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Side-by-side financial comparison of HSBC HOLDINGS PLC (HSBC) and Merck & Co. (MRK). Click either name above to swap in a different company.
HSBC HOLDINGS PLC is the larger business by last-quarter revenue ($28.6B vs $16.3B, roughly 1.8× Merck & Co.). HSBC HOLDINGS PLC runs the higher net margin — 25.7% vs 0.9%, a 24.8% gap on every dollar of revenue.
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.
Merck & Co., Inc. is an American multinational pharmaceutical company headquartered in Rahway, New Jersey. The company does business as Merck Sharp & Dohme or MSD outside the United States and Canada. The company is ranked fourth on the list of largest biomedical companies by revenue.
HSBC vs MRK — Head-to-Head
Income Statement — Q4 FY2024 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $28.6B | $16.3B |
| Net Profit | $7.3B | $141.0M |
| Gross Margin | — | 74.2% |
| Operating Margin | 33.1% | — |
| Net Margin | 25.7% | 0.9% |
| Revenue YoY | — | 4.9% |
| Net Profit YoY | — | -9.5% |
| EPS (diluted) | $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.
| Q1 26 | — | $16.3B | ||
| Q4 25 | — | $16.4B | ||
| Q3 25 | — | $17.3B | ||
| Q2 25 | — | $15.8B | ||
| Q1 25 | $28.6B | $15.5B | ||
| Q4 24 | — | $15.6B | ||
| Q3 24 | — | $16.7B | ||
| Q2 24 | — | $16.1B |
| Q1 26 | — | $141.0M | ||
| Q4 25 | — | $3.0B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | — | $4.4B | ||
| Q1 25 | $7.3B | $5.1B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $5.5B |
| Q1 26 | — | 74.2% | ||
| Q4 25 | — | 66.2% | ||
| Q3 25 | — | 77.7% | ||
| Q2 25 | — | 77.5% | ||
| Q1 25 | — | 78.0% | ||
| Q4 24 | — | 75.5% | ||
| Q3 24 | — | 75.5% | ||
| Q2 24 | — | 76.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | 20.9% | ||
| Q3 25 | — | 39.0% | ||
| Q2 25 | — | 31.6% | ||
| Q1 25 | 33.1% | 38.0% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | — | 24.6% | ||
| Q2 24 | — | 37.3% |
| Q1 26 | — | 0.9% | ||
| Q4 25 | — | 18.1% | ||
| Q3 25 | — | 33.5% | ||
| Q2 25 | — | 28.0% | ||
| Q1 25 | 25.7% | 32.7% | ||
| Q4 24 | — | 24.0% | ||
| Q3 24 | — | 19.0% | ||
| Q2 24 | — | 33.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.19 | ||
| Q3 25 | — | $2.32 | ||
| Q2 25 | — | $1.76 | ||
| Q1 25 | $0.36 | $2.01 | ||
| Q4 24 | — | $1.49 | ||
| Q3 24 | — | $1.24 | ||
| Q2 24 | — | $2.14 |
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 | — | — |
| Stockholders' EquityBook value | $192.3B | — |
| Total Assets | $3017.0B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $14.6B | ||
| Q3 25 | — | $18.2B | ||
| Q2 25 | — | $8.6B | ||
| Q1 25 | $434.9B | $9.2B | ||
| Q4 24 | — | $13.7B | ||
| Q3 24 | — | $14.6B | ||
| Q2 24 | — | $11.4B |
| Q1 26 | — | — | ||
| Q4 25 | — | $52.6B | ||
| Q3 25 | — | $51.9B | ||
| Q2 25 | — | $49.0B | ||
| Q1 25 | $192.3B | $48.3B | ||
| Q4 24 | — | $46.3B | ||
| Q3 24 | — | $44.5B | ||
| Q2 24 | — | $43.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | $136.9B | ||
| Q3 25 | — | $129.5B | ||
| Q2 25 | — | $117.5B | ||
| Q1 25 | $3017.0B | $115.1B | ||
| Q4 24 | — | $117.1B | ||
| Q3 24 | — | $117.5B | ||
| Q2 24 | — | $112.6B |
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 | $65.3B | — |
| Free Cash FlowOCF − Capex | $64.0B | — |
| FCF MarginFCF / Revenue | 223.9% | — |
| Capex IntensityCapex / Revenue | 4.7% | — |
| Cash ConversionOCF / Net Profit | 8.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $2.9B | ||
| Q3 25 | — | $7.8B | ||
| Q2 25 | — | $3.3B | ||
| Q1 25 | $65.3B | $2.5B | ||
| Q4 24 | — | $3.5B | ||
| Q3 24 | — | $9.3B | ||
| Q2 24 | — | $5.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $6.8B | ||
| Q2 25 | — | $2.5B | ||
| Q1 25 | $64.0B | $1.2B | ||
| Q4 24 | — | $2.5B | ||
| Q3 24 | — | $8.5B | ||
| Q2 24 | — | $4.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 11.1% | ||
| Q3 25 | — | 39.6% | ||
| Q2 25 | — | 16.0% | ||
| Q1 25 | 223.9% | 7.5% | ||
| Q4 24 | — | 16.1% | ||
| Q3 24 | — | 51.1% | ||
| Q2 24 | — | 30.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 6.3% | ||
| Q3 25 | — | 5.7% | ||
| Q2 25 | — | 4.8% | ||
| Q1 25 | 4.7% | 8.6% | ||
| Q4 24 | — | 6.0% | ||
| Q3 24 | — | 4.7% | ||
| Q2 24 | — | 4.9% |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.96× | ||
| Q3 25 | — | 1.35× | ||
| Q2 25 | — | 0.74× | ||
| Q1 25 | 8.90× | 0.49× | ||
| Q4 24 | — | 0.92× | ||
| Q3 24 | — | 2.94× | ||
| Q2 24 | — | 1.03× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
