Zions Bancorporation, National Association Reports Fourth Quarter Financial Results

Rhea-AI Summary

Zions Bancorporation (NASDAQ: ZION) reported Q4 2025 net earnings of $262 million, or $1.76 per diluted common share, up from $200 million and $1.34 per share in Q4 2024. Adjusted taxable-equivalent revenue rose 7.1% to $879 million while adjusted noninterest expense increased 7.7% to $548 million, which included a $15 million donation; excluding the donation, adjusted expenses rose 4.7%, producing 2.4% operating leverage and a 60.6% efficiency ratio.

Credit metrics were strong: annualized net charge-offs were 0.05% of loans, tangible book value per share rose 21% YoY, CET1 ratio strengthened to 11.5%, loans and deposits grew at a 4.1% annualized rate, and net interest margin reached 3.31%. A supplemental presentation and conference call/webcast occurred Jan 20, 2026.

Positive

• Q4 EPS +31% YoY to $1.76
• Adjusted revenue +7.1% to $879 million
• Tangible book value +21% year-over-year
• CET1 ratio 11.5%, up from 10.9% a year ago
• Loans & deposits grew at a 4.1% annualized rate
• Net interest margin improved to 3.31%

Negative

• Adjusted noninterest expense rose 7.7% to $548 million
• $15 million donation increased adjusted operating expense and reduced near-term operating leverage

News Market Reaction

+4.21% 2.1x vol

5 alerts

+4.21% News Effect

+$352M Valuation Impact

$8.72B Market Cap

2.1x Rel. Volume

On the day this news was published, ZION gained 4.21%, reflecting a moderate positive market reaction. Our momentum scanner triggered 5 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $352M to the company's valuation, bringing the market cap to $8.72B at that time. Trading volume was elevated at 2.1x the daily average, suggesting notable buying interest.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 EPS: $1.76 per diluted share Q4 2025 net earnings: $262 million Adjusted revenue: $879 million +5 more

8 metrics

Q4 2025 EPS $1.76 per diluted share Net earnings applicable to common shareholders, Q4 2025 vs $1.34 in Q4 2024

Q4 2025 net earnings $262 million Applicable to common shareholders, vs $200 million in Q4 2024

Adjusted revenue $879 million Q4 2025 adjusted taxable-equivalent revenue, up 7.1% year-over-year

Adjusted noninterest expense $548 million Q4 2025 adjusted noninterest expense, up 7.7% year-over-year

Net charge-offs 0.05% of loans (annualized) Q4 2025 annualized net charge-offs as a percentage of loans

CET1 capital ratio 11.5% Common Equity Tier 1 ratio, up from 10.9% a year ago

Net interest margin 3.31% Q4 2025 NIM, up from 3.28% last quarter and 3.05% a year ago

Full-year EPS growth 21% 2025 earnings per share increase vs 2024

Market Reality Check

Price: $59.08 Vol: Volume 1,661,707 is 1.21x...

normal vol

$59.08 Last Close

Volume Volume 1,661,707 is 1.21x the 20-day average of 1,371,821, indicating moderately elevated trading interest. normal

Technical Price $59.62 is trading above the 200-day MA of $52.82 and within 3.17% of the 52-week high.

Peers on Argus

Peer regional banks showed mixed, low-single-digit moves, with names like ONB (+...

Peer regional banks showed mixed, low-single-digit moves, with names like ONB (+0.17%) and CFR (-0.29%) diverging slightly, suggesting this earnings release is more stock-specific than sector-driven.

Historical Context

5 past events · Latest: Dec 22 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 22	Leadership change	Neutral	-1.6%	Retirement of Zions Bank CEO and appointment of Nate Callister.
Dec 03	Earnings schedule	Neutral	+1.6%	Announcement of 2026 quarterly earnings release dates and call times.
Nov 18	Conference appearance	Neutral	+2.2%	CEO presentation at Goldman Sachs 2025 Financial Services Conference.
Nov 10	Subsidiary CEO change	Neutral	+0.7%	Appointment of Dominic Karaba as Vectra Bank Colorado President & CEO.
Oct 31	Dividend declaration	Positive	+0.3%	Board declared regular quarterly dividends on common and preferred stock.

