Zions Bancorporation, National Association (ZIONP) Financials

$22.90 -0.10 (-0.41%)

Closing price 09/8/2025 03:51 PM Eastern

Extended Trading

$22.82 -0.08 (-0.37%)

As of 09/8/2025 04:18 PM Eastern

Annual Income Statements for Zions Bancorporation, National Association

This table shows Zions Bancorporation, National Association's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	247	411	550	850	782	505	1,100	878	648	737
Consolidated Net Income / (Loss)	309	469	592	884	816	539	1,129	907	680	784
Net Income / (Loss) Continuing Operations	309	469	592	884	816	539	1,129	907	664	784
Total Pre-Tax Income	451	705	936	1,143	1,053	672	1,446	1,152	886	1,012
Total Revenue	2,072	2,383	2,609	2,782	2,834	2,790	2,911	3,152	3,115	3,130
Net Interest Income / (Expense)	1,715	1,867	2,065	2,230	2,272	2,216	2,208	2,520	2,438	2,430
Total Interest Income	1,833	1,954	2,192	2,481	2,683	2,368	2,267	2,705	3,947	4,293
Loans and Leases Interest Income	1,686	1,729	1,847	2,102	2,289	2,050	1,935	2,112	3,196	3,514
Investment Securities Interest Income	124	204	326	350	362	304	311	512	563	549
Deposits and Money Market Investments Interest Income	23	21	19	29	32	14	21	81	188	230
Total Interest Expense	118	87	127	251	411	152	59	185	1,509	1,863
Deposits Interest Expense	49	49	59	135	254	105	30	70	1,063	1,540
Long-Term Debt Interest Expense	69	38	68	116	157	47	29	115	446	323
Total Non-Interest Income	357	516	544	552	562	574	703	632	677	700
Trust Fees by Commissions	57	59	47	55	40	44	50	55	58	58
Other Service Charges	366	391	316	317	407	437	451	486	496	514
Net Realized & Unrealized Capital Gains on Investments	-96	42	63	0.00	-6.00	1.00	85	18	57	61
Investment Banking Income	30	24	118	44	121	24	117	73	66	67
Provision for Credit Losses	40	93	17	-39	37	414	-258	101	148	72
Total Non-Interest Expense	1,581	1,585	1,656	1,679	1,742	1,704	1,741	1,878	2,097	2,046
Salaries and Employee Benefits	973	978	1,006	1,070	1,141	1,087	1,127	1,235	1,275	1,287
Net Occupancy & Equipment Expense	243	250	259	258	268	343	352	361	400	421
Marketing Expense	25	22	22	26	19	61	43	39	46	45
Property & Liability Insurance Claims	34	40	53	50	25	33	34	50	169	91
Other Operating Expenses	298	299	311	274	291	179	167	214	191	202
Income Tax Expense	142	236	344	259	237	133	317	245	206	228
Preferred Stock Dividends Declared	62	58	42	34	34	34	29	29	32	47
Basic Earnings per Share	$1.20	$2.00	$2.71	$4.36	$4.41	$3.06	$6.80	$5.80	$4.35	$4.95
Weighted Average Basic Shares Outstanding	203.27M	203.86M	200.78M	193.59M	175.98M	163.74M	159.91M	150.06M	147.75M	147.21M
Diluted Earnings per Share	$1.20	$1.99	$2.60	$4.08	$4.16	$3.02	$6.79	$5.79	$4.35	$4.95
Weighted Average Diluted Shares Outstanding	203.70M	204.27M	209.65M	206.50M	186.50M	165.61M	160.23M	150.27M	147.76M	147.22M
Weighted Average Basic & Diluted Shares Outstanding	205.50M	205.70M	203M	195M	164.92M	164.21M	151.57M	148.65M	148.16M	147.89M
Cash Dividends to Common per Share	$0.00	$0.00	-	$1.04	$1.28	$1.36	$1.44	$1.58	$1.64	$1.66

This table shows Zions Bancorporation, National Association's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	211	277	198	166	168	116	143	190	204	200	169
Consolidated Net Income / (Loss)	217	284	204	175	175	126	153	201	214	216	170
Net Income / (Loss) Continuing Operations	217	284	204	175	175	110	153	201	214	216	170
Total Pre-Tax Income	278	359	282	226	228	150	203	262	277	270	239
Total Revenue	828	873	839	780	765	731	742	776	792	820	795
Net Interest Income / (Expense)	663	720	679	591	585	583	586	597	620	627	624
Total Interest Income	707	835	920	977	1,010	1,040	1,054	1,073	1,104	1,062	1,028
Loans and Leases Interest Income	551	656	726	791	831	848	865	877	899	873	850
Investment Securities Interest Income	132	140	137	138	144	144	142	140	138	129	125
Deposits and Money Market Investments Interest Income	24	39	57	48	35	48	47	56	67	60	53
Total Interest Expense	44	115	241	386	425	457	468	476	484	435	404
Deposits Interest Expense	19	38	82	220	366	395	376	390	403	371	326
Long-Term Debt Interest Expense	25	77	159	166	59	62	92	86	81	64	78
Total Non-Interest Income	165	153	160	189	180	148	156	179	172	193	171
Trust Fees by Commissions	14	14	15	14	15	14	15	15	14	14	15
Other Service Charges	125	123	120	132	125	119	120	123	129	142	126
Net Realized & Unrealized Capital Gains on Investments	10	8.00	9.00	27	23	-2.00	5.00	25	11	20	13
Investment Banking Income	-	-	-	16	-	-	-	-	-	-	17
Provision for Credit Losses	71	22	45	46	41	16	13	5.00	13	41	17
Total Non-Interest Expense	479	471	512	508	496	581	526	509	502	509	538
Salaries and Employee Benefits	312	304	339	324	311	301	331	318	317	321	342
Net Occupancy & Equipment Expense	91	91	95	98	104	103	101	106	106	108	111
Marketing Expense	11	11	12	13	10	11	10	13	12	10	11
Property & Liability Insurance Claims	13	14	18	22	20	109	34	21	19	17	22
Other Operating Expenses	52	72	48	51	51	41	50	51	48	53	52
Income Tax Expense	61	75	78	51	53	24	50	61	63	54	69
Preferred Stock Dividends Declared	6.00	7.00	6.00	9.00	7.00	10	10	11	10	16	1.00
Basic Earnings per Share	$1.40	$1.84	$1.33	$1.11	$1.13	$0.78	$0.96	$1.28	$1.37	$1.34	$1.13
Weighted Average Basic Shares Outstanding	149.63M	150.06M	148.02M	147.69M	147.65M	147.75M	147.34M	147.12M	147.14M	147.21M	147.32M
Diluted Earnings per Share	$1.40	$1.83	$1.33	$1.11	$1.13	$0.78	$0.96	$1.28	$1.37	$1.34	$1.13
Weighted Average Diluted Shares Outstanding	149.79M	150.27M	148.04M	147.70M	147.65M	147.76M	147.34M	147.12M	147.15M	147.22M	147.39M
Weighted Average Basic & Diluted Shares Outstanding	149.62M	148.65M	148.10M	148.15M	148.15M	148.16M	147.65M	147.70M	147.71M	147.89M	147.57M
Cash Dividends to Common per Share	$0.41	$0.41	$0.41	$0.41	$0.41	$0.41	$0.41	$0.41	$0.41	$0.43	$0.43

