UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ COMMISSION FILE NUMBER 001-12307 ZIONS BANCORPORATION, NATIONAL ASSOCIATION (Exact name of registrant as specified in its charter) United States of A ...

ZIONS BANCORPORATION TO PRESENT AT THE RBC CAPITAL MARKETS 2026 GLOBAL FINANCIAL INSTITUTIONS CONFERENCE [Accessibility Statement] Skip NavigationSALT LAKE CITY, Feb. 24, 2026 /PRNewswire/ -- Scott McLean, President and COO of Zions Bancorporation, N.A. (NASDAQ: ZION), will make a presentation at the RBC Capital Markets Global Financial Institutions Conference on Tuesday, March 10th at 11:20 am Eastern. An audio webcast of the session may be accessed on the Zions Bancorporation website, [zionsbancorporation ...

Core Viewpoint - Zions' recent earnings report shows strong performance with adjusted earnings per share beating estimates and significant year-over-year growth, driven by higher net interest income (NII) and non-interest income, despite rising non-interest expenses [2][4]. Financial Performance - Q4 2025 adjusted earnings per share were $1.75, exceeding the Zacks Consensus Estimate of $1.57, and up 30.5% from the previous year [2]. - Full-year 2025 earnings were $6.01 per share, surpassing the Zacks Consensus Estimate of $5.93, and reflecting a 21.4% increase year-over-year [4]. - Net income attributable to common shareholders for Q4 was $262 million, a 31% increase year-over-year [3]. Revenue and Expenses - Q4 net revenues (tax equivalent) reached $902 million, an 8.4% increase year-over-year, beating the Zacks Consensus Estimate of $864.4 million [5]. - For the full year 2025, net revenues were $3.43 billion, up 8.1% year-over-year, also exceeding the Zacks Consensus Estimate of $3.38 billion [5]. - NII for Q4 was $683 million, an 8.9% increase from the prior year, with a net interest margin (NIM) expansion of 26 basis points to 3.31% [6]. Non-Interest Income and Expenses - Non-interest income for Q4 was $208 million, up 7.8% year-over-year, driven by higher retail and business banking fees [7]. - Adjusted non-interest expenses rose 7.6% year-over-year to $548 million [7]. Credit Quality - The ratio of non-performing assets to loans and leases was 0.52%, an increase of 2 basis points from the prior year [9]. - Net loan and lease charge-offs were $7 million, significantly down from $36 million in the year-ago quarter [10]. Profitability and Capital Ratios - As of December 31, 2025, the common equity tier 1 capital ratio was 11.5%, up from 10.9% a year ago [11]. - Return on average assets was 1.16%, an increase from 0.96% in the previous year [11]. 2026 Outlook - Loan balances are expected to increase moderately, driven by commercial loans, while consumer loans are anticipated to remain stable [12]. - NII is projected to see moderate year-over-year growth, influenced by earning asset remix and loan growth [13]. - Adjusted non-interest expenses are expected to rise moderately due to technology costs and increased marketing expenses [14]. Market Performance - Zions has experienced an upward trend in estimates revisions since the earnings release, indicating positive investor sentiment [15]. - The stock currently holds a Zacks Rank 3 (Hold), suggesting an expectation of in-line returns in the coming months [17].

Core Points - Zions Bancorporation has authorized a share repurchase of up to $75 million for Q1 2026, with the timing and amount dependent on market conditions and regulatory requirements [1] - The board declared a regular quarterly dividend of $0.45 per common share, payable on February 19, 2026, to shareholders of record on February 12, 2026 [2] - The board also declared a cash dividend on Series A perpetual preferred shares, payable on March 16, 2026, to shareholders of record on March 1, 2026 [3] Company Overview - Zions Bancorporation is a leading financial services company with approximately $89 billion in total assets as of December 31, 2025, and annual net revenue of $3.4 billion in 2025 [4] - The company operates in 11 western states under local management teams and distinct brands, and is recognized for its customer service in small- and middle-market banking [4] - Zions Bancorporation is included in the S&P MidCap 400 and NASDAQ Financial 100 indices [4]

Core Insights - Northern Trust Corporation is a significant player in the financial services sector, providing a variety of services such as asset servicing, fund administration, investment management, and banking solutions, with a global reach targeting corporations, institutions, and affluent individuals [1] Financial Efficiency Analysis - Northern Trust's Return on Invested Capital (ROIC) stands at 6.78%, while its Weighted Average Cost of Capital (WACC) is 19.12%, resulting in a ROIC to WACC ratio of 0.35, indicating that the company is not generating returns above its cost of capital [2] - In comparison, State Street Corporation has a ROIC of 63.17% and a WACC of 15.35%, leading to a ROIC to WACC ratio of 4.12, showcasing its superior efficiency in generating returns well above its cost of capital [3] - Comerica Incorporated reports a ROIC of 3.40% and a WACC of 12.35%, yielding a ROIC to WACC ratio of 0.28, similar to Northern Trust, indicating challenges in capital utilization [4] - M&T Bank Corporation and Zions Bancorporation have ROIC to WACC ratios of 0.60 and 0.26, respectively, with M&T Bank showing a more favorable balance compared to Northern Trust, while Zions faces similar efficiency challenges [5] - Marsh & McLennan Companies has a ROIC to WACC ratio of 1.84, demonstrating a strong ability to generate returns above its cost of capital, though not as high as State Street [5]

