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Side-by-side financial comparison of FIRST HORIZON CORP (FHN) and Frontier Group Holdings, Inc. (ULCC). Click either name above to swap in a different company.
Frontier Group Holdings, Inc. is the larger business by last-quarter revenue ($997.0M vs $888.0M, roughly 1.1× FIRST HORIZON CORP). FIRST HORIZON CORP runs the higher net margin — 29.4% vs 5.3%, a 24.1% gap on every dollar of revenue. On growth, FIRST HORIZON CORP posted the faster year-over-year revenue change (21.8% vs -0.5%). FIRST HORIZON CORP produced more free cash flow last quarter ($389.0M vs $-113.0M). Over the past eight quarters, FIRST HORIZON CORP's revenue compounded faster (20.0% CAGR vs 7.4%).
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.
Frontier Communications Parent, Inc. is an American telecommunications company with a fiber-optic network and cloud-based services owned by Verizon. It was previously known as Citizens Utilities Co., Citizens Communications Co., and Frontier Communications Corp.
FHN vs ULCC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $888.0M | $997.0M |
| Net Profit | $261.0M | $53.0M |
| Gross Margin | — | — |
| Operating Margin | 38.5% | 4.9% |
| Net Margin | 29.4% | 5.3% |
| Revenue YoY | 21.8% | -0.5% |
| Net Profit YoY | 57.2% | -1.9% |
| EPS (diluted) | $0.51 | $0.24 |
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 | $997.0M | ||
| Q3 25 | $889.0M | $886.0M | ||
| Q2 25 | $830.0M | $929.0M | ||
| Q1 25 | $812.0M | $912.0M | ||
| Q4 24 | $729.0M | $1.0B | ||
| Q3 24 | $827.0M | $935.0M | ||
| Q2 24 | — | $973.0M | ||
| Q1 24 | $819.0M | $865.0M |
| Q4 25 | $261.0M | $53.0M | ||
| Q3 25 | $262.0M | $-77.0M | ||
| Q2 25 | $241.0M | $-70.0M | ||
| Q1 25 | $218.0M | $-43.0M | ||
| Q4 24 | $166.0M | $54.0M | ||
| Q3 24 | $218.0M | $26.0M | ||
| Q2 24 | — | $31.0M | ||
| Q1 24 | $192.0M | $-26.0M |
| Q4 25 | 38.5% | 4.9% | ||
| Q3 25 | 38.7% | -8.7% | ||
| Q2 25 | 37.2% | -8.1% | ||
| Q1 25 | 35.1% | -5.0% | ||
| Q4 24 | 28.8% | 4.5% | ||
| Q3 24 | 34.0% | 2.0% | ||
| Q2 24 | — | 2.6% | ||
| Q1 24 | 31.0% | -3.6% |
| Q4 25 | 29.4% | 5.3% | ||
| Q3 25 | 29.5% | -8.7% | ||
| Q2 25 | 29.0% | -7.5% | ||
| Q1 25 | 26.8% | -4.7% | ||
| Q4 24 | 22.8% | 5.4% | ||
| Q3 24 | 26.4% | 2.8% | ||
| Q2 24 | — | 3.2% | ||
| Q1 24 | 23.4% | -3.0% |
| Q4 25 | $0.51 | $0.24 | ||
| Q3 25 | $0.50 | $-0.34 | ||
| Q2 25 | $0.45 | $-0.31 | ||
| Q1 25 | $0.41 | $-0.19 | ||
| Q4 24 | $0.29 | $0.24 | ||
| Q3 24 | $0.40 | $0.11 | ||
| Q2 24 | — | $0.14 | ||
| Q1 24 | $0.33 | $-0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $671.0M |
| Total DebtLower is stronger | — | $620.0M |
| Stockholders' EquityBook value | $8.8B | $491.0M |
| Total Assets | $83.9B | $7.2B |
| Debt / EquityLower = less leverage | — | 1.26× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $671.0M | ||
