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Zions Bancorporation, National Association cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$860M in Q3 2026 · $2.1B over twelve months

Operating cash flow$894M
Capital spending−$34.0M
Free cash flow+$860M
Cash / net income3.4×

Analysis

In Q3 2026, Zions Bancorporation, National Association generated $894M of operating cash flow and spent $34.0M on capital projects, leaving free cash flow of $860M. That is $447M more than in Q3 2025 ($413M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.3B; the largest uses were other investing ($2.8B), net borrowing (+) / repaid (−) ($1.7B), dividends ($276M); besides operations, cash came from other financing ($3.1B), shares issued ($20.0M); the cash balance fell by $44.0M.

Operating cash flow was $894M against net income of $263M — 3.4× profit, cash ran ahead of reported earnings. The largest differences: prepaid and other assets −$41.0M, depreciation & amortization +$31.0M, deferred taxes −$10.0M.

Free cash flow

Zions Bancorporation, National Association: free cash flow by quarterZions Bancorporation, National Association: free cash flow by quarter$489MQ4 2024$152MQ1 2025−$93.0MQ2 2025$413MQ3 2025$480MQ4 2025$398MQ1 2026$389MQ2 2026$860MQ3 2026
Operating cash flow less capital spending.
Zions Bancorporation, National Association: operating cash flow against capital spendingZions Bancorporation, National Association: operating cash flow against capital spendingOperating cash flowCapital spending$517M$28.0MQ4 2024$179M$27.0MQ1 2025−$62.0M$31.0MQ2 2025$438M$25.0MQ3 2025$518M$38.0MQ4 2025$423M$25.0MQ1 2026$422M$33.0MQ2 2026$894M$34.0MQ3 2026
Latest (Q3 2026): Operating cash flow $894M, Capital spending $34.0M.

Capital allocation, year by year

Zions Bancorporation, National Association: where the cash came from (up) and went (down), by fiscal yearZions Bancorporation, National Association: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $629MFY2021: Net borrowing −$955MFY2021: Shares issued $41.0MFY2021: Capital spending −$206MFY2021: Buybacks −$800MFY2021: Dividends −$261M$670MFY2021FY2022: Operating cash flow $1.5BFY2022: Net borrowing $9.2BFY2022: Shares issued $17.0MFY2022: Capital spending −$190MFY2022: Acquisitions $318MFY2022: Buybacks −$202MFY2022: Dividends −$269M$11.0BFY2022FY2023: Operating cash flow $885MFY2023: Net borrowing −$6.2BFY2023: Shares issued $5.0MFY2023: Capital spending −$113MFY2023: Buybacks −$51.0MFY2023: Dividends −$282M$890MFY2023FY2024: Operating cash flow $1.1BFY2024: Net borrowing −$139MFY2024: Shares issued $19.0MFY2024: Capital spending −$97.0MFY2024: Buybacks −$36.0MFY2024: Dividends −$289M$1.2BFY2024FY2025: Operating cash flow $1.1BFY2025: Net borrowing −$230MFY2025: Shares issued $11.0MFY2025: Capital spending −$121MFY2025: Acquisitions $191MFY2025: Buybacks −$41.0MFY2025: Dividends −$267M$1.3BFY2025
Over these 5 years operating cash flow totalled $5.2B; the largest uses were net borrowing ($7.5B) and dividends ($1.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$727M
Debt$4.6B
Net debt$3.8B

Zions Bancorporation, National Association funds itself: free cash flow was $2.1B over the last twelve months, and $727M of cash and investments stands against $4.6B of debt.

Zions Bancorporation, National Association: debt maturities by year (FY2024)Zions Bancorporation, National Association: debt maturities by year (FY2024)$458MYear 5$488MAfter year 5
Principal due in each year as disclosed in the annual report, against $727M of cash and investments now.

Where the cash came from and went

Zions Bancorporation, National Association: sources (+) and uses (−) of cash, Q3 2026Zions Bancorporation, National Association: sources (+) and uses (−) of cash, Q3 2026Other investing−$2.0BOther financing$1.3BOperating cash flow$894MAcquisitions−$238MNet borrowing (+) / repaid (−)$122MBuybacks−$75.0MDividends−$72.0MCash drawn (+) / kept (−)$66.0MCapital spending−$34.0MShares issued$3.0M
Zions Bancorporation, National Association: sources (+) and uses (−) of cash, TTM to Q3 2026Zions Bancorporation, National Association: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$3.1BOther investing−$2.8BOperating cash flow$2.3BNet borrowing (+) / repaid (−)−$1.7BDividends−$276MAcquisitions−$238MBuybacks−$227MCapital spending−$130MCash drawn (+) / kept (−)$44.0MShares issued$20.0M

From profit to cash

Zions Bancorporation, National Association: net income to operating cash flow, Q3 2026Zions Bancorporation, National Association: net income to operating cash flow, Q3 2026Net income$263MDepreciation & amortization$31.0MStock-based pay$7.0MDeferred taxes−$10.0MOther non-cash−$4.0MPrepaid and other assets−$41.0MOperating cash flow$894M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$894M−$34.0M−$238M−$75.0M−$72.0M$122M$3.0M$66.0M$860M
Q2 2026$422M−$33.0M—−$75.0M−$68.0M$838M$3.0M−$132M$389M
Q1 2026$423M−$25.0M—−$77.0M−$68.0M−$2.0B$14.0M$22.0M$398M
Q4 2025$518M−$38.0M——−$68.0M−$653M—$88.0M$480M
Q3 2025$438M−$25.0M——−$68.0M−$1.8B$2.0M$9.0M$413M
Q2 2025−$62.0M−$31.0M——−$65.0M$2.6B—$53.0M−$93.0M
Q1 2025$179M−$27.0M$191M−$41.0M−$66.0M−$356M$4.0M−$182M$152M
Q4 2024$517M−$28.0M—−$1.0M−$74.0M$1.3B$9.0M$463M$489M

Zions Bancorporation, National Association: income statement and cash flow

Zions Bancorporation, National Association, Q3 2026: revenue $881M (+2% year over year), operating margin 38.1%. The chart follows the revenue to costs, profit and cash.

Zions Bancorporation, National Association: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.