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Side-by-side financial comparison of Honeywell (HON) and Smurfit Westrock (SW). Click either name above to swap in a different company.
Honeywell is the larger business by last-quarter revenue ($9.1B vs $7.6B, roughly 1.2× Smurfit Westrock). Honeywell runs the higher net margin — 8.7% vs 1.3%, a 7.4% gap on every dollar of revenue. On growth, Honeywell posted the faster year-over-year revenue change (2.0% vs 0.5%). Smurfit Westrock produced more free cash flow last quarter ($612.0M vs $56.0M). Over the past eight quarters, Smurfit Westrock's revenue compounded faster (60.8% 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.
Smurfit Westrock plc is an Irish company based in Dublin, Ireland that manufactures corrugated and paper-based packaging. Its stock is listed on the New York Stock Exchange and the London Stock Exchange.
HON vs SW — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.1B | $7.6B |
| Net Profit | $795.0M | $97.0M |
| Gross Margin | — | 18.2% |
| Operating Margin | 16.1% | 5.1% |
| Net Margin | 8.7% | 1.3% |
| Revenue YoY | 2.0% | 0.5% |
| Net Profit YoY | -45.8% | -33.6% |
| EPS (diluted) | $1.29 | $0.18 |
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 | $7.6B | ||
| Q3 25 | $10.4B | $8.0B | ||
| Q2 25 | $10.4B | $7.9B | ||
| Q1 25 | $9.8B | $7.7B | ||
| Q4 24 | $10.1B | $7.5B | ||
| Q3 24 | $9.7B | $7.7B | ||
| Q2 24 | $9.6B | $3.0B |
| Q1 26 | $795.0M | — | ||
| Q4 25 | $-115.0M | $97.0M | ||
| Q3 25 | $1.8B | $246.0M | ||
| Q2 25 | $1.6B | $-28.0M | ||
| Q1 25 | $1.4B | $384.0M | ||
| Q4 24 | $1.3B | $146.0M | ||
| Q3 24 | $1.4B | $-150.0M | ||
| Q2 24 | $1.5B | $132.0M |
| Q1 26 | — | — | ||
| Q4 25 | 36.1% | 18.2% | ||
| Q3 25 | 31.1% | 19.6% | ||
| Q2 25 | 35.4% | 19.1% | ||
| Q1 25 | 35.2% | 20.6% | ||
| Q4 24 | 36.4% | 19.1% | ||
| Q3 24 | 35.1% | 17.6% | ||
| Q2 24 | 35.0% | 23.3% |
| Q1 26 | 16.1% | — | ||
| Q4 25 | 16.0% | 5.1% | ||
| Q3 25 | 23.1% | 6.6% | ||
| Q2 25 | 22.9% | 3.2% | ||
| Q1 25 | 23.0% | 7.2% | ||
| Q4 24 | 21.6% | 5.3% | ||
| Q3 24 | 23.6% | 0.7% | ||
| Q2 24 | 23.0% | 8.2% |
| Q1 26 | 8.7% | — | ||
| Q4 25 | -1.7% | 1.3% | ||
| Q3 25 | 17.5% | 3.1% | ||
| Q2 25 | 15.2% | -0.4% | ||
| Q1 25 | 14.8% | 5.0% | ||
| Q4 24 | 12.7% | 1.9% | ||
| Q3 24 | 14.5% | -2.0% | ||
| Q2 24 | 16.1% | 4.4% |
| Q1 26 | $1.29 | — | ||
| Q4 25 | $-0.17 | $0.18 | ||
| Q3 25 | $2.86 | $0.47 | ||
| Q2 25 | $2.45 | $-0.05 | ||
| Q1 25 | $2.22 | $0.73 | ||
| Q4 24 | $1.96 | $-0.12 | ||
| Q3 24 | $2.16 | $-0.30 | ||
| Q2 24 | $2.36 | $0.51 |
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 | $892.0M |
| Total DebtLower is stronger | $32.1B | $13.4B |
| Stockholders' EquityBook value | — | $18.3B |
| Total Assets | $74.0B | $45.2B |
