• First Horizon average operating margin for 2023 was 28.34%, a 22.63% decline from 2022.
• First Horizon average operating margin for 2022 was 36.63%, a 4.53% decline from 2021.
• First Horizon average operating margin for 2021 was 38.37%, a 64.61% decline from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.