ZION Nasdaq Russell 1000 Earnings call
Zions Bancorporation (ZION) · Q2 2026 results and valuation
Share price: $66.54 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 20 Jul 2026 and 20 Apr 2026
Net income up 94.4% on the previous quarter. Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+94.4%
Net income vs Q1 2026
Outlook given
Net income 453.0M vs 233.0M
Revenue +5.8%
Against the same quarter last year (Q2 2025) it is +85.7%, so it is not just seasonal.
2 · How management spoke
Typical
Less upbeat than 55% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
Key theme
ZION is returning to core strategic initiatives as deposit campaigns approach wholesale rates, which impacts both the deposit and loan sides of the…
Valuation
Is Zions Bancorporation undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 2.5% growth a year (3-year revenue growth), the model's fair value is $84.05 a share — the stock trades 21% below it. Today's price assumes −0.7% growth a year.
Current price
$66.54
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
-0.7% for 10 yrs
Fair value / share
$84.05
Buy below
$63.04
Price vs fair value
Undervalued 21%
Price vs buy-below price
Overvalued 6%
Read between the lines
-
Guidance
Acquisition benefits are expected to build gradually as the platform is integrated and production volumes ramp up.
Source quote
“Additionally, we expect the financial benefits of the acquisition to build gradually over time as the platform is integrated and production volumes ramp up.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“When excluding net equity investment gains of $1.31 this year and $0.05 in last year's quarter, adjusted quarterly earnings per share grew 10% to $1.74 from $1.58 a year ago...”
“If that plays out, net interest income growth could exceed this guide and result in NII growth in the upper single digits.”
“The common equity Tier 1 ratio improved to 11.8% during the quarter from strong earnings and the exceptional items referenced by Harris, partially offset by $75 million in common share...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 182.0M | 172.0M | +5.8% | 164.0M | +11.0% |
| Net income | 453.0M | 233.0M | +94.4% | 244.0M | +85.7% |
| EPS | 3.05 | 1.56 | +95.5% | 1.63 | +87.1% |
| P/E today 8.1 | 8.8 | 8.9 | −0.1 | 9.5 | −0.7 |
Topics
Most discussed now
- New I tend to think that hard, Kevin Warsh is what he says he is, and that is focused, first and...
- A copy of the earnings release and the presentation are available at...
- Year-over-year, the 10-basis point improvement in margin primarily reflects lower cost of funding for deposits and borrowings.
- Zions Bancorporation had some good underlying things that helped counteract some of that spread compression, things that you would have…
- When Zions Bancorporation is seeing lots of other people showing really strong capital market results this quarter, it's really nice to…
Faded since Q1 2026
- Fading Zions Bancorporation continues to see attractive opportunities in capital markets and have strong pipelines going into the...
- Fading Earning asset yields fell faster than funding costs during the quarter, most notably in January, and loan repricing reflected the...
- Fading One of the things that maybe it could be potentially a little bit lost in the message this quarter is...
- Fading The loan growth that Zions Bancorporation is seeing has sort of been offset by the average investment securities and money market funds.
Latest announcements
Official filings, newest first.
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Other events · SEC 8-K
- Shareholder vote results · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K