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Side-by-side financial comparison of HSBC HOLDINGS PLC (HSBC) and Walgreens Boots Alliance (WBA). Click either name above to swap in a different company.
Walgreens Boots Alliance is the larger business by last-quarter revenue ($39.0B vs $28.6B, roughly 1.4× HSBC HOLDINGS PLC). HSBC HOLDINGS PLC runs the higher net margin — 25.7% vs -0.4%, a 26.1% gap on every dollar of revenue. HSBC HOLDINGS PLC produced more free cash flow last quarter ($64.0B vs $336.0M).
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.
Walgreens Boots Alliance, Inc. (WBA) was an American multinational holding company headquartered in Deerfield, Illinois. The company was formed on December 31, 2014, after Walgreens bought the 55% stake in Alliance Boots that it did not already own. The total price of the acquisition was $4.9 billion in cash and 144.3 million common shares with fair value of $10.7 billion. Walgreens had previously purchased 45% of the company for $4.0 billion and 83.
HSBC vs WBA — Head-to-Head
Income Statement — Q4 FY2024 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $28.6B | $39.0B |
| Net Profit | $7.3B | $-175.0M |
| Gross Margin | — | 16.7% |
| Operating Margin | 33.1% | 0.1% |
| Net Margin | 25.7% | -0.4% |
| Revenue YoY | — | 7.2% |
| Net Profit YoY | — | -150.9% |
| EPS (diluted) | $0.36 | $-0.20 |
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.
| Q2 25 | — | $39.0B | ||
| Q1 25 | $28.6B | $38.6B | ||
| Q4 24 | — | $39.5B | ||
| Q3 24 | — | $37.5B | ||
| Q2 24 | — | $36.4B | ||
| Q1 24 | — | $37.1B | ||
| Q4 23 | — | $36.7B | ||
| Q3 23 | — | $35.4B |
| Q2 25 | — | $-175.0M | ||
| Q1 25 | $7.3B | $-2.9B | ||
| Q4 24 | — | $-265.0M | ||
| Q3 24 | — | $-3.0B | ||
| Q2 24 | — | $344.0M | ||
| Q1 24 | — | $-5.9B | ||
| Q4 23 | — | $-67.0M | ||
| Q3 23 | — | $-180.0M |
| Q2 25 | — | 16.7% | ||
| Q1 25 | — | 18.0% | ||
| Q4 24 | — | 17.2% | ||
| Q3 24 | — | 16.7% | ||
| Q2 24 | — | 17.8% | ||
| Q1 24 | — | 19.0% | ||
| Q4 23 | — | 18.4% | ||
| Q3 23 | — | 18.3% |
| Q2 25 | — | 0.1% | ||
| Q1 25 | 33.1% | -14.4% | ||
| Q4 24 | — | -0.6% | ||
| Q3 24 | — | -2.6% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | -35.5% | ||
| Q4 23 | — | -0.1% | ||
| Q3 23 | — | -1.3% |
| Q2 25 | — | -0.4% | ||
| Q1 25 | 25.7% | -7.4% | ||
| Q4 24 | — | -0.7% | ||
| Q3 24 | — | -8.0% | ||
| Q2 24 | — | 0.9% | ||
| Q1 24 | — | -15.9% | ||
| Q4 23 | — | -0.2% | ||
| Q3 23 | — | -0.5% |
| Q2 25 | — | $-0.20 | ||
| Q1 25 | $0.36 | $-3.30 | ||
| Q4 24 | — | $-0.31 | ||
| Q3 24 | — | $-3.48 | ||
| Q2 24 | — | $0.40 | ||
| Q1 24 | — | $-6.85 | ||
| Q4 23 | — | $-0.08 | ||
| Q3 23 | — | $-0.21 |
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 | $830.0M |
| Total DebtLower is stronger | — | $7.4B |
| Stockholders' EquityBook value | $192.3B | $7.2B |
| Total Assets | $3017.0B | $69.4B |
| Debt / EquityLower = less leverage | — | 1.03× |
8-quarter trend — quarters aligned by calendar period.
