• First Horizon average operating margin for 2023 was 26.08%, a 25.32% decline from 2022.
• First Horizon average operating margin for 2022 was 34.92%, a 13.39% decline from 2021.
• First Horizon average operating margin for 2021 was 40.32%, a 74.02% 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.