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HSBC Holdings plc

HSBC Financial Banks Diversified

HSBC Holdings plc’s revenue for fiscal 2025 (year ended December 2025) was $134.3 billion, down 7.19% from fiscal 2024.

Revenue
+0.11%
EPS
+29.9%
Free cash flow
+75.4%
Total debt
+5.79%

Quarter to September 2026, against a year earlier

88.13 1.24 −1.39%
Market cap
$301.8B
P/E
11.6×
Fwd P/E
—
Dividend yield
4.82%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.00
Sold, $m 0.42
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — — — — — — — —
Sell — — — — — 1 — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 301,770.00
Revenue ttm 40,194.00
Net income ttm 19,522.00
Free cash flow ttm 144,604.00
Net debt Q (944,597.00)
Valuation
P/E 11.58
Forward P/E —
Price / sales 7.52
Forward P/S Powerpack
Price / FCF 2.09
Price / book 1.53
Financial health
Current ratio Q 0.89
Debt / equity Q 0.53
Interest coverage Q —
Growth
Revenue growth Q +0.11% (above 0%: growing)
Operating income growth Q −61.26% (below 0%: shrinking)
EPS, this year +12.66%
EPS, next year A +9.69%
Revenue, next year A —
EPS, past 5 yrs +44.81% (at or above 15%: strong)
EPS, next 5 yrs A +10.63%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 45.58%
10-year low 10-year high
P/S against its own 10 years 94.79%
10-year low 10-year high
P/B against its own 10 years 94.68%
10-year low 10-year high

Dividends raised 4 years running

Yield
4.82%
Annual rate
4.25
Payout ratio
56.2%
Growth, 2016–26
+3.93%/yr
  1. 2.55 ’16
  2. 2.55 ’17 +0
  3. 2.55 ’18 +0
  4. 2.55 ’19 +0
  5. 1.05 ’20 −59
  6. 2.15 ’23 +105
  7. 3.05 ’24 +42
  8. 3.30 ’25 +8
  9. 3.75 ’26 +14
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 937,887 950,834 1,040,467 1,048,530
Receivables — — — —
Inventory — — — —
Other — — — —
1,989,324 1,983,531 2,137,328 2,182,717
2023 2024 2025 Q'26
Payables 1,684,810 1,728,952 1,884,780 1,931,360
ST’ Debt — — — —
Other 73,150 204,709 230,578 78,406
2,218,164 2,246,610 2,465,492 2,455,063

Compound Annual Growth %

10y 5y 3y
Sales 7.97% 15.19% 21.00%
Cash Flow 0.00% (30.40%) 15.43%
Earnings 5.32% 40.18% 13.73%
Book Value 0.41% 0.07% 3.56%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 2.13 Actual 2.10

