ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ posts higher revenue and profit year over year on 10-Q for period-ended-2026-06-30

Bottom line

Across both reporting windows the company delivered a higher top line and a higher bottom line than the prior-year comparative, with no change in the sign of profitability.

Specifically, Revenues for the three-month reporting period totaled $182,000,000 USD, compared with $164,000,000 USD for the prior-year comparative for the three-month reporting period, an authorized year-over-year increase with the current period positive and the prior period positive. The matching Revenue from Contract with Customer, Excluding Assessed Tax line shows $141,000,000 USD against $130,000,000 USD, again an authorized increase with both periods positive. The six-month year-to-date comparison tells the same story: Revenues at $354,000,000 USD versus $322,000,000 USD, and Revenue from Contract with Customer, Excluding Assessed Tax at $275,000,000 USD versus $263,000,000 USD, each an authorized increase with both periods positive.

Bottom-line profitability moved in the same direction. Net Income (Loss) Attributable to Parent was $453,000,000 USD for the three-month reporting period versus $244,000,000 USD for the prior-year comparative for the three-month reporting period, an authorized year-over-year increase with both periods in profit. On the six-month year-to-date basis the same measure was $686,000,000 USD versus $414,000,000 USD, also an authorized increase with both periods in profit. Earnings Per Share, Diluted was $3.05 per diluted share USD/SHARES for the three-month reporting period against $1.63 per diluted share USD/SHARES, and $4.61 per diluted share USD/SHARES for the six-month year-to-date period against $2.77 per diluted share USD/SHARES, each an authorized increase with both periods in profit.

This filing is presented on the 10-Q under accession 0000109380-26-000111 for the fiscal period identified as period-ended-2026-06-30, issued by ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (CIK 0000109380, ticker ZION). The supporting narrative in the source defines key recurring terms such as noninterest income under the cited note, the only level reference made available for revenue composition in this filing.

The filing frames its discussion under a forward-looking-information heading that cautions readers that statements reflect management's current expectations and assumptions regarding future events and outcomes, are not guarantees, and should not be relied upon as representing management's views as of any subsequent date because actual results and outcomes may differ materially. No further management-attributed explanation for the period-over-period movements is recorded in the quoted source for this section.

No inference beyond the authorized year-over-year relations above is presented here. The filing evidence pairs each current figure with its prior-year comparative and authorizes a directional read; deeper attribution is not attempted in this section.

None noted within the filing evidence for the dimensions described above; no contradicting figure was quoted for revenue, net income, or earnings per share across the windows compared.

UNKNOWN: The filing evidence does not attribute this change to any single cause.

Financial performance

63 per diluted share USD/SHARES in the prior-year quarter, a higher result, with a profit-to-profit transition across both windows. 77 per diluted share USD/SHARES, again higher year over year, with a profit-to-profit transition. - Net Income (Loss) Attributable to Parent for the quarter was $453,000,000 USD versus $244,000,000 USD in the prior-year quarter, higher year over year with a profit-to-profit transition.

The six-month year-to-date figure was $686,000,000 USD versus $414,000,000 USD, higher year over year with a profit-to-profit transition. - Two revenue views are reported in the income statement. Revenue from Contract with Customer, Excluding Assessed Tax was $141,000,000 USD for the quarter versus $130,000,000 USD in the prior-year quarter, and $275,000,000 USD for the six months versus $263,000,000 USD, higher in both windows.

The broader Revenues line was $182,000,000 USD for the quarter versus $164,000,000 USD, and $354,000,000 USD for the six months versus $322,000,000 USD, higher in both windows. - The filing is the interim report on 10-Q for ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ (CIK 0000109380, accession 0000109380-26-000111), so each figure above is unaudited interim data subject to the disclosure controls addressed in Item 4. Comparison narratives sit in the Results of Operations section; supplementary balance-sheet, funding, and credit discussions support the top-line and earnings commentary.

Note six discusses the composition of noninterest income, which is the income stream most directly driving the reported earnings movement and which contributes both the customer-related fees and the noncustomer-related gains highlighted in management's narrative. - Management attributes the quarter's earnings improvement primarily to net interest income, which expanded on lower funding costs and a more favorable mix of higher-yielding loans versus lower-yielding securities, and to noninterest income, which benefited from a Visa share sale gain and SBIC-related net unrealized gains in the current quarter and from SBIC net unrealized gains in the prior-year quarter.

