Revenue and margin trends show net interest income rising to $684.0M and efficiency improving to 62.8%, but the 0.8% net interest margin and reliance on provision benefits warrant scrutiny of earnings durability.
Zions Bancorporation, National Association (ZION) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | 2.71B | 2.63B | 2.43B | 2.44B | 2.52B | 2.21B | 2.22B | 2.27B | 2.23B | 2.06B | 1.87B | 1.72B | 1.68B | 1.7B | 1.73B | 1.76B | 1.71B | 1.9B | 1.97B | 1.88B | 1.76B | 1.36B | 1.16B | 1.1B | 1.04B | 949.79M | 803.38M | 741.5M | 573.9M | 369.6M | 337.7M |
| NII Growth % | 21.28% | 8.11% | -0.33% | -3.25% | 14.13% | -0.36% | -2.46% | 1.88% | 7.99% | 10.61% | 8.86% | 2.08% | -0.96% | -2.05% | -1.38% | 2.45% | -9.66% | -3.76% | 4.77% | 6.64% | 29.63% | 17.28% | 5.96% | 5.83% | 8.99% | 18.22% | 8.34% | 29.2% | 55.28% | 9.45% | 44.63% |
| Net Interest Margin % | 2.98% | 2.95% | 2.74% | 2.8% | 2.81% | 2.37% | 2.72% | 3.28% | 3.24% | 3.12% | 2.95% | 2.87% | 2.94% | 3.03% | 3.12% | 3.3% | 3.36% | 3.71% | 3.58% | 3.55% | 3.76% | 3.18% | 3.69% | 3.84% | 3.9% | 3.91% | 3.66% | 3.66% | 3.18% | 3.4% | 4.75% |
| Interest Income | 4.1B | 4.18B | 4.29B | 3.95B | 2.71B | 2.27B | 2.37B | 2.68B | 2.48B | 2.19B | 1.95B | 1.83B | 1.85B | 1.94B | 2.04B | 2.19B | 2.31B | 2.52B | 2.97B | 3.21B | 2.82B | 1.91B | 1.49B | 1.4B | 1.46B | 1.59B | 1.63B | 1.36B | 1.03B | 717M | 594.7M |
| Interest Expense | 1.4B | 1.56B | 1.86B | 1.51B | 185M | 59M | 152M | 411M | 251M | 127M | 87M | 118M | 173M | 245.08M | 306.78M | 432.4M | 592.46M | 617.79M | 1B | 1.32B | 1.05B | 548.91M | 330.64M | 303.89M | 420.78M | 642.16M | 822.8M | 617.84M | 458.9M | 347.4M | 257M |
| Loan Loss Provision | -6M | 72M | 72M | 132M | 122M | -276M | 414M | 39M | -40M | 17M | 93M | 40M | -98.08M | -87.14M | 14.23M | 74.53M | 852.69M | 2.02B | 648.27M | 152.21M | 72.57M | 46.45M | 44.53M | 69.94M | 71.88M | 73.19M | 31.81M | 18M | 14M | 5.9M | 6.5M |
| Non-Interest Income | 1.05B | 760M | 700M | 677M | 632M | 703M | 574M | 562M | 552M | 544M | 516M | 357M | 492.7M | 337.38M | 419.87M | 498.18M | 453.61M | 634.91M | 190.69M | 412.34M | 551.21M | 436.95M | 431.48M | 490.1M | 376.81M | 418.71M | 192.16M | 266.55M | 210.2M | 148.3M | 122M |
| Non-Interest Income % | 28.03% | 22.44% | 22.36% | 21.73% | 20.05% | 24.15% | 20.57% | 19.83% | 19.84% | 20.85% | 21.65% | 17.23% | 22.68% | 16.59% | 19.51% | 22.1% | 20.92% | 25.07% | 8.82% | 17.97% | 23.8% | 24.3% | 27.1% | 30.91% | 26.69% | 30.6% | 19.3% | 26.44% | 26.81% | 28.63% | 26.54% |
| Total Net Revenue | 3.76B | 3.39B | 3.13B | 3.12B | 3.15B | 2.91B | 2.79B | 2.83B | 2.78B | 2.61B | 2.38B | 2.07B | 2.17B | 2.03B | 2.15B | 2.25B | 2.17B | 2.53B | 2.16B | 2.29B | 2.32B | 1.8B | 1.59B | 1.59B | 1.41B | 1.37B | 995.54M | 1.01B | 784.1M | 517.9M | 459.7M |
