HON: Quick Thoughts on Preliminary 2026 RemainCo Guidance

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HON: Quick Thoughts on Preliminary 2026 RemainCo Guidance

Electrical Equipment & Multi-Industry

FLASH

FLASH: HONEYWELL (HON) June 8, 2026

HON: Quick Thoughts on Preliminary 2026 RemainCo Rating:

Guidance Outperform

Price:

Honeywell has issued the materials in advance of today's 8:30am update call, $213.97

which resets FY26 guidance for Remainco Honeywell Technologies by discontinuing Price Target:

$275the operations of Aerospace ahead of the June 29 spin. There will be noise as % Upside:

Street numbers adjust for stranded costs and the removal of pension income ($0.85 28.5%

for Honeywell as-is) but our ~$4.90 EPS FY27e for RemainCo (ex-pension and

Source: FactSet, Wolfe Research

Quantinuum) looks like a reasonable bar for now. Priced as of 06/05/26

As expected, FY26 guidance is reaffirmed with strong 2Q orders and a reduced

Middle East impact of $50-75m (vs. prior $100-150m) noted - both consistent with

comments at our May conference. Building Automation continues to show “strong

demand” and IA Short Cycle is in an “ongoing recovery”. Net/net, we see upside to

our standing 2Q estimates. Nigel Coe, CPA; CFA

FY26 guidance has been recut and reflects the following adjustments (aside from ncoe@wolferesearch.com(646) 582-9259

the Aero removal): View Nigel’s Research

View HON Model

●License royalty income of $73m (this is lower than the $110m in our model). View Comp Table

●Anticipated closings of PSS/WWS disposals and the acquisition of the JM

Catalyst Technologies business - we had not yet incorporated these deals, but Bradbhewitt@wolferesearch.comHewitt

they are net neutral to the framework. (646) 582-9256

●Removal of pension income and Quantinuum losses as we had flagged in our William Vranka

most recent update (LINK). wvranka@wolferesearch.com(646) 582-9258