This table details how cash moves in and out of Zions Bancorporation, National Association's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-44	-61	-189	66	91	-162	52	62	59	-65
Net Cash From Operating Activities	464	596	928	1,176	697	719	629	1,470	885	1,148
Net Cash From Continuing Operating Activities	337	596	928	1,176	697	719	629	1,470	885	1,148
Net Income / (Loss) Continuing Operations	309	469	592	884	816	539	1,129	907	680	784
Consolidated Net Income / (Loss)	309	469	592	884	816	539	1,129	907	680	784
Provision For Loan Losses	34	83	17	-40	39	414	-276	122	132	72
Depreciation Expense	86	123	179	193	188	86	-14	110	140	124
Non-Cash Adjustments to Reconcile Net Income	-35	-4.00	136	0.00	7.00	-61	-52	-59	81	-9.00
Changes in Operating Assets and Liabilities, net	-57	-75	4.00	139	-353	-259	-158	390	-148	177
Net Cash From Investing Activities	-2,579	-3,436	-3,919	-2,706	375	-12,204	-11,579	1,405	2,370	-1,640
Net Cash From Continuing Investing Activities	-2,579	-3,436	-3,919	-2,706	375	-12,204	-11,579	1,405	2,370	-1,640
Purchase of Property, Leasehold Improvements and Equipment	-157	-196	-169	-129	-117	-171	-206	-190	-113	-97
Purchase of Investment Securities	-6,106	-11,897	-7,175	-6,019	-3,858	-11,189	-11,032	-10,836	-2,627	-2,729
Sale and/or Maturity of Investments	3,684	8,657	3,425	3,436	4,350	-844	-341	12,431	5,110	1,186
Net Cash From Financing Activities	2,071	2,779	2,802	1,596	-981	11,323	11,002	-2,813	-3,196	427
Net Cash From Continuing Financing Activities	2,071	2,779	2,802	1,596	-981	11,323	11,002	-2,813	-3,196	427
Net Change in Deposits	2,526	2,883	-614	1,484	2,984	12,568	13,136	-11,567	3,309	1,262
Issuance of Debt	103	480	7,249	3,174	992	-481	-669	9,514	-6,038	-51
Issuance of Common Equity	22	25	25	20	14	8.00	21	9.00	3.00	10
Repayment of Debt	-288	-280	-3,253	-2,174	-3,600	-429	-286	-290	-128	-88
Repurchase of Preferred Equity	-176	-126	-144	-	0.00	0.00	-126	0.00	0.00	-374
Repurchase of Common Equity	-7.00	-97	-321	-672	-1,102	-76	-800	-202	-51	-36
Payment of Dividends	-108	-108	-129	-236	-260	-259	-261	-269	-282	-289
Other Financing Activities, Net	-1.00	2.00	-11	-	-9.00	-8.00	-13	-8.00	-9.00	-7.00
Cash Interest Paid	102	83	118	237	401	195	81	160	1,368	1,905
Cash Income Taxes Paid	132	214	246	207	233	169	442	21	255	192

This table details how cash moves in and out of Zions Bancorporation, National Association's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-10	108	-50	94	-1.00	16	-7.00	8.00	397	-463	182
Net Cash From Operating Activities	172	494	221	598	311	-245	261	251	119	517	179
Net Cash From Continuing Operating Activities	172	494	221	598	311	-245	261	251	119	517	179
Net Income / (Loss) Continuing Operations	217	284	204	175	175	126	153	201	214	216	170
Consolidated Net Income / (Loss)	217	284	204	175	175	126	153	201	214	216	170
Provision For Loan Losses	71	43	45	46	41	-	13	5.00	13	41	18
Depreciation Expense	34	31	36	36	36	32	32	31	32	29	28
Non-Cash Adjustments to Reconcile Net Income	-32	-79	19	49	30	-17	34	-7.00	-20	-16	33
Changes in Operating Assets and Liabilities, net	-118	215	-83	292	29	-386	29	21	-120	247	-70
Net Cash From Investing Activities	-1,343	-549	591	1,189	-148	738	53	-460	1,133	-2,366	1,661
Net Cash From Continuing Investing Activities	-1,343	-549	591	1,189	-148	738	53	-460	1,133	-2,366	1,661
Purchase of Property, Leasehold Improvements and Equipment	-52	-36	-31	-22	-31	-29	-30	-17	-22	-28	-27
Purchase of Investment Securities	-1,764	-1,602	-923	-534	-101	-1,069	-478	-655	-566	-1,030	-470
Sale and/or Maturity of Investments	473	1,089	1,545	1,745	-16	1,836	561	212	1,721	-1,308	2,158
Net Cash From Financing Activities	1,161	163	-862	-1,693	-164	-477	-321	217	-855	1,386	-1,658
Net Cash From Continuing Financing Activities	1,161	163	-862	-1,693	-164	-477	-321	217	-855	1,386	-1,658
Net Change in Deposits	-3,066	-4,773	-2,445	5,116	1,076	-438	-724	-467	1,948	505	-1,188
Issuance of Debt	4,346	5,053	1,707	-6,611	-1,167	33	516	755	-2,731	1,409	-356
Issuance of Common Equity	-	1.00	2.00	-	-	1.00	0.00	-	1.00	9.00	4.00
Repurchase of Common Equity	-50	-51	-50	-	-	-1.00	-35	-	-	-1.00	-41
Payment of Dividends	-70	-69	-69	-69	-73	-71	-71	-72	-72	-74	-66
Other Financing Activities, Net	1.00	2.00	-7.00	-1.00	-	-1.00	-7.00	1.00	-1.00	-	-11
Cash Interest Paid	32	97	224	322	367	455	491	449	483	482	423
Cash Income Taxes Paid	1.00	16	0.00	231	2.00	22	0.00	90	41	61	1.00

