ZIONMEDIUM SIGNALFINANCIAL10-K

Zions Bancorporation reported solid profitability growth and balance sheet expansion while substantially increasing its debt financing.

The company demonstrated healthy operational performance with net income growing nearly 15% while maintaining strong equity growth of 17%. However, the significant increase in debt financing may indicate either expansion plans or changing capital structure needs that warrant monitoring for leverage implications.

Comparing 2026-02-24 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

Zions delivered strong financial performance with net income growing 14.7% to $899 million, supported by revenue expansion from $3.1 billion to $3.4 billion. The balance sheet strengthened with stockholders' equity rising 17.2% to $7.2 billion, though total debt increased substantially to $946 million. Capital expenditures grew modestly to $121 million while share buybacks continued at $41 million, indicating balanced capital allocation between growth investments and shareholder returns.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+74.5%
$542.0M→$946.0M

Debt increased 74.5% — substantial leverage increase; assess whether deployed for growth or covering losses.

Capital Expenditure
Cash Flow
+24.7%
$97.0M→$121.0M

Capex increased 24.7% — ongoing investment in capacity or infrastructure for future growth.

Stockholders Equity
Balance Sheet
+17.2%
$6.1B→$7.2B

Equity base grew 17.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Net Income
P&L
+14.7%
$784.0M→$899.0M

Net income grew 14.7% — bottom-line growth signals improving overall business health.

Share Buybacks
Cash Flow
+13.9%
$36.0M→$41.0M

Share repurchases increased 13.9% — management returning capital, signals confidence in intrinsic value.

LANGUAGE CHANGES
NEW — 2026-02-24
PRIOR — 2025-02-25
ADDED
Small Business Administration ERMC Enterprise Risk Management Committee SBIC Small Business Investment Company ETO Enterprise and Technology Operations SEC Securities and Exchange Commission EVE Economic Value of Equity SOFR Secured Overnight Financing Rate FAMC Federal Agricultural Mortgage Corporation, or Farmer Mac TCBW The Commerce Bank of Washington, a division of Zions Bancorporation, National Association FDIC Federal Deposit Insurance Corporation U.S.
These statements reflect management s current expectations and assumptions regarding future events and outcomes.
Forward-looking statements are not guarantees and should not be relied upon as representing management s views as of any subsequent date.
Risk Factors, and other Securities and Exchange Commission ( SEC ) filings.
We caution against placing undue reliance on forward-looking statements, as they reflect our views only as of the date they are issued.
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REMOVED
Small Business Administration EVE Economic Value of Equity at Risk SBIC Small Business Investment Company FAMC Federal Agricultural Mortgage Corporation, or Farmer Mac SEC Securities and Exchange Commission FASB Financial Accounting Standards Board SOFR Secured Overnight Financing Rate FDIC Federal Deposit Insurance Corporation TCBW The Commerce Bank of Washington, a division of Zions Bancorporation, National Association FDICIA Federal Deposit Insurance Corporation Improvement Act U.S.
Forward-looking statements are not guarantees, nor should they be relied upon as representing management s views as of any subsequent date.
) credit ratings, or other economic disruptions; and Other assumptions, risks, or uncertainties described in this annual report, including in Part I, Item 1A.
We caution against undue reliance on forward-looking statements, which reflect our views only as of their date of issuance.
BUSINESS DESCRIPTION OF BUSINESS Zions Bancorporation, National Association ( Zions Bancorporation, N.A., the Bank, we, our, us ) is a bank headquartered in Salt Lake City, Utah with annual net revenue (net interest income and noninterest income) of $3.1 billion in 2024, and total assets of approximately $89 billion at December 31, 2024.
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