HON · 10-Q · 2026Q3 · Full report
Liquidity and Debt Position
HONEYWELL INTERNATIONAL INC · 2026-10-22 · Importance 89 · Surprise 82 · No source text
Cash and cash equivalents, including short-term investments, declined to $6.2 billion at September 30, 2026, from $12.7 billion at December 31, 2025. Honeywell held $4.5 billion of cash, cash equivalents, and short-term investments in non-U.S. subsidiaries. Total borrowings declined to $16.6 billion from $34.6 billion, primarily reflecting $7.5 billion of debt tender offers and redemptions and other financing repayments. At September 30, 2026, fixed-rate notes were $13.1 billion, commercial paper was $2.4 billion, and term loans were $1.25 billion, while the $2.0 billion 364-day facility and $3.0 billion five-year facility had no outstanding borrowings.
Key facts
- Net cash and cash equivalents held as of September 30, 2026 were $6.2 billion and as of December 31, 2025 were $12.7 billion, including short-term investments. source
- Total borrowings were $16.6 billion as of September 30, 2026 and $34.6 billion as of December 31, 2025. source
- Net cash used for financing activities in the nine months ended September 30, 2026 was driven by $14,688 million of payments of long-term debt, $3,469 million of net payments of commercial paper, $1,816 million of cash dividends paid, $1,000 million of repurchases of common stock and $1,000 million of Spin-Off cash, partially offset by $15,835 million of pre-separation funding related to the Aerospace Spin-Off. source
- The 364-Day Credit Agreement originally $3.0 billion dated March 6, 2026 had aggregate revolving credit commitments reduced to $2.0 billion upon completion of the Aerospace Spin-Off and had no outstanding borrowings as of September 30, 2026. source
- The Five-Year Credit Agreement originally $4.0 billion dated March 6, 2026 had aggregate revolving credit commitments reduced to $3.0 billion upon completion of the Aerospace Spin-Off and had no outstanding borrowings as of September 30, 2026. source
- Net cash used for financing activities increased by $5,377 million year-over-year driven by a $13,133 million increase of payments of long-term debt, a $5,929 million increase of net payments of commercial paper, a decrease in proceeds from issuance of long-term debt of $4,035 million, and a $1,000 million increase of Spin-Off cash, partially offset by $15,835 million of pre-separation funding and a $2,704 million decrease in repurchases of common stock. source
- As of September 30, 2026 fixed rate notes were $13,092 million, commercial paper $2,422 million, and term loans $1,250 million. source
- S&P outlook on Honeywell debt was Negative, Fitch outlook Stable, Moody’s outlook Negative; short-term ratings A-1 (S&P), F1 (Fitch), P1 (Moody’s); long-term ratings A (S&P), A (Fitch), A2 (Moody’s) as of September 30, 2026. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | positive | realized | +33.9% | Total borrowings were $16.6 billion as of September 30, 2026 and $34.6 billion as of December 31, 2025. |
| cash | negative | realized | -12.2% | Net cash and cash equivalents held as of September 30, 2026 were $6.2 billion and as of December 31, 2025 were $12.7 billion, including… |
| cash | negative | realized | -10.1% | Net cash used for financing activities increased by $5,377 million year-over-year driven by a $13,133 million increase of payments of… |
| liability | negative | realized | — | As of September 30, 2026 fixed rate notes were $13,092 million, commercial paper $2,422 million, and term loans $1,250 million. |
| liability | negative | realized | — | As of September 30, 2026 fixed rate notes were $13,092 million, commercial paper $2,422 million, and term loans $1,250 million. |
| liability | negative | realized | — | As of September 30, 2026 fixed rate notes were $13,092 million, commercial paper $2,422 million, and term loans $1,250 million. |