Filing Flows › First Horizon (FHN) › Q4 2025
First Horizon (FHN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 26, 2026
First Horizon (FHN) reported revenue of $888M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and -0.1% from the quarter before. Operating margin was 38.6%, net earnings $262M (29.5% of revenue).
First Horizon, Q4 2025: revenue $888M (+22% year over year), operating margin 38.6%, net earnings $262M, operating cash flow $396M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $888M | -0.1% | +22% |
| Operating profit | $343M | -0.3% | +63% |
| Net earnings | $262M | 0% | +58% |
| Operating cash flow | $396M | — | +107% |
| Free cash flow | $389M | — | +124% |
What changed
Revenue was $888.0M in Q4 2025, up 22% year over year and roughly flat from the previous quarter.
Operating profit was $343.0M, a 38.6% margin (up 9.8 points year over year). Of the extra revenue versus a year earlier, 83% reached operating profit, above the 29% margin then. Total costs grew 5% against revenue growth of 22%. The fastest-growing cost line was Sales & marketing (+64%). Net earnings were $262.0M, up 58% year over year. The effective tax rate was 22.4%.
Operating cash flow was $396.0M (up 107% year over year), 149% of net earnings. Non-cash charges added back $17.0M of depreciation and amortization and $13.0M of share-based compensation. Working capital and other items added $100.0M. Capital expenditures of $7.0M left free cash flow of $389.0M.
Questions
What was First Horizon's revenue in the fourth quarter 2025?
First Horizon (FHN) reported revenue of $888M for the fourth quarter 2025 (Q4 2025), +22% from a year earlier and -0.1% from the quarter before.
Was First Horizon profitable in the fourth quarter 2025?
Operating profit was $343M (38.6% of revenue) and net earnings $262M.
Source: First Horizon 10-K on SEC EDGAR.