This table presents Zions Bancorporation, National Association's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	59,665	63,239	66,288	68,746	69,172	81,479	93,200	89,545	87,203	88,775
Cash and Due from Banks	798	737	548	614	705	543	595	657	716	651
Federal Funds Sold	620	568	514	1,461	484	5,765	2,133	2,426	937	1,453
Interest Bearing Deposits at Other Banks	6,108	1,411	782	619	743	1,074	10,283	1,340	1,488	2,850
Trading Account Securities	8,387	14,527	16,123	15,710	14,628	16,714	24,944	23,514	20,730	18,799
Loans and Leases, Net of Allowance	40,043	42,082	44,262	46,219	-495	52,699	50,338	55,078	57,095	58,714
Loans and Leases	40,650	42,649	44,780	46,714	-	53,476	50,851	55,653	57,779	59,410
Allowance for Loan and Lease Losses	606	567	518	495	495	777	513	575	684	696
Loans Held for Sale	-	-	-	-	-	-	-	-	53	74
Premises and Equipment, Net	905	1,020	1,094	1,124	1,142	1,209	1,319	1,408	1,400	1,366
Intangible Assets	16	-	-	1,015	1,014	1,016	1,015	1,065	1,059	1,052
Other Assets	1,772	1,868	1,945	1,984	50,951	2,459	2,573	4,057	3,725	3,816
Total Liabilities & Shareholders' Equity	59,665	63,239	66,288	68,746	69,172	81,479	93,200	89,545	87,203	88,775
Total Liabilities	52,157	55,605	58,609	61,168	61,819	73,593	85,737	84,652	81,512	82,651
Non-Interest Bearing Deposits	22,277	53,236	52,621	23,645	23,576	32,494	82,789	71,652	26,244	24,704
Interest Bearing Deposits	28,097	-	-	30,456	33,509	37,159	-	-	48,717	51,519
Federal Funds Purchased and Securities Sold	347	827	4,976	5,653	2,053	1,572	903	10,417	4,379	3,832
Long-Term Debt	812	535	383	724	1,723	1,336	1,012	651	542	950
Other Long-Term Liabilities	624	1,007	629	690	958	1,032	1,033	1,932	1,630	1,646
Total Equity & Noncontrolling Interests	7,508	7,634	7,679	7,578	7,353	7,886	7,463	4,893	5,691	6,124
Total Preferred & Common Equity	7,508	7,634	7,679	7,578	7,353	7,886	7,463	4,893	5,691	6,124
Preferred Stock	828	710	566	566	566	566	440	440	440	66
Total Common Equity	6,679	6,924	7,113	7,012	6,787	7,320	7,023	4,453	5,251	6,058
Common Stock	4,767	4,725	4,445	3,806	2,735	2,686	1,928	1,754	1,731	1,737
Retained Earnings	1,967	2,321	2,807	3,456	4,009	4,309	5,175	5,811	6,212	6,701
Accumulated Other Comprehensive Income / (Loss)	-55	-122	-139	-250	43	325	-80	-3,112	-2,692	-2,380

This table presents Zions Bancorporation, National Association's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	88,474	88,573	87,230	87,269	87,060	87,606	87,032	87,992
Cash and Due from Banks	549	607	701	700	709	717	1,114	833
Federal Funds Sold	2,797	688	781	1,427	894	936	986	936
Interest Bearing Deposits at Other Banks	1,291	2,727	1,531	1,704	1,688	2,276	1,253	1,980
Trading Account Securities	23,784	22,572	21,653	20,779	20,211	19,684	19,420	18,768
Loans and Leases, Net of Allowance	53,377	55,713	56,266	56,212	57,410	57,719	58,190	59,244
Loans and Leases	53,918	56,331	56,917	56,893	58,109	58,415	58,884	59,941
Allowance for Loan and Lease Losses	541	618	651	681	699	696	694	697
Loans Held for Sale	-	-	-	-	-	-	97	112
Premises and Equipment, Net	1,388	1,411	1,414	1,410	1,396	1,383	1,372	1,362
Intangible Assets	1,034	1,063	1,062	1,060	1,057	1,055	1,053	1,104
Other Assets	3,831	3,792	3,822	3,977	3,695	3,836	3,547	3,653
Total Liabilities & Shareholders' Equity	88,474	88,573	87,230	87,269	87,060	87,606	87,032	87,992
Total Liabilities	83,778	83,389	81,947	81,954	81,231	81,581	80,647	81,665
Non-Interest Bearing Deposits	39,133	69,208	74,323	75,399	74,237	73,770	24,973	24,792
Interest Bearing Deposits	36,862	-	-	-	-	-	50,745	50,900
Federal Funds Purchased and Securities Sold	5,363	12,124	5,513	4,346	4,895	5,651	2,919	3,476
Long-Term Debt	647	663	538	540	544	546	548	964
Other Long-Term Liabilities	1,773	1,394	1,513	1,669	1,555	1,614	1,462	1,533
Total Equity & Noncontrolling Interests	4,696	5,184	5,283	5,315	5,829	6,025	6,385	6,327
Total Preferred & Common Equity	4,696	5,184	5,283	5,315	5,829	6,025	6,385	6,327
Preferred Stock	440	440	440	440	440	440	440	66
Total Common Equity	4,256	4,744	4,843	4,875	5,389	5,585	5,945	6,261
Common Stock	1,799	1,715	1,722	1,726	1,705	1,713	1,717	1,706
Retained Earnings	5,597	5,949	6,051	6,157	6,293	6,421	6,564	6,805
Accumulated Other Comprehensive Income / (Loss)	-3,140	-2,920	-2,930	-3,008	-2,609	-2,549	-2,336	-2,250

