vs
Side-by-side financial comparison of FIRST HORIZON CORP (FHN) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
FIRST HORIZON CORP is the larger business by last-quarter revenue ($888.0M vs $788.1M, roughly 1.1× Zscaler, Inc.). FIRST HORIZON CORP runs the higher net margin — 29.4% vs -1.5%, a 30.9% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs 21.8%). Zscaler, Inc. produced more free cash flow last quarter ($431.0M vs $389.0M). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% 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.
Zscaler, Inc. is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
FHN vs ZS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $888.0M | $788.1M |
| Net Profit | $261.0M | $-11.6M |
| Gross Margin | — | 76.6% |
| Operating Margin | 38.5% | -4.6% |
| Net Margin | 29.4% | -1.5% |
| Revenue YoY | 21.8% | 25.5% |
| Net Profit YoY | 57.2% | 3.6% |
| EPS (diluted) | $0.51 | $-0.07 |
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 | $788.1M | ||
| Q3 25 | $889.0M | $719.2M | ||
| Q2 25 | $830.0M | $678.0M | ||
| Q1 25 | $812.0M | $647.9M | ||
| Q4 24 | $729.0M | $628.0M | ||
| Q3 24 | $827.0M | $592.9M | ||
| Q2 24 | — | $553.2M | ||
| Q1 24 | $819.0M | $525.0M |
| Q4 25 | $261.0M | $-11.6M | ||
| Q3 25 | $262.0M | $-17.6M | ||
| Q2 25 | $241.0M | $-4.1M | ||
| Q1 25 | $218.0M | $-7.7M | ||
| Q4 24 | $166.0M | $-12.1M | ||
| Q3 24 | $218.0M | $-14.9M | ||
| Q2 24 | — | $19.1M | ||
| Q1 24 | $192.0M | $-28.5M |
| Q4 25 | — | 76.6% | ||
| Q3 25 | — | 76.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 77.5% | ||
| Q3 24 | — | 78.0% | ||
| Q2 24 | — | 78.6% | ||
| Q1 24 | — | 77.7% |
| Q4 25 | 38.5% | -4.6% | ||
| Q3 25 | 38.7% | -4.5% | ||
| Q2 25 | 37.2% | -3.7% | ||
| Q1 25 | 35.1% | -6.2% | ||
| Q4 24 | 28.8% | -4.9% | ||
| Q3 24 | 34.0% | -4.5% | ||
| Q2 24 | — | -0.5% | ||
| Q1 24 | 31.0% | -8.7% |
| Q4 25 | 29.4% | -1.5% | ||
| Q3 25 | 29.5% | -2.4% | ||
| Q2 25 | 29.0% | -0.6% | ||
| Q1 25 | 26.8% | -1.2% | ||
| Q4 24 | 22.8% | -1.9% | ||
| Q3 24 | 26.4% | -2.5% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | 23.4% | -5.4% |
| Q4 25 | $0.51 | $-0.07 | ||
| Q3 25 | $0.50 | $-0.11 | ||
| Q2 25 | $0.45 | $-0.03 | ||
| Q1 25 | $0.41 | $-0.05 | ||
| Q4 24 | $0.29 | $-0.08 | ||
| Q3 24 | $0.40 | $-0.09 | ||
| Q2 24 | — | $0.12 | ||
| Q1 24 | $0.33 | $-0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $8.8B | $2.0B |
| Total Assets | $83.9B | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $2.4B | ||
| Q2 25 | — | $2.0B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | — | $1.6B | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.3B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $8.8B | $2.0B | ||
| Q3 25 | $8.9B | $1.8B | ||
| Q2 25 | $9.0B | $1.8B | ||
| Q1 25 | $8.7B | $1.6B | ||
| Q4 24 | $8.8B | $1.4B | ||
| Q3 24 | $9.0B | $1.3B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | $8.9B | $958.9M |
| Q4 25 | $83.9B | $6.5B | ||
| Q3 25 | $83.2B | $6.4B | ||
| Q2 25 | $82.1B | $5.3B | ||
| Q1 25 | $81.5B | $5.0B | ||
| Q4 24 | $82.2B | $4.7B | ||
| Q3 24 | $82.6B | $4.7B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | $81.8B | $3.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 1.19× |
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 | $448.3M |
| Free Cash FlowOCF − Capex | $389.0M | $431.0M |
| FCF MarginFCF / Revenue | 43.8% | 54.7% |
| Capex IntensityCapex / Revenue | 0.8% | 2.2% |
| Cash ConversionOCF / Net Profit | 1.52× | — |
| TTM Free Cash FlowTrailing 4 quarters | $595.0M | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $396.0M | $448.3M | ||
| Q3 25 | $-200.0M | $250.6M | ||
| Q2 25 | $83.0M | $211.1M | ||
| Q1 25 | $349.0M | $179.4M | ||
| Q4 24 | $191.0M | $331.3M | ||
| Q3 24 | $389.0M | $203.6M | ||
| Q2 24 | — | $173.4M | ||
| Q1 24 | $838.0M | $142.1M |
| Q4 25 | $389.0M | $431.0M | ||
| Q3 25 | $-208.0M | $190.6M | ||
| Q2 25 | $74.0M | $138.9M | ||
| Q1 25 | $340.0M | $164.4M | ||
| Q4 24 | $174.0M | $314.3M | ||
| Q3 24 | $383.0M | $154.2M | ||
| Q2 24 | — | $137.8M | ||
| Q1 24 | $828.0M | $111.2M |
| Q4 25 | 43.8% | 54.7% | ||
| Q3 25 | -23.4% | 26.5% | ||
| Q2 25 | 8.9% | 20.5% | ||
| Q1 25 | 41.9% | 25.4% | ||
| Q4 24 | 23.9% | 50.1% | ||
| Q3 24 | 46.3% | 26.0% | ||
| Q2 24 | — | 24.9% | ||
| Q1 24 | 101.1% | 21.2% |
| Q4 25 | 0.8% | 2.2% | ||
| Q3 25 | 0.9% | 8.3% | ||
| Q2 25 | 1.1% | 10.6% | ||
| Q1 25 | 1.1% | 2.3% | ||
| Q4 24 | 2.3% | 2.7% | ||
| Q3 24 | 0.7% | 8.3% | ||
| Q2 24 | — | 6.4% | ||
| Q1 24 | 1.2% | 5.9% |
| 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 | — | 9.07× | ||
| 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% |
ZS
Segment breakdown not available.
