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First Horizon (FHN) Financials

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$26.18 +0.16 (+0.63%)
As of 03:08 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 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

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 912 184 184 213 -56 213 466 254 256 257 520
Consolidated Net Income / (Loss)		 190 197 204 223 170 222 245 266 265 266 274
Net Income / (Loss) Continuing Operations		 190 197 204 223 170 222 245 266 265 266 274
Total Pre-Tax Income 		178 254 260 281 210 285 309 344 342 342 340
Total Revenue		 800 819 815 827 729 812 830 889 888 862 887
Net Interest Income / (Expense)		 617 625 629 627 630 631 641 674 676 667 676
Total Interest Income		 1,085 1,073 1,093 1,119 1,067 1,014 1,044 1,077 1,051 1,004 1,030
Loans and Leases Interest Income		 962 961 984 1,006 959 904 929 963 936 892 920
Investment Securities Interest Income		 81 80 80 82 84 89 94 94 96 94 93
Other Interest Income		 42 32 29 31 24 21 21 20 19 18 17
Total Interest Expense		 468 448 464 492 437 383 403 403 375 337 354
Deposits Interest Expense		 421 398 399 434 389 329 337 351 322 284 296
Short-Term Borrowings Interest Expense		 27 28 41 35 26 29 38 28 26 28 33
Long-Term Debt Interest Expense		 20 22 24 23 22 25 28 24 27 25 25
Total Non-Interest Income		 183 194 186 200 99 181 189 215 212 195 211
Trust Fees by Commissions		 58 55 56 57 56 52 54 56 58 56 57
Other Service Charges		 93 87 89 95 86 80 85 102 95 87 93
Other Non-Interest Income		 36 52 40 47 48 49 50 57 58 53 61
Provision for Credit Losses		 50 50 55 35 10 40 30 -5.00 - 15 15
Total Non-Interest Expense		 572 515 500 511 509 487 491 550 546 505 532
Salaries and Employee Benefits		 278 301 279 282 275 279 282 296 302 289 304
Net Occupancy & Equipment Expense		 64 63 65 68 70 68 68 70 29 71 73
Marketing Expense		 24 8.00 14 14 12 10 14 12 18 10 17
Property & Liability Insurance Claims		 99 38 34 26 30 27 29 35 37 29 30
Other Operating Expenses		 96 94 97 110 111 93 88 128 151 98 100
Amortization Expense		 11 11 11 11 11 10 10 9.00 9.00 8.00 8.00
Income Tax Expense		 -12 57 56 58 40 63 64 78 77 76 66
Preferred Stock Dividends Declared		 8.00 8.00 15 5.00 9.00 5.00 8.00 8.00 5.00 5.00 10
Net Income / (Loss) Attributable to Noncontrolling Interest		 6.00 5.00 5.00 5.00 4.00 4.00 4.00 4.00 4.00 4.00 4.00
Basic Earnings per Share		 $0.31 $0.33 $0.34 $0.40 $0.30 $0.41 $0.46 $0.50 $0.52 $0.54 $0.55
Weighted Average Basic Shares Outstanding		 548.41M 554.98M 543.98M 534.22M 540.32M 517.12M 508.13M 504.86M 505.13M 480.31M 474.84M
Diluted Earnings per Share		 $0.32 $0.33 $0.34 $0.40 $0.29 $0.41 $0.45 $0.50 $0.51 $0.53 $0.54
Weighted Average Diluted Shares Outstanding		 561.73M 557.87M 547.09M 537.97M 544.29M 523.42M 513.61M 510.35M 511.11M 486.87M 480.10M
Weighted Average Basic & Diluted Shares Outstanding		 558.81M 546.87M 535.89M 530.14M 521.77M 507.23M 507.75M 492.39M 483.19M 474.62M 473.78M

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 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

