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First Horizon (FHN) Financials

First Horizon logo
$21.42 +0.26 (+1.23%)
Closing price 08/8/2025 03:59 PM Eastern
Extended Trading
$21.42 +0.00 (+0.02%)
As of 08/8/2025 05:41 PM Eastern
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Annual Income Statements for First Horizon

Annual Income Statements for First Horizon

This table shows First Horizon's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 80 221 159 539 435 822 962 868 1,730 738
Consolidated Net Income / (Loss)		 97 239 177 557 452 857 1,010 912 916 794
Net Income / (Loss) Continuing Operations		 97 239 177 714 452 857 1,010 912 916 794
Total Pre-Tax Income 		108 345 309 714 586 933 1,284 1,159 1,128 1,005
Total Revenue		 1,171 1,282 1,333 1,943 1,864 3,154 3,070 3,207 3,467 3,190
Net Interest Income / (Expense)		 654 729 842 1,220 1,210 1,662 1,994 2,392 2,540 2,511
Total Interest Income		 736 818 990 1,546 1,624 1,898 2,158 2,683 4,100 4,352
Loans and Leases Interest Income		 606 685 834 1,331 1,425 1,752 1,990 2,331 3,626 3,910
Investment Securities Interest Income		 94 128 141 189 168 140 151 256 325 326
Other Interest Income		 1.65 4.25 15 26 31 6.00 17 96 149 116
Total Interest Expense		 83 89 148 326 414 236 164 291 1,560 1,841
Deposits Interest Expense		 25 40 80 217 307 152 81 184 1,266 1,620
Short-Term Borrowings Interest Expense		 3.17 4.74 16 37 41 14 5.00 23 210 130
Long-Term Debt Interest Expense		 54 44 52 72 66 70 78 84 84 91
Total Non-Interest Income		 517 552 490 723 654 1,492 1,076 815 927 679
Trust Fees by Commissions		 140 136 139 163 162 187 226 219 226 224
Other Service Charges		 129 132 119 168 213 355 431 373 347 357
Net Realized & Unrealized Capital Gains on Investments		 1.38 1.34 0.59 213 0.00 527 13 18 221 -89
Other Non-Interest Income		 246 283 232 179 279 423 406 205 133 187
Provision for Credit Losses		 9.00 11 0.00 8.00 45 503 -310 95 260 150
Total Non-Interest Expense		 1,054 925 1,024 1,221 1,233 1,718 2,096 1,953 2,079 2,035
Salaries and Employee Benefits		 512 564 587 658 695 1,033 1,210 1,101 1,100 1,137
Net Occupancy & Equipment Expense		 121 120 128 180 160 214 264 260 252 266
Marketing Expense		 19 22 19 25 34 18 37 50 71 48
Property & Liability Insurance Claims		 34 43 39 57 72 84 92 94 171 128
Other Operating Expenses		 362 171 241 275 224 322 403 397 438 412
Amortization Expense		 5.25 5.20 8.73 26 25 40 56 51 47 44
Income Tax Expense		 11 107 132 - 134 76 274 247 212 211
Preferred Stock Dividends Declared		 6.20 6.20 6.20 6.00 6.00 23 37 32 32 37
Net Income / (Loss) Attributable to Noncontrolling Interest		 11 11 11 12 11 12 11 12 19 19
Basic Earnings per Share		 $0.34 $0.95 $0.66 $1.66 $1.39 $1.90 $1.76 $1.62 $1.58 $1.37
Weighted Average Basic Shares Outstanding		 234.19M 232.70M 241.44M 324.38M 313.64M 432.13M 546.35M 535.03M 548.41M 540.32M
Diluted Earnings per Share		 $0.34 $0.94 $0.65 $1.65 $1.38 $1.89 $1.74 $1.53 $1.54 $1.36
Weighted Average Diluted Shares Outstanding		 236.27M 235.29M 244.45M 327.45M 315.66M 433.72M 551.24M 566.00M 561.73M 544.29M
Weighted Average Basic & Diluted Shares Outstanding		 234.40M 232.50M 241.40M 324.60M 311.60M 555.47M 533.63M 537.34M 558.81M 521.77M
Cash Dividends to Common per Share		 $0.24 $0.28 $0.36 $0.48 $0.56 $0.60 $0.60 $0.60 $0.60 $0.60

Quarterly Income Statements for First Horizon

This table shows First Horizon's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 257 258 243 317 258 912 184 184 426 -56 213
Consolidated Net Income / (Loss)		 268 269 255 329 142 190 197 204 223 170 222
Net Income / (Loss) Continuing Operations		 268 269 255 329 142 190 197 204 223 170 222
Total Pre-Tax Income 		346 333 331 425 194 178 254 260 281 210 285
Total Revenue		 875 881 859 1,030 778 800 819 815 827 729 812
Net Interest Income / (Expense)		 662 709 688 630 605 617 625 629 627 630 631
Total Interest Income		 733 857 920 1,015 1,080 1,085 1,073 1,093 1,119 1,067 1,014
Loans and Leases Interest Income		 626 749 817 891 956 962 961 984 1,006 959 904
Investment Securities Interest Income		 69 80 82 81 81 81 80 80 82 84 89
Other Interest Income		 38 28 21 43 43 42 32 29 31 24 21
Total Interest Expense		 71 148 232 385 475 468 448 464 492 437 383
Deposits Interest Expense		 43 112 171 265 409 421 398 399 434 389 329
Short-Term Borrowings Interest Expense		 7.00 13 38 99 46 27 28 41 35 26 29
Long-Term Debt Interest Expense		 21 23 23 21 20 20 22 24 23 22 25
Total Non-Interest Income		 213 172 171 400 173 183 194 186 200 99 181
Trust Fees by Commissions		 54 54 53 57 58 58 55 56 57 56 52
Other Service Charges		 104 63 79 88 87 93 87 89 95 86 80
Other Non-Interest Income		 43 55 39 30 28 36 52 40 47 48 49
Provision for Credit Losses		 60 45 50 50 110 50 50 55 35 10 40
Total Non-Interest Expense		 469 503 478 555 474 572 515 500 511 509 487
Salaries and Employee Benefits		 275 281 271 285 266 278 301 279 282 275 279
Net Occupancy & Equipment Expense		 65 65 64 62 62 64 63 65 68 70 68
Marketing Expense		 12 17 14 17 16 24 8.00 14 14 12 10
Property & Liability Insurance Claims		 18 28 20 25 27 99 38 34 26 30 27
Other Operating Expenses		 86 101 97 154 91 96 94 97 110 111 93
Amortization Expense		 13 12 12 12 12 11 11 11 11 11 10
Income Tax Expense		 78 64 76 96 52 -12 57 56 58 40 63
Preferred Stock Dividends Declared		 8.00 8.00 8.00 8.00 8.00 8.00 8.00 15 5.00 9.00 5.00
Net Income / (Loss) Attributable to Noncontrolling Interest		 3.00 3.00 4.00 4.00 5.00 6.00 5.00 5.00 5.00 4.00 4.00
Basic Earnings per Share		 $0.48 $0.48 $0.45 $0.59 $0.23 $0.31 $0.33 $0.34 $0.40 $0.30 $0.41
Weighted Average Basic Shares Outstanding		 535.99M 535.03M 536.94M 539.12M 558.56M 548.41M 554.98M 543.98M 534.22M 540.32M 517.12M
Diluted Earnings per Share		 $0.45 $0.45 $0.43 $0.56 $0.23 $0.32 $0.33 $0.34 $0.40 $0.29 $0.41
Weighted Average Diluted Shares Outstanding		 570.15M 566.00M 571.99M 560.88M 561.42M 561.73M 557.87M 547.09M 537.97M 544.29M 523.42M
Weighted Average Basic & Diluted Shares Outstanding		 536.80M 537.34M 537.81M 558.70M 558.77M 558.81M 546.87M 535.89M 530.14M 521.77M 507.23M
Cash Dividends to Common per Share		 $0.15 $0.15 $0.15 $0.15 $0.15 $0.15 $0.15 $0.15 $0.15 $0.15 $0.15

