Capital allocation remains tactical, evidenced by a $1.5 billion sale of investment securities in 2026Q1 following a $2.3 billion purchase in 2024Q4, alongside a consistent $68 million quarterly dividend payout.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 1.29B | 1.1B | 1.15B | 885M | 1.47B | 629M | 719M | 697M | 1.18B | 928M | 596.07M | 464M | 380.34M | 835.11M | 736.2M | 1.07B | 1.46B | 1.06B | 1.17B | 732.9M | 1.05B | 754.19M | 662.37M | 440.19M | 276.06M | 843.38M | 349.19M | 1.4M | -11.6M | 30.1M | 134.8M |
| Operating CF Growth % | 288.68% | -4.01% | 29.72% | -39.8% | 133.7% | -12.52% | 3.16% | -40.73% | 26.72% | 55.69% | 28.46% | 22% | -54.46% | 13.44% | -31.12% | -26.85% | 38.1% | -9.89% | 60.18% | -30% | 38.82% | 13.86% | 50.48% | 59.45% | -67.27% | 141.53% | 24841.93% | 112.07% | -138.54% | -77.67% | -35.87% |
| Net Income | 962M | 899M | 784M | 680M | 907M | 1.13B | 539M | 816M | 884M | 592M | 469.05M | 309.47M | 398.46M | 263.45M | 348.15M | 322.69M | -296.35M | -1.22B | -271.33M | 493.75M | 583.13M | 480.12M | 405.99M | 337.82M | 256.28M | 283.02M | 161.71M | 194.1M | 143.4M | 131.4M | 120.4M |
| Depreciation & Amortization | 59M | 116M | 124M | 140M | 110M | -14M | 86M | 188M | 193M | 179M | 123.09M | 86M | 57.69M | 130.62M | 185.19M | 240.49M | 372.75M | 213.04M | 140.2M | 124.97M | 125.05M | 100.67M | 94.78M | 94.54M | 87.09M | 119.61M | 114.97M | 90.6M | 80.4M | 34.3M | 26.9M |
| Deferred Taxes | 2M | 47M | -7M | -9M | -43M | 32M | -58M | -2M | 0 | 154M | -8M | -30M | 25.94M | -60.12M | 9.79M | 115.6M | -28.66M | -15.07M | -231.24M | -158.7M | 9.37M | -32.36M | -21.91M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 575M | 29M | 37M | 189M | 76M | -388M | 385M | 21M | -66M | -26M | 61M | 131M | -96M | 178.76M | 113.32M | 157.92M | 1.01B | 2.6B | 1.33B | 157.46M | 39.98M | 47.88M | 4.97M | 99.64M | -52.7M | 433.64M | 65.53M | -272.8M | -260.9M | -119.7M | -7.3M |
| Working Capital Changes | -320M | -24M | 177M | -148M | 390M | -158M | -259M | -353M | 139M | 4M | -75M | -57M | -5.75M | 322.39M | 79.75M | 232.05M | 414.38M | -551.75M | 188.56M | 87.15M | 257.4M | 157.88M | 178.55M | -91.81M | -14.61M | 7.11M | 6.97M | -10.5M | 25.5M | -15.9M | -5.2M |
| Cash from Investing | -465M | 709M | -1.64B | 2.37B | 1.41B | -11.58B | -12.2B | 375M | -2.71B | -3.92B | -3.44B | -2.58B | -1.27B | -1.35B | -1.88B | -2.46B | -1.94B | 3.64B | -3.08B | -5.06B | -4.23B | -2.43B | -3.18B | -2.14B | -2.02B | -386.02M | -1.38B | -1.85B | -539.1M | -1.46B | -995.7M |
| Purchase of Investments | -1.1B | -1.39B | -2.89B | -707M | -6.53B | -19.49B | -12.19B | -2.07B | -4.08B | -5.04B | -5.03B | -5.57B | -2.06B | -1.48B | -2.65B | -3.91B | -5.78B | -1.95B | -4.35B | -5.51B | -2.94B | -1.48B | -2.58B | -8.18B | -12.11B | -9.1B | -2.11B | -2.01B | -4.31B | -2.33B | -1.1B |
| Sale/Maturity of Investments | 2.6B | 3.3B | 3.06B | 5.31B | 12.4B | 5.27B | 4.8B | 4.52B | 3.44B | 3.41B | 3.86B | 3.64B | 1.89B | 1.53B | 1.34B | 2.33B | 1.27B | 3.4B | 3.98B | 4.33B | 3.44B | 1.7B | 2.36B | 7.01B | 11.94B | 10.05B | 2.26B | 1.66B | 5.19B | 1.43B | 852.7M |
| Net Investment Activity | 1.49B | 1.91B | 172M | 4.6B | 5.88B | -14.22B | -7.39B | 2.45B | -640M | -1.63B | -1.17B | -1.93B | -176.56M | 50.95M | -1.31B | -1.58B | -4.51B | 1.45B | -365.46M | -1.18B | 498.05M | 222.78M | -222.56M | -1.17B | -168.11M | 956.99M | 154.76M | -351.5M | 880.3M | -903M | -251.8M |
| Acquisitions | 0 | 191M | 0 | 0 | 318M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.79M | -19.9M | 0 | 21.15M | 452.19M | 688.94M | 45.43M | -13.14M | -189.72M | -16.67M | 0 | 9.69M | 209.51M | 11.89M | 0 | 0 | 0 | 0 |
