Hsbc Holdings Financials

HBCYF

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Hsbc Holdings (HBCYF) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 11 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 44/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Growth

Hsbc Holdings's revenue grew a modest 3.7% year-over-year to $68.3B. This slow but positive growth earns a score of 39/100.

Leverage

Hsbc Holdings has elevated debt relative to equity (D/E of 14.72), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.

Cash Flow

100

Hsbc Holdings converts 41.5% of revenue into free cash flow ($28.3B). This strong cash generation earns a score of 100/100.

Returns

Hsbc Holdings's ROE of 11.3% shows moderate profitability relative to equity, earning a score of 36/100. This is down from 13.0% the prior year.

Piotroski F-Score Neutral

4/9

Hsbc Holdings passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Cash-Backed

1.29x

For every $1 of reported earnings, Hsbc Holdings generates $1.29 in operating cash flow ($29.8B OCF vs $23.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$68.3B

YoY+3.7%

5Y CAGR+6.2%

10Y CAGR+1.3%

Hsbc Holdings generated $68.3B in revenue in fiscal year 2025. This represents an increase of 3.7% from the prior year.

EBITDA

N/A

Net Income

$23.1B

YoY-7.5%

5Y CAGR+30.6%

10Y CAGR+4.4%

Hsbc Holdings reported $23.1B in net income in fiscal year 2025. This represents a decrease of 7.5% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$28.3B

YoY-55.7%

5Y CAGR-31.0%

Hsbc Holdings generated $28.3B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 55.7% from the prior year.

Cash & Debt

$432.9B

YoY-0.5%

5Y CAGR-1.6%

10Y CAGR+5.9%

Hsbc Holdings held $432.9B in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

17.18B

YoY-4.3%

5Y CAGR-3.7%

Hsbc Holdings had 17.18B shares outstanding in fiscal year 2025. This represents a decrease of 4.3% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

33.9%

YoY-4.1pp

5Y CAGR+21.8pp

10Y CAGR+8.6pp

Hsbc Holdings's net profit margin was 33.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 4.1 percentage points from the prior year.

Return on Equity

11.3%

YoY-1.8pp

5Y CAGR+8.3pp

10Y CAGR+3.6pp

Hsbc Holdings's ROE was 11.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.8 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$1.4B

YoY+7.7%

5Y CAGR+0.0%

10Y CAGR+1.5%

Hsbc Holdings invested $1.4B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 7.7% from the prior year.

HBCYF Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$68.3B+3.7%	$65.9B-0.3%	$66.1B+30.5%	$50.6B+2.2%	$49.6B-1.7%	$50.4B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	-$11.2B-81.4%	-$6.2B+25.7%	-$8.3B-151.3%	$16.2B	N/A	N/A
Income Tax	$6.8B-7.3%	$7.3B+26.3%	$5.8B+615.6%	$809.0M-80.8%	$4.2B+57.3%	$2.7B
Net Income	$23.1B-7.5%	$25.0B+1.8%	$24.6B+51.1%	$16.2B+10.6%	$14.7B+140.9%	$6.1B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HBCYF Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$3.2T+7.2%	$3.0T-0.7%	$3.0T+3.0%	$2.9T-0.2%	$3.0T-1.0%	$3.0T
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$432.9B-0.5%	$434.9B-11.4%	$490.9B-5.9%	$521.7B-9.1%	$574.0B+22.6%	$468.3B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$13.1B+5.8%	$12.4B-0.8%	$12.5B+9.4%	$11.4B+2.2%	$11.2B-45.4%	$20.4B
Total Liabilities	$3.0T+7.2%	$2.8T-0.7%	$2.8T+3.0%	$2.8T+0.2%	$2.8T-0.8%	$2.8T
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$205.7B+7.0%	$192.3B-0.2%	$192.6B+4.0%	$185.2B-5.7%	$196.3B-4.2%	$205.0B
Retained Earnings	$169.6B+11.3%	$152.4B+0.2%	$152.1B+6.8%	$142.4B+5.3%	$135.2B-3.8%	$140.6B

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$3.2T+0.6%	$3.2T+6.5%	$3.0T+1.4%	$3.0T-2.1%	$3.0T-0.1%	$3.0T+3.1%	$2.9T-0.7%	$3.0T
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$432.9B+0.9%	$428.9B-1.4%	$434.9B-3.1%	$449.0B-8.5%	$490.9B-5.1%	$517.5B-0.8%	$521.7B-4.7%	$547.3B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$13.1B+0.7%	$13.0B+5.2%	$12.4B+1.8%	$12.2B-2.6%	$12.5B+4.7%	$11.9B+4.4%	$11.4B-47.2%	$21.6B
Total Liabilities	$3.0T+0.4%	$3.0T+6.7%	$2.8T+1.4%	$2.8T-2.2%	$2.8T-0.1%	$2.8T+3.1%	$2.8T-0.9%	$2.8T
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$205.7B+2.9%	$199.9B+4.0%	$192.3B+1.0%	$190.4B-1.1%	$192.6B+0.5%	$191.7B+3.5%	$185.2B-0.5%	$186.1B
Retained Earnings	$169.6B+13.3%	$149.7B-1.7%	$152.4B-1.9%	$155.3B+2.1%	$152.1B+1.5%	$149.9B+5.3%	$142.4B-5.3%	$150.4B

