FIRST HORIZON CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FIRST HORIZON CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,271	1,333	1,936	1,817			3,207	3,467	3,190	3,419
Selling and marketing	21.6	19.2	25	34	18	37	50	71	48	54
Interest expense	88.8	148	326	414	236	164	291	1,560
Pre-tax income	345	309	714	586	933	1,284	1,159	1,128	1,005	1,280
Income tax	107	132	157	134	76	274	247	212	211	282
Net income to minority interests	11.5	11.5	12	11	12	11	12	19	19	16
Net income	227	166	545	441	845	999	900	897	775	982
EPS, basic	0.95	0.66	1.66	1.39	1.90	1.76	1.62	1.58	1.37	1.89
EPS, diluted	0.94	0.65	1.65	1.38	1.89	1.74	1.53	1.54	1.36	1.87
Shares, basic (weighted)	233	241	324	314	432	546	535	548	540	505
Shares, diluted (weighted)	235	244	327	316	434	551	566	562	544	511
Dividend per share	0.28	0.36	0.48	0.56	0.60	0.60	0.60	0.60	0.60	0.60

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,038	1,452	1,405	1,267	1,648	1,788	1,543	1,731	1,537	1,595
Property, plant and equipment	289	532	494	455	759	665	612	590	574	544
Lease right-of-use assets				202	367	345	331	306	296	321
Goodwill	191	1,387	1,433	1,433	1,511	1,511	1,511	1,510	1,510	1,510
Intangible assets	21	184	155	131	354	298	234	186	143	105
Total assets	28,555	41,423	40,832	43,311	84,209	89,092	78,953	81,661	82,152	83,876
Short-term debt				3,518	2,198	2,124	2,506	2,549	3,400	3,254
Total liabilities	25,850	36,843	36,047	38,235	75,902	80,598	70,406	72,370	73,041	74,734
Paid-in capital	1,387	3,148	3,029	2,931	5,074	4,743	4,840	5,351	4,808	3,974
Retained earnings	1,029	1,160	1,542	1,798	2,261	2,891	3,430	3,964	4,382	5,031
Other comprehensive income	-248	-323	-377	-239	-140	-288	-1,368	-1,188	-1,128	-810
Shareholders' equity	2,410	4,285	4,490	4,781	8,012	8,199	8,252	8,996	8,816	8,847
Minority interests	295	295	295	295	295	295	295	295	295	295
Total equity	2,705	4,581	4,786	5,076	8,307	8,494	8,547	9,291	9,111	9,142
Total liabilities and equity	28,555	41,423	40,832	43,311	84,209	89,092	78,953	81,661	82,152	83,876
Shares outstanding	234

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	239	177	557	452	857	1,010	912	916	794	998
Depreciation and amortization	64.7	70.9	59	65	46	45	85	102	101	64
Stock-based compensation	17.5	20.6	23	22	32	43	75	36	59	61
Deferred income tax	79.6	121	104	14	-18	0	91	44	-17	49
Cash from operations	180	-28.8	234	830	172	725	2,291	1,299	1,268	628
Capital expenditures	-62.6	-288	-38	-49	-379	-37	-28	-37	-44	-33
Acquisitions	0	-337	-46	0	2,071
Purchases of investments			-473	-630	-4,740	-3,736	-2,767	-261	-1,538	-874
Sales and maturities of investments	0	0	240	0	4,099	2,771	1,351	856	831	957
Cash from investing	-2,466	-1,325	480	-2,390	-4,967	-4,601	8,333	-2,605	-1,058	-1,094
Debt issued	0.1	121	0	0	1,249			0	16	513
Debt repaid	-268	-147	-69	-396	-327	-108		-450	-6	-366
Stock issued	22.5	6.13	5	9	7	28	36	5	9	6
Share buybacks	-97.4	-5.55	-105	-134	-4	-416	-12	-10	-626	-918
Dividends paid	-63.5	-79.9	-139	-171	-222	-333	-324	-335	-332	-314
Cash from financing	2,293	1,768	-761	1,422	5,176	4,016	-10,869	1,494	-404	524
Net change in cash	6.73	414	-47	-138	381	140	-245	188	-194	58
Free cash flow	117	-316	196	781	-207	688	2,263	1,262	1,224	595
Interest paid	92.5	140	308	411	261	170	280	1,428	1,869	1,584
Income taxes paid	11.6	54.4	43	71	105	258	20	104	99	60

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $23.46 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	38.8%	Pre-tax income / revenue.
Net margin	29.9%	Net income / revenue.
FCF margin	28.8%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	30.0%	Cash from operations / revenue.
Effective tax rate	21.7%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	11.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.2%	Net income / average total assets.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.2%	Capital expenditures / revenue.
D&A / revenue	1.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.2%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	26.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	2.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	3.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	37.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	6.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-0.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-50.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-35.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	29.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-51.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-35.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.1%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-6.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	88.8%	Total liabilities / total assets.
Goodwill and intangibles / assets	1.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$7.57B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.04x	Revenue / average total assets.
Fixed asset turnover	6.47x	Revenue / average property, plant and equipment.
FCF conversion	96.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	4.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.20	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$7.34	Revenue / diluted weighted shares.
FCF per share	$2.12	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.21	Cash from operations / diluted weighted shares.
Book value per share	$19.10	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.77	Tangible book value / shares outstanding.
Cash per share	$3.39	(Cash + short-term investments) / shares outstanding.
Payout ratio	29.6%	Dividends paid / net income, when net income is positive.
Dividends / FCF	30.7%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	86.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$11.11B	Share price x shares outstanding.
Enterprise value	$9.49B	Market cap + total debt - cash - short-term investments.
P/E	10.5x	Market cap / net income. Only when net income is positive.
P/S	3.15x	Market cap / revenue.
P/B	1.21x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.47x	Market cap / tangible book value, when positive.
P/FCF	10.9x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	10.5x	Market cap / cash from operations, when positive.
EV/Sales	2.69x	Enterprise value / revenue.
EV/FCF	9.33x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.1%	Free cash flow / market cap.
Earnings yield	9.5%	Net income / market cap (the inverse of P/E).
Dividend yield	2.8%	Dividends paid over the period / market cap.
Shareholder yield	10.7%	(Dividends paid + share buybacks) / market cap.
PEG	1.52x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was FIRST HORIZON CORP's revenue in fiscal 2025?

FIRST HORIZON CORP reported revenue of $3.42B for fiscal 2025, 7.2% higher than the year before.

Was FIRST HORIZON CORP profitable in fiscal 2025?

Yes. Net income was $982.0M, a net margin of 28.7%.

How much free cash flow did FIRST HORIZON CORP generate in fiscal 2025?

Cash from operations of $628.0M minus capital expenditures of $33.0M left free cash flow of $595.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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