Cullen/Frost Bankers (CFR) Financials

$127.54 +0.11 (+0.08%)

As of 03:07 PM Eastern

Annual Income Statements for Cullen/Frost Bankers

This table shows Cullen/Frost Bankers' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	271	296	356	447	436	324	436	572	591	576
Consolidated Net Income / (Loss)	279	304	364	455	444	331	443	579	598	583
Net Income / (Loss) Continuing Operations	279	304	364	455	429	331	443	579	598	583
Total Pre-Tax Income	320	341	408	509	499	351	490	669	712	696
Total Revenue	1,065	1,126	1,203	1,309	1,353	1,441	1,372	1,696	1,987	2,064
Net Interest Income / (Expense)	737	776	866	958	1,004	976	985	1,291	1,559	1,605
Total Interest Income	749	788	893	1,051	1,134	1,021	1,009	1,476	2,218	2,391
Loans and Leases Interest Income	434	458	535	669	742	680	675	770	1,189	1,375
Investment Securities Interest Income	307	314	316	320	351	327	316	488	651	618
Deposits and Money Market Investments Interest Income	8.12	16	42	57	36	13	18	216	376	397
Federal Funds Sold and Securities Borrowed Interest Income	0.11	0.27	0.94	5.50	5.26	0.72	0.03	0.95	1.29	0.27
Total Interest Expense	13	12	27	93	130	45	24	184	659	786
Deposits Interest Expense	9.02	7.25	17	75	100	32	15	140	508	629
Long-Term Debt Interest Expense	3.67	4.62	7.82	9.95	10	8.22	7.14	8.83	13	14
Federal Funds Purchased and Securities Sold Interest Expense	0.17	0.20	1.52	8.02	20	4.48	2.24	35	137	143
Total Non-Interest Income	329	350	336	351	364	465	387	405	429	459
Trust Fees by Commissions	106	104	111	119	127	129	149	155	153	165
Service Charges on Deposit Accounts	-	81	84	85	89	81	83	92	94	106
Other Service Charges	223	149	147	147	133	146	154	158	182	188
Net Realized & Unrealized Capital Gains on Investments	0.07	15	-4.94	-0.16	0.29	109	0.07	0.00	0.07	-0.10
Provision for Credit Losses	52	52	35	22	34	241	0.06	3.00	46	65
Total Non-Interest Expense	694	733	759	779	835	849	882	1,024	1,229	1,303
Salaries and Employee Benefits	311	319	337	428	461	463	478	581	663	744
Net Occupancy & Equipment Expense	130	143	150	160	181	208	220	233	260	277
Property & Liability Insurance Claims	15	17	20	16	10	11	12	16	77	37
Other Operating Expenses	235	252	250	173	181	166	172	195	229	244
Income Tax Expense	40	37	44	54	56	20	46	90	114	113
Preferred Stock Dividends Declared	8.06	8.06	8.06	8.06	8.06	7.53	7.16	6.68	6.68	6.68
Basic Earnings per Share	$4.31	$4.73	$5.56	$6.97	$6.89	$5.11	$6.79	$8.84	$9.11	$8.88
Weighted Average Basic Shares Outstanding	62.76M	62.38M	63.69M	63.70M	62.68M	63.17M	128.05M	64.36M	128.41M	64.24M
Diluted Earnings per Share	$4.28	$4.70	$5.51	$6.90	$6.84	$5.10	$6.76	$8.81	$9.10	$8.87
Weighted Average Diluted Shares Outstanding	62.76M	62.38M	63.69M	63.70M	62.68M	63.17M	128.05M	64.36M	128.41M	64.24M
Weighted Average Basic & Diluted Shares Outstanding	62.76M	62.38M	63.69M	63.70M	62.68M	63.17M	128.05M	64.36M	128.41M	64.24M
Cash Dividends to Common per Share	$2.10	$2.15	$2.25	$2.58	$2.80	$2.85	$2.94	$3.24	$3.58	$3.74

This table shows Cullen/Frost Bankers' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	168	190	176	160	154	101	134	144	145	153	149
Consolidated Net Income / (Loss)	170	191	178	162	156	103	136	145	147	155	151
Net Income / (Loss) Continuing Operations	170	191	178	162	156	103	136	145	147	155	151