Annual Cash Flow Statements for First Horizon

This table details how cash moves in and out of First Horizon's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -40 6.73 414 -47 -138 381 140 -245 188 -194
Net Cash From Operating Activities		 367 180 -29 234 830 172 725 2,291 1,299 1,268
Net Cash From Continuing Operating Activities		 367 180 -29 234 830 172 725 2,291 1,299 1,268
Net Income / (Loss) Continuing Operations		 97 239 177 557 452 857 1,010 912 916 794
Consolidated Net Income / (Loss)		 97 239 177 557 452 857 1,010 912 916 794
Provision For Loan Losses		 9.00 -20 -20 8.00 45 503 -310 95 260 150
Depreciation Expense		 55 59 35 47 44 52 61 59 55 55
Amortization Expense		 5.25 5.20 36 12 22 10 -16 26 47 46
Non-Cash Adjustments to Reconcile Net Income		 56 -37 -68 -494 -1,156 -1,250 -1,844 -921 -1,142 -788
Changes in Operating Assets and Liabilities, net		 144 -65 -189 104 1,423 - 1,824 2,120 1,163 1,011
Net Cash From Investing Activities		 -518 -2,466 -1,325 480 -2,390 -4,967 -4,601 8,333 -2,605 -1,058
Net Cash From Continuing Investing Activities		 -518 -2,466 -1,325 480 -2,390 -4,967 -4,601 8,333 -2,605 -1,058
Purchase of Property, Leasehold Improvements and Equipment		 -40 -63 -53 -48 -49 -58 -53 -28 -37 -44
Purchase of Investment Securities		 -2,298 -3,628 -2,825 -611 -3,387 -11,732 -931 -6,683 -3,564 -2,875
Sale of Property, Leasehold Improvements and Equipment		 41 11 3.42 30 20 12 42 18 1.00 8.00
Divestitures		 - 0.00 0.00 - - - 0.00 0.00 11 0.00
Sale and/or Maturity of Investments		 1,778 1,213 1,550 865 1,026 4,740 -3,678 15,026 984 1,853
Net Cash From Financing Activities		 111 2,293 1,768 -761 1,422 5,176 4,016 -10,869 1,494 -404
Net Cash From Continuing Financing Activities		 111 2,293 1,768 -761 1,422 5,176 4,016 -10,869 1,494 -404
Net Change in Deposits		 1,555 2,706 -197 2,093 -253 7,143 4,919 -11,406 2,289 -201
Issuance of Debt		 496 10 2,209 21 -396 -327 -183 382 43 851
Issuance of Preferred Equity		 - - - 0.00 0.00 144 145 494 0.00 0.00
Repayment of Debt		 -1,843 -268 -147 -2,618 2,384 -1,529 - 4.00 -449 43
Repurchase of Preferred Equity		 - - - - 0.00 0.00 -100 0.00 0.00 -100
Repurchase of Common Equity		 -33 -97 -5.55 -105 -134 -4.00 -416 -12 -10 -626
Payment of Dividends		 -72 -81 -98 -157 -188 -251 -377 -367 -384 -380
Other Financing Activities, Net		 7.22 22 6.13 5.00 9.00 0.00 28 36 5.00 9.00
Cash Interest Paid		 91 92 140 308 411 261 170 280 1,428 1,869
Cash Income Taxes Paid		 49 16 63 91 99 141 288 27 142 113

Quarterly Cash Flow Statements for First Horizon

This table details how cash moves in and out of First Horizon's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Net Change in Cash & Equivalents		 38 -340 -247 123 19 293 -165 -110 580 -499 106
Net Cash From Operating Activities		 768 5.00 -69 305 698 365 838 -150 389 191 349
Net Cash From Continuing Operating Activities		 768 5.00 -69 305 698 365 838 -150 389 191 349
Net Income / (Loss) Continuing Operations		 268 270 255 330 142 189 197 204 223 170 222
Consolidated Net Income / (Loss)		 268 270 255 330 142 189 197 204 223 170 222
Provision For Loan Losses		 60 45 50 50 110 50 50 55 35 10 40
Depreciation Expense		 15 14 14 14 13 14 14 13 14 14 14
Amortization Expense		 25 -10 16 17 17 -3.00 12 12 17 5.00 8.00
Non-Cash Adjustments to Reconcile Net Income		 62 -889 -420 -613 908 -1,017 -270 -242 397 -673 -170
Changes in Operating Assets and Liabilities, net		 338 575 16 507 -492 1,132 835 -192 -297 665 235
Net Cash From Investing Activities		 4,435 1,178 -2,022 -4,084 2,273 1,228 -876 -408 482 -256 693
Net Cash From Continuing Investing Activities		 4,435 1,178 -2,022 -4,084 2,273 1,228 -876 -408 482 -256 693
Purchase of Property, Leasehold Improvements and Equipment		 -3.00 -6.00 -5.00 -9.00 -9.00 -14 -10 -11 -6.00 -17 -9.00
Purchase of Investment Securities		 -2,137 -1,043 -1,170 -2,266 -1,092 964 -509 -1,054 122 -1,434 88
Sale and/or Maturity of Investments		 6,563 2,240 -849 -1,815 3,382 266 -361 656 363 1,195 603
Other Investing Activities, net		 10 - 2.00 6.00 - - 4.00 1.00 - - 11
Net Cash From Financing Activities		 -5,165 -1,523 1,844 3,902 -2,952 -1,300 -127 448 -291 -434 -936
Net Cash From Continuing Financing Activities		 -5,165 -1,523 1,844 3,902 -2,952 -1,300 -127 448 -291 -434 -936
Net Change in Deposits		 -4,535 -2,526 -2,049 3,993 1,582 -1,237 -39 -947 1,780 -995 -1,373
Issuance of Debt		 -536 1,089 3,979 461 -4,431 34 165 1,819 -1,927 794 892
Repayment of Debt		 -4.00 -1.00 8.00 -450 -7.00 - 4.00 2.00 25 12 -1.00
Repurchase of Common Equity		 -2.00 - -4.00 -6.00 - - -159 -228 -75 -164 -365
Payment of Dividends		 -92 -91 -95 -96 -96 -97 -98 -99 -94 -89 -92
Other Financing Activities, Net		 4.00 6.00 5.00 - - - 0.00 1.00 - 8.00 3.00
Cash Interest Paid		 56 153 200 330 431 467 420 544 428 477 372
Cash Income Taxes Paid		 3.00 12 5.00 34 98 5.00 3.00 89 7.00 14 4.00

