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First Horizon cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$594M in Q3 2026 · $1.8B over twelve months

Operating cash flow$623M
Capital spending−$29.0M
Free cash flow+$594M

Analysis

In Q3 2026, First Horizon generated $623M of operating cash flow and spent $29.0M on capital projects, leaving free cash flow of $594M. That is $802M more than in Q3 2025 (−$208M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.9B; the largest uses were net borrowing (+) / repaid (−) ($1.5B), other investing ($1.5B), buybacks ($695M); besides operations, cash came from other financing ($2.5B), shares issued ($5.0M); the cash balance rose by $351M.

Operating cash flow was $623M against net income of −$79.0M. The largest differences: deferred taxes −$93.0M, depreciation & amortization +$19.0M, stock-based pay +$14.0M.

Free cash flow

First Horizon: free cash flow by quarterFirst Horizon: free cash flow by quarter$174MQ4 2024$340MQ1 2025$74.0MQ2 2025−$208MQ3 2025$389MQ4 2025$270MQ1 2026$566MQ2 2026$594MQ3 2026
Operating cash flow less capital spending.
First Horizon: operating cash flow against capital spendingFirst Horizon: operating cash flow against capital spendingOperating cash flowCapital spending$191M$17.0MQ4 2024$349M$9.0MQ1 2025$83.0M$9.0MQ2 2025−$200M$8.0MQ3 2025$396M$7.0MQ4 2025$278M$8.0MQ1 2026$585M$19.0MQ2 2026$623M$29.0MQ3 2026
Latest (Q3 2026): Operating cash flow $623M, Capital spending $29.0M.

Capital allocation, year by year

First Horizon: where the cash came from (up) and went (down), by fiscal yearFirst Horizon: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY2021: Operating cash flow $725MFY2021: Net borrowing −$183MFY2021: Shares issued $173MFY2021: Asset sales $42.0MFY2021: Capital spending −$37.0MFY2021: Buybacks −$416MFY2021: Dividends −$333M$940MFY2021FY2022: Operating cash flow $2.3BFY2022: Net borrowing $382MFY2022: Shares issued $530MFY2022: Asset sales $40.0MFY2022: Capital spending −$28.0MFY2022: Buybacks −$12.0MFY2022: Dividends −$324M$3.2BFY2022FY2023: Operating cash flow $1.3BFY2023: Net borrowing −$407MFY2023: Shares issued $5.0MFY2023: Asset sales $1.0MFY2023: Capital spending −$37.0MFY2023: Buybacks −$10.0MFY2023: Dividends −$335M$1.3BFY2023FY2024: Operating cash flow $1.3BFY2024: Net borrowing $861MFY2024: Shares issued $9.0MFY2024: Asset sales $8.0MFY2024: Capital spending −$44.0MFY2024: Buybacks −$626MFY2024: Dividends −$332M$2.1BFY2024FY2025: Operating cash flow $628MFY2025: Net borrowing $1.0MFY2025: Shares issued $6.0MFY2025: Asset sales $3.0MFY2025: Capital spending −$33.0MFY2025: Buybacks −$918MFY2025: Dividends −$314M$638MFY2025
Over these 5 years operating cash flow totalled $6.2B; the largest uses were buybacks ($2.0B) and dividends ($1.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.0B
Debt$2.8B
Net debt$767M

First Horizon funds itself: free cash flow was $1.8B over the last twelve months, and $2.0B of cash and investments stands against $2.8B of debt.

Where the cash came from and went

First Horizon: sources (+) and uses (−) of cash, Q3 2026First Horizon: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$623MOther investing$482MCash drawn (+) / kept (−)−$409MOther financing−$379MNet borrowing (+) / repaid (−)−$199MDividends−$81.0MCapital spending−$29.0MBuybacks−$4.0MPartners−$4.0M
First Horizon: sources (+) and uses (−) of cash, TTM to Q3 2026First Horizon: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$2.5BOperating cash flow$1.9BNet borrowing (+) / repaid (−)−$1.5BOther investing−$1.5BBuybacks−$695MCash drawn (+) / kept (−)−$351MDividends−$317MCapital spending−$63.0MPartners−$15.0MShares issued$5.0M

From profit to cash

First Horizon: net income to operating cash flow, Q3 2026First Horizon: net income to operating cash flow, Q3 2026Net income−$79.0MDepreciation & amortization$19.0MStock-based pay$14.0MDeferred taxes−$93.0MOperating cash flow$623M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$623M−$29.0M−$4.0M−$81.0M−$199M—−$409M$594M
Q2 2026$585M−$19.0M−$121M−$87.0M−$1.2B$1.0M$15.0M$566M
Q1 2026$278M−$8.0M−$235M−$73.0M$914M$395M−$48.0M$270M
Q4 2025$396M−$7.0M−$335M−$76.0M−$1.0B$1.0M$91.0M$389M
Q3 2025−$200M−$8.0M−$190M−$76.0M$817M$2.0M−$171M−$208M
Q2 2025$83.0M−$9.0M−$28.0M−$82.0M−$334M—$128M$74.0M
Q1 2025$349M−$9.0M−$365M−$80.0M$892M$3.0M−$106M$340M
Q4 2024$191M−$17.0M−$164M−$80.0M$814M$8.0M$499M$174M

First Horizon: income statement and cash flow

First Horizon, Q3 2026: revenue $407M (-54% year over year), operating margin -23.8%. The chart follows the revenue to costs, profit and cash.

First Horizon: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.