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Net Change in Cash & Equivalents		 293 -165 -110 580 -499 106 -128 171 -91 48 -15
Net Cash From Operating Activities		 365 838 -150 389 191 349 83 -200 396 278 585
Net Cash From Continuing Operating Activities		 365 838 -150 389 191 349 83 -200 396 278 585
Net Income / (Loss) Continuing Operations		 189 197 204 223 170 222 245 265 266 266 275
Consolidated Net Income / (Loss)		 189 197 204 223 170 222 245 265 266 266 275
Provision For Loan Losses		 50 50 55 35 10 40 30 -5.00 - 15 15
Depreciation Expense		 14 14 13 14 14 14 14 14 14 14 13
Amortization Expense		 -3.00 12 12 17 5.00 8.00 5.00 -8.00 3.00 8.00 6.00
Non-Cash Adjustments to Reconcile Net Income		 -1,017 -270 -242 397 -673 -172 -119 -234 -506 -388 -450
Changes in Operating Assets and Liabilities, net		 1,132 835 -192 -297 665 237 -92 -232 619 363 726
Net Cash From Investing Activities		 1,228 -876 -408 482 -256 693 -776 -16 -995 -224 -753
Net Cash From Continuing Investing Activities		 1,228 -876 -408 482 -256 693 -776 -16 -995 -224 -753
Purchase of Property, Leasehold Improvements and Equipment		 -14 -10 -11 -6.00 -17 -9.00 -9.00 -8.00 -7.00 -8.00 -19
Purchase of Investment Securities		 964 -509 -1,054 122 -1,434 88 -1,277 31 -1,363 -502 -996
Sale and/or Maturity of Investments		 266 -361 656 363 1,195 614 507 -46 393 286 254
Net Cash From Financing Activities		 -1,300 -127 448 -291 -434 -936 565 387 508 -6.00 153
Net Cash From Continuing Financing Activities		 -1,300 -127 448 -291 -434 -936 565 387 508 -6.00 153
Net Change in Deposits		 -1,237 -39 -947 1,780 -995 -1,373 1,368 -52 1,951 -995 1,588
Issuance of Debt		 34 165 1,819 -1,927 794 892 -334 817 -1,031 914 -1,166
Repayment of Debt		 - 4.00 2.00 25 12 -1.00 -350 -22 7.00 -3.00 3.00
Repurchase of Common Equity		 - -159 -228 -75 -164 -365 -28 -190 -335 -235 -121
Payment of Dividends		 -97 -98 -99 -94 -89 -92 -91 -88 -85 -82 -95
Other Financing Activities, Net		 - 0.00 1.00 - 8.00 3.00 - 2.00 1.00 3.00 1.00
Cash Interest Paid		 467 420 544 428 477 372 403 436 373 317 341
Cash Income Taxes Paid		 5.00 3.00 89 7.00 14 4.00 23 4.00 33 6.00 39

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 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

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
Total Assets		 80,729 85,071 82,533 81,799 82,230 82,635 81,491 82,084 83,192 84,132 84,437
Cash and Due from Banks		 987 1,137 1,022 749 969 1,028 915 988 912 889 1,034
Federal Funds Sold		 309 282 416 817 487 1,008 728 527 774 754 594
Interest Bearing Deposits at Other Banks		 2,488 4,523 1,917 1,885 1,452 1,286 1,164 911 1,228 1,116 1,158
Trading Account Securities		 12,088 11,797 11,279 11,015 10,941 11,573 11,219 11,194 11,902 11,724 10,980
Loans and Leases, Net of Allowance		 0.00 61,295 61,778 61,753 62,781 62,445 62,215 63,260 63,058 64,377 65,330
Loans and Leases		 - 61,295 61,778 61,753 62,781 62,445 62,215 63,260 63,058 64,377 65,330
Premises and Equipment, Net		 603 595 590 586 584 572 569 561 553 539 545
Goodwill		 1,511 1,511 1,511 1,510 1,510 1,510 1,510 1,510 1,510 1,510 1,510
Intangible Assets		 222 210 198 175 165 154 133 123 114 97 89
Other Assets		 62,521 3,721 3,822 3,309 3,341 3,059 3,038 3,010 3,141 3,126 3,197
Total Liabilities & Shareholders' Equity		 80,729 85,071 82,533 81,799 82,230 82,635 81,491 82,084 83,192 84,132 84,437
Total Liabilities		 71,834 76,111 73,740 72,626 73,275 73,319 72,447 72,827 73,948 74,667 74,974
Non-Interest Bearing Deposits		 21,134 18,801 17,825 16,410 16,348 16,212 15,835 15,892 16,023 15,910 15,994
Interest Bearing Deposits		 40,306 46,632 49,190 49,331 48,446 50,363 48,373 49,685 49,502 50,572 52,078
Short-Term Debt		 6,484 6,946 2,507 2,703 4,515 2,585 3,795 3,461 4,271 4,168 3,003
Long-Term Debt		 1,605 1,156 1,157 1,165 1,175 1,202 1,691 1,342 1,328 1,318 1,321
Other Long-Term Liabilities		 2,305 2,576 3,061 3,017 2,791 2,957 2,753 2,447 2,824 2,699 2,578
Total Equity & Noncontrolling Interests		 8,895 8,960 8,793 9,173 8,955 9,316 9,044 9,257 9,244 9,465 9,463
Total Preferred & Common Equity		 8,600 8,665 8,498 8,878 8,660 9,021 8,749 8,962 8,949 9,170 9,168
Preferred Stock		 1,014 520 520 520 426 426 426 426 349 741 682
Total Common Equity		 7,586 8,145 7,978 8,358 8,234 8,595 8,323 8,536 8,600 8,429 8,486
Common Stock		 5,199 5,674 5,686 5,557 5,343 5,280 4,789 4,777 4,601 4,056 3,949
Retained Earnings		 3,595 3,830 3,874 4,072 4,172 4,304 4,517 4,671 4,848 5,205 5,383
Accumulated Other Comprehensive Income / (Loss)		 -1,208 -1,359 -1,582 -1,271 -1,281 -989 -983 -912 -849 -832 -846
Noncontrolling Interest		 295 295 295 295 295 295 295 295 295 295 295

