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Side-by-side financial comparison of FIRST HORIZON CORP (FHN) and ZIONS BANCORPORATION, NATIONAL ASSOCIATION (ZION). Click either name above to swap in a different company.
ZIONS BANCORPORATION, NATIONAL ASSOCIATION is the larger business by last-quarter revenue ($891.0M vs $888.0M, roughly 1.0× FIRST HORIZON CORP). ZIONS BANCORPORATION, NATIONAL ASSOCIATION runs the higher net margin — 29.5% vs 29.4%, a 0.1% gap on every dollar of revenue. On growth, FIRST HORIZON CORP posted the faster year-over-year revenue change (21.8% vs 8.7%). ZIONS BANCORPORATION, NATIONAL ASSOCIATION produced more free cash flow last quarter ($952.0M vs $389.0M). Over the past eight quarters, FIRST HORIZON CORP's revenue compounded faster (20.0% CAGR vs 9.6%).
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.
Zions Bancorporation is an American national bank headquartered in Salt Lake City, Utah. It operates as a national bank rather than as a bank holding company and does business under the following seven brands: Zions Bank, Amegy Bank of Texas, California Bank and Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, and the Commerce Bank of Washington.
FHN vs ZION — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $888.0M | $891.0M |
| Net Profit | $261.0M | $263.0M |
| Gross Margin | — | — |
| Operating Margin | 38.5% | — |
| Net Margin | 29.4% | 29.5% |
| Revenue YoY | 21.8% | 8.7% |
| Net Profit YoY | 57.2% | 21.8% |
| EPS (diluted) | $0.51 | $1.77 |
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 | $891.0M | ||
| Q3 25 | $889.0M | $861.0M | ||
| Q2 25 | $830.0M | $838.0M | ||
| Q1 25 | $812.0M | $795.0M | ||
| Q4 24 | $729.0M | $820.0M | ||
| Q3 24 | $827.0M | $792.0M | ||
| Q2 24 | — | $777.0M | ||
| Q1 24 | $819.0M | $742.0M |
| Q4 25 | $261.0M | $263.0M | ||
| Q3 25 | $262.0M | $222.0M | ||
| Q2 25 | $241.0M | $244.0M | ||
| Q1 25 | $218.0M | $170.0M | ||
| Q4 24 | $166.0M | $216.0M | ||
| Q3 24 | $218.0M | $214.0M | ||
| Q2 24 | — | $201.0M | ||
| Q1 24 | $192.0M | $153.0M |
| Q4 25 | 38.5% | — | ||
| Q3 25 | 38.7% | — | ||
| Q2 25 | 37.2% | — | ||
| Q1 25 | 35.1% | — | ||
| Q4 24 | 28.8% | — | ||
| Q3 24 | 34.0% | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 31.0% | — |
| Q4 25 | 29.4% | 29.5% | ||
| Q3 25 | 29.5% | 25.8% | ||
| Q2 25 | 29.0% | 29.1% | ||
| Q1 25 | 26.8% | 21.4% | ||
| Q4 24 | 22.8% | 26.3% | ||
| Q3 24 | 26.4% | 27.0% | ||
| Q2 24 | — | 25.9% | ||
| Q1 24 | 23.4% | 20.6% |
| Q4 25 | $0.51 | $1.77 | ||
| Q3 25 | $0.50 | $1.48 | ||
| Q2 25 | $0.45 | $1.63 | ||
| Q1 25 | $0.41 | $1.13 | ||
| Q4 24 | $0.29 | $1.34 | ||
| Q3 24 | $0.40 | $1.37 | ||
| Q2 24 | — | $1.28 | ||
