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Side-by-side financial comparison of HSBC HOLDINGS PLC (HSBC) and TJX Companies (TJX). Click either name above to swap in a different company.
HSBC HOLDINGS PLC is the larger business by last-quarter revenue ($28.6B vs $15.1B, roughly 1.9× TJX Companies). HSBC HOLDINGS PLC runs the higher net margin — 25.7% vs 9.5%, a 16.1% gap on every dollar of revenue. HSBC HOLDINGS PLC produced more free cash flow last quarter ($64.0B vs $1.0B).
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 TJX Companies, Inc. is an American multinational off-price department store corporation, headquartered in Framingham, Massachusetts. It was formed as a subsidiary of Zayre Corp. in 1987, and became the legal successor to Zayre Corp. following a company reorganization in 1989.
HSBC vs TJX — Head-to-Head
Income Statement — Q4 FY2024 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $28.6B | $15.1B |
| Net Profit | $7.3B | $1.4B |
| Gross Margin | — | 32.6% |
| Operating Margin | 33.1% | — |
| Net Margin | 25.7% | 9.5% |
| Revenue YoY | — | 7.5% |
| Net Profit YoY | — | 11.2% |
| EPS (diluted) | $0.36 | $1.28 |
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 | — | $15.1B | ||
| Q3 25 | — | $14.4B | ||
| Q2 25 | — | $13.1B | ||
| Q1 25 | $28.6B | $16.4B | ||
| Q4 24 | — | $14.1B | ||
| Q3 24 | — | $13.5B | ||
| Q2 24 | — | $12.5B | ||
| Q1 24 | — | $16.4B |
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | — | $1.0B | ||
| Q1 25 | $7.3B | $1.4B | ||
| Q4 24 | — | $1.3B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | — | 32.6% | ||
| Q3 25 | — | 30.7% | ||
| Q2 25 | — | 29.5% | ||
| Q1 25 | — | 30.5% | ||
| Q4 24 | — | 31.6% | ||
| Q3 24 | — | 30.4% | ||
| Q2 24 | — | 30.0% | ||
| Q1 24 | — | 29.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 33.1% | 11.6% | ||
| Q4 24 | — | 12.3% | ||
| Q3 24 | — | 10.9% | ||
| Q2 24 | — | 11.1% | ||
| Q1 24 | — | 11.2% |
| Q4 25 | — | 9.5% | ||
| Q3 25 | — | 8.6% | ||
| Q2 25 | — | 7.9% | ||
| Q1 25 | 25.7% | 8.6% | ||
| Q4 24 | — | 9.2% | ||
| Q3 24 | — | 8.2% | ||
| Q2 24 | — | 8.6% | ||
| Q1 24 | — | 8.5% |
| Q4 25 | — | $1.28 | ||
| Q3 25 | — | $1.10 | ||
| Q2 25 | — | $0.92 | ||
| Q1 25 | $0.36 | $1.23 | ||
| Q4 24 | — | $1.14 | ||
| Q3 24 | — | $0.96 | ||
| Q2 24 | — | $0.93 | ||
| Q1 24 | — | $1.22 |
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 | $4.6B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $192.3B | $9.4B |
| Total Assets | $3017.0B | $35.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $4.6B | ||
| Q3 25 | — | $4.6B | ||
| Q2 25 | — | $4.3B | ||
| Q1 25 | $434.9B | $5.3B | ||
| Q4 24 | — | $4.7B | ||
| Q3 24 | — | $5.3B | ||
| Q2 24 | — | $5.1B | ||
| Q1 24 | — | $5.6B |
| Q4 25 | — | $9.4B | ||
| Q3 25 | — | $8.9B | ||
| Q2 25 | — | $8.5B | ||
| Q1 25 | $192.3B | $8.4B | ||
| Q4 24 | — | $8.2B | ||
| Q3 24 | — | $7.8B | ||
| Q2 24 | — | $7.5B | ||
| Q1 24 | — | $7.3B |
| Q4 25 | — | $35.2B | ||
| Q3 25 | — | $32.9B | ||
| Q2 25 | — | $31.9B | ||
| Q1 25 | $3017.0B | $31.7B | ||
| Q4 24 | — | $32.4B | ||
| Q3 24 | — | $30.6B | ||
| Q2 24 | — | $29.7B | ||
| Q1 24 | — | $29.7B |
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 | $1.5B |
| Free Cash FlowOCF − Capex | $64.0B | $1.0B |
| FCF MarginFCF / Revenue | 223.9% | 6.6% |
| Capex IntensityCapex / Revenue | 4.7% | 3.5% |
| Cash ConversionOCF / Net Profit | 8.90× | 1.06× |
| TTM Free Cash FlowTrailing 4 quarters | — | $4.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | — | $394.0M | ||
| Q1 25 | $65.3B | $2.7B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $737.0M | ||
| Q1 24 | — | $2.8B |
| Q4 25 | — | $1.0B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $-103.0M | ||
| Q1 25 | $64.0B | $2.2B | ||
| Q4 24 | — | $624.0M | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $318.0M | ||
| Q1 24 | — | $2.4B |
| Q4 25 | — | 6.6% | ||
| Q3 25 | — | 9.2% | ||
| Q2 25 | — | -0.8% | ||
| Q1 25 | 223.9% | 13.4% | ||
| Q4 24 | — | 4.4% | ||
| Q3 24 | — | 7.9% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 14.4% |
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 3.8% | ||
| Q1 25 | 4.7% | 3.1% | ||
| Q4 24 | — | 3.0% | ||
| Q3 24 | — | 4.2% | ||
| Q2 24 | — | 3.4% | ||
| Q1 24 | — | 2.7% |
| Q4 25 | — | 1.06× | ||
| Q3 25 | — | 1.44× | ||
| Q2 25 | — | 0.38× | ||
| Q1 25 | 8.90× | 1.93× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 1.48× | ||
| Q2 24 | — | 0.69× | ||
| Q1 24 | — | 2.00× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HSBC
Segment breakdown not available.
TJX
| Marmaxx | $9.0B | 60% |
| Home Goods | $2.5B | 17% |
| TJX International | $2.0B | 14% |
| Tjx Canada | $1.5B | 10% |
