HSBC HOLDINGS PLC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data HSBC HOLDINGS PLC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Selling, general and administrative	16,473	15,707	15,353	13,828	11,115	11,592	10,848	10,383	10,498	11,959
Operating income	4,758	14,792	17,354	10,993	7,180	15,860	14,335	30,541	29,397	27,996
Pre-tax income	7,112	17,167	19,890	13,347	8,777	18,906	17,058	30,348	32,309	29,907
Income tax	3,666	5,288	4,865	4,639	2,678	4,213	809	5,789	7,310	6,776
Net income to minority interests	967	1,081	1,298	1,325	870	776	690	1,026	1,020	846
Net income	2,479	10,798	13,727	7,383	5,229	13,917	16,035	24,559	24,999	23,131
EPS, basic	0.07	0.48	0.63	0.30	0.19	0.62	0.72	1.15	1.25	1.21
EPS, diluted	0.07	0.48	0.63	0.30	0.19	0.62	0.72	1.14	1.24	1.20

Balance sheet

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	263,324	323,718	312,911	293,742	468,323	574,032	521,671	490,933	434,940	432,887
Property, plant and equipment	9,373	10,027	10,060	10,480	10,412	10,255	10,365	10,478	9,407	9,615
Lease right-of-use assets				4,222	4,002	2,985	2,219	2,456	2,205	2,991
Total assets	2,374,986	2,521,771	2,558,124	2,715,152	2,984,164	2,953,792	2,949,286	3,038,677	3,017,048	3,233,034
Total liabilities	2,192,408	2,323,900	2,363,875	2,522,484	2,779,169	2,757,474	2,764,089	2,846,067	2,824,775	3,027,368
Paid-in capital	12,619	10,177	13,609	13,959	14,277	14,602	14,664	14,738	14,810	111
Retained earnings	136,795	139,999	138,191	136,679	140,572	135,236	142,409	152,148	152,402	169,605
Shareholders' equity	175,386	190,250	186,253	183,955	196,443	189,015	177,833	185,329	184,973	198,225
Minority interests	7,192	7,621	7,996	8,713	8,552	7,303	7,364	7,281	7,300	7,441
Total equity	182,578	196,224	194,249	192,668	204,995	196,318	185,197	192,610	192,273	205,666
Total liabilities and equity	2,374,986	2,521,771	2,558,124	2,715,152	2,984,164	2,953,792	2,949,286	3,038,677	3,017,048	3,233,034

Cash flow statement

	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3,446	11,879	15,025	8,708	6,099	14,693	16,249	24,559	24,999	23,131
Cash from operations	68,959	-12,414	32,515	29,743	182,220	104,312	19,355	39,111	65,305	29,766
Capital expenditures	-1,151	-1,167	-1,196	-1,343	-1,446	-1,086	-1,284	-1,145	-1,344	-1,447
Cash from investing	-15,060	65,557	-16,646	-35,318	-22,430	27,536	-27,401	-62,912	-76,564	-37,068
Share buybacks	0	-3,000	-1,998	-1,000	0		-2,285	-5,812	-11,348	-9,091
Dividends paid	-9,157	-9,005	-10,762	-9,773	-2,023	-6,383	-6,970	-12,196	-17,100	-13,482
Cash from financing	-8,918	-10,450	-16,781	-14,842	-4,643	-10,794	-6,286	-17,558	-26,459	-21,961
Exchange rate effect	-14,294	17,701	-9,895	1,248	19,434	-15,345	-38,029	10,621	-18,275	27,210
Free cash flow	67,808	-13,581	31,319	28,400	180,774	103,226	18,071	37,966	63,961	28,319
Interest paid							22,856	66,000	81,700	68,800
Income taxes paid	3,264	3,175	3,417	2,267	4,259	3,077	2,776	4,117	6,611	5,058

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $101.18 on September 28, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	22.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.7%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Operating income growth, 1y	-4.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	25.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	31.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-7.5%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	13.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	34.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-3.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	18.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	44.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-54.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	15.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-30.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-55.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	16.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-31.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	7.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	3.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	3.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	93.6%	Total liabilities / total assets.
Tangible book value	$198.23B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	122.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	4.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.20	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.21	Net income per basic share, as reported (split-adjusted).
Payout ratio	58.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	47.6%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	32.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$347.73B	Share price x shares outstanding.
Enterprise value	-$85.16B	Market cap + total debt - cash - short-term investments.
P/E	15.0x	Market cap / net income. Only when net income is positive.
P/B	1.75x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.75x	Market cap / tangible book value, when positive.
P/FCF	12.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	11.7x	Market cap / cash from operations, when positive.
FCF yield	8.1%	Free cash flow / market cap.
Earnings yield	6.7%	Net income / market cap (the inverse of P/E).
Dividend yield	3.9%	Dividends paid over the period / market cap.
Shareholder yield	6.5%	(Dividends paid + share buybacks) / market cap.
PEG	0.81x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was HSBC HOLDINGS PLC profitable in fiscal 2025?

Yes. Net income was $23.13B, a net margin of -.

How much free cash flow did HSBC HOLDINGS PLC generate in fiscal 2025?

Cash from operations of $29.77B minus capital expenditures of $1.45B left free cash flow of $28.32B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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