating activities from continuing operations less cash for capital expenditures and excluding spin-off and separation-related cost payments, the Resideo indemnification and reimbursement agreement termination payment, cash payment for settlement of divestiture of asbestos liabilities, and the cash payment for settlement of Flexjet-related litigation matters.

We believe that free cash flow is a non-GAAP measure that is useful to investors and management as a measure of cash generated by operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This measure can also be used to evaluate our ability to generate cash flow from operations and the impact that this cash flow has on our liquidity.

We define free cash flow as cash provided by operating activities from continuing operations less cash for capital expenditures and excluding spin-off and separation-related cost payments, the Resideo indemnification and reimbursement agreement termination payment, the cash payment for settlement of divestiture of asbestos liabilities, and the cash payment for settlement of Flexjet-related litigation matters.

We believe that free cash flow is a non-GAAP measure that is useful to investors and management as a measure of cash generated by operations that will be used to repay scheduled debt maturities and can be used to invest in future growth through new business development activities or acquisitions, pay dividends, repurchase stock, or repay debt obligations prior to their maturities. This measure can also be used to evaluate our ability to generate cash flow from operations and the impact that this cash flow has on our liquidity.

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SOURCE Honeywell

SHENZHEN, China, April 23, 2026 /PRNewswire/ — Pudu Robotics, a global leader in commercial service robotics, today announced that it has raised nearly USD 150 million in a new funding round. Following this round, the company’s valuation has exceeded USD 1.5 billion, reflecting the capital market’s strong confidence in Pudu’s technical barriers, commercial scalability, and global leadership. With this latest round, Pudu’s cumulative funding now exceeds USD 300 million.

Proceeds from the financing will be strategically deployed to accelerate the development of embodied AI technologies, expand the company’s product portfolio, deepen global market expansion, scale manufacturing capacity, and further strengthen supply chain capabilities. These initiatives are designed to reinforce the company’s leadership in the rapidly evolving commercial service robotics sector and laying a solid foundation for future capital market milestones.

Pudu Robotics has emerged as one of the fastest-growing companies in the commercial service robotics sector, with a diversified portfolio spanning service delivery, commercial cleaning, industrial delivery and general embodied AI robotics. This multi-sector approach resulted in a remarkable 100% year-over-year revenue surge in 2025. Notably, the company’s commercial cleaning segment has grown to represent over 70% of total revenue, while its industrial delivery robots have seen rapid adoption with over 4,000 units shipped within just one year of their market launch.

This commercial success is further validated by Pudu’s extensive global footprint, with its solutions widely adopted by leading global brands including Carrefour, Walmart, and EDEKA. According to Frost & Sullivan’s “Market Research on Global Commercial Service Robotics (2023)”, Pudu Robotics commands a 23% global market share, ranking first worldwide and maintaining the industry’s leading position in international deployments.

Headquartered in Shenzhen with dedicated R&D centers in Chengdu and Hong Kong, the company continues to push technical boundaries through the full-stack development of core components, including navigation algorithms, multi-robot scheduling, motion controllers, and integrated joint modules.

Felix Zhang, Founder and CEO of Pudu Robotics, said: “This funding milestone is a powerful validation of Pudu’s industry leadership, product and technological strength, global brand, and commercial infrastructure. Backed by our strategic investors and industrial partners, Pudu will continue to push the boundaries of embodied AI and commercial service robotics. We remain committed to innovating with the spirit of an inventor and leveraging a global vision to accelerate robot adoption, elevating the industry to new heights in the global value chain.”

About Pudu Robotics

Pudu Robotics, a global leader in the commercial service robotics sector, is dedicated to empowering easier work and better lives through AI and robotics, with a vision of building a global intelligent robotics infrastructure that serves 10 billion people worldwide.

Built on three core technologies—mobility, manipulation, and interaction—Pudu Robotics has pioneered an “One Brain, Multiple Embodiments” architecture, establishing a comprehensive product portfolio that includes specialized, semi-humanoid, and humanoid robots.

Currently, Pudu offers four major product lines: service delivery, commercial cleaning, industrial delivery and general embodied AI. Its solutions are widely deployed across industries such as retail, hospitality, manufacturing and industrial facilities, food and beverage, real estate and property services, healthcare, entertainment and sport, education, and public services.

To date, Pudu Robotics has shipped over 120,000 units globally, with a presence in more than 80 countries and regions.

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The funding round, led by VP Capital and Oost NL, accelerates the rollout of flagship product Repeltec and the company’s patented water-based solubility technology at a time when EU pesticide rules are tightening.

NIJMEGEN, Netherlands, April 23, 2026 /PRNewswire/ — Affix Labs Group B.V., a Dutch Green Chemtech startup, has closed a €1 million funding round led by VP Capital and Oost NL. The company’s surface insect repellent replaces the neurotoxic active ingredients responsible for growing insect resistance with a water-based, controlled-release alternative. The new capital will fund the European rollout.

The Breakthrough: Patented Solubility and Controlled Release

The core innovation is a formulation method that dissolves oily, water-insoluble active ingredients into water-based systems. A controlled-release layer extends efficacy to 12 weeks. The flagship product, Repeltec, is dermatologically tested and contains no neurotoxic compounds.

A Tightening European Regulatory Environment

EU rules on chemical pesticides are tightening. Germany’s 2025 self-service ban pulled a broad category of neurotoxic insecticides from open retail shelves, and similar measures are now being adopted in other member states. Repeltec already holds active substance authorisations in Germany, France, Austria, and Norway.

Commercial Expansion and B2B Partnerships

With the new capital, Affix Labs is expanding distribution in Germany, Austria, France, and Norway, with the UK and Poland to follow. Alongside its consumer product lines, the company is launching a white-label B2B model under the name “Powered by Affix Labs”. FMCG companies, hospitality operators, and pest control manufacturers can use it to integrate the technology into their own product ranges.

About Affix Labs

Affix Labs is a Dutch Green Chemtech startup working to reduce global pesticide dependency. Its patented solubility technology and controlled-release systems create long-lasting, neurotoxic-free insect barriers.

Media Contact

Tom Sam
info@affixlabs.com
www.affixlabs.com

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