| Other Investing | -1.84B | -1.27B | -1.72B | -2.12B | -4.6B | 2.85B | -4.64B | -1.96B | -1.94B | -2.12B | -2.08B | -520M | -916.2M | -1.32B | -480.97M | -786.18M | 2.64B | 1.84B | -3.3B | -3.82B | -4.59B | -2.4B | -2.86B | -891.44M | -1.77B | -1.46B | -1.46B | -1.41B | -1.34B | -518.9M | -711.1M |
| Cash from Financing | -994M | -1.78B | 427M | -3.2B | -2.81B | 11B | 11.32B | -981M | 1.6B | 2.8B | 2.78B | 2.07B | 557.27M | -150.33M | 1.76B | 1.7B | 18.64M | -4.81B | 1.52B | 4.24B | 3.43B | 2.53B | 2.25B | 1.73B | 1.86B | -526M | 1.18B | 1.83B | 772.4M | 1.66B | 891.1M |
| Dividends Paid | -269M | -267M | -289M | -282M | -269M | -261M | -259M | -260M | -236M | -129M | -108M | -108M | -96.13M | -119.66M | -133.58M | -156.13M | -109.32M | -96.27M | -195.68M | -195.65M | -160.82M | -130.3M | -114.6M | -91.89M | -73.24M | -73.9M | -76.76M | -56.9M | -41.6M | -29M | -26.2M |
| Share Repurchases | -77M | -41M | -410M | -51M | -202M | -926M | -76M | -1.1B | -672M | -465M | -223M | -183M | -5.59M | 0 | 0 | 0 | 0 | -47.17M | -2.88M | -322.02M | -26.48M | -82.21M | -104.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 20M | 6M | 10M | 3M | 9M | 21M | 8M | 14M | 20M | 25M | 25.07M | 22M | 526.44M | 794.14M | 143.24M | 25.69M | 977.14M | 464.11M | 354.3M | 59.47M | 79.51M | 90.8M | 82.25M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -57M | -35M | -400M | -48M | -193M | -905M | -68M | -1.09B | -652M | -440M | -197.93M | -161M | 520.85M | 794.14M | 143.24M | 25.69M | 977.14M | 416.94M | 351.42M | -262.55M | 53.03M | 8.59M | -22.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -2M | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | -1000K | 1000K | -1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K |
| Other Financing | 1.2B | -1.25B | 1.25B | 3.3B | -11.57B | 13.12B | 12.56B | 2.98B | 1.47B | -625M | 2.89B | 2.53B | 1.45B | 172.64M | 3.28B | 1.94B | -906.5M | -2.64B | 3.31B | 942.76M | 2.35B | 3B | 2.56B | 735.4M | 2.29B | 1.08B | 784.81M | -365.7M | 782.4M | 1.29B | 595.1M |
| Net Change in Cash | -62M | 0 | -65M | 59M | 62M | 52M | -162M | 91M | 66M | -189M | -61M | -44M | -331.12M | -668.22M | 617.56M | 300.22M | -446.06M | -105.79M | -379.18M | -83.66M | 232.22M | 855.59M | -268.35M | 32.05M | 108.69M | -68.64M | 148.95M | -24.4M | 221.7M | 225.1M | -497.7M |
| Exchange Rate Effect | 110M | -32M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 0 | 0 | 716M | 657M | 595M | 543M | 705M | 614M | 548M | 737M | 798.32M | 841.94M | 1.18B | 1.84B | 1.22B | 924.13M | 1.37B | 1.48B | 1.86B | 1.94B | 1.71B | 851M | 1.12B | 1.09B | 978.61M | 1.05B | 898.3M | 922.7M | 701M | 475.9M | 497.7M |
| Cash at End | 0 | 0 | 651M | 716M | 657M | 595M | 543M | 705M | 614M | 548M | 737.33M | 798.32M | 845.9M | 1.18B | 1.84B | 1.22B | 924.13M | 1.37B | 1.48B | 1.86B | 1.94B | 1.71B | 851M | 1.12B | 1.09B | 978.61M | 1.05B | 898.3M | 922.7M | 701M | 1.04B |
| Interest Paid | 779M | 0 | 1.91B | 1.37B | 160M | 81M | 195M | 401M | 237M | 118M | 83M | 102M | 152.78M | 191.9M | 214.67M | 263.34M | 358.16M | 577.8M | 1.01B | 1.32B | 1.02B | 529.01M | 321.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 172M | 0 | 192M | 255M | 21M | 442M | 169M | 233M | 207M | 246M | 214M | 132M | 182.95M | 181.32M | 183.35M | 3.74M | 324.8M | 131.19M | 303.18M | 355.69M | 273.15M | 257.85M | 240.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 1.17B | 981M | 1.05B | 772M | 1.28B | 423M | 548M | 580M | 1.05B | 759M | 400.4M | 307M | 204.54M | 746.53M | 667.3M | 991.08M | 1.38B | 954.55M | 1.08B | 629.68M | 924.55M | 686.2M | 590.08M | 356.92M | 178.24M | 751.45M | 266.9M | -92.4M | -87.1M | -11.9M | 102M |