Total Pre-Tax Income	197	220	211	194	187	121	162	175	175	184	179
Total Revenue	455	504	505	489	491	502	501	508	518	536	540
Net Interest Income / (Expense)	356	398	400	385	385	388	390	397	404	414	416
Total Interest Income	408	505	535	542	561	579	586	596	608	601	585
Loans and Leases Interest Income	206	248	270	291	307	322	331	344	357	344	335
Investment Securities Interest Income	128	147	165	164	162	160	155	155	155	153	171
Deposits and Money Market Investments Interest Income	74	109	99	88	92	97	100	98	96	103	79
Federal Funds Sold and Securities Borrowed Interest Income	0.32	0.52	0.76	0.31	0.18	0.04	0.08	0.08	0.06	0.05	0.04
Total Interest Expense	53	106	135	157	176	191	195	200	204	187	169
Deposits Interest Expense	43	78	98	120	139	151	156	159	164	150	133
Long-Term Debt Interest Expense	2.32	2.82	3.15	3.27	3.42	3.46	3.42	3.46	3.36	3.28	3.11
Federal Funds Purchased and Securities Sold Interest Expense	7.78	25	34	34	33	36	36	37	36	34	33
Total Non-Interest Income	100	106	105	104	106	114	111	111	114	123	124
Trust Fees by Commissions	39	40	36	39	38	40	39	41	41	44	43
Service Charges on Deposit Accounts	23	22	22	23	24	25	25	26	27	28	29
Other Service Charges	38	44	47	41	45	49	47	44	45	51	52
Net Realized & Unrealized Capital Gains on Investments	0.00	-	0.02	0.03	0.01	-	0.00	0.00	0.02	-0.11	-0.01
Provision for Credit Losses	0.00	3.00	9.10	9.90	11	16	14	16	19	16	13
Total Non-Interest Expense	258	281	285	285	293	365	326	317	323	336	348
Salaries and Employee Benefits	149	159	164	160	164	175	184	180	186	194	203
Net Occupancy & Equipment Expense	59	59	63	65	67	65	67	68	70	72	73
Property & Liability Insurance Claims	4.28	3.97	6.25	6.20	6.03	58	15	8.38	7.24	6.92	7.18
Other Operating Expenses	46	59	52	54	56	67	61	60	60	63	64
Income Tax Expense	28	29	33	32	31	18	26	30	29	29	28
Preferred Stock Dividends Declared	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67	1.67
Basic Earnings per Share	$2.60	$2.91	$2.71	$2.47	$2.38	$1.55	$2.06	$2.21	$2.24	$2.37	$2.30
Weighted Average Basic Shares Outstanding	64.30M	64.36M	64.40M	64.12M	64.05M	128.41M	64.25M	64.02M	64.13M	64.24M	64.29M
Diluted Earnings per Share	$2.59	$2.91	$2.70	$2.47	$2.38	$1.55	$2.06	$2.21	$2.24	$2.36	$2.30
Weighted Average Diluted Shares Outstanding	64.30M	64.36M	64.40M	64.12M	64.05M	128.41M	64.25M	64.02M	64.13M	64.24M	64.29M
Weighted Average Basic & Diluted Shares Outstanding	64.30M	64.36M	64.40M	64.12M	64.05M	128.41M	64.25M	64.02M	64.13M	64.24M	64.29M

This table details how cash moves in and out of Cullen/Frost Bankers' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-773	550	912	-1,097	-168	6,501	6,294	-4,555	-3,341	1,547
Net Cash From Operating Activities	395	438	538	562	634	524	648	723	479	990
Net Cash From Continuing Operating Activities	395	438	538	562	634	524	648	723	479	990
Net Income / (Loss) Continuing Operations	279	304	364	455	444	331	443	579	598	583
Consolidated Net Income / (Loss)	279	304	364	455	444	331	443	579	598	583
Provision For Loan Losses	52	52	35	22	34	241	0.06	3.00	46	65
Depreciation Expense	42	48	48	50	54	64	69	71	76	83
Amortization Expense	74	80	90	101	116	124	119	97	64	45
Non-Cash Adjustments to Reconcile Net Income	-25	-33	-11	-5.03	1.12	-129	1.42	3.10	-9.33	-16
Changes in Operating Assets and Liabilities, net	-27	-13	12	-60	-14	-107	15	-31	-296	230
