HSBC Holdings plc Financials

HSBC

FY2025 annual

Revenue $68.3B +3.7% YoY

Net Income $23.1B -7.5% YoY

EPS (Diluted) Not reported for FY2025

Free Cash Flow $28.3B -55.7% YoY

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

HSBC Holdings plc (HSBC) 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 HSBC FY2025 2026-08-15

HSBC’s thin asset returns become much larger equity returns because the business runs on a highly leveraged balance sheet.

In FY2025, revenue reached $68.3B, yet operating cash flow almost halved from the prior year, showing that balance-sheet movements can dominate the revenue trend in a balance-sheet-driven business. That is why a 0.7% return on assets still produced a 11.3% return on equity: high leverage magnifies modest asset profitability.

With $3.03T of liabilities against $205.7B of equity, HSBC is financed through a very large liability base supporting a relatively thin capital layer. That leverage posture was broadly steady over the last three fiscal years, so FY2025’s weaker cash generation looks more like a balance-sheet shift than a new capital-structure stretch.

Physical reinvestment is tiny relative to cash generation, with capital spending of $1.4B against operating cash flow of $29.8B, so the business does not need heavy fixed-asset spending to keep running. Cash uses are more about distributions and funding mix; dividends alone took $13.5B, making shareholder payouts a meaningful claim on internally generated cash.

Financial Health Signals

Financial Health Score 19/100

Scored as: Banks peer group

Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of HSBC Holdings plc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Earnings

Growth

Capital

Efficiency

Not available for HSBC Holdings plc, and counted as zero in the overall score.

Credit Quality

Not available for HSBC Holdings plc, and counted as zero in the overall score.

Stability

Piotroski F-Score Partial

4/6

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

Net Income

$23.1B

YoY-7.5%

5Y CAGR+30.6%

10Y CAGR+4.4%

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

EBITDA

Not reported for fiscal year 2025.

EPS (Diluted)

Not reported for fiscal year 2025.

Cash & Balance Sheet

Free Cash Flow

$28.3B

YoY-55.7%

5Y CAGR-31.0%

HSBC Holdings plc 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 plc held $432.9B in cash as of fiscal year 2025; long-term debt is not reported for that period.

Shares Outstanding

17.18B

YoY-4.3%

5Y CAGR-3.7%

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

Dividends Per Share

Not reported for fiscal year 2025.

Margins & Returns

Net Margin

33.9%

YoY-4.1pp

5Y CAGR+21.8pp

10Y CAGR+8.6pp

HSBC Holdings plc'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 plc'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.

Gross Margin

Not reported for fiscal year 2025.

Operating Margin

Not reported for fiscal year 2025.

Capital Allocation

Capital Expenditures

$1.4B

YoY+7.7%

5Y CAGR0.0%

10Y CAGR+1.5%

HSBC Holdings plc 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.

R&D Spending

Not reported for fiscal year 2025.

Share Buybacks

Not reported for fiscal year 2025.

HSBC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

HSBC annual income statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
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

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EPS (Diluted).

HSBC Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

HSBC annual balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
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	Q4'25	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
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
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
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

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

HSBC Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

HSBC annual cash flow statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
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
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

HSBC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples.

HSBC annual financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15
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
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	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Debt-to-Equity	14.72-0.4x	15.08+0.4x	14.69+0.1x	14.62-0.2x	14.78-0.1x	14.87-0.1x	14.93-0.1x	14.98

Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: FCF Margin.

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Where HSBC Holdings plc Ranks

Frequently Asked Questions

What is HSBC Holdings plc's annual revenue?

HSBC Holdings plc (HSBC) 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 plc's revenue growing?

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

Is HSBC Holdings plc profitable?

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

What is HSBC Holdings plc's net profit margin?

HSBC Holdings plc (HSBC) 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 plc's return on equity (ROE)?

HSBC Holdings plc (HSBC) 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 plc's free cash flow?

HSBC Holdings plc (HSBC) 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 plc's operating cash flow?

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

What are HSBC Holdings plc's total assets?

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

What are HSBC Holdings plc's capital expenditures?

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

How many shares does HSBC Holdings plc have outstanding?

HSBC Holdings plc (HSBC) had 17.18B shares outstanding as of fiscal year 2025.

What is HSBC Holdings plc's debt-to-equity ratio?

HSBC Holdings plc (HSBC) 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 plc's return on assets (ROA)?

HSBC Holdings plc (HSBC) 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 plc's Piotroski F-Score?

HSBC Holdings plc (HSBC) 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 plc's earnings high quality?

HSBC Holdings plc (HSBC) 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 plc?

HSBC Holdings plc (HSBC) scores 19 out of 100 on our Financial Health Score, indicating weak standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.