HSBC Holdings plc (HSBC) Income Statement
HSBC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHSBC revenue and net income
Where HSBC's revenue goes
2025Each bar shows an amount and its share of revenue. HSBC kept 16.6% of revenue as net income.
HSBC profit margins
HSBC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −6.4% | +20.7% | +11.6% | +4.4% |
| Gross profit | +5.4% | +9.8% | +2.3% | −0.2% |
| Operating income | −7.4% | +20.6% | +27.8% | +4.7% |
| Net income | −7.1% | +12.7% | +33.6% | +5.1% |
| EPS (diluted) | +5.9% | +8.7% | +39.3% | +28.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HSBC quarterly EPS vs estimates
HSBC beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: October 27, 2026 (estimate $2.13).
HSBC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $134.10B | $143.29B | $129.51B | $76.17B | $73.95B | $77.46B | $94.64B | $82.75B | $76.49B | $74.58B |
| Cost of revenue | $63.08B | $75.90B | $65.07B | $22.45B | $9.70B | $14.18B | $24.23B | $19.12B | $12.82B | $12.60B |
| Gross profit | $71.02B | $67.40B | $64.44B | $53.72B | $64.25B | $63.28B | $70.40B | $63.63B | $63.67B | $61.98B |
| Sales, general & admin | $11.96B | $10.50B | $30.24B | $10.85B | $11.59B | $11.12B | $13.83B | $15.35B | $15.71B | $16.47B |
| Total operating expenses | $41.11B | $35.09B | $34.09B | $36.66B | $45.34B | $54.50B | $57.06B | $43.74B | $46.51B | $54.86B |
| Operating income | $29.91B | $32.31B | $30.35B | $17.06B | $18.91B | $8.78B | $13.35B | $19.89B | $17.17B | $7.11B |
| Interest income | $97.87B | $108.63B | $100.87B | $55.06B | $36.19B | $41.76B | $54.70B | $49.61B | $40.99B | $42.41B |
| Interest expense | $63.08B | $75.90B | $65.07B | $22.45B | $9.70B | $14.18B | $24.23B | $19.12B | $12.82B | $12.60B |
| Income before taxes | $29.91B | $32.31B | $30.35B | $17.06B | $18.91B | $8.78B | $13.35B | $19.89B | $17.17B | $7.11B |
| Income taxes | $6.78B | $7.31B | $5.79B | $809.0M | $4.21B | $2.68B | $4.64B | $4.87B | $5.29B | $3.67B |
| Net income | $22.29B | $23.98B | $23.53B | $15.56B | $13.92B | $5.23B | $7.38B | $13.73B | $10.80B | $2.48B |
| EBITDA | $34.82B | $36.39B | $33.81B | $20.91B | $23.19B | $14.02B | $23.87B | $21.82B | $19.03B | $12.32B |
| EPS (diluted) | $6.51 | $6.15 | $2.79 | $5.07 | $3.35 | $1.24 | $2.91 | $3.10 | $2.52 | $0.30 |
| Gross margin | 53.0% | 47.0% | 49.8% | 70.5% | 86.9% | 81.7% | 74.4% | 76.9% | 83.2% | 83.1% |
| Operating margin | 22.3% | 22.5% | 23.4% | 22.4% | 25.6% | 11.3% | 14.1% | 24.0% | 22.4% | 9.5% |
| Net margin | 16.6% | 16.7% | 18.2% | 20.4% | 18.8% | 6.8% | 7.8% | 16.6% | 14.1% | 3.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $34.16B | $33.84B | $33.03B | $33.48B | $33.73B | $33.85B | $34.57B | $36.54B | $58.73B | $36.63B | $78.69B | $33.80B |
| Cost of revenue | $15.12B | $14.71B | $15.31B | $15.58B | $16.08B | $16.11B | $17.82B | $19.62B | $18.85B | $19.61B | $0 | $17.95B |
| Gross profit | $19.04B | $19.12B | $17.72B | $17.90B | $17.66B | $17.74B | $16.75B | $16.93B | $58.73B | $17.02B | $78.69B | $15.85B |
| Sales, general & admin | — | — | — | — | $4.89B | — | $10.50B | — | $15.19B | $5.13B | $16.66B | $10.38B |
