First Horizon (FHN) Financials

$22.58 -0.12 (-0.51%)

Closing price 03:59 PM Eastern

Extended Trading

$22.56 -0.03 (-0.11%)

As of 06:39 PM Eastern

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

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

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

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

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

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

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%

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 (NYSE:FHN) has demonstrated several notable financial trends over the last four years through Q1 2025. Here is a summary of key positive developments, neutral factors, and potential concerns for investors to consider:

Consistent Net Interest Income: Despite some fluctuations, First Horizon’s net interest income has remained robust, holding around $600 million to over $680 million quarterly in recent periods, indicating stable core earnings from lending activities.
Solid Net Income Growth: The company’s quarterly net income increased notably from $142 million in Q3 2023 to $222 million in Q1 2025, reflecting improved profitability trends.
Strong Operating Cash Flow: Net cash from continuing operating activities increased significantly to $349 million in Q1 2025 from earlier quarters, representing good cash generation capacity.
Effective Credit Loss Management: Provisions for credit losses showed variability but have decreased to $40 million in Q1 2025 compared to over $100 million in some quarters in 2023, suggesting improved asset quality.
Capital Return Initiatives: The company has consistently returned capital through dividends (steady at $0.15 per share) and share repurchases, indicating confidence in financial strength and shareholder value focus.
Growth in Loans and Leases: Loan balances net of allowances increased modestly to about $62.2 billion in Q1 2025, signifying a stable lending book contributing to interest income.
Stable Non-Interest Income: Non-interest income has held generally steady, supporting revenue diversification, although it has not significantly grown.
Moderate Increase in Expenses: Salaries and employee benefits, occupancy, and other operating expenses have increased slightly over time, which could be normal inflationary or strategic investment effects.
Decline in Total Revenue Recently: Total revenue declined from peaks above $1 billion in mid-2023 to $812 million in Q1 2025, mainly due to reduced non-interest income and interest income pressures.
Drop in Deposits and Liquidity Concerns: There was a sharp net decrease in deposits of $1.37 billion in Q1 2025 vs. prior quarter increases, which could impact liquidity and funding costs.
Increase in Interest Expense Pressure: Interest expense, particularly on deposits, remains high (around $329 million in Q1 2025), pressuring net interest margins amid tightening liquidity conditions.
Rising Long-Term Debt and Liabilities: Total liabilities remain elevated at approximately $72.4 billion, with increases in long-term debt and other liabilities that could raise financial leverage concerns.

In summary, First Horizon shows solid core profitability, improving credit quality, and strong operating cash flows, which are positives for investors. However, recent pressures from declining revenue, shrinking deposits, and higher interest expenses warrant close monitoring. Managing costs and sustaining loan growth alongside stable funding will be key factors for the company’s future performance.

08/29/25 06:57 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About First Horizon's Financials

When does First Horizon's financial year end?

According to the most recent income statement we have on file, First Horizon's fiscal year ends in December. Their fiscal 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. Find out what analysts predict for First Horizon in the coming months.

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 8/29/2025 by MarketBeat.com Staff

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First Horizon (FHN) Financials

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First Horizon (FHN) Financials

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