Pattern Detected

Recent news events have generally produced modest single-day reactions, mostly within a few percentage points in either direction.

Recent Company History

Over the past six months, ZION’s news flow has focused on routine corporate actions and capital returns. Leadership transitions at Zions Bank and Vectra Bank Colorado, dividend declarations of $0.45 per share, and conference participation framed a stable strategic backdrop. Prior earnings-related disclosures highlighted solid asset levels of about $89 billion and net revenue around $3.1 billion. Price reactions to these items have been relatively contained, providing a context of steady but unspectacular responses into today’s stronger Q4 2025 earnings release.

Market Pulse Summary

This announcement highlights robust Q4 2025 performance with EPS of $1.76, net earnings of $262 mill...

Analysis

This announcement highlights robust Q4 2025 performance with EPS of $1.76, net earnings of $262 million, and an improving net interest margin of 3.31%. Credit quality appeared strong, with net charge-offs at 0.05% of loans and CET1 at 11.5%. Historically, earnings releases produced average moves of about 1.14%. Investors may watch future quarters for expense discipline, sustainability of 21% full-year EPS growth, and ongoing credit trends as key indicators.

Key Terms

adjusted taxable-equivalent revenue, adjusted noninterest expense, efficiency ratio, net interest margin, +1 more

5 terms

adjusted taxable-equivalent revenue financial

"Adjusted taxable-equivalent revenue increased 7.1% to $879 million..."

A measure of a financial firm's revenue that converts tax-free income into the amount it would be if it were taxable and then strips out one-time or unusual items so all income is shown on the same basis. Think of it as converting different currencies into a single unit and removing one-off gains, which helps investors compare core revenue trends across firms and periods without tax or timing distortions.

adjusted noninterest expense financial

"while adjusted noninterest expense rose 7.7% to $548 million."

Adjusted noninterest expense is a company’s operating costs that exclude interest payments and are further cleaned up to remove one-time or unusual charges so investors can see the recurring cost of running the business. It matters because it gives a clearer view of ongoing efficiency—like comparing a household’s regular monthly bills after removing a one-off roof repair—helping investors judge true operating performance and cost trends.

efficiency ratio financial

"resulting in positive operating leverage during the quarter of 2.4%, and an efficiency ratio of 60.6%."

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

net interest margin financial

"and the net interest margin continued to improve, reaching 3.31%..."

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

Common Equity Tier 1 capital ratio financial

"and the Common Equity Tier 1 capital ratio strengthening to 11.5%..."

A bank’s common equity tier 1 (CET1) capital ratio measures the size of its strongest loss-absorbing capital—mainly common shares and retained earnings—relative to the bank’s assets after adjusting those assets for how risky they are (riskier loans count more). Think of it as the safety cushion compared with the weight of risky business; investors use it to judge a bank’s ability to survive losses, meet rules, and sustain dividends or growth.

AI-generated analysis. Not financial advice.

SALT LAKE CITY, Jan. 20, 2026 /PRNewswire/ -- Zions Bancorporation, N.A. (NASDAQ: ZION) ("Zions" or "the Bank") today reported net earnings applicable to common shareholders for the fourth quarter of 2025 of $262 million, or $1.76 per diluted common share, compared with net earnings applicable to common shareholders of $200 million, or $1.34 per diluted common share, for the fourth quarter of 2024, and net earnings applicable to common shareholders of $221 million, or $1.48 per diluted common share, for the third quarter of 2025.

Harris H. Simmons, Chairman and CEO of Zions Bancorporation, commented, "We're pleased with fourth quarter results, with earnings per share rising 31% to $1.76 from the prior year's quarterly earnings of $1.34. Adjusted taxable-equivalent revenue increased 7.1% to $879 million, while adjusted noninterest expense rose 7.7% to $548 million. The adjusted quarterly operating expense includes a $15 million donation to the Zions Bancorporation Foundation, which will be used over the coming three years to make charitable donations that we expect would otherwise have been nondeductible as a result of recent tax law changes that became effective on January 1. Excluding this donation, adjusted operating expenses would have increased 4.7%, resulting in positive operating leverage during the quarter of 2.4%, and an efficiency ratio of 60.6%."