They also cite higher customer-related fees across capital markets, loan-related, and commercial account lines, while noninterest expense rose on professional and legal services, salary and benefits, and technology costs, partly offset by lower FDIC special assessment expense. - The filing evidence does not attribute this change to any single cause. on a single quantitative driver, because the filing does not isolate one cause for the reported increase.

- The filing evidence contains no peer or industry comparison. in the filing evidence, so no industry or peer comparison is offered here. - The filing evidence does not disclose segment-level detail for this dimension.

at the segment level for revenue and earnings in this filing window. - No guidance, forward-looking earnings range, or analyst expectation is reproduced in this section; the filing's forward-looking caveat applies to any prospective statement, and any reader inference about future EPS, net income, or revenue is not grounded in this interim report.

Operating drivers and segments

The filing reports two top-line measures — Revenue from Contract with Customer, Excluding Assessed Tax and a broader Revenues line — for both the three-month reporting period and the six-month year-to-date window, alongside the matching prior-year comparatives. Segment-level disclosure that would tie revenue, expense, or margin to a named division (for example the operating bank brands referenced in the glossary, or commercial real estate versus commercial and industrial lending) is not present in the quoted evidence for this section. The catalog does not allocate either revenue measure to a business segment, a geography, or a product family, so a reader cannot use this filing alone to compare segment growth rates, pre-tax margin movements, or pre-provision net revenue trends. The filing evidence does not attribute this change to any single cause.

Management frames the document with a forward-looking statements caveat covering beliefs, plans, targets, and future financial condition, operating results, and performance, and explicitly cautions that actual results may differ materially. That caveat is the only direct management narrative present in the quoted evidence for the operating-driver discussion. The filing also cites the cited note on Noninterest Income as the location where the composition of noninterest income is described, indicating that management views the revenue build-up as multi-component rather than driven by a single fee or spread item. No quantitative driver commentary — for example a call-out of loan growth, deposit mix, margin expansion, or a specific fee category — is included in the quoted text for this section, and the prior-year comparatives are presented as plain revenue amounts without an accompanying management explanation of the gap.

Cash flow and capital

- Operating cash generation remained positive across both the current six-month window and the prior-year comparative period, with the authorized direction reading as an increase year over year. The shift in operating cash is presented by the catalog as a directional change only; no cause is authorized in the source record. - Investing activities swung from a positive figure in the prior-year six-month window to a negative figure in the current six-month period, which the catalog records as a directional decrease.

The filing evidence does not attribute this change to any single cause. , a smaller outflow relative to the prior comparative). - Capital expenditures on property, plant, and equipment were positive in both periods, and the authorized direction is recorded as roughly flat, indicating broadly maintained investment in fixed assets.

- Payments for the repurchase of common stock were positive in both six-month windows, and the authorized direction reads as an increase year over year, consistent with a larger repurchase outflow in the current window relative to the comparative. - Cash dividends paid were positive in both six-month windows, with the authorized direction reading as an increase year over year, pointing to higher cash returned to shareholders in the current window relative to the prior comparative. - The combined signal from financing and investing activities, alongside steady operating cash inflow and roughly flat capex, is consistent with a window in which the bank funded higher shareholder returns (both buybacks and dividends) while still keeping operating cash inflow positive.

- Management commentary reproduced in the filing narrative attributes deposit balance changes to focused deposit growth initiatives and a migration of a consumer interest-bearing product into a new noninterest-bearing offering, and attributes net interest income growth to lower funding costs and an improved mix of higher-yielding loans against lower-yielding securities; the filing also discloses the previously announced completion of the Basis Multifamily Finance acquisition during the window. The filing narrative does not connect any of those items to the line items in the cash flow statement, so the causal link between operating, investing, and financing cash flows and the narrative drivers above is not stated in the evidence.

The filing evidence does not attribute this change to any single cause. - The filing evidence does not disclose a balance-sheet summary table for this section, so leverage, tangible common equity, and capital ratios are not discussed here. - The filing evidence does not attribute the year-over-year change in any single cash flow line to a single cause.

The filing evidence does not attribute this change to any single cause. - The filing evidence contains no peer or industry comparison for capital allocation metrics. The filing evidence contains no peer or industry comparison.

