vs
Side-by-side financial comparison of HSBC HOLDINGS PLC (HSBC) and Verizon (VZ). Click either name above to swap in a different company.
Verizon is the larger business by last-quarter revenue ($34.4B vs $28.6B, roughly 1.2× HSBC HOLDINGS PLC). HSBC HOLDINGS PLC runs the higher net margin — 25.7% vs 14.9%, a 10.7% 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.
Verizon Communications Inc., is an American telecommunications company headquartered in New York City. It is the world's second-largest telecommunications company by revenue and its mobile network is the largest wireless carrier in the United States, with 146.1 million subscribers as of June 30, 2025.
HSBC vs VZ — Head-to-Head
Income Statement — Q4 FY2024 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $28.6B | $34.4B |
| Net Profit | $7.3B | $5.1B |
| Gross Margin | — | — |
| Operating Margin | 33.1% | 23.9% |
| Net Margin | 25.7% | 14.9% |
| Revenue YoY | — | 2.9% |
| Net Profit YoY | — | 3.4% |
| EPS (diluted) | $0.36 | — |
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 | — | $34.4B | ||
| Q4 25 | — | $36.4B | ||
| Q3 25 | — | $33.8B | ||
| Q2 25 | — | $34.5B | ||
| Q1 25 | $28.6B | $33.5B | ||
| Q4 24 | — | $35.7B | ||
| Q3 24 | — | $33.3B | ||
| Q2 24 | — | $32.8B |
| Q1 26 | — | $5.1B | ||
| Q4 25 | — | $2.3B | ||
| Q3 25 | — | $5.0B | ||
| Q2 25 | — | $5.0B | ||
| Q1 25 | $7.3B | $4.9B | ||
| Q4 24 | — | $5.0B | ||
| Q3 24 | — | $3.3B | ||
| Q2 24 | — | $4.6B |
| Q1 26 | — | 23.9% | ||
| Q4 25 | — | 13.8% | ||
| Q3 25 | — | 24.0% | ||
| Q2 25 | — | 23.7% | ||
| Q1 25 | 33.1% | 23.8% | ||
| Q4 24 | — | 20.8% | ||
| Q3 24 | — | 17.8% | ||
| Q2 24 | — | 23.8% |
| Q1 26 | — | 14.9% | ||
| Q4 25 | — | 6.4% | ||
| Q3 25 | — | 14.6% | ||
| Q2 25 | — | 14.5% | ||
| Q1 25 | 25.7% | 14.6% | ||
| Q4 24 | — | 14.0% | ||
| Q3 24 | — | 9.9% | ||
| Q2 24 | — | 14.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | $0.56 | ||
| Q3 25 | — | $1.17 | ||
| Q2 25 | — | $1.18 | ||
| Q1 25 | $0.36 | $1.15 | ||
| Q4 24 | — | $1.18 | ||
| Q3 24 | — | $0.78 | ||
| Q2 24 | — | $1.09 |
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 | $8.4B |
| Total DebtLower is stronger | — | $144.2B |
| Stockholders' EquityBook value | $192.3B | $104.6B |
| Total Assets | $3017.0B | $417.9B |
| Debt / EquityLower = less leverage | — | 1.38× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $8.4B | ||
| Q4 25 | — | $19.0B | ||
| Q3 25 | — | $7.7B | ||
| Q2 25 | — | $3.4B | ||
| Q1 25 | $434.9B | $2.3B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $5.0B | ||
| Q2 24 | — | $2.4B |
| Q1 26 | — | $144.2B | ||
| Q4 25 | — | $139.5B | ||
| Q3 25 | — | $126.6B | ||
| Q2 25 | — | $123.9B | ||
| Q1 25 | — | $121.0B | ||
| Q4 24 | — | $121.4B | ||
| Q3 24 | — | $128.9B | ||
| Q2 24 | — | $126.0B |
| Q1 26 | — | $104.6B | ||
| Q4 25 | — | $105.7B | ||
| Q3 25 | — | $106.3B | ||
| Q2 25 | — | $104.4B | ||
| Q1 25 | $192.3B | $102.0B | ||
| Q4 24 | — | $100.6B | ||
| Q3 24 | — | $97.7B | ||
| Q2 24 | — | $97.5B |
| Q1 26 | — | $417.9B | ||
| Q4 25 | — | $404.3B | ||
| Q3 25 | — | $388.3B | ||
| Q2 25 | — | $383.3B | ||
| Q1 25 | $3017.0B | $380.4B | ||
| Q4 24 | — | $384.7B | ||
| Q3 24 | — | $381.2B | ||
| Q2 24 | — | $379.1B |
| Q1 26 | — | 1.38× | ||
| Q4 25 | — | 1.32× | ||
| Q3 25 | — | 1.19× | ||
| Q2 25 | — | 1.19× | ||
| Q1 25 | — | 1.19× | ||
| Q4 24 | — | 1.21× | ||
| Q3 24 | — | 1.32× | ||
| Q2 24 | — | 1.29× |
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 | $8.0B |
| Free Cash FlowOCF − Capex | $64.0B | $3.8B |
| FCF MarginFCF / Revenue | 223.9% | 11.0% |
| Capex IntensityCapex / Revenue | 4.7% | 12.2% |
| Cash ConversionOCF / Net Profit | 8.90× | 1.55× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $8.0B | ||
| Q4 25 | — | $9.1B | ||
| Q3 25 | — | $11.3B | ||
| Q2 25 | — | $9.0B | ||
| Q1 25 | $65.3B | $7.8B | ||
| Q4 24 | — | $10.4B | ||
| Q3 24 | — | $9.9B | ||
| Q2 24 | — | $9.5B |
| Q1 26 | — | $3.8B | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | $64.0B | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | 11.0% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 223.9% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | 12.2% | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | 1.55× | ||
| Q4 25 | — | 3.89× | ||
| Q3 25 | — | 2.28× | ||
| Q2 25 | — | 1.79× | ||
| Q1 25 | 8.90× | 1.59× | ||
| Q4 24 | — | 2.08× | ||
| Q3 24 | — | 3.00× | ||
| Q2 24 | — | 2.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HSBC
Segment breakdown not available.
VZ
| Service revenues and other | $28.8B | 84% |
| Wireless equipment revenues | $5.7B | 16% |