| Q3 25 | — | $566.0M | ||
| Q2 25 | — | $563.0M | ||
| Q1 25 | — | $686.0M | ||
| Q4 24 | — | $740.0M | ||
| Q3 24 | — | $576.0M | ||
| Q2 24 | — | $658.0M | ||
| Q1 24 | — | $622.0M |
| Q4 25 | — | $620.0M | ||
| Q3 25 | — | $673.0M | ||
| Q2 25 | — | $565.0M | ||
| Q1 25 | — | $512.0M | ||
| Q4 24 | — | $507.0M | ||
| Q3 24 | — | $474.0M | ||
| Q2 24 | — | $455.0M | ||
| Q1 24 | — | $469.0M |
| Q4 25 | $8.8B | $491.0M | ||
| Q3 25 | $8.9B | $434.0M | ||
| Q2 25 | $9.0B | $506.0M | ||
| Q1 25 | $8.7B | $570.0M | ||
| Q4 24 | $8.8B | $604.0M | ||
| Q3 24 | $9.0B | $549.0M | ||
| Q2 24 | — | $520.0M | ||
| Q1 24 | $8.9B | $484.0M |
| Q4 25 | $83.9B | $7.2B | ||
| Q3 25 | $83.2B | $6.7B | ||
| Q2 25 | $82.1B | $6.5B | ||
| Q1 25 | $81.5B | $6.5B | ||
| Q4 24 | $82.2B | $6.2B | ||
| Q3 24 | $82.6B | $5.8B | ||
| Q2 24 | — | $5.7B | ||
| Q1 24 | $81.8B | $5.2B |
| Q4 25 | — | 1.26× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.12× | ||
| Q1 25 | — | 0.90× | ||
| Q4 24 | — | 0.84× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | — | 0.88× | ||
| Q1 24 | — | 0.97× |
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 | $-91.0M |
| Free Cash FlowOCF − Capex | $389.0M | $-113.0M |
| FCF MarginFCF / Revenue | 43.8% | -11.3% |
| Capex IntensityCapex / Revenue | 0.8% | 2.2% |
| Cash ConversionOCF / Net Profit | 1.52× | -1.72× |
| TTM Free Cash FlowTrailing 4 quarters | $595.0M | $-600.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $396.0M | $-91.0M | ||
| Q3 25 | $-200.0M | $-215.0M | ||
| Q2 25 | $83.0M | $-133.0M | ||
| Q1 25 | $349.0M | $-86.0M | ||
| Q4 24 | $191.0M | $87.0M | ||
| Q3 24 | $389.0M | $-156.0M | ||
| Q2 24 | — | $9.0M | ||
| Q1 24 | $838.0M | $-22.0M |
| Q4 25 | $389.0M | $-113.0M | ||
| Q3 25 | $-208.0M | $-217.0M | ||
| Q2 25 | $74.0M | $-166.0M | ||
| Q1 25 | $340.0M | $-104.0M | ||
| Q4 24 | $174.0M | $73.0M | ||
| Q3 24 | $383.0M | $-170.0M | ||
| Q2 24 | — | $-22.0M | ||
| Q1 24 | $828.0M | $-39.0M |
| Q4 25 | 43.8% | -11.3% | ||
| Q3 25 | -23.4% | -24.5% | ||
| Q2 25 | 8.9% | -17.9% | ||
| Q1 25 | 41.9% | -11.4% | ||
| Q4 24 | 23.9% | 7.3% | ||
| Q3 24 | 46.3% | -18.2% | ||
| Q2 24 | — | -2.3% | ||
| Q1 24 | 101.1% | -4.5% |
| Q4 25 | 0.8% | 2.2% | ||
| Q3 25 | 0.9% | 0.2% | ||
| Q2 25 | 1.1% | 3.6% | ||
| Q1 25 | 1.1% | 2.0% | ||
| Q4 24 | 2.3% | 1.4% | ||
| Q3 24 | 0.7% | 1.5% | ||
| Q2 24 | — | 3.2% | ||
| Q1 24 | 1.2% | 2.0% |
| Q4 25 | 1.52× | -1.72× | ||
| Q3 25 | -0.76× | — | ||
| Q2 25 | 0.34× | — | ||
| Q1 25 | 1.60× | — | ||
| Q4 24 | 1.15× | 1.61× | ||
| Q3 24 | 1.78× | -6.00× | ||
| Q2 24 | — | 0.29× | ||
| 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% |
ULCC
| Aircraft Fare | $453.0M | 45% |
| Passenger Service Fees | $227.0M | 23% |
| Passenger Baggage | $177.0M | 18% |
| Passenger Seat Selection | $69.0M | 7% |
| Other Passenger Revenue | $36.0M | 4% |
| Other | $35.0M | 4% |
