Hsbc Holdings (HBCYF) Financials

HBCYF

FY2025 annual

Revenue $68.3B +3.7% YoY

Net Income $23.1B -7.5% YoY

Free Cash Flow $28.3B -55.7% YoY

Operating Cash Flow $29.8B -54.4% YoY

Market Cap $350.6B as of Sep 3, 2026

Price / Sales 5.1x on $68.3B revenue, FY2025

Price / Earnings 15.2x on $23.1B net income, FY2025

Price / Book 1.7x on $205.7B equity, Q4 FY2025

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 3, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Dec 31, 2025 Reported Feb 26, 2026 Currency USD FYE December

Newest figures come from the 10-K for FY2025, filed Feb 26, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the HBCYF SEC filings page.

Hsbc Holdings (HBCYF) reported $68.3B in revenue for fiscal year 2025, up 3.7% from the prior fiscal year. This page shows its 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).

Rhea AI HBCYF FY2025 2026-08-30

HSBC’s liability-funded balance sheet expands faster than earnings, while elevated leverage keeps returns modest despite substantial cash generation.

From FY2024 to FY2025, total assets rose to $3.2T even as net income declined to $23.1B, pushing return on assets down from 0.8% to 0.7%. Cash generation still exceeded accounting profit, but operating cash flow fell to $29.8B from $65.3B, indicating that the weaker earnings year coincided with materially less cash production rather than merely an accounting effect.

Leverage is structural: FY2025 liabilities were $3.0T against $205.7B of equity, leaving the debt-to-equity ratio near 14.7x. Equity increased from FY2024 while the ratio barely changed, so balance-sheet expansion remains predominantly financed by liabilities rather than retained capital.

Reinvestment was not the main cash drag: capital expenditures were only $1.4B, yet free cash flow fell to $28.3B from $64.0B. Because free cash flow stayed close to operating cash flow, the decline primarily reflects weaker operating cash conversion in FY2025; dividends of $13.5B nevertheless represented a meaningful use of that reduced cash output.

Financial Health Signals

Financial health score not available

Hsbc Holdings does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.

Piotroski F-Score Partial

4/6

Hsbc Holdings passes 4 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 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

None of these metrics is reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$432.9B

YoY-0.5%

QoQ+0.9%

Hsbc Holdings held $432.9B in cash as of Q4 2025; long-term debt is not reported for that period.

Shares Outstanding

17.18B

YoY-4.3%

Hsbc Holdings had 17.18B shares outstanding in Q4 2025. This represents a decrease of 4.3% from the same quarter a year earlier.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 2025.

HBCYF Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HBCYF quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Revenue	$68.3B+3.7%	$65.9B-0.3%	$66.1B+30.5%	$50.6B+2.2%	$49.6B-1.7%	$50.4B-10.1%	$56.1B+4.3%	$53.8B+4.5%	$51.4B+7.3%	$48.0B-19.8%	$59.8B
Interest Expense	-$11.2B-81.4%	-$6.2B+25.7%	-$8.3B-151.3%	$16.2B	N/A	N/A	N/A	N/A	N/A	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-42.3%	$4.6B-4.6%	$4.9B-8.0%	$5.3B+44.2%	$3.7B-2.8%	$3.8B
Net Income	$23.1B-7.5%	$25.0B+1.8%	$24.6B+51.1%	$16.2B+10.6%	$14.7B+140.9%	$6.1B-30.0%	$8.7B-42.0%	$15.0B+26.5%	$11.9B+244.7%	$3.4B-77.2%	$15.1B
Diluted Shares (Avg)	17.55B-5.1%	18.48B-5.7%	19.60B-1.9%	19.99B-1.6%	20.30B+0.3%	20.24B0.0%	20.23B+1.3%	19.98B-0.4%	20.07B+1.1%	19.84B+1.7%	19.52B

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q

Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

HBCYF Balance Sheet

HBCYF quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Total Assets	$3.2T+7.2%	$3.0T-0.7%	$3.0T+3.0%	$2.9T-0.2%	$3.0T-1.0%	$3.0T+9.9%	$2.7T+6.1%	$2.6T+1.4%	$2.5T+6.2%	$2.4T-1.4%	$2.4T
Cash & Equivalents	$432.9B-0.5%	$434.9B-11.4%	$490.9B-5.9%	$521.7B-9.1%	$574.0B+22.6%	$468.3B+59.4%	$293.7B-6.1%	$312.9B-3.3%	$323.7B+22.9%	$263.3B+8.0%	$243.9B
Goodwill	$13.1B+5.8%	$12.4B-0.8%	$12.5B+9.4%	$11.4B+2.2%	$11.2B-45.4%	$20.4B+1.4%	$20.2B-17.2%	$24.4B+3.9%	$23.5B+9.9%	$21.3B	N/A
Total Liabilities	$3.0T+7.2%	$2.8T-0.7%	$2.8T+3.0%	$2.8T+0.2%	$2.8T-0.8%	$2.8T+10.2%	$2.5T+6.7%	$2.4T+1.7%	$2.3T+6.0%	$2.2T-0.9%	$2.2T
Total Equity	$205.7B+7.0%	$192.3B-0.2%	$192.6B+4.0%	$185.2B-5.7%	$196.3B-4.2%	$205.0B+6.4%	$192.7B-0.8%	$194.2B-1.0%	$196.2B+7.5%	$182.6B-7.6%	$197.5B
Retained Earnings	$169.6B+11.3%	$152.4B+0.2%	$152.1B+6.8%	$142.4B+5.3%	$135.2B-3.8%	$140.6B+2.8%	$136.7B-1.1%	$138.2B-1.3%	$140.0B+2.3%	$136.8B	N/A