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 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%

Quarterly Metrics And Ratios for First Horizon

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 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 6/30/2026
DEI Shares Outstanding		 - - - - - - - - 492,394,106.00 483,188,645.00 474,617,813.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 492,394,106.00 483,188,645.00 474,617,813.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - 0.54 0.55 0.58
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -9.19% -4.66% -20.87% 6.30% -8.88% -0.85% 1.84% 7.50% 21.81% 6.16% 6.87%
EBITDA Growth		 -43.92% -22.44% -37.50% 39.29% 21.16% 9.64% 15.09% 12.18% 56.77% 18.57% 9.45%
EBIT Growth		 -46.55% -23.26% -38.82% 44.85% 17.98% 12.20% 18.85% 22.42% 62.86% 20.00% 10.03%
NOPAT Growth		 -29.37% -22.75% -37.99% 57.04% -10.53% 12.69% 20.10% 19.28% 55.88% 19.82% 11.84%
Net Income Growth		 -29.37% -22.75% -37.99% 57.04% -10.53% 12.69% 20.10% 19.28% 55.88% 19.82% 11.84%
EPS Growth		 -28.89% -23.26% -39.29% 73.91% -9.38% 24.24% 32.35% 25.00% 75.86% 29.27% 20.00%
Operating Cash Flow Growth		 7,200.00% 1,314.49% -149.18% -44.27% -47.67% -58.35% 155.33% -151.41% 107.33% -20.34% 604.82%
Free Cash Flow Firm Growth		 13.29% 187.66% 156.61% 58.49% -264.00% -130.60% -68.33% -248.46% 146.52% 87.77% -34.10%
Invested Capital Growth		 2.69% -23.22% -14.17% 5.19% 5.51% 11.42% -3.99% 13.28% 0.08% 2.90% -1.94%
Revenue Q/Q Growth		 2.83% 2.38% -0.49% 1.47% -11.85% 11.39% 2.22% 7.11% -0.11% -2.93% 2.90%
EBITDA Q/Q Growth		 -15.63% 48.15% 1.79% 9.47% -26.60% 34.06% 6.84% 6.71% 2.57% 1.39% -1.37%
EBIT Q/Q Growth		 -8.25% 42.70% 2.36% 8.08% -25.27% 35.71% 8.42% 11.33% -0.58% 0.00% -0.58%
NOPAT Q/Q Growth		 33.80% 3.68% 3.55% 9.31% -23.77% 30.59% 10.36% 8.57% -0.38% 0.38% 3.01%
Net Income Q/Q Growth		 33.80% 3.68% 3.55% 9.31% -23.77% 30.59% 10.36% 8.57% -0.38% 0.38% 3.01%
EPS Q/Q Growth		 39.13% 3.13% 3.03% 17.65% -27.50% 41.38% 9.76% 11.11% 2.00% 3.92% 1.89%
Operating Cash Flow Q/Q Growth		 -47.71% 129.59% -117.90% 359.33% -50.90% 82.72% -76.22% -340.96% 298.00% -29.80% 110.43%
Free Cash Flow Firm Q/Q Growth		 85.28% 2,860.00% -36.69% -116.14% -29.08% -132.05% 165.51% -277.59% 117.23% -161.02% 452.90%
Invested Capital Q/Q Growth		 4.28% 0.39% 12.30% -10.53% 4.60% 6.01% -3.23% 5.57% -7.59% 9.00% -7.79%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 23.63% 34.19% 34.97% 37.73% 31.41% 37.81% 39.52% 39.37% 40.43% 42.23% 40.47%
EBIT Margin		 22.25% 31.01% 31.90% 33.98% 28.81% 35.10% 37.23% 38.70% 38.51% 39.68% 38.33%
Profit (Net Income) Margin		 23.75% 24.05% 25.03% 26.96% 23.32% 27.34% 29.52% 29.92% 29.84% 30.86% 30.89%
Tax Burden Percent		 106.74% 77.56% 78.46% 79.36% 80.95% 77.89% 79.29% 77.33% 77.49% 77.78% 80.59%
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		 -6.74% 22.44% 21.54% 20.64% 19.05% 22.11% 20.71% 22.67% 22.51% 22.22% 19.41%