This table displays calculated financial ratios and metrics derived from Zions Bancorporation, National Association's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.64%	15.01%	9.48%	6.63%	1.87%	-1.55%	4.34%	8.28%	-1.17%	0.48%
EBITDA Growth	-20.93%	54.19%	34.66%	19.73%	-6.89%	-39.02%	86.54%	-9.26%	-21.28%	12.48%
EBIT Growth	-27.42%	56.32%	32.77%	22.01%	-7.62%	-36.30%	112.50%	-17.86%	-25.83%	16.32%
NOPAT Growth	-22.45%	51.78%	26.23%	49.32%	-7.69%	-33.95%	109.46%	-19.66%	-25.03%	15.29%
Net Income Growth	-22.45%	51.78%	26.23%	49.32%	-7.69%	-33.95%	109.46%	-19.66%	-25.03%	15.29%
EPS Growth	-28.57%	65.83%	30.65%	56.92%	1.96%	-27.40%	124.83%	-14.73%	-24.87%	13.79%
Operating Cash Flow Growth	22.00%	28.45%	55.70%	26.72%	-40.73%	3.16%	-12.52%	133.70%	-39.80%	29.72%
Free Cash Flow Firm Growth	-33.18%	37.47%	12.76%	-7.87%	-93.48%	835.71%	377.35%	104.58%	-100.23%	-533.33%
Invested Capital Growth	-1.68%	-1.81%	-1.31%	2.98%	9.32%	1.61%	-8.10%	-34.58%	12.43%	13.49%
Revenue Q/Q Growth	1.13%	1.75%	2.31%	1.76%	-0.11%	0.50%	0.59%	4.30%	-4.36%	2.93%
EBITDA Q/Q Growth	7.43%	16.78%	6.39%	2.46%	-4.53%	14.85%	-7.88%	13.44%	-19.52%	13.26%
EBIT Q/Q Growth	4.88%	9.38%	6.12%	2.51%	-4.70%	24.44%	-7.63%	12.36%	-22.04%	15.53%
NOPAT Q/Q Growth	7.00%	8.06%	-1.99%	12.90%	-5.01%	23.06%	-5.92%	8.49%	-18.85%	12.97%
Net Income Q/Q Growth	7.00%	8.06%	-1.99%	12.90%	-5.01%	23.06%	-5.92%	8.49%	-18.85%	12.97%
EPS Q/Q Growth	11.11%	9.34%	-2.26%	14.61%	-2.35%	28.51%	-3.82%	8.83%	-19.44%	12.76%
Operating Cash Flow Q/Q Growth	11.87%	20.98%	-5.69%	23.79%	0.00%	-20.02%	-0.79%	28.72%	-45.50%	197.41%
Free Cash Flow Firm Q/Q Growth	218.03%	-19.20%	-1.51%	30.10%	-92.22%	125.86%	32.02%	-10.47%	-102.76%	85.16%
Invested Capital Q/Q Growth	-3.06%	-0.98%	-1.01%	-1.54%	3.71%	2.30%	-3.63%	3.76%	6.46%	2.03%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	25.92%	34.75%	42.74%	47.99%	43.86%	27.17%	48.57%	40.70%	32.42%	36.29%
EBIT Margin	21.77%	29.58%	35.88%	41.05%	37.23%	24.09%	49.06%	37.21%	27.93%	32.33%
Profit (Net Income) Margin	14.91%	19.68%	22.69%	31.78%	28.79%	19.32%	38.78%	28.78%	21.83%	25.05%
Tax Burden Percent	68.51%	66.52%	63.25%	77.34%	77.49%	80.21%	78.08%	78.73%	76.75%	77.47%
Interest Burden Percent	100.00%	100.00%	100.00%	100.09%	99.81%	100.00%	101.26%	98.21%	101.84%	100.00%
Effective Tax Rate	31.49%	33.48%	36.75%	22.66%	22.51%	19.79%	21.92%	21.27%	23.25%	22.53%
Return on Invested Capital (ROIC)	3.68%	5.69%	7.29%	10.80%	9.39%	5.89%	12.76%	12.94%	11.55%	11.78%
ROIC Less NNEP Spread (ROIC-NNEP)	3.68%	5.69%	7.29%	10.80%	9.39%	5.89%	12.76%	12.94%	11.55%	11.78%
Return on Net Nonoperating Assets (RNNOA)	0.47%	0.51%	0.44%	0.78%	1.54%	1.18%	1.95%	1.74%	1.30%	1.49%
Return on Equity (ROE)	4.15%	6.19%	7.73%	11.59%	10.93%	7.07%	14.71%	14.68%	12.85%	13.27%
Cash Return on Invested Capital (CROIC)	5.37%	7.52%	8.61%	7.87%	0.48%	4.30%	21.20%	54.75%	-0.15%	-0.86%
Operating Return on Assets (OROA)	0.77%	1.15%	1.45%	1.69%	1.53%	0.89%	1.64%	1.28%	0.98%	1.15%
Return on Assets (ROA)	0.53%	0.76%	0.91%	1.31%	1.18%	0.72%	1.29%	0.99%	0.77%	0.89%
Return on Common Equity (ROCE)	3.64%	5.57%	7.09%	10.73%	10.10%	6.55%	13.75%	13.64%	11.78%	12.70%
Return on Equity Simple (ROE_SIMPLE)	4.12%	6.14%	7.71%	11.67%	11.10%	6.83%	15.13%	18.54%	11.95%	12.80%
Net Operating Profit after Tax (NOPAT)	309	469	592	884	816	539	1,129	907	680	784
NOPAT Margin	14.91%	19.68%	22.69%	31.78%	28.79%	19.32%	38.78%	28.78%	21.83%	25.05%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	59.89%	52.45%	49.33%	48.67%	50.39%	53.44%	52.28%	51.87%	55.25%	56.01%
Operating Expenses to Revenue	76.30%	66.51%	63.47%	60.35%	61.47%	61.08%	59.81%	59.58%	67.32%	65.37%
Earnings before Interest and Taxes (EBIT)	451	705	936	1,142	1,055	672	1,428	1,173	870	1,012
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	537	828	1,115	1,335	1,243	758	1,414	1,283	1,010	1,136
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.65	1.00	1.13	0.91	1.09	0.84	1.25	1.51	1.18	1.31
Price to Tangible Book Value (P/TBV)	0.77	1.17	1.13	1.06	1.28	0.98	1.46	1.98	1.48	1.59
Price to Revenue (P/Rev)	2.10	2.90	3.09	2.28	2.60	2.21	3.01	2.13	2.00	2.54
Price to Earnings (P/E)	17.60	16.79	14.68	7.47	9.43	12.20	7.97	7.64	9.60	10.79
Dividend Yield	0.00%	0.00%	0.00%	0.91%	2.96%	3.62%	2.57%	3.53%	3.91%	3.08%
Earnings Yield	5.68%	5.95%	6.81%	13.39%	10.60%	8.19%	12.55%	13.10%	10.42%	9.27%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.66	0.89	0.60	0.85	0.07	0.00	0.61	0.65	0.57
Enterprise Value to Revenue (EV/Rev)	0.00	2.28	2.75	1.78	2.73	0.24	0.00	1.07	1.30	1.28
Enterprise Value to EBITDA (EV/EBITDA)	0.00	6.56	6.44	3.70	6.22	0.90	0.00	2.63	4.02	3.53
Enterprise Value to EBIT (EV/EBIT)	0.00	7.70	7.67	4.33	7.33	1.02	0.00	2.88	4.67	3.97
Enterprise Value to NOPAT (EV/NOPAT)	0.00	11.58	12.12	5.59	9.48	1.27	0.00	3.72	5.97	5.12
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	9.11	7.73	4.21	11.10	0.95	0.00	2.29	4.59	3.50
