Zions Bancorporation, NA (ZION) Cash Flow Statement
Where ZION’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.10B −4.0% vs 2024
- Capital expenditures
- $121.0M 2.4% of revenue
- Free cash flow
- $981.0M 19.8% margin
- Returned to shareholders
- $308.0M 31% of free cash flow
- Change in cash
- −$651.0M cash at year-end $683.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
ZION operating cash flow, capex and free cash flow
ZION cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $596.1M2016 | $1.10B2025 | +7.1%/yr | |
| Capital expenditures | $196.0M2016 | $121.0M2025 | −5.2%/yr | |
| Free cash flow | $400.4M2016 | $981.0M2025 | +10.5%/yr | |
| Free cash flow margin | 16.2%2016 | 19.8%2025 | +3.6 pts | |
| Operating cash flow / net income | 1.272016 | 1.232025 | −0.04 | |
| Stock-based compensation | $26.0M2016 | $35.0M2025 | +3.4%/yr | |
| Dividends paid | $108.0M2016 | $267.0M2025 | +10.6%/yr | |
| Share buybacks (net) | $223.0M2016 | $41.0M2025 | −17.2%/yr | |
| Capex / revenue | 7.9%2016 | 2.4%2025 | −5.5 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ZION cash flow by activity
ZION net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ZION cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $899.0M | $784.0M | $680.0M | $907.0M | $1.13B | $539.0M | $816.0M | $884.0M | $592.0M | $469.1M |
| Depreciation & amortization | $116.0M | $124.0M | $140.0M | $110.0M | −$14.0M | $86.0M | $188.0M | $193.0M | $179.0M | $123.0M |
| Stock-based compensation | $35.0M | $33.0M | $33.0M | $30.0M | $28.0M | $26.0M | $27.0M | $26.0M | $25.0M | $26.0M |
| Change in working capital | −$24.0M | $177.0M | −$148.0M | $390.0M | −$158.0M | −$259.0M | −$353.0M | $139.0M | $4.0M | −$75.0M |
| Other non-cash items | $76.0M | $30.0M | $180.0M | $33.0M | −$356.0M | $327.0M | $19.0M | −$66.0M | $128.0M | $53.0M |
| Cash from operating activities | $1.10B | $1.15B | $885.0M | $1.47B | $629.0M | $719.0M | $697.0M | $1.18B | $928.0M | $596.1M |
| Investing activities | ||||||||||
| Capital expenditures | −$121.0M | −$97.0M | −$113.0M | −$190.0M | −$206.0M | −$171.0M | −$117.0M | −$129.0M | −$169.0M | −$196.0M |
| Investments (net) | $1.94B | −$1.64B | $2.37B | $1.55B | −$11.47B | −$12.15B | −$852.0M | −$2.60B | −$3.66B | −$3.25B |
| Acquisitions & other investing | −$1.11B | $97.0M | $113.0M | $47.0M | $94.0M | $121.0M | $1.34B | $20.0M | −$89.0M | $6.5M |
| Cash from investing activities | $709.0M | −$1.64B | $2.37B | $1.41B | −$11.58B | −$12.20B | $375.0M | −$2.71B | −$3.92B | −$3.44B |
| Financing activities | ||||||||||
| Dividends paid | −$267.0M | −$289.0M | −$282.0M | −$269.0M | −$261.0M | −$259.0M | −$260.0M | −$236.0M | −$129.0M | −$108.0M |
| Share repurchases & issuance (net) | −$41.0M | −$410.0M | −$51.0M | −$202.0M | −$926.0M | −$76.0M | −$1.10B | −$672.0M | −$465.0M | −$223.0M |
| Net borrowing (repayment) | −$230.0M | −$139.0M | −$6.17B | $9.22B | −$955.0M | −$910.0M | $3.60B | $3.01B | $2.00B | $199.8M |