Return on Invested Capital (ROIC)		 6.42% 5.49% 5.07% 6.88% 5.57% 6.31% 6.58% 6.98% 7.44% 7.26% 7.82%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.42% 5.49% 5.07% 6.88% 5.57% 6.31% 6.58% 6.98% 7.44% 7.26% 7.82%
Return on Net Nonoperating Assets (RNNOA)		 2.81% 3.63% 3.90% 2.83% 2.51% 3.24% 3.79% 3.53% 3.74% 4.31% 3.81%
Return on Equity (ROE)		 9.23% 9.12% 8.98% 9.71% 8.08% 9.55% 10.37% 10.51% 11.18% 11.57% 11.64%
Cash Return on Invested Capital (CROIC)		 4.49% 31.98% 19.87% 1.31% 0.58% -4.86% 10.07% -5.99% 7.20% 4.21% 9.65%
Operating Return on Assets (OROA)		 0.96% 1.31% 1.23% 1.34% 1.12% 1.37% 1.45% 1.52% 1.59% 1.66% 1.62%
Return on Assets (ROA)		 1.03% 1.01% 0.96% 1.06% 0.91% 1.07% 1.15% 1.18% 1.23% 1.29% 1.31%
Return on Common Equity (ROCE)		 8.13% 8.05% 8.21% 8.89% 7.41% 8.75% 9.55% 9.74% 10.34% 10.47% 10.58%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 9.66% 8.46% 9.02% 0.00% 9.36% 9.60% 10.09% 0.00% 11.36% 11.68%
Net Operating Profit after Tax (NOPAT)		 190 197 204 223 170 222 245 266 265 266 274
NOPAT Margin		 23.75% 24.05% 25.03% 26.96% 23.32% 27.34% 29.52% 29.92% 29.84% 30.86% 30.89%
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		 45.75% 45.42% 43.93% 44.01% 48.97% 43.97% 43.86% 42.52% 39.30% 42.92% 44.42%
Operating Expenses to Revenue		 71.50% 62.88% 61.35% 61.79% 69.82% 59.98% 59.16% 61.87% 61.49% 58.58% 59.98%
Earnings before Interest and Taxes (EBIT)		 178 254 260 281 210 285 309 344 342 342 340
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 189 280 285 312 229 307 328 350 359 364 359
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.89 0.99 1.02 0.95 1.26 1.22 1.25 1.33 1.38 1.30 1.43
Price to Tangible Book Value (P/TBV)		 1.11 1.24 1.28 1.18 1.57 1.52 1.55 1.65 1.71 1.61 1.77
Price to Revenue (P/Rev)		 2.18 2.42 2.62 2.51 3.32 3.18 3.34 3.52 3.44 3.17 3.45
Price to Earnings (P/E)		 4.37 4.97 5.47 4.80 14.35 13.21 13.09 13.40 12.31 11.00 11.55
Dividend Yield		 4.44% 4.04% 3.90% 3.92% 3.00% 3.09% 2.85% 2.65% 2.51% 2.72% 2.50%
Earnings Yield		 22.89% 20.12% 18.29% 20.82% 6.97% 7.57% 7.64% 7.47% 8.12% 9.09% 8.66%
Enterprise Value to Invested Capital (EV/IC)		 0.69 0.73 0.81 0.72 0.94 0.93 0.98 1.00 1.04 0.99 1.07
Enterprise Value to Revenue (EV/Rev)		 2.60 2.78 3.71 2.88 4.02 4.25 4.31 4.54 4.17 4.25 4.16
Enterprise Value to EBITDA (EV/EBITDA)		 7.33 8.30 12.18 8.80 11.60 11.94 11.72 12.20 10.62 10.54 10.25
Enterprise Value to EBIT (EV/EBIT)		 7.99 9.07 13.44 9.64 12.77 13.06 12.70 12.90 11.15 11.04 10.73
Enterprise Value to NOPAT (EV/NOPAT)		 9.84 11.11 16.25 11.52 16.16 16.52 16.02 16.40 14.30 14.17 13.71
Enterprise Value to Operating Cash Flow (EV/OCF)		 6.94 4.32 6.80 6.51 10.12 17.37 13.62 35.01 22.72 26.50 13.87
Enterprise Value to Free Cash Flow (EV/FCFF)		 15.65 1.99 3.78 55.83 164.50 0.00 9.54 0.00 14.46 23.77 10.93