Mr. Simmons continued, "Credit quality was strong during the quarter, with annualized net charge-offs totaling 0.05% of loans. Capital continued to strengthen, with tangible book value per share rising 21% over the past twelve months, and the Common Equity Tier 1 capital ratio strengthening to 11.5% from 10.9% a year ago. Both loans and deposits grew at a 4.1% annualized rate during the quarter, and the net interest margin continued to improve, reaching 3.31%, up from 3.28% last quarter and 3.05% a year ago."

Mr. Simmons concluded, "Results for the full year 2025 continued to demonstrably strengthen relative to 2024. Earnings per share increased 21%, while adjusted taxable equivalent revenue rose 7.4% and adjusted operating expenses grew 4.8%, or 4.0% when excluding the $15 million donation. We're looking forward to continued prudent growth in the coming year."

For the full version of the Bank's 2025 fourth quarter earnings release, including financial schedules, please visit www.zionsbancorporation.com.

Supplemental Presentation and Conference Call

Zions has posted a supplemental presentation to its website, which will be used to discuss the fourth quarter results at 5:30 p.m. ET on January 20, 2026. Media representatives, analysts, investors, and the public are invited to join this discussion by calling (877) 709-8150 (domestic and international) and using the meeting number 13757867, or via on-demand webcast. A link to the webcast will be available on the Zions Bancorporation website at www.zionsbancorporation.com. The webcast of the conference call will also be archived and available for 30 days.

About Zions Bancorporation, N.A.

Zions Bancorporation, N.A. is one of the nation's premier financial services companies with annual net revenue of $3.4 billion in 2025, and total assets of approximately $89 billion at December 31, 2025. Zions operates under local management teams and distinct brands in 11 western states: Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming. The Bank is a consistent recipient of national and state-wide customer survey awards in small- and middle-market banking, as well as a leader in public finance advisory services and Small Business Administration lending. In addition, Zions is included in the S&P MidCap 400 and NASDAQ Financial 100 indices. Investor information and links to local banking brands can be accessed at www.zionsbancorporation.com.

Forward-Looking Information

The earnings release contains "forward-looking statements" as defined under the Private Securities Litigation Reform Act of 1995. These statements reflect management's current expectations and assumptions regarding future events and outcomes. However, they are inherently subject to known and unknown risks, uncertainties, and other factors that could cause actual results, performances, achievements, industry developments, or regulatory outcomes to differ materially from those expressed or implied. Forward-looking statements may include, among others:

• Statements concerning the beliefs, plans, objectives, goals, targets, commitments, designs, guidelines, expectations, anticipations, and future financial condition, operating results, and performance of Zions Bancorporation, National Association, and its subsidiaries (collectively "Zions Bancorporation, N.A.," "the Bank," "we," "our," "us"); and
• Statements preceded or followed by, or that include, terminology such as "may," "might," "can," "continue," "could," "should," "would," "believe," "anticipate," "estimate," "forecasts," "expect," "intend," "target," "commit," "design," "plan," "projects," "will," or similar words and expressions, including their negative forms.

Forward-looking statements are not guarantees and should not be relied upon as representing management's views as of any subsequent date. Actual results and outcomes may differ materially from those presented. Although the following list is not comprehensive, key factors that may cause material differences include:

