At a glance
Zions Bancorporation is worth $9.55B, about 11 times its fiscal 2025 earnings. Revenue grew 3.6% to $662.0M in fiscal 2025, with 135.8% kept as profit; over 5 years it has grown 25.0% a year. It pays a 2.8% dividend yield, raised every year for at least 9 years, and returned $2.50B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +29.1% over the past year with dividends reinvested and +4.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 47.9% in the 2020 crash (S&P 500: 33.7%) and 33.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 43 months after the lows.
The business in plain English
Zions Bancorporation, N.A. is a bank based in Salt Lake City, Utah. At December 31, 2025, it had about $89 billion in assets, more than one million customers and 407 branches, mainly across 11 Western states from Washington to Texas. Its business customers are mostly small and medium-sized companies, which use its loans, cash management, merchant processing and capital markets services. It also finances commercial real estate and offers households mortgages, credit cards, deposit accounts and wealth management.
Most of its revenue comes from net interest income: the gap between the interest it earns on loans and securities and the interest it pays on deposits. In 2025 that was $2.6 billion of its $3.4 billion in net revenue. The other $758 million was noninterest income, such as service fees. At June 30, 2026, it held $76.6 billion of deposits and $61.8 billion of loans.
Zions operates through seven regional divisions it calls affiliates, each with its own local brand: Zions Bank, Amegy Bank, California Bank & Trust, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado and The Commerce Bank of Washington. Zions Bank, Amegy and California Bank & Trust are the largest. At December 31, 2025, operations in Utah, Idaho, Texas and California held 77% of commercial loans and 72% of commercial real estate loans.
Price history
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ZION +29.1% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Zions Bank | $188.0M | 28.4% |
| Amegy | $177.0M | 26.7% |
| CB&T | $119.0M | 18% |
| NSB | $51.0M | 7.7% |
| NBAZ | $45.0M | 6.8% |
| Vectra | $33.0M | 5% |
| TCBW | $8.0M | 1.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $182.0M, up 11% from a year earlier, and net income was $453.0M (+85.7%).
- For fiscal 2025, revenue was $662.0M (+3.6% year over year; -25.0% a year from FY2020 to FY2025) with a 135.8% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | -25.0% weak |
|---|---|
| Return on equity | 12.5% good |
| Net income / revenue | 135.8% good |
| Deposits | $76.61B |
| Loans | $61.82B |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.79B | $539.0M | — |
| FY2021 | $2.91B | $1.13B | — |
| FY2022 | $3.15B | $907.0M | — |
| FY2023 | $3.12B | $680.0M | — |
| FY2024 | $639.0M | $784.0M | — |
| FY2025 | $662.0M | $899.0M | — |
Valuation snapshot
| Market value | $9.55B |
|---|---|
| P/E ratio | 10.9 |
| Dividend yield | 2.8% |
Rank among 1514 US companies
Market value at each year end
Zions Bancorporation’s market value went from $8.77B at the end of 2016 to $9.55B on Oct 28, 2026, up 9%; since the end of 2025 it is up 10%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $9.55B | +10.5% |
| 2025 | $8.64B | +7.9% |
| 2024 | $8.01B | +23.3% |
| 2023 | $6.50B | -11.6% |
| 2022 | $7.36B | -25.6% |
| 2021 | $9.88B | +38.7% |
| 2020 | $7.12B | -19.5% |
| 2019 | $8.85B | +16.7% |
| 2018 | $7.58B | -25.3% |
| 2017 | $10.15B | +15.8% |
| 2016 | $8.77B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ZION price data to Oct 28, 2026 | +14.2% | +29.1% | +35.0% | +4.3% | +10.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +14.2% |
| 2025 | +11.6% |
| 2024 | +28.1% |
| 2023 | -6.5% |
| 2022 | -20.0% |
| 2021 | +49.1% |
| 2020 | -13.2% |
| 2019 | +31.1% |
| 2018 | -18.3% |
| 2017 | +19.3% |
| 2016 | +59.2% |
| 2015 | -3.5% |
| 2014 | -3.5% |
| 2013 | +40.6% |
| 2012 | +31.7% |
| 2011 | -32.7% |
| 2010 | +89.2% |
| 2009 | -47.3% |
| 2008 | -45.4% |
| 2007 | -42.0% |
| 2006 | +11.1% |
| 2005 | +13.3% |
| 2004 | +13.3% |
| 2003 | +59.0% |
| 2002 | -23.9% |
| 2001 | -14.5% |
| 2000 | +7.6% |
| 1999 | -4.0% |
| 1998 | +38.9% |
| 1997 | +77.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 90% over that stretch · deepest drop along the way 90.6%, back to its old high 146 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 47.4% over that stretch · deepest drop along the way 47.9%, back to its old high 9.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.1% over that stretch · deepest drop along the way 33.9%, back to its old high 42.8 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 10 sales ($6.6M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 3, 2026 | Scott J Mclean President | sell | $2.3M |
| Aug 4, 2026 | Scott J Mclean President | sell | $1.3M |
| Aug 3, 2026 | Scott J Mclean President | sell | $1.3M |
| Aug 4, 2026 | Scott J Mclean President | sell | $1.0M |
| Aug 4, 2026 | Scott A. Law Executive Vice President | sell | $268K |
Who owns it
Large shareholders (13G filings)
| Vanguard Portfolio Management | 7.4% | Mar 31, 2026 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| STATE STREET CORPORATION | 4.7% | Mar 31, 2025 |
ETFs with the most weight in ZION
| KRE SPDR S&P Regional Banking ETF | 2.59% |
| KBWB Invesco KBW Bank ETF | 1.23% |
| FTXO First Trust Nasdaq Bank ETF | 1.23% |
| XMVM Invesco S&P MidCap Value with Momentum ETF | 1.01% |
| SEIS SEI Select Small Cap ETF | 0.79% |
| FLRG Fidelity U.S. Multifactor ETF | 0.7% |
| DFSV Dimensional US Small Cap Value ETF | 0.53% |
| JHSC John Hancock Multifactor Small Cap ETF | 0.48% |
What could go wrong
- Big losses tied to a few borrowers. Zions calls credit risk one of its most significant risks. Its 10-K cites significant losses on credit lines to two related borrowers that financed mortgage loans, showing how one bad relationship can dent profits.
