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Edge12 Dec 2025
Running on Clouds: The Story of On
The story of how a Swiss runner's pursuit of a new running sensation became On, aiming to be the most premium global sportswear brand worldwide.
First Horizon
First Horizon (FHN) investor relations material
First Horizon Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary15 Jan, 2026
Executive summary
Achieved strong financial performance in 2025, with net income available to common shareholders up 29% to $956M and EPS up 38% to $1.87 year-over-year; adjusted ROTCE reached 15% in 4Q25 and 14.2% for the year.
Adjusted EPS grew 22% to $1.89, and adjusted pre-provision net revenue rose 6% to $1.37B.
Returned $894M in share repurchases and over $300M in dividends in 2025, deploying over $1.2B in excess capital.
Optimistic outlook for 2026, focusing on profitability, disciplined expense management, and continued capital returns.
Notable items for 2025 included a $7M FDIC special assessment credit and Visa derivative valuation expenses.
Financial highlights
Net interest income for 2025 was $2.6B, up 4% year-over-year, with net interest margin improving to 3.51% in Q4.
Total revenue for 2025 grew 7% to $3.42B, with fee income up 17% and NII up 4%.
Period-end loans increased $1.6B (2%) to $64.2B, led by $776M growth in loans to mortgage companies; average deposits were flat, but period-end deposits rose 3% to $67.5B.
Efficiency ratio improved to 60.7% in 4Q25, down from 62.06% in 2024.
Net charge-offs were $120M (0.19% of loans), stable year-over-year; ACL to loan ratio was 1.31%.
Outlook and guidance
2026 guidance targets 3%-7% adjusted revenue growth, mid-single-digit balance sheet growth, and positive operating leverage.
Expense outlook remains flattish, except for incentive expenses tied to higher countercyclical revenue.
Net charge-off expectation for 2026 is 15-25 basis points; tax rate expected between 21%-23%.
CET1 ratio expected to remain in the 10.5%-10.75% range, with plans to gradually lower toward 10%-10.5%.
Strategic focus on achieving sustained 15%+ adjusted ROTCE through disciplined capital management and efficiency initiatives.
LMC growth: What's the risk management approach?
What drives adjusted noninterest expense growth?
Capital deployment strategy given CET1 decline?
What drives the timing for lowering CET1 target?
Progress on $100M PPNR opportunity in 2025
NDFI loan book risk profile and growth outlook?
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Next First Horizon earnings date
Q1 202615 Apr, 2026
First Horizon
Next First Horizon earnings date
Q1 202615 Apr, 2026
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Frequently asked questions
Southeastern Regional Bank
First Horizon Corporation is an American financial services company. It operates primarily through its subsidiary, First Horizon Bank, offering a comprehensive range of banking and financial products and services. These include consumer and commercial banking, wealth management, and capital market services, catering to individual, business, and institutional clients. The company is well known for its deep regional roots and has a strong presence in the Southeastern US. It is headquartered in Memphis, Tennessee, and its shares are listed on the NYSE.
Memphis Made
First Horizon Bank, founded in 1864 as First National Bank of Memphis, is one of the oldest financial institutions in the United States. The company was founded while Memphis was under martial law by the Union Army during the Civil War. Initially serving the Memphis region, the bank played a significant role in the city's economic development. The company slowly but surely became well-established in both Memphis and Tennessee during the 1900s, and eventually shifted its name to First Horizon National Corporation in 2004. In 2020, the company merged with Iberiabank, with the resulting entity keeping the First Horizon name.
Diverse Financial Services
First Horizon offers a diverse range of banking and financial services for individual consumers, businesses, and institutions. For individuals, First Horizon provides personal banking options like checking and savings accounts, credit cards, and mortgage services. Investment and wealth management services are also available for clients seeking to grow and manage their assets. Business and commercial clients can access a suite of services including business loans, treasury management, and capital market services. Additionally, First Horizon offers specialized banking solutions for sectors such as healthcare and real estate. Their services are designed to support financial management, growth, and investment across various customer segments.
Southeastern Focus
The company primarily operates in the Southern United States, with a significant presence in Tennessee, its home state. The company's regional focus extends to neighboring states, offering banking and financial services tailored to the needs of this specific geographic area. This regional concentration allows First Horizon to specialize in local market dynamics and customer needs, providing services that are relevant to the communities they serve, while also maintaining a network of branches and ATMs for convenient customer access. This regional focus is nothing unique in the US’s competitive banking landscape and some similar institutions to First Horizon include M&T Bank and Comerica.
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