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.40 0.42 0.64 0.41 0.50 0.61 0.52 0.61 0.50 0.58 0.46
Long-Term Debt to Equity		 0.12 0.13 0.13 0.13 0.13 0.19 0.15 0.14 0.14 0.14 0.14
Financial Leverage		 0.44 0.66 0.77 0.41 0.45 0.51 0.58 0.51 0.50 0.59 0.49
Leverage Ratio		 9.00 9.00 9.34 9.12 8.90 8.96 9.02 8.93 9.10 8.95 8.90
Compound Leverage Factor		 9.00 9.00 9.34 9.12 8.90 8.96 9.02 8.93 9.10 8.95 8.90
Debt to Total Capital		 28.48% 29.66% 38.85% 28.90% 33.53% 37.76% 34.16% 37.72% 33.35% 36.69% 31.36%
Short-Term Debt to Total Capital		 19.62% 20.73% 30.83% 19.73% 24.81% 26.12% 24.62% 28.77% 23.72% 27.88% 21.78%
Long-Term Debt to Total Capital		 8.85% 8.93% 8.02% 9.17% 8.72% 11.64% 9.54% 8.95% 9.63% 8.82% 9.58%
Preferred Equity to Total Capital		 4.00% 3.99% 2.91% 3.25% 3.11% 2.93% 3.03% 2.35% 2.54% 4.96% 4.95%
Noncontrolling Interests to Total Capital		 2.27% 2.26% 2.01% 2.25% 2.15% 2.03% 2.10% 1.99% 2.15% 1.97% 2.14%
Common Equity to Total Capital		 65.25% 64.09% 56.22% 65.60% 61.21% 57.28% 60.71% 57.94% 61.95% 56.38% 61.55%
Debt to EBITDA		 3.01 3.37 5.82 3.55 4.15 4.84 4.08 4.61 3.40 3.92 3.02
Net Debt to EBITDA		 0.52 0.36 2.84 0.44 1.37 2.36 2.02 2.21 1.38 1.95 1.07
Long-Term Debt to EBITDA		 0.94 1.01 1.20 1.13 1.08 1.49 1.14 1.09 0.98 0.94 0.92
Debt to NOPAT		 4.04 4.51 7.76 4.65 5.79 6.70 5.58 6.20 4.58 5.26 4.04
Net Debt to NOPAT		 0.70 0.49 3.80 0.57 1.91 3.27 2.76 2.97 1.86 2.62 1.44
Long-Term Debt to NOPAT		 1.26 1.36 1.60 1.48 1.51 2.06 1.56 1.47 1.32 1.26 1.23
Noncontrolling Interest Sharing Ratio		 11.91% 11.76% 8.57% 8.48% 8.35% 8.43% 7.92% 7.35% 7.48% 9.49% 9.07%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -150 4,140 2,621 -423 -546 -1,267 830 -1,474 254 -155 547
Operating Cash Flow to CapEx		 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% 3,078.95%
Free Cash Flow to Firm to Interest Expense		 -0.32 9.24 5.65 -0.86 -1.25 -3.31 2.06 -3.66 0.68 -0.46 1.55
Operating Cash Flow to Interest Expense		 0.78 1.87 -0.32 0.79 0.44 0.91 0.21 -0.50 1.06 0.82 1.65
Operating Cash Flow Less CapEx to Interest Expense		 0.75 1.85 -0.35 0.78 0.40 0.89 0.18 -0.52 1.04 0.80 1.60
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		 5.77 5.76 5.45 5.61 5.48 5.51 5.59 5.80 6.12 6.26 6.38
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 12,990 13,041 14,645 13,103 13,706 14,530 14,060 14,843 13,717 14,951 13,787
Invested Capital Turnover		 0.27 0.23 0.20 0.26 0.24 0.23 0.22 0.23 0.25 0.24 0.25
Increase / (Decrease) in Invested Capital		 340 -3,943 -2,417 646 716 1,489 -585 1,740 11 421 -273
Enterprise Value (EV)		 9,013 9,536 11,912 9,380 12,831 13,533 13,780 14,809 14,267 14,760 14,684
Market Capitalization		 7,558 8,304 8,409 8,194 10,590 10,133 10,682 11,480 11,768 10,997 12,169
Book Value per Share		 $15.17 $15.06 $15.06 $16.04 $15.83 $15.95 $16.83 $16.94 $17.26 $17.44 $17.88
