First Horizon Corporation

FHNNYSEFinancial Services● Active

$24.30

+$0.14(+0.56%)

Market Cap$11.5B

P/E Ratio—

52W High$26.56

52W Low$19.04

Avg Volume4.7M

Open$24.13

Beta0.62

Free Cash Flow Financials Revenue

First Horizon Corporation (FHN) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

FHN · free cash flow · updated Jun 8, 2026

Core FCF metrics

FHN · FCF · TTM · margin & CAGR

Free cash flow was $955.0M for FY2025 (fiscal year ending 2025-12-31), down 22.0% year-over-year The FCF margin was 19.2%. Five-year CAGR stands at +53.0%.

FY2025 Free Cash Flow$955.0M▼ -22.0% YoY

Trailing 12M (TTM)$893.0Mtrailing 4 quarters sum

FCF Margin19.2%$955.0M ÷ revenue

3-Year CAGR-25.0%FY2022 → FY2025

5-Year CAGR+53.0%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

FHN · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$988.0M(33M)$955.0M▼ 22.0%19.2%

FY2024$1.27B(44M)$1.22B▼ 3.0%24.8%

FY2023$1.30B(37M)$1.26B▼ 44.2%26.8%

FY2022$2.29B(28M)$2.26B▲ +236.8%66.3%

FY2021$725.0M(53M)$672.0M▲ +489.5%21.3%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

FHN · P/FCF · FCF yield · FCF per share

First Horizon Corporation (FHN) trades at a FCF yield of 7.73% and a price-to-free-cash-flow ratio of 13.3x. FCF per share stands at $1.82, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

7.73%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$1.82

TTM FCF ÷ Shares Outstanding

Price / FCF

x13.3

Share Price ÷ FCF per Share

EV / FCF (TTM)

x25.6

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

FHN · cash flow statement · operating / investing / financing

For FY2025, First Horizon Corporation generated $988.0M in operating cash flow and spent 33M in capital expenditures, yielding $955.0M in free cash flow.

Operating Activities

+$988.0M

Cash from core business operations

2025-12-31

Investing Activities

−$1.45B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

+$524.0M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($988.0M) − |CapEx| (33M) = FCF ($955.0M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

FHN vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

First Horizon CorporationYOU

FHN

$955.0M-22.0%19.2%

Berkshire Hathaway Inc.

BRK-B

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

First Horizon Corporation (FHN) reported free cash flow of $955.0M for FY2025 (fiscal year ending 2025-12-31), down 22.0% year-over-year. The FCF margin was 19.2%.

Based on available data, First Horizon Corporation has maintained positive free cash flow for at least 14 fiscal year(s). FCF peaked at $2.26B in FY2022. The 5-year CAGR stands at +53.0%.

First Horizon Corporation's FCF yield is 7.73% and price-to-FCF ratio is 13.3x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

FHN free cash flow · 8 questions

First Horizon Corporation free cash flow was $955.0M for FY2025, down 22.0% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $893.0M.

FHN free cash flowFHN FCFFHN FCF 2025FHN free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · First Horizon Corporation · First Horizon Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026