HSBC earnings: October 27, 2026 results
HSBC's next results are expected on October 27, 2026. Watch whether Banking NII is tracking towards at least $46bn and whether credit losses remain near 45 basis points.
What has HSBC guided for 2026 through 2028?
RoTE means return on average tangible equity: profit for ordinary shareholders measured against capital after removing goodwill and other intangible assets. HSBC’s floor is 17% or better. It applies in each year from 2026 through 2028. In the first half of 2026, annualised RoTE was 18.2%, or 19.1% excluding notable items such as restructuring and disposal effects. That explains why the target can differ from reported profit.
Expected credit losses, or ECL, are accounting estimates for loans that may not be fully repaid. HSBC expects around 45 basis points in 2026. That is above its 30–40 basis-point medium-term range. Operating expenses should rise about 1%. It also retains a net-zero-by-2050 ambition. By 2030, it aims to provide or facilitate $750bn–$1tn of sustainable finance and investment.
| Period it covers | Target in the bank's words | Date it was given | |
|---|---|---|---|
| Return on average tangible equity (RoTE) | 2026, 2027 and 2028 | 17% or better, excluding notable items | Aug 4, 2026 |
| Year-on-year growth in revenue | 2026 to 2028 | year-on-year growth in revenue from 2026 to 2028, rising to 5% growth in 2028 compared with 2027, excluding notable items and on a constant currency basis | Aug 4, 2026 |
| Dividend payout ratio target basis | 2026, 2027 and 2028 | 50%; EPS excluding material notable items and related impacts | Aug 4, 2026 |
| Banking NII | 2026 | at least $46bn | Aug 4, 2026 |
| ECL planning range | Medium term | 30–40bps | Aug 4, 2026 |
| Year-on-year growth in operating expenses | 2026 | approximately 1% in 2026 on a target basis | Aug 4, 2026 |
Has HSBC kept its past promises?
HSBC also reports progress on simplification. It says $1.7 billion of annualised savings has been actioned, against $1.4 billion of restructuring costs, and has raised the target to $2 billion. Annualised means the expected yearly saving once changes operate; it is not cash already received. The savings count only if they survive reinvestment, inflation and new costs.
| Year to Dec 2025 | Year to Dec 2024 | Year to Dec 2023 | Year to Dec 2022 | Year to Dec 2021 | |
|---|---|---|---|---|---|
| Shares bought back | 9,091 | 11,348 | 5,812 | 2,285 | 707 |
| Stock-based pay | 621 | 529 | 482 | 400 | 467 |
| Cash really returned by buybacks | 8,470 | 10,819 | 5,330 | 1,885 | 240 |
| Diluted shares | 17,547 | 18,485 | 19,600 | 19,986 | 20,302 |
| Change in diluted shares over the year | -5.1% | -5.7% | -1.9% | -1.6% | 0.3% |
What is HSBC's results trend?
Revenue reached US$19,118 million, up 16.1% from the year before. Net interest income also increased, and profit after tax rose far faster because the June 2025 quarter contained BoCom dilution and impairment losses of about US$2.1 billion. Their non-recurrence explains much of the rebound.
| Quarter to Jun 2026 | Quarter to Mar 2026 | Quarter to Dec 2025 | Quarter to Sep 2025 | Quarter to Jun 2025 | Quarter to Mar 2025 | Quarter to Dec 2024 | Quarter to Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 19,118 | 18,624 | 16,364 | 17,788 | 16,473 | 17,649 | 11,564 | 16,998 |
| Net interest income | 9,288 | 8,945 | 9,196 | 8,777 | 8,519 | 8,302 | 8,185 | 7,637 |
| Profit after tax | 7,927 | 7,394 | 5,187 | 5,503 | 4,871 | 7,570 | 585 | 6,749 |
| EPS, diluted | 0.45 | 0.40 | 0.27 | 0.28 | 0.26 | 0.39 | 0.01 | 0.34 |
| Net interest margin | 1.6% | 1.6% | 1.6% | 1.6% | 1.6% | 1.6% | 1.5% | 1.5% |
| CET1 capital ratio | 14.1% | 14.0% | 14.9% | 14.5% | 14.6% | 14.7% | 14.9% | 15.2% |
What should I watch in HSBC's next results?
HSBC reports third-quarter results on 27 October 2026. Investors should ask whether Banking NII is tracking towards at least $46bn and whether credit losses remain near 45 basis points. They should also compare realised savings with new investment. Higher revenue matters only if the cost of earning and protecting it remains manageable.