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Side-by-side financial comparison of Citigroup (C) and HSBC HOLDINGS PLC (HSBC). Click either name above to swap in a different company.
HSBC HOLDINGS PLC is the larger business by last-quarter revenue ($28.6B vs $19.9B, roughly 1.4× Citigroup). HSBC HOLDINGS PLC runs the higher net margin — 25.7% vs 12.4%, a 13.2% gap on every dollar of revenue. HSBC HOLDINGS PLC produced more free cash flow last quarter ($64.0B vs $24.9B).
Citigroup Inc. or Citi is an American multinational investment bank and financial services company based in New York City. The company was formed in 1998 by the merger of Citicorp, the bank holding company for Citibank, and Travelers; Travelers was spun off from the company in 2002.
HSBC Holdings plc is a British universal bank and financial services group headquartered in London, England, with historical and business links to East Asia and a multinational footprint. It is the largest Europe-based bank by total assets, ahead of BNP Paribas, with US$3.098 trillion as of September 2024. This also puts it as the 7th largest bank in the world by total assets behind Bank of America, and the 3rd largest non-state owned bank in the world.
C vs HSBC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2024
| Metric | | |
|---|---|---|
| Revenue | $19.9B | $28.6B |
| Net Profit | $2.5B | $7.3B |
| Gross Margin | — | — |
| Operating Margin | 19.2% | 33.1% |
| Net Margin | 12.4% | 25.7% |
| Revenue YoY | — | — |
| Net Profit YoY | — | — |
| EPS (diluted) | $1.21 | $0.36 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $19.9B | — | ||
| Q3 25 | $22.1B | — | ||
| Q2 25 | $21.7B | — | ||
| Q1 25 | $21.6B | $28.6B | ||
| Q3 24 | $20.3B | — | ||
| Q2 24 | $20.1B | — | ||
| Q1 24 | $21.1B | — |
| Q4 25 | $2.5B | — | ||
| Q3 25 | $3.8B | — | ||
| Q2 25 | $4.0B | — | ||
| Q1 25 | $4.1B | $7.3B | ||
| Q3 24 | $3.2B | — | ||
| Q2 24 | $3.2B | — | ||
| Q1 24 | $3.4B | — |
| Q4 25 | 19.2% | — | ||
| Q3 25 | 24.2% | — | ||
| Q2 25 | 24.1% | — | ||
| Q1 25 | 25.2% | 33.1% | ||
| Q3 24 | 21.6% | — | ||
| Q2 24 | 21.4% | — | ||
| Q1 24 | 21.5% | — |
| Q4 25 | 12.4% | — | ||
| Q3 25 | 17.0% | — | ||
| Q2 25 | 18.5% | — | ||
| Q1 25 | 18.8% | 25.7% | ||
| Q3 24 | 15.9% | — | ||
| Q2 24 | 16.0% | — | ||
| Q1 24 | 16.0% | — |
| Q4 25 | $1.21 | — | ||
| Q3 25 | $1.86 | — | ||
| Q2 25 | $1.96 | — | ||
| Q1 25 | $1.96 | $0.36 | ||
| Q3 24 | $1.51 | — | ||
| Q2 24 | $1.52 | — | ||
| Q1 24 | $1.58 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $434.9B |
| Total DebtLower is stronger | $315.8B | — |
| Stockholders' EquityBook value | $212.3B | $192.3B |
| Total Assets | $2657.2B | $3017.0B |
| Debt / EquityLower = less leverage | 1.49× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $434.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $315.8B | — | ||
| Q3 25 | $315.8B | — | ||
| Q2 25 | $317.8B | — | ||
| Q1 25 | $295.7B | — | ||
| Q3 24 | $299.1B | — | ||
| Q2 24 | $280.3B | — | ||
| Q1 24 | $285.5B | — |
| Q4 25 | $212.3B | — | ||
| Q3 25 | $213.0B | — | ||
| Q2 25 | $213.2B | — | ||
| Q1 25 | $212.4B | $192.3B | ||
| Q3 24 | $209.1B | — | ||
| Q2 24 | $208.3B | — | ||
| Q1 24 | $206.6B | — |
| Q4 25 | $2657.2B | — | ||
| Q3 25 | $2642.5B | — | ||
| Q2 25 | $2622.8B | — | ||
| Q1 25 | $2571.5B | $3017.0B | ||
| Q3 24 | $2430.7B | — | ||
| Q2 24 | $2405.7B | — | ||
| Q1 24 | $2432.5B | — |
| Q4 25 | 1.49× | — | ||
| Q3 25 | 1.48× | — | ||
| Q2 25 | 1.49× | — | ||
| Q1 25 | 1.39× | — | ||
| Q3 24 | 1.43× | — | ||
| Q2 24 | 1.35× | — | ||
| Q1 24 | 1.38× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $26.6B | $65.3B |
| Free Cash FlowOCF − Capex | $24.9B | $64.0B |
| FCF MarginFCF / Revenue | 125.4% | 223.9% |
| Capex IntensityCapex / Revenue | 8.2% | 4.7% |
| Cash ConversionOCF / Net Profit | 10.75× | 8.90× |
| TTM Free Cash FlowTrailing 4 quarters | $-74.2B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.6B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $-36.6B | — | ||
| Q1 25 | $-58.7B | $65.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-10.8B | — |
| Q4 25 | $24.9B | — | ||
| Q3 25 | $-517.0M | — | ||
| Q2 25 | $-38.3B | — | ||
| Q1 25 | $-60.2B | $64.0B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | $-12.4B | — |
| Q4 25 | 125.4% | — | ||
| Q3 25 | -2.3% | — | ||
| Q2 25 | -176.9% | — | ||
| Q1 25 | -278.9% | 223.9% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -58.9% | — |
| Q4 25 | 8.2% | — | ||
| Q3 25 | 7.3% | — | ||
| Q2 25 | 8.1% | — | ||
| Q1 25 | 7.0% | 4.7% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 7.6% | — |
| Q4 25 | 10.75× | — | ||
| Q3 25 | 0.29× | — | ||
| Q2 25 | -9.10× | — | ||
| Q1 25 | -14.45× | 8.90× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | -3.21× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
C
| Services | $5.9B | 30% |
| Markets | $4.5B | 23% |
| Commissions And Fees | $3.1B | 16% |
| Banking Segment | $2.2B | 11% |
| Wealth | $2.1B | 11% |
| Commercial Portfolio Segment | $1.7B | 9% |
| Brokerage Commissions | $249.0M | 1% |
HSBC
Segment breakdown not available.