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	8.76	10.27	7.68	184.15	1.74	0.00	0.88	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.11	0.07	0.05	0.10	0.23	0.17	0.14	0.13	0.10	0.16
Long-Term Debt to Equity	0.11	0.07	0.05	0.10	0.23	0.17	0.14	0.13	0.10	0.16
Financial Leverage	0.13	0.09	0.06	0.07	0.16	0.20	0.15	0.13	0.11	0.13
Leverage Ratio	7.86	8.12	8.46	8.85	9.24	9.89	11.38	14.79	16.70	14.89
Compound Leverage Factor	7.86	8.12	8.46	8.86	9.22	9.89	11.52	14.53	17.01	14.89
Debt to Total Capital	9.76%	6.55%	4.75%	8.72%	18.98%	14.49%	11.94%	11.74%	8.70%	13.43%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	9.76%	6.55%	4.75%	8.72%	18.98%	14.49%	11.94%	11.74%	8.70%	13.43%
Preferred Equity to Total Capital	9.96%	8.69%	7.02%	6.82%	6.24%	6.14%	5.19%	7.94%	7.06%	0.93%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	80.28%	84.76%	88.23%	84.46%	74.78%	79.38%	82.87%	80.32%	84.25%	85.64%
Debt to EBITDA	1.51	0.65	0.34	0.54	1.39	1.76	0.72	0.51	0.54	0.84
Net Debt to EBITDA	-12.50	-2.63	-1.31	-1.48	-0.17	-7.98	-8.49	-2.94	-2.57	-3.52
Long-Term Debt to EBITDA	1.51	0.65	0.34	0.54	1.39	1.76	0.72	0.51	0.54	0.84
Debt to NOPAT	2.63	1.14	0.65	0.82	2.11	2.48	0.90	0.72	0.80	1.21
Net Debt to NOPAT	-21.73	-4.65	-2.47	-2.23	-0.26	-11.22	-10.63	-4.16	-3.82	-5.11
Long-Term Debt to NOPAT	2.63	1.14	0.65	0.82	2.11	2.48	0.90	0.72	0.80	1.21
Noncontrolling Interest Sharing Ratio	12.32%	10.16%	8.33%	7.42%	7.58%	7.43%	6.55%	7.12%	8.31%	4.28%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	451	620	699	644	42	393	1,876	3,838	-9.00	-57
Operating Cash Flow to CapEx	295.54%	304.08%	549.11%	911.63%	595.73%	420.47%	305.34%	773.68%	783.19%	1,183.51%
Free Cash Flow to Firm to Interest Expense	3.82	7.13	5.50	2.57	0.10	2.59	31.80	20.75	-0.01	-0.03
Operating Cash Flow to Interest Expense	3.93	6.85	7.31	4.69	1.70	4.73	10.66	7.95	0.59	0.62
Operating Cash Flow Less CapEx to Interest Expense	2.60	4.60	5.98	4.17	1.41	3.61	7.17	6.92	0.51	0.56
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.04	0.04	0.04	0.04	0.03	0.03	0.04	0.04
Fixed Asset Turnover	2.39	2.48	2.47	2.51	2.50	2.37	2.30	2.31	2.22	2.26
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,320	8,169	8,062	8,302	9,076	9,222	8,475	5,544	6,233	7,074
Invested Capital Turnover	0.25	0.29	0.32	0.34	0.33	0.31	0.33	0.45	0.53	0.47
Increase / (Decrease) in Invested Capital	-142	-151	-107	240	774	146	-747	-2,931	689	841
Enterprise Value (EV)	-1,539	5,431	7,178	4,945	7,734	683	-2,792	3,373	4,062	4,013
Market Capitalization	4,346	6,902	8,073	6,349	7,377	6,163	8,767	6,705	6,221	7,951
Book Value per Share	$32.69	$33.99	$35.61	$36.49	$39.81	$44.63	$44.89	$29.76	$35.44	$41.01
Tangible Book Value per Share	$27.65	$29.01	$35.61	$31.20	$33.87	$38.44	$38.40	$22.64	$28.30	$33.89
Total Capital	8,320	8,169	8,062	8,302	9,076	9,222	8,475	5,544	6,233	7,074
Total Debt	812	535	383	724	1,723	1,336	1,012	651	542	950
Total Long-Term Debt	812	535	383	724	1,723	1,336	1,012	651	542	950
Net Debt	-6,714	-2,181	-1,461	-1,970	-209	-6,046	-11,999	-3,772	-2,599	-4,004
Capital Expenditures (CapEx)	157	196	169	129	117	171	206	190	113	97
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	812	535	383	724	1,723	1,336	1,012	651	542	950
Total Depreciation and Amortization (D&A)	86	123	179	193	188	86	-14	110	140	124
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.20	$2.00	$2.71	$4.36	$4.41	$3.06	$6.80	$5.80	$4.35	$4.95
Adjusted Weighted Average Basic Shares Outstanding	203.27M	203.86M	200.78M	193.59M	175.98M	163.74M	159.91M	150.06M	147.75M	147.21M
Adjusted Diluted Earnings per Share	$1.20	$1.99	$2.60	$4.08	$4.16	$3.02	$6.79	$5.79	$4.35	$4.95
Adjusted Weighted Average Diluted Shares Outstanding	203.70M	204.27M	209.65M	206.50M	186.50M	165.61M	160.23M	150.27M	147.76M	147.22M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$4.41	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	204.51M	202.42M	196.51M	186.16M	164.92M	164.21M	151.57M	148.65M	148.16M	147.89M
Normalized Net Operating Profit after Tax (NOPAT)	310	469	592	884	816	539	1,129	907	680	784
Normalized NOPAT Margin	14.95%	19.68%	22.69%	31.78%	28.79%	19.32%	38.78%	28.78%	21.83%	25.05%
Pre Tax Income Margin	21.77%	29.58%	35.88%	41.09%	37.16%	24.09%	49.67%	36.55%	28.44%	32.33%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.82	8.10	7.37	4.55	2.57	4.42	24.20	6.34	0.58	0.54
NOPAT to Interest Expense	2.62	5.39	4.66	3.52	1.99	3.55	19.14	4.90	0.45	0.42
EBIT Less CapEx to Interest Expense	2.49	5.85	6.04	4.04	2.28	3.30	20.71	5.31	0.50	0.49
NOPAT Less CapEx to Interest Expense	1.29	3.14	3.33	3.01	1.70	2.42	15.64	3.88	0.38	0.37
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	34.95%	23.03%	21.79%	26.70%	31.86%	48.05%	23.12%	29.66%	41.47%	36.86%
Augmented Payout Ratio	37.22%	43.71%	76.01%	102.71%	166.91%	62.15%	93.98%	51.93%	48.97%	41.45%

