The biggest changes in the 10-K filed 2026-02-17, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Net income
-17.1% Big change FY to 2025-12-31 vs 2024-12-31“Other income increased due to the following:”
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“The effective tax rate for 2025 was lower than the U.S. federal statutory rate of 21% as a result of the following:”
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Revenue
+7.8% FY to 2025-12-31 vs 2024-12-31“Sales increased $2,052 million due to higher organic sales of $639 million in Defense and Space and higher organic sales of $636 million in Commercial Aviation Aftermarket, both driven by higher sales volume due to increased demand and shipments.”
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“Sales increased $1,834 million due to higher organic sales of $907 million in Commercial Aviation Aftermarket driven by higher sales volumes in air transport due to an increase in flight hours and higher organic sales of $772 million in Defense and Space driven by higher sales volumes due to increased shipments.”
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Cash from operations
+5.1% FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Operating margin
22.1% → 21.7% (-0.4 pts) FY to 2025-12-31 vs 2024-12-31“Research and development expenses increased as a percentage of net sales primarily due to increased investment in new product development in our Aerospace Technologies business.”
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“Selling, general and administrative expenses increased due to the following:”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
Work on HON in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/HON/export.csv") into a cell.