Zions Bancorporation, National Association (ZION) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.92	$3.05	+58.9%	—	—	—
Q4 26	$1.43	$1.54	+7.7%	—	—	—
Q3 26	$1.57	$1.76	+12.1%	—	—	—
Q2 26	$1.39	$1.54	+10.8%	—	—	—
Q1 26	$1.31	$1.58	+20.6%	—	—	—
Q4 25	$1.18	$1.13	-4.2%	—	—	—
Q3 25	$1.25	$1.34	+7.2%	—	—	—
Q2 25	$1.17	$1.34	+14.5%	—	—	—
Q1 25	$1.1	$1.28	+16.4%	—	—	—
Q4 24	$1	$1.05	+5.0%	—	—	—
Q3 24	$1.06	$1.3	+22.6%	—	—	—
Q2 24	$1.15	$1.13	-1.7%	—	—	—
Q1 24	$1.11	$1.11	0.0%	—	—	—
Q4 23	$1.53	$1.33	-13.1%	—	—	—
Q3 23	$1.64	$1.84	+12.2%	—	—	—
Q2 23	$1.58	$1.4	-11.4%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.01	—	—	$3.4B	—
FY24	—	$4.95	—	—	$3.1B	—
FY23	—	$4.39	—	—	$3.1B	—
FY22	—	$5.8	—	—	$3.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.4B	$2.6B	$2.8B	$2.8B	$2.8B	$2.9B	$3.2B	$3.1B	$3.1B	$3.4B
YoY change	+15%	+9.48%	+6.63%	+1.87%	-1.55%	+4.34%	+8.28%	-1.17%	+0.48%	+8.15%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.4B	2.6B	2.8B	2.8B	2.8B	2.9B	3.2B	3.1B	3.1B	3.4B
Cost of revenue	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	1B	1.1B	1.1B	1.2B	1.2B	1.2B	1.3B	1.4B	1.4B	1.5B
Operating expenses	1B	1.1B	1.1B	1.2B	1.2B	1.2B	1.3B	1.4B	1.4B	1.5B
Operating income	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	705M	936M	1.1B	1.1B	672M	1.4B	1.2B	886M	1B	1.2B
Income tax	236M	344M	259M	237M	133M	317M	245M	206M	228M	276M
Net income	469M	592M	884M	816M	539M	1.1B	907M	680M	784M	899M
Net margin	19.7%	22.7%	31.8%	28.8%	19.3%	38.8%	28.8%	21.8%	25%	26.6%
EBITDA	—	—	—	—	—	—	—	—	—	—
EPS	2	2.71	4.36	4.41	3.06	6.8	5.8	4.39	4.95	6.01
Diluted EPS	1.99	2.6	4.08	4.16	3.02	6.79	5.79	4.35	4.95	6.01

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	765M	731M	742M	767M	792M	820M	795M	838M	861M	891M	849M	1.1B
Cost of revenue	—	—	—	—	—	—	—	—	—	—	—	—
Gross profit	—	—	—	—	—	—	—	—	—	—	—	—
Gross margin	—	—	—	—	—	—	—	—	—	—	—	—
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	341M	332M	362M	350M	347M	353M	375M	366M	360M	391M	390M	370M
Operating expenses	341M	332M	362M	350M	347M	353M	375M	366M	360M	391M	390M	370M
Operating income	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—	—	—
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	228M	150M	203M	262M	277M	270M	239M	312M	285M	339M	294M	583M
Income tax	53M	24M	50M	61M	63M	54M	69M	68M	63M	76M	61M	130M
Net income	175M	126M	153M	201M	214M	216M	170M	244M	222M	263M	233M	453M
Net margin	22.9%	17.2%	20.6%	26.2%	27%	26.3%	21.4%	29.1%	25.8%	29.5%	27.4%	39.8%
EBITDA	—	—	—	—	—	—	—	—	—	—	—	—
EPS	1.13	0.78	0.96	1.28	1.37	1.34	1.13	1.63	1.48	1.76	1.56	3.05
Diluted EPS	1.13	0.78	0.96	1.28	1.37	1.34	1.13	1.63	1.48	1.76	1.56	3.05

