First Horizon Corporation (FHN) Balance Sheet
FHN balance sheet, 2025
December 31, 2025 · U.S. dollars$83.88B assets = $74.73B liabilities + $9.14B equity
Both columns are drawn to the same scale: what FHN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FHN financial health
Descriptive bands, not a rating. Fiscal 2025.
FHN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $28.56B2016 | $83.88B2025 | +12.7%/yr | |
| Total liabilities | $25.85B2016 | $74.73B2025 | +12.5%/yr | |
| Shareholders’ equity | $2.71B2016 | $8.85B2025 | +14.1%/yr | |
| Cash & short-term investments | $5.38B2016 | $4.62B2025 | −1.7%/yr | |
| Total debt | $1.82B2016 | $4.57B2025 | +10.8%/yr | |
| Net cash (debt) | $3.56B2016 | $50.0M2025 | −$3.5B | |
| Working capital | $23.12B2016 | −$2.89B2025 | −$26.0B | |
| Book value per share | $11.502016 | $17.842025 | +5.0%/yr | |
| Debt / equity | 0.672016 | 0.522025 | −0.16 | |
| Shares outstanding | 235.3M2016 | 496.0M2025 | +8.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FHN assets
FHN liabilities and equity
FHN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FHN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $4.62B | $8.94B | $10.73B | $2.44B | $24.76B | $17.60B | $5.56B | $6.69B | $6.99B | $5.38B |
| Cash & equivalents | $961.0M | $2.44B | $2.34B | $2.44B | $16.05B | $9.55B | $1.12B | $2.06B | $1.82B | $1.43B |
| Short-term investments | $3.66B | $6.49B | $8.39B | $9.98B | $8.71B | $8.05B | $4.45B | $4.63B | $5.17B | $3.94B |
| Receivables | $63.42B | $0 | $0 | $0 | $0 | $57.27B | $40.1M | $38.9M | $68.7M | $57.4M |
| Inventory | $0 | $0 | $0 | $11.0M | $10.0M | $20.0M | −$3.15B | −$4.20B | $43.4M | $16.2M |
| Other current assets | $406.0M | $0 | $0 | $0 | $0 | $0 | $3.15B | $4.20B | $25.62B | $17.75B |
| Total current assets | $68.45B | $8.94B | $10.73B | $2.44B | $24.76B | $17.60B | $5.60B | $6.72B | $32.72B | $23.20B |
| Property, plant & equipment (net) | $544.0M | $574.0M | $590.0M | $612.0M | $665.0M | $759.0M | $455.0M | $494.0M | $532.3M | $289.4M |
| Goodwill & intangible assets | $3.23B | $1.65B | $1.70B | $1.75B | $1.81B | $1.86B | $1.56B | $1.58B | $1.57B | $212.4M |
| Long-term investments | $11.29B | $10.55B | $11.13B | $11.58B | $11.02B | $10.24B | $37.44B | $34.20B | $29.68B | $20.53B |
| Other non-current assets | $369.0M | $60.44B | $57.52B | $62.57B | $50.84B | $53.74B | $0 | $0 | $0 | $0 |
| Total assets | $83.88B | $82.15B | $81.66B | $78.95B | $89.09B | $84.21B | $43.31B | $40.83B | $41.42B | $28.56B |
| Liabilities | ||||||||||
| Accounts payable | $67.48B | — | — | $63.49B | $74.89B | $69.98B | $49.5M | $9.6M | $49.0M | $21.0M |
| Short-term debt | $3.25B | $3.40B | $2.55B | $2.51B | $2.12B | $2.20B | $2.25B | $114.8M | $2.63B | $83.2M |
| Deferred revenue | — | — | — | — | — | — | $2.20B | $105.2M | −$8.71B | −$6.52B |
| Total current liabilities | $71.34B | $69.53B | $68.84B | $2.51B | $77.44B | $2.20B | $2.25B | $114.8M | $2.63B | $83.2M |
| Long-term debt | $1.32B | $1.20B | $1.15B | $1.93B | $1.59B | $2.02B | $1.36B | $1.64B | $1.94B | $1.74B |
| Other long-term liabilities | $0 | $2.31B | $2.38B | $574.0M | $1.56B | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $74.73B | $73.04B | $72.37B | $70.41B | $80.60B | $75.90B | $38.23B | $36.06B | $36.84B | $25.85B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $303.0M | $328.0M | $349.0M | $336.0M | $333.0M | $347.0M | $194.7M | $199.1M | $299.8M | $1.53B |
| Retained earnings (deficit) | $5.03B | $4.38B | $3.96B | $3.43B | $2.89B | $2.26B | $1.80B | $1.54B | $1.10B | $1.03B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$809.0M | −$1.13B | −$1.19B | −$1.37B | −$288.0M | −$140.0M | −$239.6M | −$385.1M | −$265.3M | −$247.7M |
