HSBC Holdings plc (HSBC) Earnings
HSBC Holdings plc is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $2.25. HSBC has beaten EPS estimates in 8 of its last 12 reported quarters (average surprise +6.7% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $2.18 | $2.20 | +0.9% | $19.1B | +2.8% |
| Feb 25, 2026 | $1.80 | $1.85 | +2.8% | $17.7B | +4.0% |
| Jul 30, 2025 | $1.62 | $1.95 | +20.4% | $14.4B | -12.4% |
| Feb 19, 2025 | $1.41 | $1.45 | +2.8% | $17.0B | +2.2% |
| Jul 31, 2024 | $1.61 | $1.65 | +2.5% | $16.5B | +2.5% |
| Apr 30, 2024 | $1.61 | $1.70 | +5.6% | $17.3B | -1.6% |
| Feb 21, 2024 | $0.90 | $0.57 | -36.7% | $13.6B | -11.7% |
| Aug 1, 2023 | $1.50 | $1.70 | +13.3% | $20.0B | +26.3% |
| May 1, 2023 | $1.75 | $2.60 | +48.6% | $16.5B | +1.2% |
| Feb 21, 2023 | $1.17 | $1.15 | -1.7% | $21.1B | +45.4% |
| Aug 1, 2022 | $0.97 | $1.35 | +39.2% | $15.0B | +18.8% |
| Feb 22, 2022 | $0.90 | $0.45 | -50.0% | $15.6B | +30.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 5, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Had positive performance with annualized return on tangible equity 18.7%; Continued disciplined progress in simplifying the group, actioned $0.2 billion of simplification saves; Revenue excluding notable items grew 4% year on year; On track to achieve 1% cost growth in 2026 compared to 2025 on target basis; Customer deposits momentum with $99 billion growth over last 12 months, loans growth picked up; CET1 capital ratio 14%; Reiterate targets of revenue rising to 5% year-on-year growth by 2028, return on tangible equity of 17% or better, dividends 50% of earnings per share.
Guidance
Update banking NII to around $46 billion given higher rate outlook; Update ECL charge to 45 basis points given macroeconomic and market uncertainty; Assessed range of top-down stress scenarios.
Segment performance
Banking NII increased $0.3 billion year on year to $11.3 billion, fell $0.5 billion quarter on quarter; Wholesale transaction banking saw fee and other income grow 2% year on year; Wealth grew fee and other income 15% to $2.7 billion, added 287,000 new-to-bank customers in Hong Kong; Credit's first quarter ECL charge was $1.3 billion, equivalent to 52 basis points annualized, updated full year 2026 guidance to around 45 basis points, including $0.3 billion related to Middle East conflict and $0.4 billion for fraud-related secondary securitization exposure.
Risks & headwinds
Middle East conflict impact on ECL; Fraud-related secondary securitization exposure risk; Macroeconomic uncertainty risks.
Analyst Q&A
Q: On wealth, flows in competitive landscape in Hong Kong and private markets approach.
A: Pleased with CSM balance and investment distribution, saw shift in products, private credit exposure within comfortable range and working on due diligence;
Q: On cost growth and Middle East scenario stress scenarios.
A: Simplification actions will give savings in second half, Middle East scenario involves severe stock market drop, oil price surge, etc., and impact on revenue and ECL;
Q: On Middle East scenario breakdown and banking NII sequential drivers.
A: Impact equal on revenues and ECLs, banking NII guidance conservative considering uncertainties;
Q: On private credit exposure proportion and wealth revenue growth difference.
A: Exposure accounts for part of $3 billion bucket, fee income growth due to CSM balances flowing through over time;
Q: On fraud cases color and downside scenario.
A: Fraud is idiosyncratic, downside scenario 45% built from various factors and unlikely to shift much;
Q: On wealth net new money and capital share buybacks.
A: Q1 strong for investments, capital generation strong, share buyback decision quarterly;
Q: On Hang Seng synergies and global footprint.
A: Synergies to come through later, Indonesia retail business not meeting wealth strategy hurdle rate;
Q: On credit costs and CSM in wealth.
A: Credit costs with idiosyncratic and Middle East elements, CSM balances drip fee over 9 - 10 years;
Q: On banking NII guidance and revenue growth.
A: Banking NII guidance based on mid-April yield curves, outer year revenue growth affected by yield curve changes