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Side-by-side financial comparison of FIRST HORIZON CORP (FHN) and Graham Holdings Co (GHC). Click either name above to swap in a different company.
Graham Holdings Co is the larger business by last-quarter revenue ($1.3B vs $888.0M, roughly 1.4× FIRST HORIZON CORP). FIRST HORIZON CORP runs the higher net margin — 29.4% vs 8.7%, a 20.7% gap on every dollar of revenue. On growth, FIRST HORIZON CORP posted the faster year-over-year revenue change (21.8% vs 0.4%). FIRST HORIZON CORP produced more free cash flow last quarter ($389.0M vs $5.0M). Over the past eight quarters, FIRST HORIZON CORP's revenue compounded faster (20.0% CAGR vs 4.2%).
First Horizon Corporation, formerly First Tennessee Bank, is a financial services company, founded in 1864, and based in Memphis, Tennessee. Through its banking subsidiary First Horizon Bank, it provides financial services through locations in 12 states across the Southeast, a region in which it is the fourth largest regional bank.
Graham Holdings Company is a diversified American conglomerate holding company. Headquartered in Arlington County, Virginia, and incorporated in Delaware, it was formerly the owner of The Washington Post newspaper and Newsweek magazine.
FHN vs GHC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $888.0M | $1.3B |
| Net Profit | $261.0M | $108.7M |
| Gross Margin | — | — |
| Operating Margin | 38.5% | 3.8% |
| Net Margin | 29.4% | 8.7% |
| Revenue YoY | 21.8% | 0.4% |
| Net Profit YoY | 57.2% | -80.2% |
| EPS (diluted) | $0.51 | $24.76 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $888.0M | $1.3B | ||
| Q3 25 | $889.0M | $1.3B | ||
| Q2 25 | $830.0M | $1.2B | ||
| Q1 25 | $812.0M | $1.2B | ||
| Q4 24 | $729.0M | $1.2B | ||
| Q3 24 | $827.0M | $1.2B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | $819.0M | $1.2B |
| Q4 25 | $261.0M | $108.7M | ||
| Q3 25 | $262.0M | $122.9M | ||
| Q2 25 | $241.0M | $36.7M | ||
| Q1 25 | $218.0M | $23.9M | ||
| Q4 24 | $166.0M | $548.8M | ||
| Q3 24 | $218.0M | $72.5M | ||
| Q2 24 | — | $-21.0M | ||
| Q1 24 | $192.0M | $124.4M |
| Q4 25 | 38.5% | 3.8% | ||
| Q3 25 | 38.7% | 5.2% | ||
| Q2 25 | 37.2% | 6.0% | ||
| Q1 25 | 35.1% | 4.1% | ||
| Q4 24 | 28.8% | 5.8% | ||
| Q3 24 | 34.0% | 6.8% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | 31.0% | 3.1% |
| Q4 25 | 29.4% | 8.7% | ||
| Q3 25 | 29.5% | 9.6% | ||
| Q2 25 | 29.0% | 3.0% | ||
| Q1 25 | 26.8% | 2.0% | ||
| Q4 24 | 22.8% | 44.1% | ||
| Q3 24 | 26.4% | 6.0% | ||
| Q2 24 | — | -1.8% | ||
| Q1 24 | 23.4% | 10.8% |
| Q4 25 | $0.51 | $24.76 | ||
| Q3 25 | $0.50 | $27.91 | ||
| Q2 25 | $0.45 | $8.35 | ||
| Q1 25 | $0.41 | $5.45 | ||
| Q4 24 | $0.29 | $124.05 | ||
| Q3 24 | $0.40 | $16.42 | ||
| Q2 24 | — | $-4.79 | ||
