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HSBC USA cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$6.3B in Q3 2026 · −$11.3B over twelve months

Operating cash flow−$6.3B
Free cash flow−$6.3B
Cash / net income-20.3×

Analysis

In Q3 2026, HSBC USA generated −$6.3B of operating cash flow. That is $6.7B less than in Q3 2025 ($443M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$11.3B; the largest uses were operating cash flow ($11.3B), other financing ($4.1B), dividends ($318M); besides operations, cash came from net borrowing (+) / repaid (−) ($3.7B), other investing ($751M); the cash balance fell by $11.3B.

Operating cash flow was −$6.3B against net income of $310M — -20.3× profit, less cash than reported earnings, worth checking against working capital. The largest differences: other operating capital +$130M, depreciation & amortization −$55.0M.

Free cash flow

HSBC USA: free cash flow by quarterHSBC USA: free cash flow by quarter$3.1BQ4 2024$817MQ1 2025−$1.3BQ2 2025$443MQ3 2025−$2.3BQ4 2025$1.4BQ1 2026−$4.2BQ2 2026−$6.3BQ3 2026
Operating cash flow less capital spending.
HSBC USA: operating cash flow against capital spendingHSBC USA: operating cash flow against capital spendingOperating cash flowCapital spending$3.1B$0Q4 2024$817M$0Q1 2025−$1.3B$0Q2 2025$443M$0Q3 2025−$2.3B$0Q4 2025$1.4B$0Q1 2026−$4.2B$0Q2 2026−$6.3B$0Q3 2026
Latest (Q3 2026): Operating cash flow −$6.3B, Capital spending $0.

Capital allocation, year by year

HSBC USA: where the cash came from (up) and went (down), by fiscal yearHSBC USA: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingDividendsFY2021: Operating cash flow $1.8BFY2021: Net borrowing −$947MFY2021: Dividends −$77.0M$1.8BFY2021FY2022: Operating cash flow $1.9BFY2022: Net borrowing $2.3BFY2022: Dividends −$77.0M$4.2BFY2022FY2023: Operating cash flow $2.4BFY2023: Net borrowing $4.1BFY2023: Dividends −$1.5B$6.5BFY2023FY2024: Operating cash flow $2.2BFY2024: Net borrowing −$381MFY2024: Dividends −$116M$2.2BFY2024FY2025: Operating cash flow −$2.3BFY2025: Net borrowing $1.5BFY2025: Dividends −$1.5B$1.5BFY2025
Over these 5 years operating cash flow totalled $6.0B; the largest uses were dividends ($3.3B) and operating cash flow ($2.3B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$13.8B
Debt$32.7B
Net debt$18.9B
Due within a year$2.5B
Cash runway15 months

HSBC USA is burning cash: its operations consume cash, a free cash flow of −$11.3B a year at the current rate against $13.8B of cash and investments: a runway of about 15 months; $2.5B of debt also comes due within a year, which would need refinancing or new money before any new financing.

HSBC USA: debt maturities by year (FY2025)HSBC USA: debt maturities by year (FY2025)$2.5BYear 1$3.5BYear 2$6.0BYear 3$1.7BYear 4$3.4BYear 5$5.9BAfter year 5
Principal due in each year as disclosed in the annual report, against $13.8B of cash and investments now.

Where the cash came from and went

HSBC USA: sources (+) and uses (−) of cash, Q3 2026HSBC USA: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$10.9BOther financing−$8.1BOperating cash flow−$6.3BOther investing$4.8BNet borrowing (+) / repaid (−)−$1.3B
HSBC USA: sources (+) and uses (−) of cash, TTM to Q3 2026HSBC USA: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow−$11.3BCash drawn (+) / kept (−)$11.3BOther financing−$4.1BNet borrowing (+) / repaid (−)$3.7BOther investing$751MDividends−$318M

From profit to cash

HSBC USA: net income to operating cash flow, Q3 2026HSBC USA: net income to operating cash flow, Q3 2026Net income$310MDepreciation & amortization−$55.0MOther operating capital$130MOperating cash flow−$6.3B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$6.3B—−$1.3B$10.9B−$6.3B
Q2 2026−$4.2B−$300M$1.2B$632M−$4.2B
Q1 2026$1.4B—$3.4B−$1.4B$1.4B
Q4 2025−$2.3B−$10.0M$500M$1.2B−$2.3B
Q3 2025$443M−$500M−$2.9B$3.9B$443M
Q2 2025−$1.3B—$3.5B$346M−$1.3B
Q1 2025$817M—$423M−$6.1B$817M
Q4 2024$3.1B−$108M$2.3B$5.8B$3.1B

HSBC USA: income statement and cash flow

HSBC USA, Q3 2026: revenue $1.1B (-2% year over year), operating margin 98.1%. The chart follows the revenue to costs, profit and cash.

HSBC USA: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.