Filing Flows › HSBC Holdings (HSBC) › FY2025
HSBC Holdings (HSBC) FY2025 earnings results (fiscal 2025)
20-F filed Feb 26, 2026
HSBC Holdings (HSBC) reported revenue of $68.3B for the fiscal 2025 (FY2025), +4% from a year earlier. Operating margin was 41.0%, net earnings $22.3B (32.6% of revenue).
HSBC Holdings, FY2025: revenue $68.3B (+4% year over year), operating margin 41.0%, net earnings $22.3B, operating cash flow $29.8B. The chart follows the revenue to costs, profit and cash.
| FY2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $68.3B | — | +4% |
| Operating profit | $28.0B | — | -5% |
| Net earnings | $22.3B | — | -7% |
| Operating cash flow | $29.8B | — | -54% |
| Free cash flow | $28.3B | — | -56% |
What changed
Revenue was $68.3B in FY2025, up 4% year over year.
Operating profit was $28.0B, a 41.0% margin (down 3.6 points year over year). Operating profit fell $1.4B even though revenue rose $2.4B versus FY2024, so costs grew faster than sales. Total costs grew 10% against revenue growth of 4%. The fastest-growing cost line was SG&A (+14%). Net earnings were $22.3B, down 7% year over year. The effective tax rate was 22.7%.
Operating cash flow was $29.8B (down 54% year over year), 129% of net income including minority interests. Non-cash charges added back $0.62B of share-based compensation. Working capital and other items added $6.0B. Capital expenditures of $1.4B left free cash flow of $28.3B.
Questions
What was HSBC Holdings' revenue in the fiscal 2025?
HSBC Holdings (HSBC) reported revenue of $68.3B for the fiscal 2025 (FY2025), +4% from a year earlier.
Was HSBC Holdings profitable in the fiscal 2025?
Operating profit was $28.0B (41.0% of revenue) and net earnings $22.3B.
Source: HSBC Holdings 20-F on SEC EDGAR.