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Side-by-side financial comparison of FIRST HORIZON CORP (FHN) and RXO, Inc. (RXO). Click either name above to swap in a different company.
RXO, Inc. is the larger business by last-quarter revenue ($1.5B vs $888.0M, roughly 1.7× FIRST HORIZON CORP). FIRST HORIZON CORP runs the higher net margin — 29.4% vs -3.1%, a 32.5% gap on every dollar of revenue. On growth, FIRST HORIZON CORP posted the faster year-over-year revenue change (21.8% vs -11.9%). FIRST HORIZON CORP produced more free cash flow last quarter ($389.0M vs $-9.0M). Over the past eight quarters, RXO, Inc.'s revenue compounded faster (26.8% 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.
RXO, Inc. is a leading transportation and logistics solutions provider headquartered in the United States. Its core service portfolio includes freight brokerage, last-mile delivery for heavy and bulky goods, managed transportation services, and end-to-end supply chain optimization support, primarily catering to clients across the North American manufacturing, retail, and e-commerce segments.
FHN vs RXO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $888.0M | $1.5B |
| Net Profit | $261.0M | $-46.0M |
| Gross Margin | — | — |
| Operating Margin | 38.5% | -2.9% |
| Net Margin | 29.4% | -3.1% |
| Revenue YoY | 21.8% | -11.9% |
| Net Profit YoY | 57.2% | -84.0% |
| EPS (diluted) | $0.51 | $-0.28 |
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 | $1.5B | ||
| Q3 25 | $889.0M | $1.4B | ||
| Q2 25 | $830.0M | $1.4B | ||
| Q1 25 | $812.0M | $1.4B | ||
| Q4 24 | $729.0M | $1.7B | ||
| Q3 24 | $827.0M | $1.0B | ||
| Q2 24 | — | $930.0M | ||
| Q1 24 | $819.0M | $913.0M |
| Q4 25 | $261.0M | $-46.0M | ||
| Q3 25 | $262.0M | $-14.0M | ||
| Q2 25 | $241.0M | $-9.0M | ||
| Q1 25 | $218.0M | $-31.0M | ||
| Q4 24 | $166.0M | $-25.0M | ||
| Q3 24 | $218.0M | $-243.0M | ||
| Q2 24 | — | $-7.0M | ||
| Q1 24 | $192.0M | $-15.0M |
| Q4 25 | 38.5% | -2.9% | ||
| Q3 25 | 38.7% | -0.5% | ||
| Q2 25 | 37.2% | — | ||
| Q1 25 | 35.1% | -2.1% | ||
| Q4 24 | 28.8% | -1.4% | ||
| Q3 24 | 34.0% | -1.9% | ||
| Q2 24 | — | — | ||
| Q1 24 | 31.0% | -1.3% |
| Q4 25 | 29.4% | -3.1% | ||
| Q3 25 | 29.5% | -1.0% | ||
| Q2 25 | 29.0% | -0.6% | ||
| Q1 25 | 26.8% | -2.2% | ||
| Q4 24 | 22.8% | -1.5% | ||
| Q3 24 | 26.4% | -23.4% | ||
| Q2 24 | — | -0.8% | ||
| Q1 24 | 23.4% | -1.6% |
| Q4 25 | $0.51 | $-0.28 | ||
| Q3 25 | $0.50 | $-0.08 | ||
| Q2 25 | $0.45 | $-0.05 | ||
| Q1 25 | $0.41 | $-0.18 | ||
| Q4 24 | $0.29 | $-0.17 | ||
| Q3 24 | $0.40 | $-1.81 | ||
| Q2 24 | — | $-0.06 | ||
| Q1 24 | $0.33 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $17.0M |
| Total DebtLower is stronger | — | $387.0M |
| Stockholders' EquityBook value | $8.8B | $1.5B |