| FCF Growth % | 20.16% | -6.66% | 36.14% | -39.69% | 202.6% | -22.81% | -5.52% | -44.6% | 37.94% | 89.56% | 30.42% | 50.09% | -72.6% | 11.87% | -32.67% | -28.28% | 44.77% | -11.82% | 71.92% | -31.89% | 34.74% | 16.29% | 65.33% | 100.24% | -76.28% | 181.55% | 388.85% | -6.08% | -631.93% | -111.67% | -47.07% |
CRE office portfolio exposure
Based on reported financial data, Zions Bancorporation exhibited significant volatility in investment activity, highlighted by a $2.3 billion purchase in 2024Q4 followed by a $1.5 billion sale in 2026Q1, suggesting a tactical approach to managing duration and liquidity amidst shifting interest rate expectations and balance sheet needs.
The frequent rotation between large-scale purchases and sales indicates that management is actively utilizing the securities portfolio as a primary liquidity buffer rather than a static hold-to-maturity asset base. Investors should monitor whether these portfolio adjustments are intended to capture yield or simply to manage the bank's sensitivity to interest rate volatility.
According to recent quarterly filings, Zions Bancorporation maintained a consistent dividend payout of approximately $68 million per quarter through early 2026, while share repurchases remained sporadic, totaling $77 million in 2026Q1 after a significant $375 million buyback event observed in the final quarter of 2024.
The inconsistency in share repurchases suggests that management prioritizes capital preservation and regulatory buffer maintenance over aggressive return of capital. This cautious stance appears prudent given the potential for credit deterioration in the commercial real estate portfolio, which may necessitate higher capital retention in future periods.
As indicated by the bank's cash flow statements, the provision for credit losses fluctuated significantly, ranging from a $49 million expense in 2025Q3 to a $7 million benefit in 2026Q1, reflecting the inherent subjectivity in CECL modeling and the bank's evolving outlook on regional credit quality.
This volatility in provisioning suggests that the bank's reported cash flow from operations is heavily influenced by accounting adjustments rather than purely cash-based credit outcomes. Analysts should interpret these swings as a signal of management's shifting macro-economic assumptions rather than a definitive trend in actual loan loss realizations.
Based on the provided data, the bank's operating cash flow frequently deviates from net income, as evidenced by the 2025Q2 operating cash flow of -$62 million despite positive net income, which warrants further investigation into the impact of non-cash items and working capital fluctuations on reported liquidity.
The disconnect between net income and operating cash flow suggests that traditional cash flow metrics are less reliable for assessing Zions' true financial health than balance sheet liquidity ratios. Investors should be wary of relying on OCF/NI ratios, as they appear distorted by the bank's specific accounting treatment of trading assets and loan-related cash flows.
Quick answers to the most common questions about buying ZION stock.
Zions Bancorporation, National Association (ZION) generated $1.10B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Zions Bancorporation, National Association (ZION) generated $981.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Zions Bancorporation, National Association (ZION) spent $121.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Zions Bancorporation, National Association (ZION) returned $267.0M to shareholders via cash dividends and spent $41.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.