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Side-by-side financial comparison of Honeywell (HON) and Principal Financial Group (PFG). Click either name above to swap in a different company.
Honeywell is the larger business by last-quarter revenue ($9.1B vs $4.6B, roughly 2.0× Principal Financial Group). Principal Financial Group runs the higher net margin — 11.3% vs 8.7%, a 2.6% gap on every dollar of revenue. On growth, Honeywell posted the faster year-over-year revenue change (2.0% vs -3.7%). Over the past eight quarters, Principal Financial Group's revenue compounded faster (6.3% CAGR vs -2.3%).
Honeywell International Inc. is an American publicly traded, multinational conglomerate corporation headquartered in Charlotte, North Carolina. It primarily operates in four areas of business: aerospace, building automation, industrial automation, and energy and sustainability solutions (ESS). Honeywell also owns and operates Sandia National Laboratories under contract with the U.S. Department of Energy. Honeywell is a Fortune 500 company, ranked 115th in 2023.
Principal Financial GroupPFGEarnings & Financial Report
Principal Financial Group, Inc. (PFG) is an American global financial investment management and insurance company headquartered in Des Moines, Iowa, United States.
HON vs PFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.1B | $4.6B |
| Net Profit | $795.0M | $517.0M |
| Gross Margin | — | — |
| Operating Margin | 16.1% | — |
| Net Margin | 8.7% | 11.3% |
| Revenue YoY | 2.0% | -3.7% |
| Net Profit YoY | -43.3% | -42.9% |
| EPS (diluted) | $1.29 | $2.30 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $9.1B | — | ||
| Q4 25 | $6.9B | $4.6B | ||
| Q3 25 | $10.4B | $3.7B | ||
| Q2 25 | $10.4B | $3.7B | ||
| Q1 25 | $9.8B | $3.7B | ||
| Q4 24 | $10.1B | $4.8B | ||
| Q3 24 | $9.7B | $3.0B | ||
| Q2 24 | $9.6B | $4.3B |
| Q1 26 | $795.0M | — | ||
| Q4 25 | $-115.0M | $517.0M | ||
| Q3 25 | $1.8B | $213.8M | ||
| Q2 25 | $1.6B | $406.2M | ||
| Q1 25 | $1.4B | $48.1M | ||
| Q4 24 | $1.3B | $905.4M | ||
| Q3 24 | $1.4B | $-220.0M | ||
| Q2 24 | $1.5B | $353.1M |
| Q1 26 | — | — | ||
| Q4 25 | 36.1% | — | ||
| Q3 25 | 31.1% | — | ||
| Q2 25 | 35.4% | — | ||
| Q1 25 | 35.2% | — | ||
| Q4 24 | 36.4% | — | ||
| Q3 24 | 35.1% | — | ||
| Q2 24 | 35.0% | — |
| Q1 26 | 16.1% | — | ||
| Q4 25 | 16.0% | — | ||
| Q3 25 | 23.1% | — | ||
| Q2 25 | 22.9% | — | ||
| Q1 25 | 23.0% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 23.6% | — | ||
| Q2 24 | 23.0% | — |
| Q1 26 | 8.7% | — | ||
| Q4 25 | -1.7% | 11.3% | ||
| Q3 25 | 17.5% | 5.8% | ||
| Q2 25 | 15.2% | 11.1% | ||
| Q1 25 | 14.8% | 1.3% | ||
| Q4 24 | 12.7% | 19.1% | ||
| Q3 24 | 14.5% | -7.3% | ||
| Q2 24 | 16.1% | 8.2% |
| Q1 26 | $1.29 | — | ||
| Q4 25 | $-0.17 | $2.30 | ||
| Q3 25 | $2.86 | $0.95 | ||
| Q2 25 | $2.45 | $1.79 | ||
| Q1 25 | $2.22 | $0.21 | ||
| Q4 24 | $1.96 | $3.92 | ||
| Q3 24 | $2.16 | $-0.95 | ||
| Q2 24 | $2.36 | $1.49 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $12.4B | $4.4B |
| Total DebtLower is stronger | $32.1B | $3.9B |
| Stockholders' EquityBook value | — | $11.9B |
| Total Assets | $74.0B | $341.4B |
| Debt / EquityLower = less leverage | — | 0.33× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $12.4B | — | ||
| Q4 25 | $12.9B | $4.4B | ||
| Q3 25 | $13.4B | $5.1B | ||