Net Cash From Investing Activities	-1,239	-1,374	-671	-1,913	-1,387	-1,631	-2,525	-8,277	-943	-181
Net Cash From Continuing Investing Activities	-1,239	-1,374	-671	-1,913	-1,387	-1,631	-2,525	-8,277	-943	-179
Purchase of Property, Leasehold Improvements and Equipment	-147	-54	-34	-79	-207	-95	-66	-103	-159	-128
Purchase of Investment Securities	-14,650	-16,959	-14,717	-19,201	-24,650	-23,700	-23,072	-24,426	-21,974	-19,865
Sale of Property, Leasehold Improvements and Equipment	2.54	59	4.53	14	8.04	5.99	7.04	0.06	1.28	0.03
Sale and/or Maturity of Investments	13,556	15,580	14,076	17,354	23,462	22,158	20,606	16,251	21,188	19,813
Net Cash From Financing Activities	71	1,486	1,044	254	585	7,607	8,171	3,000	-2,877	738
Net Cash From Continuing Financing Activities	71	1,486	1,044	254	585	7,607	8,171	3,000	-2,877	738
Net Change in Deposits	208	1,468	1,061	277	490	7,376	7,680	1,259	-2,034	802
Repurchase of Common Equity	-101	-1.29	-101	-101	-69	-16	-3.86	-4.39	-43	-61
Payment of Dividends	-140	-143	-152	-174	-185	-183	-196	-216	-239	-249
Other Financing Activities, Net	105	162	239	251	349	434	704	1,962	-562	246

This table details how cash moves in and out of Cullen/Frost Bankers' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-26	-1,605	-2,726	-2,194	511	1,069	-223	-1,320	2,054	1,036	-2,381
Net Cash From Operating Activities	245	183	168	155	239	-83	488	130	307	64	-296
Net Cash From Continuing Operating Activities	245	183	168	155	239	-83	488	130	307	64	-296
Net Income / (Loss) Continuing Operations	170	191	178	162	156	103	136	145	147	155	151
Consolidated Net Income / (Loss)	170	191	178	162	156	103	136	145	147	155	151
Provision For Loan Losses	-	3.00	9.10	9.90	11	16	14	16	19	16	13
Depreciation Expense	18	18	18	19	19	20	20	20	21	21	22
Amortization Expense	23	21	21	16	14	13	13	12	11	9.64	9.95
Non-Cash Adjustments to Reconcile Net Income	-1.08	6.90	-2.78	-0.69	-1.84	-4.01	-6.12	-4.69	-8.47	3.49	-7.46
Changes in Operating Assets and Liabilities, net	35	-58	-55	-52	41	-231	312	-59	118	-141	-484
Net Cash From Investing Activities	-1,578	-1,728	-649	-69	-112	-112	621	-686	179	-294	-1,819
Net Cash From Continuing Investing Activities	-1,578	-1,728	-649	-69	-112	-112	621	-686	179	-293	-1,819
Purchase of Property, Leasehold Improvements and Equipment	-28	-47	-46	-39	-33	-41	-38	-27	-25	-38	-41
Purchase of Investment Securities	-2,604	-16,227	-8,483	-869	-6,499	-6,124	-1,494	-3,443	-3,745	-11,184	-6,055
Sale of Property, Leasehold Improvements and Equipment	0.03	0.02	1.18	0.00	0.10	-	0.00	0.01	0.01	0.01	0.01
Sale and/or Maturity of Investments	1,055	14,546	7,878	838	6,419	6,052	2,152	2,783	3,949	10,928	4,277
Net Cash From Financing Activities	1,307	-59	-2,245	-2,280	384	1,264	-1,332	-763	1,567	1,266	-266
Net Cash From Continuing Financing Activities	1,307	-59	-2,245	-2,280	384	1,264	-1,332	-763	1,567	1,266	-266
Net Change in Deposits	958	-2,606	-1,770	-1,483	291	928	-1,114	-488	1,402	1,002	-332
Repurchase of Common Equity	-	-3.40	-1.17	-28	-11	-2.22	-2.07	-30	-20	-8.63	-2.60
Payment of Dividends	-58	-58	-58	-58	-61	-61	-61	-61	-63	-63	-63
Other Financing Activities, Net	406	2,608	-416	-711	165	399	-154	-183	248	336	132