Annual Balance Sheets for First Horizon

This table presents First Horizon's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 26,193 28,555 41,423 40,832 43,311 84,209 89,092 78,953 81,661 82,152
Cash and Due from Banks		 301 373 639 781 634 1,203 1,147 1,061 1,012 906
Federal Funds Sold		 114 51 87 238 633 445 641 482 719 631
Interest Bearing Deposits at Other Banks		 603 1,060 1,186 1,278 482 8,351 14,907 1,384 1,328 1,538
Trading Account Securities		 5,568 5,580 8,022 7,150 6,385 10,255 12,192 12,172 11,628 11,104
Loans and Leases, Net of Allowance		 17,476 19,387 27,469 27,355 -200 58,232 0.00 58,102 61,292 62,565
Loans and Leases		 17,687 19,590 27,659 27,536 - 58,232 - 58,102 61,292 62,565
Premises and Equipment, Net		 276 289 532 494 455 759 665 612 590 574
Goodwill		 191 191 1,387 1,433 1,433 1,511 1,511 1,511 1,510 1,510
Intangible Assets		 26 21 184 155 131 354 298 234 186 143
Other Assets		 1,637 1,602 1,917 1,949 33,358 3,099 57,731 3,395 3,396 3,181
Total Liabilities & Shareholders' Equity		 26,193 28,555 41,423 40,832 43,311 84,209 89,092 78,953 81,661 82,152
Total Liabilities		 23,553 25,850 36,843 36,047 38,235 75,902 80,598 70,406 72,370 73,041
Non-Interest Bearing Deposits		 10,924 11,889 16,425 16,513 8,429 22,173 27,883 23,466 17,204 16,021
Interest Bearing Deposits		 9,043 10,783 14,196 16,170 24,001 47,809 47,012 40,023 48,576 49,560
Short-Term Debt		 499 557 3,332 887 3,518 2,198 2,124 2,506 2,549 3,400
Long-Term Debt		 1,313 1,041 1,218 1,171 791 1,670 1,590 1,597 1,150 1,195
Other Long-Term Liabilities		 1,310 1,166 1,273 1,049 1,496 2,052 1,989 2,814 2,891 2,865
Total Equity & Noncontrolling Interests		 2,640 2,705 4,580 4,785 5,076 8,307 8,494 8,547 9,291 9,111
Total Preferred & Common Equity		 2,344 2,410 4,285 4,490 4,781 8,012 8,199 8,252 8,996 8,816
Preferred Stock		 96 96 96 96 96 470 520 1,014 520 426
Total Common Equity		 2,249 2,314 4,189 4,394 4,685 7,542 7,679 7,238 8,476 8,390
Common Stock		 1,588 1,533 3,352 3,229 3,126 5,421 5,076 5,176 5,700 5,136
Retained Earnings		 874 1,029 1,160 1,542 1,798 2,261 2,891 3,430 3,964 4,382
Accumulated Other Comprehensive Income / (Loss)		 -214 -248 -323 -377 -239 -140 -288 -1,368 -1,188 -1,128
Noncontrolling Interest		 295 295 295 295 295 295 295 295 295 295

Quarterly Balance Sheets for First Horizon

This table presents First Horizon's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025
Total Assets		 80,299 80,729 85,071 82,533 81,799 82,230 82,635 81,491
Cash and Due from Banks		 1,193 987 1,137 1,022 749 969 1,028 915
Federal Funds Sold		 690 309 282 416 817 487 1,008 728
Interest Bearing Deposits at Other Banks		 3,241 2,488 4,523 1,917 1,885 1,452 1,286 1,164
Trading Account Securities		 12,204 12,088 11,797 11,279 11,015 10,941 11,573 11,219
Loans and Leases, Net of Allowance		 57,354 0.00 61,295 61,778 61,753 62,781 62,445 62,215
Loans and Leases		 57,354 - 61,295 61,778 61,753 62,781 62,445 62,215
Premises and Equipment, Net		 622 603 595 590 586 584 572 569
Goodwill		 1,511 1,511 1,511 1,511 1,510 1,510 1,510 1,510
Intangible Assets		 246 222 210 198 175 165 154 133
Other Assets		 3,238 62,521 3,721 3,822 3,309 3,341 3,059 3,038
Total Liabilities & Shareholders' Equity		 80,299 80,729 85,071 82,533 81,799 82,230 82,635 81,491
Total Liabilities		 72,016 71,834 76,111 73,740 72,626 73,275 73,319 72,447
Non-Interest Bearing Deposits		 25,813 21,134 18,801 17,825 16,410 16,348 16,212 15,835
Interest Bearing Deposits		 40,202 40,306 46,632 49,190 49,331 48,446 50,363 48,373
Short-Term Debt		 1,416 6,484 6,946 2,507 2,703 4,515 2,585 3,795
Long-Term Debt		 1,597 1,605 1,156 1,157 1,165 1,175 1,202 1,691
Other Long-Term Liabilities		 2,988 2,305 2,576 3,061 3,017 2,791 2,957 2,753
Total Equity & Noncontrolling Interests		 8,283 8,895 8,960 8,793 9,173 8,955 9,316 9,044
Total Preferred & Common Equity		 7,988 8,600 8,665 8,498 8,878 8,660 9,021 8,749
Preferred Stock		 1,014 1,014 520 520 520 426 426 426
Total Common Equity		 6,974 7,586 8,145 7,978 8,358 8,234 8,595 8,323
Common Stock		 5,147 5,199 5,674 5,686 5,557 5,343 5,280 4,789
Retained Earnings		 3,254 3,595 3,830 3,874 4,072 4,172 4,304 4,517
Accumulated Other Comprehensive Income / (Loss)		 -1,427 -1,208 -1,359 -1,582 -1,271 -1,281 -989 -983
Noncontrolling Interest		 295 295 295 295 295 295 295 295