| Shares issued | $6.0M | $10.0M | $3.0M | $9.0M | $21.0M | $8.0M | $14.0M | $20.0M | $0 | $0 |
| Other financing | −$1.25B | $1.25B | $3.30B | −$11.57B | $13.12B | $12.56B | −$3.23B | −$528.0M | $1.40B | $2.91B |
| Cash from financing activities | −$1.78B | $427.0M | −$3.20B | −$2.81B | $11.00B | $11.32B | −$981.0M | $1.60B | $2.80B | $2.78B |
| Summary | ||||||||||
| Net change in cash | −$651.0M | −$65.0M | $59.0M | $62.0M | $52.0M | −$162.0M | $91.0M | $66.0M | −$189.0M | −$61.0M |
| Cash at end of period | $683.0M | $651.0M | $716.0M | $657.0M | $595.0M | $543.0M | $705.0M | $614.0M | $548.0M | $737.3M |
| Free cash flow | $981.0M | $1.05B | $772.0M | $1.28B | $423.0M | $548.0M | $580.0M | $1.05B | $759.0M | $400.4M |
| Free cash flow margin | 19.8% | 21.0% | 16.7% | 38.4% | 14.2% | 18.6% | 17.9% | 34.5% | 27.7% | 16.2% |
| Capex / revenue | 2.4% | 1.9% | 2.4% | 5.7% | 6.9% | 5.8% | 3.6% | 4.3% | 6.2% | 7.9% |
| Operating cash flow / net income | 1.23 | 1.46 | 1.30 | 1.62 | 0.56 | 1.33 | 0.85 | 1.33 | 1.57 | 1.27 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $686.0M | $230.0M | $263.0M | $222.0M | $244.0M | $170.0M | $216.0M | $214.0M | $201.0M | $153.0M | $125.0M | $4.0M |
| Depreciation & amortization | $27.0M | $30.0M | $29.0M | $30.0M | $29.0M | $28.0M | $29.0M | $32.0M | $31.0M | $32.0M | $32.0M | $36.0M |
| Stock-based compensation | $24.0M | $18.0M | $6.0M | $6.0M | $6.0M | $17.0M | $5.0M | $4.0M | $8.0M | $16.0M | $5.0M | $4.0M |
| Change in working capital | $361.0M | −$188.0M | $44.0M | $146.0M | −$322.0M | −$70.0M | $247.0M | −$120.0M | $21.0M | $29.0M | −$386.0M | $29.0M |
| Other non-cash items | −$253.0M | $373.0M | $106.0M | $34.0M | −$19.0M | $34.0M | $20.0M | −$11.0M | −$10.0M | $31.0M | −$21.0M | −$69.0M |
| Cash from operating activities | $845.0M | $463.0M | $448.0M | $438.0M | −$62.0M | $179.0M | $517.0M | $119.0M | $251.0M | $261.0M | −$245.0M | $4.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$58.0M | −$25.0M | −$38.0M | −$25.0M | −$31.0M | −$27.0M | −$28.0M | −$22.0M | −$17.0M | −$30.0M | −$29.0M | −$31.0M |
| Investments (net) | $405.0M | $1.15B | $94.0M | $359.0M | −$631.0M | $1.66B | −$2.37B | $1.13B | −$460.0M | $53.0M | $738.0M | −$148.0M |
| Acquisitions & other investing | −$607.0M | −$741.0M | −$637.0M | $25.0M | $31.0M | $27.0M | $28.0M | $22.0M | $17.0M | $30.0M | $29.0M | $31.0M |
| Cash from investing activities | −$260.0M | $388.0M | −$581.0M | $359.0M | −$631.0M | $1.66B | −$2.37B | $1.13B | −$460.0M | $53.0M | $738.0M | −$148.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$136.0M | −$68.0M | −$68.0M | −$68.0M | −$65.0M | −$66.0M | −$74.0M | −$72.0M | −$72.0M | −$71.0M | −$71.0M | −$12.0M |
| Share repurchases & issuance (net) | −$152.0M | −$77.0M | $0 | −$41.0M | $0 | −$41.0M | −$375.0M | −$50.0M | $0 | −$35.0M | −$1.0M | $0 |
