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Side-by-side financial comparison of Honeywell (HON) and Vistra Corp. (VST). Click either name above to swap in a different company.
Honeywell is the larger business by last-quarter revenue ($9.1B vs $4.8B, roughly 1.9× Vistra Corp.). Honeywell runs the higher net margin — 8.7% vs 4.8%, a 3.8% gap on every dollar of revenue. On growth, Vistra Corp. posted the faster year-over-year revenue change (31.2% vs 2.0%). Vistra Corp. produced more free cash flow last quarter ($596.0M vs $56.0M). Over the past eight quarters, Vistra Corp.'s revenue compounded faster (23.3% 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.
Vistra may refer to either of two companies:Vistra, a corporate services company based in Hong Kong Vistra Corp, an energy company based in Texas
HON vs VST — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $9.1B | $4.8B |
| Net Profit | $795.0M | $233.0M |
| Gross Margin | — | — |
| Operating Margin | 16.1% | 9.9% |
| Net Margin | 8.7% | 4.8% |
| Revenue YoY | 2.0% | 31.2% |
| Net Profit YoY | -43.3% | -47.2% |
| EPS (diluted) | $1.29 | $0.55 |
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 | $4.8B | ||
| Q3 25 | $10.4B | $4.8B | ||
| Q2 25 | $10.4B | $3.8B | ||
| Q1 25 | $9.8B | $4.3B | ||
| Q4 24 | $10.1B | $3.7B | ||
| Q3 24 | $9.7B | $4.3B | ||
| Q2 24 | $9.6B | $3.6B |
| Q1 26 | $795.0M | — | ||
| Q4 25 | $-115.0M | $233.0M | ||
| Q3 25 | $1.8B | $652.0M | ||
| Q2 25 | $1.6B | $327.0M | ||
| Q1 25 | $1.4B | $-268.0M | ||
| Q4 24 | $1.3B | $441.0M | ||
| Q3 24 | $1.4B | $1.9B | ||
| Q2 24 | $1.5B | $365.0M |
| 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% | 9.9% | ||
| Q3 25 | 23.1% | 21.7% | ||
| Q2 25 | 22.9% | 13.7% | ||
| Q1 25 | 23.0% | -2.8% | ||
| Q4 24 | 21.6% | 16.4% | ||
| Q3 24 | 23.6% | 59.6% | ||
| Q2 24 | 23.0% | 22.5% |
| Q1 26 | 8.7% | — | ||
| Q4 25 | -1.7% | 4.8% | ||
| Q3 25 | 17.5% | 13.6% | ||
| Q2 25 | 15.2% | 8.7% | ||
| Q1 25 | 14.8% | -6.3% | ||
| Q4 24 | 12.7% | 12.0% | ||
| Q3 24 | 14.5% | 43.5% | ||
| Q2 24 | 16.1% | 10.1% |
| Q1 26 | $1.29 | — | ||
| Q4 25 | $-0.17 | $0.55 | ||
| Q3 25 | $2.86 | $1.75 | ||
| Q2 25 | $2.45 | $0.81 | ||
| Q1 25 | $2.22 | $-0.93 | ||
| Q4 24 | $1.96 | $1.09 | ||
| Q3 24 | $2.16 | $5.25 | ||
| Q2 24 | $2.36 | $0.90 |
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 | $785.0M |
| Total DebtLower is stronger | $32.1B | $15.8B |
| Stockholders' EquityBook value | — | $5.1B |
| Total Assets | $74.0B | $41.5B |
| Debt / EquityLower = less leverage | — | 3.11× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $12.4B | — | ||
| Q4 25 | $12.9B | $785.0M | ||
| Q3 25 | $13.4B | $602.0M | ||
| Q2 25 | $10.7B | $458.0M | ||
| Q1 25 | $10.1B | $561.0M | ||
| Q4 24 | $11.0B | $1.2B | ||
| Q3 24 | $10.9B | $905.0M | ||
| Q2 24 | $9.8B | $1.6B |
