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FHN-PF

First Horizon Corporation

FHN-PF

First Horizon Corporation • NYSE
$18.43 ▲ 0.71% (+0.13)
Market Cap $9.48 B
52w High $19.67
52w Low $16.41
Dividend Yield 1.18%
P/E 10.97
Volume 912
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 Q2-2023Q1-2024Q2-2024Q4-2024
Underwriting Portfolio Advisory and Other Noninterest Income
Underwriting Portfolio Advisory and Other Noninterest Income
 $10.00M ▲$10.00M ▲$20.00M ▲$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, especially in the most recent period, which shows that First Horizon is still adding business and customers. However, profits have not kept pace with that growth. Earnings peaked a few years ago and have drifted down since, suggesting that higher funding costs, narrower lending spreads, or rising operating and credit costs are squeezing margins. Overall, this is a story of solid top-line growth but profitability under some pressure compared with prior highs.

Balance Sheet

Balance Sheet The balance sheet looks broadly steady. Total assets have hovered in a similar range for several years, indicating a stable franchise rather than rapid expansion or contraction. Equity has inched higher, which points to a gradual strengthening of capital over time. Debt is present but not extreme for a regional bank and has only moved modestly. Cash balances surged during the pandemic period and then normalized, which is typical for banks as excess liquidity rolls off. In simple terms, the balance sheet appears stable, with no obvious signs of strain in the snapshot you’ve provided.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive and meaningfully better in recent years than it was before the pandemic. Free cash flow closely tracks operating cash flow because the bank does not need to spend heavily on physical assets, so cash left after investments has remained healthy. This pattern suggests that First Horizon is able to fund its operations, invest in its franchise, and still retain a cushion, which is important for a financial institution supporting preferred securities like FHN-PF.

Competitive Edge

Competitive Edge First Horizon operates as a relationship-focused regional bank in the Southern U.S., leaning heavily on long-standing community ties and personalized service for small and mid-sized businesses. It has earned third‑party recognition for customer satisfaction and trust, which reinforces its brand. Its niche expertise in areas like entertainment, healthcare, and correspondent banking adds another layer of differentiation. That said, it still competes in a crowded field that includes national banks and fintechs, so its advantage rests on execution: maintaining service quality, managing credit risk, and continuing to win and retain clients as the rate and regulatory environment shifts.

Innovation and R&D

Innovation and R&D Instead of classic R&D, First Horizon is investing heavily in technology and digital capabilities. It has modernized a digital-only bank on a cloud-based core, upgraded its main digital platform, and committed a sizable multi‑year budget to technology after a terminated merger. The bank is actively using artificial intelligence in marketing, call centers, and loyalty programs, and it is experimenting with real-time payments and new digital products through its VirtualBank “test bed.” These efforts could improve efficiency and deepen customer relationships over time, but they also require disciplined execution to avoid cost overruns and to turn innovation into tangible business benefits.

Summary

Putting it together, First Horizon shows a mix of strengths and watchpoints. Revenue growth and solid cash generation are positives, and the balance sheet appears stable with gradually stronger capital. On the other hand, earnings have softened from earlier peaks, signaling pressure on profitability that bears monitoring. Competitively, the bank leans on deep regional relationships and targeted expertise, while its technology and AI investments aim to keep it relevant in a fast-changing banking landscape. For someone looking at FHN-PF, the key lens is the issuer’s long-term earnings resilience, risk management, and ability to turn its digital strategy into steady, durable financial performance without overstretching its cost base or balance sheet.