First Horizon (FHN) financial statements
First Horizon reported revenue of $3.4B in fiscal 2025, up 11.6% a year over 9 years.
Net income was $982M.
Free cash flow was $595M, and the company returned $314M in dividends and $918M in net buybacks.
The diluted share count rose 117% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from First Horizon's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.3B | $1.9B | $1.8B | $3.2B | $3.1B | $3.2B | $3.5B | $3.2B | $3.4B |
| Interest expense | $89M | $148M | $326M | $414M | $236M | $164M | $291M | $1.6B | — | — |
| Pre-tax income | $345M | $309M | $714M | $586M | $933M | $1.3B | $1.2B | $1.1B | $1.0B | $1.3B |
| Income tax | $107M | $132M | $157M | $134M | $76M | $274M | $247M | $212M | $211M | $282M |
| Net income | $227M | $166M | $545M | $441M | $845M | $999M | $900M | $897M | $775M | $982M |
| EPS (diluted) | $0.94 | $0.65 | $1.65 | $1.38 | $1.89 | $1.74 | $1.53 | $1.54 | $1.36 | $1.87 |
| Diluted shares | 235M | 244M | 327M | 316M | 434M | 551M | 566M | 562M | 544M | 511M |
| Net margin | 17.9% | 12.4% | 28.1% | 24.3% | 26.8% | 32.5% | 28.1% | 25.9% | 24.3% | 28.7% |
Balance sheet
Fiscal years, from First Horizon's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.0B | $1.5B | $1.4B | $1.3B | $1.6B | $1.8B | $1.5B | $1.7B | $1.5B | $1.6B |
| Property, plant and equipment | $289M | $532M | $494M | $455M | $759M | $665M | $612M | $590M | $574M | $544M |
| Goodwill | $191M | $1.4B | $1.4B | $1.4B | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B | $1.5B |
| Total assets | $28.6B | $41.4B | $40.8B | $43.3B | $84.2B | $89.1B | $79.0B | $81.7B | $82.2B | $83.9B |
| Total liabilities | $25.9B | $36.8B | $36.0B | $38.2B | $75.9B | $80.6B | $70.4B | $72.4B | $73.0B | $74.7B |
| Shareholders' equity | $2.4B | $4.3B | $4.5B | $4.8B | $8.0B | $8.2B | $8.3B | $9.0B | $8.8B | $8.8B |
| Net debt | -$1.0B | -$1.5B | -$1.4B | -$1.3B | -$1.6B | -$1.8B | -$1.5B | -$1.7B | -$1.5B | -$1.6B |
Cash flow
Fiscal years, from First Horizon's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $180M | -$29M | $234M | $830M | $172M | $725M | $2.3B | $1.3B | $1.3B | $628M |
| Capital spending | $63M | $288M | $48M | $49M | $58M | $53M | $28M | $37M | $44M | $33M |
| Free cash flow | $117M | -$316M | $186M | $781M | $114M | $672M | $2.3B | $1.3B | $1.2B | $595M |
| Stock-based compensation | $18M | $21M | $23M | $22M | $32M | $43M | $75M | $36M | $59M | $61M |
| Dividends paid | $64M | $80M | $139M | $171M | $222M | $333M | $324M | $335M | $332M | $314M |
| Share buybacks (net) | -$97M | -$6M | -$105M | -$134M | -$4M | -$416M | -$12M | -$10M | -$626M | -$918M |
| Net borrowing | -$257M | $2.1B | -$2.6B | $2.0B | -$607M | -$183M | $382M | -$407M | $861M | $1M |
| Free cash flow margin | 9.2% | -23.7% | 9.6% | 43.0% | 3.6% | 21.9% | 70.6% | 36.4% | 38.4% | 17.4% |
| Dividends per share | $0.27 | $0.33 | $0.42 | $0.54 | $0.51 | $0.60 | $0.57 | $0.60 | $0.61 | $0.61 |
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What was First Horizon's revenue in 2025?
$3.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does First Horizon generate?
$595M in fiscal 2025 (operating cash flow minus capital spending).
From First Horizon's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.