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Side-by-side financial comparison of HSBC HOLDINGS PLC (HSBC) and T-Mobile US (TMUS). Click either name above to swap in a different company.
HSBC HOLDINGS PLC is the larger business by last-quarter revenue ($28.6B vs $23.1B, roughly 1.2× T-Mobile US). HSBC HOLDINGS PLC runs the higher net margin — 25.7% vs 10.8%, a 14.8% gap on every dollar of revenue. HSBC HOLDINGS PLC produced more free cash flow last quarter ($64.0B vs $4.6B).
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.
T-Mobile US, Inc. is an American wireless network operator headquartered in Bellevue, Washington. Its majority shareholder and namesake is the German telecommunications company Deutsche Telekom. T-Mobile is the second largest wireless carrier in the United States, with 140 million subscribers as of September 30, 2025.
HSBC vs TMUS — Head-to-Head
Income Statement — Q4 FY2024 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $28.6B | $23.1B |
| Net Profit | $7.3B | $2.5B |
| Gross Margin | — | — |
| Operating Margin | 33.1% | 20.8% |
| Net Margin | 25.7% | 10.8% |
| Revenue YoY | — | 10.6% |
| Net Profit YoY | — | -15.2% |
| EPS (diluted) | $0.36 | $2.27 |
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 | — | $23.1B | ||
| Q4 25 | — | $24.3B | ||
| Q3 25 | — | $22.0B | ||
| Q2 25 | — | $21.1B | ||
| Q1 25 | $28.6B | $20.9B | ||
| Q4 24 | — | $21.9B | ||
| Q3 24 | — | $20.2B | ||
| Q2 24 | — | $19.8B |
| Q1 26 | — | $2.5B | ||
| Q4 25 | — | $2.1B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $3.2B | ||
| Q1 25 | $7.3B | $3.0B | ||
| Q4 24 | — | $3.0B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $2.9B |
| Q1 26 | — | 20.8% | ||
| Q4 25 | — | 15.4% | ||
| Q3 25 | — | 20.6% | ||
| Q2 25 | — | 24.7% | ||
| Q1 25 | 33.1% | 23.0% | ||
| Q4 24 | — | 21.0% | ||
| Q3 24 | — | 23.8% | ||
| Q2 24 | — | 23.4% |
| Q1 26 | — | 10.8% | ||
| Q4 25 | — | 8.6% | ||
| Q3 25 | — | 12.4% | ||
| Q2 25 | — | 15.2% | ||
| Q1 25 | 25.7% | 14.1% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 15.2% | ||
| Q2 24 | — | 14.8% |
| Q1 26 | — | $2.27 | ||
| Q4 25 | — | $1.89 | ||
| Q3 25 | — | $2.41 | ||
| Q2 25 | — | $2.84 | ||
| Q1 25 | $0.36 | $2.58 | ||
| Q4 24 | — | $2.56 | ||
| Q3 24 | — | $2.61 | ||
| Q2 24 | — | $2.49 |
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 | $3.5B |
| Total DebtLower is stronger | — | $86.0B |
| Stockholders' EquityBook value | $192.3B | $55.9B |
| Total Assets | $3017.0B | $214.7B |
| Debt / EquityLower = less leverage | — | 1.54× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.5B | ||
| Q4 25 | — | $5.6B | ||
| Q3 25 | — | $3.3B | ||
| Q2 25 | — | $10.3B | ||
| Q1 25 | $434.9B | $12.0B | ||
| Q4 24 | — | $5.4B | ||
| Q3 24 | — | $9.8B | ||
| Q2 24 | — | $6.4B |
| Q1 26 | — | $86.0B | ||
| Q4 25 | — | $86.3B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $78.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | $55.9B | ||
| Q4 25 | — | $59.2B | ||
| Q3 25 | — | $60.5B | ||
| Q2 25 | — | $61.1B | ||
| Q1 25 | $192.3B | $61.1B | ||
| Q4 24 | — | $61.7B | ||
| Q3 24 | — | $64.3B | ||
| Q2 24 | — | $62.6B |
| Q1 26 | — | $214.7B | ||
| Q4 25 | — | $219.2B | ||
| Q3 25 | — | $217.2B | ||
| Q2 25 | — | $212.6B | ||
| Q1 25 | $3017.0B | $214.6B | ||
| Q4 24 | — | $208.0B | ||
| Q3 24 | — | $210.7B | ||
| Q2 24 | — | $208.6B |
| Q1 26 | — | 1.54× | ||
| Q4 25 | — | 1.46× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.27× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $7.2B |
| Free Cash FlowOCF − Capex | $64.0B | $4.6B |
| FCF MarginFCF / Revenue | 223.9% | 19.9% |
| Capex IntensityCapex / Revenue | 4.7% | 0.0% |
| Cash ConversionOCF / Net Profit | 8.90× | 2.88× |
| TTM Free Cash FlowTrailing 4 quarters | — | $18.2B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $7.2B | ||
| Q4 25 | — | $6.7B | ||
| Q3 25 | — | $7.5B | ||
| Q2 25 | — | $7.0B | ||
| Q1 25 | $65.3B | $6.8B | ||
| Q4 24 | — | $5.5B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $5.5B |
| Q1 26 | — | $4.6B | ||
| Q4 25 | — | $4.2B | ||
| Q3 25 | — | $4.8B | ||
| Q2 25 | — | $4.6B | ||
| Q1 25 | $64.0B | $4.4B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $3.5B |
| Q1 26 | — | 19.9% | ||
| Q4 25 | — | 17.2% | ||
| Q3 25 | — | 21.9% | ||
| Q2 25 | — | 21.7% | ||
| Q1 25 | 223.9% | 21.0% | ||
| Q4 24 | — | 15.3% | ||
| Q3 24 | — | 20.7% | ||
| Q2 24 | — | 17.6% |
| Q1 26 | — | 0.0% | ||
| Q4 25 | — | 10.1% | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | 11.3% | ||
| Q1 25 | 4.7% | 11.7% | ||
| Q4 24 | — | 10.1% | ||
| Q3 24 | — | 9.7% | ||
| Q2 24 | — | 10.3% |
| Q1 26 | — | 2.88× | ||
| Q4 25 | — | 3.16× | ||
| Q3 25 | — | 2.75× | ||
| Q2 25 | — | 2.17× | ||
| Q1 25 | 8.90× | 2.32× | ||
| Q4 24 | — | 1.86× | ||
| Q3 24 | — | 2.01× | ||
| Q2 24 | — | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HSBC
Segment breakdown not available.
TMUS
| Postpaid service revenues | $15.6B | 68% |
| Other | $7.5B | 32% |