- Segment-level detail on capital allocation is not disclosed in the filing evidence for this filing. The filing evidence does not disclose segment-level detail for this dimension.

Peer and historical context

This section of the Lizely Finance Earnings Analysis evaluates ZIONS BANCORPORATION, NATIONAL ASSOCIATION /UT/ as filed under 10-Q for period-ended-2026-06-30 (accession 0000109380-26-000111; ticker ZION; CIK 0000109380) against itself across recent periods. The filing evidence contains no peer or industry comparison. The filing evidence contains no peer or industry comparison. Therefore, the only historical yardstick available is the issuer's own prior-year comparatives, and the analysis below is restricted to those internal period-over-period comparisons.

Reported facts - Revenue from Contract with Customer, Excluding Assessed Tax was $263,000,000 USD for the six months ended June 30, 2025 and $275,000,000 USD for the six months ended June 30, 2026, with the quarter comparatives at $130,000,000 USD and $141,000,000 USD for the three months ended June 30, 2025 and the three months ended June 30, 2026 respectively. A second revenue line, Revenues, is also disclosed at $322,000,000 USD and $354,000,000 USD for the six-month window, and at $164,000,000 USD versus $182,000,000 USD for the three-month window. - Net Income (Loss) Attributable to Parent was $414,000,000 USD for the six months ended June 30, 2025 versus $686,000,000 USD for the six months ended June 30, 2026; on the quarter, it was $244,000,000 USD versus $453,000,000 USD for the three months ended June 30, 2025 and the three months ended June 30, 2026. - Net Cash Provided by (Used in) Operating Activities was $117,000,000 USD for the six months ended June 30, 2025 and $845,000,000 USD for the six months ended June 30, 2026.

Management explanations Management frames the year-over-year change through net interest margin drivers, citing the ongoing runoff of lower-yielding securities, a meaningful contributor to net interest margin expansion, and lower funding costs as the total cost of deposits declined. Average noninterest-bearing deposits grew materially, reflecting the migration of a consumer interest-bearing product into a new noninterest-bearing offering, while average interest-bearing deposits also increased, largely driven by focused deposit growth initiatives. On the credit side, management attributes the year-over-year decrease in the ACL primarily to changes in loan portfolio composition and lower reserves associated with CRE portfolio-specific risks, partially offset by more adverse economic forecasts and increased lending activity. Noninterest income composition is addressed in Note 6.

Analyst inference On the only comparisons the filing evidence authorizes, top-line revenue and bottom-line earnings both moved higher year over year in both the quarter and the six-month window, with operating cash flow also higher year over year. The internal pattern is consistent with the management narrative that earning-asset mix and deposit-cost relief supported the period. The filing evidence does not attribute this change to any single cause. No peer benchmark is available in the filing evidence to contextualize the magnitude of the moves, so the section cannot reach a verdict on whether the improvement tracks, leads, or lags any industry cohort.

Counter-evidence The principal counterweight in the source narrative is the credit-cost overlay: management flags more adverse economic forecasts and increased lending activity as partial offsets to the otherwise constructive ACL drivers, which tempers the read-through from revenue and earnings gains to forward credit quality. The filing evidence does not translate that overlay into a quantified reserve or provision figure here, and it offers no peer cross-check to test the magnitude of the constructive drivers. Risk-factor and legal-proceeding disclosures are contained in Item 1A and Item 1; controls, legal proceedings, market risk, other information, exhibits and signatures appear in Item 4, Item 3, Item 2, Item 5 and Item 6.

Unknowns Peer-relative positioning, segment-level revenue mix, and the precise quantitative contribution of each margin driver remain outside the filing evidence and are left unqualified here.

Scenario analysis

- The bank's underlying earning power keeps trending higher, in line with the authorized year-over-year direction on Net Income (Loss) Attributable to Parent for both the three-month reporting period and the six-month year-to-date period, with profitability preserved across both windows. - Customer-related top-line momentum continues, consistent with the authorized year-over-year direction on Revenue from Contract with Customer, Excluding Assessed Tax and on the broader Revenues line for both the three-month reporting period and the six-month year-to-date period. - Provisioning stays moderate: the allowance framework continues to weigh optimistic, baseline, and stressed scenarios, with the scenario mix broadly tracking today's settings.