Annual Metrics And Ratios for First Horizon

This table displays calculated financial ratios and metrics derived from First Horizon's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 -0.57% 9.43% 3.98% 45.81% -4.07% 69.21% -2.66% 4.46% 8.11% -7.99%
EBITDA Growth		 -54.95% 142.60% -7.37% 103.53% -15.65% 52.61% 33.57% -6.40% -1.13% -10.08%
EBIT Growth		 -65.98% 218.99% -10.56% 131.16% -17.93% 59.22% 37.62% -9.74% -2.67% -10.90%
NOPAT Growth		 -58.42% 145.10% -25.80% 303.44% -36.69% 89.60% 17.85% -9.70% 0.44% -13.32%
Net Income Growth		 -58.42% 145.10% -25.80% 214.72% -18.85% 89.60% 17.85% -9.70% 0.44% -13.32%
EPS Growth		 -62.64% 176.47% -30.85% 153.85% -16.36% 36.96% -7.94% -12.07% 0.65% -11.69%
Operating Cash Flow Growth		 -47.87% -51.01% -116.00% 912.56% 254.70% -79.28% 321.51% 216.00% -43.30% -2.39%
Free Cash Flow Firm Growth		 1,162.96% -54.23% -1,302.08% 164.53% -169.63% 7.50% 150.54% -51.89% 22.55% -86.46%
Invested Capital Growth		 -14.39% -3.33% 112.19% -25.05% 37.14% 29.73% 0.27% 3.62% 2.69% 5.51%
Revenue Q/Q Growth		 1.76% 1.65% 4.36% 1.96% 4.59% 11.16% -2.17% 4.50% -2.28% -2.18%
EBITDA Q/Q Growth		 -4.45% 7.02% -12.76% 14.05% 5.08% 17.59% -2.35% 4.19% -10.74% 3.75%
EBIT Q/Q Growth		 -9.37% 8.68% -15.38% 16.12% 5.94% 18.16% -1.61% 4.79% -12.08% 3.29%
NOPAT Q/Q Growth		 -0.22% 2.71% -37.48% 75.29% -18.29% 16.93% -1.66% 4.71% -7.94% -2.46%
Net Income Q/Q Growth		 -0.22% 2.71% -37.48% 36.75% 4.54% 16.93% -1.66% 4.71% -7.94% -2.46%
EPS Q/Q Growth		 0.00% 3.30% -41.96% 48.65% 5.34% 23.53% -15.94% 3.38% -7.78% -2.16%
Operating Cash Flow Q/Q Growth		 12.46% 267.36% -121.98% 54.32% -23.25% 207.79% -28.43% -6.22% 38.34% -12.07%
Free Cash Flow Firm Q/Q Growth		 -37.49% 215.86% -450.54% 354.67% -111.35% 20.96% -13.82% -75.47% 446.99% -53.57%
Invested Capital Q/Q Growth		 0.08% -14.18% 48.66% -11.44% 1.25% -2.19% -1.08% 11.99% 4.28% 4.60%
Profitability Metrics		 - - - - - - - - - -
EBITDA Margin		 14.43% 31.99% 28.50% 39.78% 34.98% 31.55% 43.29% 38.79% 35.48% 34.67%
EBIT Margin		 9.24% 26.95% 23.18% 36.75% 31.44% 29.58% 41.82% 36.14% 32.54% 31.50%
Profit (Net Income) Margin		 8.31% 18.61% 13.28% 28.67% 24.25% 27.17% 32.90% 28.44% 26.42% 24.89%
Tax Burden Percent		 89.89% 69.07% 57.30% 78.01% 77.13% 91.85% 78.66% 78.69% 81.21% 79.01%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 10.11% 30.93% 42.70% 0.00% 22.87% 8.15% 21.34% 21.31% 18.79% 21.00%
Return on Invested Capital (ROIC)		 2.02% 5.45% 2.63% 8.94% 5.57% 7.95% 8.28% 7.34% 7.15% 5.95%
ROIC Less NNEP Spread (ROIC-NNEP)		 2.02% 5.45% 2.63% 4.19% 5.57% 7.95% 8.28% 7.34% 7.15% 5.95%
Return on Net Nonoperating Assets (RNNOA)		 1.71% 3.48% 2.22% 2.95% 3.60% 4.86% 3.74% 3.37% 3.13% 2.68%
Return on Equity (ROE)		 3.73% 8.93% 4.86% 11.89% 9.17% 12.81% 12.02% 10.70% 10.27% 8.63%
Cash Return on Invested Capital (CROIC)		 17.52% 8.84% -69.24% 37.58% -25.75% -17.93% 8.01% 3.78% 4.49% 0.58%
Operating Return on Assets (OROA)		 0.42% 1.26% 0.88% 1.74% 1.39% 1.46% 1.48% 1.38% 1.40% 1.23%
Return on Assets (ROA)		 0.38% 0.87% 0.51% 1.35% 1.07% 1.34% 1.17% 1.09% 1.14% 0.97%
Return on Common Equity (ROCE)		 3.17% 7.62% 4.34% 10.90% 8.44% 11.70% 10.89% 9.37% 9.05% 7.91%
Return on Equity Simple (ROE_SIMPLE)		 4.15% 9.90% 4.13% 12.41% 9.45% 10.70% 12.32% 11.05% 10.18% 9.01%
Net Operating Profit after Tax (NOPAT)		 97 239 177 714 452 857 1,010 912 916 794
NOPAT Margin		 8.31% 18.61% 13.28% 36.75% 24.25% 27.17% 32.90% 28.44% 26.42% 24.89%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 4.75% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 55.68% 55.05% 55.13% 44.42% 47.69% 40.11% 49.22% 44.00% 41.04% 45.49%
Operating Expenses to Revenue		 89.99% 72.20% 76.82% 62.84% 66.15% 54.47% 68.27% 60.90% 59.97% 63.79%
Earnings before Interest and Taxes (EBIT)		 108 345 309 714 586 933 1,284 1,159 1,128 1,005
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 169 410 380 773 652 995 1,329 1,244 1,230 1,106
Valuation Ratios		 - - - - - - - - - -
Price to Book Value (P/BV)		 1.11 1.50 0.85 0.76 0.89 0.80 1.02 1.66 0.89 1.26
Price to Tangible Book Value (P/TBV)		 1.23 1.65 1.36 1.19 1.34 1.07 1.34 2.18 1.11 1.57
Price to Revenue (P/Rev)		 2.12 2.71 2.67 1.71 2.24 1.92 2.56 3.74 2.18 3.32
Price to Earnings (P/E)		 31.23 15.75 22.35 6.18 9.60 7.38 8.16 13.81 4.37 14.35
Dividend Yield		 2.26% 1.88% 2.83% 4.67% 4.17% 5.48% 4.14% 2.69% 4.44% 3.00%
Earnings Yield		 3.20% 6.35% 4.48% 16.18% 10.42% 13.54% 12.26% 7.24% 22.89% 6.97%
Enterprise Value to Invested Capital (EV/IC)		 0.83 0.93 0.72 0.51 0.76 0.06 0.00 1.14 0.69 0.94
Enterprise Value to Revenue (EV/Rev)		 3.14 3.11 4.94 1.79 3.82 0.22 0.00 4.51 2.60 4.02
Enterprise Value to EBITDA (EV/EBITDA)		 21.73 9.71 17.35 4.51 10.93 0.71 0.00 11.64 7.33 11.60
Enterprise Value to EBIT (EV/EBIT)		 33.93 11.53 21.33 4.88 12.16 0.75 0.00 12.49 7.99 12.77
Enterprise Value to NOPAT (EV/NOPAT)		 37.74 16.70 37.23 4.88 15.77 0.82 0.00 15.87 9.84 16.16
Enterprise Value to Operating Cash Flow (EV/OCF)		 10.00 22.13 0.00 14.89 8.59 4.09 0.00 6.32 6.94 10.12
Enterprise Value to Free Cash Flow (EV/FCFF)		 4.35 10.29 0.00 1.16 0.00 0.00 0.00 30.80 15.65 164.50
