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Financial statements

ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue2,7832,8382,7912,9113,1523,115639662
Interest expense87127251411152591851,509
Interest income204326350362304311
Pre-tax income7059361,1431,0536721,4461,1528861,0121,175
Income tax236344259237133317245206228276
Net income4115508848165391,129907680784899
EPS, basic2.002.714.364.413.066.805.804.354.956.01
EPS, diluted1.992.604.084.163.026.795.794.354.956.01
Shares, basic (weighted)204201194176164160150148147147
Shares, diluted (weighted)204210207187166160150148147147
Dividend per share0.001.041.281.361.441.581.641.661.76

Balance sheet

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash and equivalents548614705543595657716651683
Property, plant and equipment1,0201,0941,1241,1421,2091,3191,4081,4001,3661,363
Lease right-of-use assets218213195173172188207
Goodwill1,0141,0141,0141,0141,0141,0141,0271,0271,0271,060
Intangible assets82102138322531
Total assets63,23966,28868,74669,17281,47993,20089,54587,20388,77588,690
Short-term debt5,6532,0531,57290310,4174,3793,8323,104
Long-term debt5429501,472
Total liabilities55,60558,60961,16861,81973,59385,73784,65281,51282,65181,510
Total debt5353837241,7231,3361,0126515429461,472
Paid-in capital03,8062,7352,6861,9281,7541,7311,7371,726
Retained earnings2,3212,8073,4564,0094,3095,1755,8116,2126,7017,329
Other comprehensive income-122-13925043325-80-3,112-2,692-2,380-1,941
Shareholders' equity7,6797,5787,3537,8867,4634,8935,6916,1247,180
Total equity7,6347,6797,5787,3537,8867,4634,8935,6916,1247,180
Total liabilities and equity63,23966,28868,74669,17281,47993,20089,54587,20388,77588,690
Shares outstanding203198188165164152149148148148

Cash flow statement

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net income4695928848165391,129907680784899
Depreciation and amortization12317919318886-14110140124116
Stock-based compensation26252627262830333335
Deferred income tax-81540-2-5832-43-9-747
Cash from operations5969281,1766977196291,4708851,1481,073
Capital expenditures-196-169-129-117-171-206-190-113-97-121
Acquisitions0031800191
Purchases of investments-2,927-1,864-6,151-13,647-5,829-666-907-1,372
Sales and maturities of investments3,7872,4123,0613,1054,3394,7483,3092,3372,0281,586
Cash from investing-3,436-3,919-2,706375-12,204-11,5791,4052,370-1,640738
Debt issued4979920000496498
Debt repaid-280-153-1620-429-286-290-128-880
Stock issued2525201482193106
Share buybacks-97-321-672-1,102-76-800-202-51-36-41
Dividends paid-0.07-129-236-260-259-261-269-282-289-267
Cash from financing2,7792,8021,596-98111,32311,002-2,813-3,196427-1,779
Net change in cash-61-1896691-162526259-6532
Free cash flow4007591,0475805484231,2807721,051952
Interest paid83118237401195811601,3681,9051,567
Income taxes paid21424620723316944221255192196

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $63.83 on September 25, 2026.

Profitability

MetricValueHow it is calculated
Pre-tax margin216.3%Pre-tax income / revenue.
Net margin168.7%Net income / revenue.
FCF margin242.1%Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin259.5%Cash from operations / revenue.
Effective tax rate22.0%Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)15.2%Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)1.3%Net income / average total assets.
Stock-based pay / revenue5.2%Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue17.4%Capital expenditures / revenue.
D&A / revenue16.7%Depreciation and amortization / revenue.

Growth

MetricValueHow it is calculated
Revenue growth, 1y3.6%Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y-40.6%Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y-25.0%Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y14.7%Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y-0.3%Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y10.8%Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y21.4%EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y1.3%Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y14.8%Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y-6.5%Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y-10.0%Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y8.3%Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y-9.4%Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y-9.4%Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y11.7%Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y6.0%Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y3.7%Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y5.3%Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y17.2%Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y13.6%Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y-1.9%Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y-0.1%Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y-0.3%Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y1.7%Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y-0.0%Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y-0.7%Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y-2.3%Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

MetricValueHow it is calculated
Debt / equity0.25xTotal debt / shareholders' equity. Not shown when equity is negative.
Debt / assets2.2%Total debt / total assets.
Liabilities / assets91.4%Total liabilities / total assets.
Net debt$1.16BTotal debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value$7.68BShareholders' equity - goodwill - intangible assets.

Efficiency

MetricValueHow it is calculated
Asset turnover0.01xRevenue / average total assets.
Fixed asset turnover0.51xRevenue / average property, plant and equipment.
FCF conversion143.5%Free cash flow / net income, when net income is positive.
Capex / operating cash flow6.7%Capital expenditures / cash from operations, when that is positive.

Per share

MetricValueHow it is calculated
EPS, diluted$7.85Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share$4.75Revenue / diluted weighted shares.
FCF per share$11.49Free cash flow / diluted weighted shares.
Operating cash flow per share$12.32Cash from operations / diluted weighted shares.
Book value per share$52.63Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share$52.63Tangible book value / shares outstanding.
Cash per share$5.43(Cash + short-term investments) / shares outstanding.
Payout ratio23.2%Dividends paid / net income, when net income is positive.
Dividends / FCF16.2%Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF9.0%Share buybacks / free cash flow, when free cash flow is positive.

Valuation

MetricValueHow it is calculated
Market cap$9.32BShare price x shares outstanding.
Enterprise value$10.48BMarket cap + total debt - cash - short-term investments.
P/E7.96xMarket cap / net income. Only when net income is positive.
P/S13.4xMarket cap / revenue.
P/B1.21xMarket cap / shareholders' equity. Only when equity is positive.
Price / tangible book1.21xMarket cap / tangible book value, when positive.
P/FCF5.55xMarket cap / free cash flow. Only when free cash flow is positive.
P/OCF5.17xMarket cap / cash from operations, when positive.
EV/Sales15.1xEnterprise value / revenue.
EV/FCF6.24xEnterprise value / free cash flow, when both are positive.
FCF yield18.0%Free cash flow / market cap.
Earnings yield12.6%Net income / market cap (the inverse of P/E).
Dividend yield2.9%Dividends paid over the period / market cap.
Shareholder yield4.6%(Dividends paid + share buybacks) / market cap.
PEG6.36xP/E / EPS growth per year over 3 years (in percent). Only when both are positive.
What was ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/'s revenue in fiscal 2025?

ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ reported revenue of $662.0M for fiscal 2025, 3.6% higher than the year before.

Was ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ profitable in fiscal 2025?

Yes. Net income was $899.0M, a net margin of 135.8%.

How much free cash flow did ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ generate in fiscal 2025?

Cash from operations of $1.07B minus capital expenditures of $121.0M left free cash flow of $952.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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