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Side-by-side financial comparison of HSBC HOLDINGS PLC (HSBC) and Micron Technology (MU). Click either name above to swap in a different company.
HSBC HOLDINGS PLC is the larger business by last-quarter revenue ($28.6B vs $23.9B, roughly 1.2× Micron Technology). Micron Technology runs the higher net margin — 57.8% vs 25.7%, a 32.1% gap on every dollar of revenue. HSBC HOLDINGS PLC produced more free cash flow last quarter ($64.0B vs $5.5B).
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.
Micron Technology, Inc. is an American producer of computer memory and computer data storage including dynamic random-access memory, flash memory, and solid-state drives (SSDs). It is headquartered in Boise, Idaho.
HSBC vs MU — Head-to-Head
Income Statement — Q4 FY2024 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $28.6B | $23.9B |
| Net Profit | $7.3B | $13.8B |
| Gross Margin | — | 74.4% |
| Operating Margin | 33.1% | 67.6% |
| Net Margin | 25.7% | 57.8% |
| Revenue YoY | — | 196.3% |
| Net Profit YoY | — | 770.8% |
| EPS (diluted) | $0.36 | $12.07 |
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 | — | $23.9B | ||
| Q4 25 | — | $13.6B | ||
| Q3 25 | — | $11.3B | ||
| Q2 25 | — | $9.3B | ||
| Q1 25 | $28.6B | $8.1B | ||
| Q4 24 | — | $8.7B | ||
| Q3 24 | — | $7.8B | ||
| Q2 24 | — | $6.8B |
| Q1 26 | — | $13.8B | ||
| Q4 25 | — | $5.2B | ||
| Q3 25 | — | $3.2B | ||
| Q2 25 | — | $1.9B | ||
| Q1 25 | $7.3B | $1.6B | ||
| Q4 24 | — | $1.9B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $332.0M |
| Q1 26 | — | 74.4% | ||
| Q4 25 | — | 56.0% | ||
| Q3 25 | — | 44.7% | ||
| Q2 25 | — | 37.7% | ||
| Q1 25 | — | 36.8% | ||
| Q4 24 | — | 38.4% | ||
| Q3 24 | — | 35.3% | ||
| Q2 24 | — | 26.9% |
| Q1 26 | — | 67.6% | ||
| Q4 25 | — | 45.0% | ||
| Q3 25 | — | 32.3% | ||
| Q2 25 | — | 23.3% | ||
| Q1 25 | 33.1% | 22.0% | ||
| Q4 24 | — | 25.0% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 10.6% |
| Q1 26 | — | 57.8% | ||
| Q4 25 | — | 38.4% | ||
| Q3 25 | — | 28.3% | ||
| Q2 25 | — | 20.3% | ||
| Q1 25 | 25.7% | 19.7% | ||
| Q4 24 | — | 21.5% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 4.9% |
| Q1 26 | — | $12.07 | ||
| Q4 25 | — | $4.60 | ||
| Q3 25 | — | $2.83 | ||
| Q2 25 | — | $1.68 | ||
| Q1 25 | $0.36 | $1.41 | ||
| Q4 24 | — | $1.67 | ||
| Q3 24 | — | — | ||
| Q2 24 | — | $0.30 |
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 | $13.9B |
| Total DebtLower is stronger | — | $9.6B |
| Stockholders' EquityBook value | $192.3B | $72.5B |
| Total Assets | $3017.0B | $101.5B |
| Debt / EquityLower = less leverage | — | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $13.9B | ||
| Q4 25 | — | $9.7B | ||
| Q3 25 | — | $9.6B | ||
| Q2 25 | — | $10.2B | ||
| Q1 25 | $434.9B | $7.6B | ||
| Q4 24 | — | $6.7B | ||
| Q3 24 | — | $7.0B | ||
| Q2 24 | — | $7.6B |
| Q1 26 | — | $9.6B | ||
| Q4 25 | — | $11.2B | ||
| Q3 25 | — | $14.0B | ||
| Q2 25 | — | $15.0B | ||
| Q1 25 | — | $13.9B | ||
| Q4 24 | — | $13.3B | ||
| Q3 24 | — | $13.0B | ||
| Q2 24 | — | $12.9B |
| Q1 26 | — | $72.5B | ||
| Q4 25 | — | $58.8B | ||
| Q3 25 | — | $54.2B | ||
| Q2 25 | — | $50.7B | ||
| Q1 25 | $192.3B | $48.6B | ||
| Q4 24 | — | $46.8B | ||
| Q3 24 | — | $45.1B | ||
| Q2 24 | — | $44.2B |
| Q1 26 | — | $101.5B | ||
| Q4 25 | — | $86.0B | ||
| Q3 25 | — | $82.8B | ||
| Q2 25 | — | $78.4B | ||
| Q1 25 | $3017.0B | $73.1B | ||
| Q4 24 | — | $71.5B | ||
| Q3 24 | — | $69.4B | ||
| Q2 24 | — | $66.3B |
| Q1 26 | — | 0.13× | ||
| Q4 25 | — | 0.19× | ||
| Q3 25 | — | 0.26× | ||
| Q2 25 | — | 0.30× | ||
| Q1 25 | — | 0.28× | ||
| Q4 24 | — | 0.28× | ||
| Q3 24 | — | 0.29× | ||
| Q2 24 | — | 0.29× |
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 | $11.9B |
| Free Cash FlowOCF − Capex | $64.0B | $5.5B |
| FCF MarginFCF / Revenue | 223.9% | 23.1% |
| Capex IntensityCapex / Revenue | 4.7% | 26.8% |
| Cash ConversionOCF / Net Profit | 8.90× | 0.86× |
| TTM Free Cash FlowTrailing 4 quarters | — | $11.9B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $11.9B | ||
| Q4 25 | — | $8.4B | ||
| Q3 25 | — | $17.5B | ||
| Q2 25 | — | $4.6B | ||
| Q1 25 | $65.3B | $3.9B | ||
| Q4 24 | — | $3.2B | ||
| Q3 24 | — | $8.5B | ||
| Q2 24 | — | $2.5B |
| Q1 26 | — | $5.5B | ||
| Q4 25 | — | $3.0B | ||
| Q3 25 | — | $1.7B | ||
| Q2 25 | — | $1.7B | ||
| Q1 25 | $64.0B | $-113.0M | ||
| Q4 24 | — | $38.0M | ||
| Q3 24 | — | $121.0M | ||
| Q2 24 | — | $396.0M |
| Q1 26 | — | 23.1% | ||
| Q4 25 | — | 22.2% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 18.0% | ||
| Q1 25 | 223.9% | -1.4% | ||
| Q4 24 | — | 0.4% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 5.8% |
| Q1 26 | — | 26.8% | ||
| Q4 25 | — | 39.5% | ||
| Q3 25 | — | 140.1% | ||
| Q2 25 | — | 31.6% | ||
| Q1 25 | 4.7% | 50.4% | ||
| Q4 24 | — | 36.8% | ||
| Q3 24 | — | 108.2% | ||
| Q2 24 | — | 30.6% |
| Q1 26 | — | 0.86× | ||
| Q4 25 | — | 1.61× | ||
| Q3 25 | — | 5.47× | ||
| Q2 25 | — | 2.45× | ||
| Q1 25 | 8.90× | 2.49× | ||
| Q4 24 | — | 1.73× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 7.48× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HSBC
Segment breakdown not available.
MU
| CMBU | $7.7B | 32% |
| MCBU | $7.7B | 32% |
| CDBU | $5.7B | 24% |
| AEBU | $2.7B | 11% |
| Other Product Sales | $95.0M | 0% |