• The quality and composition of our loan and investment securities portfolios and the quality and composition of our deposits;
• Changes in general industry, political, and economic conditions, including increases in the national debt, elevated inflation, economic slowdowns or recessions, and other macroeconomic challenges; changes in interest and reference rates, which could negatively impact our revenues and expenses, the valuation and performance of our assets and liabilities, and the availability and cost of capital and liquidity;
• Political developments, including government shutdowns and other significant disruptions and changes in the funding, size, scope, and effectiveness of the government and its agencies and services;
• The effects of newly enacted and proposed regulations affecting us and the banking industry, as well as changes and uncertainties in the interpretation, enforcement, and applicability of laws and fiscal, monetary, regulatory, trade, and tax policies;
• Actions taken by governments, agencies, central banks, and similar organizations, including those that result in decreases in revenue, increases in regulatory bank fees, insurance assessments, and capital standards; and other regulatory requirements;
• Evolving trade policies and disputes, such as proposed and implemented tariffs and resulting market volatility and uncertainty, including the effects on supply chains, expenses, and revenues for both us and our customers;
• Judicial, regulatory and administrative inquiries, investigations, examinations or proceedings and the outcomes thereof that create uncertainty for, or are adverse to, us or the banking industry;
• Changes in our credit ratings;
• Our ability to innovate and otherwise address competitive pressures and other factors that may affect aspects of our business, such as pricing, relevance of, and demand for, our products and services, and our ability to recruit and retain talent;
• The potential for both positive and disruptive impacts of emerging technologies, including stablecoins and other digital currencies, tokenized deposits, blockchain, artificial intelligence, quantum computing, and related innovations affecting both us and the banking industry;
• Our ability to complete projects and initiatives and execute our strategic plans, manage our risks, control compensation and other expenses, and achieve our business objectives;
• Our ability to develop and maintain technology and information security systems, along with effective controls designed to guard against fraud, cybersecurity, and privacy risks and related incidents, particularly given the accelerating pace at which threat actors are developing and deploying increasingly sophisticated and targeted tactics against the financial services industry;
• Our ability to provide adequate oversight of our suppliers to help us prevent or mitigate effects upon us and our customers of inadequate performance, systems failures, or cyber and other incidents by, or affecting, third parties upon whom we rely for the delivery of various products and services;
• The effects of wars, geopolitical conflicts, and other local, national, or international disasters, crises, or conflicts that may occur in the future;
• Natural disasters, pandemics, wildfires, catastrophic events, and other emergencies and incidents, and their impact on our and our customers' operations, business, and communities, including the increasing difficulty in, and the expense of, obtaining property, auto, business, and other insurance products;
• Governmental and social responses to environmental, social, and governance issues, including those with respect to climate change and diversity;
• Securities and capital markets behavior, including volatility and changes in market liquidity and our ability to raise capital;
• The possibility that our recorded goodwill could become impaired, which may have an adverse impact on our earnings and shareholders' equity;
• The impact of bank closures or adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks;
• Adverse news and other expressions of negative public opinion whether directed at us, other banks, the banking industry, or otherwise that may adversely affect our reputation and that of the banking industry generally; and
• Other assumptions, risks, or uncertainties described in this earnings release, and other SEC filings.

We caution against undue reliance on forward-looking statements, which reflect our views only as of their date of issuance. Except as required by law, we specifically disclaim any obligation to update any factors or publicly announce revisions to forward-looking statements to reflect future events or developments.

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SOURCE Zions Bancorporation

FAQ

What were Zions Bancorporation (ZION) Q4 2025 earnings per share and net income?

Q4 2025 net earnings applicable to common shareholders were $262 million, or $1.76 per diluted share.

How did ZION's revenue and expenses change in Q4 2025?

Adjusted taxable-equivalent revenue rose 7.1% to $879 million while adjusted noninterest expense increased 7.7% to $548 million (including a $15 million donation).

What happened to ZION's capital and book value in 2025?

Tangible book value per share rose 21% year-over-year and the Common Equity Tier 1 ratio strengthened to 11.5%.

How strong was ZION's credit performance in Q4 2025?

Credit quality was strong with annualized net charge-offs of 0.05% of loans.

Did ZION's net interest margin improve in Q4 2025?

Yes; net interest margin improved to 3.31% from 3.28% in the prior quarter and 3.05% a year ago.

When and how could investors access ZION's Q4 2025 earnings discussion?

A supplemental presentation and conference call/webcast were held on Jan 20, 2026, with the webcast archived and available for 30 days on the company's website.