Leverage & Solvency		 - - - - - - - - - -
Debt to Equity		 0.69 0.59 0.99 0.43 0.85 0.47 0.44 0.48 0.40 0.50
Long-Term Debt to Equity		 0.50 0.38 0.27 0.24 0.16 0.20 0.19 0.19 0.12 0.13
Financial Leverage		 0.85 0.64 0.84 0.71 0.65 0.61 0.45 0.46 0.44 0.45
Leverage Ratio		 9.93 10.24 9.61 8.78 8.53 9.53 10.31 9.86 9.00 8.90
Compound Leverage Factor		 9.93 10.24 9.61 8.78 8.53 9.53 10.31 9.86 9.00 8.90
Debt to Total Capital		 40.70% 37.13% 49.83% 30.07% 45.91% 31.77% 30.42% 32.43% 28.48% 33.53%
Short-Term Debt to Total Capital		 11.21% 12.95% 36.49% 12.96% 37.49% 18.05% 17.40% 19.81% 19.62% 24.81%
Long-Term Debt to Total Capital		 29.49% 24.18% 13.34% 17.11% 8.43% 13.72% 13.02% 12.62% 8.85% 8.72%
Preferred Equity to Total Capital		 2.15% 2.22% 1.05% 1.40% 1.02% 3.86% 4.26% 8.02% 4.00% 3.11%
Noncontrolling Interests to Total Capital		 6.64% 6.87% 3.24% 4.32% 3.14% 2.42% 2.42% 2.33% 2.27% 2.15%
Common Equity to Total Capital		 50.51% 53.78% 45.88% 64.21% 49.92% 61.95% 62.90% 57.22% 65.25% 61.21%
Debt to EBITDA		 10.72 3.90 11.98 2.66 6.61 3.89 2.79 3.30 3.01 4.15
Net Debt to EBITDA		 4.70 0.28 6.95 -0.31 3.93 -6.16 -9.77 0.95 0.52 1.37
Long-Term Debt to EBITDA		 7.77 2.54 3.21 1.51 1.21 1.68 1.20 1.28 0.94 1.08
Debt to NOPAT		 18.62 6.70 25.71 2.88 9.53 4.51 3.68 4.50 4.04 5.79
Net Debt to NOPAT		 8.16 0.48 14.90 -0.33 5.66 -7.15 -12.85 1.29 0.70 1.91
Long-Term Debt to NOPAT		 13.49 4.36 6.88 1.64 1.75 1.95 1.57 1.75 1.26 1.51
Noncontrolling Interest Sharing Ratio		 14.98% 14.63% 10.74% 8.35% 7.93% 8.64% 9.40% 12.46% 11.91% 8.35%
Liquidity Ratios		 - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 845 387 -4,650 3,001 -2,090 -1,933 977 470 576 78
Operating Cash Flow to CapEx		 0.00% 351.83% -58.03% 1,300.00% 2,862.07% 373.91% 6,590.91% 22,910.00% 3,608.33% 3,522.22%
Free Cash Flow to Firm to Interest Expense		 10.22 4.36 -31.50 9.21 -5.05 -8.19 5.96 1.62 0.37 0.04
Operating Cash Flow to Interest Expense		 4.44 2.03 -0.20 0.72 2.00 0.73 4.42 7.87 0.83 0.69
Operating Cash Flow Less CapEx to Interest Expense		 4.46 1.45 -0.53 0.66 1.93 0.53 4.35 7.84 0.81 0.67
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.05 0.05 0.04 0.05 0.04 0.05 0.04 0.04 0.04 0.04
Fixed Asset Turnover		 4.05 4.54 3.24 3.79 3.93 5.20 4.31 5.02 5.77 5.48
Capital & Investment Metrics		 - - - - - - - - - -
Invested Capital		 4,451 4,303 9,130 6,843 9,385 12,175 12,208 12,650 12,990 13,706
Invested Capital Turnover		 0.24 0.29 0.20 0.24 0.23 0.29 0.25 0.26 0.27 0.24
Increase / (Decrease) in Invested Capital		 -748 -148 4,827 -2,287 2,542 2,790 33 442 340 716
Enterprise Value (EV)		 3,673 3,983 6,589 3,483 7,126 704 -4,320 14,475 9,013 12,831
Market Capitalization		 2,488 3,478 3,560 3,331 4,175 6,070 7,846 11,990 7,558 10,590
Book Value per Share		 $9.60 $9.92 $17.89 $13.57 $15.06 $13.59 $14.20 $13.48 $15.17 $15.83
Tangible Book Value per Share		 $8.67 $9.01 $11.18 $8.66 $10.03 $10.23 $10.86 $10.23 $12.13 $12.71
Total Capital		 4,451 4,303 9,130 6,843 9,385 12,175 12,208 12,650 12,990 13,706
Total Debt		 1,812 1,598 4,550 2,058 4,309 3,868 3,714 4,103 3,699 4,595
Total Long-Term Debt		 1,313 1,041 1,218 1,171 791 1,670 1,590 1,597 1,150 1,195
Net Debt		 794 114 2,638 -239 2,560 -6,131 -12,981 1,176 640 1,520
Capital Expenditures (CapEx)		 -1.20 51 50 18 29 46 11 10 36 36
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 157 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 1,812 1,598 4,550 2,058 4,309 3,868 3,714 4,103 3,699 4,595
Total Depreciation and Amortization (D&A)		 61 65 71 59 66 62 45 85 102 101
Earnings Adjustments		 - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.34 $0.95 $0.66 $1.66 $1.39 $1.90 $1.76 $1.62 $1.58 $1.37
Adjusted Weighted Average Basic Shares Outstanding		 234.19M 232.70M 241.44M 324.38M 313.64M 432.13M 546.35M 535.03M 548.41M 540.32M
Adjusted Diluted Earnings per Share		 $0.34 $0.94 $0.65 $1.65 $1.38 $1.89 $1.74 $1.53 $1.54 $1.36
Adjusted Weighted Average Diluted Shares Outstanding		 236.27M 235.29M 244.45M 327.45M 315.66M 433.95M 551.24M 566.00M 561.73M 544.29M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $1.39 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 237.75M 233.68M 326.83M 318.23M 311.60M 555.47M 533.63M 537.34M 558.81M 521.77M
Normalized Net Operating Profit after Tax (NOPAT)		 97 239 177 500 470 863 1,037 912 916 794
Normalized NOPAT Margin		 8.31% 18.61% 13.28% 25.72% 25.20% 27.38% 33.77% 28.44% 26.42% 24.89%
Pre Tax Income Margin		 9.24% 26.95% 23.18% 36.75% 31.44% 29.58% 41.82% 36.14% 32.54% 31.50%
Debt Service Ratios		 - - - - - - - - - -
EBIT to Interest Expense		 1.31 3.89 2.09 2.19 1.42 3.95 7.83 3.98 0.72 0.55
NOPAT to Interest Expense		 1.18 2.69 1.20 2.19 1.09 3.63 6.16 3.13 0.59 0.43
EBIT Less CapEx to Interest Expense		 1.32 3.31 1.76 2.14 1.35 3.76 7.76 3.95 0.70 0.53
NOPAT Less CapEx to Interest Expense		 1.19 2.11 0.86 2.14 1.02 3.44 6.09 3.10 0.56 0.41
Payout Ratios		 - - - - - - - - - -
Dividend Payout Ratio		 73.69% 34.02% 55.11% 28.19% 41.59% 29.29% 37.33% 40.24% 41.92% 47.86%
Augmented Payout Ratio		 107.24% 74.85% 58.25% 47.04% 71.24% 29.76% 78.51% 41.56% 43.01% 126.70%

