On Tuesday, Honeywell International Inc. (NASDAQ:HON) announced the filing of its Form 10 registration statement for the planned spin-off of Honeywell Aerospace.
Honeywell has advanced its planned separation of Honeywell Aerospace by filing a Form 10 registration statement with the SEC, marking a pivotal step toward creating an independent, publicly traded aerospace and defense company. The new entity is expected to list on Nasdaq under the ticker HONA, with the spin-off targeted for the third quarter of 2026.
CEO Vimal Kapur described the filing as a significant milestone in Honeywell’s ongoing portfolio transformation. He stated, “As we continue to advance our portfolio transformation, we are sharpening both companies’ strategic focus, enhancing organizational agility, and aligning capital allocation to drive growth and create long-term shareholder value.”
Investor Day To Outline Aerospace Roadmap
Investors will get further clarity at Honeywell’s Investor Day on June 3, 2026, in Phoenix, where management plans to detail Honeywell Aerospace’s value-creation roadmap and financial targets.
Honeywell Aerospace Financial Snapshot
According to Form 10 disclosures, Honeywell Aerospace generated 2025 pro forma net sales of $17.4 billion, pro forma net income of $1.5 billion, and pro forma adjusted EBIT of $4.3 billion, positioning it as one of the largest pure-play aerospace and defense companies in public markets.
Honeywell Aerospace CEO Jim Currier highlighted supportive industry dynamics, including steady travel demand, expanding global defense spending, and a record backlog.
“Our ‘develop once, deploy everywhere’ innovation strategy, supported by a scalable technology development platform and an ongoing commitment to operational excellence, enables us to power current and next-gen aerospace and defense platforms. With our leading margins, strong investment grade credit rating, and robust free cash flow generation, we are poised to unlock significant value for our customers, employees, and shareholders, underpinned by disciplined, focused capital allocation,” stated Currier.
Business Segments And Revenue Breakdown
The new company will operate in three segments:
Electronic Solutions, which includes avionics, navigation, sensors, defense electronics, and space solutions, generated $6.8 billion in 2025 sales.
Engines & Power Systems, encompassing propulsion, auxiliary power units, and electric power solutions, posted $5.4 billion in sales.
Control Systems, which provides thermal management and motion-control systems supporting flight and safety, recorded $5.2 billion in sales.
Earnings & Analyst Outlook
Honeywell is slated to provide its next financial update on April 28, 2026.
- EPS Estimate: $2.33 (Down from $2.51)
- Revenue Estimate: $9.27 Billion (Down from $9.82 Billion)
- Valuation: P/E of 32.8x (Indicates premium valuation)
Analyst Consensus & Recent Actions: The stock carries a Buy Rating with an average price target of $246.75. Recent analyst moves include:
- Wolfe Research: Upgraded to Outperform (Target $293.00) (Feb. 27)
- JP Morgan: Overweight (Raises Target to $260.00) (Jan. 30)
- Citigroup: Buy (Raises Target to $265.00) (Jan. 30)
HON Price Action: Honeywell Intl shares were down 2.13% at $242.75 at the time of publication on Tuesday. The stock is approaching its 52-week high of $248.18, according to Benzinga Pro data.
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