First Horizon Corporation (FHN) Cash Flow Statement
Where FHN’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $988.0M −22.1% vs 2024
- Capital expenditures
- $33.0M 0.7% of revenue
- Free cash flow
- $955.0M 19.2% margin
- Returned to shareholders
- $1.26B 132% of free cash flow
- Change in cash
- $58.0M cash at year-end $1.59B
Drawn to scale: where the cash came from and how it was used. Hover for values.
FHN operating cash flow, capex and free cash flow
FHN cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $180.0M2016 | $988.0M2025 | +20.8%/yr | |
| Capital expenditures | $62.6M2016 | $33.0M2025 | −6.9%/yr | |
| Free cash flow | $117.4M2016 | $955.0M2025 | +26.2%/yr | |
| Free cash flow margin | 8.8%2016 | 19.2%2025 | +10.3 pts | |
| Operating cash flow / net income | 0.752016 | 1.012025 | +0.25 | |
| Stock-based compensation | $17.5M2016 | $61.0M2025 | +14.9%/yr | |
| Dividends paid | $69.7M2016 | $340.0M2025 | +19.3%/yr | |
| Share buybacks (net) | $97.4M2016 | $918.0M2025 | +28.3%/yr | |
| Capex / revenue | 4.7%2016 | 0.7%2025 | −4.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FHN cash flow by activity
FHN net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
FHN cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $983.0M | $794.0M | $916.0M | $912.0M | $1.01B | $857.0M | $452.4M | $557.0M | $177.0M | $238.5M |
| Depreciation & amortization | $64.0M | $101.0M | $102.0M | $99.0M | $50.0M | $62.0M | $65.2M | $59.0M | $70.9M | $64.7M |
| Stock-based compensation | $61.0M | $59.0M | $36.0M | $75.0M | $43.0M | $32.0M | $22.7M | $23.2M | $20.6M | $17.5M |
| Change in working capital | $535.0M | $1.01B | $849.0M | $2.64B | $2.24B | −$223.0M | $1.48B | $42.0M | −$215.5M | −$63.5M |
| Other non-cash items | −$655.0M | −$695.0M | −$604.0M | −$1.42B | −$2.60B | −$556.0M | −$1.19B | −$446.9M | −$81.8M | −$77.2M |
| Cash from operating activities | $988.0M | $1.27B | $1.30B | $2.31B | $741.0M | $172.0M | $830.3M | $234.3M | −$28.8M | $180.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$33.0M | −$44.0M | −$37.0M | −$28.0M | −$53.0M | −$58.0M | −$49.2M | −$48.0M | −$53.0M | −$62.6M |
| Investments (net) | $140.0M | −$1.06B | −$2.67B | $8.23B | −$4.65B | −$7.02B | −$2.41B | $476.5M | −$964.1M | −$2.45B |
| Acquisitions & other investing | −$1.56B | $44.0M | $107.0M | $115.0M | $83.0M | $2.11B | $70.9M | $51.5M | −$307.4M | $43.7M |
| Cash from investing activities | −$1.45B | −$1.06B | −$2.60B | $8.31B | −$4.62B | −$4.97B | −$2.39B | $480.0M | −$1.32B | −$2.47B |
| Financing activities | ||||||||||
| Dividends paid | −$340.0M | −$361.0M | −$367.0M | −$356.0M | −$366.0M | −$239.0M | −$177.3M | −$145.0M | −$86.1M | −$69.7M |
| Share repurchases & issuance (net) | −$918.0M | −$626.0M | −$10.0M | −$12.0M | −$416.0M | −$11.0M | −$134.8M | −$105.0M | −$5.6M | −$97.4M |
| Net borrowing (repayment) | −$22.0M | $894.0M | −$406.0M | $382.0M | −$183.0M | −$1.85B | $1.98B | −$2.62B | $2.05B | −$257.1M |
| Shares issued | $0 | $0 | $0 | $494.0M | $145.0M | $144.0M | $0 | $0 | $0 | $0 |
| Other financing | $1.80B | −$311.0M | $2.28B | −$11.38B | $4.84B | $7.13B | −$245.6M | $2.11B | −$194.5M | $2.72B |
| Cash from financing activities | $524.0M | −$404.0M | $1.49B | −$10.87B | $4.02B | $5.18B | $1.42B | −$761.0M | $1.77B | $2.29B |
| Summary | ||||||||||
| Net change in cash | $58.0M | −$194.0M | $188.0M | −$245.0M | $140.0M | $381.0M | −$138.4M | −$47.0M | $414.3M | $6.7M |
| Cash at end of period | $1.59B | $1.54B | $1.73B | $1.54B | $1.79B | $1.65B | $1.27B | $1.41B | $1.45B | $1.04B |
| Free cash flow | $955.0M | $1.22B | $1.26B | $2.28B | $688.0M | $114.0M | $781.1M | $186.3M | −$81.8M | $117.4M |
| Free cash flow margin | 19.2% | 24.8% | 26.8% | 66.9% | 21.8% | 4.1% | 35.0% | 8.4% | −5.6% | 8.8% |
| Capex / revenue | 0.7% | 0.9% | 0.8% | 0.8% | 1.7% | 2.1% | 2.2% | 2.2% | 3.7% | 4.7% |
| Operating cash flow / net income | 1.01 | 1.60 | 1.42 | 2.53 | 0.73 | 0.20 | 1.84 | 0.42 | −0.16 | 0.75 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $275.0M | $266.0M | $251.0M | $265.0M | $245.0M | $222.0M | $170.0M | $223.0M | $204.0M | $197.0M | $189.0M | $142.0M |
| Depreciation & amortization | $21.0M | $22.0M | $17.0M | $6.0M | $19.0M | $22.0M | $19.0M | $31.0M | $25.0M | $26.0M | $11.0M | $30.0M |