Quarterly Metrics And Ratios for First Horizon

This table displays calculated financial ratios and metrics derived from First Horizon's official financial filings.

Metric Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Period end date 9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 18.40% 18.57% 21.33% 38.63% -11.09% -9.19% -4.66% -20.87% 6.30% -8.88% -0.85%
EBITDA Growth		 24.92% 17.42% 32.23% 83.87% -41.97% -43.92% -22.44% -37.50% 39.29% 21.16% 9.64%
EBIT Growth		 16.11% 18.93% 29.80% 88.89% -43.93% -46.55% -23.26% -38.82% 44.85% 17.98% 12.20%
NOPAT Growth		 14.04% 17.98% 28.79% 85.88% -47.01% -29.37% -22.75% -37.99% 57.04% -10.53% 12.69%
Net Income Growth		 14.04% 17.98% 28.79% 85.88% -47.01% -29.37% -22.75% -37.99% 57.04% -10.53% 12.69%
EPS Growth		 9.76% 12.50% 26.47% 93.10% -48.89% -28.89% -23.26% -39.29% 73.91% -9.38% 24.24%
Operating Cash Flow Growth		 271.81% -96.82% -109.94% -62.99% -9.11% 7,200.00% 1,314.49% -149.18% -44.27% -47.67% -58.35%
Free Cash Flow Firm Growth		 284.22% -188.72% -1,366.22% -931.24% -177.61% 13.29% 187.66% 156.61% 58.49% -264.00% -130.60%
Invested Capital Growth		 -8.47% 3.62% 41.46% 40.97% 10.28% 2.69% -23.22% -14.17% 5.19% 5.51% 11.42%
Revenue Q/Q Growth		 17.77% 0.69% -2.50% 19.91% -24.47% 2.83% 2.38% -0.49% 1.47% -11.85% 11.39%
EBITDA Q/Q Growth		 55.65% -12.69% 7.12% 26.32% -50.88% -15.63% 48.15% 1.79% 9.47% -26.60% 34.06%
EBIT Q/Q Growth		 53.78% -3.76% -0.60% 28.40% -54.35% -8.25% 42.70% 2.36% 8.08% -25.27% 35.71%
NOPAT Q/Q Growth		 51.41% 0.37% -5.20% 29.02% -56.84% 33.80% 3.68% 3.55% 9.31% -23.77% 30.59%
Net Income Q/Q Growth		 51.41% 0.37% -5.20% 29.02% -56.84% 33.80% 3.68% 3.55% 9.31% -23.77% 30.59%
EPS Q/Q Growth		 55.17% 0.00% -4.44% 30.23% -58.93% 39.13% 3.13% 3.03% 17.65% -27.50% 41.38%
Operating Cash Flow Q/Q Growth		 -6.80% -99.35% -1,480.00% 542.03% 128.85% -47.71% 129.59% -117.90% 359.33% -50.90% 82.72%
Free Cash Flow Firm Q/Q Growth		 135.73% -113.18% -2,630.06% 1.97% 77.99% 85.28% 2,860.00% -36.69% -116.14% -29.08% -132.05%
Invested Capital Q/Q Growth		 -6.67% 11.99% 34.26% 0.46% -26.99% 4.28% 0.39% 12.30% -10.53% 4.60% 6.01%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 44.11% 38.25% 42.03% 44.27% 28.79% 23.63% 34.19% 34.97% 37.73% 31.41% 37.81%
EBIT Margin		 39.54% 37.80% 38.53% 41.26% 24.94% 22.25% 31.01% 31.90% 33.98% 28.81% 35.10%
Profit (Net Income) Margin		 30.63% 30.53% 29.69% 31.94% 18.25% 23.75% 24.05% 25.03% 26.96% 23.32% 27.34%
Tax Burden Percent		 77.46% 80.78% 77.04% 77.41% 73.20% 106.74% 77.56% 78.46% 79.36% 80.95% 77.89%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 22.54% 19.22% 22.96% 22.59% 26.80% -6.74% 22.44% 21.54% 20.64% 19.05% 22.11%
Return on Invested Capital (ROIC)		 7.95% 7.88% 6.88% 7.98% 5.45% 6.42% 5.49% 5.07% 6.88% 5.57% 6.31%
ROIC Less NNEP Spread (ROIC-NNEP)		 7.95% 7.88% 6.88% 7.98% 5.45% 6.42% 5.49% 5.07% 6.88% 5.57% 6.31%
Return on Net Nonoperating Assets (RNNOA)		 3.23% 3.61% 4.46% 5.31% 2.13% 2.81% 3.63% 3.90% 2.83% 2.51% 3.24%
Return on Equity (ROE)		 11.18% 11.49% 11.33% 13.30% 7.58% 9.23% 9.12% 8.98% 9.71% 8.08% 9.55%
Cash Return on Invested Capital (CROIC)		 16.21% 3.78% -27.66% -26.32% -1.40% 4.49% 31.98% 19.87% 1.31% 0.58% -4.86%
Operating Return on Assets (OROA)		 1.44% 1.44% 1.53% 1.77% 1.09% 0.96% 1.31% 1.23% 1.34% 1.12% 1.37%
Return on Assets (ROA)		 1.11% 1.17% 1.18% 1.37% 0.80% 1.03% 1.01% 0.96% 1.06% 0.91% 1.07%
Return on Common Equity (ROCE)		 9.77% 10.06% 9.65% 11.68% 6.64% 8.13% 8.05% 8.21% 8.89% 7.41% 8.75%
Return on Equity Simple (ROE_SIMPLE)		 10.90% 0.00% 11.27% 12.94% 11.71% 0.00% 9.66% 8.46% 9.02% 0.00% 9.36%
Net Operating Profit after Tax (NOPAT)		 268 269 255 329 142 190 197 204 223 170 222
NOPAT Margin		 30.63% 30.53% 29.69% 31.94% 18.25% 23.75% 24.05% 25.03% 26.96% 23.32% 27.34%
Net Nonoperating Expense Percent (NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 40.23% 41.20% 40.63% 35.34% 44.22% 45.75% 45.42% 43.93% 44.01% 48.97% 43.97%
Operating Expenses to Revenue		 53.60% 57.09% 55.65% 53.88% 60.93% 71.50% 62.88% 61.35% 61.79% 69.82% 59.98%
Earnings before Interest and Taxes (EBIT)		 346 333 331 425 194 178 254 260 281 210 285
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 386 337 361 456 224 189 280 285 312 229 307
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.60 1.66 1.16 0.69 0.73 0.89 0.99 1.02 0.95 1.26 1.22
Price to Tangible Book Value (P/TBV)		 2.13 2.18 1.50 0.88 0.93 1.11 1.24 1.28 1.18 1.57 1.52
Price to Revenue (P/Rev)		 3.63 3.74 2.62 1.55 1.64 2.18 2.42 2.62 2.51 3.32 3.18
Price to Earnings (P/E)		 13.45 13.81 9.52 5.26 5.41 4.37 4.97 5.47 4.80 14.35 13.21
Dividend Yield		 2.89% 2.69% 3.67% 5.71% 5.76% 4.44% 4.04% 3.90% 3.92% 3.00% 3.09%
Earnings Yield		 7.44% 7.24% 10.51% 19.02% 18.49% 22.89% 20.12% 18.29% 20.82% 6.97% 7.57%
Enterprise Value to Invested Capital (EV/IC)		 0.91 1.14 0.85 0.51 0.56 0.69 0.73 0.81 0.72 0.94 0.93
Enterprise Value to Revenue (EV/Rev)		 3.37 4.51 4.29 2.37 1.96 2.60 2.78 3.71 2.88 4.02 4.25
Enterprise Value to EBITDA (EV/EBITDA)		 8.65 11.64 10.82 5.60 5.04 7.33 8.30 12.18 8.80 11.60 11.94
Enterprise Value to EBIT (EV/EBIT)		 9.34 12.49 11.67 6.01 5.41 7.99 9.07 13.44 9.64 12.77 13.06
Enterprise Value to NOPAT (EV/NOPAT)		 11.86 15.87 14.87 7.70 6.98 9.84 11.11 16.25 11.52 16.16 16.52
Enterprise Value to Operating Cash Flow (EV/OCF)		 4.23 6.32 9.43 8.55 7.39 6.94 4.32 6.80 6.51 10.12 17.37