Group 1 - The article does not provide specific insights or analysis on any companies or industries, focusing instead on the author's personal disclosures and lack of investment positions [1][2]

Core Insights - Zions Bancorporation (ZION) reported better-than-expected fourth-quarter 2025 results, with adjusted earnings per share (EPS) of $1.75, surpassing the Zacks Consensus Estimate of $1.57 and reflecting a 30.5% increase from the previous year [1][9]. Financial Performance - The growth in earnings was primarily driven by higher net interest income (NII) and non-interest income, supported by increases in loan and deposit balances, although rising non-interest expenses posed a challenge [2][12]. - For the full year 2025, Zions reported earnings of $6.01 per share, exceeding the Zacks Consensus Estimate of $5.93 and marking a 21.4% increase from the prior year [4]. - Net revenues for the fourth quarter were $902 million, an 8.4% year-over-year increase, and also beat the Zacks Consensus Estimate of $864.4 million [5]. - For the full year, net revenues reached $3.43 billion, up 8.1% year over year, surpassing the Zacks Consensus Estimate of $3.38 billion [5]. Income and Expenses - NII for the fourth quarter was $683 million, reflecting an 8.9% increase from the prior year, attributed to lower funding costs and a favorable mix of interest-earning assets [6]. - Non-interest income rose to $208 million, a 7.8% increase year over year, driven by higher retail and business banking fees [7]. - Adjusted non-interest expenses increased by 7.6% year over year to $548 million [7]. Asset Quality and Capital Ratios - The ratio of non-performing assets to loans and leases was 0.52%, a slight increase of 2 basis points from the previous year [9]. - Net loan and lease charge-offs decreased significantly to $7 million from $36 million in the year-ago quarter [9]. - As of December 31, 2025, the common equity tier 1 capital ratio improved to 11.5% from 10.9% a year ago, and the Tier 1 risk-based capital ratio rose to 11.6% [11]. Future Outlook - The modest loan growth and improving fee income, along with relatively higher interest rates, are positive indicators for Zions' future performance [12].

Core Viewpoint - Zions Bancorporation reported strong fourth-quarter earnings, exceeding analyst expectations in both earnings per share and sales figures [1][2]. Financial Performance - The company achieved quarterly earnings of $1.76 per share, surpassing the analyst consensus estimate of $1.57 per share, marking a 31% increase from the previous year's earnings of $1.34 per share [2]. - Quarterly sales reached $879 million, exceeding the analyst consensus estimate of $862.818 million, reflecting a 7.1% increase [2]. Expenses and Donations - Adjusted noninterest expense rose by 7.7% to $548 million, which included a $15 million donation to the Zions Bancorporation Foundation [2]. - Excluding the donation, adjusted operating expenses would have increased by 4.7%, resulting in a positive operating leverage of 2.4% and an efficiency ratio of 60.6% [2]. Stock Performance and Analyst Ratings - Following the earnings announcement, Zions Bancorp shares increased by 2.9%, trading at $60.80 [2]. - Analysts have adjusted their price targets for Zions Bancorp, with Stephens & Co. raising it from $63 to $65 and RBC Capital increasing it from $63 to $64, while maintaining their respective ratings of Equal-Weight and Sector Perform [3][4].

Core Insights - Zions Bancorporation has reported its fiscal Q4 earnings, providing insights into the regional banking sector [1] Group 1: Company Performance - The earnings report from Zions Bancorporation reflects the bank's financial health and operational performance in Q4 [1] Group 2: Investment Strategy - The article highlights the investment approach of Quad 7 Capital, which focuses on both long and short trades, emphasizing the importance of teaching investors to become proficient traders [1]

Core Insights - Zions Bancorporation has reported its fiscal Q4 earnings, providing insights into the regional banking sector [1] Group 1: Company Performance - The earnings report from Zions Bancorporation reflects the bank's financial health and operational performance in Q4 [1] Group 2: Investment Strategy - The article highlights the investment approach of Quad 7 Capital, which focuses on both long and short trades, emphasizing short- and medium-term investments, income generation, and momentum trades [1] - The investment group aims to educate investors on market dynamics and trading strategies, offering in-depth research and clear entry and exit targets [1]