HSBC Holdings plc (HSBC) Balance Sheet
HSBC balance sheet, 2025
December 31, 2025 · U.S. dollars$3.23T assets = $3.03T liabilities + $205.67B equity
Both columns are drawn to the same scale: what HSBC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
HSBC financial health
Descriptive bands, not a rating. Fiscal 2025.
HSBC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $2.37T2016 | $3.23T2025 | +3.5%/yr | |
| Total liabilities | $2.19T2016 | $3.03T2025 | +3.7%/yr | |
| Shareholders’ equity | $182.58B2016 | $198.22B2025 | +0.9%/yr | |
| Cash & short-term investments | $148.42B2016 | $635.32B2025 | +17.5%/yr | |
| Total debt | $325.84B2016 | $256.14B2025 | −2.6%/yr | |
| Net cash (debt) | −$177.42B2016 | $379.18B2025 | +$556.6B | |
| Working capital | $86.51B2016 | −$1.34T2025 | −$1.4T | |
| Book value per share | $46.002016 | $56.482025 | +2.3%/yr | |
| Debt / equity | 1.782016 | 1.292025 | −0.49 | |
| Shares outstanding | 3.97B2016 | 3.51B2025 | −1.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
HSBC assets
HSBC liabilities and equity
HSBC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
HSBC balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $635.32B | $284.51B | $299.57B | $350.05B | $422.44B | $328.73B | $159.06B | $182.38B | $200.38B | $148.42B |
| Cash & equivalents | $307.74B | $284.51B | $299.57B | $350.05B | $422.44B | $328.73B | $159.06B | $168.63B | $187.25B | $133.01B |
| Short-term investments | $327.58B | — | $1.12B | $15.75B | −$30.48B | $244.62B | $254.52B | −$31.74B | $13.13B | $15.41B |
| Receivables | $864.0M | $0 | $0 | $1.23B | $970.0M | $10.28B | $136.68B | $110.57B | $67.19B | $59.52B |
| Inventory | $0 | $0 | $0 | $0 | $0 | −$617.95B | −$486.58B | $0 | $781.0M | $4.39B |
| Other current assets | $15.78B | $13.78B | $20.20B | $0 | $0 | $617.95B | $486.58B | $0 | $0 | $0 |
| Total current assets | $651.96B | $298.30B | $319.76B | $350.05B | $422.44B | $339.00B | $295.74B | $200.72B | $180.62B | $128.01B |
| Property, plant & equipment (net) | $12.61B | $11.61B | $12.93B | $12.58B | $10.26B | $14.41B | $14.70B | $10.06B | $10.03B | $9.37B |
| Goodwill & intangible assets | $13.11B | $12.38B | $12.49B | $11.42B | $20.62B | $20.44B | $20.16B | $24.36B | $23.45B | $21.35B |
| Long-term investments | $1.33T | $1.23T | $1.10T | $1.02T | $940.93B | $1.11T | $976.51B | $885.17B | $885.37B | $1.01T |
| Other non-current assets | $1.22T | $1.47T | $1.59T | $1.58T | $1.56T | $1.50T | $1.41T | $1.44T | $1.42T | $1.21T |
| Total assets | $3.23T | $3.02T | $3.04T | $2.97T | $2.96T | $2.98T | $2.72T | $2.56T | $2.52T | $2.37T |
| Liabilities | ||||||||||
| Accounts payable | — | — | $35.72B | $24.91B | $19.74B | $17.35B | $19.17B | $1.44T | $1.42T | $1.33T |
| Short-term debt | $249.04B | $329.60B | $310.13B | $250.63B | $267.47B | $264.65B | $299.87B | $219.18B | $129.00B | $125.59B |
| Deferred revenue | — | — | — | $133.24B | $123.78B | $128,624 | $118.16B | $97,380 | $45.91B | $41.50B |
| Total current liabilities | $1.99T | $1.82T | $1.78T | $12.35B | $10.47B | $10.41B | $118.16B | $97,380 | $45.91B | $41.50B |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $272.85B | $234.13B | $214.75B | $200.25B |
| Other long-term liabilities | $1.04T | $1.01T | $235.16B | $2.77T | $2.76T | $2.78T | $0 | $2.13T | $2.06T | $1.95T |
| Total liabilities | $3.03T | $2.82T | $2.85T | $2.77T | $2.75T | $2.78T | $129.16B | $2.36T | $2.32T | $2.19T |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $8.59B | $8.97B | $9.63B | $10.15B | $10.32B | $10.35B | $10.32B | $10.18B | $10.16B | $10.10B |
| Retained earnings (deficit) | $169.60B | $152.40B | $152.15B | $142.41B | $144.46B | $140.57B | $136.68B | $138.19B | $140.00B | $136.79B |
