HSBC Holdings plc (HSBC) annual results, year to 31 December 2025: revenue USD 68,274 million, from the 20-F
HSBC Holdings plc files a 20-F with the SEC once a year, in US dollars. In the year to 31 December 2025 it reported revenue of USD 68,274 million, up 3.7% on the year before. Its profit attributable to shareholders was USD 21,102 million, down 7.9%, and diluted earnings per share USD 1.20.
The year to 31 December 2025, against the year before
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Revenue | 65,854 | 68,274 |
| Selling, general and administrative | 10,498 | 11,959 |
| Operating profit | 29,397 | 27,996 |
| Profit before tax | 32,309 | 29,907 |
| Income tax | 7,310 | 6,776 |
| Profit for the year | 24,999 | 23,131 |
| Profit attributable to shareholders | 22,917 | 21,102 |
| Filing | 20-F | 20-F |
USD million, from the 20-F on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed. A line the company does not file under the standard tag is left out rather than estimated.
USD per ordinary share, as filed.
Cash flow
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Cash from operations | 65,305 | 29,766 |
| Purchase of property, plant and equipment | 1,344 | 1,447 |
| Free cash flow | 63,961 | 28,319 |
| Dividends paid | 17,100 | 13,482 |
| Filing | 20-F | 20-F |
USD million. Free cash flow is cash from operations less the purchase of property, plant and equipment, arithmetic on the two filed lines.
Balance sheet at year end
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Total assets | 3,017,048 | 3,233,034 |
| Equity attributable to shareholders | 184,973 | 198,225 |
| Cash and cash equivalents | 434,940 | 432,887 |
| Lease liabilities | 2,459 | 3,320 |
| Filing | 20-F | 20-F |
USD million, at each fiscal year end.
Ratios on the filed lines
| Year to | Dec 2024 | Dec 2025 |
|---|---|---|
| Operating margin | 44.6% | 41.0% |
| Net margin | 34.8% | 30.9% |
| Return on year-end equity | 12.4% | 10.6% |
| Effective tax rate | 22.6% | 22.7% |
| Filing | 20-F | 20-F |
Arithmetic on the filed lines of the same year.
Every annual report here
- Year to 31 December 2025, this page
- Year to 31 December 2024
- Year to 31 December 2023
- Year to 31 December 2022
- Year to 31 December 2021
- Year to 31 December 2020
- Year to 31 December 2019
- Year to 31 December 2018
- Year to 31 December 2017
- Year to 31 December 2016
- Year to 31 December 2015
Source
20-F for the year to 31 December 2025, filed 26 February 2026, accession 0001089113-26-000010: the filing on EDGAR. All of HSBC Holdings plc's filings: EDGAR company page. The figures are in US dollars as filed.
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