| Debt / EquityLower = less leverage | — | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $12.4B | — | ||
| Q4 25 | $12.9B | $892.0M | ||
| Q3 25 | $13.4B | $851.0M | ||
| Q2 25 | $10.7B | $778.0M | ||
| Q1 25 | $10.1B | $797.0M | ||
| Q4 24 | $11.0B | $855.0M | ||
| Q3 24 | $10.9B | — | ||
| Q2 24 | $9.8B | $26.8K |
| Q1 26 | $32.1B | — | ||
| Q4 25 | $27.1B | $13.4B | ||
| Q3 25 | $30.1B | $13.3B | ||
| Q2 25 | $30.2B | $13.3B | ||
| Q1 25 | $25.7B | $12.9B | ||
| Q4 24 | $25.5B | $12.5B | ||
| Q3 24 | $25.9B | $13.2B | ||
| Q2 24 | $20.9B | — |
| Q1 26 | — | — | ||
| Q4 25 | $13.9B | $18.3B | ||
| Q3 25 | $16.8B | $18.4B | ||
| Q2 25 | $16.1B | $18.3B | ||
| Q1 25 | $17.5B | $17.9B | ||
| Q4 24 | $18.6B | $17.4B | ||
| Q3 24 | $17.4B | $18.0B | ||
| Q2 24 | $16.9B | $14.5K |
| Q1 26 | $74.0B | — | ||
| Q4 25 | $73.7B | $45.2B | ||
| Q3 25 | $80.9B | $45.6B | ||
| Q2 25 | $78.4B | $45.7B | ||
| Q1 25 | $75.2B | $44.6B | ||
| Q4 24 | $75.2B | $43.8B | ||
| Q3 24 | $73.5B | $45.0B | ||
| Q2 24 | $69.3B | $26.8K |
| Q1 26 | — | — | ||
| Q4 25 | 1.95× | 0.73× | ||
| Q3 25 | 1.79× | 0.72× | ||
| Q2 25 | 1.87× | 0.73× | ||
| Q1 25 | 1.47× | 0.72× | ||
| Q4 24 | 1.37× | 0.72× | ||
| Q3 24 | 1.49× | 0.73× | ||
| Q2 24 | 1.23× | — |
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 | $1.2B |
| Free Cash FlowOCF − Capex | $56.0M | $612.0M |
| FCF MarginFCF / Revenue | 0.6% | 8.1% |
| Capex IntensityCapex / Revenue | 2.4% | 7.7% |
| Cash ConversionOCF / Net Profit | 0.00× | 12.32× |
| TTM Free Cash FlowTrailing 4 quarters | $5.1B | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $0 | — | ||
| Q4 25 | $1.2B | $1.2B | ||
| Q3 25 | $3.3B | $1.1B | ||
| Q2 25 | $1.3B | $829.0M | ||
| Q1 25 | $597.0M | $235.0M | ||
| Q4 24 | $2.3B | $781.0M | ||
| Q3 24 | $2.0B | $320.0M | ||
| Q2 24 | $1.4B | $340.0M |
| Q1 26 | $56.0M | — | ||
| Q4 25 | $1.1B | $612.0M | ||
| Q3 25 | $2.9B | $523.0M | ||
| Q2 25 | $1.0B | $307.0M | ||
| Q1 25 | $346.0M | $-242.0M | ||
| Q4 24 | $1.9B | $212.0M | ||
| Q3 24 | $1.7B | $-192.0M | ||
| Q2 24 | $1.1B | $163.0M |
| Q1 26 | 0.6% | — | ||
| Q4 25 | 16.7% | 8.1% | ||
| Q3 25 | 28.0% | 6.5% | ||
| Q2 25 | 9.8% | 3.9% | ||
| Q1 25 | 3.5% | -3.2% | ||
| Q4 24 | 18.7% | 2.8% | ||
| Q3 24 | 17.7% | -2.5% | ||
| Q2 24 | 11.6% | 5.5% |
| Q1 26 | 2.4% | — | ||
| Q4 25 | 0.8% | 7.7% | ||
| Q3 25 | 3.6% | 7.6% | ||
| Q2 25 | 2.9% | 6.6% | ||
| Q1 25 | 2.6% | 6.2% | ||
| Q4 24 | 3.9% | 7.5% | ||
| Q3 24 | 2.9% | 6.7% | ||
| Q2 24 | 2.7% | 6.0% |
| Q1 26 | 0.00× | — | ||
| Q4 25 | — | 12.32× | ||
| Q3 25 | 1.80× | 4.61× | ||
| Q2 25 | 0.84× | — | ||
| Q1 25 | 0.41× | 0.61× | ||
| Q4 24 | 1.78× | 5.35× | ||
| Q3 24 | 1.41× | — | ||
| Q2 24 | 0.89× | 2.58× |
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% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