HBCYF Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$29.8B-54.4%	$65.3B+67.0%	$39.1B+102.1%	$19.4B-81.4%	$104.3B-42.8%	$182.2B
Capital Expenditures	$1.4B+7.7%	$1.3B+17.4%	$1.1B-10.8%	$1.3B+18.2%	$1.1B-24.9%	$1.4B
Free Cash Flow	$28.3B-55.7%	$64.0B+68.5%	$38.0B+110.1%	$18.1B-82.5%	$103.2B-42.9%	$180.8B
Investing Cash Flow	-$37.1B+51.6%	-$76.6B-21.7%	-$62.9B-129.6%	-$27.4B-199.5%	$27.5B+222.8%	-$22.4B
Financing Cash Flow	-$22.0B+17.0%	-$26.5B-50.7%	-$17.6B-179.3%	-$6.3B+41.8%	-$10.8B-132.5%	-$4.6B
Dividends Paid	$13.5B-21.2%	$17.1B+40.2%	$12.2B+75.0%	$7.0B+9.2%	$6.4B+215.5%	$2.0B
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

HBCYF Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	33.9%-4.1pp	38.0%+0.8pp	37.2%+5.1pp	32.1%+2.5pp	29.6%+17.6pp	12.1%
Return on Equity	11.3%-1.8pp	13.0%+0.3pp	12.8%+4.0pp	8.8%+1.3pp	7.5%+4.5pp	3.0%
Return on Assets	0.7%-0.1pp	0.8%+0.0pp	0.8%+0.3pp	0.5%+0.0pp	0.5%+0.3pp	0.2%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	14.72+0.0	14.69-0.1	14.78-0.1	14.93+0.9	14.05+0.5	13.56
FCF Margin	41.5%-55.6pp	97.1%+39.7pp	57.5%+21.8pp	35.7%-172.6pp	208.3%-150.2pp	358.5%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	14.72-0.4	15.08+0.4	14.69+0.1	14.62-0.2	14.78-0.1	14.87-0.1	14.93-0.1	14.98
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Hsbc Holdings's annual revenue?

Hsbc Holdings (HBCYF) reported $68.3B in total revenue for fiscal year 2025. This represents a 3.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Hsbc Holdings's revenue growing?

Hsbc Holdings (HBCYF) revenue grew by 3.7% year-over-year, from $65.9B to $68.3B in fiscal year 2025.

Is Hsbc Holdings profitable?

Yes, Hsbc Holdings (HBCYF) reported a net income of $23.1B in fiscal year 2025, with a net profit margin of 33.9%.

What is Hsbc Holdings's net profit margin?

Hsbc Holdings (HBCYF) had a net profit margin of 33.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Hsbc Holdings's return on equity (ROE)?

Hsbc Holdings (HBCYF) has a return on equity of 11.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Hsbc Holdings's free cash flow?

Hsbc Holdings (HBCYF) generated $28.3B in free cash flow during fiscal year 2025. This represents a -55.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Hsbc Holdings's operating cash flow?

Hsbc Holdings (HBCYF) generated $29.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Hsbc Holdings's total assets?

Hsbc Holdings (HBCYF) had $3.2T in total assets as of fiscal year 2025, including both current and long-term assets.

What are Hsbc Holdings's capital expenditures?

Hsbc Holdings (HBCYF) invested $1.4B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Hsbc Holdings have outstanding?

Hsbc Holdings (HBCYF) had 17.18B shares outstanding as of fiscal year 2025.

What is Hsbc Holdings's debt-to-equity ratio?

Hsbc Holdings (HBCYF) had a debt-to-equity ratio of 14.72 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Hsbc Holdings's return on assets (ROA)?

Hsbc Holdings (HBCYF) had a return on assets of 0.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Hsbc Holdings's Piotroski F-Score?

Hsbc Holdings (HBCYF) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Hsbc Holdings's earnings high quality?

Hsbc Holdings (HBCYF) has an earnings quality ratio of 1.29x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Hsbc Holdings?

Hsbc Holdings (HBCYF) scores 44 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.