ZION

MKT CAP:$9B

Zions Bancorporation, National Association

Market Cap

$9B

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$61.77+$2.52 (+4.25%)

Apr 24, 2026

Company Details

Zions Bancorporation, National Association provides various banking and related services primarily in the states of Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The company offers c...

CEO

Harris Henry Simmons

IPO Date

Mar 17, 1980

Website

www.zionsbancorporation.com

Key Metrics TTM

Revenue

$4.9B

-0.9% YoY

Net Income

$962M

EPS (Diluted)

$6.44

Free Cash Flow

$882M

Revenue / Share

$33.52

Gross Margin

68.9%

Operating Margin

25.0%

Net Margin

19.5%

FCF Margin

17.9%

P/S

1.8x

P/E

9.3x

Earnings Reports

Q1 2026

Apr 20, 2026

NEW

$1.2B-1.3%EPS $1.56

FY 2025

Feb 24, 2026

$4.9B-1.0%EPS $6.01

Q4 2025

Feb 24, 2026

$1.3B-0.3%EPS $1.77

Q3 2025

Nov 6, 2025

$1.3B-1.8%EPS $1.48

Q2 2025

Aug 7, 2025

$1.2B-0.2%EPS $1.63

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 22	$780M	$724M	$260M
Q3 22	$872M	$757M	$278M
Q4 22	$988M	$830M	$359M
Q1 23	$1.1B	$794M	$282M
Q2 23	$1.2B	$734M	$226M
Q3 23	$1.2B	$724M	$228M
Q4 23	$1.2B	$731M	$150M
Q1 24	$1.2B	$729M	$203M
Q2 24	$1.2B	$762M	$262M
Q3 24	$1.3B	$779M	$277M
Q4 24	$1.3B	$779M	$270M
Q1 25	$1.2B	$777M	$239M
Q2 25	$1.2B	$839M	$312M
Q3 25	$1.3B	$812M	$285M
Q4 25	$1.3B	$887M	$339M
Q1 26	$1.2B	$856M	$294M

Valuation

Quarter	P/S	P/E
Q2 22	2.7x	9.2x
Q3 22	2.5x	9.3x
Q4 22	2.3x	8.3x
Q1 23	1.2x	4.7x
Q2 23	1.0x	4.7x
Q3 23	1.1x	5.9x
Q4 23	1.4x	9.7x
Q1 24	1.3x	10.1x
Q2 24	1.3x	9.7x
Q3 24	1.4x	10.0x
Q4 24	1.6x	10.2x
Q1 25	1.5x	9.2x
Q2 25	1.5x	9.0x
Q3 25	1.7x	9.8x
Q4 25	1.7x	9.6x
Q1 26	1.7x	8.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$288M	$235M
Q2 22	$516M	$467M
Q3 22	$172M	$120M
Q4 22	$494M	$458M
Q1 23	$221M	$190M
Q2 23	$598M	$576M
Q3 23	$311M	$280M
Q4 23	-$245M	-$274M
Q1 24	$261M	$231M
Q2 24	$251M	$234M
Q3 24	$119M	$97M
Q4 24	$517M	$489M
Q1 25	$179M	$152M
Q2 25	-$62M	-$93M
Q3 25	$438M	$413M
Q4 25	$448M	$410M

