First Horizon (FHN) Financials

$25.14 +0.15 (+0.59%)

Closing price 06/12/2026 03:59 PM Eastern

Extended Trading

$25.14 0.00 (-0.01%)

As of 06/12/2026 06:04 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	80	221	159	539	435	822	962	868	1,730	738	956
Consolidated Net Income / (Loss)	97	239	177	557	452	857	1,010	912	916	794	998
Net Income / (Loss) Continuing Operations	97	239	177	714	452	857	1,010	912	916	794	998
Total Pre-Tax Income	108	345	309	714	586	933	1,284	1,159	1,128	1,005	1,280
Total Revenue	1,171	1,282	1,333	1,943	1,864	3,154	3,070	3,207	3,467	3,190	3,419
Net Interest Income / (Expense)	654	729	842	1,220	1,210	1,662	1,994	2,392	2,540	2,511	2,622
Total Interest Income	736	818	990	1,546	1,624	1,898	2,158	2,683	4,100	4,352	4,186
Loans and Leases Interest Income	606	685	834	1,331	1,425	1,752	1,990	2,331	3,626	3,910	3,732
Investment Securities Interest Income	94	128	141	189	168	140	151	256	325	326	373
Other Interest Income	1.65	4.25	15	26	31	6.00	17	96	149	116	81
Total Interest Expense	83	89	148	326	414	236	164	291	1,560	1,841	1,564
Deposits Interest Expense	25	40	80	217	307	152	81	184	1,266	1,620	1,339
Short-Term Borrowings Interest Expense	3.17	4.74	16	37	41	14	5.00	23	210	130	121
Long-Term Debt Interest Expense	54	44	52	72	66	70	78	84	84	91	104
Total Non-Interest Income	517	552	490	723	654	1,492	1,076	815	927	679	797
Trust Fees by Commissions	140	136	139	163	162	187	226	219	226	224	220
Other Service Charges	129	132	119	168	213	355	431	373	347	357	370
Net Realized & Unrealized Capital Gains on Investments	1.38	1.34	0.59	213	0.00	527	13	18	221	-89	1.00
Other Non-Interest Income	246	283	232	179	279	423	406	205	133	187	206
Provision for Credit Losses	9.00	11	0.00	8.00	45	503	-310	95	260	150	65
Total Non-Interest Expense	1,054	925	1,024	1,221	1,233	1,718	2,096	1,953	2,079	2,035	2,074
Salaries and Employee Benefits	512	564	587	658	695	1,033	1,210	1,101	1,100	1,137	1,159
Net Occupancy & Equipment Expense	121	120	128	180	160	214	264	260	210	224	235
Marketing Expense	19	22	19	25	34	18	37	50	71	48	54
Property & Liability Insurance Claims	34	43	39	57	72	84	92	94	171	128	128
Other Operating Expenses	362	171	241	275	224	322	403	397	480	454	460
Amortization Expense	5.25	5.20	8.73	26	25	40	56	51	47	44	38
Income Tax Expense	11	107	132	-	134	76	274	247	212	211	282
Preferred Stock Dividends Declared	6.20	6.20	6.20	6.00	6.00	23	37	32	32	37	26
Net Income / (Loss) Attributable to Noncontrolling Interest	11	11	11	12	11	12	11	12	19	19	16
Basic Earnings per Share	$0.34	$0.95	$0.66	$1.66	$1.39	$1.90	$1.76	$1.62	$1.58	$1.37	$1.89
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	505.13M
Diluted Earnings per Share	$0.34	$0.94	$0.65	$1.65	$1.38	$1.89	$1.74	$1.53	$1.54	$1.36	$1.87
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	511.11M
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	483.19M
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	$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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	258	912	184	184	213	-56	213	233	254	256	257
Consolidated Net Income / (Loss)	142	190	197	204	223	170	222	245	266	265	266
Net Income / (Loss) Continuing Operations	142	190	197	204	223	170	222	245	266	265	266
Total Pre-Tax Income	194	178	254	260	281	210	285	309	344	342	342
Total Revenue	778	800	819	815	827	729	812	830	889	888	862
Net Interest Income / (Expense)	605	617	625	629	627	630	631	641	674	676	667
Total Interest Income	1,080	1,085	1,073	1,093	1,119	1,067	1,014	1,044	1,077	1,051	1,004
Loans and Leases Interest Income	956	962	961	984	1,006	959	904	929	963	936	892
Investment Securities Interest Income	81	81	80	80	82	84	89	94	94	96	94
Other Interest Income	43	42	32	29	31	24	21	21	20	19	18
Total Interest Expense	475	468	448	464	492	437	383	403	403	375	337
Deposits Interest Expense	409	421	398	399	434	389	329	337	351	322	284
Short-Term Borrowings Interest Expense	46	27	28	41	35	26	29	38	28	26	28
Long-Term Debt Interest Expense	20	20	22	24	23	22	25	28	24	27	25
Total Non-Interest Income	173	183	194	186	200	99	181	189	215	212	195
Trust Fees by Commissions	58	58	55	56	57	56	52	54	56	58	56
Other Service Charges	87	93	87	89	95	86	80	93	102	95	87
Net Realized & Unrealized Capital Gains on Investments	0.00	-	-	1.00	1.00	-	0.00	0.00	0.00	-	-1.00
Other Non-Interest Income	28	36	52	40	47	48	49	42	57	58	53
Provision for Credit Losses	110	50	50	55	35	10	40	30	-5.00	-	15
Total Non-Interest Expense	474	572	515	500	511	509	487	491	550	546	505
Salaries and Employee Benefits	266	278	301	279	282	275	279	282	296	302	289
Net Occupancy & Equipment Expense	62	64	63	65	68	70	68	68	70	29	71
Marketing Expense	16	24	8.00	14	14	12	10	14	12	18	10
Property & Liability Insurance Claims	27	99	38	34	26	30	27	29	35	37	29
Other Operating Expenses	91	96	94	97	110	111	93	88	128	151	98
Amortization Expense	12	11	11	11	11	11	10	10	9.00	9.00	8.00
Income Tax Expense	52	-12	57	56	58	40	63	64	78	77	76
Preferred Stock Dividends Declared	8.00	8.00	8.00	15	5.00	9.00	5.00	8.00	8.00	5.00	5.00
Net Income / (Loss) Attributable to Noncontrolling Interest	5.00	6.00	5.00	5.00	5.00	4.00	4.00	4.00	4.00	4.00	4.00
Basic Earnings per Share	$0.23	$0.31	$0.33	$0.34	$0.40	$0.30	$0.41	$0.46	$0.50	$0.52	$0.54
Weighted Average Basic Shares Outstanding	558.56M	548.41M	554.98M	543.98M	534.22M	540.32M	517.12M	508.13M	504.86M	505.13M	480.31M
Diluted Earnings per Share	$0.23	$0.32	$0.33	$0.34	$0.40	$0.29	$0.41	$0.45	$0.50	$0.51	$0.53
Weighted Average Diluted Shares Outstanding	561.42M	561.73M	557.87M	547.09M	537.97M	544.29M	523.42M	513.61M	510.35M	511.11M	486.87M
Weighted Average Basic & Diluted Shares Outstanding	558.77M	558.81M	546.87M	535.89M	530.14M	521.77M	507.23M	507.75M	492.39M	483.19M	474.62M
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	$0.17