- Heavy reliance on four Western states. At December 31, 2025, Utah, Idaho, Texas and California accounted for 77% of commercial loans and 72% of commercial real estate loans. A downturn or natural disaster there could hit results hard.
- Commercial real estate under pressure. Zions lends against offices, apartments and industrial buildings, mostly in the West. The 10-K says these property types face higher vacancies, falling values and rent concessions, which could lead to more defaults.
- Energy and leveraged loans add risk. The loan book includes oil and gas loans and leveraged loans to companies already carrying heavy debt. Commodity price swings or a sharp drop in collateral values could raise losses.
- Limits on dividends and buybacks. Zions is itself a national bank, overseen by the Office of the Comptroller of the Currency. Stress tests, capital rules and the National Bank Act may limit dividend increases or buybacks.
- Interest rates and deposit competition. Profits depend on the gap between loan yields and deposit costs. Rate swings, or strong competition for deposits from credit unions in Utah and Idaho, can squeeze that gap.
Recent events
- Quarterly results released
- Executive or board change
- Quarterly results released
- Executive or board change
- Other company announcement
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Executive or board change
For income and retirement investors
Zions pays a regular dividend and has raised it at least nine years in a row through fiscal 2025, including in 2020 and 2022. Dividends per share grew from $1.36 in 2020 to $1.76 in 2025, about 5.3% a year. The 2025 payout was about 30% of earnings, and the yield was 2.8% as of October 28, 2026. Buybacks totaled $1.13 billion over fiscal 2021–2025, but $800 million of that came in 2021 and later years were much smaller. The share count fell 6.7% from October 2021 to July 2026.
The share price has been far bumpier. The stock fell about 91% in the 2008 financial crisis and did not regain its peak until May 2021, about 146 months after the low. It dropped about 48% in the 2020 COVID crash, recovering in 9.5 months, and about 34% in 2022, recovering only in February 2026. A single stock like this carries more risk than a diversified fund.
Questions investors ask
How does Zions Bancorporation make money?
Mostly from lending. Net interest income, the gap between what it earns on loans and securities and what it pays on deposits, was $2.6 billion of its $3.4 billion in net revenue in 2025. The other $758 million was noninterest income from services such as cash management, merchant processing, capital markets and wealth management. Its main customers are small and medium-sized businesses, commercial real estate borrowers and households in 11 Western states.
Does Zions raise its dividend every year?
It has raised it at least nine years in a row through fiscal 2025, based on SEC filings. The dividend reached $1.76 per share in 2025, up from $1.36 in 2020, or about 5.3% a year. It used about 30% of 2025 earnings. Increases are not guaranteed. The 10-K says stress testing, capital rules and the National Bank Act may limit its ability to raise dividends or repurchase shares.
What is Zions Bancorporation's dividend yield?
The dividend yield was 2.8% as of October 28, 2026. On that date the stock traded at about 10.9 times its 2025 earnings of $6.01 per diluted share, and the company's market value was about $9.5 billion. Zions paid out only about 30% of 2025 earnings as dividends, so it kept most of its profit, which adds to the capital that absorbs future losses. The yield moves whenever the share price or the dividend changes.
How did Zions stock do in the 2008 financial crisis?
Very poorly. The share price fell about 91% from October 9, 2007, to March 6, 2009, and did not regain its 2007 peak until May 7, 2021, about 146 months after the low. Its largest drop in about 30 years of price history was about 92%. Later declines were smaller but still steep: about 48% in the 2020 COVID crash and about 34% in the 2022 bear market.
Is Zions Bancorporation well capitalized?
Yes. At December 31, 2025, all of its capital ratios were above the levels regulators require to be considered well capitalized. Its common equity Tier 1 (CET1) ratio, a core measure of the capital a bank holds against its riskier assets, was 11.5%. A bank needs 6.5% to count as well capitalized, and the minimum including the required buffer is 7.0%. Its Tier 1 leverage ratio was 9.0%, against 5.0% for well capitalized. Strong capital lowers the risk that loan losses damage the bank, but it does not remove that risk.