FIRST HORIZON (FHN) Company Report

First Horizon Corporation (FHN) reported Q4 2025 earnings per share of $0.52, a net interest margin of 3.51%, and 2% loan growth.
In 2025, the company returned just under $900 million in stock repurchases and just over $300 million in dividends, and announced a new $1.2 billion repurchase program.
For 2026, FHN expects total revenue growth of 3%-7% year-over-year, a flattish expense outlook, and net charge-offs between 15 to 25 basis points.
The near-term CET1 target remains at 10.75%, with fluctuations between 10.5% and 10.75%.

Jan 15, 2026, 2:30 PM

Transcript

First Horizon Reports Strong Q4 2025 Results and Provides Optimistic 2026 Outlook

FHN

Earnings

Guidance Update

Share Buyback

First Horizon reported Q4 2025 earnings per share of $0.52, a net interest margin of 3.51%, and 2% loan growth. The company also achieved 15% adjusted return on tangible common equity in the back half of 2025.
In 2025, the company returned just under $900 million in stock repurchases and just over $300 million in dividends. A new $1.2 billion repurchase program was announced in October, with nearly $1 billion remaining. The near-term CET1 target is 10.75%, with a longer-term goal of 10%-10.5%.
For 2026, First Horizon expects year-over-year pre-provision net revenue (PPNR) growth, mid-single-digit balance sheet growth, and total revenue growth ranging from 3%-7%. The expense outlook is flattish, with net charge-offs projected between 15 to 25 basis points.
The company anticipates continued loan growth driven by a pickup in mortgage warehouse, an inflection point in C&I with broad-based growth, and an expected inflection in the commercial real estate (CRE) business in 2026.
First Horizon is focused on a $100 million-plus PPNR improvement opportunity that will build over 2026 and 2027, driven by deepening client relationships and pricing strategies. Whole bank M&A is not a priority, with focus remaining on leveraging the existing franchise.

Jan 15, 2026, 2:30 PM

Transcript

FHN Reports Strong Q4 2025 Performance and Provides 2026 Outlook

FHN

Guidance Update

Share Buyback

Revenue Acceleration/Inflection

FHN reported Q4 2025 earnings per share of $0.52, a net interest margin of 3.51%, and 2% loan growth, alongside a $2 billion increase in period-end deposit balances.
The company repurchased $335 million of common shares in Q4 2025, totaling $894 million for the full year, and announced a new $1.2 billion repurchase program.
For 2026, FHN projects total revenue growth of 3% to 7%, mid-single-digit balance sheet growth, and a flattish expense outlook.
FHN's near-term CET1 target is 10.75%, with an intermediate-term goal of 10%-10.5%, and it aims for 15%+ sustainable adjusted Return on Common Equity (ROCE).
The company also expects to achieve $100 million+ in PPNR improvement by 2027.

Jan 15, 2026, 2:30 PM

Transcript

FHN Reports Strong Q4 and Full-Year 2025 Financial Results

FHN

Earnings

Guidance Update

Share Buyback

FHN reported adjusted diluted EPS of $0.52 for Q4 2025 and $1.89 for the full year 2025, with adjusted Return on Tangible Common Equity (ROTCE) reaching 15.0% in Q4 2025.
The company achieved 4% total adjusted revenue growth for the full year 2025 and ended Q4 2025 with period-end deposits of $67.5 billion and period-end loans of $64.2 billion.
FHN returned capital to shareholders through $894 million in share buybacks for the full year 2025, including $335 million in Q4 2025, maintaining a CET1 ratio of 10.64% at year-end.
For 2026, the company anticipates 3-7% adjusted revenue growth (excluding deferred compensation) and approximately 0% adjusted expense growth (excluding deferred compensation).

Jan 15, 2026, 2:30 PM

Presentation

First Horizon Corporation Reports Strong Full Year and Fourth Quarter 2025 Results

FHN

Earnings

Share Buyback

Revenue Acceleration/Inflection

First Horizon Corporation reported full year 2025 net income available to common shareholders (NIAC) of $956 million or $1.87 EPS, a 29% increase compared to full year 2024.
Adjusted NIAC for full year 2025 increased 15% to $968 million or $1.89 EPS.
For the fourth quarter of 2025, NIAC was $257 million or $0.52 EPS, and adjusted NIAC was $259 million or $0.52 EPS.
The company returned $894 million of capital to shareholders in 2025 through share repurchases, ending the year with a CET1 ratio of 10.64%.
Total revenue for 2025 increased 7% to $3,420 million, with the net interest margin improving to 3.47%, up 12 basis points from the prior year.