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-40	6.73	414	-47	-138	381	140	-245	188	-194	58
Net Cash From Operating Activities	367	180	-29	234	830	172	725	2,291	1,299	1,268	628
Net Cash From Continuing Operating Activities	367	180	-29	234	830	172	725	2,291	1,299	1,268	628
Net Income / (Loss) Continuing Operations	97	239	177	557	452	857	1,010	912	916	794	998
Consolidated Net Income / (Loss)	97	239	177	557	452	857	1,010	912	916	794	998
Provision For Loan Losses	9.00	-20	-20	8.00	45	503	-310	95	260	150	65
Depreciation Expense	55	59	35	47	44	52	61	59	55	55	56
Amortization Expense	5.25	5.20	36	12	22	10	-16	26	47	46	8.00
Non-Cash Adjustments to Reconcile Net Income	56	-37	-68	-494	-1,156	-1,250	-1,844	-921	-1,142	-788	-1,029
Changes in Operating Assets and Liabilities, net	144	-65	-189	104	1,423	-	1,824	2,120	1,163	1,011	530
Net Cash From Investing Activities	-518	-2,466	-1,325	480	-2,390	-4,967	-4,601	8,333	-2,605	-1,058	-1,094
Net Cash From Continuing Investing Activities	-518	-2,466	-1,325	480	-2,390	-4,967	-4,601	8,333	-2,605	-1,058	-1,094
Purchase of Property, Leasehold Improvements and Equipment	-40	-63	-53	-48	-49	-58	-53	-28	-37	-44	-33
Purchase of Investment Securities	-2,298	-3,628	-2,825	-611	-3,387	-11,732	-931	-6,683	-3,564	-2,875	-2,521
Sale of Property, Leasehold Improvements and Equipment	41	11	3.42	30	20	12	42	18	1.00	8.00	3.00
Sale and/or Maturity of Investments	1,778	1,213	1,550	865	1,026	4,740	-3,678	15,026	979	1,853	1,457
Net Cash From Financing Activities	111	2,293	1,768	-761	1,422	5,176	4,016	-10,869	1,494	-404	524
Net Cash From Continuing Financing Activities	111	2,293	1,768	-761	1,422	5,176	4,016	-10,869	1,493	-404	524
Net Change in Deposits	1,555	2,706	-197	2,093	-253	7,143	4,919	-11,406	2,289	-201	1,894
Issuance of Debt	496	10	2,209	21	-396	-327	-183	382	43	900	344
Repayment of Debt	-1,843	-268	-147	-2,618	2,384	-1,529	-	4.00	-450	-6.00	-366
Repurchase of Preferred Equity	-	-	-	-	0.00	0.00	-100	0.00	0.00	-100	-80
Repurchase of Common Equity	-33	-97	-5.55	-105	-134	-4.00	-416	-12	-10	-626	-918
Payment of Dividends	-72	-81	-98	-157	-188	-251	-377	-367	-384	-380	-356
Other Financing Activities, Net	7.22	22	6.13	5.00	9.00	0.00	28	36	5.00	9.00	6.00
Cash Interest Paid	91	92	140	308	411	261	170	280	1,428	1,869	1,584
Cash Income Taxes Paid	49	16	63	91	99	141	288	27	142	113	64

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	19	293	-165	-110	580	-499	106	-128	171	-91	48
Net Cash From Operating Activities	698	365	838	-150	389	191	349	83	-200	396	278
Net Cash From Continuing Operating Activities	698	365	838	-150	389	191	349	83	-200	396	278
Net Income / (Loss) Continuing Operations	142	189	197	204	223	170	222	245	265	266	266
Consolidated Net Income / (Loss)	142	189	197	204	223	170	222	245	265	266	266
Provision For Loan Losses	110	50	50	55	35	10	40	30	-5.00	-	15
Depreciation Expense	13	14	14	13	14	14	14	14	14	14	14
Amortization Expense	17	-3.00	12	12	17	5.00	8.00	5.00	-8.00	3.00	8.00
Non-Cash Adjustments to Reconcile Net Income	908	-1,017	-270	-242	397	-673	-172	-119	-234	-506	-388
Changes in Operating Assets and Liabilities, net	-492	1,132	835	-192	-297	665	237	-92	-232	619	363
Net Cash From Investing Activities	2,273	1,228	-876	-408	482	-256	693	-776	-16	-995	-224
Net Cash From Continuing Investing Activities	2,273	1,228	-876	-408	482	-256	693	-776	-16	-995	-224
Purchase of Property, Leasehold Improvements and Equipment	-9.00	-14	-10	-11	-6.00	-17	-9.00	-9.00	-8.00	-7.00	-8.00
Purchase of Investment Securities	-1,092	964	-509	-1,054	122	-1,434	88	-1,277	31	-1,363	-502
Sale and/or Maturity of Investments	3,382	266	-361	656	363	1,195	614	507	-46	393	286
Net Cash From Financing Activities	-2,952	-1,300	-127	448	-291	-434	-936	565	387	508	-6.00
Net Cash From Continuing Financing Activities	-2,952	-1,300	-127	448	-291	-434	-936	565	387	508	-6.00
Net Change in Deposits	1,582	-1,237	-39	-947	1,780	-995	-1,373	1,368	-52	1,951	-995
Issuance of Debt	-4,431	34	165	1,819	-1,927	794	892	-334	817	-1,031	914
Issuance of Preferred Equity	-	-	-	-	-	-	0.00	-	-	-	392
Repayment of Debt	-7.00	-	4.00	2.00	25	12	-1.00	-350	-22	7.00	-3.00
Repurchase of Common Equity	-	-	-159	-228	-75	-164	-365	-28	-190	-335	-235
Payment of Dividends	-96	-97	-98	-99	-94	-89	-92	-91	-88	-85	-82
Other Financing Activities, Net	-	-	0.00	1.00	-	8.00	3.00	-	2.00	1.00	3.00
Cash Interest Paid	431	467	420	544	428	477	372	403	436	373	317
Cash Income Taxes Paid	98	5.00	3.00	89	7.00	14	4.00	23	4.00	33	6.00