This table presents Cullen/Frost Bankers' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	28,566	30,196	31,748	32,293	34,027	42,391	50,878	52,892	50,845	52,520
Cash and Due from Banks	533	562	546	679	582	529	556	692	618	723
Federal Funds Sold	67	19	160	635	356	0.78	34	121	0.00	5.93
Interest Bearing Deposits at Other Banks	2,992	3,561	4,348	2,642	2,850	9,759	15,985	11,129	7,985	9,496
Trading Account Securities	11,886	12,470	11,942	12,517	11,294	10,462	13,958	18,359	16,695	15,087
Loans and Leases, Net of Allowance	11,351	11,822	12,990	13,968	14,618	17,218	16,088	16,927	18,578	20,485
Loans and Leases	11,487	11,975	13,146	14,100	14,750	17,481	16,336	17,155	18,824	20,755
Allowance for Loan and Lease Losses	136	153	155	132	132	263	249	228	246	270
Premises and Equipment, Net	559	526	521	552	1,012	1,046	1,050	1,103	1,190	1,245
Other Assets	515	575	581	641	2,658	2,720	2,552	4,563	5,779	5,478
Total Liabilities & Shareholders' Equity	28,566	30,196	31,748	32,293	34,027	42,391	50,878	52,892	50,845	52,520
Total Liabilities	25,676	27,194	28,450	28,924	30,116	38,098	46,439	49,755	47,129	48,622
Non-Interest Bearing Deposits	10,270	10,513	11,197	10,997	10,874	15,117	18,423	17,598	14,926	14,442
Interest Bearing Deposits	14,073	15,298	15,675	16,152	16,766	19,899	24,273	26,356	26,994	28,281
Federal Funds Purchased and Securities Sold	894	977	1,148	1,368	1,695	49	26	52	14	22
Short-Term Debt	-	-	-	-	-	2,068	2,741	4,661	4,127	4,343
Long-Term Debt	236	236	235	235	235	235	222	222	223	223
Other Long-Term Liabilities	203	169	195	172	546	730	754	866	844	1,311
Total Equity & Noncontrolling Interests	2,890	3,003	3,298	3,369	3,912	4,293	4,440	3,137	3,716	3,899
Total Preferred & Common Equity	2,890	3,003	3,298	3,369	3,912	4,293	4,440	3,137	3,716	3,899
Preferred Stock	144	144	144	144	144	145	145	145	145	145
Total Common Equity	2,746	2,858	3,153	3,224	3,767	4,148	4,294	2,992	3,571	3,753
Common Stock	898	907	954	968	984	998	1,011	1,030	1,056	1,076
Retained Earnings	1,845	1,986	2,187	2,440	2,668	2,751	2,957	3,310	3,658	3,951
Treasury Stock	-111	-10	-67	-120	-152	-114	-21	0.00	-24	-23
Accumulated Other Comprehensive Income / (Loss)	114	-25	80	-64	267	513	347	-1,348	-1,119	-1,252

This table presents Cullen/Frost Bankers' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	52,946	51,246	48,597	48,747	49,505	48,843	51,008	52,005
Cash and Due from Banks	665	640	681	575	511	613	751	759
Federal Funds Sold	92	5.20	13	3.00	-	2.03	1.00	0.05
Interest Bearing Deposits at Other Banks	12,864	8,572	6,329	6,956	7,869	6,445	8,437	7,085
Trading Account Securities	17,436	18,095	17,366	16,231	15,306	15,314	15,362	16,909
Loans and Leases, Net of Allowance	16,716	17,255	17,513	18,157	19,138	19,739	19,792	20,628
Loans and Leases	16,951	17,486	17,746	18,399	19,388	19,996	20,055	20,904
Allowance for Loan and Lease Losses	234	232	234	242	250	256	263	275
Premises and Equipment, Net	1,069	1,131	1,154	1,167	1,211	1,221	1,229	1,273
Other Assets	3,448	4,893	4,886	5,659	5,471	5,508	5,436	5,351
Total Liabilities & Shareholders' Equity	52,946	51,246	48,597	48,747	49,505	48,843	51,008	52,005
Total Liabilities	50,133	47,778	45,210	45,747	45,867	45,177	46,873	47,891
Non-Interest Bearing Deposits	18,566	15,995	14,905	14,631	13,755	13,485	13,953	14,249