This table displays calculated financial ratios and metrics derived from Zions Bancorporation, National Association's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	19.31%	17.50%	22.30%	1.96%	-7.61%	-16.27%	-11.56%	-0.51%	3.53%	12.18%	7.14%
EBITDA Growth	4.00%	58.69%	16.06%	-8.39%	-15.38%	-59.61%	-26.10%	11.83%	17.05%	80.12%	18.06%
EBIT Growth	-10.61%	51.39%	10.59%	-13.08%	-17.99%	-64.74%	-28.01%	15.93%	21.49%	101.49%	23.08%
NOPAT Growth	-9.58%	33.33%	0.49%	-13.79%	-19.35%	-55.63%	-25.00%	14.86%	22.29%	71.43%	11.11%
Net Income Growth	-9.58%	33.33%	0.49%	-13.79%	-19.35%	-55.63%	-25.00%	14.86%	22.29%	71.43%	11.11%
EPS Growth	-3.45%	34.56%	4.72%	-13.95%	-19.29%	-57.38%	-27.82%	15.32%	21.24%	71.79%	17.71%
Operating Cash Flow Growth	-4.44%	197.59%	-23.26%	15.89%	80.81%	-149.60%	18.10%	-58.03%	-61.74%	311.02%	-31.42%
Free Cash Flow Firm Growth	695.66%	234.90%	-45.35%	-79.73%	-109.19%	-117.51%	-127.84%	-183.56%	-156.38%	-11.01%	-100.54%
Invested Capital Growth	-39.24%	-34.58%	-16.27%	-7.65%	9.58%	12.43%	9.00%	12.88%	18.41%	13.49%	14.40%
Revenue Q/Q Growth	8.24%	5.43%	-3.89%	-7.03%	-1.92%	-4.44%	1.50%	4.58%	2.06%	3.54%	-3.05%
EBITDA Q/Q Growth	9.09%	31.73%	-22.63%	-17.61%	0.76%	-37.12%	41.57%	24.68%	5.46%	-3.24%	-10.37%
EBIT Q/Q Growth	6.92%	36.69%	-25.79%	-19.86%	0.89%	-41.23%	51.49%	29.06%	5.73%	-2.53%	-11.11%
NOPAT Q/Q Growth	6.90%	30.88%	-28.17%	-14.22%	0.00%	-28.00%	21.43%	31.37%	6.47%	0.93%	-21.30%
Net Income Q/Q Growth	6.90%	30.88%	-28.17%	-14.22%	0.00%	-28.00%	21.43%	31.37%	6.47%	0.93%	-21.30%
EPS Q/Q Growth	8.53%	30.71%	-27.32%	-16.54%	1.80%	-30.97%	23.08%	33.33%	7.03%	-2.19%	-15.67%
Operating Cash Flow Q/Q Growth	-66.67%	187.21%	-55.26%	170.59%	-47.99%	-178.78%	206.53%	-3.83%	-52.59%	334.45%	-65.38%
Free Cash Flow Firm Q/Q Growth	13.17%	-12.35%	-58.32%	-50.97%	-151.29%	-67.06%	33.75%	-47.19%	-57.38%	27.66%	-19.68%
Invested Capital Q/Q Growth	-15.23%	3.76%	5.47%	-0.44%	0.58%	6.46%	2.25%	3.11%	5.51%	2.03%	3.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	37.68%	47.08%	37.90%	33.59%	34.51%	22.71%	31.67%	37.76%	39.02%	36.46%	33.71%
EBIT Margin	33.57%	43.53%	33.61%	28.97%	29.80%	18.33%	27.36%	33.76%	34.97%	32.93%	30.19%
Profit (Net Income) Margin	26.21%	32.53%	24.31%	22.44%	22.88%	17.24%	20.62%	25.90%	27.02%	26.34%	21.38%
Tax Burden Percent	78.06%	79.11%	72.34%	77.43%	76.75%	84.00%	75.37%	76.72%	77.26%	80.00%	71.13%
Interest Burden Percent	100.00%	94.47%	100.00%	100.00%	100.00%	111.94%	100.00%	100.00%	100.00%	100.00%	99.58%
Effective Tax Rate	21.94%	20.89%	27.66%	22.57%	23.25%	16.00%	24.63%	23.28%	22.74%	20.00%	28.87%
Return on Invested Capital (ROIC)	11.20%	14.63%	12.53%	12.29%	13.31%	9.12%	10.19%	12.60%	12.85%	12.39%	9.96%
ROIC Less NNEP Spread (ROIC-NNEP)	11.20%	14.63%	12.53%	12.29%	13.31%	9.12%	10.19%	12.60%	12.85%	12.39%	9.96%
Return on Net Nonoperating Assets (RNNOA)	4.29%	1.97%	1.48%	1.36%	1.58%	1.03%	1.12%	1.21%	1.20%	1.56%	1.24%
Return on Equity (ROE)	15.49%	16.60%	14.00%	13.65%	14.88%	10.15%	11.30%	13.81%	14.05%	13.96%	11.20%
Cash Return on Invested Capital (CROIC)	60.65%	54.75%	31.86%	22.47%	5.82%	-0.15%	1.69%	-1.53%	-6.01%	-0.86%	-1.71%
Operating Return on Assets (OROA)	1.15%	1.50%	1.24%	1.10%	1.10%	0.65%	0.94%	1.16%	1.22%	1.17%	1.10%
Return on Assets (ROA)	0.90%	1.12%	0.89%	0.85%	0.85%	0.61%	0.71%	0.89%	0.94%	0.94%	0.78%
Return on Common Equity (ROCE)	14.16%	15.42%	12.93%	12.55%	13.58%	9.30%	10.40%	12.73%	12.99%	13.36%	10.73%
Return on Equity Simple (ROE_SIMPLE)	17.80%	0.00%	17.52%	16.66%	15.77%	0.00%	10.79%	10.87%	10.87%	0.00%	12.66%
Net Operating Profit after Tax (NOPAT)	217	284	204	175	175	126	153	201	214	216	170
NOPAT Margin	26.21%	32.53%	24.31%	22.44%	22.88%	17.24%	20.62%	25.90%	27.02%	26.34%	21.38%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	50.00%	46.51%	53.16%	55.77%	55.56%	56.77%	59.57%	56.31%	54.92%	53.54%	58.36%
Operating Expenses to Revenue	57.85%	53.95%	61.03%	65.13%	64.84%	79.48%	70.89%	65.59%	63.38%	62.07%	67.67%
Earnings before Interest and Taxes (EBIT)	278	380	282	226	228	134	203	262	277	270	240
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	312	411	318	262	264	166	235	293	309	299	268
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.63	1.51	0.86	0.77	1.00	1.18	1.15	1.12	1.16	1.31	1.18
Price to Tangible Book Value (P/TBV)	2.15	1.98	1.11	0.98	1.28	1.48	1.44	1.38	1.40	1.59	1.43
Price to Revenue (P/Rev)	2.29	2.13	1.24	1.12	1.50	2.00	2.06	2.07	2.26	2.54	2.32
Price to Earnings (P/E)	8.56	7.64	4.64	4.36	6.04	9.60	10.49	10.13	10.52	10.79	9.66
Dividend Yield	3.37%	3.53%	5.86%	6.53%	4.97%	3.91%	3.91%	3.87%	3.53%	3.08%	3.37%
Earnings Yield	11.68%	13.10%	21.55%	22.91%	16.55%	10.42%	9.54%	9.87%	9.50%	9.27%	10.35%
Enterprise Value to Invested Capital (EV/IC)	0.63	0.61	0.20	0.29	0.35	0.65	0.61	0.50	0.65	0.57	0.64
Enterprise Value to Revenue (EV/Rev)	1.12	1.07	0.35	0.51	0.63	1.30	1.30	1.10	1.48	1.28	1.46
Enterprise Value to EBITDA (EV/EBITDA)	2.98	2.63	0.88	1.29	1.62	4.02	4.22	3.45	4.49	3.53	3.95
Enterprise Value to EBIT (EV/EBIT)	3.23	2.88	0.97	1.44	1.83	4.67	4.95	4.00	5.14	3.97	4.40
Enterprise Value to NOPAT (EV/NOPAT)	4.03	3.72	1.29	1.91	2.43	5.97	6.22	5.05	6.49	5.12	5.81
