Zions Bancorporation (ZION)

NASDAQFinancialsBanks - RegionalSnapshot 2026-10-23

$66.20-0.29%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Zions Bancorporation’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

+2.0%

+10% or more+5%0%−5%−10% or less

6.86 → 6.99 EPS · FY ending Dec 31, 2027 · 16 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 16 to 16; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	902.51M
EPS	—	1.717
Quarter ending 2027-03-31
Revenue	—	895.98M
EPS	—	1.524
Annual ending 2026-12-31
Revenue	—	3.52B
EPS	—	8.141
Annual ending 2027-12-31
Revenue	—	3.74B
EPS	—	6.993

Management figures unavailable.

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Cash from operating activities to remain above $423 million quarterly	Cash from operating activities more than doubled to $423 million.	Intact	quarterly cash from operations falls below $179 million	Cash from operations: $845M FY2026-Q2; GAAP. Published target: >= $423 million per quarter. Target period is not explicitly aligned with this observation. Source published Aug 6, 2026845,000,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
EPS to meet or exceed $6.01 for FY26	A supporting condition in Zions Bancorporation's published investment case. The stated target is >= $6.01 EPS.	Broken	EPS guidance falls below $6.01 for FY26	Diluted EPS: $3.05 per share FY2026-Q2; GAAP. Published target: >= $6.01 EPS. Target period is not explicitly aligned with this observation. Source published Aug 6, 20263.05 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: f471d644-8db7-4b5c-b8e3-12e070e3e981. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Net income growth to at least $233 million quarterly	Net income rose from $170 million to $233 million in one year.	Intact	quarterly net income falls below $170 million	Net income: $453M FY2026-Q2; GAAP. Published target: >= $233 million per quarter. Target period is not explicitly aligned with this observation. Source published Aug 6, 2026453,000,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: f471d644-8db7-4b5c-b8e3-12e070e3e981. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Revenue growth to at least $172 million quarterly	A primary condition in Zions Bancorporation's published investment case. The stated target is >= $172 million per quarter.	Intact	quarterly revenue falls below $158 million	Revenue: $182M FY2026-Q2; GAAP. Published target: >= $172 million per quarter. Target period is not explicitly aligned with this observation. Source published Aug 6, 2026182,000,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: f471d644-8db7-4b5c-b8e3-12e070e3e981. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$6.99

$6.87 → $6.99 · observed estimates

FY2027 revenue$3.74B

$3.72B → $3.74B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$6.87	$3,720,756,694	18 / 10
2026-07-25	$6.81	$3,706,610,690	21 / 13
2026-07-26	$6.81	$3,706,610,690	21 / 13
2026-07-27	$6.87	$3,720,756,694	18 / 10
2026-07-28	$6.87	$3,717,109,636	18 / 10
2026-07-29	$6.87	$3,717,109,636	18 / 10
2026-07-30	$6.82	$3,706,610,690	21 / 13
2026-07-31	$6.82	$3,706,610,690	20 / 13
2026-08-01	$6.87	$3,717,109,636	18 / 10
2026-08-02	$6.82	$3,706,610,690	20 / 13
2026-08-03	$6.82	$3,706,610,690	20 / 13
2026-08-04	$6.82	$3,706,610,690	20 / 13
2026-08-05	$6.82	$3,706,610,690	20 / 13
2026-08-06	$6.87	$3,717,109,636	17 / 10
2026-08-08	$6.87	$3,717,109,636	17 / 10
2026-08-09	$6.87	$3,717,109,636	17 / 10
2026-08-10	$6.87	$3,717,109,636	17 / 10
2026-08-12	$6.87	$3,717,109,636	17 / 10
2026-08-13	$6.87	$3,717,109,636	17 / 10
2026-08-14	$6.87	$3,717,109,636	17 / 10
2026-08-15	$6.87	$3,717,109,636	17 / 10
2026-08-16	$6.87	$3,717,109,636	17 / 10
2026-08-17	$6.87	$3,717,109,636	17 / 10
2026-08-18	$6.87	$3,717,109,636	17 / 10
2026-08-19	$6.87	$3,717,109,636	17 / 10
2026-08-20	$6.86	$3,714,203,930	17 / 10
2026-08-21	$6.86	$3,714,203,930	17 / 10
2026-08-22	$6.86	$3,714,203,930	17 / 10
2026-08-23	$6.86	$3,714,203,930	17 / 10
2026-08-24	$6.86	$3,714,203,930	17 / 10
2026-08-25	$6.86	$3,714,203,930	17 / 10
2026-08-26	$6.86	$3,714,203,930	17 / 10
2026-08-27	$6.86	$3,714,203,930	17 / 10
2026-08-28	$6.86	$3,714,203,930	17 / 10
2026-08-29	$6.86	$3,714,203,930	17 / 10
2026-08-30	$6.86	$3,714,203,930	17 / 10
2026-08-31	$6.86	$3,714,203,930	17 / 10
2026-09-01	$6.86	$3,714,203,930	17 / 10
2026-09-02	$6.86	$3,714,203,930	17 / 10
2026-09-03	$6.86	$3,714,203,930	17 / 10
2026-09-04	$6.86	$3,714,203,930	17 / 10
2026-09-05	$6.86	$3,714,203,930	17 / 10
2026-09-06	$6.86	$3,714,197,989	17 / 10
2026-09-07	$6.86	$3,714,197,989	17 / 10
2026-09-08	$6.86	$3,714,197,989	17 / 10
2026-09-09	$6.86	$3,715,772,865	17 / 10
2026-09-10	$6.86	$3,716,184,453	17 / 10
2026-09-11	$6.86	$3,716,184,453	17 / 10
2026-09-12	$6.86	$3,716,184,453	16 / 10
2026-09-13	$6.86	$3,716,184,453	16 / 10
2026-09-14	$6.86	$3,716,184,453	16 / 10
2026-09-15	$6.87	$3,717,552,629	17 / 11
2026-09-16	$6.87	$3,717,552,629	17 / 11
2026-09-17	$6.87	$3,717,552,629	17 / 11
2026-09-18	$6.87	$3,717,552,629	17 / 11
2026-09-19	$6.87	$3,717,552,629	17 / 11
2026-09-20	$6.87	$3,717,552,629	17 / 11
2026-09-21	$6.87	$3,717,552,629	17 / 11
2026-09-22	$6.87	$3,716,023,250	17 / 11
2026-09-23	$6.87	$3,716,023,250	17 / 11
2026-09-24	$6.86	$3,712,993,972	16 / 10
2026-09-25	$6.86	$3,713,460,639	17 / 11
2026-09-26	$6.86	$3,713,460,639	17 / 11
2026-09-27	$6.86	$3,713,460,639	17 / 11
2026-09-28	$6.86	$3,713,460,639	17 / 11
2026-09-29	$6.86	$3,714,776,366	18 / 11
2026-09-30	$6.86	$3,714,776,366	18 / 11
2026-10-01	$6.86	$3,713,109,699	16 / 11
2026-10-02	$6.84	$3,709,690,871	16 / 11
2026-10-03	$6.83	$3,708,116,327	16 / 11
2026-10-04	$6.83	$3,708,116,327	16 / 11
2026-10-05	$6.83	$3,708,116,327	16 / 11
2026-10-06	$6.83	$3,708,116,327	16 / 11
2026-10-07	$6.85	$3,713,443,714	16 / 11
2026-10-08	$6.85	$3,714,832,603	16 / 11
2026-10-09	$6.86	$3,715,311,488	16 / 11
2026-10-10	$6.86	$3,715,310,381	16 / 11
2026-10-11	$6.88	$3,719,010,381	16 / 12
2026-10-12	$6.88	$3,719,010,381	16 / 12
2026-10-13	$6.88	$3,719,010,381	16 / 12
2026-10-14	$6.88	$3,719,010,381	16 / 12
2026-10-15	$6.87	$3,719,010,381	16 / 12
2026-10-16	$6.87	$3,719,010,381	16 / 12
2026-10-17	$6.87	$3,719,010,381	16 / 12
2026-10-18	$6.87	$3,719,010,381	16 / 12
2026-10-19	$6.87	$3,719,010,381	16 / 12
2026-10-20	$6.96	$3,741,836,010	16 / 12
2026-10-21	$6.99	$3,743,577,238	16 / 12
2026-10-22	$6.99	$3,740,132,793	15 / 12
2026-10-23	$6.99	$3,740,132,793	15 / 11
2026-10-24	$6.99	$3,740,132,793	16 / 12