Capital Expenditures

Quarter	CapEx
Q1 22	$53M
Q2 22	$49M
Q3 22	$52M
Q4 22	$36M
Q1 23	$31M
Q2 23	$22M
Q3 23	$31M
Q4 23	$29M
Q1 24	$30M
Q2 24	$17M
Q3 24	$22M
Q4 24	$28M
Q1 25	$27M
Q2 25	$31M
Q3 25	$25M
Q4 25	$38M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+0.6%	+62.5%
Q3 22	+23.2%	+49.6%
Q4 22	+30.7%	+29.2%
Q1 23	+54.9%	+80.5%
Q2 23	+49.5%	+80.8%
Q3 23	+36.5%	+62.0%
Q4 23	+20.2%	+65.0%
Q1 24	+12.0%	+26.2%
Q2 24	+6.6%	+4.4%
Q3 24	+7.2%	+3.8%
Q4 24	+5.6%	-5.1%
Q1 25	-0.9%	-4.7%
Q2 25	-0.2%	-5.3%
Q3 25	-1.8%	-3.1%
Q4 25	-0.3%	-7.4%
Q1 26	-1.3%	-7.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$17M	2.4%
Q2 22	$5M	0.6%
Q3 22	$3M	0.3%
Q4 22	$5M	0.5%
Q1 23	$17M	1.6%
Q2 23	$7M	0.6%
Q3 23	$4M	0.3%
Q4 23	$5M	0.4%
Q1 24	$16M	1.3%
Q2 24	$8M	0.6%
Q3 24	$4M	0.3%
Q4 24	$5M	0.4%
Q1 25	$17M	1.4%
Q2 25	$6M	0.5%
Q3 25	$6M	0.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q2 22	—	$320M	$9M
Q3 22	—	$325M	$11M
Q4 22	—	$318M	$11M
Q1 23	—	$357M	$12M
Q2 23	—	$333M	$13M
Q3 23	—	$331M	$10M
Q4 23	—	$321M	$11M
Q1 24	—	$352M	$10M
Q2 24	—	$337M	$13M
Q3 24	—	$335M	$12M
Q4 24	—	$343M	$10M
Q1 25	—	$364M	$11M
Q2 25	—	$356M	$12M
Q3 25	$70M	$393M	$11M
Q4 25	—	$378M	—
Q1 26	—	$476M	$13M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$1.8B	$25.5B	$27.3B
Q3 22	$1.8B	$23.3B	$25.1B
Q4 22	$2.0B	$11.9B	$13.9B
Q1 23	$3.3B	$11.6B	$15.0B
Q2 23	$2.2B	$10.9B	$13.1B
Q3 23	$2.4B	$10.2B	$12.6B
Q4 23	$2.2B	$10.3B	$12.5B
Q1 24	$2.4B	$10.0B	$12.4B
Q2 24	$3.0B	$9.5B	$12.5B
Q3 24	$2.4B	$9.5B	$11.9B
Q4 24	$3.5B	$9.1B	$12.6B
Q1 25	$2.8B	$9.3B	$12.1B
Q2 25	$2.6B	$9.1B	$11.7B
Q3 25	$3.2B	$9.2B	$12.4B
Q4 25	$2.9B	$9.3B	$12.2B
Q1 26	$2.4B	$19.0B	$21.4B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 22	151M	-0.6%	-7.5%
Q3 22	150M	-0.7%	-6.7%
Q4 22	149M	-0.6%	-3.1%
Q1 23	148M	-0.5%	-2.4%
Q2 23	148M	-0.2%	-2.1%
Q3 23	148M	-0.0%	-1.4%
Q4 23	148M	-0.0%	-0.8%
Q1 24	147M	-0.2%	-0.5%
Q2 24	147M	-0.2%	-0.4%
Q3 24	147M	+0.0%	-0.3%
Q4 24	147M	+0.1%	-0.2%
Q1 25	147M	+0.0%	+0.0%
Q2 25	147M	-0.2%	-0.0%
Q3 25	147M	+0.0%	-0.0%
Q4 25	147M	-0.0%	-0.1%
Q1 26	147M	-0.1%	-0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 22	$80.5K	10K
Q3 22	$90.0K	10K
Q4 22	$98.9K	10K
Q1 23	$108.1K	10K
Q2 23	$116.7K	10K
Q3 23	$119.1K	10K
Q4 23	$122.7K	10K
Q1 24	$125.0K	10K
Q2 24	$128.4K	10K
Q3 24	$131.8K	10K
Q4 24	$133.4K	9K
Q1 25	$127.5K	9K
Q2 25	$131.9K	9K
Q3 25	$133.2K	9K
Q4 25	$136.1K	9K
Q1 26	$128.7K	9K

Revenue / Employee