| Accumulated other comprehensive income | −$795.0M | $8.79B | $8.81B | $10.61B | $28.86B | $31.25B | $2.13B | $24.27B | $28.89B | $15.88B |
| Minority interest | $7.44B | $7.30B | $7.28B | $7.36B | — | — | — | — | — | — |
| Total shareholders' equity | $198.22B | $184.97B | $185.33B | $177.83B | $198.25B | $196.44B | $2.59T | $194.25B | $197.87B | $182.58B |
| Key figures | ||||||||||
| Total debt | $256.14B | $242.35B | $426.69B | $204.24B | $395.44B | $378.87B | $572.72B | $453.31B | $343.76B | $325.84B |
| Net cash (debt) | $379.18B | $42.17B | −$127.12B | $145.81B | $26.99B | −$50.15B | −$413.66B | −$270.93B | −$143.38B | −$177.42B |
| Working capital | −$1.34T | −$1.52T | −$1.46T | $337.70B | $411.97B | $328.60B | $177.58B | $200.72B | $134.72B | $86.51B |
| Tangible book value | $185.12B | $172.59B | $172.84B | $166.41B | $177.63B | $176.00B | $2.57T | $169.89B | $174.42B | $161.23B |
| Book value per share | $56.48 | $50.03 | $47.28 | $44.49 | $48.83 | $48.52 | $639.05 | $48.60 | $49.29 | $46.00 |
| Shares outstanding | 3.51B | 3.70B | 3.92B | 4.00B | 4.06B | 4.05B | 4.05B | 4.00B | 4.01B | 3.97B |
| Current ratio | 0.33 | 0.16 | 0.18 | 28.34 | 40.36 | 32.58 | 2.50 | 2,061,213.80 | 3.93 | 3.08 |
| Quick ratio | 0.32 | 0.16 | 0.17 | 28.44 | 40.46 | 32.58 | 2.50 | 3,008,359.01 | 5.83 | 5.01 |
| Debt / equity | 1.29 | 1.31 | 2.30 | 1.15 | 1.99 | 1.93 | 0.22 | 2.33 | 1.74 | 1.78 |
| Equity / assets | 6.1% | 6.1% | 6.1% | 6.0% | 6.7% | 6.6% | 95.2% | 7.6% | 7.8% | 7.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $632.76B | $580.37B | $635.32B | $604.24B | $560.91B | $573.24B | $284.51B | $252.31B | $277.11B | $275.94B | $305.91B | $298.78B |
| Cash & equivalents | $227.80B | $214.71B | $307.74B | $246.82B | $246.36B | $254.66B | $284.51B | $252.31B | $287.09B | $275.94B | $305.91B | $298.78B |
| Short-term investments | $404.96B | $365.67B | $327.58B | $357.42B | $314.55B | $318.58B | — | −$966.78B | −$9.98B | — | — | — |
| Receivables | $1.20B | $0 | $864.0M | $0 | $1.36B | $0 | $0 | $0 | $0 | $0 | $0 | $1.09B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $15.78B | $0 | $0 | $0 | $13.78B | $0 | $0 | $0 | $13.85B | $0 |
| Total current assets | $633.96B | $580.37B | $651.96B | $604.24B | $562.27B | $573.24B | $298.30B | $252.31B | $277.11B | $275.94B | $319.76B | $298.78B |
| Property, plant & equipment (net) | $0 | $0 | $12.61B | $0 | $0 | $0 | $11.61B | $0 | $1.85T | $1.85T | $12.93B | $12.93B |
| Goodwill & intangible assets | $12.73B | $12.27B | $13.11B | $13.01B | $26.04B | $11.69B | $12.38B | $12.58B | $12.16B | $12.26B | $12.49B | $16.41B |
| Long-term investments | $1.48T | $1.35T | $1.33T | $1.27T | $1.31T | $1.18T | $1.23T | $1.20T | $1.19T | $1.12T | $1.10T | $1.05T |
| Other non-current assets | $1.31T | $1.36T | $1.22T | $1.35T | $1.31T | $1.29T | $1.47T | $1.63T | $0 | $0 | $1.59T | $1.64T |
| Total assets | $3.44T | $3.31T | $3.23T | $3.23T | $3.21T | $3.05T | $3.02T | $3.10T | $2.98T | $3.00T | $3.04T | $3.02T |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | $7.64B | $10.48B | $32.94B | $35.72B |
| Short-term debt | — | $216.16B | $249.04B | — | $238.12B | $197.98B | $329.60B | $202.51B | $245.80B | $245.80B | $310.13B | $310.13B |
| Total current liabilities | $2.00T | $1.95T | $1.99T | $1.91T | $1.88T | $1.83T | $1.82T | $1.83T | $1.74T | $1.73T | $1.78T | $1.72T |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $1.24T | $1.16T | $1.04T | $1.13T | $1.14T | $1.03T | $1.01T | $2.90T | $2.78T | $2.80T | $235.16B | $2.83T |
