EARNINGS PER SHARE
The details of the earnings per share calculations for the years ended December 31, 2025, 2024, and 2023, are as follows (shares in millions):
BasicYears Ended December 31,
202520242023
Net income from continuing operations attributable to Honeywell
4,461 4,968 4,913 
Net income from discontinued operations attributable to Honeywell
268 737 745 
Net income attributable to Honeywell$4,729 $5,705 $5,658 
Weighted average shares outstanding639.0 650.9 663.0 
Earnings per share of common stock from continuing operations—basic
$6.98 $7.63 $7.41 
Earnings per share of common stock from discontinued operations—basic$0.42 $1.13 $1.12 
Earnings per share of common stock—basic
$7.40 $8.76 $8.53 
Assuming DilutionYears Ended December 31,
202520242023
Net income from continuing operations attributable to Honeywell
4,461 4,968 4,913 
Net income from discontinued operations attributable to Honeywell
268 737 745 
Net income attributable to Honeywell$4,729 $5,705 $5,658 
Average shares
Weighted average shares outstanding639.0 650.9 663.0 
Dilutive securities issuable—stock plans3.8 4.4 5.2 
Total weighted average diluted shares outstanding642.8 655.3 668.2 
Earnings per share of common stock from continuing operations—assuming dilution
$6.94 $7.58 $7.36 
Earnings per share of common stock from discontinued operations—assuming dilution0.42 1.13 1.11 
Earnings per share of common stock—assuming dilution
$7.36 $8.71 $8.47 
The diluted earnings per share calculations exclude the effect of stock options when the cost to exercise an option exceeds the average market price of the common shares during the period. In 2025, 2024, and 2023, the weighted average number of stock options excluded from the computations was 2.9 million, 3.9 million, and 4.5 million, respectively. These stock options were outstanding at the end of each of the respective periods.
As of December 31, 2025, and 2024, the total shares outstanding were 635.3 million and 649.8 million, respectively, and as of December 31, 2025, and 2024, total shares issued were 957.6 million.
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Historical Timeline

Fiscal YearFiled
2025Feb 17, 2026Showing above
2024Feb 14, 2025
2023Feb 16, 2024
2022Feb 10, 2023
2021Feb 11, 2022
2020Feb 12, 2021
2019Feb 14, 2020
2018Feb 8, 2019
2017Feb 9, 2018
2016Feb 10, 2017
2015Feb 12, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.