Jan 15, 2026, 11:34 AM

8-K

First Horizon Corporation Reports Full Year and Fourth Quarter 2025 Financial Results

FHN

Earnings

Revenue Acceleration/Inflection

First Horizon Corporation reported full year 2025 net income available to common shareholders (NIAC) of $956 million or $1.87 earnings per share, marking a 38% EPS increase compared to full year 2024.
For the fourth quarter of 2025, NIAC was $257 million or $0.52 earnings per share, which grew 1% compared to the third quarter 2025 NIAC of $254 million or $0.50 EPS.
Adjusted fourth quarter 2025 net income available to common shareholders was $259 million or $0.52 per share, compared to $263 million or $0.51 per share in the third quarter 2025.
As of December 31, 2025, First Horizon Corp. had $83.9 billion in assets.

Jan 15, 2026, 11:30 AM

Press Release

First Horizon Discusses 2025 Performance, 2026 Outlook, and Capital Strategy

FHN

Guidance Update

Share Buyback

New Projects/Investments

First Horizon (FHN) expects mid-single-digit loan growth in 2026, driven by strong C&I pipelines, a robust mortgage warehouse business, and increased activity in commercial real estate.
The company anticipates flattish expenses in 2026 compared to 2025, attributing this to efficiencies gained from prior $100 million technology investments and a 60% expense offset for commissioned businesses.
FHN is targeting a sustained 15% or more Return on Tangible Common Equity (ROTCE), supported by capital and credit normalization, and over $100 million in Pre-Provision Net Revenue (PP&R) opportunities.
In Q4 2025, First Horizon has repurchased approximately $300 million of stock, contributing to a total of just under $900 million for the year, and aims to reduce its CET1 ratio towards a near-term target of 10.75%.
While confident in its ability to integrate mergers, M&A is not a significant priority for 2026, with the primary focus remaining on organic profitability improvement and cost control.

Dec 9, 2025, 8:40 PM

Transcript

First Horizon discusses 2025 performance, 2026 outlook, and capital allocation

FHN

Guidance Update

Share Buyback

Revenue Acceleration/Inflection

First Horizon anticipates mid-single-digit loan growth and flattish expenses for 2026, with revenue growth expected to be commensurate with balance sheet growth. The company made significant progress towards its 15-plus% ROTCE target in 2025 and expects to maintain this momentum into 2026.
The company repurchased approximately $300 million of stock quarter-to-date in Q4 2025, contributing to nearly $900 million in buybacks for the full year 2025, as it works towards a near-term CET1 target of 10.75%.
Management is focused on realizing $100 million-plus in additional Pre-Provision Net Revenue (PP&R) opportunities by deepening customer relationships, cross-selling, and effective pricing.

Dec 9, 2025, 8:40 PM

Transcript

First Horizon Provides 2026 Outlook and Capital Allocation Update

FHN

Guidance Update

Share Buyback

New Projects/Investments

First Horizon expects mid-single-digit loan growth and flattish expenses for 2026, with revenue growth anticipated to be commensurate with balance sheet expansion.
The company is confident in achieving 15-plus% Return on Tangible Common Equity (ROTCE) for 2025 and aims to sustain this performance into 2026, driven by a focus on $100 million-plus in incremental profitability (PP&R).
First Horizon repurchased approximately $300 million of stock in Q4 2025 quarter-to-date, bringing the total for 2025 to just under $900 million. The company targets a near-term CET1 ratio of 10.75% and a long-term goal of 10% to 10.5%.
While open to M&A opportunities, management's primary focus for 2026 is on driving organic profitability and shareholder value through existing business operations rather than significant merger activity.

Dec 9, 2025, 8:40 PM

Transcript

First Horizon Corporation Discusses Strategy for Sustained 15% ROTCE, Technology Investments, and M&A Outlook

FHN

Guidance Update

New Projects/Investments

M&A

First Horizon Corporation aims to sustain and exceed a 15% adjusted Return on Tangible Common Equity (ROTCE), having achieved this in Q4, with a focus on being in the top quartile for ROTCE.
The company has completed a three-year, $100 million investment in technology upgrades, including cloud migration and using AI for code development and testing on its new consumer digital platform, leading to efficiencies and under-budget project completion.
First Horizon's M&A strategy is centered on optionality, with M&A not being a near-term priority; instead, the focus is on organic growth and capitalizing on market disruption from competitors' mergers.
Customer sentiment in the Southeast remains optimistic and resilient, with Q3 fundings being the highest in multiple years and strong pipelines, despite slower overall loan growth than previously anticipated.
The company maintains best-in-class credit quality with charge-offs in the bottom quartile and is managing capital with a long-term target of 10% CET1, prioritizing loan growth over share buybacks for capital deployment.

Nov 6, 2025, 8:50 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for FIRST HORIZON.

Q4 2025

Jan 15, 2026

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Q3 2025

Oct 15, 2025

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Q2 2025

Jul 16, 2025

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View All Transcripts

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FIRST HORIZON (FHN)

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Q3 2025

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Tammy S. LoCascio

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