ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ ZION
Zions Bancorporation, National Association ("Zions Bancorporation, N.A.," "the Bank," "we," "our," "us") is a bank headquartered in Salt Lake City, Utah, with annual net revenue (net interest income and noninterest income) of $3.4 billion in 2025, and total assets of approximately $89 billion at December 31, 2025. We provide a wide range of banking products and related services, primarily in 11 Western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. At December 31, 2025, we had more than one million customers, served through 407 branches and various online, mobile, and digital channels, and we had 9,195 full-time equivalent employees.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $529.0M | $513.0M | $503.0M | $495.0M | $449.0M | $402.0M | $414.0M | $412.0M | $2.19B | $1.95B |
| Interest expense | $2.63B | $2.43B | $2.44B | $2.52B | $59.0M | $152.0M | $411.0M | $251.0M | $127.0M | $87.0M |
| Pre-tax income | $1.18B | $1.01B | $886.0M | $1.15B | $1.45B | $672.0M | $1.05B | $1.14B | $936.0M | $705.0M |
| Income tax | $276.0M | $228.0M | $206.0M | $245.0M | $317.0M | $133.0M | $237.0M | $259.0M | $344.0M | $236.0M |
| Net income | $899.0M | $784.0M | $680.0M | $907.0M | $1.13B | $539.0M | $816.0M | $884.0M | $592.0M | $469.0M |
| EPS, basic | 6.01 | 4.95 | 4.35 | 5.80 | 6.80 | 3.06 | 4.41 | 4.36 | 2.71 | 2.00 |
| EPS, diluted | 6.01 | 4.95 | 4.35 | 5.79 | 6.79 | 3.02 | 4.16 | 4.08 | 2.60 | 1.99 |
| Shares, diluted (wtd. avg.) | $147.2M | $147.2M | $147.8M | $150.3M | $160.2M | $165.6M | $186.5M | $206.5M | $209.7M | $204.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $683.0M | $651.0M | $716.0M | $657.0M | $595.0M | $543.0M | $705.0M | $614.0M | $548.0M | $737.0M |
| Property, plant and equipment | — | — | — | — | — | — | $1.14B | $1.12B | $1.09B | $1.02B |
| Goodwill | $1.06B | $1.03B | $1.03B | $1.03B | $1.01B | $1.01B | $1.01B | $1.01B | $1.01B | $1.01B |
| Other intangibles | $31.0M | $25.0M | $32.0M | $38.0M | $1.0M | $2.0M | $0 | $1.0M | $2.0M | $8.0M |
| Total assets | $88.99B | $88.78B | $87.20B | $89.55B | $93.20B | $81.48B | $69.17B | $68.75B | $66.29B | $63.24B |
| Short-term debt | $3.10B | $3.83B | $4.38B | $10.42B | $903.0M | $1.57B | $2.05B | $5.65B | — | — |
| Long-term debt | — | $946.0M | $542.0M | $651.0M | $1.01B | $1.34B | $1.72B | $724.0M | $383.0M | $535.0M |
| Total liabilities | $81.81B | $82.65B | $81.51B | $84.65B | $85.74B | $73.59B | $61.82B | $61.17B | $58.61B | $55.60B |
| Retained earnings | $7.33B | $6.70B | $6.21B | $5.81B | $5.17B | $4.31B | $4.01B | $3.46B | $2.81B | $2.32B |
| Total equity | $7.18B | $6.12B | $5.69B | $4.89B | $7.46B | $7.89B | $7.35B | $7.58B | $7.68B | $7.63B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.07B | $1.15B | $885.0M | $1.47B | $629.0M | $719.0M | $697.0M | $1.18B | $928.0M | $596.0M |
| Stock-based compensation | $35.0M | $33.0M | $33.0M | $30.0M | $28.0M | $26.0M | $27.0M | $26.0M | $25.0M | $26.0M |
| Capital expenditure | $121.0M | $97.0M | $113.0M | $190.0M | $206.0M | $171.0M | $117.0M | $129.0M | $169.0M | $196.0M |
| Investing cash flow | $738.0M | -$1.64B | $2.37B | $1.41B | -$11.58B | -$12.20B | $375.0M | -$2.71B | -$3.92B | -$3.44B |
| Financing cash flow | -$1.78B | $427.0M | -$3.20B | -$2.81B | $11.00B | $11.32B | -$981.0M | $1.60B | $2.80B | $2.78B |
| Dividends paid | $267.0M | $289.0M | $282.0M | $269.0M | $261.0M | $259.0M | $260.0M | $236.0M | $129.0M | $108.0M |
| Buybacks | $41.0M | $36.0M | $51.0M | $202.0M | $800.0M | $76.0M | $1.10B | $672.0M | $321.0M | $97.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000109380-26-000046.
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| BAC | BANK OF AMERICA CORP /DE/ | $438.31B | 16.5x | 6.8% |
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| C | CITIGROUP INC | $240.92B | 19.7x | 5.6% |
| COF | CAPITAL ONE FINANCIAL CORP | $136.66B | 54.5x | 36.3% |
| USB | US BANCORP \DE\ | $98.73B | 13.7x | 4.4% |
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| TFC | TRUIST FINANCIAL CORP | $63.10B | 13.5x | -2.1% |