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	2025
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	12/31/2025
Total Assets	26,193	28,555	41,423	40,832	43,311	84,209	89,092	78,953	81,661	82,152	83,876
Cash and Due from Banks	301	373	639	781	634	1,203	1,147	1,061	1,012	906	961
Federal Funds Sold	114	51	87	238	633	445	641	482	719	631	634
Interest Bearing Deposits at Other Banks	603	1,060	1,186	1,278	482	8,351	14,907	1,384	1,328	1,538	1,125
Trading Account Securities	5,568	5,580	8,022	7,150	6,385	10,255	12,192	12,172	11,628	11,104	11,691
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	64,156
Loans and Leases	17,687	19,590	27,659	27,536	-	58,232	-	58,102	61,292	62,565	64,156
Premises and Equipment, Net	276	289	532	494	455	759	665	612	590	574	544
Goodwill	191	191	1,387	1,433	1,433	1,511	1,511	1,511	1,510	1,510	1,510
Intangible Assets	26	21	184	155	131	354	298	234	186	143	105
Other Assets	1,637	1,602	1,917	1,949	33,358	3,099	57,731	3,395	3,396	3,181	3,150
Total Liabilities & Shareholders' Equity	26,193	28,555	41,423	40,832	43,311	84,209	89,092	78,953	81,661	82,152	83,876
Total Liabilities	23,553	25,850	36,843	36,047	38,235	75,902	80,598	70,406	72,370	73,041	74,734
Non-Interest Bearing Deposits	10,924	11,889	16,425	16,513	8,429	22,173	27,883	23,466	17,204	16,021	15,823
Interest Bearing Deposits	9,043	10,783	14,196	16,170	24,001	47,809	47,012	40,023	48,576	49,560	51,653
Short-Term Debt	499	557	3,332	887	3,518	2,198	2,124	2,506	2,549	3,400	3,254
Long-Term Debt	1,313	1,041	1,218	1,171	791	1,670	1,590	1,597	1,150	1,195	1,321
Other Long-Term Liabilities	1,310	1,166	1,273	1,049	1,496	2,052	1,989	2,814	2,891	2,865	2,683
Total Equity & Noncontrolling Interests	2,640	2,705	4,580	4,785	5,076	8,307	8,494	8,547	9,291	9,111	9,142
Total Preferred & Common Equity	2,344	2,410	4,285	4,490	4,781	8,012	8,199	8,252	8,996	8,816	8,847
Preferred Stock	96	96	96	96	96	470	520	1,014	520	426	349
Total Common Equity	2,249	2,314	4,189	4,394	4,685	7,542	7,679	7,238	8,476	8,390	8,498
Common Stock	1,588	1,533	3,352	3,229	3,126	5,421	5,076	5,176	5,700	5,136	4,277
Retained Earnings	874	1,029	1,160	1,542	1,798	2,261	2,891	3,430	3,964	4,382	5,031
Accumulated Other Comprehensive Income / (Loss)	-214	-248	-323	-377	-239	-140	-288	-1,368	-1,188	-1,128	-810
Noncontrolling Interest	295	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	Q2 2025	Q3 2025	Q1 2026
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	6/30/2025	9/30/2025	3/31/2026
Total Assets	80,299	80,729	85,071	82,533	81,799	82,230	82,635	81,491	82,084	83,192	84,132
Cash and Due from Banks	1,193	987	1,137	1,022	749	969	1,028	915	988	912	889
Federal Funds Sold	690	309	282	416	817	487	1,008	728	527	774	754
Interest Bearing Deposits at Other Banks	3,241	2,488	4,523	1,917	1,885	1,452	1,286	1,164	911	1,228	1,116
Trading Account Securities	12,204	12,088	11,797	11,279	11,015	10,941	11,573	11,219	11,194	11,902	11,724
Loans and Leases, Net of Allowance	57,354	0.00	61,295	61,778	61,753	62,781	62,445	62,215	63,260	63,058	64,377
Loans and Leases	57,354	-	61,295	61,778	61,753	62,781	62,445	62,215	63,260	63,058	64,377
Premises and Equipment, Net	622	603	595	590	586	584	572	569	561	553	539
Goodwill	1,511	1,511	1,511	1,511	1,510	1,510	1,510	1,510	1,510	1,510	1,510
Intangible Assets	246	222	210	198	175	165	154	133	123	114	97
Other Assets	3,238	62,521	3,721	3,822	3,309	3,341	3,059	3,038	3,010	3,141	3,126
Total Liabilities & Shareholders' Equity	80,299	80,729	85,071	82,533	81,799	82,230	82,635	81,491	82,084	83,192	84,132
Total Liabilities	72,016	71,834	76,111	73,740	72,626	73,275	73,319	72,447	72,827	73,948	74,667
Non-Interest Bearing Deposits	25,813	21,134	18,801	17,825	16,410	16,348	16,212	15,835	15,892	16,023	15,910
Interest Bearing Deposits	40,202	40,306	46,632	49,190	49,331	48,446	50,363	48,373	49,685	49,502	50,572
Short-Term Debt	1,416	6,484	6,946	2,507	2,703	4,515	2,585	3,795	3,461	4,271	4,168
Long-Term Debt	1,597	1,605	1,156	1,157	1,165	1,175	1,202	1,691	1,342	1,328	1,318
Other Long-Term Liabilities	2,988	2,305	2,576	3,061	3,017	2,791	2,957	2,753	2,447	2,824	2,699
Total Equity & Noncontrolling Interests	8,283	8,895	8,960	8,793	9,173	8,955	9,316	9,044	9,257	9,244	9,465
Total Preferred & Common Equity	7,988	8,600	8,665	8,498	8,878	8,660	9,021	8,749	8,962	8,949	9,170
Preferred Stock	1,014	1,014	520	520	520	426	426	426	426	349	741
Total Common Equity	6,974	7,586	8,145	7,978	8,358	8,234	8,595	8,323	8,536	8,600	8,429
Common Stock	5,147	5,199	5,674	5,686	5,557	5,343	5,280	4,789	4,777	4,601	4,056
Retained Earnings	3,254	3,595	3,830	3,874	4,072	4,172	4,304	4,517	4,671	4,848	5,205
Accumulated Other Comprehensive Income / (Loss)	-1,427	-1,208	-1,359	-1,582	-1,271	-1,281	-989	-983	-912	-849	-832