| Minority interest | $295.0M | $295.0M | $295.0M | $295.0M | $295.0M | $295.0M | $295.4M | $295.4M | $295.4M | $295.4M |
| Total shareholders' equity | $8.85B | $8.82B | $9.00B | $8.55B | $8.20B | $8.31B | $5.08B | $4.78B | $4.58B | $2.71B |
| Key figures | ||||||||||
| Total debt | $4.57B | $4.59B | $3.70B | $4.44B | $3.71B | $4.22B | $3.62B | $1.75B | $4.57B | $1.82B |
| Net cash (debt) | $50.0M | $4.34B | $7.03B | −$1.99B | $21.05B | $13.38B | $1.94B | $4.93B | $2.43B | $3.56B |
| Working capital | −$2.89B | −$60.59B | −$58.11B | −$61.0M | −$52.68B | $15.40B | $3.35B | $6.61B | $30.10B | $23.12B |
| Tangible book value | $5.62B | $7.16B | $7.30B | $6.80B | $6.39B | $6.44B | $3.51B | $3.20B | $3.01B | $2.49B |
| Book value per share | $17.84 | $16.20 | $16.01 | $15.10 | $14.87 | $19.14 | $16.08 | $14.59 | $18.74 | $11.50 |
| Shares outstanding | 496.0M | 544.3M | 561.7M | 566.0M | 551.2M | 434.0M | 315.7M | 327.4M | 244.5M | 235.3M |
| Current ratio | 0.96 | 0.13 | 0.16 | 0.98 | 0.32 | 8.01 | 2.49 | 58.59 | 12.46 | 278.91 |
| Quick ratio | 0.95 | 0.13 | 0.16 | 0.98 | 0.32 | 34.06 | 2.49 | 58.59 | 2.69 | 65.33 |
| Debt / equity | 0.52 | 0.52 | 0.41 | 0.52 | 0.45 | 0.51 | 0.71 | 0.37 | 1.00 | 0.67 |
| Equity / assets | 10.5% | 10.7% | 11.0% | 10.8% | 9.2% | 9.9% | 11.7% | 11.7% | 11.1% | 9.5% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $930.0M | $1.03B | $3.82B | $4.62B | $10.24B | $11.26B | $8.75B | $8.94B | $10.56B | $10.35B | $10.78B | $10.73B |
| Cash & equivalents | $930.0M | $1.03B | $2.00B | $961.0M | $912.0M | $1.90B | $2.08B | $2.44B | $2.31B | $2.42B | $2.63B | $2.34B |
| Short-term investments | — | $6.11B | $1.81B | $3.66B | $9.33B | $9.36B | $6.67B | $6.49B | $8.25B | $7.92B | $8.15B | $8.39B |
| Receivables | $0 | $0 | $64.21B | $63.42B | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $0 | $0 | $754.0M | $406.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $930.0M | $1.03B | $68.78B | $68.45B | $10.24B | $11.26B | $8.75B | $8.94B | $10.56B | $10.35B | $10.78B | $10.73B |
| Property, plant & equipment (net) | $561.0M | $545.0M | $539.0M | $544.0M | $553.0M | $561.0M | $569.0M | $574.0M | $572.0M | $584.0M | $586.0M | $590.0M |
| Goodwill & intangible assets | $1.59B | $1.69B | $1.61B | $3.23B | $1.62B | $1.63B | $1.64B | $1.65B | $1.66B | $1.68B | $1.69B | $1.70B |
| Long-term investments | $0 | $10.48B | $11.16B | $11.29B | $11.40B | $10.79B | $10.71B | $10.55B | $11.08B | $10.47B | $10.62B | $11.13B |
| Other non-current assets | $81.24B | $70.69B | $2.04B | $369.0M | $59.37B | $57.84B | $59.82B | $60.44B | $58.76B | $59.16B | $58.13B | $57.52B |
| Total assets | $84.32B | $84.44B | $84.13B | $83.88B | $83.19B | $82.08B | $81.49B | $82.15B | $82.64B | $82.23B | $81.80B | $81.66B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | $59.36B | $67.48B | — | — | — | — | — | — | — | — |
| Short-term debt | $2.80B | $3.00B | $11.96B | $3.25B | $4.27B | $3.46B | $3.79B | $3.40B | $2.58B | $4.51B | $2.70B | $2.55B |
| Total current liabilities | $2.80B | $3.00B | $71.32B | $71.34B | $70.46B | $69.51B | $68.67B | $69.53B | $69.93B | $69.73B | $68.91B | $68.84B |
| Long-term debt | $0 | $1.32B | $1.32B | $1.32B | $1.33B | $1.34B | $1.69B | $1.20B | $1.20B | $1.18B | $1.17B | $1.15B |
| Other long-term liabilities | $72.39B | $70.65B | $2.03B | $0 | $2.16B | $1.98B | $2.08B | $2.31B | $2.19B | $2.37B | $2.55B | $2.38B |
| Total liabilities | $75.19B | $74.97B | $74.67B | $74.73B | $73.95B | $72.83B | $72.45B | $73.04B | $73.32B | $73.28B | $72.63B | $72.37B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $296.0M | $296.0M | $297.0M | $303.0M | $313.0M | $318.0M | $317.0M | $328.0M | $333.0M | $336.0M | $343.0M | $349.0M |
