HSBC Holdings plc (HSBC) Cash Flow Statement

NYSE: HSBCOperating cash, capex, free cash flow and buybacks.

Where HSBC’s cash came from and went, 2025

December 31, 2025 · U.S. dollars
Cash from operations
$29.77B
−54.4% vs 2024
Capital expenditures
$4.66B
3.5% of revenue
Free cash flow
$25.11B
18.7% margin
Returned to shareholders
$24.25B
97% of free cash flow
Change in cash
−$2.05B
cash at year-end $432.89B
Cash from operations: $29.77BCash from operations$29.77BShares issued: $4.10BShares issued$4.10BDrawn from cash: $2.05BDrawn from cash$2.05BCurrency & other: $27.21BCurrency & other$27.21BBorrowing: $243.0MBorrowing$243.0MInvestments (net): $32.08BInvestments (net)$32.08B · 51%Share buybacks: $12.66BShare buybacks$12.66B · 20%Dividends: $11.58BDividends$11.58B · 18%Capital expenditures: $4.66BCapital expenditures$4.66B · 7%Other financing: $2.06BOther financing$2.06B · 3%Acquisitions & other: $325.0MAcquisitions & other$325.0M · 1%$63.37B
Cash from operations
$29.77B
Capital expenditures
−$4.66B
Investments (net)
−$32.08B
Acquisitions & other
−$325.0M
Dividends
−$11.58B
Share buybacks (net)
−$12.66B
Net borrowing (repayment)
+$243.0M
Shares issued
+$4.10B
Other financing
−$2.06B
Currency & other
+$27.21B
Change in cash
−$2.05B

Drawn to scale: where the cash came from and how it was used. Hover for values.

HSBC operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

HSBC cash flow trends, 2016–2025

MetricTrendThenLatestChange
Operating cash flow$68.96B2016$29.77B2025−8.9%/yr
Capital expenditures$2.06B2016$4.66B2025+9.5%/yr
Free cash flow$66.90B2016$25.11B2025−10.3%/yr
Free cash flow margin89.7%201618.7%2025−71.0 pts
Operating cash flow / net income9.7020161.002025−8.70
Stock-based compensation$534.0M2016$621.0M2025+1.7%/yr
Dividends paid$9.16B2016$11.58B2025+2.6%/yr
Share buybacks (net)$2.51B2016$12.66B2025+19.7%/yr
Capex / revenue2.8%20163.5%2025+0.7 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

HSBC cash flow by activity

OperatingInvestingFinancingChange in cash

HSBC net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

HSBC cash flow statement

2025202420232022202120202019201820172016
Operating activities
Net income$29.91B$32.31B$23.53B$17.53B$18.91B$8.78B$13.35B$19.89B$17.17B$7.11B
Depreciation & amortization$4.92B$4.08B$3.47B$3.87B$4.29B$5.24B$10.52B$1.93B$1.86B$5.21B
Stock-based compensation$621.0M$529.0M$482.0M$400.0M$467.0M$433.0M$478.0M$450.0M$500.0M$534.0M
Change in working capital$30.79B$9.71B$19.44B−$45.85B$67.13B$190.29B$11.85B−$20.52B−$5.13B$39.50B
Other non-cash items−$36.47B$18.67B−$7.81B$50.49B$13.52B−$22.53B−$6.45B$4.72B−$24.88B$16.60B
Cash from operating activities$29.77B$65.31B$39.11B$26.43B$104.31B$182.22B$29.74B$6.47B−$10.48B$68.96B
Investing activities
Capital expenditures−$4.66B−$3.89B−$3.69B−$4.41B−$3.56B−$3.51B−$3.63B−$3.04B−$2.45B−$2.06B
Investments (net)−$32.08B−$76.56B−$62.91B−$34.48B$28.15B−$22.43B−$32.72B−$16.34B$65.56B−$15.06B
Acquisitions & other investing−$325.0M$3.89B$3.69B$4.41B$2.95B$3.51B$1.03B$3.04B$2.45B$2.06B
Cash from investing activities−$37.07B−$76.56B−$62.91B−$34.48B$27.54B−$22.43B−$35.32B−$16.34B$65.56B−$15.06B
Financing activities
Dividends paid−$11.58B−$17.10B−$12.20B−$6.97B−$6.38B−$2.02B−$9.77B−$10.76B−$9.01B−$9.16B
Share repurchases & issuance (net)−$12.66B−$11.89B−$6.43B−$4.64B−$5.54B−$579.0M−$859.0M−$2.00B−$3.07B−$2.51B
Net borrowing (repayment)$243.0M$2.36B$3.09B$5.52B−$864.0M−$3.54B−$4.21B−$4.08B−$3.57B$2.03B
Shares issued$4.10B$3.60B$2.00B$2.00B$2.00B$1.50B$0$6.13B$0$0
Other financing−$2.06B−$3.43B−$4.02B−$2.19B$0$0$0−$6.08B$5.20B$722.0M
Cash from financing activities−$21.96B−$26.46B−$17.56B−$6.29B−$10.79B−$4.64B−$14.84B−$16.78B−$10.45B−$8.92B
Summary
Net change in cash−$2.05B−$55.99B−$30.74B−$52.36B$105.71B$174.58B−$19.17B−$36.33B$62.86B$30.69B
Cash at end of period$432.89B$434.94B$490.93B$521.67B$574.03B$468.32B$293.74B$301.08B$337.41B$274.55B
Free cash flow$25.11B$61.42B$35.42B$22.02B$100.75B$178.71B$26.11B$3.42B−$12.93B$66.90B
Free cash flow margin18.7%42.9%27.3%28.9%136.2%230.7%27.6%4.1%−16.9%89.7%
Capex / revenue3.5%2.7%2.9%5.8%4.8%4.5%3.8%3.7%3.2%2.8%
Operating cash flow / net income1.002.021.661.515.5220.762.230.33−0.619.70

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.

HSBC cash generation

In fiscal 2025 (ended December 31, 2025), HSBC generated $29.8 billion of cash from operations (down 54.4%) and spent $4.7 billion on capital expenditures, leaving free cash flow of $25.1 billion, 18.7% of revenue. It returned $24.2 billion to shareholders through dividends ($11.6 billion) and net share buybacks ($12.7 billion). Cash and equivalents fell by $2.1 billion over the year.

Related: HSBC income statement, HSBC balance sheet, HSBC dividend history. See the HSBC stock overview for the latest quote and news.

HSBC cash flow FAQ

What is HSBC's free cash flow?

HSBC's free cash flow was $25.1 billion in fiscal 2025: $29.8 billion of operating cash flow minus $4.7 billion of capital expenditures It was $61.4 billion a year earlier..

How much cash does HSBC generate from operations?

HSBC generated $29.8 billion of cash from operating activities in fiscal 2025, 1.00 times its net income of $29.9 billion.

How much does HSBC spend on capital expenditures?

HSBC spent $4.7 billion on capital expenditures in fiscal 2025, 3.5% of revenue, compared with $3.9 billion the year before.

How much stock does HSBC buy back?

HSBC spent $12.7 billion on net share repurchases in fiscal 2025.

How much does HSBC pay in dividends?

HSBC paid $11.6 billion in dividends in fiscal 2025, 46.1% of free cash flow.

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