| Total Assets | $83.9B | $3.3B |
| Debt / EquityLower = less leverage | — | 0.25× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $17.0M | ||
| Q3 25 | — | $25.0M | ||
| Q2 25 | — | $18.0M | ||
| Q1 25 | — | $16.0M | ||
| Q4 24 | — | $35.0M | ||
| Q3 24 | — | $55.0M | ||
| Q2 24 | — | $7.0M | ||
| Q1 24 | — | $7.0M |
| Q4 25 | — | $387.0M | ||
| Q3 25 | — | $387.0M | ||
| Q2 25 | — | $387.0M | ||
| Q1 25 | — | $387.0M | ||
| Q4 24 | — | $351.0M | ||
| Q3 24 | — | $352.0M | ||
| Q2 24 | — | $370.0M | ||
| Q1 24 | — | $351.0M |
| Q4 25 | $8.8B | $1.5B | ||
| Q3 25 | $8.9B | $1.6B | ||
| Q2 25 | $9.0B | $1.6B | ||
| Q1 25 | $8.7B | $1.6B | ||
| Q4 24 | $8.8B | $1.6B | ||
| Q3 24 | $9.0B | $1.7B | ||
| Q2 24 | — | $579.0M | ||
| Q1 24 | $8.9B | $582.0M |
| Q4 25 | $83.9B | $3.3B | ||
| Q3 25 | $83.2B | $3.2B | ||
| Q2 25 | $82.1B | $3.2B | ||
| Q1 25 | $81.5B | $3.3B | ||
| Q4 24 | $82.2B | $3.4B | ||
| Q3 24 | $82.6B | $3.4B | ||
| Q2 24 | — | $1.8B | ||
| Q1 24 | $81.8B | $1.8B |
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.24× | ||
| Q2 25 | — | 0.24× | ||
| Q1 25 | — | 0.24× | ||
| Q4 24 | — | 0.22× | ||
| Q3 24 | — | 0.21× | ||
| Q2 24 | — | 0.64× | ||
| Q1 24 | — | 0.60× |
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 | $7.0M |
| Free Cash FlowOCF − Capex | $389.0M | $-9.0M |
| FCF MarginFCF / Revenue | 43.8% | -0.6% |
| Capex IntensityCapex / Revenue | 0.8% | 1.1% |
| Cash ConversionOCF / Net Profit | 1.52× | — |
| TTM Free Cash FlowTrailing 4 quarters | $595.0M | $-8.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $396.0M | $7.0M | ||
| Q3 25 | $-200.0M | $23.0M | ||
| Q2 25 | $83.0M | $23.0M | ||
| Q1 25 | $349.0M | $-2.0M | ||
| Q4 24 | $191.0M | $-7.0M | ||
| Q3 24 | $389.0M | $-7.0M | ||
| Q2 24 | — | $-5.0M | ||
| Q1 24 | $838.0M | $7.0M |
| Q4 25 | $389.0M | $-9.0M | ||
| Q3 25 | $-208.0M | $9.0M | ||
| Q2 25 | $74.0M | $9.0M | ||
| Q1 25 | $340.0M | $-17.0M | ||
| Q4 24 | $174.0M | $-19.0M | ||
| Q3 24 | $383.0M | $-18.0M | ||
| Q2 24 | — | $-16.0M | ||
| Q1 24 | $828.0M | $-4.0M |
| Q4 25 | 43.8% | -0.6% | ||
| Q3 25 | -23.4% | 0.6% | ||
| Q2 25 | 8.9% | 0.6% | ||
| Q1 25 | 41.9% | -1.2% | ||
| Q4 24 | 23.9% | -1.1% | ||
| Q3 24 | 46.3% | -1.7% | ||
| Q2 24 | — | -1.7% | ||
| Q1 24 | 101.1% | -0.4% |
| Q4 25 | 0.8% | 1.1% | ||
| Q3 25 | 0.9% | 1.0% | ||
| Q2 25 | 1.1% | 1.0% | ||
| Q1 25 | 1.1% | 1.0% | ||
| Q4 24 | 2.3% | 0.7% | ||
| Q3 24 | 0.7% | 1.1% | ||
| Q2 24 | — | 1.2% | ||
| Q1 24 | 1.2% | 1.2% |
| 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% |
RXO
| Retail Sector | $546.0M | 37% |
| Last Mile | $298.0M | 20% |
| Food And Beverage Sector | $225.0M | 15% |
| Other Sector | $185.0M | 13% |
| Managed Transportation | $133.0M | 9% |
| Automotive Sector | $93.0M | 6% |
