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Side-by-side financial comparison of HSBC HOLDINGS PLC (HSBC) and United Parcel Service (UPS). Click either name above to swap in a different company.
HSBC HOLDINGS PLC is the larger business by last-quarter revenue ($28.6B vs $21.2B, roughly 1.3× United Parcel Service). HSBC HOLDINGS PLC runs the higher net margin — 25.7% vs 4.1%, a 21.6% gap on every dollar of revenue. HSBC HOLDINGS PLC produced more free cash flow last quarter ($64.0B vs $1.3B).
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.
United Parcel Service, Inc. (UPS) is an American multinational shipping & receiving and supply chain management company founded in 1907. Originally known as the American Messenger Company specializing in telegraphs, UPS has expanded to become a Fortune 500 company and one of the world's largest shipping couriers. UPS today is primarily known for its ground shipping services as well as the UPS Store, a retail chain which assists UPS shipments and provides tools for small businesses.
HSBC vs UPS — Head-to-Head
Income Statement — Q4 FY2024 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $28.6B | $21.2B |
| Net Profit | $7.3B | $864.0M |
| Gross Margin | — | — |
| Operating Margin | 33.1% | — |
| Net Margin | 25.7% | 4.1% |
| Revenue YoY | — | -1.6% |
| Net Profit YoY | — | -27.2% |
| EPS (diluted) | $0.36 | $1.02 |
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 | — | $21.2B | ||
| Q4 25 | — | $24.5B | ||
| Q3 25 | — | $21.4B | ||
| Q2 25 | — | $21.2B | ||
| Q1 25 | $28.6B | $21.5B | ||
| Q4 24 | — | $25.3B | ||
| Q3 24 | — | $22.2B | ||
| Q2 24 | — | $21.8B |
| Q1 26 | — | $864.0M | ||
| Q4 25 | — | $1.8B | ||
| Q3 25 | — | $1.3B | ||
| Q2 25 | — | $1.3B | ||
| Q1 25 | $7.3B | $1.2B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $1.4B |
| Q1 26 | — | — | ||
| Q4 25 | — | 10.5% | ||
| Q3 25 | — | 8.4% | ||
| Q2 25 | — | 8.6% | ||
| Q1 25 | 33.1% | 7.7% | ||
| Q4 24 | — | 11.6% | ||
| Q3 24 | — | 8.9% | ||
| Q2 24 | — | 8.9% |
| Q1 26 | — | 4.1% | ||
| Q4 25 | — | 7.3% | ||
| Q3 25 | — | 6.1% | ||
| Q2 25 | — | 6.0% | ||
| Q1 25 | 25.7% | 5.5% | ||
| Q4 24 | — | 6.8% | ||
| Q3 24 | — | 6.9% | ||
| Q2 24 | — | 6.5% |
| Q1 26 | — | $1.02 | ||
| Q4 25 | — | $2.10 | ||
| Q3 25 | — | $1.55 | ||
| Q2 25 | — | $1.51 | ||
| Q1 25 | $0.36 | $1.40 | ||
| Q4 24 | — | $2.00 | ||
| Q3 24 | — | $1.80 | ||
| Q2 24 | — | $1.65 |
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 | $5.8B |
| Total DebtLower is stronger | — | $23.7B |
| Stockholders' EquityBook value | $192.3B | — |
| Total Assets | $3017.0B | $71.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $5.8B | ||
| Q4 25 | — | $5.9B | ||
| Q3 25 | — | $6.8B | ||
| Q2 25 | — | $6.3B | ||
| Q1 25 | $434.9B | $5.1B | ||
| Q4 24 | — | $6.3B | ||
| Q3 24 | — | $6.1B | ||
| Q2 24 | — | $6.5B |
| Q1 26 | — | $23.7B | ||
| Q4 25 | — | $23.5B | ||
| Q3 25 | — | $23.9B | ||
| Q2 25 | — | $23.8B | ||
| Q1 25 | — | $19.5B | ||
| Q4 24 | — | $19.4B | ||
| Q3 24 | — | $20.3B | ||
| Q2 24 | — | $20.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | $16.2B | ||
| Q3 25 | — | $15.8B | ||
| Q2 25 | — | $15.8B | ||
| Q1 25 | $192.3B | $15.7B | ||
| Q4 24 | — | $16.7B | ||
| Q3 24 | — | $16.9B | ||
| Q2 24 | — | $17.0B |
| Q1 26 | — | $71.8B | ||
| Q4 25 | — | $73.1B | ||
| Q3 25 | — | $71.4B | ||
| Q2 25 | — | $70.9B | ||
| Q1 25 | $3017.0B | $68.5B | ||
| Q4 24 | — | $70.1B | ||
| Q3 24 | — | $68.3B | ||
| Q2 24 | — | $69.4B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.45× | ||
| Q3 25 | — | 1.51× | ||
| Q2 25 | — | 1.51× | ||
| Q1 25 | — | 1.25× | ||
| Q4 24 | — | 1.16× | ||
| Q3 24 | — | 1.21× | ||
| Q2 24 | — | 1.19× |
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 | $1.3B |
| FCF MarginFCF / Revenue | 223.9% | 6.0% |
| Capex IntensityCapex / Revenue | 4.7% | 4.9% |
| Cash ConversionOCF / Net Profit | 8.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $4.6B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $3.3B | ||
| Q3 25 | — | $2.5B | ||
| Q2 25 | — | $348.0M | ||
| Q1 25 | $65.3B | $2.3B | ||
| Q4 24 | — | $3.3B | ||
| Q3 24 | — | $1.5B | ||
| Q2 24 | — | $2.0B |
| Q1 26 | — | $1.3B | ||
| Q4 25 | — | $2.6B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $-775.0M | ||
| Q1 25 | $64.0B | $1.4B | ||
| Q4 24 | — | $2.2B | ||
| Q3 24 | — | $655.0M | ||
| Q2 24 | — | $1.1B |
| Q1 26 | — | 6.0% | ||
| Q4 25 | — | 10.6% | ||
| Q3 25 | — | 7.1% | ||
| Q2 25 | — | -3.7% | ||
| Q1 25 | 223.9% | 6.7% | ||
| Q4 24 | — | 8.8% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 4.9% |
| Q1 26 | — | 4.9% | ||
| Q4 25 | — | 2.9% | ||
| Q3 25 | — | 4.5% | ||
| Q2 25 | — | 5.3% | ||
| Q1 25 | 4.7% | 4.1% | ||
| Q4 24 | — | 4.3% | ||
| Q3 24 | — | 3.8% | ||
| Q2 24 | — | 4.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.84× | ||
| Q3 25 | — | 1.89× | ||
| Q2 25 | — | 0.27× | ||
| Q1 25 | 8.90× | 1.95× | ||
| Q4 24 | — | 1.93× | ||
| Q3 24 | — | 0.97× | ||
| Q2 24 | — | 1.41× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HSBC
Segment breakdown not available.
UPS
| U.S. Domestic Package | $14.1B | 67% |
| International Package | $4.5B | 21% |
| Supply Chain Solutions | $2.5B | 12% |
