First Horizon (FHN) Q3 FY2023 earnings: revenue $778 million, down 11.1% on the year

First Horizon Corp. (FHN) reported revenue of $778 million for Q3 FY2023, the quarter ended 30 September 2023, down 11.1% on the same quarter a year earlier. Net income was $137 million, down 48.3% on the year, and diluted earnings per share $0.23. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2023.

Revenue$778 milliondown 11.1%

Net income$137 milliondown 48.3%

Diluted EPS$0.23

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	778	n/a	n/a	n/a
Interest expense	475	n/a	n/a	n/a
Pre-tax income	194	n/a	n/a	n/a
Income tax	52.0	n/a	n/a	n/a
Effective tax rate	26.8%	n/a	n/a
Net income	137	n/a	n/a	n/a
Net margin	17.6%	n/a	n/a
Diluted EPS	$0.23	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	698	n/a	n/a	n/a
Cash from investing	2,273	n/a	n/a	n/a
Cash from financing	-2,952	n/a	n/a	n/a
Share-based compensation	13.0	n/a	n/a	n/a
Buybacks	0.0	n/a	n/a	n/a
Dividends paid	84.0	n/a	n/a	n/a
Dividend per share	$0.15	n/a	n/a	n/a
Diluted shares, weighted	561m	n/a	n/a	n/a
Shares outstanding at period end	559m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	8,498	n/a	n/a	n/a
Non-controlling interest	295	n/a	n/a	n/a
Deposits	67,015	n/a	n/a	n/a
Trading liabilities	366	n/a	n/a	n/a
Short-term borrowings	2,507	n/a	n/a	n/a
Other liabilities	3,852	n/a	n/a	n/a
Total liabilities and equity	82,533	n/a	n/a	n/a
Fixed assets	590	n/a	n/a	n/a
Goodwill	1,511	n/a	n/a	n/a
Intangible assets	198	n/a	n/a	n/a
Securities held for sale or to maturity	9,435	n/a	n/a	n/a
Loans	61,018	n/a	n/a	n/a
Resale agreements	416	n/a	n/a	n/a
Trading assets	1,231	n/a	n/a	n/a
Cash and equivalents	1,438	n/a	n/a	n/a
Other assets	6,696	n/a	n/a	n/a
Total assets	82,533	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	778	800	819	815	827	729	812	830	889	888	862	887
Interest expense	475	468	448	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	194	178	254	260	281	210	285	309	344	342	342	340
Tax rate	27%	-7%	22%	22%	21%	19%	22%	21%	23%	23%	22%	19%
Net income	137	184	192	199	218	166	218	241	262	261	262	270
Net margin	18%	23%	23%	24%	26%	23%	27%	29%	29%	29%	30%	30%
Diluted EPS	$0.23	$0.32	$0.33	$0.34	$0.40	$0.29	$0.41	$0.45	$0.50	$0.52	$0.53	$0.54
Operating cash flow	698	365	838	-150	389	191	349	83.0	-200	396	278	585
Capital expenditure	n/a	n/a	10.0	11.0	6.0	17.0	9.0	9.0	8.0	7.0	8.0	19.0
Free cash flow	n/a	n/a	828	-161	383	174	340	74.0	-208	389	270	566
Buybacks	0.0	0.0	159	228	75.0	164	365	28.0	190	335	235	121
Dividends paid	84.0	84.0	85.0	86.0	81.0	80.0	80.0	82.0	76.0	76.0	73.0	87.0
Shares outstanding	559m	522m	507m	508m	492m	522m	507m	508m	492m	483m	475m	474m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 7 November 2023, accession 0000036966-23-000120: the filing on EDGAR. All of First Horizon Corp.'s filings: EDGAR company page.

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