NYSE$HSBC
HSBC-ADR · Q4 2026 earnings
Q4 2026 earnings · · Before market open · Investor relations
Briefing
HSBC Holdings reported Q1 2026 profit after tax of $7.4B on $18.6B revenue, with diluted EPS of $0.40.
For the quarter ended 31 March 2026, HSBC reported profit before tax of $9.4B (down $0.1B year over year) on revenue of $18.6B (up 6%). Profit after tax was $7.4B and diluted EPS was $0.40 versus $0.39 a year ago; basic EPS excluding material notable items was $0.44. Annualised RoTE was 17.3% (18.7% excluding notable items). Higher expected credit losses and operating expenses were partly offset by strong Wealth fee income and banking NII growth. The board declared a first interim dividend of $0.10 per share.
- Revenue of $18.6B (+6% YoY) and profit after tax of $7.4B; diluted EPS $0.40 with $0.44 basic EPS excluding material notable items.
- Annualised RoTE 17.3% (18.7% excluding notable items); CET1 ratio 14.0%, down 0.9 ppt from 31 December 2025 after the Hang Seng privatisation and dividends.
- ECL of $1.3B rose $0.4B YoY, including a $0.4B UK fraud-related charge and $0.3B of additional allowances for heightened macro uncertainty after the Middle East conflict.
- Banking NII increased $0.7B to $11.3B; Hong Kong revenue $4.0B and CIB revenue $7.8B led segment revenue, with Wealth driving fee growth across IWPB and Hong Kong.
- Completed privatisation of Hang Seng Bank in January 2026; organisational simplification has actioned ~$1.4B of the $1.5B annualised cost-save target ahead of schedule.
Headline financials
Revenue & EPS history
HSBC · Revenue · Quarterly
$18.6B
Revenue by segment
HSBC · $18.8B total across 4 segments · Q4 2026
- Corporate and Institutional Banking$7.79B—41.4%
- Hong Kong$4.02B—21.4%
- International Wealth and Premier Banking$3.75B—19.9%
- UK$3.25B—17.3%
Forward guidance
Management retained February 2026 targets including RoTE of 17% or better through 2028 (excluding notable items), while updating 2026 banking NII guidance to around $46B (from at least $45B) and ECL as a percentage of average gross loans to around 45bps (from ~40bps). The group continues to target ~1% growth in target-basis operating expenses versus 2025 and intends to manage CET1 within 14.0–14.5%, with buybacks subject to quarterly review.
Tailwinds
- Banking NII guidance raised to around $46B for 2026 on an improved rate outlook.
- RoTE target of 17% or better maintained for 2026–2028 excluding notable items.
- First interim 2026 dividend of $0.10 per share declared; simplification cost saves tracking ahead of plan.
- Wealth net new money of $39B in 1Q26 ($34B in Asia) with strong fee momentum.
Headwinds
- ECL charge guidance increased to ~45bps of average gross loans for 2026 amid heightened macro uncertainty.
- Integrated downside stress scenarios could reduce PBT by a mid-to-high single-digit percentage and push RoTE below 17% in 2026 if unmitigated.
- CET1 at 14.0% may temporarily fall below the 14.0–14.5% target range in January 2026 before normalising.
- Notable items in 1Q26 included $0.3B Malta held-for-sale loss and $0.2B FX reserve recycling on the UK life sale.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2026
+41.2%
Avg return
Earnings day
+0.2%
Avg return
5 days after
+0.2%
Avg return
30 days after
50%
19 / 38 earnings
Positive
+1558.1%
Q1 2023
Best reaction
-6.6%
Q3 2022
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | +7.1% | +0.0% | +2.7% | |
| Q3 2025 | +4.3% | +4.3% | +5.0% | |
| Q2 2025 | -5.5% | -5.0% | -0.9% | |
| Q1 2025 | -0.2% | +0.3% | +5.1% | |
| Q4 2024 | -0.3% | -2.1% | +1.7% | |
| Q3 2024 | +2.0% | +2.2% | +3.3% | |
| Q1 2024 | +4.4% | +5.4% | +5.0% | |
| Q3 2023 | -1.4% | +2.0% | +3.6% | |
| Q2 2023 | -1.5% | -2.4% | -10.7% | |
| Q1 2023 | +1558.1% | +6.6% | +4.4% | |
| Q4 2022 | +2.5% | +1.8% | -10.3% | |
| Q3 2022 | -6.6% | -3.7% | +9.4% | |
| Q2 2022 | +4.0% | +4.5% | -1.8% | |
| Q1 2022 | -3.1% | -4.2% | +1.9% | |
| Q4 2021 | +0.2% | -1.5% | -7.4% | |
| Q3 2021 | +2.8% | +0.2% | -1.4% | |
| Q2 2021 | +0.2% | +3.0% | -3.3% | |
| Q1 2021 | +4.9% | +6.4% | +9.0% | |
| Q4 2020 | +1.0% | +0.5% | -2.7% | |
| Q3 2020 | -0.1% | +1.2% | +29.0% | |
| Q2 2020 | -1.6% | -5.8% | -5.4% | |
| Q1 2020 | +2.9% | -2.1% | -8.6% | |
| Q4 2019 | -5.6% | -3.9% | -24.6% | |
| Q3 2019 | -4.8% | -3.7% | -4.8% | |
| Q2 2019 | -2.8% | -4.0% | -6.7% | |
| Q1 2019 | -0.8% | -1.4% | -6.2% | |
| Q4 2018 | -3.1% | -4.9% | -4.0% | |
| Q3 2018 | +5.3% | +8.5% | +11.9% | |
| Q2 2018 | +0.0% | -1.7% | -7.2% | |
| Q1 2018 | -1.5% | -0.6% | -2.1% | |
| Q4 2017 | -1.7% | -4.8% | -10.8% | |
| Q2 2017 | +2.9% | -1.7% | +1.2% | |
| Q3 2017 | -1.9% | -1.7% | +1.2% | |
| Q4 2016 | -4.6% | +1.5% | +2.3% | |
| Q1 2017 | +2.1% | +3.1% | +5.2% | |
| Q3 2016 | +4.2% | +5.9% | +16.0% | |
| Q2 2016 | +7.1% | +4.3% | +7.0% | |
| Q1 2016 | -3.5% | — | — | |
| Q3 2015 | — | — | — | |
| Q4 2015 | — | — | — |
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