| Revenue Growth % | 13.46% | 8.21% | 0.48% | -1.17% | 8.28% | 4.34% | -1.55% | 1.87% | 6.63% | 9.48% | 15.01% | -4.64% | 6.83% | -5.49% | -4.55% | 3.99% | -14.4% | 17.12% | -5.75% | -0.93% | 28.78% | 12.94% | 0.42% | 12.3% | 3.18% | 37.46% | -1.24% | 28.56% | 51.4% | 12.66% | 42.63% |
| Non-Interest Expense | 2.21B | 2.14B | 2.05B | 2.1B | 1.88B | 1.74B | 1.7B | 1.74B | 1.68B | 1.66B | 1.58B | 1.58B | 1.65B | 1.71B | 1.6B | 1.66B | 1.72B | 2.14B | 1.83B | 1.4B | 1.33B | 1.01B | 923.37M | 962.3M | 855.27M | 847.33M | 722.36M | 686.45M | 557.1M | 312.9M | 273.1M |
| Efficiency Ratio | 58.88% | 63.18% | 65.37% | 67.32% | 59.58% | 59.81% | 61.08% | 61.47% | 60.35% | 63.47% | 66.51% | 76.3% | 75.91% | 84.3% | 74.17% | 73.57% | 79.26% | 84.45% | 84.57% | 61.22% | 57.45% | 56.16% | 57.99% | 60.69% | 60.57% | 61.92% | 72.56% | 68.1% | 71.05% | 60.42% | 59.41% |
| Operating Income | 1.55B | 1.18B | 1.01B | 886M | 1.15B | 1.45B | 672M | 1.05B | 1.14B | 936M | 705M | 451M | 621.42M | 406.43M | 541.57M | 521.27M | -403.17M | -1.62B | -314.7M | 737.5M | 912.92M | 741.89M | 624.39M | 553.34M | 484.81M | 447.98M | 241.37M | 303.6M | 213M | 199.1M | 180.1M |
| Operating Margin % | 41.28% | 34.69% | 32.33% | 28.44% | 36.55% | 49.67% | 24.09% | 37.16% | 41.09% | 35.88% | 29.58% | 21.77% | 28.6% | 19.98% | 25.17% | 23.12% | -18.6% | -64.09% | -14.55% | 32.14% | 39.42% | 41.25% | 39.21% | 34.9% | 34.34% | 32.74% | 24.25% | 30.12% | 27.16% | 38.44% | 39.18% |
| Operating Income Growth % | - | 16.11% | 14.22% | -23.09% | -20.33% | 115.18% | -36.18% | -7.87% | 22.12% | 32.77% | 56.32% | -27.42% | 52.9% | -24.95% | 3.89% | 229.29% | 75.16% | -415.74% | -142.67% | -19.22% | 23.05% | 18.82% | 12.84% | 14.14% | 8.22% | 85.6% | -20.5% | 42.54% | 6.98% | 10.55% | 45.01% |
| Pretax Income | 1.55B | 1.18B | 1.01B | 886M | 1.15B | 1.45B | 672M | 1.05B | 1.14B | 936M | 705M | 451M | 621.42M | 406.43M | 541.57M | 521.27M | -403.17M | -1.62B | -314.7M | 737.5M | 912.92M | 741.89M | 624.39M | 553.34M | 484.81M | 447.98M | 241.37M | 303.6M | 213M | 199.1M | 180.1M |
| Pretax Margin % | 41.28% | 34.69% | 32.33% | 28.44% | 36.55% | 49.67% | 24.09% | 37.16% | 41.09% | 35.88% | 29.58% | 21.77% | 28.6% | 19.98% | 25.17% | 23.12% | -18.6% | -64.09% | -14.55% | 32.14% | 39.42% | 41.25% | 39.21% | 34.9% | 34.34% | 32.74% | 24.25% | 30.12% | 27.16% | 38.44% | 39.18% |
| Income Tax | 340M | 276M | 228M | 206M | 245M | 317M | 133M | 237M | 259M | 344M | 236M | 142M | 222.96M | 142.98M | 193.42M | 198.58M | -106.82M | -401.34M | -43.37M | 235.74M | 317.95M | 263.42M | 220.13M | 213.75M | 167.7M | 157.8M | 79.66M | 109.5M | 69.6M | 67.7M | 59.7M |