Noncontrolling Interest	295	295	295	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	2025
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	12/31/2025
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	492,394,106.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	492,394,106.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.03
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.57%	9.43%	3.98%	45.81%	-4.07%	69.21%	-2.66%	4.46%	8.11%	-7.99%	7.18%
EBITDA Growth	-54.95%	142.60%	-7.37%	103.53%	-15.65%	52.61%	33.57%	-6.40%	-1.13%	-10.08%	21.52%
EBIT Growth	-65.98%	218.99%	-10.56%	131.16%	-17.93%	59.22%	37.62%	-9.74%	-2.67%	-10.90%	27.36%
NOPAT Growth	-58.42%	145.10%	-25.80%	303.44%	-36.69%	89.60%	17.85%	-9.70%	0.44%	-13.32%	25.69%
Net Income Growth	-58.42%	145.10%	-25.80%	214.72%	-18.85%	89.60%	17.85%	-9.70%	0.44%	-13.32%	25.69%
EPS Growth	-62.64%	176.47%	-30.85%	153.85%	-16.36%	36.96%	-7.94%	-12.07%	0.65%	-11.69%	37.50%
Operating Cash Flow Growth	-47.87%	-51.01%	-116.00%	912.56%	254.70%	-79.28%	321.51%	216.00%	-43.30%	-2.39%	-50.47%
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%	1,165.38%
Invested Capital Growth	-14.39%	-3.33%	112.19%	-25.05%	37.14%	29.73%	0.27%	3.62%	2.69%	5.51%	0.08%
Revenue Q/Q Growth	1.76%	1.65%	4.36%	1.96%	4.59%	11.16%	-2.17%	4.50%	-2.28%	-2.18%	4.88%
EBITDA Q/Q Growth	-4.45%	7.02%	-12.76%	14.05%	5.08%	17.59%	-2.35%	4.19%	-10.74%	3.75%	10.71%
EBIT Q/Q Growth	-9.37%	8.68%	-15.38%	16.12%	5.94%	18.16%	-1.61%	4.79%	-12.08%	3.29%	11.50%
NOPAT Q/Q Growth	-0.22%	2.71%	-37.48%	75.29%	-18.29%	16.93%	-1.66%	4.71%	-7.94%	-2.46%	10.52%
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%	10.52%
EPS Q/Q Growth	0.00%	3.30%	-41.96%	48.65%	5.34%	23.53%	-15.94%	3.38%	-7.78%	-2.16%	13.33%
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%	48.46%
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%	217.92%
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%	-7.59%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	14.43%	31.99%	28.50%	39.78%	34.98%	31.55%	43.29%	38.79%	35.48%	34.67%	39.31%
EBIT Margin	9.24%	26.95%	23.18%	36.75%	31.44%	29.58%	41.82%	36.14%	32.54%	31.50%	37.44%
Profit (Net Income) Margin	8.31%	18.61%	13.28%	28.67%	24.25%	27.17%	32.90%	28.44%	26.42%	24.89%	29.19%
Tax Burden Percent	89.89%	69.07%	57.30%	78.01%	77.13%	91.85%	78.66%	78.69%	81.21%	79.01%	77.97%
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	10.11%	30.93%	42.70%	0.00%	22.87%	8.15%	21.34%	21.31%	18.79%	21.00%	22.03%
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%	7.28%
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%	7.28%
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%	3.66%
Return on Equity (ROE)	3.73%	8.93%	4.86%	11.89%	9.17%	12.81%	12.02%	10.70%	10.27%	8.63%	10.94%
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%	7.20%
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%	1.54%
Return on Assets (ROA)	0.38%	0.87%	0.51%	1.35%	1.07%	1.34%	1.17%	1.09%	1.14%	0.97%	1.20%
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%	10.12%
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%	11.28%
Net Operating Profit after Tax (NOPAT)	97	239	177	714	452	857	1,010	912	916	794	998
NOPAT Margin	8.31%	18.61%	13.28%	36.75%	24.25%	27.17%	32.90%	28.44%	26.42%	24.89%	29.19%
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%	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%	42.35%
Operating Expenses to Revenue	89.99%	72.20%	76.82%	62.84%	66.15%	54.47%	68.27%	60.90%	59.97%	63.79%	60.66%
Earnings before Interest and Taxes (EBIT)	108	345	309	714	586	933	1,284	1,159	1,128	1,005	1,280
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	169	410	380	773	652	995	1,329	1,244	1,230	1,106	1,344
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	1.38
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	1.71
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	3.44
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	12.31
Dividend Yield	2.26%	1.88%	2.83%	4.67%	4.17%	5.48%	4.14%	2.69%	4.44%	3.00%	2.51%
Earnings Yield	3.20%	6.35%	4.48%	16.18%	10.42%	13.54%	12.26%	7.24%	22.89%	6.97%	8.12%
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	1.04
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	4.17
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	10.62
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	11.15
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	14.30
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	22.72
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	14.46
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	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	0.14
Financial Leverage	0.85	0.64	0.84	0.71	0.65	0.61	0.45	0.46	0.44	0.45	0.50
Leverage Ratio	9.93	10.24	9.61	8.78	8.53	9.53	10.31	9.86	9.00	8.90	9.10
