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Side-by-side financial comparison of FIRST HORIZON CORP (FHN) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
FIRST HORIZON CORP is the larger business by last-quarter revenue ($888.0M vs $614.5M, roughly 1.4× Cloudflare, Inc.). FIRST HORIZON CORP runs the higher net margin — 29.4% vs -2.0%, a 31.4% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 21.8%). FIRST HORIZON CORP produced more free cash flow last quarter ($389.0M vs $105.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 20.0%).
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.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
FHN vs NET — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $888.0M | $614.5M |
| Net Profit | $261.0M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | 38.5% | -8.0% |
| Net Margin | 29.4% | -2.0% |
| Revenue YoY | 21.8% | 33.6% |
| Net Profit YoY | 57.2% | 6.0% |
| EPS (diluted) | $0.51 | $-0.03 |
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 | $614.5M | ||
| Q3 25 | $889.0M | $562.0M | ||
| Q2 25 | $830.0M | $512.3M | ||
| Q1 25 | $812.0M | $479.1M | ||
| Q4 24 | $729.0M | $459.9M | ||
| Q3 24 | $827.0M | $430.1M | ||
| Q2 24 | — | $401.0M | ||
| Q1 24 | $819.0M | $378.6M |
| Q4 25 | $261.0M | $-12.1M | ||
| Q3 25 | $262.0M | $-1.3M | ||
| Q2 25 | $241.0M | $-50.4M | ||
| Q1 25 | $218.0M | $-38.5M | ||
| Q4 24 | $166.0M | $-12.8M | ||
| Q3 24 | $218.0M | $-15.3M | ||
| Q2 24 | — | $-15.1M | ||
| Q1 24 | $192.0M | $-35.5M |
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
| Q4 25 | 38.5% | -8.0% | ||
| Q3 25 | 38.7% | -6.7% | ||
| Q2 25 | 37.2% | -13.1% | ||
| Q1 25 | 35.1% | -11.1% | ||
| Q4 24 | 28.8% | -7.5% | ||
| Q3 24 | 34.0% | -7.2% | ||
| Q2 24 | — | -8.7% | ||
| Q1 24 | 31.0% | -14.4% |
| Q4 25 | 29.4% | -2.0% | ||
| Q3 25 | 29.5% | -0.2% | ||
| Q2 25 | 29.0% | -9.8% | ||
| Q1 25 | 26.8% | -8.0% | ||
| Q4 24 | 22.8% | -2.8% | ||
| Q3 24 | 26.4% | -3.6% | ||
| Q2 24 | — | -3.8% | ||
| Q1 24 | 23.4% | -9.4% |
| Q4 25 | $0.51 | $-0.03 | ||
| Q3 25 | $0.50 | $0.00 | ||
| Q2 25 | $0.45 | $-0.15 | ||
| Q1 25 | $0.41 | $-0.11 | ||
| Q4 24 | $0.29 | $-0.05 | ||
| Q3 24 | $0.40 | $-0.04 | ||
| Q2 24 | — | $-0.04 | ||
| Q1 24 | $0.33 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $943.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $8.8B | $1.5B |
| Total Assets | $83.9B | $6.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $943.5M | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $204.5M | ||
| Q4 24 | — | $147.7M | ||
| Q3 24 | — | $182.9M | ||
| Q2 24 | — | $157.0M | ||
| Q1 24 | — | $254.4M |
| Q4 25 | $8.8B | $1.5B | ||
| Q3 25 | $8.9B | $1.3B | ||
| Q2 25 | $9.0B | $1.2B | ||
| Q1 25 | $8.7B | $1.4B | ||
| Q4 24 | $8.8B | $1.0B | ||
| Q3 24 | $9.0B | $973.1M | ||
| Q2 24 | — | $881.5M | ||
| Q1 24 | $8.9B | $797.2M |
| Q4 25 | $83.9B | $6.0B | ||
| Q3 25 | $83.2B | $5.8B | ||
| Q2 25 | $82.1B | $5.6B | ||
| Q1 25 | $81.5B | $3.7B | ||
| Q4 24 | $82.2B | $3.3B | ||
| Q3 24 | $82.6B | $3.1B | ||
| Q2 24 | — | $2.9B | ||
| Q1 24 | $81.8B | $2.8B |
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 | $190.4M |
| Free Cash FlowOCF − Capex | $389.0M | $105.2M |
| FCF MarginFCF / Revenue | 43.8% | 17.1% |
| Capex IntensityCapex / Revenue | 0.8% | 13.9% |
| Cash ConversionOCF / Net Profit | 1.52× | — |
| TTM Free Cash FlowTrailing 4 quarters | $595.0M | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $396.0M | $190.4M | ||
| Q3 25 | $-200.0M | $167.1M | ||
| Q2 25 | $83.0M | $99.8M | ||
| Q1 25 | $349.0M | $145.8M | ||
| Q4 24 | $191.0M | $127.3M | ||
| Q3 24 | $389.0M | $104.7M | ||
| Q2 24 | — | $74.8M | ||
| Q1 24 | $838.0M | $73.6M |
| Q4 25 | $389.0M | $105.2M | ||
| Q3 25 | $-208.0M | $82.5M | ||
| Q2 25 | $74.0M | $39.9M | ||
| Q1 25 | $340.0M | $59.9M | ||
| Q4 24 | $174.0M | $54.2M | ||
| Q3 24 | $383.0M | $54.5M | ||
| Q2 24 | — | $45.2M | ||
| Q1 24 | $828.0M | $41.5M |
| Q4 25 | 43.8% | 17.1% | ||
| Q3 25 | -23.4% | 14.7% | ||
| Q2 25 | 8.9% | 7.8% | ||
| Q1 25 | 41.9% | 12.5% | ||
| Q4 24 | 23.9% | 11.8% | ||
| Q3 24 | 46.3% | 12.7% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | 101.1% | 11.0% |
| Q4 25 | 0.8% | 13.9% | ||
| Q3 25 | 0.9% | 15.1% | ||
| Q2 25 | 1.1% | 11.7% | ||
| Q1 25 | 1.1% | 17.9% | ||
| Q4 24 | 2.3% | 15.9% | ||
| Q3 24 | 0.7% | 11.7% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | 1.2% | 8.5% |
| Q4 25 | 1.52× | — | ||
| Q3 25 | -0.76× | — | ||
| Q2 25 | 0.34× | — | ||
| Q1 25 | 1.60× | — | ||
| Q4 24 | 1.15× | — | ||
| Q3 24 | 1.78× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 4.36× | — |
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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