| Effective Tax Rate % | 21.91% | 23.49% | 22.53% | 23.25% | 21.27% | 21.92% | 19.79% | 22.51% | 22.66% | 36.75% | 33.48% | 31.49% | 35.88% | 35.18% | 35.71% | 38.1% | 26.49% | 24.73% | 13.78% | 31.96% | 34.83% | 35.51% | 35.25% | 38.63% | 34.59% | 35.22% | 33% | 36.07% | 32.68% | 34% | 33.15% |
| Net Income | 1.21B | 899M | 784M | 680M | 907M | 1.13B | 539M | 816M | 884M | 592M | 469M | 309M | 398.46M | 263.79M | 349.52M | 323.8M | -292.73M | -1.22B | -266.27M | 493.75M | 583.13M | 480.12M | 405.99M | 337.82M | 256.28M | 283.02M | 161.71M | 194.1M | 143.4M | 131.4M | 120.4M |
| Net Margin % | 32.23% | 26.54% | 25.05% | 21.83% | 28.78% | 38.78% | 19.32% | 28.79% | 31.78% | 22.69% | 19.68% | 14.91% | 18.34% | 12.97% | 16.24% | 14.36% | -13.5% | -48.02% | -12.31% | 21.52% | 25.18% | 26.7% | 25.5% | 21.31% | 18.15% | 20.68% | 16.24% | 19.26% | 18.29% | 25.37% | 26.19% |
| Net Income Growth % | 42.25% | 14.67% | 15.29% | -25.03% | -19.66% | 109.46% | -33.95% | -7.69% | 49.32% | 26.23% | 51.78% | -22.45% | 51.05% | -24.53% | 7.94% | 210.62% | 75.93% | -356.72% | -153.93% | -15.33% | 21.45% | 18.26% | 20.18% | 31.82% | -9.45% | 75.02% | -16.69% | 35.36% | 9.13% | 9.14% | 46.12% |
| Net Income (Continuing) | 1.21B | 899M | 784M | 680M | 907M | 1.13B | 539M | 816M | 884M | 592M | 469M | 309M | 398.46M | 263.45M | 348.15M | 322.69M | -296.35M | -1.22B | -271.33M | 501.76M | 594.97M | 478.47M | 404.26M | 339.59M | 317.11M | 290.18M | 161.71M | 194.1M | 143.4M | 131.4M | 120.4M |
| EPS (Diluted) | 8.35 | 6.01 | 4.95 | 4.35 | 5.79 | 6.79 | 3.03 | 4.16 | 4.08 | 2.60 | 1.99 | 1.20 | 1.71 | 1.58 | 0.97 | 0.83 | -2.49 | -9.92 | -2.67 | 4.42 | 5.36 | 5.16 | 4.47 | 3.72 | 2.78 | 3.07 | 1.86 | 2.26 | 1.75 | 1.84 | 1.68 |
| EPS Growth % | 46.24% | 21.41% | 13.79% | -24.87% | -14.73% | 124.09% | -27.16% | 1.96% | 56.92% | 30.65% | 65.83% | -29.82% | 8.23% | 62.89% | 16.87% | 133.33% | 74.9% | -271.54% | -160.41% | -17.54% | 3.88% | 15.44% | 20.16% | 33.81% | -9.45% | 65.05% | -17.7% | 29.14% | -4.89% | 9.52% | 22.63% |
| EPS (Basic) | - | 6.08 | 4.95 | 4.35 | 5.80 | 6.80 | 3.06 | 4.41 | 4.36 | 2.71 | 2.00 | 1.20 | 1.72 | 1.58 | 0.97 | 0.83 | -2.49 | -9.92 | -2.67 | 4.47 | 5.46 | 5.27 | 4.53 | 3.75 | 2.80 | 3.10 | 1.87 | 2.29 | 1.77 | 1.88 | 1.70 |
| Diluted Shares Outstanding | 145.09M | 147.16M | 147.22M | 147.76M | 150.27M | 160.23M | 165.61M | 186.5M | 206.5M | 209.65M | 204.27M | 203.7M | 192.79M | 184.3M | 183.24M | 182.6M | 165.96M | 124.44M | 109.14M | 108.52M | 108.03M | 92.99M | 90.88M | 90.73M | 92.08M | 92.17M | 87.12M | 85.89M | 81.94M | 72.81M | 71.67M |
Quick answers to the most common questions about buying ZION stock.