| Retained earnings (deficit) | $5.21B | $5.38B | $5.21B | $5.03B | $4.85B | $4.67B | $4.52B | $4.38B | $4.30B | $4.17B | $4.07B | $3.96B |
| Accumulated other comprehensive income | −$1.02B | −$846.0M | −$832.0M | −$809.0M | −$849.0M | −$912.0M | −$983.0M | −$1.13B | −$989.0M | −$1.28B | −$1.27B | −$1.19B |
| Minority interest | — | $295.0M | $295.0M | $295.0M | $295.0M | $295.0M | — | — | — | — | — | — |
| Total shareholders' equity | $8.83B | $9.17B | $9.17B | $8.85B | $8.95B | $8.96B | $8.75B | $8.82B | $9.02B | $8.66B | $8.88B | $9.00B |
| Key figures | ||||||||||||
| Total debt | $4.12B | $4.32B | $13.28B | $4.57B | $5.60B | $4.80B | $5.49B | $4.59B | $3.79B | $5.69B | $3.87B | $3.70B |
| Net cash (debt) | −$3.19B | −$3.29B | −$9.46B | $50.0M | $4.64B | $6.46B | $3.27B | $4.34B | $6.78B | $4.66B | $6.91B | $7.03B |
| Working capital | −$1.87B | −$1.97B | −$2.54B | −$2.89B | −$60.21B | −$58.24B | −$59.92B | −$60.59B | −$59.37B | −$59.39B | −$58.13B | −$58.11B |
| Tangible book value | $7.24B | $7.48B | $7.56B | $5.62B | $7.33B | $7.33B | $7.11B | $7.16B | $7.36B | $6.99B | $7.19B | $7.30B |
| Book value per share | $18.63 | $19.10 | $18.83 | $17.84 | $17.55 | $17.44 | $16.73 | $16.51 | $16.77 | $15.83 | $15.91 | $16.04 |
| Shares outstanding | 474.0M | 480.0M | 487.0M | 496.0M | 510.0M | 514.0M | 523.0M | 534.0M | 538.0M | 547.1M | 557.9M | 561.0M |
| Current ratio | 0.33 | 0.34 | 0.96 | 0.96 | 0.15 | 0.16 | 0.13 | 0.13 | 0.15 | 0.15 | 0.16 | 0.16 |
| Quick ratio | 0.33 | 0.34 | 0.95 | 0.95 | 0.15 | 0.16 | 0.13 | 0.13 | 0.15 | 0.15 | 0.16 | 0.16 |
| Debt / equity | 0.47 | 0.47 | 1.45 | 0.52 | 0.63 | 0.54 | 0.63 | 0.52 | 0.42 | 0.66 | 0.44 | 0.41 |
| Equity / assets | 10.5% | 10.9% | 10.9% | 10.5% | 10.8% | 10.9% | 10.7% | 10.7% | 10.9% | 10.5% | 10.9% | 11.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 26, 2026); data from EODHD.
FHN financial position
At the end of fiscal 2025 (December 31, 2025), First Horizon had total assets of $83.9 billion (up 2.1% from a year earlier), total liabilities of $74.7 billion and shareholders' equity of $8.8 billion. It held $4.6 billion in cash and short-term investments against $4.6 billion of debt, a net cash position of $50.0 million. Its current ratio was 0.96. In the latest quarter (ended September 30, 2026) total assets were $84.3 billion and equity $8.8 billion.
Related: FHN income statement, FHN cash flow statement, FHN key metrics. See the FHN stock overview for the latest quote and news.
FHN balance sheet FAQ
What are First Horizon's total assets?
First Horizon reported total assets of $83.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $82.2 billion a year earlier.
How much debt does First Horizon have?
First Horizon had $4.6 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.52.
How much cash does First Horizon have?
First Horizon held $4.6 billion in cash and short-term investments at the end of fiscal 2025; with $4.6 billion of debt that is net cash of $50.0 million.
What is First Horizon's book value?
First Horizon's shareholders' equity (book value) was $8.8 billion at the end of fiscal 2025, or $17.84 per share.
What is First Horizon's current ratio?
First Horizon had current assets of $68.4 billion and current liabilities of $71.3 billion, a current ratio of 0.96 (current liabilities exceed current assets).
How much goodwill does First Horizon have?
First Horizon carried $3.2 billion of goodwill and intangible assets, 3.9% of total assets, at the end of fiscal 2025.