At a glance
First Horizon National Corporation is worth $11.00B, about 12 times its fiscal 2025 earnings. Revenue grew 7.2% to $3.42B in fiscal 2025, with 28.7% kept as profit. It pays a 2.84% dividend yield, and returned $3.62B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +13.2% over the past year with dividends reinvested and +9.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 57.1% in the 2020 crash (S&P 500: 33.7%) and 12.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 3 months after the lows.
The business in plain English
First Horizon, based in Memphis, Tennessee, owns First Horizon Bank, founded there in 1864 as First National Bank of Memphis. The bank takes deposits and lends to businesses and households, and offers wealth management, trust, brokerage and mortgage services. At December 31, 2025, it had $84 billion in assets and more than 450 locations in 23 states. Most were banking centers in the South, led by Tennessee (137), North Carolina (78), Florida (74) and Louisiana (55).
Lending drives the business. In 2025, most revenue came from net interest income, which is the gap between the interest the bank earns on loans and investments and the interest it pays on deposits and borrowings. That came to $2.6 billion of $3.4 billion in revenue. The other $797 million was noninterest income, such as fees and trading. At year-end 2025, 77% of the $64 billion loan book was commercial. Loans to run businesses (commercial and industrial loans) were 56% of all loans. Commercial real estate, such as apartment and office loans, was 21%. Home mortgages and home equity loans made up 22%.
The commercial, consumer & wealth segment runs the branches, business lending and wealth services. It produced about 89% of 2025 revenue. The wholesale segment produced about 14%. It trades and underwrites bonds for institutions, lends to mortgage companies and serves other banks. A third segment, corporate, offsets part of that, so the two shares add up to more than 100%.
Price history
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FHN +13.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Commercial, Consumer & Wealth | $3.03B | 88.7% |
| Wholesale | $489.0M | 14.3% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $887.0M, up 6.9% from a year earlier, and net income was $270.0M (+12.0%).
- For fiscal 2025, revenue was $3.42B (+7.2% year over year) with a 28.7% net margin.
Financial health check
| Return on equity | 11.1% watch |
|---|---|
| Net income / revenue | 28.7% good |
| Deposits | $68.07B |
| Loans | $64.62B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | — | $845.0M | — |
| FY2021 | — | $999.0M | — |
| FY2022 | $3.21B | $900.0M | — |
| FY2023 | $3.47B | $897.0M | — |
| FY2024 | $3.19B | $775.0M | — |
| FY2025 | $3.42B | $982.0M | — |
Valuation snapshot
| Market value | $11.00B |
|---|---|
| P/E ratio | 12.4 |
| Dividend yield | 2.84% |
Rank among 1514 US companies
Market value at each year end
First Horizon National’s market value went from $4.67B at the end of 2016 to $11.00B on Oct 28, 2026, about 2.4 times as much; since the end of 2025 it is down 7%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $11.00B | -6.6% |
| 2025 | $11.77B | +10.2% |
| 2024 | $10.68B | +34.9% |
| 2023 | $7.91B | -39.8% |
| 2022 | $13.15B | +48.9% |
| 2021 | $8.83B | +24.7% |
| 2020 | $7.08B | +37.4% |
| 2019 | $5.15B | +20.9% |
| 2018 | $4.26B | -9.0% |
| 2017 | $4.68B | +0.3% |
| 2016 | $4.67B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FHN price data to Oct 28, 2026 | -0.8% | +13.2% | +34.5% | +9.8% | +7.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -0.8% |
| 2025 | +22.1% |
| 2024 | +47.7% |
| 2023 | -39.5% |
| 2022 | +53.9% |
| 2021 | +32.6% |
| 2020 | -18.2% |
| 2019 | +30.4% |
| 2018 | -32.3% |
| 2017 | +1.9% |
| 2016 | +40.4% |
| 2015 | +8.7% |
| 2014 | +18.5% |
| 2013 | +19.7% |
| 2012 | +24.4% |
| 2011 | -31.8% |
| 2010 | +23.6% |
| 2009 | +57.0% |
| 2008 | -27.3% |
| 2007 | -53.9% |
| 2006 | +13.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 61.9% over that stretch · deepest drop along the way 80.4%, back to its old high 29.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 56.4% over that stretch · deepest drop along the way 57.1%, back to its old high 9.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 41.5% over that stretch · deepest drop along the way 12%, back to its old high 3 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 5 sales ($455K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 20, 2026 | Elizabeth A Ardoin SEVP, Chief Communications Ofc | sell | $167K |
| Aug 20, 2026 | Elizabeth A Ardoin SEVP, Chief Communications Ofc | sell | $94K |
| Aug 20, 2026 | Elizabeth A Ardoin SEVP, Chief Communications Ofc | sell | $87K |
| Aug 20, 2026 | Elizabeth A Ardoin SEVP, Chief Communications Ofc | sell | $83K |
| Aug 20, 2026 | Elizabeth A Ardoin SEVP, Chief Communications Ofc | sell | $25K |
Who owns it
Large shareholders (13G filings)
| Integrated Core Strategies (US) LLC | 5.6% | Sep 28, 2026 |
| Vanguard Capital Management | 5.3% | Mar 31, 2026 |
| Millennium Management LLC | 4.97% | Sep 1, 2026 |
| STATE STREET CORPORATION | 4.5% | Mar 31, 2025 |
| Bank of New York Mellon Corp | 1.5% | Sep 30, 2026 |
ETFs with the most weight in FHN
| KRE SPDR S&P Regional Banking ETF | 2.97% |
| IAT iShares U.S. Regional Banks ETF | 2.05% |
| KBWB Invesco KBW Bank ETF | 1.7% |
| FTXO First Trust Nasdaq Bank ETF | 1.67% |
| BKDV BNY Mellon Dynamic Value ETF | 1.41% |
| BKWO BNY Mellon Women's Opportunities ETF | 1.37% |
| AFMC First Trust Active Factor Mid Cap ETF | 0.95% |
| HEJD VictoryShares Hedged Equity Income ETF | 0.92% |
What could go wrong
- Heavy lending to financial and mortgage firms. At year-end 2025, about 25% of its $36 billion in commercial and industrial loans went to financial services firms. Mortgage companies alone took 13%. A housing or credit slump could hurt many at once.
