First Horizon

FHN · NYSE · Financials · Financials, fiscal 2016 to 2025

FHN · Last close · October 26, 2026

$23.43

First Horizon's revenue rose 7.2% to $3.4 billion in fiscal 2025. Net income was $982 million, up 26.7%. Its return on equity was 11.1%, up from 8.7% a year earlier. Its efficiency ratio was 60.7%, down from 63.8% a year earlier. It paid out $1.2 billion in dividends and buybacks. The diluted share count fell 6.1%.

FIRST HORIZON CORP Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0000036966-26-000051 Updated October 18, 2026

Revenue

$3.4B

7.2%

Net income

$982M

26.7%

Return on equity

11.1%

2.4 pts

Return on tangible equity

14.0%

3.1 pts

Efficiency ratio

60.7%

3.1 pts

Market cap

$11.2B

Oct 26 close

P/E

11.3x

On $2.08 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 7.9% a year and net income 17.7% a year, as new shares raised the share count by 117% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value First Horizon yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from First Horizon's earnings per share of $2.08 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 11.6×, the middle of First Horizon's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Western Alliance Bancorporation, East West Bancorp, Wintrust Financial, South State Bank.

Earnings growth in the years ahead (% a year) Starts at First Horizon's revenue growth over the last 3 years, 2.2% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $23.43
Value at this multiple, against the last close: —
First Horizon's P/E at the last close: 11.3×

Company	Last close	Earnings per share	P/E today
East West BancorpEWBC	$131.77	$10.40	12.7×
Wintrust FinancialWTFC	$151.17	$12.45	12.1×
First HorizonFHN	$23.43	$2.08	11.3×
South State BankSSB	$105.40	$9.51	11.1×
Western Alliance BancorporationWAL	$75.44	$8.88	8.5×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	54,189	57,417	60,519	61,750	63,418
Deposits	74,895	63,489	65,780	65,581	67,476
Loans to deposits	72.3%	90.4%	92.0%	94.2%	94.0%
Provision for credit losses	−310	95	260	154	43
Provision to average loans	−0.6%	0.2%	0.4%	0.2%	0.1%
Total assets	89,092	78,953	81,661	82,152	83,876
Shareholders' equity	8,199	8,252	8,996	8,816	8,847

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought First Horizon shares on the open market, and 5 insiders sold $6.1 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 20, 2026	Elizabeth A ArdoinSevp, Chief Communications Ofc	Sold	18,313	$24.86	$455,216	Form 4
Jan 29, 2026	Jordan D BryanChairman, President & CEO, Director	Sold	85,009	$24.16	$2.1 million	Form 4
Jan 29, 2026	Anthony J RestelSevp, Chief Banking Officer	Sold	5,719	$24.35	$139,258	Form 4
Nov 12, 2025	Jeff L. FlemingEVP & Chief Accounting Officer	Sold	7,619	$21.74	$165,637	Form 4
Nov 4, 2025	David T PopwellSEVP Sr Strategic Executive	Sold	155,149	$21.31	$3.3 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put First Horizon side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
First Horizon	FY25	7.2%	28.7%	11.1%	14.0%	60.7%
Western Alliance Bancorporation	FY25	12.1%	27.4%	13.5%	15.0%	59.6%	Compare
East West Bancorp	FY25	12.2%	45.2%	15.9%	16.9%	35.7%	Compare
Wintrust Financial	FY25	11.2%	30.2%	12.1%	13.1%	55.5%	Compare
South State Bank	FY25	56.1%	29.8%	10.7%	16.9%	56.7%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,270	1,332	1,936	1,817	3,154	3,070	3,207	3,467	3,190	3,419
Revenue growth	9.3%	4.9%	45.3%	−6.1%	73.6%	−2.7%	4.5%	8.1%	−8.0%	7.2%
Net interest income	729	842	1,220	1,210	1,662	1,994	2,392	2,540	2,511	2,622
Noninterest income	552	490	723	654	1,492	1,076	815	927	679	797
Noninterest expense	925	1,024	1,221	1,233	1,718	2,096	1,953	2,079	2,035	2,074
Provision for credit losses	11	0	8	45	503	−310	95	260	154	43
Net income	227	166	545	441	845	999	900	897	775	982
Diluted EPS (US$)	0.94	0.65	1.65	1.38	1.89	1.74	1.53	1.54	1.36	1.87
Diluted shares (millions)	235	244	327	316	434	551	566	562	544	511
Payouts
Dividends paid	64	80	139	171	222	333	324	335	332	314
Share buybacks	97	6	105	134	4	416	12	10	626	918
Balance sheet at fiscal year end
Loans, net	19,388	27,469	27,355	30,861	57,269	54,189	57,417	60,519	61,750	63,418
Deposits	22,672	30,620	32,683	32,430	69,982	74,895	63,489	65,780	65,581	67,476
Total assets	28,555	41,423	40,832	43,311	84,209	89,092	78,953	81,661	82,152	83,876
Shareholders' equity	2,410	4,285	4,490	4,781	8,012	8,199	8,252	8,996	8,816	8,847
Ratios
Return on equity	9.6%	4.9%	12.4%	9.5%	13.2%	12.3%	10.9%	10.4%	8.7%	11.1%
Return on tangible common equity	10.7%	6.8%	19.9%	14.7%	18.7%	16.7%	15.3%	14.1%	10.9%	14.0%
Return on assets	0.8%	0.5%	1.3%	1.1%	1.3%	1.1%	1.1%	1.1%	0.9%	1.2%
Efficiency ratio	72.8%	76.8%	63.1%	67.8%	54.5%	68.3%	60.9%	60.0%	63.8%	60.7%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: First Horizon's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with First Horizon.