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First Horizon Corporation beat the third-quarter 2026 adjusted-EPS consensus by one cent, but reported a GAAP net loss available to common shareholders because a planned sale of about $4.5 billion of residential mortgages produced a large accounting mark. Revenue also came in below analysts’ forecast.
First Horizon’s headline Q3 numbers
For the quarter ended September 30, 2026, First Horizon reported $883 million in revenue and adjusted earnings per share of $0.53. The adjusted-EPS result was ahead of the $0.52 analyst consensus reported by Yahoo Finance. On a GAAP basis, however, net loss available to common shareholders was $94 million, or $0.20 per diluted share.
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| Measure | Q3 2026 result | Benchmark or qualification |
|---|---|---|
| Revenue | $883 million | $889.37 million analyst consensus; shortfall of about $6.37 million, or 0.7% |
| Adjusted EPS | $0.53 | $0.52 analyst consensus; adjusted, non-GAAP measure |
| GAAP net loss available to common shareholders | $94 million loss, or $0.20 diluted share | Includes transaction-related notable items |
Why adjusted earnings were positive while GAAP earnings were negative
The two earnings figures use different definitions. Adjusted EPS is a non-GAAP measure that removes items First Horizon classifies as notable; the net loss is the GAAP result after those items are recognized.
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| Notable item in the Q3 presentation | Amount |
|---|---|
| Pre-tax loss on pending mortgage sale | $473 million |
| Provision reversal | $45 million |
| Restructuring expense | $3 million |
| Visa-derivative valuation expense | $5 million |
| Total notable items | $347 million after tax, or $0.73 per share |
Because adjusted EPS excludes these notable items, it can show a modest underlying profit even when GAAP net income is substantially negative. The adjusted result should therefore not be read as an alternative calculation of the company’s statutory earnings; it is intended to isolate management’s view of recurring performance.
How large was the revenue miss?
Reported revenue of $883 million was approximately $6.37 million below the $889.37 million consensus forecast, a gap of roughly 0.7%. That miss was relatively small compared with the mortgage-sale accounting charge. The quarter’s central issue is consequently the composition of earnings and the planned balance-sheet change, not the size of the top-line variance alone.
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What is happening to the mortgage portfolio?
The transaction
First Horizon describes the planned sale as a strategic reduction in residential mortgages and part of a broader realignment of its mortgage business. The targeted assets had been classified as lower-yielding, and the company expected the sale to settle in early fourth-quarter 2026.
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According to the company’s presentation, the transaction is intended to generate additional balance-sheet capacity, improve the liquidity profile and increase earnings per share and return on tangible common equity (ROTCE). Those are management objectives, not results already achieved.
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What earnings benefit does First Horizon expect?
Management estimates that the completed transaction could add about 4%, or $45 million, to 2027 after-tax earnings and improve ROTCE by approximately 150 basis points. These are forward-looking estimates measured against the consensus forecast available on October 2, 2026. They also exclude any additional benefit from redeploying capital into higher-yielding loans.
The forecast depends on closing the sale on the expected timetable and replacing the mortgage exposure with assets that earn more after funding and credit costs. Until those steps occur, the projected accretion remains an estimate rather than realized earnings.
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Capital and operating context at quarter-end
The company’s other reported metrics provide context for assessing the transaction’s balance-sheet effect.
| Metric | Q3 2026 period-end figure | Qualification |
|---|---|---|
| Deposits | $67.7 billion | Period-end balance |
| Loans | About $59.8 billion | First Horizon presentation; Investing.com reports approximately $59.81 billion |
| Net charge-offs | $36 million | 0.22% of total loans |
| CET1 ratio | 10.3% | After transaction-related effects shown in the presentation |
| Tangible book value per share | $13.84 | Reported by First Horizon and Investing.com |
The 10.3% CET1 ratio and the tangible-book figure are important reference points because the mortgage mark affects both reported profitability and the capital base. A single quarter’s ratio does not establish how regulators, funding markets or future loan growth will view the company’s capital position.
What investors should watch after the sale
- Closing and final pricing: The early-fourth-quarter target is a timetable, not confirmation that the transaction has settled on those terms.
- Mortgage-income replacement: Selling lower-yielding assets reduces exposure to that portfolio but also removes its interest income; the expected benefit requires successful redeployment.
- Loan mix and yields: Higher-yielding replacement loans can support the projected accretion, but they may also carry different credit and funding risks.
- Capital and tangible book value: Future disclosures will show whether the transaction-related effects and subsequent balance-sheet growth leave the CET1 ratio and tangible book value tracking management’s expectations.
- GAAP versus adjusted results: Comparing future quarters requires checking which items are excluded from adjusted EPS and whether similar marks or restructuring charges recur.
Bottom line on the quarter
First Horizon’s Q3 2026 result combines a small revenue shortfall and a one-cent adjusted-EPS beat with a GAAP loss dominated by the planned mortgage-portfolio sale. The strategic case is that exiting lower-yielding mortgages will free capacity and support 2027 earnings and ROTCE. Whether that case is borne out will depend on the transaction’s completion and the bank’s ability to redeploy capital at attractive risk-adjusted returns.
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