Enterprise Value to Operating Cash Flow (EV/OCF)	2.95	2.29	0.83	1.13	1.25	4.59	4.23	5.72	11.67	3.50	4.37
Enterprise Value to Free Cash Flow (EV/FCFF)	0.79	0.88	0.57	1.24	6.25	0.00	37.98	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.14	0.13	0.13	0.10	0.10	0.10	0.09	0.09	0.09	0.16	0.15
Long-Term Debt to Equity	0.14	0.13	0.13	0.10	0.10	0.10	0.09	0.09	0.09	0.16	0.15
Financial Leverage	0.38	0.13	0.12	0.11	0.12	0.11	0.11	0.10	0.09	0.13	0.12
Leverage Ratio	17.29	14.79	15.66	16.03	17.56	16.70	15.95	15.46	14.90	14.89	14.40
Compound Leverage Factor	17.29	13.97	15.66	16.03	17.56	18.69	15.95	15.46	14.90	14.89	14.34
Debt to Total Capital	12.11%	11.74%	11.34%	9.24%	9.22%	8.70%	8.54%	8.31%	7.90%	13.43%	13.22%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	12.11%	11.74%	11.34%	9.24%	9.22%	8.70%	8.54%	8.31%	7.90%	13.43%	13.22%
Preferred Equity to Total Capital	8.24%	7.94%	7.53%	7.56%	7.51%	7.06%	6.90%	6.70%	6.35%	0.93%	0.91%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	79.66%	80.32%	81.14%	83.20%	83.26%	84.25%	84.56%	84.99%	85.75%	85.64%	85.87%
Debt to EBITDA	0.57	0.51	0.50	0.41	0.43	0.54	0.59	0.57	0.55	0.84	0.82
Net Debt to EBITDA	-3.53	-2.94	-2.53	-1.90	-2.62	-2.57	-2.96	-3.53	-2.80	-3.52	-2.37
Long-Term Debt to EBITDA	0.57	0.51	0.50	0.41	0.43	0.54	0.59	0.57	0.55	0.84	0.82
Debt to NOPAT	0.77	0.72	0.73	0.61	0.64	0.80	0.86	0.83	0.79	1.21	1.20
Net Debt to NOPAT	-4.77	-4.16	-3.70	-2.81	-3.93	-3.82	-4.37	-5.16	-4.04	-5.11	-3.48
Long-Term Debt to NOPAT	0.77	0.72	0.73	0.61	0.64	0.80	0.86	0.83	0.79	1.21	1.20
Noncontrolling Interest Sharing Ratio	8.61%	7.12%	7.67%	8.06%	8.79%	8.31%	7.99%	7.78%	7.52%	4.28%	4.16%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,668	3,215	1,340	657	-337	-563	-373	-549	-864	-625	-748
Operating Cash Flow to CapEx	330.77%	1,372.22%	712.90%	2,718.18%	1,003.23%	-844.83%	870.00%	1,476.47%	540.91%	1,846.43%	662.96%
Free Cash Flow to Firm to Interest Expense	83.36	27.96	5.56	1.70	-0.79	-1.23	-0.80	-1.15	-1.79	-1.44	-1.85
Operating Cash Flow to Interest Expense	3.91	4.30	0.92	1.55	0.73	-0.54	0.56	0.53	0.25	1.19	0.44
Operating Cash Flow Less CapEx to Interest Expense	2.73	3.98	0.79	1.49	0.66	-0.60	0.49	0.49	0.20	1.12	0.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.03	0.03	0.04	0.04	0.04	0.04	0.03	0.03	0.03	0.04	0.04
Fixed Asset Turnover	2.26	2.31	2.40	2.38	2.33	2.22	2.15	2.16	2.19	2.26	2.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,343	5,544	5,847	5,821	5,855	6,233	6,373	6,571	6,933	7,074	7,291
Invested Capital Turnover	0.43	0.45	0.52	0.55	0.58	0.53	0.49	0.49	0.48	0.47	0.47
Increase / (Decrease) in Invested Capital	-3,451	-2,931	-1,136	-482	512	689	526	750	1,078	841	918
Enterprise Value (EV)	3,370	3,373	1,168	1,684	2,037	4,062	3,912	3,309	4,506	4,013	4,655
Market Capitalization	6,920	6,705	4,087	3,719	4,888	6,221	6,219	6,252	6,871	7,951	7,374
Book Value per Share	$28.28	$29.76	$31.91	$32.70	$32.91	$35.44	$36.58	$37.82	$40.25	$41.01	$42.34
Tangible Book Value per Share	$21.41	$22.64	$24.76	$25.53	$25.75	$28.30	$29.40	$30.68	$33.12	$33.89	$34.87
Total Capital	5,343	5,544	5,847	5,821	5,855	6,233	6,373	6,571	6,933	7,074	7,291
Total Debt	647	651	663	538	540	542	544	546	548	950	964
Total Long-Term Debt	647	651	663	538	540	542	544	546	548	950	964
Net Debt	-3,990	-3,772	-3,359	-2,475	-3,291	-2,599	-2,747	-3,383	-2,805	-4,004	-2,785
Capital Expenditures (CapEx)	52	36	31	22	31	29	30	17	22	28	27
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	647	651	663	538	540	542	544	546	548	950	964
Total Depreciation and Amortization (D&A)	34	31	36	36	36	32	32	31	32	29	28
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.40	$1.84	$1.33	$1.11	$1.13	$0.78	$0.96	$1.28	$1.37	$1.34	$1.13
Adjusted Weighted Average Basic Shares Outstanding	149.63M	150.06M	148.02M	147.69M	147.65M	147.75M	147.34M	147.12M	147.14M	147.21M	147.32M
Adjusted Diluted Earnings per Share	$1.40	$1.83	$1.33	$1.11	$1.13	$0.78	$0.96	$1.28	$1.37	$1.34	$1.13
Adjusted Weighted Average Diluted Shares Outstanding	149.79M	150.27M	148.04M	147.70M	147.65M	147.76M	147.34M	147.12M	147.15M	147.22M	147.39M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	149.62M	148.65M	148.10M	148.15M	148.15M	148.16M	147.65M	147.70M	147.71M	147.89M	147.57M
Normalized Net Operating Profit after Tax (NOPAT)	217	284	204	175	175	126	153	201	214	216	170
Normalized NOPAT Margin	26.21%	32.53%	24.31%	22.44%	22.88%	17.24%	20.62%	25.90%	27.02%	26.34%	21.38%
Pre Tax Income Margin	33.57%	41.12%	33.61%	28.97%	29.80%	20.52%	27.36%	33.76%	34.97%	32.93%	30.06%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.32	3.30	1.17	0.59	0.54	0.29	0.43	0.55	0.57	0.62	0.59
NOPAT to Interest Expense	4.93	2.47	0.85	0.45	0.41	0.28	0.33	0.42	0.44	0.50	0.42
EBIT Less CapEx to Interest Expense	5.14	2.99	1.04	0.53	0.46	0.23	0.37	0.51	0.53	0.56	0.53
NOPAT Less CapEx to Interest Expense	3.75	2.16	0.72	0.40	0.34	0.21	0.26	0.39	0.40	0.43	0.35
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	31.34%	29.66%	29.96%	31.48%	33.41%	41.47%	45.15%	43.82%	41.21%	36.86%	35.46%
Augmented Payout Ratio	88.28%	51.93%	52.09%	48.64%	45.47%	48.97%	50.87%	49.31%	46.40%	41.45%	40.70%