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Total Assets	$3.2T+7.2%	$3.2T+8.0%	$3.0T-0.7%	$3.0T-2.2%	$3.0T+3.0%	$3.0T+2.4%	$2.9T-0.2%	$3.0T-0.2%
Cash & Equivalents	$432.9B-0.5%	$428.9B-4.5%	$434.9B-11.4%	$449.0B-13.2%	$490.9B-5.9%	$517.5B-5.4%	$521.7B-9.1%	$547.3B-0.8%
Goodwill	$13.1B+5.8%	$13.0B+7.1%	$12.4B-0.8%	$12.2B+2.0%	$12.5B+9.4%	$11.9B-44.9%	$11.4B+2.2%	$21.6B+4.5%
Total Liabilities	$3.0T+7.2%	$3.0T+8.3%	$2.8T-0.7%	$2.8T-2.3%	$2.8T+3.0%	$2.8T+2.2%	$2.8T+0.2%	$2.8T+0.7%
Total Equity	$205.7B+7.0%	$199.9B+5.0%	$192.3B-0.2%	$190.4B-0.6%	$192.6B+4.0%	$191.7B+3.0%	$185.2B-5.7%	$186.1B-10.0%
Retained Earnings	$169.6B+11.3%	$149.7B-3.6%	$152.4B+0.2%	$155.3B+3.6%	$152.1B+6.8%	$149.9B-0.3%	$142.4B+5.3%	$150.4B+4.2%

Not reported in any period shown, so not listed: Current Assets, Short-Term Investments, Inventory, Accounts Receivable, Long-Term Investments, Current Liabilities, Non-Current Liabilities, Long-Term Debt.

HBCYF Cash Flow Statement

HBCYF quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
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+512.6%	$29.7B-8.5%	$32.5B+361.9%	-$12.4B-118.0%	$69.0B+6246.1%	-$1.1B
Depreciation & Amortization	$4.9B+20.5%	$4.1B+17.7%	$3.5B-10.0%	$3.9B-10.2%	$4.3B-18.2%	$5.2B-50.2%	$10.5B+444.2%	$1.9B+3.8%	$1.9B-64.3%	$5.2B+139.0%	$2.2B
Capital Expenditures	$1.4B+7.7%	$1.3B+17.4%	$1.1B-10.8%	$1.3B+18.2%	$1.1B-24.9%	$1.4B+7.7%	$1.3B+12.3%	$1.2B+2.5%	$1.2B+1.4%	$1.2B-7.8%	$1.2B
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+536.5%	$28.4B-9.3%	$31.3B+330.6%	-$13.6B-120.0%	$67.8B+2959.9%	-$2.4B
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+36.5%	-$35.3B-112.2%	-$16.6B-125.4%	$65.6B+535.3%	-$15.1B+61.3%	-$38.9B
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+68.7%	-$14.8B+11.6%	-$16.8B-60.6%	-$10.4B-17.2%	-$8.9B-149.3%	-$3.6B
Dividends Paid	$13.5B-21.2%	$17.1B+40.2%	$12.2B+75.0%	$7.0B+9.2%	$6.4B+215.5%	$2.0B-79.3%	$9.8B-9.2%	$10.8B+19.5%	$9.0B-1.7%	$9.2B+11.7%	$8.2B
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$0	$0-100.0%	-$2.5B	$0

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q

Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.

HBCYF Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

HBCYF quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K
Net Margin	33.9%-4.1pp	38.0%+0.8pp	37.2%+5.1pp	32.1%+2.5pp	29.6%+17.6pp	12.1%-3.4pp	15.5%-12.4pp	27.9%+4.8pp	23.1%+15.9pp	7.2%-18.1pp	25.2%
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%-1.5pp	4.5%-3.2pp	7.7%+1.7pp	6.0%+4.2pp	1.9%-5.8pp	7.6%
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%-0.1pp	0.3%-0.3pp	0.6%+0.1pp	0.5%+0.3pp	0.1%-0.5pp	0.6%
Debt-to-Equity	14.720.0x	14.69-0.1x	14.78-0.1x	14.93+0.9x	14.05+0.5x	13.56+0.5x	13.09+0.9x	12.17+0.3x	11.84-0.2x	12.01+0.8x	11.20
Asset Turnover	0.020.0x	0.020.0x	0.020.0x	0.020.0x	0.020.0x	0.020.0x	0.020.0x	0.020.0x	0.020.0x	0.020.0x	0.02
FCF Margin	41.5%-55.6pp	97.1%+39.7pp	57.5%+21.8pp	35.7%	208.3%	358.5%	50.6%-7.6pp	58.2%+84.6pp	-26.4%	141.4%	-4.0%

Metric	Q4'2510-K	Q2'2510-Q	Q4'2410-K	Q2'2410-Q	Q4'2310-K	Q2'2310-Q	Q4'2210-K	Q2'2210-Q
Debt-to-Equity	14.720.0x	15.08+0.5x	14.69-0.1x	14.62-0.2x	14.78-0.1x	14.87-0.1x	14.93+0.9x	14.98+1.6x

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Current Ratio, Asset Turnover, FCF Margin.

Where Hsbc Holdings Ranks

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 P/E ratio?

Hsbc Holdings (HBCYF) trades at 15.2x earnings, its market capitalization divided by net income of $23.1B net income, FY2025. The market capitalization is $350.6B as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Hsbc Holdings's price-to-sales ratio?

Hsbc Holdings (HBCYF) trades at 5.1x sales, its market capitalization divided by revenue of $68.3B revenue, FY2025. The market capitalization is $350.6B as of Sep 3, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Hsbc Holdings's Piotroski F-Score?

Hsbc Holdings (HBCYF) has a Piotroski F-Score of 4 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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.