Honeywell International Inc.: HON Tech. Update: '26 guide reaffirmed; Broadly in-line EPS guide on new basis, FCF conversion guide slightly light

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Honeywell International Inc.: HON Tech. Update: '26 guide reaffirmed; Broadly in-line EPS guide on new basis, FCF conversion guide slightly light

Equity Research

U.S. Multi-Industry

8 June 2026

Honeywell International Inc.

HON Tech. Update: '26 guide

reaffirmed; Broadly in-line EPS

HON OVERWEIGHTguide on new basis, FCF

U.S. Multi-Industry NEUTRAL

Price Target USD 251.00conversion guide slightly light

Price (01-Jun-26) USD 236.54

We do not expect a major share price reaction, pending more Potential Upside/Downside +6.1%

color on the update call this morning. Source: Bloomberg, Barclays Research

Julian Mitchell

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julian.mitchell@barclays.com

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Earlier today, we heard from Honeywell Technologies (the RemainCo), ahead of the HONA

spin on June 29, and the HON CMD on June 11 (when we will receive new 3-year financial

targets - please see our report for our expectations ahead of this event).

There may be some relief among investors that there was no reduction to the FY adj. EPS

guide / guide framework, given the 2H-loaded nature of parts of the guide / the uneven

track record on hitting numbers over the last few years. At the same time, the 'noise'

around the recasting of the numbers (exc pension etc), and the slightly light FCF