Interest Bearing Deposits	27,994	26,189	25,796	26,361	27,052	26,833	27,768	28,141
Federal Funds Purchased and Securities Sold	26	57	14	26	41	36	22	26
Short-Term Debt	2,083	4,237	3,570	3,722	3,943	3,763	4,014	4,467
Long-Term Debt	222	222	223	223	223	223	223	223
Other Long-Term Liabilities	1,242	1,076	704	784	854	837	893	784
Total Equity & Noncontrolling Interests	2,812	3,468	3,387	3,000	3,638	3,666	4,135	4,114
Total Preferred & Common Equity	2,812	3,468	3,387	3,000	3,638	3,666	4,135	4,114
Preferred Stock	145	145	145	145	145	145	145	145
Total Common Equity	2,667	3,322	3,241	2,854	3,493	3,520	3,990	3,969
Common Stock	1,019	1,037	1,041	1,045	1,060	1,065	1,066	1,080
Retained Earnings	3,180	3,429	3,533	3,627	3,727	3,810	3,889	4,031
Treasury Stock	-3.29	-1.11	-28	-38	-18	-45	-51	-14
Accumulated Other Comprehensive Income / (Loss)	-1,529	-1,142	-1,305	-1,779	-1,276	-1,309	-915	-1,129

This table displays calculated financial ratios and metrics derived from Cullen/Frost Bankers' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.79%	5.70%	6.82%	8.84%	3.35%	6.54%	-4.85%	23.66%	17.16%	3.85%
EBITDA Growth	-0.33%	7.70%	16.37%	20.74%	-0.78%	-17.54%	25.69%	23.52%	1.81%	-3.37%
EBIT Growth	-4.83%	6.76%	19.61%	24.57%	-4.73%	-27.50%	39.34%	36.62%	6.51%	-2.30%
NOPAT Growth	0.49%	8.93%	19.68%	24.93%	-2.49%	-25.35%	33.80%	30.71%	3.25%	-2.58%
Net Income Growth	0.49%	8.93%	19.68%	24.93%	-2.49%	-25.35%	33.80%	30.71%	3.25%	-2.58%
EPS Growth	-0.23%	9.81%	17.23%	25.23%	-0.87%	-25.44%	32.55%	30.33%	3.29%	-2.53%
Operating Cash Flow Growth	36.23%	10.89%	22.89%	4.52%	12.75%	-17.32%	23.66%	11.46%	-33.73%	106.65%
Free Cash Flow Firm Growth	432.42%	-20.56%	-63.42%	446.55%	-125.90%	-2,032.08%	82.87%	89.37%	1,530.78%	-66.59%
Invested Capital Growth	1.22%	3.59%	9.08%	2.02%	15.07%	59.07%	12.22%	8.34%	0.57%	4.94%
Revenue Q/Q Growth	0.72%	2.34%	1.60%	1.74%	-0.36%	0.15%	1.19%	10.01%	-0.11%	1.70%
EBITDA Q/Q Growth	-5.07%	7.52%	3.75%	4.32%	-3.62%	-0.66%	2.09%	13.68%	-10.94%	7.98%
EBIT Q/Q Growth	-7.61%	9.76%	4.44%	4.79%	-5.93%	-1.51%	3.00%	19.40%	-12.22%	10.01%
NOPAT Q/Q Growth	-4.92%	9.14%	4.84%	4.29%	-3.39%	-4.45%	2.96%	18.44%	-12.91%	9.86%
Net Income Q/Q Growth	-4.92%	9.14%	4.84%	4.29%	-3.39%	-4.45%	2.96%	18.44%	-12.91%	9.86%
EPS Q/Q Growth	-4.89%	8.80%	4.75%	4.55%	-3.25%	-4.14%	2.42%	18.41%	-13.00%	10.05%
Operating Cash Flow Q/Q Growth	-16.66%	17.99%	17.40%	-12.51%	-7.76%	0.05%	7.73%	13.69%	-35.68%	17.49%
Free Cash Flow Firm Q/Q Growth	16.88%	734.34%	-78.17%	21.11%	13.03%	-1,583.79%	82.36%	-101.77%	148.40%	120.56%
Invested Capital Q/Q Growth	-0.50%	-4.69%	3.18%	1.71%	0.74%	52.69%	8.73%	56.72%	16.15%	1.10%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	40.90%	41.68%	45.40%	50.37%	48.35%	37.43%	49.44%	49.38%	42.91%	39.93%
EBIT Margin	30.02%	30.32%	33.95%	38.86%	35.82%	24.37%	35.69%	39.43%	35.85%	33.72%
Profit (Net Income) Margin	26.22%	27.02%	30.27%	34.75%	32.79%	22.97%	32.30%	34.15%	30.09%	28.23%
Tax Burden Percent	87.34%	89.12%	89.17%	89.43%	88.81%	94.26%	90.51%	86.59%	83.94%	83.70%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	103.07%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	12.66%	10.88%	10.83%	10.57%	11.19%	5.74%	9.49%	13.41%	16.06%	16.30%
Return on Invested Capital (ROIC)	8.99%	9.56%	10.76%	12.75%	11.45%	6.16%	6.33%	7.51%	7.43%	7.05%