Compound Leverage Factor	9.93	10.24	9.61	8.78	8.53	9.53	10.31	9.86	9.00	8.90	9.10
Debt to Total Capital	40.70%	37.13%	49.83%	30.07%	45.91%	31.77%	30.42%	32.43%	28.48%	33.53%	33.35%
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%	23.72%
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%	9.63%
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%	2.54%
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%	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%	61.95%
Debt to EBITDA	10.72	3.90	11.98	2.66	6.61	3.89	2.79	3.30	3.01	4.15	3.40
Net Debt to EBITDA	4.70	0.28	6.95	-0.31	3.93	-6.16	-9.77	0.95	0.52	1.37	1.38
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	0.98
Debt to NOPAT	18.62	6.70	25.71	2.88	9.53	4.51	3.68	4.50	4.04	5.79	4.58
Net Debt to NOPAT	8.16	0.48	14.90	-0.33	5.66	-7.15	-12.85	1.29	0.70	1.91	1.86
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	1.32
Noncontrolling Interest Sharing Ratio	14.98%	14.63%	10.74%	8.35%	7.93%	8.64%	9.40%	12.46%	11.91%	8.35%	7.48%
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	987
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%	2,093.33%
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	0.63
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	0.40
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	0.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.05	0.05	0.04	0.05	0.04	0.05	0.04	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	6.12
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	13,717
Invested Capital Turnover	0.24	0.29	0.20	0.24	0.23	0.29	0.25	0.26	0.27	0.24	0.25
Increase / (Decrease) in Invested Capital	-748	-148	4,827	-2,287	2,542	2,790	33	442	340	716	11
Enterprise Value (EV)	3,673	3,983	6,589	3,483	7,126	704	-4,320	14,475	9,013	12,831	14,267
Market Capitalization	2,488	3,478	3,560	3,331	4,175	6,070	7,846	11,990	7,558	10,590	11,768
Book Value per Share	$9.60	$9.92	$17.89	$13.57	$15.06	$13.59	$14.20	$13.48	$15.17	$15.83	$17.26
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	$13.98
Total Capital	4,451	4,303	9,130	6,843	9,385	12,175	12,208	12,650	12,990	13,706	13,717
Total Debt	1,812	1,598	4,550	2,058	4,309	3,868	3,714	4,103	3,699	4,595	4,575
Total Long-Term Debt	1,313	1,041	1,218	1,171	791	1,670	1,590	1,597	1,150	1,195	1,321
Net Debt	794	114	2,638	-239	2,560	-6,131	-12,981	1,176	640	1,520	1,855
Capital Expenditures (CapEx)	-1.20	51	50	18	29	46	11	10	36	36	30
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	157	0.00	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	4,575
Total Depreciation and Amortization (D&A)	61	65	71	59	66	62	45	85	102	101	64
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	$1.89
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	505.13M
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	$1.87
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	511.11M
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	$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	483.19M
Normalized Net Operating Profit after Tax (NOPAT)	97	239	177	500	470	863	1,037	912	916	794	998
Normalized NOPAT Margin	8.31%	18.61%	13.28%	25.72%	25.20%	27.38%	33.77%	28.44%	26.42%	24.89%	29.19%
Pre Tax Income Margin	9.24%	26.95%	23.18%	36.75%	31.44%	29.58%	41.82%	36.14%	32.54%	31.50%	37.44%
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	0.82
NOPAT to Interest Expense	1.18	2.69	1.20	2.19	1.09	3.63	6.16	3.13	0.59	0.43	0.64
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	0.80
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	0.62
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%	35.67%
Augmented Payout Ratio	107.24%	74.85%	58.25%	47.04%	71.24%	29.76%	78.51%	41.56%	43.01%	126.70%	127.66%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	492,394,106.00	483,188,645.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	492,394,106.00	483,188,645.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.54	0.55
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-11.09%	-9.19%	-4.66%	-20.87%	6.30%	-8.88%	-0.85%	1.84%	7.50%	21.81%	6.16%
EBITDA Growth	-41.97%	-43.92%	-22.44%	-37.50%	39.29%	21.16%	9.64%	15.09%	12.18%	56.77%	18.57%
EBIT Growth	-43.93%	-46.55%	-23.26%	-38.82%	44.85%	17.98%	12.20%	18.85%	22.42%	62.86%	20.00%
NOPAT Growth	-47.01%	-29.37%	-22.75%	-37.99%	57.04%	-10.53%	12.69%	20.10%	19.28%	55.88%	19.82%
Net Income Growth	-47.01%	-29.37%	-22.75%	-37.99%	57.04%	-10.53%	12.69%	20.10%	19.28%	55.88%	19.82%
EPS Growth	-48.89%	-28.89%	-23.26%	-39.29%	73.91%	-9.38%	24.24%	32.35%	25.00%	75.86%	29.27%
Operating Cash Flow Growth	-9.11%	7,200.00%	1,314.49%	-149.18%	-44.27%	-47.67%	-58.35%	155.33%	-151.41%	107.33%	-20.34%
Free Cash Flow Firm Growth	-177.61%	13.29%	187.66%	156.61%	58.49%	-264.00%	-130.60%	-68.33%	-248.46%	146.52%	87.77%
