stockrow
Friday 6 November 2026
Export ZION’s income statement to Excel — free account
Zions Bancorporation, N.A.
ZION Financial Banks Regional
Zions Bancorporation, N.A.’s revenue for fiscal 2025 (year ended December 2025) was $4.9 billion, down 1.02% from fiscal 2024.
- Revenue
- −0.80%
- EPS
- +20.3%
- Free cash flow
- +518.3%
- Total debt
- +64.0%
Quarter to September 2026, against a year earlier
65.13
1.50
−2.25%
Follow ZION
Alert me
Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 2,470 | 2,736 | 3,033 | 3,245 | 2,942 | 2,970 | 3,337 | 4,624 | 4,993 | 4,942 | 5,154 | +8.0% | 3,624 | 3,742 | 3,936 | (7.3%) | |
| Gross margin, % | 96.48 | 95.36 | 91.72 | 87.33 | 94.83 | 98.01 | 94.46 | 67.37 | 62.69 | 68.49 | 72.91 | (28.0) pt | ||||||
| EBT | 705 | 936 | 1,143 | 1,053 | 672 | 1,446 | 1,152 | 886 | 1,012 | 1,175 | 1,552 | +5.8% | ||||||
| EBT margin, % | 28.54 | 34.21 | 37.69 | 32.45 | 22.84 | 48.69 | 34.52 | 19.16 | 20.27 | 23.78 | 30.11 | (4.8) pt | ||||||
| Net income | 469 | 592 | 884 | 816 | 539 | 1,129 | 907 | 680 | 784 | 899 | 1,171 | +7.5% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 12.12 | 13.63 | 15.67 | 18.44 | 17.97 | 18.57 | 22.24 | 31.30 | 33.92 | 33.59 | 35.55 | +12.0% | |||||
| Earnings | 2.00 | 2.71 | 4.36 | 4.41 | 3.06 | 6.80 | 5.80 | 4.35 | 4.95 | 6.01 | 8.15 | +13.0% | ||||||
| Cash flow | 2.92 | 4.62 | 6.07 | 3.96 | 4.39 | 3.93 | 9.80 | 5.99 | 7.80 | 7.29 | 0.00 | +10.7% | ||||||
| Capex | (0.96) | (0.84) | (0.67) | (0.66) | (1.04) | (1.29) | (1.27) | (0.76) | (0.66) | (0.82) | 0.00 | (1.7%) | ||||||
| Free cash flow | 1.96 | 3.78 | 5.41 | 3.30 | 3.35 | 2.65 | 8.53 | 5.23 | 7.14 | 6.47 | 0.00 | +14.2% | ||||||
| Book value | 37.45 | 38.25 | 39.14 | 41.78 | 48.16 | 46.67 | 32.61 | 38.52 | 41.60 | 48.81 | 53.00 | +3.0% | ||||||
| Shares, m | 204 | 201 | 194 | 176 | 164 | 160 | 150 | 148 | 147 | 147 | 146 | (3.6%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 21.59 | 18.71 | 9.34 | 11.77 | 14.24 | 9.33 | 8.36 | 10.15 | 10.96 | 9.76 | 7.99 | 12.4 | |||||
| P/S | 3.56 | 3.72 | 2.60 | 2.82 | 2.42 | 3.40 | 2.18 | 1.41 | 1.60 | 1.74 | 1.83 | 2.5 | ||||||
| P/B | 1.27 | 1.43 | 1.12 | 1.35 | 0.97 | 1.44 | 1.63 | 1.24 | 1.32 | 1.21 | 1.24 | 1.3 | ||||||
| EV/Sales | 2.97 | 4.95 | 3.78 | 3.33 | 0.81 | (0.46) | 4.03 | 1.78 | 1.56 | 1.16 | — | 2.4 | ||||||
| EV/FCF | 18.33 | 17.85 | 10.95 | 18.62 | 4.33 | (3.23) | 10.51 | 10.69 | 7.40 | 6.00 | — | 10.1 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 596 | 928 | 1,176 | 697 | 719 | 629 | 1,470 | 885 | 1,148 | 1,073 | 1,801 | +6.8% | |||||
| Capex | (196) | (169) | (129) | (117) | (171) | (206) | (190) | (113) | (97) | (121) | (121) | (5.2%) | ||||||
| Free cash flow | 400 | 759 | 1,047 | 580 | 548 | 423 | 1,280 | 772 | 1,051 | 952 | 1,680 | +10.1% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (8,151) | (6,323) | (4,989) | (6,628) | (9,225) | (18,985) | (11,678) | (14,624) | (12,446) | (10,835) | (11,154) | +3.2% | |||||
| Net debt | (1,469) | 3,367 | 3,577 | 1,662 | (4,740) | (11,468) | 6,180 | 1,732 | (207) | 207 | (3,345) | n/m | ||||||
| Shareholders’ equity | 7,634 | 7,679 | 7,578 | 7,353 | 7,886 | 7,463 | 4,893 | 5,691 | 6,124 | 7,180 | 7,684 | (0.7%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 0.67 | 0.85 | 1.26 | 1.13 | 0.67 | 1.26 | 0.96 | 0.73 | 0.84 | 1.01 | 1.35 | +0.3 pt | |||||
| ROIC | 7.15 | 5.30 | 6.40 | 7.30 | 13.35 | 0.00 | 6.50 | 7.46 | 10.69 | 9.94 | 22.33 | +2.8 pt | ||||||
| ROE | 6.04 | 7.84 | 12.04 | 11.33 | 7.16 | 15.34 | 15.30 | 13.36 | 13.03 | 13.59 | 16.76 | +7.5 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 10,057 | 10,083 | 10,201 | 10,188 | 9,678 | 9,685 | 9,989 | 9,679 | 9,406 | 9,195 | — | (1.0%) | |||||
| Revenue/emp, $m | 0.25 | 0.27 | 0.30 | 0.32 | 0.30 | 0.31 | 0.33 | 0.48 | 0.53 | 0.54 | — | +9.1% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026
Business profile