| Q1 26 | $32.1B | — | ||
| Q4 25 | $27.1B | $15.8B | ||
| Q3 25 | $30.1B | $15.8B | ||
| Q2 25 | $30.2B | $15.5B | ||
| Q1 25 | $25.7B | $15.4B | ||
| Q4 24 | $25.5B | $15.4B | ||
| Q3 24 | $25.9B | $13.9B | ||
| Q2 24 | $20.9B | $13.9B |
| Q1 26 | — | — | ||
| Q4 25 | $13.9B | $5.1B | ||
| Q3 25 | $16.8B | $5.2B | ||
| Q2 25 | $16.1B | $4.8B | ||
| Q1 25 | $17.5B | $4.8B | ||
| Q4 24 | $18.6B | $5.6B | ||
| Q3 24 | $17.4B | $5.4B | ||
| Q2 24 | $16.9B | $5.6B |
| Q1 26 | $74.0B | — | ||
| Q4 25 | $73.7B | $41.5B | ||
| Q3 25 | $80.9B | $38.0B | ||
| Q2 25 | $78.4B | $38.1B | ||
| Q1 25 | $75.2B | $38.2B | ||
| Q4 24 | $75.2B | $37.8B | ||
| Q3 24 | $73.5B | $37.9B | ||
| Q2 24 | $69.3B | $39.1B |
| Q1 26 | — | — | ||
| Q4 25 | 1.95× | 3.11× | ||
| Q3 25 | 1.79× | 3.02× | ||
| Q2 25 | 1.87× | 3.22× | ||
| Q1 25 | 1.47× | 3.20× | ||
| Q4 24 | 1.37× | 2.77× | ||
| Q3 24 | 1.49× | 2.56× | ||
| Q2 24 | 1.23× | 2.49× |
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 | $1.4B |
| Free Cash FlowOCF − Capex | $56.0M | $596.0M |
| FCF MarginFCF / Revenue | 0.6% | 12.4% |
| Capex IntensityCapex / Revenue | 2.4% | 17.4% |
| Cash ConversionOCF / Net Profit | 0.00× | 6.15× |
| TTM Free Cash FlowTrailing 4 quarters | $5.1B | $1.3B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $0 | — | ||
| Q4 25 | $1.2B | $1.4B | ||
| Q3 25 | $3.3B | $1.5B | ||
| Q2 25 | $1.3B | $572.0M | ||
| Q1 25 | $597.0M | $599.0M | ||
| Q4 24 | $2.3B | $1.4B | ||
| Q3 24 | $2.0B | $1.7B | ||
| Q2 24 | $1.4B | $1.2B |
| Q1 26 | $56.0M | — | ||
| Q4 25 | $1.1B | $596.0M | ||
| Q3 25 | $2.9B | $1.0B | ||
| Q2 25 | $1.0B | $-118.0M | ||
| Q1 25 | $346.0M | $-169.0M | ||
| Q4 24 | $1.9B | $923.0M | ||
| Q3 24 | $1.7B | $1.0B | ||
| Q2 24 | $1.1B | $698.0M |
| Q1 26 | 0.6% | — | ||
| Q4 25 | 16.7% | 12.4% | ||
| Q3 25 | 28.0% | 21.1% | ||
| Q2 25 | 9.8% | -3.1% | ||
| Q1 25 | 3.5% | -4.0% | ||
| Q4 24 | 18.7% | 25.2% | ||
| Q3 24 | 17.7% | 23.4% | ||
| Q2 24 | 11.6% | 19.4% |
| Q1 26 | 2.4% | — | ||
| Q4 25 | 0.8% | 17.4% | ||
| Q3 25 | 3.6% | 9.6% | ||
| Q2 25 | 2.9% | 18.4% | ||
| Q1 25 | 2.6% | 18.1% | ||
| Q4 24 | 3.9% | 11.7% | ||
| Q3 24 | 2.9% | 15.8% | ||
| Q2 24 | 2.7% | 13.8% |
| Q1 26 | 0.00× | — | ||
| Q4 25 | — | 6.15× | ||
| Q3 25 | 1.80× | 2.25× | ||
| Q2 25 | 0.84× | 1.75× | ||
| Q1 25 | 0.41× | — | ||
| Q4 24 | 1.78× | 3.07× | ||
| Q3 24 | 1.41× | 0.90× | ||
| Q2 24 | 0.89× | 3.28× |
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% |
VST
| Retail Energy Charge In ERCOT | $2.1B | 43% |
| Retail Energy Charge In Northeast Midwest | $1.2B | 24% |
| East Segment | $1.1B | 24% |
| Hedging Revenue Realized | $170.0M | 4% |
| Revenue From Other Wholesale Contracts | $116.0M | 2% |
| Transferable Production Tax Credit Revenues | $78.0M | 2% |
| West Segment | $77.0M | 2% |
| Intersegment Sales | $25.0M | 1% |
