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FHN

First Horizon Corporation

FHN

First Horizon Corporation • NYSE
$22.34 ▲ 0.45% (+0.10)
Market Cap $11.49 B
52w High $23.70
52w Low $15.19
Dividend Yield 0.60%
P/E 13.46
Volume 2.45M
Outstanding Shares 514.54M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $889M ▼ $551M ▲ $262M ▲ 29.471% ▲ $0.5 ▲ $364M ▲
Q2-2025 $1.21B ▲ $468M ▲ $240M ▲ 19.835% ▲ $0.46 ▲ $319M ▲
Q1-2025 $1.172B ▲ $464M ▼ $218M ▲ 18.601% ▲ $0.41 ▲ $307M ▲
Q4-2024 $1.141B ▼ $483M ▼ $166M ▼ 14.549% ▼ $0.3 ▼ $229M ▼
Q3-2024 $1.294B $486M $218M 16.847% $0.4 $312M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $10.244B ▼ $83.192B ▲ $73.948B ▲ $8.949B ▼
Q2-2025 $11.261B ▲ $82.084B ▲ $72.826B ▲ $8.962B ▲
Q1-2025 $8.753B ▼ $81.491B ▼ $72.447B ▼ $8.749B ▼
Q4-2024 $8.937B ▼ $82.152B ▼ $73.041B ▼ $8.816B ▼
Q3-2024 $10.562B $82.635B $73.319B $9.021B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $265M ▲ $-200M ▼ $-16M ▲ $387M ▼ $171M ▲ $-182M ▼
Q2-2025 $245M ▲ $83M ▼ $-776M ▼ $565M ▲ $-128M ▼ $74M ▼
Q1-2025 $222M ▲ $349M ▲ $693M ▲ $-936M ▼ $106M ▲ $340M ▲
Q4-2024 $170M ▼ $191M ▼ $-256M ▼ $-434M ▼ $-499M ▼ $174M ▼
Q3-2024 $223M $389M $482M $-291M $580M $383M

Revenue by Products

Product Q1-2024Q2-2024Q1-2025Q2-2025
Underwriting Portfolio Advisory and Other Noninterest Income
Underwriting Portfolio Advisory and Other Noninterest Income
 $10.00M ▲$20.00M ▲$10.00M ▼$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement First Horizon’s income statement shows a business that is consistently profitable but not rapidly growing its bottom line. Revenue has trended upward over the past several years, which is encouraging for a regional bank operating in a choppy interest-rate environment. Core profit measures have been fairly steady, suggesting the bank has maintained decent pricing and cost control. However, net income and earnings per share have not grown meaningfully in recent years and have even drifted slightly lower from earlier peaks. That points to pressure from higher funding costs, competitive loan pricing, and ongoing operating investments, especially in technology. Overall, the bank looks solidly profitable with room to improve efficiency and earnings growth, rather than a fast-expanding earnings story.

Balance Sheet

Balance Sheet The balance sheet looks generally sound and stable. Total assets have stayed in a fairly narrow range, indicating a disciplined approach to growth rather than aggressive balance-sheet expansion. Cash levels surged during the pandemic period and then normalized back to more typical levels, which is consistent with broader banking trends as stimulus faded and customers used excess cash. Debt has remained moderate relative to the size of the balance sheet, with only modest changes over time, while shareholder equity has held steady or edged up, which supports the view of a reasonably well-capitalized institution. Key risks that are not visible from these headline figures include the quality of the loan book, exposure to commercial real estate, and sensitivity to future interest-rate shifts, which are important watch points for any regional bank.

Cash Flow

Cash Flow Cash flow is a relative bright spot. The bank consistently generates healthy cash from its core operations, and that operating cash comfortably covers its modest capital spending needs. Free cash flow has been positive and fairly strong in most recent years, which gives management flexibility to support dividends, absorb credit costs, invest in technology, or strengthen capital. The pattern also shows a clear improvement compared with the more volatile early-pandemic period. For a bank, stable and positive operating cash flow is a key sign that the underlying franchise is producing reliable earnings and is not heavily reliant on one-off gains or asset sales to show profits.

Competitive Edge

Competitive Edge First Horizon is a long-established regional bank with deep roots in the Southeast, which gives it strong local brand recognition and relationship depth. Its competitive edge comes less from sheer size and more from specialization and service: it focuses on niche areas like asset-based lending, specialized industry banking, and tailored services for sectors such as healthcare, music, and franchises. This focus can create sticky client relationships and better pricing power compared with purely commodity banking. The bank has also used market disruption and competitor mergers to attract both talent and customers looking for a more relationship-driven institution. On the other hand, it competes against larger national banks with greater scale and against tech-savvy fintechs, so maintaining differentiation through service, speed, and digital capabilities is critical. Its regional concentration also means it is more exposed to economic conditions in the Southeast than a nationwide bank would be.

Innovation and R&D

Innovation and R&D While banks do not report traditional R&D, First Horizon is clearly using technology investment as its form of innovation. It has committed a sizable multi-year budget to modernize its core systems, move to cloud-based platforms, and build out open-API capabilities that allow easier integration with fintech partners. Its digital-only VirtualBank brand serves as a testbed for new tools, letting the bank experiment without disrupting core operations. It is also adopting AI and data analytics to personalize offers, streamline lending decisions, and run a more targeted rewards program, and it uses modern platforms like nCino to speed up commercial and small-business lending. This tech push can improve customer experience and efficiency but carries execution risk: complex IT projects can run over budget, face delays, or create cyber and operational risk if not managed well. How effectively the bank turns this spending into visible customer and revenue gains will be an important factor to watch.

Summary

Overall, First Horizon looks like a steady, relationship-focused regional bank in the midst of a major digital upgrade. Financially, it is consistently profitable with a solid balance sheet and reliable cash generation, though earnings growth has been relatively modest and faces pressure from the current interest-rate and competitive environment. Strategically, its strength lies in deep regional roots and specialized niches where it can offer tailored solutions rather than compete purely on price. Its ongoing technology transformation—spanning mobile banking, cloud infrastructure, APIs, AI, and a dedicated digital brand—aims to protect and extend that competitive position. The key opportunities are improved efficiency, better digital experiences, and deeper wallet share with existing customers; the key risks are credit quality, regional economic conditions, interest-rate swings, and the execution of its ambitious tech agenda.

NEWS

November 24, 2025 · 4:15 PM UTC

First Horizon Corporation to Participate in the Goldman Sachs 2025 Financial Services Conference

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November 19, 2025 · 7:00 PM UTC

First Horizon Named to Forbes America's Best Companies 2026 List

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October 29, 2025 · 12:00 PM UTC

Kimberley Wolterstorff Gregorie Joins First Horizon as Senior Vice President, Head of Consumer Sales

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October 28, 2025 · 6:45 AM UTC

First Horizon Names Sital K. Mody to its Board of Directors

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October 27, 2025 · 5:45 PM UTC

First Horizon Announces $1.2 Billion Share Repurchase Program, Declares Cash Dividends on Common and Preferred Stock

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