| Q2 25 | — | $830.0M | ||
| Q1 25 | $434.9B | $1.1B | ||
| Q4 24 | — | $1.2B | ||
| Q3 24 | — | $3.1B | ||
| Q2 24 | — | $703.0M | ||
| Q1 24 | — | $668.0M | ||
| Q4 23 | — | $784.0M | ||
| Q3 23 | — | $739.0M |
| Q2 25 | — | $7.4B | ||
| Q1 25 | — | $8.0B | ||
| Q4 24 | — | $8.1B | ||
| Q3 24 | — | $9.6B | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | $9.1B |
| Q2 25 | — | $7.2B | ||
| Q1 25 | $192.3B | $7.1B | ||
| Q4 24 | — | $9.9B | ||
| Q3 24 | — | $10.4B | ||
| Q2 24 | — | $13.6B | ||
| Q1 24 | — | $13.5B | ||
| Q4 23 | — | $19.5B | ||
| Q3 23 | — | $20.0B |
| Q2 25 | — | $69.4B | ||
| Q1 25 | $3017.0B | $70.2B | ||
| Q4 24 | — | $78.5B | ||
| Q3 24 | — | $81.0B | ||
| Q2 24 | — | $83.0B | ||
| Q1 24 | — | $84.2B | ||
| Q4 23 | — | $97.8B | ||
| Q3 23 | — | $96.6B |
| Q2 25 | — | 1.03× | ||
| Q1 25 | — | 1.13× | ||
| Q4 24 | — | 0.81× | ||
| Q3 24 | — | 0.92× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | 0.45× |
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 | $584.0M |
| Free Cash FlowOCF − Capex | $64.0B | $336.0M |
| FCF MarginFCF / Revenue | 223.9% | 0.9% |
| Capex IntensityCapex / Revenue | 4.7% | 0.6% |
| Cash ConversionOCF / Net Profit | 8.90× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $580.0M |
8-quarter trend — quarters aligned by calendar period.
| Q2 25 | — | $584.0M | ||
| Q1 25 | $65.3B | $-199.0M | ||
| Q4 24 | — | $-140.0M | ||
| Q3 24 | — | $1.3B | ||
| Q2 24 | — | $604.0M | ||
| Q1 24 | — | $-637.0M | ||
| Q4 23 | — | $-281.0M | ||
| Q3 23 | — | $1.0B |
| Q2 25 | — | $336.0M | ||
| Q1 25 | $64.0B | $-418.0M | ||
| Q4 24 | — | $-424.0M | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $327.0M | ||
| Q1 24 | — | $-989.0M | ||
| Q4 23 | — | $-787.0M | ||
| Q3 23 | — | $555.0M |
| Q2 25 | — | 0.9% | ||
| Q1 25 | 223.9% | -1.1% | ||
| Q4 24 | — | -1.1% | ||
| Q3 24 | — | 2.9% | ||
| Q2 24 | — | 0.9% | ||
| Q1 24 | — | -2.7% | ||
| Q4 23 | — | -2.1% | ||
| Q3 23 | — | 1.6% |
| Q2 25 | — | 0.6% | ||
| Q1 25 | 4.7% | 0.6% | ||
| Q4 24 | — | 0.7% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 0.8% | ||
| Q1 24 | — | 1.0% | ||
| Q4 23 | — | 1.4% | ||
| Q3 23 | — | 1.4% |
| Q2 25 | — | — | ||
| Q1 25 | 8.90× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.76× | ||
| Q1 24 | — | — | ||
| Q4 23 | — | — | ||
| Q3 23 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HSBC
Segment breakdown not available.
WBA
| Pharmacy | $24.4B | 63% |
| Retail | $6.3B | 16% |
| International Reportable Segment | $6.2B | 16% |
| US Healthcare | $2.1B | 5% |