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 1.68 1.85 Beat by 0.17
Mar 2026 2.18 2.20 Beat by 0.02
Jun 2026 2.24 2.25 Beat by 0.01
Sep 2026 2.13 2.10 Miss by 0.03
Dec 2026 2.03 — Reports 24 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.00 — 2.21 — —
’25 1.95 — 1.40 — 6.05
’24 2.70 — 1.70 — 6.20
’23 2.60 1.30 1.45 — 5.70
’22 0.70 1.08 0.48 0.96 3.70
’21 0.95 0.74 0.85 0.33 3.10
’20 0.45 0.01 0.35 0.03 0.95
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 10,453 — 9,979 — —
’25 10,160 — 9,602 — 134,263
’24 12,868 — 9,968 — 144,664
’23 11,945 14,769 7,505 — 133,937
’22 — — — — 75,792
’21 — — — — 62,297
’20 — — — — 66,204
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 — — — — —
’25 — — — — 29,766
’24 — — — — 65,305
’23 — — — — 39,111
’22 — — — — 19,355
’21 — — — — 104,312
’20 — — — — 182,220
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 — 79,394 — — —
’25 — 11,362 — — 25,105
’24 — 25,177 — — 61,419
’23 — 28,671 — — 35,416
’22 — 45,265 — — 14,946
’21 — 58,477 — — 100,747
’20 — 159,338 — — 178,710
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 50,320 66,639 75,436 82,685 66,204 62,297 75,792 133,937 144,664 134,263 40,194 +11.5% — — — —
Gross margin, % 100.00 80.76 74.65 70.69 78.58 84.43 70.38 51.42 47.53 53.02 100.00 (47.0) pt
EBT 7,112 17,167 19,890 13,347 8,777 18,906 17,058 30,348 32,309 29,907 35,787 +17.3%
EBT margin, % 14.13 25.76 26.37 16.14 13.26 30.35 22.51 22.66 22.33 22.27 89.04 +8.1 pt
Net income 7,112 17,167 19,890 13,347 8,777 18,906 17,058 30,348 32,309 29,907 19,522 +17.3%
Per share, $
Per share, $ Revenue 12.74 16.68 18.96 20.51 16.41 15.42 19.09 34.38 39.40 38.52 11.72 +13.1%
Earnings 0.35 2.42 3.15 1.50 0.95 3.10 3.75 5.75 6.25 6.05 7.61 +37.3%
Cash flow 17.46 (2.62) 8.17 7.38 45.17 25.82 4.88 10.04 17.79 8.54 0.00 (7.6%)
Capex (0.52) (0.61) (0.76) (0.90) (0.87) (0.88) (1.11) (0.95) (1.06) (1.34) 0.00 +11.0%
Free cash flow 16.93 (3.24) 7.41 6.48 44.30 24.94 3.76 9.09 16.73 7.20 0.00 (9.1%)
Book value 46.22 49.12 48.82 47.79 50.82 51.19 46.65 49.44 52.37 59.01 57.24 +2.8%
Shares, m 3,951 3,994 3,979 4,032 4,034 4,039 3,970 3,896 3,671 3,485 3,467 (1.4%)
Valuation, ×
Valuation, × P/E 116.83 174.70 12.65 15.81 30.86 10.35 9.79 6.36 6.92 10.15 11.58 39.4
P/S 3.21 4.42 3.02 3.63 2.57 2.88 2.73 3.16 3.98 6.39 7.52 3.6
P/B 0.88 1.13 0.92 0.95 0.60 0.70 0.77 0.85 0.94 1.36 1.53 0.9
EV/Sales (6.07) (9.50) (7.71) (10.46) (14.67) (16.31) (14.54) (11.79) (13.57) (15.70) — (12.0)
EV/FCF (2.02) (2.93) (2.84) (2.51) (1.75) (2.14) (2.29) (2.37) (4.22) (6.05) — (2.9)
Cash, $m
Cash, $m Operating cash flow 68,959 (10,478) 32,515 29,743 182,220 104,312 19,355 39,111 65,305 29,766 151,766 (8.9%)
Capex (2,057) (2,452) (3,044) (3,632) (3,510) (3,565) (4,409) (3,695) (3,886) (4,661) (7,162) +9.5%
Free cash flow 66,902 (12,930) 29,471 26,111 178,710 100,747 14,946 35,416 61,419 25,105 144,604 (10.3%)
Balance, $m
Balance, $m Working capital (203,319) (165,191) (171,354) (202,662) (262,431) (207,875) (165,611) (228,840) (263,079) (328,164) (272,346) +5.5%
Net debt (466,968) (590,561) (582,896) (568,660) (699,303) (848,404) (805,808) (819,016) (819,091) (912,386) (944,597) +7.7%
Shareholders’ equity 182,578 196,224 194,249 192,668 204,995 206,777 185,197 192,610 192,273 205,666 196,275 +1.3%
Returns, %
Returns, % ROA 0.05 0.40 0.50 0.23 0.14 0.42 0.49 0.75 0.76 0.68 0.77 +0.6 pt
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0 pt
ROE 0.68 5.11 6.46 3.09 1.96 6.12 7.32 11.87 11.91 10.61 0.00 +9.9 pt
People
People Employees 241,000 228,687 235,217 235,351 226,059 226,059 219,199 220,861 211,304 208,720 — (1.6%)
Revenue/emp, $m 0.21 0.29 0.32 0.35 0.29 0.28 0.35 0.61 0.68 0.64 — +13.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

HSBC Holdings plc vs peers in Banks Diversified (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
BAC Bank of America Corporation $343.4B 11.8× 11.4× −2.86% (below 0%: shrinking) −13.89% (below 0%: shrinking) −113.86% (below 0%: shrinking) 62.72% 0.00% Compare
HSBC HSBC Holdings plc $301.8B 11.6× — +0.11% (above 0%: growing) +29.88% (above 0%: growing) +75.40% (above 0%: growing) 100.00% 0.00%
WFC Wells Fargo & Company $254.6B 11.9× 11.4× +4.25% (above 0%: growing) +12.50% (above 0%: growing) +1,120.37% (above 0%: growing) 65.75% 0.00% Compare
MUFG Mitsubishi UFJ Financial Group, Inc. $238.0B 16.5× — +21.62% (above 0%: growing) +32.35% (above 0%: growing) −145.30% (below 0%: shrinking) 61.56% 0.00% Compare
C Citigroup Inc. $198.7B 11.6× 10.8× +4.08% (above 0%: growing) +49.21% (above 0%: growing) +33.24% (above 0%: growing) 52.26% 0.00% Compare
SAN Banco Santander, S.A. $174.7B 9.8× 9.4× −73.32% (below 0%: shrinking) −3.70% (below 0%: shrinking) +381.00% (above 0%: growing) 100.00% 0.00% Compare
SMFG Sumitomo Mitsui Financial Group Inc $148.3B 8.9× — +17.73% (above 0%: growing) +85.19% (above 0%: growing) −63.80% (below 0%: shrinking) 58.44% 0.00% Compare
UBS UBS Group AG $147.8B 15.4× 13.8× −43.47% (below 0%: shrinking) +12.05% (above 0%: growing) −53.01% (below 0%: shrinking) 100.00% 0.00% Compare
BBVA Banco Bilbao Viscaya Argentaria S.A. $139.2B 10.9× 7.7× +18.06% (above 0%: growing) +29.76% (above 0%: growing) −91.70% (below 0%: shrinking) 100.00% 0.00% Compare
Median of peers $186.7B 11.7× 11.1× +4.17% +21.13% −58.40% 64.24% 0.00%

All 15 Banks Diversified stocks →

HSBC Holdings plc (HSBC) Latest News

3 Nov

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Impact 4 · · Bloomberg
Impact 3 · · AFP
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Impact 3 · · TIKR
Impact 3 · · Investing.com
Impact 3 · · Associated Press
Impact 3 · · Investing.com

26 Oct

Impact 3 · · Bloomberg
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24 Oct

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21 Oct

Impact 4 · · Insider Monkey
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HSBC metrics, ten years each

stockrow.com/HSBC · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com