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Side-by-side financial comparison of HSBC HOLDINGS PLC (HSBC) and Procter & Gamble (PG). Click either name above to swap in a different company.
HSBC HOLDINGS PLC is the larger business by last-quarter revenue ($28.6B vs $22.2B, roughly 1.3× Procter & Gamble). HSBC HOLDINGS PLC runs the higher net margin — 25.7% vs 19.4%, a 6.2% gap on every dollar of revenue. HSBC HOLDINGS PLC produced more free cash flow last quarter ($64.0B vs $3.8B).
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.
The Procter & Gamble Company (P&G) is an American multinational consumer goods corporation incorporated and headquartered in Cincinnati, Ohio.
HSBC vs PG — Head-to-Head
Income Statement — Q4 FY2024 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $28.6B | $22.2B |
| Net Profit | $7.3B | $4.3B |
| Gross Margin | — | 51.2% |
| Operating Margin | 33.1% | 24.2% |
| Net Margin | 25.7% | 19.4% |
| Revenue YoY | — | 1.5% |
| Net Profit YoY | — | -6.7% |
| EPS (diluted) | $0.36 | $1.78 |
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 | — | $22.2B | ||
| Q3 25 | — | $22.4B | ||
| Q2 25 | — | $20.9B | ||
| Q1 25 | $28.6B | $19.8B | ||
| Q4 24 | — | $21.9B | ||
| Q3 24 | — | $21.7B | ||
| Q2 24 | — | $20.5B | ||
| Q1 24 | — | $20.2B |
| Q4 25 | — | $4.3B | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $3.6B | ||
| Q1 25 | $7.3B | $3.8B | ||
| Q4 24 | — | $4.6B | ||
| Q3 24 | — | $4.0B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | — | $3.8B |
| Q4 25 | — | 51.2% | ||
| Q3 25 | — | 51.4% | ||
| Q2 25 | — | 49.1% | ||
| Q1 25 | — | 51.0% | ||
| Q4 24 | — | 52.4% | ||
| Q3 24 | — | 52.1% | ||
| Q2 24 | — | 49.6% | ||
| Q1 24 | — | 51.2% |
| Q4 25 | — | 24.2% | ||
| Q3 25 | — | 26.2% | ||
| Q2 25 | — | 20.8% | ||
| Q1 25 | 33.1% | 23.0% | ||
| Q4 24 | — | 26.2% | ||
| Q3 24 | — | 26.7% | ||
| Q2 24 | — | 18.9% | ||
| Q1 24 | — | 22.1% |
| Q4 25 | — | 19.4% | ||
| Q3 25 | — | 21.2% | ||
| Q2 25 | — | 17.3% | ||
| Q1 25 | 25.7% | 19.1% | ||
| Q4 24 | — | 21.2% | ||
| Q3 24 | — | 18.2% | ||
| Q2 24 | — | 15.3% | ||
| Q1 24 | — | 18.6% |
| Q4 25 | — | $1.78 | ||
| Q3 25 | — | $1.95 | ||
| Q2 25 | — | $1.48 | ||
| Q1 25 | $0.36 | $1.54 | ||
| Q4 24 | — | $1.88 | ||
| Q3 24 | — | $1.61 | ||
| Q2 24 | — | $1.27 | ||
| Q1 24 | — | $1.52 |
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 | $53.3B |
| Total Assets | $3017.0B | $127.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $434.9B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $53.3B | ||
| Q3 25 | — | $53.6B | ||
| Q2 25 | — | $52.3B | ||
| Q1 25 | $192.3B | $52.5B | ||
| Q4 24 | — | $51.4B | ||
| Q3 24 | — | $52.1B | ||
| Q2 24 | — | $50.6B | ||
| Q1 24 | — | $50.3B |
| Q4 25 | — | $127.3B | ||
| Q3 25 | — | $127.6B | ||
| Q2 25 | — | $125.2B | ||
| Q1 25 | $3017.0B | $123.0B | ||
| Q4 24 | — | $122.6B | ||
| Q3 24 | — | $126.5B | ||
| Q2 24 | — | $122.4B | ||
| Q1 24 | — | $119.6B |
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 | $5.0B |
| Free Cash FlowOCF − Capex | $64.0B | $3.8B |
| FCF MarginFCF / Revenue | 223.9% | 17.1% |
| Capex IntensityCapex / Revenue | 4.7% | 5.3% |
| Cash ConversionOCF / Net Profit | 8.90× | 1.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $14.8B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $5.0B | ||
| Q3 25 | — | $5.4B | ||
| Q2 25 | — | $5.0B | ||
| Q1 25 | $65.3B | $3.7B | ||
| Q4 24 | — | $4.8B | ||
| Q3 24 | — | $4.3B | ||
| Q2 24 | — | $5.8B | ||
| Q1 24 | — | $4.1B |
| Q4 25 | — | $3.8B | ||
| Q3 25 | — | $4.2B | ||
| Q2 25 | — | $4.0B | ||
| Q1 25 | $64.0B | $2.8B | ||
| Q4 24 | — | $3.9B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $5.0B | ||
| Q1 24 | — | $3.3B |
| Q4 25 | — | 17.1% | ||
| Q3 25 | — | 18.8% | ||
| Q2 25 | — | 19.1% | ||
| Q1 25 | 223.9% | 14.4% | ||
| Q4 24 | — | 17.8% | ||
| Q3 24 | — | 15.2% | ||
| Q2 24 | — | 24.2% | ||
| Q1 24 | — | 16.3% |
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 5.4% | ||
| Q2 25 | — | 4.8% | ||
| Q1 25 | 4.7% | 4.3% | ||
| Q4 24 | — | 4.2% | ||
| Q3 24 | — | 4.6% | ||
| Q2 24 | — | 3.8% | ||
| Q1 24 | — | 3.9% |
| Q4 25 | — | 1.15× | ||
| Q3 25 | — | 1.14× | ||
| Q2 25 | — | 1.38× | ||
| Q1 25 | 8.90× | 0.98× | ||
| Q4 24 | — | 1.04× | ||
| Q3 24 | — | 1.09× | ||
| Q2 24 | — | 1.83× | ||
| Q1 24 | — | 1.09× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HSBC
Segment breakdown not available.
PG
| Fabric Home Care Segment | $7.7B | 35% |
| Baby Feminine Family Care Segment | $5.1B | 23% |
| Beauty Segment | $4.0B | 18% |
| Health Care Segment | $3.4B | 15% |
| Grooming Segment | $1.8B | 8% |
