HSBC Holdings plc (HSBC) financials
NYSE · Financial Services · Banks - Diversified · 209,000 employees · CEO Georges Bahjat El-Hedery
- Price
- $85.42 -1.36%
- Market cap
- $293B
- Enterprise value
- $536B
- Last report
- Q3 '26 filed 2026-10-27
- Next report
- 2027-02-24
Valuation & key figures
- Market cap
- $293B EV $536B
- Revenue
- $139B Trailing 12 months
- Revenue growth
- – Next fiscal year
- Profit margin
- 19.9% Net income / revenue, TTM
- P/E
- 11.0×
- P/S
- 2.1× Price / sales, TTM
- EV / EBITDA
- 13.2× TTM
- Free cash flow
- – Trailing 12 months
- Net income
- $27.8B Trailing 12 months
- Revenue estimate
- – Next fiscal year
- Earnings
- 2027-02-24
- Dividend
- $3.75 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Revenue growth accelerating: 14.7% year on yearQ3 '26 revenue $38.4B, against an average of -2.9% over the four quarters before.
- Operating margin 25.8% (TTM), +7.1 pp on a year agoOperating income grew 41.6% while revenue grew 2.8%.
- Diluted share count down 0.0% in a year3.46B diluted shares in Q3 '26, 3.46B a year earlier.
- Net debt $245BCash + short-term investments $222B, debt incl. leases $467B; a year ago net cash $506B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $38.4B | $33.5B | +14.7% |
| Gross margin | 54.7% | 53.5% | +1.3 pp |
| Operating income | $9.63B | $7.3B | +32.0% |
| Operating margin | 25.1% | 21.8% | +3.3 pp |
| Net income | $7.55B | $5.28B | +42.9% |
| Diluted EPS | $2.05 | $1.40 | +46.4% |
| Operating cash flow | – | $0 | – |
| Capex | – | $0 | – |
| Free cash flow | – | $0 | – |
| R&D | $0 | $0 | – |
| Stock-based compensation | – | $0 | – |
Revenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Other Countries | $13.6B | – | 45.1% | – | – | |
| Hong Kong | $10.3B | – | 34.3% | – | – | |
| FRANCE | $4.11B | – | 13.6% | – | – | |
| United States | $2.11B | – | 7.0% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Free cash flow
- –
- Returned to shareholders / FCF
- –
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 11.0× | 9.3× | 7.1× – 13.0× |
| EV / EBITDA | 13.2× | 5.7× 4 of 5 years | 3.9× – 8.5× |
| EV / Sales | 3.8× | 1.5× 4 of 5 years | 1.0× – 2.2× |
| Price / FCF | 0.0× | 5.0× | 1.2× – 10.9× |
| Price / Book | 1.5× | 0.9× | 0.6× – 1.4× |
| FCF yield | 0.0% | 33.1% | 9.2% – 82.7% |
| Return on invested capital | 0.8% | 1.4% | 0.9% – 2.1% |
| Return on equity | 14.2% | 10.5% | 7.0% – 13.0% |
Analysts
Consensus target $52.00 (-39.1%)
range $52.00 – $52.00 · rating Hold
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Sources
Statements, segment revenue, metrics and estimates: Financial Modeling Prep.
Data as of 2026-11-01