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Call sheet · Q3'26

Zions Bancorporation (ZION)

Q3'26 earnings call · held October 19, 2026 · compared with the Q2'26 call · management-credibility review
9/12
Disclosure score
2 medium, 2 low flags
Financial quality
Bottom line
Adjusted PPNR rose sequentially but fell year over year. The operating-leverage outlook needs two views: approximately 40-50 basis points including Basis and the low end of 100-150 basis points excluding it. Low charge-offs are encouraging, while nonaccrual coverage and NPAs warrant monitoring. Judge the next results on consistent periods and acquisition scope.

The 30-second version

  • Operating leverage needs an acquisition-adjusted comparison
  • PPNR shows why EPS alone is not the whole operating story
  • Low charge-offs and weaker coverage ratios deserve a combined view

What changed this quarter

MetricQ2'26Q3'26Change
EPS, scope differs$1.74 adjusted, +10% YoY$1.78, +20% YoY headline, +2% QoQ vs adjusted $1.74Do not assume identical adjustment bases; use release reconciliations before making a like-for-like comparison
Net interest margin3.27%, stable QoQ3.23%, down 4bps QoQ-4 basis points sequentially
Average loan growth (annualized)+4.7%+3.7%, ending loans down slightlyAnnualized growth rate lower by 1 percentage point
Average deposit growth (annualized)+4.0%+8.8%Annualized rate increased; management cautioned against assuming it repeats
Net charge-offs (annualized)6bps2bpsImproved flow metric
Allowance coverage of nonaccruals227%207%-20 percentage points; assess underlying loan migration and reserves
Nonperforming asset ratio48bps, unchanged QoQ50bps+2bps deterioration
Adjusted PPNR$332M, +10% QoQ$338M, +2% QoQ but -4%/-$14M YoY+2% sequentially; -4% year over year
Adjusted noninterest expense$546M$549M, +1% QoQ incl. $4M Basis costsModest uptick, acquisition drag embedded
FY2026 operating leverage guide100-150bps~40-50bps incl. Basis, ~100-150bps low end ex-BasisIncluding-Basis outlook is lower; excluding Basis, management expects the prior range's low end

Accountability tracked

7 new promises made2 narrative shifts flagged3 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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