| Total operating expenses | $8.90B | $9.75B | $10.92B | $10.61B | $11.33B | $8.26B | $14.47B | $8.45B | $49.83B | $4.37B | $77.71B | $8.14B |
| Operating income | $10.15B | $9.38B | $6.80B | $7.29B | $6.33B | $9.48B | $2.28B | $8.48B | $8.91B | $12.65B | $977.0M | $7.71B |
| Interest income | $24.40B | $23.66B | $24.50B | $24.36B | $24.59B | $24.41B | $26.00B | $27.25B | $46.72B | $8.65B | $73.36B | $9.25B |
| Interest expense | $15.12B | $14.71B | $15.31B | $15.58B | $16.08B | $16.11B | $17.82B | $19.62B | — | $19.61B | — | $17.95B |
| Income before taxes | $10.15B | $9.38B | $6.80B | $7.29B | $6.33B | $9.48B | $2.28B | $8.48B | $8.91B | $12.65B | $977.0M | $7.71B |
| Income taxes | $2.22B | $1.98B | $1.61B | $1.79B | $1.46B | $1.91B | $1.69B | $1.73B | $2.08B | $1.81B | $755.0M | $1.45B |
| Net income | $7.91B | $7.34B | $4.94B | $5.28B | $4.73B | $7.32B | $351.0M | $6.52B | $6.53B | $10.58B | −$28.0M | $6.05B |
| EBITDA | $11.88B | $10.10B | $9.49B | $8.25B | $7.94B | $10.10B | $2.28B | $8.48B | $8.91B | $13.15B | $977.0M | $7.71B |
| EPS (diluted) | $2.25 | $2.20 | $1.85 | $1.40 | $1.31 | $1.95 | $0.05 | $1.69 | $1.71 | $2.70 | −$0.04 | $1.45 |
| Gross margin | 55.7% | 56.5% | 53.7% | 53.5% | 52.3% | 52.4% | 48.5% | 46.3% | 100.0% | 46.5% | 100.0% | 46.9% |
| Operating margin | 29.7% | 27.7% | 20.6% | 21.8% | 18.8% | 28.0% | 6.6% | 23.2% | 15.2% | 34.5% | 1.2% | 22.8% |
| Net margin | 23.2% | 21.7% | 15.0% | 15.8% | 14.0% | 21.6% | 1.0% | 17.8% | 11.1% | 28.9% | −0.0% | 17.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HSBC's financial statements (latest annual report filed February 26, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HSBC financial results
In fiscal year 2025 (ended December 31, 2025), HSBC reported revenue of $134.1 billion, down 6.4% from the year before. It had net income of $22.3 billion (down 7.1%), a net profit margin of 16.6%. Diluted earnings per share came to $6.51. Over five years revenue grew at an average rate of 11.6% a year.
See the HSBC stock overview for the latest quote and news, or the HSBC chart for price history and technical indicators.
HSBC income statement FAQ
What is HSBC's annual revenue?
HSBC reported total revenue of $134.1 billion for fiscal year 2025, which ended on December 31, 2025. That was down 6.4% from $143.3 billion the previous year.
Is HSBC profitable?
Yes. HSBC reported net income of $22.3 billion in fiscal 2025, a net profit margin of 16.6%; its operating margin was 22.3%.
What is HSBC's gross margin?
HSBC's gross margin was 53.0% in fiscal 2025: for every $100 of revenue, HSBC kept $53 after the direct cost of its products and services.
How fast is HSBC growing?
Revenue grew 11.6% a year on average over the last five fiscal years, from $77.5 billion to $134.1 billion.
What are HSBC's earnings per share?
HSBC earned $6.51 per diluted share in fiscal 2025, compared with $6.15 a year earlier.
When will HSBC report its next earnings?
HSBC is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does HSBC's fiscal year end?
HSBC's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 26, 2026.