This paper deals with the development of a mechanism-based two-scale constitutive model for thick-walled metallic honeycombs in sandwich applications. The mechanical response of metallic honeycomb sandwich sheets subject to large in-plane normal loading and out-of-plane shear loading is investigated using a detailed finite element model of the honeycomb microstructure. Based on the simulation results, a simple micro-mechanical system is proposed and used to develop the macroscopic constitutive model. The finite-strain constitutive model accounts for microstructural evolution due to geometrical changes and strain hardening at the microscale. The macroscopic model has been validated for various loading conditions. Furthermore, the evolution of the macroscopic yield surface for pure out-of-plane shear is discussed in detail.