Invested Capital Growth	10.28%	2.69%	-23.22%	-14.17%	5.19%	5.51%	11.42%	-3.99%	13.28%	0.08%	2.90%
Revenue Q/Q Growth	-24.47%	2.83%	2.38%	-0.49%	1.47%	-11.85%	11.39%	2.22%	7.11%	-0.11%	-2.93%
EBITDA Q/Q Growth	-50.88%	-15.63%	48.15%	1.79%	9.47%	-26.60%	34.06%	6.84%	6.71%	2.57%	1.39%
EBIT Q/Q Growth	-54.35%	-8.25%	42.70%	2.36%	8.08%	-25.27%	35.71%	8.42%	11.33%	-0.58%	0.00%
NOPAT Q/Q Growth	-56.84%	33.80%	3.68%	3.55%	9.31%	-23.77%	30.59%	10.36%	8.57%	-0.38%	0.38%
Net Income Q/Q Growth	-56.84%	33.80%	3.68%	3.55%	9.31%	-23.77%	30.59%	10.36%	8.57%	-0.38%	0.38%
EPS Q/Q Growth	-58.93%	39.13%	3.13%	3.03%	17.65%	-27.50%	41.38%	9.76%	11.11%	2.00%	3.92%
Operating Cash Flow Q/Q Growth	128.85%	-47.71%	129.59%	-117.90%	359.33%	-50.90%	82.72%	-76.22%	-340.96%	298.00%	-29.80%
Free Cash Flow Firm Q/Q Growth	77.99%	85.28%	2,860.00%	-36.69%	-116.14%	-29.08%	-132.05%	165.51%	-277.59%	117.23%	-161.02%
Invested Capital Q/Q Growth	-26.99%	4.28%	0.39%	12.30%	-10.53%	4.60%	6.01%	-3.23%	5.57%	-7.59%	9.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	28.79%	23.63%	34.19%	34.97%	37.73%	31.41%	37.81%	39.52%	39.37%	40.43%	42.23%
EBIT Margin	24.94%	22.25%	31.01%	31.90%	33.98%	28.81%	35.10%	37.23%	38.70%	38.51%	39.68%
Profit (Net Income) Margin	18.25%	23.75%	24.05%	25.03%	26.96%	23.32%	27.34%	29.52%	29.92%	29.84%	30.86%
Tax Burden Percent	73.20%	106.74%	77.56%	78.46%	79.36%	80.95%	77.89%	79.29%	77.33%	77.49%	77.78%
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	26.80%	-6.74%	22.44%	21.54%	20.64%	19.05%	22.11%	20.71%	22.67%	22.51%	22.22%
Return on Invested Capital (ROIC)	5.45%	6.42%	5.49%	5.07%	6.88%	5.57%	6.31%	6.58%	6.98%	7.44%	7.26%
ROIC Less NNEP Spread (ROIC-NNEP)	5.45%	6.42%	5.49%	5.07%	6.88%	5.57%	6.31%	6.58%	6.98%	7.44%	7.26%
Return on Net Nonoperating Assets (RNNOA)	2.13%	2.81%	3.63%	3.90%	2.83%	2.51%	3.24%	3.79%	3.53%	3.74%	4.31%
Return on Equity (ROE)	7.58%	9.23%	9.12%	8.98%	9.71%	8.08%	9.55%	10.37%	10.51%	11.18%	11.57%
Cash Return on Invested Capital (CROIC)	-1.40%	4.49%	31.98%	19.87%	1.31%	0.58%	-4.86%	10.07%	-5.99%	7.20%	4.21%
Operating Return on Assets (OROA)	1.09%	0.96%	1.31%	1.23%	1.34%	1.12%	1.37%	1.45%	1.52%	1.59%	1.66%
Return on Assets (ROA)	0.80%	1.03%	1.01%	0.96%	1.06%	0.91%	1.07%	1.15%	1.18%	1.23%	1.29%
Return on Common Equity (ROCE)	6.64%	8.13%	8.05%	8.21%	8.89%	7.41%	8.75%	9.55%	9.74%	10.34%	10.47%
Return on Equity Simple (ROE_SIMPLE)	11.71%	0.00%	9.66%	8.46%	9.02%	0.00%	9.36%	9.60%	10.09%	0.00%	11.36%
Net Operating Profit after Tax (NOPAT)	142	190	197	204	223	170	222	245	266	265	266
NOPAT Margin	18.25%	23.75%	24.05%	25.03%	26.96%	23.32%	27.34%	29.52%	29.92%	29.84%	30.86%
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	44.22%	45.75%	45.42%	43.93%	44.01%	48.97%	43.97%	43.86%	42.52%	39.30%	42.92%
Operating Expenses to Revenue	60.93%	71.50%	62.88%	61.35%	61.79%	69.82%	59.98%	59.16%	61.87%	61.49%	58.58%
Earnings before Interest and Taxes (EBIT)	194	178	254	260	281	210	285	309	344	342	342
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	224	189	280	285	312	229	307	328	350	359	364
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.73	0.89	0.99	1.02	0.95	1.26	1.22	1.25	1.33	1.38	1.30
Price to Tangible Book Value (P/TBV)	0.93	1.11	1.24	1.28	1.18	1.57	1.52	1.55	1.65	1.71	1.61
Price to Revenue (P/Rev)	1.64	2.18	2.42	2.62	2.51	3.32	3.18	3.34	3.52	3.44	3.17
Price to Earnings (P/E)	5.41	4.37	4.97	5.47	4.80	14.35	13.21	13.09	13.40	12.31	11.00
Dividend Yield	5.76%	4.44%	4.04%	3.90%	3.92%	3.00%	3.09%	2.85%	2.65%	2.51%	2.72%
Earnings Yield	18.49%	22.89%	20.12%	18.29%	20.82%	6.97%	7.57%	7.64%	7.47%	8.12%	9.09%
Enterprise Value to Invested Capital (EV/IC)	0.56	0.69	0.73	0.81	0.72	0.94	0.93	0.98	1.00	1.04	0.99
Enterprise Value to Revenue (EV/Rev)	1.96	2.60	2.78	3.71	2.88	4.02	4.25	4.31	4.54	4.17	4.25
Enterprise Value to EBITDA (EV/EBITDA)	5.04	7.33	8.30	12.18	8.80	11.60	11.94	11.72	12.20	10.62	10.54
Enterprise Value to EBIT (EV/EBIT)	5.41	7.99	9.07	13.44	9.64	12.77	13.06	12.70	12.90	11.15	11.04
Enterprise Value to NOPAT (EV/NOPAT)	6.98	9.84	11.11	16.25	11.52	16.16	16.52	16.02	16.40	14.30	14.17
Enterprise Value to Operating Cash Flow (EV/OCF)	7.39	6.94	4.32	6.80	6.51	10.12	17.37	13.62	35.01	22.72	26.50
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	15.65	1.99	3.78	55.83	164.50	0.00	9.54	0.00	14.46	23.77
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.42	0.40	0.42	0.64	0.41	0.50	0.61	0.52	0.61	0.50	0.58
Long-Term Debt to Equity	0.13	0.12	0.13	0.13	0.13	0.13	0.19	0.15	0.14	0.14	0.14
Financial Leverage	0.39	0.44	0.66	0.77	0.41	0.45	0.51	0.58	0.51	0.50	0.59
Leverage Ratio	9.54	9.00	9.00	9.34	9.12	8.90	8.96	9.02	8.93	9.10	8.95
Compound Leverage Factor	9.54	9.00	9.00	9.34	9.12	8.90	8.96	9.02	8.93	9.10	8.95