Enterprise Value to Free Cash Flow (EV/FCFF)		 5.39 30.80 0.00 0.00 0.00 15.65 1.99 3.78 55.83 164.50 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.36 0.48 0.91 0.90 0.42 0.40 0.42 0.64 0.41 0.50 0.61
Long-Term Debt to Equity		 0.19 0.19 0.18 0.13 0.13 0.12 0.13 0.13 0.13 0.13 0.19
Financial Leverage		 0.41 0.46 0.65 0.67 0.39 0.44 0.66 0.77 0.41 0.45 0.51
Leverage Ratio		 10.04 9.86 9.63 9.72 9.54 9.00 9.00 9.34 9.12 8.90 8.96
Compound Leverage Factor		 10.04 9.86 9.63 9.72 9.54 9.00 9.00 9.34 9.12 8.90 8.96
Debt to Total Capital		 26.67% 32.43% 47.63% 47.49% 29.41% 28.48% 29.66% 38.85% 28.90% 33.53% 37.76%
Short-Term Debt to Total Capital		 12.54% 19.81% 38.18% 40.71% 20.13% 19.62% 20.73% 30.83% 19.73% 24.81% 26.12%
Long-Term Debt to Total Capital		 14.14% 12.62% 9.45% 6.78% 9.29% 8.85% 8.93% 8.02% 9.17% 8.72% 11.64%
Preferred Equity to Total Capital		 8.98% 8.02% 5.97% 3.05% 4.17% 4.00% 3.99% 2.91% 3.25% 3.11% 2.93%
Noncontrolling Interests to Total Capital		 2.61% 2.33% 1.74% 1.73% 2.37% 2.27% 2.26% 2.01% 2.25% 2.15% 2.03%
Common Equity to Total Capital		 61.74% 57.22% 44.67% 47.74% 64.04% 65.25% 64.09% 56.22% 65.60% 61.21% 57.28%
Debt to EBITDA		 2.52 3.30 6.07 5.26 2.66 3.01 3.37 5.82 3.55 4.15 4.84
Net Debt to EBITDA		 -1.77 0.95 3.23 1.40 0.22 0.52 0.36 2.84 0.44 1.37 2.36
Long-Term Debt to EBITDA		 1.34 1.28 1.21 0.75 0.84 0.94 1.01 1.20 1.13 1.08 1.49
Debt to NOPAT		 3.46 4.50 8.35 7.23 3.68 4.04 4.51 7.76 4.65 5.79 6.70
Net Debt to NOPAT		 -2.42 1.29 4.44 1.93 0.31 0.70 0.49 3.80 0.57 1.91 3.27
Long-Term Debt to NOPAT		 1.83 1.75 1.66 1.03 1.16 1.26 1.36 1.60 1.48 1.51 2.06
Noncontrolling Interest Sharing Ratio		 12.63% 12.46% 14.88% 12.13% 12.44% 11.91% 11.76% 8.57% 8.48% 8.35% 8.43%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,313 -173 -4,723 -4,630 -1,019 -150 4,140 2,621 -423 -546 -1,267
Operating Cash Flow to CapEx		 76,800.00% 100.00% -1,380.00% 3,388.89% 7,755.56% 2,807.69% 8,380.00% -1,363.64% 6,483.33% 1,123.53% 3,877.78%
Free Cash Flow to Firm to Interest Expense		 18.49 -1.17 -20.36 -12.03 -2.15 -0.32 9.24 5.65 -0.86 -1.25 -3.31
Operating Cash Flow to Interest Expense		 10.82 0.03 -0.30 0.79 1.47 0.78 1.87 -0.32 0.79 0.44 0.91
Operating Cash Flow Less CapEx to Interest Expense		 10.80 0.00 -0.32 0.77 1.45 0.75 1.85 -0.35 0.78 0.40 0.89
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04 0.04
Fixed Asset Turnover		 4.67 5.02 5.28 5.92 5.85 5.77 5.76 5.45 5.61 5.48 5.51
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 11,296 12,650 16,984 17,062 12,457 12,990 13,041 14,645 13,103 13,706 14,530
Invested Capital Turnover		 0.26 0.26 0.23 0.25 0.30 0.27 0.23 0.20 0.26 0.24 0.23
Increase / (Decrease) in Invested Capital		 -1,045 442 4,978 4,959 1,161 340 -3,943 -2,417 646 716 1,489
Enterprise Value (EV)		 10,332 14,475 14,408 8,628 6,942 9,013 9,536 11,912 9,380 12,831 13,533
Market Capitalization		 11,134 11,990 8,794 5,653 5,818 7,558 8,304 8,409 8,194 10,590 10,133
Book Value per Share		 $13.00 $13.48 $14.12 $15.14 $14.28 $15.17 $15.06 $15.06 $16.04 $15.83 $15.95
Tangible Book Value per Share		 $9.72 $10.23 $10.89 $11.94 $11.22 $12.13 $12.02 $11.99 $12.93 $12.71 $12.80
Total Capital		 11,296 12,650 16,984 17,062 12,457 12,990 13,041 14,645 13,103 13,706 14,530
Total Debt		 3,013 4,103 8,089 8,102 3,664 3,699 3,868 5,690 3,787 4,595 5,486
Total Long-Term Debt		 1,597 1,597 1,605 1,156 1,157 1,150 1,165 1,175 1,202 1,195 1,691
Net Debt		 -2,111 1,176 4,305 2,160 309 640 417 2,782 465 1,520 2,679
Capital Expenditures (CapEx)		 1.00 5.00 5.00 9.00 9.00 13 10 11 6.00 17 9.00
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Nonoperating Obligations (NNO)		 3,013 4,103 8,089 8,102 3,664 3,699 3,868 5,690 3,787 4,595 5,486
Total Depreciation and Amortization (D&A)		 40 4.00 30 31 30 11 26 25 31 19 22
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.48 $0.48 $0.45 $0.59 $0.23 $0.31 $0.33 $0.34 $0.40 $0.30 $0.41
Adjusted Weighted Average Basic Shares Outstanding		 535.99M 535.03M 536.94M 539.12M 558.56M 548.41M 554.98M 543.98M 534.22M 540.32M 517.12M
Adjusted Diluted Earnings per Share		 $0.45 $0.45 $0.43 $0.56 $0.23 $0.32 $0.33 $0.34 $0.40 $0.29 $0.41
Adjusted Weighted Average Diluted Shares Outstanding		 570.15M 566.00M 571.99M 560.88M 561.42M 561.73M 557.87M 547.09M 537.97M 544.29M 523.42M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 536.80M 537.34M 537.81M 558.70M 558.77M 558.81M 546.87M 535.89M 530.14M 521.77M 507.23M
Normalized Net Operating Profit after Tax (NOPAT)		 268 269 255 329 142 125 197 204 223 170 222
Normalized NOPAT Margin		 30.63% 30.53% 29.69% 31.94% 18.25% 15.58% 24.05% 25.03% 26.96% 23.32% 27.34%
Pre Tax Income Margin		 39.54% 37.80% 38.53% 41.26% 24.94% 22.25% 31.01% 31.90% 33.98% 28.81% 35.10%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 4.87 2.25 1.43 1.10 0.41 0.38 0.57 0.56 0.57 0.48 0.74
NOPAT to Interest Expense		 3.77 1.82 1.10 0.85 0.30 0.41 0.44 0.44 0.45 0.39 0.58
EBIT Less CapEx to Interest Expense		 4.86 2.22 1.41 1.08 0.39 0.35 0.54 0.54 0.56 0.44 0.72
NOPAT Less CapEx to Interest Expense		 3.76 1.78 1.08 0.83 0.28 0.38 0.42 0.42 0.44 0.35 0.56
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 42.25% 40.24% 38.08% 33.36% 37.99% 41.92% 45.10% 53.21% 47.67% 47.86% 45.67%
Augmented Payout Ratio		 60.16% 41.56% 39.53% 34.43% 39.00% 43.01% 64.34% 106.00% 104.42% 126.70% 147.25%