| Net borrowing (repayment) | $838.0M | −$1.99B | −$653.0M | −$1.82B | $2.60B | −$356.0M | $1.32B | −$2.73B | — | — | — | — |
| Shares issued | $3.0M | $14.0M | $0 | $2.0M | $0 | $4.0M | $9.0M | $1.0M | $0 | $0 | $1.0M | $0 |
| Other financing | −$1.03B | $1.25B | $766.0M | $1.12B | −$1.89B | −$1.20B | $505.0M | $2.00B | $289.0M | −$215.0M | −$406.0M | $0 |
| Cash from financing activities | −$475.0M | −$873.0M | $45.0M | −$806.0M | $640.0M | −$1.66B | $1.39B | −$855.0M | $217.0M | −$321.0M | −$477.0M | −$12.0M |
| Summary | ||||||||||||
| Net change in cash | $110.0M | $182.0M | −$771.0M | −$9.0M | −$53.0M | $182.0M | −$463.0M | $397.0M | $8.0M | −$7.0M | $16.0M | −$8.0M |
| Cash at end of period | $793.0M | $833.0M | $683.0M | $771.0M | $780.0M | $833.0M | $651.0M | $1.11B | $717.0M | $709.0M | $716.0M | −$8.0M |
| Free cash flow | $787.0M | $438.0M | $410.0M | $413.0M | −$93.0M | $152.0M | $489.0M | $97.0M | $234.0M | $231.0M | −$274.0M | $4.0M |
| Free cash flow margin | 53.2% | 37.0% | 32.8% | 33.0% | −7.5% | 12.7% | 39.0% | 7.6% | 18.8% | 19.1% | −23.1% | 0.3% |
| Capex / revenue | 3.9% | 2.1% | 3.0% | 2.0% | 2.5% | 2.3% | 2.2% | 1.7% | 1.4% | 2.5% | 2.4% | 2.6% |
| Operating cash flow / net income | 1.23 | 2.01 | 1.70 | 1.97 | −0.25 | 1.05 | 2.39 | 0.56 | 1.25 | 1.71 | −1.96 | 1.00 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ZION cash generation
In fiscal 2025 (ended December 31, 2025), Zions Bancorporation, NA generated $1.1 billion of cash from operations (down 4.0%) and spent $121.0 million on capital expenditures, leaving free cash flow of $981.0 million, 19.8% of revenue. It returned $308.0 million to shareholders through dividends ($267.0 million) and net share buybacks ($41.0 million). Cash and equivalents fell by $651.0 million over the year.
Related: ZION income statement, ZION balance sheet, ZION dividend history. See the ZION stock overview for the latest quote and news.
ZION cash flow FAQ
What is Zions Bancorporation, NA's free cash flow?
Zions Bancorporation, NA's free cash flow was $981.0 million in fiscal 2025: $1.1 billion of operating cash flow minus $121.0 million of capital expenditures It was $1.1 billion a year earlier..
How much cash does Zions Bancorporation, NA generate from operations?
Zions Bancorporation, NA generated $1.1 billion of cash from operating activities in fiscal 2025, 1.23 times its net income of $899.0 million.
How much does Zions Bancorporation, NA spend on capital expenditures?
Zions Bancorporation, NA spent $121.0 million on capital expenditures in fiscal 2025, 2.4% of revenue, compared with $97.0 million the year before.
How much stock does Zions Bancorporation, NA buy back?
Zions Bancorporation, NA spent $41.0 million on net share repurchases in fiscal 2025.
How much does Zions Bancorporation, NA pay in dividends?
Zions Bancorporation, NA paid $267.0 million in dividends in fiscal 2025, 27.2% of free cash flow.