- Commercial property loans, including offices. Commercial real estate loans totaled $14 billion at year-end 2025: 33% apartment buildings and 20% offices. Nearly half the office loans were for medical offices. If property values fall, collateral may not cover defaulted loans.
- Rising costs in coastal growth markets. The company warns that rising costs and uncertainty in coastal markets could stall their strong growth. At year-end 2025, Florida held 26% of its commercial real estate loans and 29% of consumer real estate loans.
- Deposits can leave quickly. Deposits fund most of its lending, and the company warns that deposit shifts can be sudden and extreme. At year-end 2025, about 42% were estimated to be uninsured, and uninsured deposits tend to leave faster.
- Nearing the $100 billion regulatory threshold. With $84 billion in assets at year-end 2025, the company says it is close to $100 billion, where a stricter tier of bank rules begins. Crossing it could raise compliance and capital costs.
- Interest rates and recessions hit earnings. Federal Reserve policy shapes what the bank earns on loans and pays on deposits. In a downturn, loan losses rise and demand falls. Higher rates also make defaults more likely.
Recent events
- Executive or board change; Bylaws or fiscal year changed
- Quarterly results released; Investor presentation or announcement
- Bylaws or fiscal year changed
- Quarterly results released; Investor presentation or announcement
- Bylaws or fiscal year changed; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Change to shareholder rights; Bylaws or fiscal year changed; Other company announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
First Horizon's dividend stayed at $0.60 per share every year from 2020 through 2025, with no increases. In 2025 it took about 32% of earnings of $1.87 per share, which leaves a cushion if profits dip. The yield was 2.84% as of October 28, 2026. The company has paid out more cash through share repurchases: about $2.0 billion from 2021 through 2025, against $1.6 billion in dividends. Shares outstanding fell about 12% from October 2021 to July 2026. Repurchases can raise earnings per share, but they pay holders no income.
The stock has fallen hard in crises. It dropped about 80% in the 2008 financial crisis and 57% in the 2020 COVID crash, though it was back to its pre-crash level by January 2021. In the 2022 bear market it fell just 12% while a $25-per-share cash takeover by Toronto-Dominion Bank was pending. That deal was later ended. As a single stock, First Horizon carries more risk than a diversified fund.
Questions investors ask
How does First Horizon make money?
Mostly by lending. In 2025, net interest income was about $2.6 billion of its $3.4 billion in revenue. Net interest income is the difference between what the bank earns on loans and investments and what it pays on deposits and borrowings. The other $797 million was noninterest income, such as income from wealth management, brokerage, mortgage banking and bond trading for institutions. At December 31, 2025, about 77% of its $64 billion in loans were commercial loans to businesses and property investors.
Does First Horizon raise its dividend every year?
No. First Horizon paid $0.60 per share every year from 2020 through 2025, with no increases. The dividend was modest compared with profits: in 2025 it equaled about 32% of earnings of $1.87 per share. The yield was 2.84% as of October 28, 2026. The company has put more cash into share repurchases, about $2.0 billion from 2021 through 2025, against about $1.6 billion in dividends.
Where does First Horizon Bank operate?
Mostly in the South. At December 31, 2025, First Horizon had more than 450 business locations in 23 states. Most were banking centers in southern states, led by Tennessee (137), North Carolina (78), Florida (74) and Louisiana (55). A large majority of its loans come from five states: Florida, Tennessee, Texas, North Carolina and Louisiana. Some specialty units, such as bond trading and lending to mortgage companies, serve clients across a much wider area.
What happened to TD Bank's deal to acquire First Horizon?
It was called off. On February 27, 2022, Toronto-Dominion Bank agreed to acquire First Horizon for $25 per share in cash. The two companies ended the agreement on May 4, 2023, after TD said it did not expect to get regulatory approval in time to close on schedule. First Horizon's share price fell 39.5% in 2023, then rose 47.7% in 2024 and 22.1% in 2025. It has stayed an independent, publicly traded company.
How has First Horizon stock performed over the long term?
Unevenly. As of October 28, 2026, the share price had returned about 7.8% a year over 10 years and 9.8% a year over five years. Over about 21 years, though, it averaged only about 3.3% a year, and that stretch includes a drop of nearly 88% at its worst. On the same date its price-to-earnings ratio was 12.4, meaning the stock cost about 12.4 times its 2025 earnings per share.