First Horizon
FHN · NYSENational Commercial Banks · Fiscal year ends Dec 31
First Horizon reported revenue of $3.4B in the fiscal year ended Dec 2025, up 7.2% from the year before. Net income was $982M. Operating cash flow of $628M less capital expenditure of $33M left free cash flow of $595M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | – | $3.2B | $3.5B | $3.2B | $3.4B |
| Net interest incomeBanks | $2B | $2.4B | $2.5B | $2.5B | $2.6B |
| Interest expense | $164M | $291M | $1.6B | – | – |
| Pre-tax income | $1.3B | $1.2B | $1.1B | $1B | $1.3B |
| Income tax | $274M | $247M | $212M | $211M | $282M |
| Net income | $999M | $900M | $897M | $775M | $982M |
| Diluted EPS | 1.74 | 1.53 | 1.54 | 1.36 | 1.87 |
| Diluted shares | 551M | 566M | 562M | 544M | 511M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.8B | $1.5B | $1.7B | $1.5B | $1.6B |
| Net PP&E | $665M | $612M | $590M | $574M | $544M |
| Goodwill | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B |
| Total assets | $89.1B | $79B | $81.7B | $82.2B | $83.9B |
| Short-term debt | $2.1B | $2.5B | $2.5B | $3.4B | $3.3B |
| DepositsBanks | $74.9B | $63.5B | $65.8B | $65.6B | $67.5B |
| Total liabilities | $80.6B | $70.4B | $72.4B | $73B | $74.7B |
| Shareholders' equity | $8.2B | $8.3B | $9B | $8.8B | $8.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $725M | $2.3B | $1.3B | $1.3B | $628M |
| Capital expenditure | $37M | $28M | $37M | $44M | $33M |
| Free cash flow | $688M | $2.3B | $1.3B | $1.2B | $595M |
| Depreciation & amortisation | $45M | $85M | $102M | $101M | $64M |
| Stock-based compensation | $43M | $75M | $36M | $59M | $61M |
| Share buybacks | $416M | $12M | $10M | $626M | $918M |
| Dividends paid | $333M | $324M | $335M | $332M | $314M |
| Dividend per share | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | – | 8.1% | −8.0% | 7.2% |
| EPS growth (YoY) | – | −12.1% | 0.7% | −11.7% | 37.5% |
| Net margin | – | 28.1% | 25.9% | 24.3% | 28.7% |
| Return on equityBlank when equity is negative | 12.2% | 10.9% | 10.0% | 8.8% | 11.1% |
| Free cash flow margin | – | 70.6% | 36.4% | 38.4% | 17.4% |
| Cash conversion (CFO ÷ net income) | 0.73x | 2.55x | 1.45x | 1.64x | 0.64x |
Recent filings
More in National Commercial Banks
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.