- Top-line growth extends further as both reported revenue measures print higher against the prior-year comparative for the three-month reporting period and the six-month year-to-date period, supported by the authorized direction on Revenue from Contract with Customer, Excluding Assessed Tax and on Revenues. - Bottom-line results accelerate, with the authorized year-over-year increase on Net Income (Loss) Attributable to Parent for both the three-month reporting period and the six-month year-to-date period reinforcing a profit-to-profit transition. - Customer-related noninterest income contributes to the uplift; the cited note describes a year-over-year increase that was partly driven by the previously discussed pre-tax net gains, lifting total noninterest income relative to the prior year period.

- Credit conditions deteriorate as management tilts the allowance weightings toward the more adverse scenarios, lifting the ACL even though CRE portfolio-specific risks remain lower than in the prior year period. - Provision for credit losses rises from the negative prior-year comparison in the second quarter, reversing into a positive charge that compresses earnings. - The filing evidence does not attribute this change to any single cause.

Risks and what to watch

- Reported facts - The interim filing presents revenue on two bases, allowing the reader to triangulate top-line movement. Revenue from Contract with Customer, Excluding Assessed Tax was $130,000,000 USD for the three months ended June 30, 2025, $141,000,000 USD for the three months ended June 30, 2026, $263,000,000 USD for the six months ended June 30, 2025, and $275,000,000 USD for the six months ended June 30, 2026. The broader Revenues line was $164,000,000 USD for the three months ended June 30, 2025, $182,000,000 USD for the three months ended June 30, 2026, $322,000,000 USD for the six months ended June 30, 2025, and $354,000,000 USD for the six months ended June 30, 2026.

- Net Income (Loss) Attributable to Parent was $244,000,000 USD for the three months ended June 30, 2025, $453,000,000 USD for the three months ended June 30, 2026, $414,000,000 USD for the six months ended June 30, 2025, and $686,000,000 USD for the six months ended June 30, 2026. - Coverage of risk topics is anchored in Item 1A (risk factors), Item 3 (quantitative and qualitative market risk), Item 4 (controls and procedures, legal proceedings), Item 1 (legal proceedings), and Item 5 and Item 6 (other information, exhibits and signatures), with revenue-related methodology signposted to Note 6 in the cited Form reference.

- Management explanations - Management links allowance-level movement to three buckets — economic-forecast weightings, credit-quality factors including risk grade migration and portfolio-specific risks, and changes in portfolio composition — and frames the shift in provision relative to the prior-year quarter on that combined basis. Customer-related noninterest income is described as higher than the prior year period, attributed by management to the previously discussed pre-tax net gains. - Analyst inference - Authorized comparisons indicate a higher quarter and higher year-to-date result for both Revenue from Contract with Customer, Excluding Assessed Tax and the broader Revenues line, alongside a higher quarter and higher year-to-date Net Income (Loss) Attributable to Parent.

Because no causal authorizations are granted, the gap between the two revenue presentations and any associated quality of earnings signal cannot be asserted. - Counter-evidence and bear-case considerations - The filing explicitly notes that the provision for credit losses moved from a negative comparative to a positive figure for the current second quarter, which is a directional deterioration in the credit-cost line versus the prior-year quarter. Management also acknowledges that economic-scenario weightings were tilted toward more adverse scenarios, and that a portion of the allowance change was driven by CRE portfolio-specific dynamics, both of which are bear-case relevant even while headline revenue and net income improved.

- Unknowns - Segment-level detail for revenue and net income is not disclosed at this level of granularity in the filing evidence. Peer or industry context is also absent. - The filing evidence does not attribute this change to any single cause.

- The filing evidence contains no peer or industry comparison. - The filing evidence does not disclose segment-level detail for this dimension. - Metrics to watch next period - Provision for credit losses relative to the prior-year quarter, since the swing from a negative to a positive reading is the most explicit counter-evidence in the filing and could persist if adverse scenario weightings remain.

- Composition of revenue between the contract-with-customer line and the broader Revenues line, including whether the gap narrows, widens, or holds steady across both the quarter and the half-year window. - Customer-related noninterest income versus the prior year period, since management attributes the increase to pre-tax net gains that may not repeat. - Updates to risk factors, market-risk disclosures, and legal proceedings under Item 1A, Item 3, and Item 4 for any escalation that would change the bear-case framing.