| Q2 25 | $10.7B | $3.7B | ||
| Q1 25 | $10.1B | $3.9B | ||
| Q4 24 | $11.0B | $4.2B | ||
| Q3 24 | $10.9B | $6.2B | ||
| Q2 24 | $9.8B | $4.8B |
| Q1 26 | $32.1B | — | ||
| Q4 25 | $27.1B | $3.9B | ||
| Q3 25 | $30.1B | $3.9B | ||
| Q2 25 | $30.2B | $3.9B | ||
| Q1 25 | $25.7B | $4.3B | ||
| Q4 24 | $25.5B | $4.0B | ||
| Q3 24 | $25.9B | $3.9B | ||
| Q2 24 | $20.9B | $3.9B |
| Q1 26 | — | — | ||
| Q4 25 | $13.9B | $11.9B | ||
| Q3 25 | $16.8B | $11.7B | ||
| Q2 25 | $16.1B | $11.4B | ||
| Q1 25 | $17.5B | $11.2B | ||
| Q4 24 | $18.6B | $11.1B | ||
| Q3 24 | $17.4B | $11.2B | ||
| Q2 24 | $16.9B | $11.0B |
| Q1 26 | $74.0B | — | ||
| Q4 25 | $73.7B | $341.4B | ||
| Q3 25 | $80.9B | $334.5B | ||
| Q2 25 | $78.4B | $323.1B | ||
| Q1 25 | $75.2B | $313.0B | ||
| Q4 24 | $75.2B | $313.7B | ||
| Q3 24 | $73.5B | $322.9B | ||
| Q2 24 | $69.3B | $308.8B |
| Q1 26 | — | — | ||
| Q4 25 | 1.95× | 0.33× | ||
| Q3 25 | 1.79× | 0.34× | ||
| Q2 25 | 1.87× | 0.34× | ||
| Q1 25 | 1.47× | 0.39× | ||
| Q4 24 | 1.37× | 0.36× | ||
| Q3 24 | 1.49× | 0.35× | ||
| Q2 24 | 1.23× | 0.36× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $0 | $1.7B |
| Free Cash FlowOCF − Capex | $56.0M | — |
| FCF MarginFCF / Revenue | 0.6% | — |
| Capex IntensityCapex / Revenue | 2.4% | — |
| Cash ConversionOCF / Net Profit | 0.00× | 3.37× |
| TTM Free Cash FlowTrailing 4 quarters | $5.1B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $0 | — | ||
| Q4 25 | $1.2B | $1.7B | ||
| Q3 25 | $3.3B | $1.0B | ||
| Q2 25 | $1.3B | $811.9M | ||
| Q1 25 | $597.0M | $977.3M | ||
| Q4 24 | $2.3B | $1.5B | ||
| Q3 24 | $2.0B | $1.1B | ||
| Q2 24 | $1.4B | $1.4B |
| Q1 26 | $56.0M | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $2.9B | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $346.0M | — | ||
| Q4 24 | $1.9B | — | ||
| Q3 24 | $1.7B | — | ||
| Q2 24 | $1.1B | — |
| Q1 26 | 0.6% | — | ||
| Q4 25 | 16.7% | — | ||
| Q3 25 | 28.0% | — | ||
| Q2 25 | 9.8% | — | ||
| Q1 25 | 3.5% | — | ||
| Q4 24 | 18.7% | — | ||
| Q3 24 | 17.7% | — | ||
| Q2 24 | 11.6% | — |
| Q1 26 | 2.4% | — | ||
| Q4 25 | 0.8% | — | ||
| Q3 25 | 3.6% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 2.6% | — | ||
| Q4 24 | 3.9% | — | ||
| Q3 24 | 2.9% | — | ||
| Q2 24 | 2.7% | — |
| Q1 26 | 0.00× | — | ||
| Q4 25 | — | 3.37× | ||
| Q3 25 | 1.80× | 4.70× | ||
| Q2 25 | 0.84× | 2.00× | ||
| Q1 25 | 0.41× | 20.32× | ||
| Q4 24 | 1.78× | 1.61× | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 0.89× | 4.05× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HON
| Aerospace Technologies | $4.3B | 47% |
| Building Automation | $1.9B | 21% |
| Process Automation and Technology | $1.5B | 17% |
| Industrial Automation | $1.4B | 16% |
| Corporate and All Other | $5.0M | 0% |
PFG
| Segment Retirement And Income Solutions | $1.6B | 36% |
| Segment Benefits And Protection | $1.1B | 23% |
| Other | $582.8M | 13% |
| Segment Principal Asset Management | $465.6M | 10% |
| Subsegment Investment Management | $449.4M | 10% |
| Administrative Service | $152.2M | 3% |
| Subsegment International Pension | $91.2M | 2% |
| Segment Corporate | $73.0M | 2% |
| Subsegment Life Insurance | $26.1M | 1% |
| Financial Service Other | $25.1M | 1% |
| Residential Mortgage | $7.4M | 0% |
| Subsegment Specialty Benefits | $3.7M | 0% |
| Deposit Account | $3.4M | 0% |
| Commission Income | $1.8M | 0% |
