FIRST HORIZON (FHN) Company Report

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

FHN Discusses ROTCE Targets, Capital Management, and M&A Strategy

FHN

Guidance Update

Share Buyback

M&A

First Horizon Corporation (FHN) achieved a 15% Return on Tangible Common Equity (ROTCE) in Q4 2024 and aims to sustain 15%+ ROTCE as an intermediate goal, targeting top-quartile performance.
The company is managing expenses effectively through technology investments, including using AI for code development and testing on its consumer digital platform, which is under budget and ahead of schedule.
FHN maintains a strong credit culture, resulting in best-in-class charge-offs, typically ranking in the top three for lowest charge-offs.
Capital management includes a current CET1 ratio of 10.75%, with a longer-term target of 10%. The company has a $1.2 billion share buyback authorization for the next 12 months, prioritizing loan growth for capital deployment.
M&A is not a near-term priority for FHN, with the focus remaining on organic growth and achieving its ROTCE targets.

Nov 6, 2025, 8:50 PM

Transcript

First Horizon (FHN) Outlines Organic Growth Strategy and Capital Targets

FHN

New Projects/Investments

Guidance Update

Revenue Acceleration/Inflection

First Horizon (FHN) has transitioned from five years of M&A-related disruption to focusing on organic growth, identifying over $100 million in PP&R opportunities within its existing footprint and clients, and is actively hiring bankers and opening new branches.
The company has largely completed a three-year, $100 million investment to upgrade its systems and is now shifting technology investments towards client-facing and banker-facing enablement, including a new digital consumer app planned for launch mid-to-second half of 2026.
FHN achieved a 15% Return on Tangible Common Equity (ROTCE) in Q4 2024 and aims for a sustained 15% or plus ROTCE, targeting top quartile performance.
FHN plans to reduce its CET1 capital ratio from 11.2% at the end of 2024 to 10.75%, with a longer-term target of 10%, prioritizing loan growth for capital deployment, followed by share buybacks.

Nov 6, 2025, 8:50 PM

Transcript

FHN Reports Q3 2025 Earnings with Increased EPS and Revenue Growth

FHN

Earnings

Guidance Update

Share Buyback

FHN reported diluted EPS of $0.50 and net income available to common shareholders of $254 million for Q3 2025. Adjusted diluted EPS was $0.51, an increase of $0.06 from Q2 2025.
Total revenue reached $889 million. Net interest income (FTE) increased by $33 million to $678 million, and net interest margin expanded 15bps to 3.55% compared to Q2 2025.
Adjusted fee income, excluding deferred compensation, grew by $26 million from Q2 2025, primarily due to a $15 million increase in fixed income and a $6 million increase in mortgage banking.
Credit quality showed a provision credit of $5 million and net charge-offs of $26 million in Q3 2025. The CET1 ratio remained at 11.0%, and tangible book value per share increased to $13.94.
The company is maintaining its existing 2025 guidance, with adjusted revenue (excluding deferred comp) expected to be flat to up 4% and net charge-offs projected between 0.15% and 0.25% for the full year.

Oct 15, 2025, 1:30 PM

Presentation

First Horizon Reports Strong Q3 2025 Adjusted EPS and Provides Strategic Outlook

FHN

Earnings

Guidance Update

M&A

First Horizon reported adjusted earnings per share of $0.51 and an adjusted return on tangible common equity of 15% for Q3 2025.
Net interest income grew by $33 million, and net interest margin expanded by 15 basis points to 3.55% in Q3 2025.
Adjusted expenses increased by $45 million from the prior quarter, with full-year 2025 expenses now expected to be at the top end of the guidance range.
The company repurchased $190 million of shares, with over $300 million remaining in its current buyback authorization, and ended Q3 2025 with a CET1 ratio of 11%.
Management indicated a willingness to consider "fill-in opportunities" for M&A within its existing footprint in 2026 or beyond, while emphasizing that organic growth remains the near-term priority.

Oct 15, 2025, 1:30 PM

Transcript

First Horizon Corporation Reports Strong Third Quarter 2025 Results

FHN

Earnings

Share Buyback

Revenue Acceleration/Inflection

First Horizon Corporation reported net income available to common shareholders of $254 million and diluted EPS of $0.50 for Q3 2025, an 11% increase in EPS from the prior quarter. Adjusted net income available to common shareholders was $263 million with an adjusted diluted EPS of $0.51, up 13% from Q2 2025.
Total revenue increased by $60 million (7%) to $889 million in Q3 2025, with net interest income (FTE) rising $33 million to $678 million and noninterest income increasing $26 million to $215 million. The net interest margin expanded by 15 basis points to 3.55%.
Average deposits grew by $1.2 billion to $65.9 billion, and average loan and lease balances increased by $236 million to $62.8 billion compared to the prior quarter. The company also executed $190 million in share repurchases.

Oct 15, 2025, 10:36 AM

8-K

First Horizon Corporation Reports Third Quarter 2025 Results

FHN

Earnings

First Horizon Corporation reported net income available to common shareholders of $254 million for the third quarter of 2025, resulting in earnings per share of $0.50. This represents an increase from the second quarter 2025 net income of $233 million and earnings per share of $0.45.
On an adjusted basis, third quarter 2025 net income available to common shareholders was $263 million, with adjusted earnings per share of $0.51, compared to $229 million and $0.45, respectively, in the second quarter 2025.
As of September 30, 2025, First Horizon Corporation had $83.2 billion in assets.
Chairman, President and CEO Bryan Jordan highlighted the company's strong credit quality and disciplined execution of its strategy.

Oct 15, 2025, 10:30 AM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for FIRST HORIZON.

Q3 2025

Oct 15, 2025

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Q2 2025

Jul 16, 2025

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Q1 2025

Apr 16, 2025

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FIRST HORIZON (FHN)

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