Key Financial Trends

Zions Bancorporation has demonstrated consistent profitability and solid financial performance over the last four years. Below are the key trends and important highlights from the quarterly income statements, cash flow statements, and balance sheets analyzed:

Net Interest Income remains strong and stable, with Q1 2025 at $624 million, close to previous quarters indicating stable core banking earnings.
Total Non-Interest Income has shown resilience, supported by steady trust fees, other service charges, and capital gains, with $171 million in Q1 2025.
Provision for Credit Losses has generally decreased from $71 million in Q3 2022 to $17 million in Q1 2025, indicating improving asset quality.
Operating expenses have remained relatively stable around $500-$530 million each quarter, reflecting controlled cost management.
Consistent net income growth was observed from $110 million in Q1 2024 to $170 million in Q1 2025, supporting improved profitability.
The bank maintained stable diluted EPS around $1.10-$1.40 across quarters, with $1.13 in Q1 2025, reflecting earnings consistency.
Total assets have been stable around $87-88 billion, showing a solid and stable balance sheet foundation.
Loans and leases net of allowance rose modestly from about $55.7 billion in Q1 2023 to $59.2 billion in Q1 2025, suggesting measured loan growth.
Deposits remain a substantial funding source, with total deposits near $75 billion, although some quarters show some volatility possibly due to market liquidity events.
Strong cash flow from operations with $179 million in Q1 2025 and substantial investing cash inflows due to investment securities sales ($1.66 billion net investing inflow in Q1 2025).

Interest expense on deposits and long-term debt fluctuated but remained a significant cost, with Q1 2025 total interest expense at $404 million.
There is continued repurchase of common equity and consistent dividend payouts around 40-43 cents per share each quarter, reflecting a shareholder-friendly capital return policy.
Non-interest expense categories such as salaries, occupancy, and insurance claims are stable, with some quarters reflecting slightly higher insurance claims (e.g., $109 million in Q4 2023).

Net income declined in recent quarters compared to 2023 peak levels, for example, from $284 million in Q4 2022 down to $170 million in Q1 2025, suggesting some earnings pressure.
Cash flow from continuing operating activities showed volatility, dropping to a negative $245 million in Q4 2023, before recovering, indicating potential working capital or earnings quality concerns.
The accumulated other comprehensive loss increased slightly in 2025 (e.g., -$2.25 billion in Q1 2025), which may weigh on equity and reflect unrealized losses in other comprehensive income.
Long-term debt increased from about $540 million in 2023 to $964 million in Q1 2025, increasing interest burden and leverage risk modestly.
Decreasing sales and maturity of investments in some quarters led to negative investing cash flow, representing reinvestment needs and potential liquidity considerations.

Summary: Zions Bancorporation shows stable core earnings supported by consistent net interest income and controlled expenses. Credit quality appears improved with lower provisions. However, net income declined from previous peaks, and certain areas like accumulated losses and increasing debt may require monitoring. The company maintains a strong capital and liquidity position with steady dividends and share repurchases. Overall, the company remains fundamentally sound with modest risks to watch.

09/09/25 07:27 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Zions Bancorporation, National Association's Financials

When does Zions Bancorporation, National Association's fiscal year end?

According to the most recent income statement we have on file, Zions Bancorporation, National Association's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Zions Bancorporation, National Association's net income changed over the last 9 years?

Zions Bancorporation, National Association's net income appears to be on an upward trend, with a most recent value of $784 million in 2024, rising from $309 million in 2015. The previous period was $680 million in 2023.

How has Zions Bancorporation, National Association's revenue changed over the last 9 years?

Over the last 9 years, Zions Bancorporation, National Association's total revenue changed from $2.07 billion in 2015 to $3.13 billion in 2024, a change of 51.1%.

How much debt does Zions Bancorporation, National Association have?

Zions Bancorporation, National Association's total liabilities were at $82.65 billion at the end of 2024, a 1.4% increase from 2023, and a 58.5% increase since 2015.

How much cash does Zions Bancorporation, National Association have?

In the past 9 years, Zions Bancorporation, National Association's cash and equivalents has ranged from $543 million in 2020 to $798.32 million in 2015, and is currently $651 million as of their latest financial filing in 2024.

How has Zions Bancorporation, National Association's book value per share changed over the last 9 years?

Over the last 9 years, Zions Bancorporation, National Association's book value per share changed from 32.69 in 2015 to 41.01 in 2024, a change of 25.4%.

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This page (NASDAQ:ZIONP) was last updated on 9/9/2025 by MarketBeat.com Staff

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Zions Bancorporation, National Association (ZIONP) Financials

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Zions Bancorporation, National Association (ZIONP) Financials

Annual Income Statements for Zions Bancorporation, National Association

Quarterly Income Statements for Zions Bancorporation, National Association

Annual Cash Flow Statements for Zions Bancorporation, National Association

Quarterly Cash Flow Statements for Zions Bancorporation, National Association

Annual Balance Sheets for Zions Bancorporation, National Association

Quarterly Balance Sheets for Zions Bancorporation, National Association

Annual Metrics And Ratios for Zions Bancorporation, National Association

Quarterly Metrics And Ratios for Zions Bancorporation, National Association

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