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	8.8B	10.2B	7.9B	9.1B	7.1B	10.1B	7.4B	6.5B	8B	8.6B	9.2B
Enterprise value	-5.7B	-2.3B	-2.9B	-3.3B	-8.9B	-23.8B	1.2B	-4B	-1.2B	-31.9M	9.3B
Shares outstanding	203.9M	200.8M	193.6M	176M	163.7M	159.9M	150.1M	147.7M	147.2M	147.1M	147.1M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	18.7	17.2	8.92	11.2	13.2	8.95	8.13	9.53	10.2	9.58	8.05
P/S	3.68	3.91	2.83	3.22	2.55	3.47	2.34	2.08	2.55	2.54	2.5
P/B	1.15	1.33	1.04	1.24	0.9	1.35	1.51	1.14	1.3	1.2	1.21
EV/Sales	-2.4	-0.88	-1.03	-1.17	-3.19	-8.18	0.39	-1.28	-0.37	-0.01	2.54
Earnings yield	5.35%	5.8%	11.2%	8.93%	7.58%	11.2%	12.3%	10.5%	9.82%	10.4%	12.4%
FCF yield	4.56%	7.44%	13.3%	6.35%	7.7%	4.19%	17.4%	11.9%	13.2%	11.1%	9.58%
PEG	—	—	—	—	—	—	—	—	—	—	0.09

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Operating margin	—	—	—	—	—	—	—	—	—	—	52.1%
Net margin	19.7%	22.7%	31.8%	28.8%	19.3%	38.8%	28.8%	21.8%	25%	26.6%	31.8%
ROE	6.14%	7.71%	11.7%	11.1%	6.83%	15.1%	18.5%	11.9%	12.8%	12.5%	16.4%
ROA	—	—	—	—	—	—	—	—	0.88%	1.01%	1.32%
Return on tangible assets	—	—	—	—	—	—	—	—	0.9%	1.04%	1.33%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Debt / equity	0.14	0.52	0.69	0.37	0.17	0.14	1.58	0.36	0.57	0.48	0
Debt / assets	—	—	—	—	—	—	—	—	0.04	0.04	0.02
Effective tax rate	33.5%	36.8%	22.7%	22.5%	19.8%	21.9%	21.3%	23.3%	22.5%	23.5%	22%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	11.7	13	14.4	16.1	17	18.2	21	21.1	21.3	23	25.1
EPS (basic)	2	2.71	4.36	4.41	3.06	6.8	5.8	4.39	4.95	6.01	6.01
EPS (diluted)	1.99	2.6	4.08	4.16	3.02	6.79	5.79	4.35	4.95	6.01	7.85
Book value per share	37.4	38.2	39.1	41.8	48.2	46.7	32.6	38.5	41.6	48.8	52.2
FCF per share	1.96	3.78	5.41	3.3	3.35	2.65	8.53	5.23	7.14	6.47	11.5
Cash per share	76.1	82.1	82.5	86.2	106	218.4	92.7	84.8	85.8	82.4	25.6
Capex per share	0.96	0.84	0.67	0.66	1.04	1.29	1.27	0.76	0.66	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	8.22%	6.48%	4.64%	4.13%	6.13%	7.08%	6.03%	3.63%	3.1%	—	—
Capex / operating cash flow	37.8%	20.8%	10.7%	15.8%	54.3%	23.1%	14.6%	14.2%	9.61%	—	—
Payout ratio	23%	21.8%	26.7%	31.9%	48.1%	23.1%	29.7%	41.5%	36.9%	29.7%	22.9%
Dividend yield	1.23%	1.26%	2.99%	2.85%	3.64%	2.58%	3.65%	4.35%	3.62%	3.1%	3.04%

Yield

3.04%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.48

ex-dividend Aug 13, 2026

Payout ratio

23%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 13, 2026	$0.48
May 14, 2026	$0.45
Feb 12, 2026	$0.45

