v3.25.4
Tax - Tax reconciliation (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]      
Profit before tax $ 29,907 $ 32,309 $ 30,348
Taxation at UK corporation tax rate of 25.0% (2024: 25.0%, 2023: 23.5%) 7,477 8,077 7,132
Impact of differently taxed overseas profits in overseas locations (1,316) (1,351) (612)
UK banking surcharge 179 215 350
– local taxes and overseas withholding taxes 692 584 419
– movements in unrecognised deferred tax 314 259 (22)
– fines and provisions for legal settlements 294 0 0
– impairment of investment in BoCom 250 0 705
– other permanent disallowables 237 344 227
– dilution loss on the Group’s investment in BoCom 128 0 0
– movements in provisions for uncertain tax positions 118 38 (472)
– impact of business disposals 100 0 0
– non-deductible bank levy expense 75 73 112
– impact of global and domestic minimum taxes 48 221 0
– impact of changes in tax rates 35 6 17
– impact of hyperinflation 32 327 348
– tax impact of sale of HSBC Argentina 0 1,536 0
– non-taxable income and gains (970) (1,079) (1,189)
– effect of profits in associates and joint ventures (582) (456) (571)
– deductions for AT1 coupon payments (249) (249) (229)
– adjustments in respect of prior periods (86) (46) 16
– non-taxable gain on disposal of HSBC Canada 0 (1,174) 0
– impact of sale of French retail banking business 0 (15) 0
– accounting gain on acquisition of SVB UK 0 0 (442)
Total tax expense $ 6,776 $ 7,310 $ 5,789
Reconciliation of average effective tax rate and applicable tax rate [abstract]      
Taxation at UK corporation tax rate of 25.0% (2024: 25.0%, 2023: 23.5%) 25.00% 25.00% 23.50%
Impact of differently taxed overseas profits in overseas locations (4.40%) (4.20%) (2.00%)
UK banking surcharge 0.60% 0.70% 1.20%
– local taxes and overseas withholding taxes 2.30% 1.80% 1.40%
– movements in unrecognised deferred tax 1.00% 0.70% (0.10%)
– fines and provisions for legal settlements 1.00% 0.00% 0.00%
– impairment of investment in BoCom 0.80% 0.00% 2.30%
– other permanent disallowables 0.80% 1.00% 0.70%
– dilution loss on the Group’s investment in BoCom 0.40% 0.00% 0.00%
– movements in provisions for uncertain tax positions 0.40% 0.10% (1.60%)
– impact of business disposals 0.30% 0.00% 0.00%
– non-deductible bank levy expense 0.30% 0.20% 0.40%
– impact of global and domestic minimum taxes 0.20% 0.70% 0.00%
– impact of changes in tax rates 0.10% 0.00% 0.10%
– impact of hyperinflation 0.10% 1.00% 1.10%
– tax impact of sale of HSBC Argentina 0.00% 4.80% 0.00%
– non-taxable income and gains (3.20%) (3.30%) (3.90%)
– effect of profits in associates and joint ventures (1.90%) (1.40%) (1.90%)
– deductions for AT1 coupon payments (0.80%) (0.80%) (0.70%)
– adjustments in respect of prior periods (0.30%) (0.10%) 0.10%
– non-taxable gain on disposal of HSBC Canada 0.00% (3.60%) 0.00%
– impact of sale of French retail banking business 0.00% 0.00% 0.00%
– accounting gain on acquisition of SVB UK 0.00% 0.00% (1.50%)
Average effective tax rate 22.70% 22.60% 19.10%