| Q1 24 | $0.33 | $0.96 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | $1.5B |
| Stockholders' EquityBook value | $8.8B | $7.2B |
| Total Assets | $83.9B | $89.0B |
| Debt / EquityLower = less leverage | — | 0.21× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.5B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $970.0M | ||
| Q1 25 | — | $964.0M | ||
| Q4 24 | — | $950.0M | ||
| Q3 24 | — | $548.0M | ||
| Q2 24 | — | $546.0M | ||
| Q1 24 | — | $544.0M |
| Q4 25 | $8.8B | $7.2B | ||
| Q3 25 | $8.9B | $6.9B | ||
| Q2 25 | $9.0B | $6.6B | ||
| Q1 25 | $8.7B | $6.3B | ||
| Q4 24 | $8.8B | $6.1B | ||
| Q3 24 | $9.0B | $6.4B | ||
| Q2 24 | — | $6.0B | ||
| Q1 24 | $8.9B | $5.8B |
| Q4 25 | $83.9B | $89.0B | ||
| Q3 25 | $83.2B | $88.5B | ||
| Q2 25 | $82.1B | $88.9B | ||
| Q1 25 | $81.5B | $88.0B | ||
| Q4 24 | $82.2B | $88.8B | ||
| Q3 24 | $82.6B | $87.0B | ||
| Q2 24 | — | $87.6B | ||
| Q1 24 | $81.8B | $87.1B |
| Q4 25 | — | 0.21× | ||
| Q3 25 | — | 0.21× | ||
| Q2 25 | — | 0.15× | ||
| Q1 25 | — | 0.15× | ||
| Q4 24 | — | 0.16× | ||
| Q3 24 | — | 0.09× | ||
| Q2 24 | — | 0.09× | ||
| Q1 24 | — | 0.09× |
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 | $1.1B |
| Free Cash FlowOCF − Capex | $389.0M | $952.0M |
| FCF MarginFCF / Revenue | 43.8% | 106.8% |
| Capex IntensityCapex / Revenue | 0.8% | 13.6% |
| Cash ConversionOCF / Net Profit | 1.52× | 4.08× |
| TTM Free Cash FlowTrailing 4 quarters | $595.0M | $1.4B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $396.0M | $1.1B | ||
| Q3 25 | $-200.0M | $438.0M | ||
| Q2 25 | $83.0M | $-62.0M | ||
| Q1 25 | $349.0M | $179.0M | ||
| Q4 24 | $191.0M | $1.1B | ||
| Q3 24 | $389.0M | $119.0M | ||
| Q2 24 | — | $251.0M | ||
| Q1 24 | $838.0M | $261.0M |
| Q4 25 | $389.0M | $952.0M | ||
| Q3 25 | $-208.0M | $413.0M | ||
| Q2 25 | $74.0M | $-93.0M | ||
| Q1 25 | $340.0M | $152.0M | ||
| Q4 24 | $174.0M | $1.1B | ||
| Q3 24 | $383.0M | $97.0M | ||
| Q2 24 | — | $234.0M | ||
| Q1 24 | $828.0M | $231.0M |
| Q4 25 | 43.8% | 106.8% | ||
| Q3 25 | -23.4% | 48.0% | ||
| Q2 25 | 8.9% | -11.1% | ||
| Q1 25 | 41.9% | 19.1% | ||
| Q4 24 | 23.9% | 128.2% | ||
| Q3 24 | 46.3% | 12.2% | ||
| Q2 24 | — | 30.1% | ||
| Q1 24 | 101.1% | 31.1% |
| Q4 25 | 0.8% | 13.6% | ||
| Q3 25 | 0.9% | 2.9% | ||
| Q2 25 | 1.1% | 3.7% | ||
| Q1 25 | 1.1% | 3.4% | ||
| Q4 24 | 2.3% | 11.8% | ||
| Q3 24 | 0.7% | 2.8% | ||
| Q2 24 | — | 2.2% | ||
| Q1 24 | 1.2% | 4.0% |
| Q4 25 | 1.52× | 4.08× | ||
| Q3 25 | -0.76× | 1.97× | ||
| Q2 25 | 0.34× | -0.25× | ||
| Q1 25 | 1.60× | 1.05× | ||
| Q4 24 | 1.15× | 5.31× | ||
| Q3 24 | 1.78× | 0.56× | ||
| Q2 24 | — | 1.25× | ||
| Q1 24 | 4.36× | 1.71× |
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% |
ZION
Segment breakdown not available.