Debt to Total Capital	29.41%	28.48%	29.66%	38.85%	28.90%	33.53%	37.76%	34.16%	37.72%	33.35%	36.69%
Short-Term Debt to Total Capital	20.13%	19.62%	20.73%	30.83%	19.73%	24.81%	26.12%	24.62%	28.77%	23.72%	27.88%
Long-Term Debt to Total Capital	9.29%	8.85%	8.93%	8.02%	9.17%	8.72%	11.64%	9.54%	8.95%	9.63%	8.82%
Preferred Equity to Total Capital	4.17%	4.00%	3.99%	2.91%	3.25%	3.11%	2.93%	3.03%	2.35%	2.54%	4.96%
Noncontrolling Interests to Total Capital	2.37%	2.27%	2.26%	2.01%	2.25%	2.15%	2.03%	2.10%	1.99%	2.15%	1.97%
Common Equity to Total Capital	64.04%	65.25%	64.09%	56.22%	65.60%	61.21%	57.28%	60.71%	57.94%	61.95%	56.38%
Debt to EBITDA	2.66	3.01	3.37	5.82	3.55	4.15	4.84	4.08	4.61	3.40	3.92
Net Debt to EBITDA	0.22	0.52	0.36	2.84	0.44	1.37	2.36	2.02	2.21	1.38	1.95
Long-Term Debt to EBITDA	0.84	0.94	1.01	1.20	1.13	1.08	1.49	1.14	1.09	0.98	0.94
Debt to NOPAT	3.68	4.04	4.51	7.76	4.65	5.79	6.70	5.58	6.20	4.58	5.26
Net Debt to NOPAT	0.31	0.70	0.49	3.80	0.57	1.91	3.27	2.76	2.97	1.86	2.62
Long-Term Debt to NOPAT	1.16	1.26	1.36	1.60	1.48	1.51	2.06	1.56	1.47	1.32	1.26
Noncontrolling Interest Sharing Ratio	12.44%	11.91%	11.76%	8.57%	8.48%	8.35%	8.43%	7.92%	7.35%	7.48%	9.49%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,019	-150	4,140	2,621	-423	-546	-1,267	830	-1,474	254	-155
Operating Cash Flow to CapEx	7,755.56%	2,807.69%	8,380.00%	-1,363.64%	6,483.33%	1,123.53%	3,877.78%	922.22%	-2,500.00%	5,657.14%	3,475.00%
Free Cash Flow to Firm to Interest Expense	-2.15	-0.32	9.24	5.65	-0.86	-1.25	-3.31	2.06	-3.66	0.68	-0.46
Operating Cash Flow to Interest Expense	1.47	0.78	1.87	-0.32	0.79	0.44	0.91	0.21	-0.50	1.06	0.82
Operating Cash Flow Less CapEx to Interest Expense	1.45	0.75	1.85	-0.35	0.78	0.40	0.89	0.18	-0.52	1.04	0.80
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	5.85	5.77	5.76	5.45	5.61	5.48	5.51	5.59	5.80	6.12	6.26
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	12,457	12,990	13,041	14,645	13,103	13,706	14,530	14,060	14,843	13,717	14,951
Invested Capital Turnover	0.30	0.27	0.23	0.20	0.26	0.24	0.23	0.22	0.23	0.25	0.24
Increase / (Decrease) in Invested Capital	1,161	340	-3,943	-2,417	646	716	1,489	-585	1,740	11	421
Enterprise Value (EV)	6,942	9,013	9,536	11,912	9,380	12,831	13,533	13,780	14,809	14,267	14,760
Market Capitalization	5,818	7,558	8,304	8,409	8,194	10,590	10,133	10,682	11,480	11,768	10,997
Book Value per Share	$14.28	$15.17	$15.06	$15.06	$16.04	$15.83	$15.95	$16.83	$16.94	$17.26	$17.44
Tangible Book Value per Share	$11.22	$12.13	$12.02	$11.99	$12.93	$12.71	$12.80	$13.61	$13.74	$13.98	$14.12
Total Capital	12,457	12,990	13,041	14,645	13,103	13,706	14,530	14,060	14,843	13,717	14,951
Total Debt	3,664	3,699	3,868	5,690	3,787	4,595	5,486	4,803	5,599	4,575	5,486
Total Long-Term Debt	1,157	1,150	1,165	1,175	1,202	1,195	1,691	1,342	1,328	1,321	1,318
Net Debt	309	640	417	2,782	465	1,520	2,679	2,377	2,685	1,855	2,727
Capital Expenditures (CapEx)	9.00	13	10	11	6.00	17	9.00	9.00	8.00	7.00	8.00
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)	3,664	3,699	3,868	5,690	3,787	4,595	5,486	4,803	5,599	4,575	5,486
Total Depreciation and Amortization (D&A)	30	11	26	25	31	19	22	19	6.00	17	22
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.23	$0.31	$0.33	$0.34	$0.40	$0.30	$0.41	$0.46	$0.50	$0.52	$0.54
Adjusted Weighted Average Basic Shares Outstanding	558.56M	548.41M	554.98M	543.98M	534.22M	540.32M	517.12M	508.13M	504.86M	505.13M	480.31M
Adjusted Diluted Earnings per Share	$0.23	$0.32	$0.33	$0.34	$0.40	$0.29	$0.41	$0.45	$0.50	$0.51	$0.53
Adjusted Weighted Average Diluted Shares Outstanding	561.42M	561.73M	557.87M	547.09M	537.97M	544.29M	523.42M	513.61M	510.35M	511.11M	486.87M
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	558.77M	558.81M	546.87M	535.89M	530.14M	521.77M	507.23M	507.75M	492.39M	483.19M	474.62M
Normalized Net Operating Profit after Tax (NOPAT)	142	125	197	204	223	170	222	245	266	265	266
Normalized NOPAT Margin	18.25%	15.58%	24.05%	25.03%	26.96%	23.32%	27.34%	29.52%	29.92%	29.84%	30.86%
Pre Tax Income Margin	24.94%	22.25%	31.01%	31.90%	33.98%	28.81%	35.10%	37.23%	38.70%	38.51%	39.68%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.41	0.38	0.57	0.56	0.57	0.48	0.74	0.77	0.85	0.91	1.01
NOPAT to Interest Expense	0.30	0.41	0.44	0.44	0.45	0.39	0.58	0.61	0.66	0.71	0.79
EBIT Less CapEx to Interest Expense	0.39	0.35	0.54	0.54	0.56	0.44	0.72	0.74	0.83	0.89	0.99
NOPAT Less CapEx to Interest Expense	0.28	0.38	0.42	0.42	0.44	0.35	0.56	0.59	0.64	0.69	0.77
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	37.99%	41.92%	45.10%	53.21%	47.67%	47.86%	45.67%	42.56%	39.87%	35.67%	33.21%
Augmented Payout Ratio	39.00%	43.01%	64.34%	106.00%	104.42%	126.70%	147.25%	116.05%	122.59%	127.66%	108.83%

