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HSBC

HSBC Holdings plc

HSBC

HSBC Holdings plc • NYSE
$71.16 ▲ 0.82% (+0.58)
Market Cap $244.55 B
52w High $74.17
52w Low $45.66
Dividend Yield 3.28%
P/E 14.98
Volume 617.24K
Outstanding Shares 3.44B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $33.484B ▲ $10.605B ▼ $5.284B ▲ 15.781% ▼ $1.4 ▲ $8.251B ▲
Q2-2025 $14.408B ▼ $15.752B ▲ $4.733B ▼ 32.85% ▲ $1.3 ▼ $0 ▼
Q1-2025 $33.851B ▼ $8.256B ▼ $7.324B ▲ 21.636% ▲ $1.95 ▲ $10.097B ▲
Q4-2024 $34.568B ▼ $14.472B ▲ $351M ▼ 1.015% ▼ $0.055 ▼ $2.277B ▼
Q3-2024 $36.544B $8.45B $6.516B 17.831% $1.7 $8.476B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $246.36B ▼ $3.214T ▲ $3.015T ▲ $171.838B ▼
Q1-2025 $254.66B ▼ $3.054T ▲ $2.856T ▲ $190.81B ▲
Q4-2024 $284.515B ▲ $3.017T ▼ $2.825T ▼ $184.973B ▼
Q3-2024 $252.31B ▼ $3.099T ▲ $2.899T ▲ $192.754B ▲
Q2-2024 $277.112B $2.975T $2.785T $183.293B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $4.733B ▼ $0 $0 $0 $0 $0
Q1-2025 $7.324B ▲ $0 $0 $0 $0 $0
Q4-2024 $351M ▼ $0 $0 $0 $0 $0
Q3-2024 $6.516B ▼ $0 $0 $0 $0 $0
Q2-2024 $6.528B $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement HSBC’s earnings profile has strengthened noticeably over the last few years. While reported revenue has moved around, profitability has improved a lot since 2020, helped by wider margins and tighter cost control. Operating profit and bottom‑line earnings have climbed to much higher levels than earlier in the period and have stayed there, rather than being a one‑off spike. This points to a bank that is benefiting from higher interest rates and efficiency efforts. The main risk is that earnings are still quite sensitive to the rate environment, global growth, and credit quality, so today’s stronger profits may not be smooth year to year.

Balance Sheet

Balance Sheet The balance sheet looks stable and solid for a global bank of this size. Total assets have been broadly steady, suggesting no aggressive expansion or contraction. Cash levels are lower than the pandemic peak but remain sizeable, and the bank still carries substantial funding and debt as is typical for a large lender. Shareholders’ equity has been relatively flat, indicating capital strength is being maintained rather than rapidly built or eroded. Overall, it resembles a mature, well‑capitalized institution, with the usual complexity and regulatory oversight that come with global scale.

Cash Flow

Cash Flow Cash generation has generally been strong, though it can swing meaningfully from year to year as the banking cycle and interest rate environment change. In recent periods, operating cash flow has recovered from weaker years and comfortably covers the modest level of capital spending. Free cash flow has been consistently positive, which gives HSBC room to support dividends, buybacks, and reinvestment when conditions allow. The main watchpoint is that banking cash flows are inherently volatile and can shift quickly with credit conditions and customer behavior.

Competitive Edge

Competitive Edge HSBC has a powerful competitive position built around its global network, especially its bridges between Asia, Europe, and the Middle East. Its long history and brand recognition support trust with governments, multinationals, and affluent clients. The bank’s breadth across retail, commercial, and markets businesses provides diversification, while its scale gives cost advantages and the ability to invest heavily in technology. On the risk side, operating in so many jurisdictions adds regulatory complexity, and profits are meaningfully exposed to economic and political developments in key regions such as Asia and the UK. Competition from both global peers and nimble digital challengers is also intense.

Innovation and R&D

Innovation and R&D HSBC is leaning hard into digital transformation rather than traditional “R&D” in a lab sense. It is deploying artificial intelligence for risk management, personalization, and fraud detection, and is digitizing services for corporate clients through platforms like HSBCnet and Omni Collect. The bank is also experimenting with blockchain and tokenization via its Orion platform, and positioning itself as a major player in sustainable finance with large climate‑related financing commitments. These moves could improve efficiency and open new revenue streams, but they carry execution risk, cyber and compliance challenges, and depend on regulators’ evolving stance on digital assets and AI.

Summary

Overall, HSBC looks like a mature global bank whose profitability has improved significantly in recent years on the back of higher rates, cost control, and digital initiatives, while its balance sheet remains broadly steady and well‑capitalized. Its core strengths lie in its international network, trade and corporate banking expertise, and willingness to invest heavily in technology and sustainable finance. Key uncertainties center on the interest rate cycle, global economic conditions, regulatory demands, and the bank’s ability to successfully execute complex AI and digital‑asset strategies at scale without operational missteps.

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