Zions Bancorporation, National Association (ZIONP) Earnings
Zions Bancorporation, National Association is expected to report next earnings on October 19, 2026 (in NaN days), with a consensus EPS estimate of $1.67. ZIONP has beaten EPS estimates in 8 of its last 9 reported quarters (average surprise +13.5% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 20, 2026 | $1.42 | $1.56 | +9.9% | $849M | -0.8% |
| Jan 20, 2026 | $1.57 | $1.79 | +14.0% | $1.3B | +44.7% |
| Oct 20, 2025 | $1.46 | $1.51 | +3.4% | $1.3B | +48.6% |
| Jul 21, 2025 | $1.31 | $1.66 | +26.7% | $1.2B | +43.8% |
| Jan 21, 2025 | $1.26 | $1.47 | +16.7% | $1.3B | +59.3% |
| Jul 22, 2024 | $1.09 | $1.37 | +25.7% | $1.3B | +64.7% |
| Mar 4, 2024 | $0.88 | $0.85 | -3.1% | $1.2B | +58.7% |
| Nov 3, 2023 | $1.11 | $1.19 | +7.2% | $765M | +0.1% |
| Aug 4, 2023 | $1.08 | $1.18 | +9.3% | $767M | +2.2% |
| May 5, 2023 | — | $1.38 | — | $839M | — |
| Feb 23, 2023 | — | $1.91 | — | $873M | — |
| Nov 3, 2022 | — | $1.40 | — | $828M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q4 FY2025 · January 20, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Management Statement and Operational Highlights - **Financial Progress**: Earnings totaled $262 million, up 19% q/q and 31% y/y. Net interest margin expanded, and customer deposits grew at a 9% annualized rate. - **Full-Year Results**: Full-year earnings grew 21%, net interest margin expanded 21 basis points, adjusted PPNR increased 12%. Tangible book value per share rose 21% for the third consecutive year >20%. - **Charitable Contribution**: A $15 million donation to the charitable foundation, to be spent over 3 years. - **Deposit and Loan Trends**: Customer deposits grew, funding mix improved, and loans were flat q/q but saw solid production at period-end. - **Credit Quality**: Strong credit quality with low net charge-offs, low nonperforming assets, and expected decline in CRE classified balances.
Guidance
### Guidance - **Net Interest Income**: Moderately increasing in 2026, supported by favorable earning asset and liability remix, loan/deposit growth, and 225 basis point Fed funds rate cuts in June and September 2026. - **Customer-Related Fee Income**: Moderately increasing in 2026, expecting to be at the top end of the guide, led by capital markets, loan-related fees, and broad-based growth. - **Noninterest Expense**: Moderately increasing in 2026, considering marketing costs, revenue-generating investments, and contractual tech costs, with expected positive operating leverage of 100-150 basis points. - **Loan Balances**: Moderately increasing in 2026, led by commercial loans (C&I, owner-occupied) with commercial real estate loans also growing. - **Capital Distributions**: Nearing a point to increase capital distributions while continuing to strengthen capital.
Segment performance
### Segment Performance - **Net Interest Income**: Increased by $56 million (9%) from Q4 2024 and by $11 million from prior quarter. Net interest margin expanded to 3.31% for the eighth consecutive quarter. - **Noninterest Income**: Customer-related noninterest income was $177 million for the quarter, with adjusted customer-related noninterest income (excluding net CVA) at $175 million, a new record. Full-year capital markets fees (excluding net CVA) increased 25% compared to 2024. - **Noninterest Expense**: Adjusted noninterest expense was $548 million, up 5% q/q and 8% y/y. Included a $15 million charitable donation. - **Loans and Deposits**: Average loans were flat q/q but up 2.5% y/y, with period-end loans increasing by $615 million. Average deposits rose 2.3% q/q, noninterest-bearing deposits grew by $1.7 billion. Cost of deposits declined 11 bps to 1.56%. - **Credit Quality**: Net charge-offs were 5 basis points annualized, nonperforming assets were 52 basis points of loans, and the allowance for credit losses decreased by $1 million relative to the prior quarter.
Risks & headwinds
### Risks - **Interest Rate Risks**: Impact on asset yields, deposit costs, and funding mix, dependent on timing and speed of benchmark rate changes. - **Competition Risks**: Attractive markets may attract new competitors, affecting deposit gathering and market share. - **Credit Risks**: Potential for CRE classified balances to rise and C&I classified loans to fluctuate based on economic conditions. - **Regulatory Risks**: Changes in regulatory requirements, including potential capital rule changes, affecting capital distributions and operations.
Analyst Q&A
Q: Clarification on expense guide base.
A: R. Richards mentions stripping out the $15 million charitable contribution for the core expense base. -
Q: NII outlook for 2026.
A: R. Richards discusses balance sheet remix, securities runoff, and deposit growth as contributors to NII. -
Q: Loan growth dynamics.
A: Harris Simmons and Scott McLean discuss hiring, SBA loans, and focus on small business lending driving loan growth. -
Q: Capital return timing.
A: Harris Simmons states capital distributions are likely in 2026, second half. -
Q: Noninterest-bearing deposits.
A: Harris Simmons talks about new accounts, average balances, and focus on granular deposit growth. -
Q: CRE classified loans.
A: Scott McLean says CRE classifieds are expected to decline, with C&I classifieds broadly distributed. -
Q: Operating leverage.
A: R. Richards explains the base for operating leverage, considering revenue and expense dynamics. -
Q: M&A stance.
A: Harris Simmons says Zions is not actively seeking deals but would consider attractive ones. -
Q: Customer-related fees guide.
A: Scott McLean talks about momentum across fee product areas driving the top-end guide. -
Q: FTE and AI/tech.
A: Scott McLean discusses outsourcing, AI use, and FTE reduction through automation and technology.