v3.25.4
HSBC Holdings income statement - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disclosure Of Face Statements [Line Items]      
Net interest income $ 34,794 $ 32,733 $ 35,796
– interest income [1],[2] 97,872 108,631 100,868
– interest expense [3] (63,078) (75,898) (65,072)
Net fee (expense)/income 13,343 12,301 11,845
Net income from financial instruments held for trading or managed on a fair value basis [4] 19,682 21,116 16,661
Other operating income [5],[6] (1,301) 223 (930)
Total operating income [7] 68,274 65,854 66,058
Employee compensation and benefits (21,512) (20,153) (19,623)
General and administrative expenses (11,959) (10,498) (10,383)
Profit before tax 29,907 32,309 30,348
Tax credit (6,776) (7,310) (5,789)
Profit for the year 23,131 24,999 24,559
HSBC Holdings      
Disclosure Of Face Statements [Line Items]      
Net interest income (5,455) (5,758) (5,339)
– interest income 2,632 3,053 2,864
– interest expense (8,087) (8,811) (8,203)
Net fee (expense)/income (2) (10) 2
Net income from financial instruments held for trading or managed on a fair value basis 182 2,899 1,063
Changes in fair value of designated debt and related derivatives [8] (1,041) (125) (1,468)
Changes in fair value of other financial instruments mandatorily measured at fair value through profit or loss 2,835 2,086 3,692
Gains less losses from financial investments (3) 2 45
Dividend income from subsidiaries [9] 23,816 33,846 16,824
Other operating income 228 276 332
Total operating income 20,560 33,216 15,151
Employee compensation and benefits (31) (29) (15)
General and administrative expenses (1,277) (1,148) (1,327)
(Impairment) of subsidiaries/reversal of impairment [9] 2,720 (11,490) (5,574)
Total operating expenses 1,412 (12,667) (6,916)
Profit before tax 21,972 20,549 8,235
Tax credit 639 499 977
Profit for the year $ 22,611 $ 21,048 $ 9,212
[1] Includes $83.3bn (2024: $93.4bn; 2023: $88.7bn) of interest recognised on financial assets measured at amortised cost and $14.5bn (2024: $15.3bn; 2023:
$12.1bn) of interest recognised on financial assets measured at fair value through other comprehensive income. In 2024, it also includes a net $0.2bn loss
related to the early redemption of legacy securities.
[2] Interest income is calculated using the effective interest method and comprises interest recognised on financial assets measured at either amortised cost or fair value through other comprehensive income.
[3] Interest expense includes $60.1bn (2024: $72.6bn; 2023: $62.1bn) of interest on financial instruments, excluding interest on debt instruments issued by HSBC
for funding purposes that are designated under the fair value option to reduce an accounting mismatch and on derivatives managed in conjunction with those
debt instruments included in interest expense.
[4] In 2025, the amounts include a $0.1bn (2024: $0.1bn gain) mark-to-market gain on interest rate hedging of the portfolio of retained loans post sale of our retail banking
operations in France and a $0.1bn fair value loss on Grupo Financiero Galicia‘s (‘Galicia‘) American Depositary Receipts (‘ADRs‘) received as purchase consideration
from the sale of our business in Argentina. In 2024, the amounts include a $0.3bn gain (2023: $0.3bn loss) on the foreign exchange hedging of the proceeds from the
sale of our banking business in Canada.
[5] In 2025, the amounts include recycling of cumulative fair value losses of $1.5bn relating to the French retained portfolio of home and certain other loans
following the completion of its sale to a consortium comprising Rothesay Life plc and CCF and a loss of $1.1bn inclusive of reserves recycling as a result of the
dilution of our shareholding in BoCom. We have also recognised a $1.0bn impairment loss following an impairment test on the carrying value of the Group’s
investment in BoCom in ‘Impairment of interest in associate’. See Note 18 on pages 345 to 348.
[6] Includes a loss on net monetary positions of $0.2bn (2024: $1.2bn; 2023: $1.7bn) as a result of applying IAS 29 ‘Financial Reporting in Hyperinflationary Economies’.
[7] Also referred to as revenue.
[8] The debt instruments, issued for funding purposes, are designated under the fair value option to reduce an accounting mismatch.
[9] The amounts recorded within profit before tax with respect to dividend income from subsidiaries and impairment/reversal of impairment of subsidiaries are not
subject to tax.