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	7	13	1
2026-06-01	8	14	1
2026-07-01	7	14	3
2026-08-01	7	12	3
2026-09-01	8	12	5
2026-10-01	8	12	4

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 8 Buy / Strong Buy · 12 Hold · 4 Sell / Strong Sell

1 upgrades0 downgrades15 maintains

Recent actions · Sep 25–Oct 24 · 16 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Piper SandlerOct 21 · prior Oct 1

$68.00 → $69.00+1.5%

Robert W. BairdOct 20 · prior Jul 21

$75.00 → $80.00+6.7%

JefferiesOct 20

$75.00New observation · no comparable prior

D.A. DavidsonOct 20 · prior Jul 21

$84.00 → $80.00-4.8%

Cantor FitzgeraldOct 14 · prior Jul 15

$80.00 → $76.00-5.0%

Truist FinancialOct 9 · prior Jul 10

$72.00 → $67.00-6.9%

Morgan StanleySep 28 · prior Jun 29

$77.00 → $78.00+1.3%

$0$46.20$92.40

3 raises · 3 cuts · 0 unchanged · 1 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Cash from operating activities to remain above $423 million quarterlyCash from operations: $845M
EPS to meet or exceed $6.01 for FY26Published status: Broken
Net income growth to at least $233 million quarterlyNet income: $453M
Revenue growth to at least $172 million quarterlyRevenue: $182M

Next proof point

Next earnings date unavailable

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

0.8%Typical daily move · historical

Downside history

-18.1%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Zions Bancorporation outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a regional-bank business with a value-oriented profile, rather than a clear-cut durable compounder or turnaround. The long-term thesis has improved after two recent earnings beats and stronger momentum, but its overall state remains uncertain because there is not enough recent financial history to assess it.

What's priced into Zions Bancorporation

The evidence describes ZION as cheap versus peers, with valuation and expectations broadly aligned. The expectations gap is slightly negative, suggesting some room for execution concerns, while low priced-in fragility means the thesis is not seen as dependent on a fragile mix of high expectations and weak execution.

What the fundamentals likely do

Over the multi-year view, customer-related noninterest income, loans, and customer deposits have grown, while recent loan charge-offs and classified loans have declined. In the near term, flat linked-quarter loan growth and a sector headwind temper that progress; management is stable, and the latest earnings event was positive.

What Zions Bancorporation hinges on

The thesis depends on continued growth in customer income and deposits, sustained loan growth, and further improvement in credit quality. A guidance cut or Fed rate cuts would be unfavorable near term, while stronger earnings and guidance from sector peers could support sector momentum.