Tangible Book Value per Share		 $12.13 $12.02 $11.99 $12.93 $12.71 $12.80 $13.61 $13.74 $13.98 $14.12 $14.51
Total Capital		 12,990 13,041 14,645 13,103 13,706 14,530 14,060 14,843 13,717 14,951 13,787
Total Debt		 3,699 3,868 5,690 3,787 4,595 5,486 4,803 5,599 4,575 5,486 4,324
Total Long-Term Debt		 1,150 1,165 1,175 1,202 1,195 1,691 1,342 1,328 1,321 1,318 1,321
Net Debt		 640 417 2,782 465 1,520 2,679 2,377 2,685 1,855 2,727 1,538
Capital Expenditures (CapEx)		 13 10 11 6.00 17 9.00 9.00 8.00 7.00 8.00 19
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)		 3,699 3,868 5,690 3,787 4,595 5,486 4,803 5,599 4,575 5,486 4,324
Total Depreciation and Amortization (D&A)		 11 26 25 31 19 22 19 6.00 17 22 19
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.31 $0.33 $0.34 $0.40 $0.30 $0.41 $0.46 $0.50 $0.52 $0.54 $0.55
Adjusted Weighted Average Basic Shares Outstanding		 548.41M 554.98M 543.98M 534.22M 540.32M 517.12M 508.13M 504.86M 505.13M 480.31M 474.84M
Adjusted Diluted Earnings per Share		 $0.32 $0.33 $0.34 $0.40 $0.29 $0.41 $0.45 $0.50 $0.51 $0.53 $0.54
Adjusted Weighted Average Diluted Shares Outstanding		 561.73M 557.87M 547.09M 537.97M 544.29M 523.42M 513.61M 510.35M 511.11M 486.87M 480.10M
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		 558.81M 546.87M 535.89M 530.14M 521.77M 507.23M 507.75M 492.39M 483.19M 474.62M 473.78M
Normalized Net Operating Profit after Tax (NOPAT)		 125 197 204 223 170 222 245 266 265 266 274
Normalized NOPAT Margin		 15.58% 24.05% 25.03% 26.96% 23.32% 27.34% 29.52% 29.92% 29.84% 30.86% 30.89%
Pre Tax Income Margin		 22.25% 31.01% 31.90% 33.98% 28.81% 35.10% 37.23% 38.70% 38.51% 39.68% 38.33%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.38 0.57 0.56 0.57 0.48 0.74 0.77 0.85 0.91 1.01 0.96
NOPAT to Interest Expense		 0.41 0.44 0.44 0.45 0.39 0.58 0.61 0.66 0.71 0.79 0.77
EBIT Less CapEx to Interest Expense		 0.35 0.54 0.54 0.56 0.44 0.72 0.74 0.83 0.89 0.99 0.91
NOPAT Less CapEx to Interest Expense		 0.38 0.42 0.42 0.44 0.35 0.56 0.59 0.64 0.69 0.77 0.72
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 41.92% 45.10% 53.21% 47.67% 47.86% 45.67% 42.56% 39.87% 35.67% 33.21% 32.68%
Augmented Payout Ratio		 43.01% 64.34% 106.00% 104.42% 126.70% 147.25% 116.05% 122.59% 127.66% 108.83% 114.94%

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.

08/14/26 03:08 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 fiscal year ends in December. Their fiscal 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. See where experts think First Horizon is headed by visiting First Horizon's forecast page.

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%.


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Financial statements for NYSE:FHN last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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