For fiscal year 2025, Zions Bancorporation, National Association (ZION) reported total revenue of $3.39B. This represents a 636.8% increase compared to $459.7M in 1996.
Zions Bancorporation, National Association (ZION) is profitable, generating $899.0M in net income for the fiscal year ending 2025 with a net profit margin of 26.5%.
Zions Bancorporation, National Association (ZION) reported an operating income of $1.18B, resulting in an operating profit margin of 34.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Zions Bancorporation, National Association (ZION) generated $3.31B in gross profit for the year, representing a gross profit margin of 97.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Elevated efficiency ratio sensitivity
Metrics are mathematically derived from official filings.
Net Interest Income Rebuilding Steadily
Based on Zions' reported figures, net interest income climbed from $586.0M in 2024Q1 to $684.0M in 2026Q3, though year-over-year growth slowed to 1.8% in the latest quarter, suggesting the expansion is decelerating from its prior peaks.
The 2024Q1 trough reflects compression from higher funding costs, and the subsequent recovery indicates asset repricing and loan growth have outpaced deposit cost pressures. The slowdown to 1.8% growth in 2026Q3 may indicate that the benefit from rate-driven asset yield gains is maturing, warranting monitoring of deposit betas going forward.
Margin Stable but Thin
Reported net interest margin has held at approximately 0.7% to 0.8% across the ten-quarter window, with the 2026Q3 figure of 0.8% suggesting modest recovery from 2024 levels.
A margin in this range is narrow relative to the regional peer group, which implies Zions has less cushion against funding cost volatility than institutions with higher asset yields. Investors should monitor whether the 2026 uptick is sustained, since the reported figures alone do not confirm a durable improvement in spread economics.
Efficiency Ratio Improving but Elevated
As reported in financial statements, Zions' efficiency ratio improved from 70.9% in 2024Q1 to 62.8% in 2026Q3, yet remains above the level implied by the stronger peer group operating margins.
The compression in the efficiency ratio over time points to positive operating leverage as revenue grew faster than non-interest expense. However, the ratio still leaves limited room for error if revenue growth slows, and the gap versus higher-margin peers suggests cost discipline remains a relevant debate.
Provision Volatility Drives Earnings Swings
According to recent SEC filings, Zions' provision expense swung from a $49.0M charge in 2025Q3 to an $8.0M benefit in 2026Q3, indicating that credit cost assumptions are a meaningful driver of quarterly earnings.
Provision recapture in the most recent quarters, combined with the large 2025Q3 charge, suggests management reserve assumptions have shifted materially within a short period. This volatility warrants further investigation into underlying loan book quality, as reserve releases can flatter near-term earnings if credit conditions deteriorate.
Earnings Quality Depends on Reserve Releases
Based on Zions' reported figures, the two most recent quarters include provision benefits that may flatter EPS growth, and the 20.3% year-over-year EPS gain in 2026Q3 should be read against a thin 0.8% net interest margin.
If the provision recapture reflects reserve releases rather than sustained credit improvement, the reported profitability could normalize downward once provisioning reverts to a more typical level. Combined with NII growth decelerating to 1.8%, the earnings trajectory may be less durable than the headline EPS growth suggests, which warrants further investigation into reserve methodology.