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$765M	$731M	$742M	$767M	$792M	$820M	$795M	$838M	$861M	$891M	$849M	$1.1B
YoY change	-7.61%	-16.3%	-11.6%	-1.67%	+3.53%	+12.2%	+7.14%	+9.26%	+8.71%	+8.66%	+6.79%	+35.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	15.5B	16.5B	16B	15.2B	17.3B	34.9B	13.9B	12.5B	12.6B	12.1B
Receivables	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	337M	374M	388M	395M	407M	451M	465M	441M	386M	353M
Goodwill & intangibles	2B	2B	2B	2B	2B	2B	2.1B	2.1B	2.1B	2.2B
Total assets	—	—	—	—	—	—	—	—	88.8B	89B
Accounts payable	—	—	—	—	—	—	—	—	—	—
Short-term debt	500M	3.6B	4.5B	1B	0	0	7.1B	1.5B	2.5B	2B
Total current liabilities	—	—	—	—	—	—	—	—	—	—
Long-term debt	535M	383M	724M	1.7B	1.3B	1B	651M	542M	950M	1.5B
Total liabilities	—	—	—	—	—	—	—	—	82.7B	81.8B
Shareholders' equity	7.6B	7.7B	7.6B	7.4B	7.9B	7.5B	4.9B	5.7B	6.1B	7.2B
Total debt	1B	4B	5.2B	2.7B	1.3B	1B	7.8B	2.1B	3.5B	3.5B
Net debt	-1.1B	2.7B	4B	1.3B	-281M	-9.9B	5.8B	-137M	-26M	587M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	12.6B	12.5B	12.4B	12.5B	11.9B	12.6B	12.1B	11.7B	12.4B	12.1B	11.6B	11.5B
Receivables	—	—	—	—	—	—	—	—	—	—	—	—
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	—	—	—	—
Property, plant & equipment	—	441M	—	—	—	386M	—	—	—	353M	—	—
Goodwill & intangibles	1.1B	2.1B	1.1B	1.1B	1.1B	2.1B	1.1B	1.1B	1.1B	2.2B	1.1B	1.1B
Total assets	—	—	87.1B	87.6B	87B	88.8B	88B	88.9B	88.5B	89B	88B	89B
Accounts payable	—	—	—	—	—	—	—	—	—	—	—	—
Short-term debt	—	1.5B	—	—	—	2.5B	—	—	—	2B	—	—
Total current liabilities	—	—	—	—	—	—	—	—	—	—	—	—
Long-term debt	540M	542M	544M	546M	548M	950M	964M	970M	1.5B	1.5B	2B	2B
Total liabilities	—	—	81.2B	81.6B	80.6B	82.7B	81.7B	82.3B	81.7B	81.8B	80.7B	81.4B
Shareholders' equity	5.3B	5.7B	5.8B	6B	6.4B	6.1B	6.3B	6.6B	6.9B	7.2B	7.3B	7.7B
Total debt	540M	2.1B	544M	546M	548M	3.5B	964M	970M	1.5B	3.5B	2B	2B
Net debt	-1.9B	-137M	-1.9B	-2.4B	-1.8B	-26M	-1.8B	-1.6B	-1.7B	587M	-439M	-255M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	469M	592M	884M	816M	539M	1.1B	907M	680M	784M	899M
Depreciation & amortization	123M	179M	193M	188M	86M	-14M	110M	140M	124M	116M
Stock-based compensation	26M	25M	26M	27M	26M	28M	30M	33M	33M	35M
Change in working capital	-76M	-93M	130M	-269M	-249M	-172M	342M	-108M	110M	-53M
Operating cash flow	519M	814M	1.2B	742M	315M	891M	1.3B	793M	1B	1.1B
Capital expenditure	-196M	-169M	-129M	-117M	-171M	-206M	-190M	-113M	-97M	—
Investing cash flow	-1.4B	-1.8B	-763M	2.3B	-7.5B	-14.4B	6B	4.5B	74M	2.1B
Dividends paid	-108M	-129M	-236M	-260M	-259M	-261M	-269M	-282M	-289M	-267M
Share repurchases	-223M	-465M	-672M	-1.1B	-76M	-926M	-202M	-51M	-410M	-41M
Financing cash flow	-104M	316M	-1.9B	-7.6B	-1.7B	-2.1B	18.3B	-6.5B	-835M	-543M
Net change in cash	-939M	-654M	-1.4B	-4.5B	-8.9B	-15.6B	25.6B	-1.2B	248M	2.6B
Free cash flow	400M	759M	1B	580M	548M	423M	1.3B	772M	1.1B	952M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	175M	126M	153M	201M	214M	216M	170M	244M	222M	263M	233M	453M
Depreciation & amortization	36M	32M	32M	31M	32M	29M	28M	29M	30M	29M	30M	27M
Stock-based compensation	4M	5M	16M	8M	4M	5M	17M	6M	6M	6M	18M	6M
Change in working capital	14M	-356M	-12M	57M	-117M	182M	-64M	-273M	170M	114M	-228M	20M
Operating cash flow	255M	-215M	207M	282M	109M	411M	167M	-12M	438M	518M	423M	422M
Capital expenditure	-31M	-29M	-30M	-17M	-22M	-28M	-27M	-31M	—	—	—	—
Investing cash flow	-218M	1.6B	374M	-91M	1.6B	-1.8B	1.8B	266M	-94M	87M	1.1B	633M
Dividends paid	-73M	-71M	-71M	-72M	-72M	-74M	-66M	-65M	-68M	-68M	-68M	-68M
Share repurchases	0	-1M	-35M	0	0	-375M	-41M	0	0	0	-77M	-75M
Financing cash flow	-1.2B	-39M	403M	684M	-2.8B	385M	-470M	2.5B	-1.9B	-722M	-2.1B	697M
Net change in cash	-1.2B	1.3B	984M	875M	-1.1B	-986M	1.5B	2.8B	-1.5B	-117M	-566M	1.8B
Free cash flow	280M	-274M	231M	234M	97M	489M	152M	-93M	413M	480M	398M	389M

Date	Ratio
May 15, 1997	4:1
Jan 27, 1993	2:1
Aug 17, 1981	3:2

Zions Bancorporation, National Association Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history