Key Financial Trends

First Horizon Corp (NYSE: FHN) has demonstrated steady financial performance over the last several quarters, with some notable trends emerging in its income, cash flow, and balance sheet statements through Q1 2025 compared to prior periods.

  • Net Interest Income Stability: Net interest income has remained robust, with $631 million in Q1 2025, stable relative to $630 million in Q4 2024. This indicates consistent revenue generation from core lending activities.
  • Growth in Non-Interest Income: Non-interest income increased to $181 million in Q1 2025 from $99 million in Q4 2024, driven by higher service charges and trust fees, signaling diversification in revenue streams.
  • Improved Net Income: Q1 2025 net income attributable to common shareholders is $213 million, up from $-56 million in Q4 2024, reflecting better operating results and possibly lower credit losses.
  • Strong Cash Flow from Operating Activities: Net cash provided by operating activities was $349 million in Q1 2025, higher than $191 million in Q4 2024, showing improved core cash generation.
  • Robust Balance Sheet Growth: Total assets grew to about $81.5 billion in Q1 2025, with loans and leases stable around $62.2 billion and strong liquidity evidenced by cash and equivalents totaling $915 million.
  • Provision for Credit Losses: The provision increased to $40 million in Q1 2025 from $10 million in Q4 2024, which could signal cautious outlook on asset quality or preparation for potential credit risks.
  • Interest Expense Decrease: Total interest expense decreased to $383 million in Q1 2025 from $437 million in Q4 2024, mainly driven by lower deposit interest expense, which may improve net interest margins.
  • Equity Fluctuations: Total equity including noncontrolling interests stood at approximately $9.04 billion in Q1 2025, reflecting steady capitalization but with some accumulated other comprehensive losses (~$983 million).
  • Dividend Consistency: The company maintained cash dividends at $0.15 per share through Q1 2025, consistent with prior quarters, indicating a commitment to returning capital to shareholders.
  • Decline in Total Revenue: Total revenue was down to $812 million in Q1 2025 from $1.07 billion in Q1 2024, primarily due to lower interest income and non-interest income compared to the year prior, which could pressure earnings growth if the trend continues.
  • Increasing Operating Expenses: Non-interest expenses remain high at $487 million in Q1 2025, though slightly declined from $515 million in Q1 2024, the cost base remains significant affecting profitability.
  • Deposit Outflows: There was a net decrease in deposits of approximately $1.37 billion in Q1 2025 as per cash flow from financing activities, which might indicate challenges in deposit retention or competitive pressures.
  • Equity Repurchases: The company repurchased $365 million of common equity in Q1 2025, which can be positive for shareholders but also reduces liquidity and capital cushions in a volatile environment.

Summary: First Horizon's recent results highlight a stable net interest income with improving net income and operating cash flows, supported by diversified non-interest income. However, rising credit loss provisions, deposit declines, and elevated operating expenses pose challenges. The company’s strong capital position and consistent dividend are positives. Investors should monitor trends in revenue growth, loan quality, and deposit stability going forward.

08/09/25 09:51 AMAI Generated. May Contain Errors.

Frequently Asked Questions About First Horizon's Financials

When does First Horizon's fiscal year end?

According to the most recent income statement we have on file, First Horizon's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has First Horizon's net income changed over the last 9 years?

First Horizon's net income appears to be on an upward trend, with a most recent value of $794 million in 2024, rising from $97.31 million in 2015. The previous period was $916 million in 2023. View First Horizon's forecast to see where analysts expect First Horizon to go next.

How has First Horizon's revenue changed over the last 9 years?

Over the last 9 years, First Horizon's total revenue changed from $1.17 billion in 2015 to $3.19 billion in 2024, a change of 172.4%.

How much debt does First Horizon have?

First Horizon's total liabilities were at $73.04 billion at the end of 2024, a 0.9% increase from 2023, and a 210.1% increase since 2015.

How much cash does First Horizon have?

In the past 9 years, First Horizon's cash and equivalents has ranged from $300.81 million in 2015 to $1.20 billion in 2020, and is currently $906 million as of their latest financial filing in 2024.

How has First Horizon's book value per share changed over the last 9 years?

Over the last 9 years, First Horizon's book value per share changed from 9.60 in 2015 to 15.83 in 2024, a change of 64.9%.


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This page (NYSE:FHN) was last updated on 8/9/2025 by MarketBeat.com Staff
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