HON · Earnings call · 2026Q3T · Full report

Process Technology Demand

HONEYWELL INTERNATIONAL INC · 2026-10-22 · Importance 37 · Surprise 32

Management said Honeywell had received over $1 billion in Process Technology orders since the first quarter of 2026, and that Process Automation and Technology backlog was more than 10% higher year over year. The order activity spans LNG, refining and petrochemicals, and low-carbon energy projects across North America, the Middle East, Africa, and Asia. Low-carbon energy remains a small part of the business but is growing at a strong double-digit rate, with wins in sustainable aviation fuel and carbon capture; management cited 100 licensed sustainable aviation fuel projects, of which about 20% have been built. Management expects the energy project cycle and associated catalyst, automation, digital modernization, and life-cycle services demand to support continued segment growth into 2027 and beyond.

Key facts

• Honeywell's low-carbon energy business is a small share of the business, growing at a strong double-digit rate, with wins in sustainable aviation fuel and carbon capture.
• Honeywell expects P&T catalyst growth to be double digit in the second half of 2026; Q3 was double digit and Q4 is expected to grow in the mid-teens.
• Honeywell expects automation services growth in P&T to remain in the low- to mid-single digits.
• Honeywell recorded over $1 billion in Process Technology orders since Q1 2026.
• Q3 2026 P&T project sales grew 14% year over year, led by LNG and petrochemical backlog conversion.
• Honeywell had a robust pipeline of carbon-capture-related projects for Q4.
• Honeywell expects Process Automation and Technology to begin a multiyear growth inflection, supported by project backlog and continued energy-sector capital investment, especially in Africa, the Middle East, and the U.S.
• Honeywell had two carbon-capture-related project wins in Q3.