Zions Bancorporation, National Association (ZION) Q4 FY2023 earnings: revenue $731 million, down 16.3% on the year

Zions Bancorporation, National Association (ZION) reported revenue of $731 million for Q4 FY2023, the quarter ended 31 December 2023, down 16.3% on the same quarter a year earlier. Net income was $126 million, down 55.6% on the year, and diluted earnings per share $0.78. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue$731 milliondown 16.3%

Net income$126 milliondown 55.6%

Diluted EPS$0.78

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	731	765	n/a	n/a
Interest expense	457	425	n/a	n/a
Income tax	24.0	53.0	n/a	n/a
Net income	126	175	n/a	n/a
Net margin	17.2%	22.9%	n/a
Diluted EPS	$0.78	$1.13	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	-245	311	n/a	n/a
Capital expenditure	29.0	31.0	n/a	n/a
Free cash flow	-274	280	n/a	n/a
Cash from investing	738	-148	n/a	n/a
Cash from financing	-477	-164	n/a	n/a
Depreciation and amortisation	32.0	36.0	n/a	n/a
Share-based compensation	5.0	4.0	n/a	n/a
Buybacks	1.0	0.0	n/a	n/a
Dividends paid	71.0	73.0	n/a	n/a
Dividend per share	n/a	$0.41	n/a	n/a
Diluted shares, weighted	n/a	148m	n/a	n/a
Shares outstanding at period end	148m	148m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	5,691	5,315	n/a	n/a
Deposits	74,961	75,399	n/a	n/a
Repurchase agreements	4,379	4,346	n/a	n/a
Short-term borrowings	4,379	n/a	n/a	n/a
Debt	542	540	n/a	n/a
Other liabilities	n/a	1,669	n/a	n/a
Total liabilities and equity	87,203	87,269	n/a	n/a
Goodwill	1,027	n/a	n/a	n/a
Intangible assets	32.0	n/a	n/a	n/a
Securities held for sale or to maturity	20,682	20,707	n/a	n/a
Loans	57,095	56,212	n/a	n/a
Resale agreements	937	1,427	n/a	n/a
Trading assets	48.0	31.0	n/a	n/a
Cash and equivalents	716	700	n/a	n/a
Other assets	6,666	8,192	n/a	n/a
Total assets	87,203	87,269	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024 †	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	765	731	742	777	792	820	158	164	163	177	172	182
Interest expense	425	457	468	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Net income	175	126	153	201	214	216	170	244	222	263	233	453
Net margin	23%	17%	21%	26%	27%	26%	108%	149%	136%	149%	135%	249%
Diluted EPS	$1.13	$0.78	$0.96	$1.28	$1.37	$1.34	$1.13	$1.63	$1.48	$1.76	$1.56	$3.05
Operating cash flow	311	-245	261	251	119	517	179	-62.0	438	518	423	422
Capital expenditure	31.0	29.0	30.0	17.0	22.0	28.0	27.0	31.0	25.0	38.0	25.0	33.0
Free cash flow	280	-274	231	234	97.0	489	152	-93.0	413	480	398	389
Buybacks	0.0	1.0	35.0	0.0	0.0	1.0	41.0	0.0	0.0	0.0	77.0	75.0
Dividends paid	73.0	71.0	71.0	72.0	72.0	74.0	66.0	65.0	68.0	68.0	68.0	68.0
Shares outstanding	148m	148m	148m	148m	148m	148m	148m	148m	148m	148m	147m	146m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 23 February 2024, accession 0000109380-24-000061: the filing on EDGAR. All of Zions Bancorporation, National Association's filings: EDGAR company page.

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