ROIC Less NNEP Spread (ROIC-NNEP)	8.99%	9.56%	10.76%	12.75%	11.45%	6.16%	6.33%	7.51%	7.43%	7.05%
Return on Net Nonoperating Assets (RNNOA)	0.74%	0.77%	0.80%	0.90%	0.74%	1.91%	3.82%	7.78%	10.02%	8.25%
Return on Equity (ROE)	9.73%	10.33%	11.56%	13.65%	12.19%	8.07%	10.15%	15.29%	17.45%	15.30%
Cash Return on Invested Capital (CROIC)	7.77%	6.03%	2.07%	10.75%	-2.56%	-39.44%	-5.19%	-0.50%	6.86%	2.23%
Operating Return on Assets (OROA)	1.13%	1.16%	1.32%	1.59%	1.46%	0.92%	1.05%	1.29%	1.37%	1.35%
Return on Assets (ROA)	0.98%	1.04%	1.18%	1.42%	1.34%	0.87%	0.95%	1.12%	1.15%	1.13%
Return on Common Equity (ROCE)	9.24%	9.82%	11.03%	13.06%	11.70%	7.79%	9.81%	14.70%	16.71%	14.72%
Return on Equity Simple (ROE_SIMPLE)	9.66%	10.13%	11.04%	13.50%	11.34%	7.71%	9.98%	18.46%	16.09%	14.94%
Net Operating Profit after Tax (NOPAT)	279	304	364	455	444	331	443	579	598	583
NOPAT Margin	26.22%	27.02%	30.27%	34.75%	32.79%	22.97%	32.30%	34.15%	30.09%	28.23%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	41.35%	40.98%	40.52%	44.88%	47.50%	46.56%	50.86%	47.99%	46.43%	49.48%
Operating Expenses to Revenue	65.12%	65.09%	63.10%	59.49%	61.69%	58.89%	64.30%	60.39%	61.83%	63.13%
Earnings before Interest and Taxes (EBIT)	320	341	408	509	485	351	490	669	712	696
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	436	469	546	659	654	539	678	838	853	824
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.07	1.58	1.58	1.49	1.43	1.21	1.75	2.71	1.88	2.29
Price to Tangible Book Value (P/TBV)	1.42	2.06	2.00	1.87	1.73	1.43	2.07	2.71	1.88	2.29
Price to Revenue (P/Rev)	2.77	4.02	4.15	3.67	3.98	3.47	5.48	4.79	3.38	4.17
Price to Earnings (P/E)	10.86	15.28	14.01	10.76	12.38	15.46	17.24	14.18	11.37	14.95
Dividend Yield	4.44%	2.99%	2.85%	3.43%	3.25%	3.58%	2.49%	2.57%	3.36%	2.79%
Earnings Yield	9.21%	6.55%	7.14%	9.30%	8.08%	6.47%	5.80%	7.05%	8.79%	6.69%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.24	0.09	0.34	0.48	0.00	0.00	0.15	0.32	0.37
Enterprise Value to Revenue (EV/Rev)	0.00	0.68	0.26	0.94	1.46	0.00	0.00	0.71	1.32	1.50
Enterprise Value to EBITDA (EV/EBITDA)	0.00	1.63	0.58	1.87	3.03	0.00	0.00	1.44	3.07	3.76
Enterprise Value to EBIT (EV/EBIT)	0.00	2.24	0.77	2.42	4.09	0.00	0.00	1.80	3.67	4.45
Enterprise Value to NOPAT (EV/NOPAT)	0.00	2.51	0.87	2.71	4.47	0.00	0.00	2.08	4.38	5.32
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	1.74	0.59	2.19	3.13	0.00	0.00	1.67	5.47	3.13
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	3.98	4.51	3.21	0.00	0.00	0.00	0.00	4.74	16.79
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.08	0.08	0.07	0.07	0.06	0.54	0.67	1.56	1.17	1.17
Long-Term Debt to Equity	0.08	0.08	0.07	0.07	0.06	0.05	0.05	0.07	0.06	0.06
Financial Leverage	0.08	0.08	0.07	0.07	0.06	0.31	0.60	1.04	1.35	1.17
Leverage Ratio	9.90	9.97	9.83	9.61	9.11	9.31	10.68	13.70	15.14	13.57
Compound Leverage Factor	9.90	9.97	9.83	9.61	9.39	9.31	10.68	13.70	15.14	13.57
Debt to Total Capital	7.55%	7.29%	6.64%	6.52%	5.67%	34.92%	40.03%	60.88%	53.93%	53.94%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	31.35%	37.03%	58.11%	51.17%	51.31%
Long-Term Debt to Total Capital	7.55%	7.29%	6.64%	6.52%	5.67%	3.57%	3.00%	2.77%	2.76%	2.63%
