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Side-by-side financial comparison of FIRST HORIZON CORP (FHN) and Toast, Inc. (TOST). Click either name above to swap in a different company.
Toast, Inc. is the larger business by last-quarter revenue ($1.6B vs $888.0M, roughly 1.8× FIRST HORIZON CORP). FIRST HORIZON CORP runs the higher net margin — 29.4% vs 6.2%, a 23.2% gap on every dollar of revenue. On growth, Toast, Inc. posted the faster year-over-year revenue change (22.0% vs 21.8%). FIRST HORIZON CORP produced more free cash flow last quarter ($389.0M vs $178.0M). Over the past eight quarters, Toast, Inc.'s revenue compounded faster (23.3% 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.
Toast, Inc. is an American cloud-based restaurant management software company based in Boston, Massachusetts. The company provides an all-in-one point of sale (POS) system built on the Android operating system.
FHN vs TOST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $888.0M | $1.6B |
| Net Profit | $261.0M | $101.0M |
| Gross Margin | — | 25.9% |
| Operating Margin | 38.5% | 5.2% |
| Net Margin | 29.4% | 6.2% |
| Revenue YoY | 21.8% | 22.0% |
| Net Profit YoY | 57.2% | 215.6% |
| EPS (diluted) | $0.51 | $0.18 |
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 | $1.6B | ||
| Q3 25 | $889.0M | $1.6B | ||
| Q2 25 | $830.0M | $1.6B | ||
| Q1 25 | $812.0M | $1.3B | ||
| Q4 24 | $729.0M | $1.3B | ||
| Q3 24 | $827.0M | $1.3B | ||
| Q2 24 | — | $1.2B | ||
| Q1 24 | $819.0M | $1.1B |
| Q4 25 | $261.0M | $101.0M | ||
| Q3 25 | $262.0M | $105.0M | ||
| Q2 25 | $241.0M | $80.0M | ||
| Q1 25 | $218.0M | $56.0M | ||
| Q4 24 | $166.0M | $32.0M | ||
| Q3 24 | $218.0M | $56.0M | ||
| Q2 24 | — | $14.0M | ||
| Q1 24 | $192.0M | $-83.0M |
| Q4 25 | — | 25.9% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 25.3% | ||
| Q1 25 | — | 25.9% | ||
| Q4 24 | — | 24.9% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 23.2% |
| Q4 25 | 38.5% | 5.2% | ||
| Q3 25 | 38.7% | 5.1% | ||
| Q2 25 | 37.2% | 5.2% | ||
| Q1 25 | 35.1% | 3.2% | ||
| Q4 24 | 28.8% | 2.5% | ||
| Q3 24 | 34.0% | 2.6% | ||
| Q2 24 | — | 0.4% | ||
| Q1 24 | 31.0% | -5.2% |
| Q4 25 | 29.4% | 6.2% | ||
| Q3 25 | 29.5% | 6.4% | ||
| Q2 25 | 29.0% | 5.2% | ||
| Q1 25 | 26.8% | 4.2% | ||
| Q4 24 | 22.8% | 2.4% | ||
| Q3 24 | 26.4% | 4.3% | ||
| Q2 24 | — | 1.1% | ||
| Q1 24 | 23.4% | -7.7% |
| Q4 25 | $0.51 | $0.18 | ||
| Q3 25 | $0.50 | $0.16 | ||
| Q2 25 | $0.45 | $0.13 | ||
| Q1 25 | $0.41 | $0.09 | ||
| Q4 24 | $0.29 | $0.09 | ||
| Q3 24 | $0.40 | $0.07 | ||
| Q2 24 | — | $0.02 | ||
| Q1 24 | $0.33 | $-0.15 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.4B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $8.8B | $2.1B |
| Total Assets | $83.9B | $3.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.4B | ||
| Q3 25 | — | $1.4B | ||
| Q2 25 | — | $1.2B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | — | $903.0M | ||
| Q3 24 | — | $761.0M | ||
| Q2 24 | — | $691.0M | ||
| Q1 24 | — | $578.0M |
| Q4 25 | $8.8B | $2.1B | ||
| Q3 25 | $8.9B | $2.0B | ||
| Q2 25 | $9.0B | $1.8B | ||
| Q1 25 | $8.7B | $1.7B | ||
| Q4 24 | $8.8B | $1.5B | ||
| Q3 24 | $9.0B | $1.4B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | $8.9B | $1.2B |
| Q4 25 | $83.9B | $3.1B | ||
| Q3 25 | $83.2B | $3.0B | ||
| Q2 25 | $82.1B | $2.8B | ||
| Q1 25 | $81.5B | $2.6B | ||
| Q4 24 | $82.2B | $2.4B | ||
| Q3 24 | $82.6B | $2.2B | ||
| Q2 24 | — | $2.2B | ||
| Q1 24 | $81.8B | $2.1B |
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 | $194.0M |
| Free Cash FlowOCF − Capex | $389.0M | $178.0M |
| FCF MarginFCF / Revenue | 43.8% | 10.9% |
| Capex IntensityCapex / Revenue | 0.8% | 1.0% |
| Cash ConversionOCF / Net Profit | 1.52× | 1.92× |
| TTM Free Cash FlowTrailing 4 quarters | $595.0M | $608.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $396.0M | $194.0M | ||
| Q3 25 | $-200.0M | $165.0M | ||
| Q2 25 | $83.0M | $223.0M | ||
| Q1 25 | $349.0M | $79.0M | ||
| Q4 24 | $191.0M | $147.0M | ||
| Q3 24 | $389.0M | $109.0M | ||
| Q2 24 | — | $124.0M | ||
| Q1 24 | $838.0M | $-20.0M |
| Q4 25 | $389.0M | $178.0M | ||
| Q3 25 | $-208.0M | $153.0M | ||
| Q2 25 | $74.0M | $208.0M | ||
| Q1 25 | $340.0M | $69.0M | ||
| Q4 24 | $174.0M | $134.0M | ||
| Q3 24 | $383.0M | $97.0M | ||
| Q2 24 | — | $108.0M | ||
| Q1 24 | $828.0M | $-33.0M |
| Q4 25 | 43.8% | 10.9% | ||
| Q3 25 | -23.4% | 9.4% | ||
| Q2 25 | 8.9% | 13.4% | ||
| Q1 25 | 41.9% | 5.2% | ||
| Q4 24 | 23.9% | 10.0% | ||
| Q3 24 | 46.3% | 7.4% | ||
| Q2 24 | — | 8.7% | ||
| Q1 24 | 101.1% | -3.1% |
| Q4 25 | 0.8% | 1.0% | ||
| Q3 25 | 0.9% | 0.7% | ||
| Q2 25 | 1.1% | 1.0% | ||
| Q1 25 | 1.1% | 0.7% | ||
| Q4 24 | 2.3% | 1.0% | ||
| Q3 24 | 0.7% | 0.9% | ||
| Q2 24 | — | 1.3% | ||
| Q1 24 | 1.2% | 1.2% |
| Q4 25 | 1.52× | 1.92× | ||
| Q3 25 | -0.76× | 1.57× | ||
| Q2 25 | 0.34× | 2.79× | ||
| Q1 25 | 1.60× | 1.41× | ||
| Q4 24 | 1.15× | 4.59× | ||
| Q3 24 | 1.78× | 1.95× | ||
| Q2 24 | — | 8.86× | ||
| 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% |
TOST
| Technology Service | $1.3B | 82% |
| License | $256.0M | 16% |
| Product And Professional Services | $43.0M | 3% |