| Stock-based compensation | $14.0M | $13.0M | $13.0M | $15.0M | $15.0M | $18.0M | $15.0M | $13.0M | $13.0M | $18.0M | $15.0M | $13.0M |
| Change in working capital | $1.16B | −$1.05B | $557.0M | −$423.0M | $189.0M | $234.0M | $408.0M | −$115.0M | $121.0M | $595.0M | $75.0M | $212.0M |
| Other non-cash items | −$884.0M | $1.02B | −$100.0M | −$63.0M | −$385.0M | −$147.0M | −$421.0M | $237.0M | −$513.0M | $2.0M | $75.0M | $301.0M |
| Cash from operating activities | $585.0M | $278.0M | $738.0M | −$200.0M | $83.0M | $349.0M | $191.0M | $389.0M | −$150.0M | $838.0M | $365.0M | $698.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$19.0M | −$8.0M | −$7.0M | −$18.0M | −$9.0M | −$9.0M | −$17.0M | −$6.0M | −$11.0M | −$10.0M | −$14.0M | −$9.0M |
| Investments (net) | $277.0M | $12.0M | $10.0M | −$16.0M | −$776.0M | $693.0M | −$256.0M | $482.0M | −$408.0M | −$876.0M | $1.23B | $2.84B |
| Acquisitions & other investing | −$1.01B | −$228.0M | −$1.34B | $18.0M | $9.0M | $9.0M | $17.0M | $6.0M | $11.0M | $10.0M | $14.0M | −$560.0M |
| Cash from investing activities | −$753.0M | −$224.0M | −$1.34B | −$16.0M | −$776.0M | $693.0M | −$256.0M | $482.0M | −$408.0M | −$876.0M | $1.23B | $2.27B |
| Financing activities | ||||||||||||
| Dividends paid | −$99.0M | −$78.0M | −$81.0M | −$84.0M | −$87.0M | −$88.0M | −$85.0M | −$89.0M | −$94.0M | −$93.0M | −$92.0M | −$92.0M |
| Share repurchases & issuance (net) | −$121.0M | −$235.0M | −$335.0M | −$270.0M | −$28.0M | −$365.0M | −$164.0M | −$75.0M | −$328.0M | −$159.0M | $0 | −$5.0M |
| Net borrowing (repayment) | −$1.16B | $911.0M | −$1.02B | $795.0M | −$684.0M | $891.0M | $806.0M | −$1.90B | — | — | — | −$4.44B |
| Shares issued | $0 | $392.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $1.54B | −$996.0M | $1.95B | −$54.0M | $1.36B | −$1.37B | −$991.0M | $1.77B | $870.0M | $125.0M | −$1.21B | $1.58B |
| Cash from financing activities | $153.0M | −$6.0M | $508.0M | $387.0M | $565.0M | −$936.0M | −$434.0M | −$291.0M | $448.0M | −$127.0M | −$1.30B | −$2.95B |
| Summary | ||||||||||||
| Net change in cash | −$15.0M | $48.0M | −$91.0M | $171.0M | −$128.0M | $106.0M | −$499.0M | $580.0M | −$110.0M | −$165.0M | $293.0M | $19.0M |
| Cash at end of period | $1.63B | $1.64B | $1.59B | $1.69B | $1.51B | $1.64B | $1.54B | $2.04B | $1.46B | $1.57B | $1.73B | $1.44B |
| Free cash flow | $566.0M | $270.0M | $731.0M | −$182.0M | $74.0M | $340.0M | $174.0M | $383.0M | −$161.0M | $828.0M | $351.0M | $689.0M |
| Free cash flow margin | 45.6% | 31.3% | 57.9% | −14.4% | 6.1% | 29.0% | 15.2% | 29.6% | −12.8% | 66.5% | 28.2% | — |
| Capex / revenue | 1.5% | 0.9% | 0.6% | 1.4% | 0.7% | 0.8% | 1.5% | 0.5% | 0.9% | 0.8% | 1.1% | — |
| Operating cash flow / net income | 2.13 | 1.05 | 2.94 | −0.75 | 0.34 | 1.57 | 1.12 | 1.74 | −0.74 | 4.25 | 1.93 | 4.92 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
FHN cash generation
In fiscal 2025 (ended December 31, 2025), First Horizon generated $988.0 million of cash from operations (down 22.1%) and spent $33.0 million on capital expenditures, leaving free cash flow of $955.0 million, 19.2% of revenue. It returned $1.3 billion to shareholders through dividends ($340.0 million) and net share buybacks ($918.0 million). Cash and equivalents rose by $58.0 million over the year.
Related: FHN income statement, FHN balance sheet, FHN dividend history. See the FHN stock overview for the latest quote and news.
FHN cash flow FAQ
What is First Horizon's free cash flow?
First Horizon's free cash flow was $955.0 million in fiscal 2025: $988.0 million of operating cash flow minus $33.0 million of capital expenditures It was $1.2 billion a year earlier..
How much cash does First Horizon generate from operations?
First Horizon generated $988.0 million of cash from operating activities in fiscal 2025, 1.01 times its net income of $983.0 million.
How much does First Horizon spend on capital expenditures?
First Horizon spent $33.0 million on capital expenditures in fiscal 2025, 0.7% of revenue, compared with $44.0 million the year before.
How much stock does First Horizon buy back?
First Horizon spent $918.0 million on net share repurchases in fiscal 2025.
How much does First Horizon pay in dividends?
First Horizon paid $340.0 million in dividends in fiscal 2025, 35.6% of free cash flow.