Financials Breakdown Chart

Key Financial Trends

First Horizon (NYSE:FHN) showed solid earnings in Q1 2026, but the longer-term trend is mixed. The bank posted $266 million in net income and $0.53 diluted EPS, while operating cash flow remained positive. However, year-over-year comparisons show some pressure on margins, deposit balances, and non-interest income, even as the company continues to manage expenses and maintain a strong liquidity position.

Q1 2026 net income improved modestly year over year: consolidated net income rose to $266 million from $265 million in Q1 2025, with common shareholders earning $257 million.
Operating cash flow stayed positive: First Horizon generated $278 million in net cash from operating activities in Q1 2026.
Capital returns remain active: the company bought back $235 million of common equity in Q1 2026 and continued paying dividends.
Balance sheet leverage appears manageable: total liabilities of $74.7 billion were supported by $84.1 billion in assets and $9.5 billion in total equity and noncontrolling interests.
Net interest income held up well sequentially: Q1 2026 net interest income was $667 million, up from $676 million in Q4 2025 but still broadly stable in a tougher rate environment.
Loan balances were fairly steady recently: loans and leases net of allowance were $64.4 billion in Q1 2026, versus $63.1 billion in Q3 2025 and $62.3 billion in Q1 2025.
Deposit levels remain large but have been volatile: interest-bearing deposits were $50.6 billion in Q1 2026, down from $49.5 billion in Q3 2025 and below prior-year levels in some quarters.
Non-interest income is a meaningful support to revenue: Q1 2026 non-interest income was $195 million, about 23% of total revenue.
Year-over-year revenue declined: Q1 2026 total revenue of $862 million was below $888 million in Q4 2025 and also below several 2024 periods.
Expenses remain elevated: Q1 2026 non-interest expense totaled $505 million, keeping pressure on profitability despite decent revenue.
Deposits fell in Q1 2026: net change in deposits was -$995 million, which can signal funding pressure if it continues.

Longer-term trend: First Horizon’s earnings have recovered from weaker periods in 2022 and early 2023, but the business still shows sensitivity to interest-rate changes and deposit flows. Net interest income improved meaningfully from the 2022 trough, while earnings per share and operating cash flow have generally stabilized. At the same time, deposit volatility, rising funding costs in some periods, and relatively high operating expenses remain the main items investors should watch.

Bottom line: FHN looks financially stable and still profitable, with solid liquidity and continued capital returns. The stock’s longer-term case depends on whether management can keep deposits stable, protect net interest margin, and grow non-interest income faster than expenses.

06/14/26 11:23 PM ETAI Generated. May Contain Errors.

First Horizon Financials - Frequently Asked Questions

According to the most recent income statement we have on file, First Horizon's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

First Horizon's net income appears to be on an upward trend, with a most recent value of $998 million in 2025, rising from $97.31 million in 2015. The previous period was $794 million in 2024. View First Horizon's forecast to see where analysts expect First Horizon to go next.

Over the last 10 years, First Horizon's total revenue changed from $1.17 billion in 2015 to $3.42 billion in 2025, a change of 192.0%.

First Horizon's total liabilities were at $74.73 billion at the end of 2025, a 2.3% increase from 2024, and a 217.3% increase since 2015.

In the past 10 years, First Horizon's cash and equivalents has ranged from $300.81 million in 2015 to $1.20 billion in 2020, and is currently $961 million as of their latest financial filing in 2025.

Over the last 10 years, First Horizon's book value per share changed from 9.60 in 2015 to 17.26 in 2025, a change of 79.8%.

Related Companies

Financial statements for NYSE:FHN last updated on 5/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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First Horizon (FHN) Financials

Financials Breakdown Chart

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First Horizon Financials - Frequently Asked Questions

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First Horizon (FHN) Financials

Annual Income Statements for First Horizon

Quarterly Income Statements for First Horizon

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Quarterly Cash Flow Statements for First Horizon

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Quarterly Balance Sheets for First Horizon

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Quarterly Metrics And Ratios for First Horizon

Financials Breakdown Chart

Key Financial Trends

First Horizon Financials - Frequently Asked Questions

When does First Horizon's fiscal year end?

How has First Horizon's net income changed over the last 10 years?

How has First Horizon's revenue changed over the last 10 years?

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How has First Horizon's book value per share changed over the last 10 years?

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