| Total liabilities | $3.24T | $3.11T | $3.03T | $3.04T | $3.01T | $2.86T | $2.82T | $2.90T | $2.78T | $2.80T | $2.85T | $2.83T |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $8.59B | — | $8.59B | $8.63B | $8.74B | $8.87B | $8.97B | $9.14B | $9.31B | $9.48B | $9.63B | $9.95B |
| Retained earnings (deficit) | $167.59B | — | $169.60B | $166.31B | $149.74B | $156.70B | $152.40B | $157.15B | $155.28B | $160.31B | $152.15B | $151.95B |
| Accumulated other comprehensive income | — | — | −$795.0M | $16.38B | −$1.56B | $10.32B | $8.79B | $11.66B | $3.90B | $6.59B | $8.81B | $6.08B |
| Minority interest | $399.0M | $451.0M | $7.44B | $7.26B | $7.32B | $7.31B | — | — | — | — | — | — |
| Total shareholders' equity | $196.68B | $196.82B | $198.22B | $191.43B | $192.55B | $190.81B | $184.97B | $192.75B | $183.29B | $191.19B | $185.33B | $182.72B |
| Key figures | ||||||||||||
| Total debt | $132.90B | $101.74B | $256.14B | $98.24B | $129.70B | $100.05B | $242.35B | $479.71B | $470.72B | $498.09B | $426.69B | $89.11B |
| Net cash (debt) | $499.87B | $478.63B | $379.18B | $506.00B | $431.21B | $473.19B | $42.17B | −$227.40B | −$193.61B | −$222.15B | −$120.78B | $209.67B |
| Working capital | −$1.36T | −$1.37T | −$1.34T | −$1.30T | −$1.31T | −$1.25T | −$1.52T | −$1.57T | −$1.46T | −$1.45T | −$1.46T | −$1.42T |
| Tangible book value | $183.95B | $184.55B | $185.12B | $178.42B | $166.51B | $179.12B | $172.59B | $180.17B | $171.13B | $178.93B | $172.84B | $166.31B |
| Book value per share | $56.87 | $56.91 | $56.28 | $55.34 | $54.47 | $53.69 | $51.53 | $53.10 | $48.97 | $50.69 | $48.11 | $47.08 |
| Shares outstanding | 3.46B | 3.46B | 3.52B | 3.46B | 3.54B | 3.55B | 3.59B | 3.63B | 3.74B | 3.77B | 3.85B | 3.88B |
| Current ratio | 0.32 | 0.30 | 0.33 | 0.32 | 0.30 | 0.31 | 0.16 | 0.14 | 0.16 | 0.16 | 0.18 | 0.17 |
| Quick ratio | 0.32 | 0.30 | 0.32 | 0.32 | 0.30 | 0.31 | 0.16 | 0.14 | 0.16 | 0.16 | 0.17 | 0.17 |
| Debt / equity | 0.68 | 0.52 | 1.29 | 0.51 | 0.67 | 0.52 | 1.31 | 2.49 | 2.57 | 2.61 | 2.30 | 0.49 |
| Equity / assets | 5.7% | 6.0% | 6.1% | 5.9% | 6.0% | 6.2% | 6.1% | 6.2% | 6.2% | 6.4% | 6.1% | 6.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
HSBC financial position
At the end of fiscal 2025 (December 31, 2025), HSBC had total assets of $3.23 trillion (up 7.2% from a year earlier), total liabilities of $3.03 trillion and shareholders' equity of $198.2 billion. It held $635.3 billion in cash and short-term investments against $256.1 billion of debt, a net cash position of $379.2 billion. Its current ratio was 0.33. In the latest quarter (ended June 30, 2026) total assets were $3.44 trillion and equity $196.7 billion.
Related: HSBC income statement, HSBC cash flow statement, HSBC key metrics. See the HSBC stock overview for the latest quote and news.
HSBC balance sheet FAQ
What are HSBC's total assets?
HSBC reported total assets of $3.23 trillion at the end of fiscal 2025 (December 31, 2025), compared with $3.02 trillion a year earlier.
How much debt does HSBC have?
HSBC had $256.1 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.29.
How much cash does HSBC have?
HSBC held $635.3 billion in cash and short-term investments at the end of fiscal 2025; with $256.1 billion of debt that is net cash of $379.2 billion.
What is HSBC's book value?
HSBC's shareholders' equity (book value) was $198.2 billion at the end of fiscal 2025, or $56.48 per share.
What is HSBC's current ratio?
HSBC had current assets of $652.0 billion and current liabilities of $1.99 trillion, a current ratio of 0.33 (current liabilities exceed current assets).
How much goodwill does HSBC have?
HSBC carried $13.1 billion of goodwill and intangible assets, 0.4% of total assets, at the end of fiscal 2025.