| Q1 24 | $0.33 | $27.72 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $267.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $8.8B | $4.8B |
| Total Assets | $83.9B | $8.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $267.0M | ||
| Q3 25 | — | $190.8M | ||
| Q2 25 | — | $176.2M | ||
| Q1 25 | — | $156.7M | ||
| Q4 24 | — | $260.9M | ||
| Q3 24 | — | $244.4M | ||
| Q2 24 | — | $140.7M | ||
| Q1 24 | — | $130.9M |
| Q4 25 | $8.8B | $4.8B | ||
| Q3 25 | $8.9B | $4.5B | ||
| Q2 25 | $9.0B | $4.4B | ||
| Q1 25 | $8.7B | $4.3B | ||
| Q4 24 | $8.8B | $4.3B | ||
| Q3 24 | $9.0B | $4.0B | ||
| Q2 24 | — | $4.0B | ||
| Q1 24 | $8.9B | $4.0B |
| Q4 25 | $83.9B | $8.4B | ||
| Q3 25 | $83.2B | $7.9B | ||
| Q2 25 | $82.1B | $7.6B | ||
| Q1 25 | $81.5B | $7.6B | ||
| Q4 24 | $82.2B | $7.7B | ||
| Q3 24 | $82.6B | $7.4B | ||
| Q2 24 | — | $7.2B | ||
| Q1 24 | $81.8B | $7.3B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $396.0M | $28.3M |
| Free Cash FlowOCF − Capex | $389.0M | $5.0M |
| FCF MarginFCF / Revenue | 43.8% | 0.4% |
| Capex IntensityCapex / Revenue | 0.8% | 1.9% |
| Cash ConversionOCF / Net Profit | 1.52× | 0.26× |
| TTM Free Cash FlowTrailing 4 quarters | $595.0M | $275.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $396.0M | $28.3M | ||
| Q3 25 | $-200.0M | $178.1M | ||
| Q2 25 | $83.0M | $94.8M | ||
| Q1 25 | $349.0M | $46.0M | ||
| Q4 24 | $191.0M | $116.3M | ||
| Q3 24 | $389.0M | $237.6M | ||
| Q2 24 | — | $52.0M | ||
| Q1 24 | $838.0M | $1.1M |
| Q4 25 | $389.0M | $5.0M | ||
| Q3 25 | $-208.0M | $161.8M | ||
| Q2 25 | $74.0M | $78.0M | ||
| Q1 25 | $340.0M | $30.5M | ||
| Q4 24 | $174.0M | $91.1M | ||
| Q3 24 | $383.0M | $219.4M | ||
| Q2 24 | — | $33.7M | ||
| Q1 24 | $828.0M | $-20.2M |
| Q4 25 | 43.8% | 0.4% | ||
| Q3 25 | -23.4% | 12.6% | ||
| Q2 25 | 8.9% | 6.4% | ||
| Q1 25 | 41.9% | 2.6% | ||
| Q4 24 | 23.9% | 7.3% | ||
| Q3 24 | 46.3% | 18.2% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | 101.1% | -1.8% |
| Q4 25 | 0.8% | 1.9% | ||
| Q3 25 | 0.9% | 1.3% | ||
| Q2 25 | 1.1% | 1.4% | ||
| Q1 25 | 1.1% | 1.3% | ||
| Q4 24 | 2.3% | 2.0% | ||
| Q3 24 | 0.7% | 1.5% | ||
| Q2 24 | — | 1.5% | ||
| Q1 24 | 1.2% | 1.8% |
| Q4 25 | 1.52× | 0.26× | ||
| Q3 25 | -0.76× | 1.45× | ||
| Q2 25 | 0.34× | 2.58× | ||
| Q1 25 | 1.60× | 1.93× | ||
| Q4 24 | 1.15× | 0.21× | ||
| Q3 24 | 1.78× | 3.28× | ||
| Q2 24 | — | — | ||
| Q1 24 | 4.36× | 0.01× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FHN
| Commercial Consumer And Wealth Segment | $776.0M | 87% |
| Other | $88.0M | 10% |
| Corporate | $24.0M | 3% |
GHC
| Products | $602.7M | 48% |
| Kaplan International | $251.9M | 20% |
| Manufacturing | $117.8M | 9% |
| Television Broadcasting | $110.5M | 9% |
| Higher Education | $83.8M | 7% |
| Supplemental Education | $74.9M | 6% |
| Related Party | $4.4M | 0% |
