HSBC

MKT CAP:$310B

HSBC Holdings plc

Market Cap

$310B

Financial Services·Banks - Diversified·🇬🇧 United Kingdom·NYSE

Financials·Banks·🇬🇧·NYSE

Stock Price

$89.62+$9.17 (+11.40%)

Apr 24, 2026

Company Details

HSBC Holdings plc provides banking and financial services worldwide. The company operates through Wealth and Personal Banking, Commercial Banking, and Global Banking and Markets segments. The Wealth and Personal Banking segment offers retai...

CEO

Georges Bahjat Elhedery

IPO Date

Jul 16, 1999

Website

www.hsbc.com

Key Metrics TTM

Revenue

$135.6B

-35.6% YoY

Net Income

$17.7B

EPS (Diluted)

$4.71

Free Cash Flow

$0

Revenue / Share

$39.21

Gross Margin

51.6%

Operating Margin

18.7%

Net Margin

13.0%

FCF Margin

0.0%

P/S

2.3x

P/E

17.5x

Earnings Reports

Q4 2025

May 5, 2026

PENDING

Q3 2025

Oct 28, 2025

$33.5B-8.4%EPS $1.40

Q2 2025

Jul 30, 2025

$33.7B-42.6%EPS $1.30

Q1 2025

Apr 29, 2025

$33.9B-7.6%EPS $1.95

Q4 2024

Feb 20, 2025

$34.6B-56.1%EPS $0.06

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 21	$12.8B	$12.8B	-$3.6B
Q3 21	$14.9B	$14.9B	$5.4B
Q4 21	$11.5B	$11.5B	-$7.3B
Q1 22	$12.2B	$12.2B	$4.1B
Q3 22	$13.9B	$13.9B	$3.2B
Q1 23	$16.5B	$16.5B	$12.9B
Q2 23	$45.2B	$45.2B	$8.8B
Q3 23	$33.8B	$15.9B	$7.7B
Q4 23	$78.7B	$78.7B	$977M
Q1 24	$36.6B	$17.0B	$12.7B
Q2 24	$58.7B	$58.7B	$8.9B
Q3 24	$36.5B	$16.9B	$8.5B
Q4 24	$34.6B	$16.7B	$2.3B
Q1 25	$33.9B	$17.7B	$9.5B
Q2 25	$33.7B	$17.7B	$6.3B
Q3 25	$33.5B	$17.9B	$7.3B

Valuation

Quarter	P/S	P/E
Q2 21	2.1x	11.2x
Q3 21	1.9x	8.2x
Q4 21	2.2x	8.7x
Q1 22	2.6x	10.6x
Q3 22	2.0x	8.9x
Q1 23	2.5x	7.4x
Q2 23	1.8x	6.7x
Q3 23	1.3x	5.6x
Q4 23	0.9x	6.6x
Q1 24	0.8x	6.3x
Q2 24	0.8x	6.9x
Q3 24	0.8x	7.0x
Q4 24	1.1x	7.4x
Q1 25	1.2x	9.9x
Q2 25	1.6x	11.4x
Q3 25	1.8x	13.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 21	$0	$0
Q3 21	$0	$0
Q4 21	$0	$0
Q1 22	$0	$0
Q3 22	$0	$0
Q1 23	$0	$0
Q2 23	$0	$0
Q3 23	$0	$0
Q4 23	$0	$0
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	$0	$0
Q1 25	$0	$0
Q2 25	$0	$0
Q3 25	$0	$0

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 21	+39.3%	+12.3%
Q3 21	-5.9%	-25.6%
Q4 21	+9.0%	-0.1%
Q1 22	-27.1%	-26.4%
Q3 22	+8.3%	-35.0%
Q1 23	+11.0%	-61.6%
Q2 23	+291.4%	+93.0%
Q3 23	+176.5%	+222.8%
Q4 23	+465.4%	+627.1%
Q1 24	+121.6%	+558.1%
Q2 24	+30.1%	+36.9%
Q3 24	+8.1%	+7.6%
Q4 24	-56.1%	-58.4%
Q1 25	-7.6%	+1.6%
Q2 25	-42.6%	-45.0%
Q3 25	-8.4%	-6.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 21	$254M	2.0%
Q3 21	$0	0.0%
Q4 21	$506M	4.4%
Q1 22	$0	0.0%
Q3 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$228M	0.5%
Q3 23	$0	0.0%
Q4 23	$522M	0.7%
Q1 24	$0	0.0%
Q2 24	$274M	0.5%
Q3 24	$0	0.0%
Q4 24	$529M	1.5%
Q1 25	$0	0.0%
Q2 25	$315M	0.9%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q2 21	$5.7B	$10.8B	—
Q4 21	$11.6B	$7.3B	—
Q3 23	—	—	$4.6B
Q4 23	$10.4B	$6.3B	—
Q2 24	$5.1B	$10.1B	—
Q4 24	$10.5B	$6.4B	—
Q2 25	$4.9B	$10.9B	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$389.3B	$0	$389.3B
Q2 22	$371.7B	$0	$371.7B
Q3 22	$309.5B	$0	$309.5B
Q4 22	$350.1B	$0	$350.1B
Q1 23	$327.6B	$0	$327.6B
Q2 23	$318.4B	$0	$318.4B
Q3 23	$298.8B	$0	$298.8B
Q4 23	$305.9B	$0	$305.9B
Q1 24	$275.9B	$0	$275.9B
Q2 24	$287.1B	$0	$287.1B
Q3 24	$252.3B	$0	$252.3B
Q4 24	$284.5B	$0	$284.5B
Q1 25	$254.7B	$0	$254.7B
Q2 25	$246.4B	$0	$246.4B
Q3 25	$246.8B	$0	$246.8B
Q4 25	$286.9B	$366.2B	$653.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 21	4.05B	+0.1%	+0.3%
Q3 21	4.17B	+3.0%	+3.4%
Q4 21	4.04B	-3.0%	+0.2%
Q1 22	4.00B	-0.9%	-0.9%
Q3 22	3.98B	-0.7%	-1.7%
Q1 23	3.94B	-0.8%	-5.4%
Q2 23	3.99B	+1.1%	-1.4%
Q3 23	3.88B	-2.7%	-3.1%
Q4 23	3.85B	-0.7%	-3.1%
Q1 24	3.77B	-2.1%	-4.4%
Q2 24	3.74B	-0.8%	-6.1%
Q3 24	3.63B	-3.0%	-6.5%
Q4 24	3.59B	-1.1%	-6.8%
Q1 25	3.55B	-1.0%	-5.8%
Q2 25	3.54B	-0.5%	-5.5%
Q3 25	3.46B	-2.1%	-4.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 21	$53.6K	240K
Q3 21	$62.1K	240K
Q4 21	$49.8K	232K
Q1 22	$52.8K	232K
Q3 22	$60.1K	232K
Q1 23	$71.1K	233K
Q2 23	$194.1K	233K
Q3 23	$145.3K	233K
Q4 23	$345.8K	228K
Q1 24	$161.0K	228K
Q2 24	$258.1K	228K
Q3 24	$160.6K	228K
Q4 24	$156.5K	221K
Q1 25	$153.2K	221K
Q2 25	$152.7K	221K
Q3 25	$151.6K	221K

Revenue / Employee