Preferred Equity to Total Capital	4.62%	4.46%	4.09%	4.01%	3.48%	2.21%	1.96%	1.81%	1.80%	1.72%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	87.83%	88.25%	89.27%	89.47%	90.84%	62.87%	58.01%	37.30%	44.27%	44.34%
Debt to EBITDA	0.54	0.50	0.43	0.36	0.36	4.27	4.37	5.83	5.10	5.54
Net Debt to EBITDA	-7.70	-8.32	-8.82	-5.64	-5.43	-14.80	-20.07	-8.43	-4.99	-6.87
Long-Term Debt to EBITDA	0.54	0.50	0.43	0.36	0.36	0.44	0.33	0.27	0.26	0.27
Debt to NOPAT	0.84	0.78	0.64	0.52	0.53	6.96	6.69	8.43	7.27	7.84
Net Debt to NOPAT	-12.01	-12.84	-13.23	-8.18	-8.01	-24.11	-30.72	-12.19	-7.11	-9.71
Long-Term Debt to NOPAT	0.84	0.78	0.64	0.52	0.53	0.71	0.50	0.38	0.37	0.38
Noncontrolling Interest Sharing Ratio	5.03%	4.90%	4.59%	4.33%	3.97%	3.53%	3.33%	3.84%	4.24%	3.82%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	242	192	70	384	-99	-2,119	-363	-39	552	184
Operating Cash Flow to CapEx	273.09%	0.00%	1,820.05%	856.75%	319.15%	586.18%	1,102.43%	705.38%	304.32%	774.58%
Free Cash Flow to Firm to Interest Expense	18.78	15.89	2.65	4.11	-0.77	-47.04	-15.18	-0.21	0.84	0.23
Operating Cash Flow to Interest Expense	30.70	36.26	20.29	6.03	4.89	11.64	27.12	3.92	0.73	1.26
Operating Cash Flow Less CapEx to Interest Expense	19.46	36.68	19.17	5.32	3.36	9.66	24.66	3.36	0.49	1.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.04	0.04	0.04	0.04	0.03	0.03	0.04	0.04
Fixed Asset Turnover	2.13	2.08	2.30	2.44	1.73	1.40	1.31	1.58	1.73	1.69
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,126	3,239	3,533	3,604	4,147	6,597	7,403	8,020	8,066	8,464
Invested Capital Turnover	0.34	0.35	0.36	0.37	0.35	0.27	0.20	0.22	0.25	0.25
Increase / (Decrease) in Invested Capital	38	112	294	71	543	2,450	806	618	46	398
Enterprise Value (EV)	-264	764	316	1,231	1,982	-2,835	-5,950	1,206	2,617	3,096
Market Capitalization	2,947	4,525	4,990	4,807	5,390	5,005	7,517	8,118	6,725	8,610
Book Value per Share	$44.06	$45.39	$49.92	$50.43	$60.21	$65.99	$67.40	$46.53	$55.76	$58.52
Tangible Book Value per Share	$33.41	$34.88	$39.47	$40.13	$49.70	$55.54	$57.10	$46.53	$55.76	$58.52
Total Capital	3,126	3,239	3,533	3,604	4,147	6,597	7,403	8,020	8,066	8,464
Total Debt	236	236	235	235	235	2,304	2,963	4,883	4,350	4,566
Total Long-Term Debt	236	236	235	235	235	235	222	222	223	223
Net Debt	-3,356	-3,905	-4,818	-3,721	-3,553	-7,985	-13,612	-7,058	-4,253	-5,659
Capital Expenditures (CapEx)	145	-5.13	30	66	199	89	59	102	157	128
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	236	236	235	235	235	2,304	2,963	4,883	4,350	4,566
Total Depreciation and Amortization (D&A)	116	128	138	151	170	188	189	169	140	128
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.31	$4.73	$5.56	$6.97	$6.89	$5.11	$6.79	$8.84	$9.11	$8.88
Adjusted Weighted Average Basic Shares Outstanding	61.98M	63.75M	63.68M	62.99M	62.68M	63.17M	128.05M	64.36M	128.41M	64.24M
Adjusted Diluted Earnings per Share	$4.28	$4.70	$5.51	$6.90	$6.84	$5.10	$6.76	$8.81	$9.10	$8.87
Adjusted Weighted Average Diluted Shares Outstanding	61.98M	63.75M	63.68M	62.99M	62.68M	63.17M	128.05M	64.36M	128.41M	64.24M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	61.98M	63.75M	63.68M	62.99M	62.68M	63.17M	128.05M	64.36M	128.41M	64.24M
Normalized Net Operating Profit after Tax (NOPAT)	279	304	364	455	444	331	443	579	598	583