Zions Bancorporation, N.A. vs peers in Banks Regional (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| WTFC Wintrust Financial Corporation | $10.2B | 11.5× | 11.4× | +4.06% (above 0%: growing) | +21.28% (above 0%: growing) | −23.80% (below 0%: shrinking) | 66.53% | 0.00% | Compare |
| UMBF UMB Financial Corporation | $10.2B | 10.1× | 9.8× | +4.21% (above 0%: growing) | +53.84% (above 0%: growing) | +39.21% (above 0%: growing) | 68.49% | 0.00% | Compare |
| SSB SouthState Bank Corporation | $10.1B | 11.1× | 11.3× | −2.24% (below 0%: shrinking) | −5.33% (below 0%: shrinking) | +285.97% (above 0%: growing) | 71.49% | 0.00% | Compare |
| CIB Grupo Cibest S.A. - Sponsored ADR | $10.1B | 18.0× | — | +178.87% (above 0%: growing) | +85.47% (above 0%: growing) | −187.28% (below 0%: shrinking) | 71.39% | 0.00% | Compare |
| BPOP Popular, Inc. | $9.8B | 10.5× | 9.7× | +4.48% (above 0%: growing) | +40.78% (above 0%: growing) | +46.43% (above 0%: growing) | 75.20% | 0.00% | Compare |
| CFR Cullen/Frost Bankers, Inc. | $9.7B | 14.6× | 14.2× | +2.95% (above 0%: growing) | +6.37% (above 0%: growing) | +21.44% (above 0%: growing) | 78.65% | 0.00% | Compare |
| ZION Zions Bancorporation, N.A. | $9.5B | 8.0× | 8.2× | −0.80% (below 0%: shrinking) | +20.27% (above 0%: growing) | +518.28% (above 0%: growing) | 70.88% | 0.00% | |
| ONB Old National Bancorp | $9.5B | 10.2× | 9.8× | −0.23% (below 0%: shrinking) | +43.48% (above 0%: growing) | +11.48% (above 0%: growing) | 68.19% | 0.00% | Compare |
| CBC Central Bancompany | $9.0B | 20.6× | 18.2× | +10.36% (above 0%: growing) | +9.05% (above 0%: growing) | −5.17% (below 0%: shrinking) | 85.56% | 0.00% | Compare |
| Median of peers | $9.9B | 11.3× | 11.3× | +4.14% | +31.03% | +16.46% | 71.44% | 0.00% |
From the latest earnings call
- On the second-quarter call, CFO Ryan Richards described competition for deposits and loan spread compression, while saying the net interest margin was stable.
- CEO Harris Simmons said Zions had opened over 10,000 Gold and Business Beyond accounts that year as it invested in consumer and small-business banking.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
83.46%
Held by the ten largest
44.36%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 18.98m | 13.01% | +301.24k |
| BlackRock | 14.20m | 9.73% | +175.80k |
| Dimensional Fund Advisors | 7.64m | 5.24% | +167.32k |
| State Street | 5.93m | 4.06% | +46.22k |
| LSV ASSET MANAGEMENT | 3.86m | 2.64% | −51.38k |
| Geode Capital Management | 3.06m | 2.10% | +26.36k |
| Morgan Stanley | 3.04m | 2.08% | −19.30k |
| Two Sigma | 2.79m | 1.91% | +609.10k |
| FULLER & THALER ASSET MANAGEMENT, INC. | 2.65m | 1.82% | +55.56k |
| FIDUCIARY MANAGEMENT INC /WI/ | 2.59m | 1.78% | −196.70k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 19 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 5.36m | 5.92m | 159.50 |
| 2024 | 5.73m | 7.00m | 142.93 |
| 2023 | 4.84m | 4.27m | 111.59 |
| 2022 | 5.17m | 4.49m | 119.29 |
| 2021 | 4.66m | 6.86m | 149.11 |
Ownership
Directors and executive officers, together
1.43%
The Vanguard Group, Inc.100 Vanguard Blvd.Malvern, PA
13.19%
BlackRock, Inc.50 Hudson YardsNew York, NY
9.01%
Dimensional Fund Advisors LP6300 Bee Cave Road, Building OneAustin, TX
5.05%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Zions Bancorporation, N.A. (ZION) Latest News
26 Oct
20 Oct
19 Oct
14 Oct
16 Sep
3 Aug
21 Jul
ZION metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
Zions Bancorporation, N.A. is a bank headquartered in Salt Lake City, Utah. Harris H. Simmons is its chairman and chief executive officer. The bank serves businesses, households and other customers primarily across the Western United States, offering loans, deposit accounts and services for moving and managing money.
Its commercial banking business focuses primarily on small and medium-sized businesses. It lends to companies, finances commercial property, offers credit cards and processes merchant payments. It also helps customers raise capital, manage interest-rate and foreign-exchange exposure, and carry out transactions such as mergers and acquisitions.