Normalized NOPAT Margin	26.22%	27.02%	30.27%	34.75%	32.79%	22.97%	32.30%	34.15%	30.09%	28.23%
Pre Tax Income Margin	30.02%	30.32%	33.95%	38.86%	36.91%	24.37%	35.69%	39.43%	35.85%	33.72%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	24.86	28.27	15.40	5.45	3.73	7.80	20.48	3.63	1.08	0.89
NOPAT to Interest Expense	21.71	25.20	13.73	4.88	3.42	7.35	18.54	3.14	0.91	0.74
EBIT Less CapEx to Interest Expense	13.62	28.70	14.28	4.75	2.20	5.82	18.02	3.07	0.84	0.72
NOPAT Less CapEx to Interest Expense	10.47	25.62	12.61	4.17	1.89	5.37	16.08	2.58	0.67	0.58
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	50.20%	46.99%	41.81%	38.14%	41.72%	55.14%	44.22%	37.37%	39.97%	42.76%
Augmented Payout Ratio	86.44%	47.41%	69.67%	60.35%	57.23%	59.91%	45.10%	38.13%	47.11%	53.22%

This table displays calculated financial ratios and metrics derived from Cullen/Frost Bankers' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	34.20%	44.14%	44.12%	26.59%	7.92%	-0.44%	-0.72%	3.91%	5.42%	6.86%	7.74%
EBITDA Growth	41.63%	63.76%	59.19%	24.91%	-7.80%	-40.47%	-21.93%	-9.48%	-5.96%	39.50%	8.15%
EBIT Growth	62.78%	97.75%	88.71%	38.68%	-5.31%	-45.10%	-23.37%	-9.65%	-6.28%	52.45%	10.85%
NOPAT Growth	57.22%	89.24%	79.26%	36.10%	-8.31%	-46.36%	-23.62%	-10.25%	-5.88%	51.00%	11.23%
Net Income Growth	57.22%	89.24%	79.26%	36.10%	-8.31%	-46.36%	-23.62%	-10.25%	-5.88%	51.00%	11.23%
EPS Growth	56.97%	88.96%	80.00%	36.46%	-8.11%	-46.74%	-23.70%	-10.53%	-5.88%	52.26%	11.65%
Operating Cash Flow Growth	20.01%	90.92%	-49.42%	509.87%	-2.52%	-145.44%	190.14%	-16.30%	28.71%	177.47%	-160.62%
Free Cash Flow Firm Growth	178.17%	39.49%	-395.61%	-204.19%	-189.85%	113.26%	113.59%	81.67%	23.36%	-530.00%	-427.58%
Invested Capital Growth	-24.83%	8.34%	35.72%	37.16%	35.70%	0.57%	-1.56%	6.58%	20.56%	4.94%	12.82%
Revenue Q/Q Growth	17.93%	10.71%	0.19%	-3.23%	0.54%	2.13%	-0.09%	1.29%	2.00%	3.53%	0.73%
EBITDA Q/Q Growth	30.16%	8.59%	-3.52%	-8.40%	-3.93%	-29.88%	26.52%	6.21%	-0.19%	4.02%	-1.92%
EBIT Q/Q Growth	41.26%	11.33%	-4.09%	-8.06%	-3.54%	-35.45%	33.85%	8.41%	0.05%	5.01%	-2.67%
NOPAT Q/Q Growth	42.52%	12.61%	-7.07%	-8.74%	-3.99%	-34.11%	32.31%	7.23%	0.69%	5.70%	-2.54%
Net Income Q/Q Growth	42.52%	12.61%	-7.07%	-8.74%	-3.99%	-34.11%	32.31%	7.23%	0.69%	5.70%	-2.54%
EPS Q/Q Growth	43.09%	12.36%	-7.22%	-8.52%	-3.64%	-34.87%	32.90%	7.28%	1.36%	5.36%	-2.54%
Operating Cash Flow Q/Q Growth	748.27%	-25.40%	-7.84%	-8.04%	54.18%	-134.77%	688.47%	-73.47%	137.09%	-79.07%	-560.50%
Free Cash Flow Firm Q/Q Growth	8.69%	-122.93%	-347.51%	6.59%	6.26%	103.38%	358.42%	-226.03%	-291.91%	81.01%	-249.24%
Invested Capital Q/Q Growth	-2.22%	56.72%	-1.15%	-9.44%	-3.27%	16.15%	-3.25%	-1.96%	9.42%	1.10%	4.02%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	52.37%	51.37%	49.46%	46.82%	44.74%	30.72%	38.90%	40.79%	39.91%	40.10%	39.05%
EBIT Margin	43.36%	43.61%	41.74%	39.66%	38.05%	24.05%	32.22%	34.49%	33.83%	34.31%	33.15%
Profit (Net Income) Margin	37.28%	37.92%	35.17%	33.17%	31.67%	20.43%	27.06%	28.65%	28.28%	28.87%	27.94%
Tax Burden Percent	85.97%	86.96%	84.26%	83.63%	83.24%	84.96%	83.99%	83.07%	83.60%	84.15%	84.27%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	14.03%	13.04%	15.74%	16.37%	16.76%	15.04%	16.01%	16.93%	16.40%	15.85%	15.73%
Return on Invested Capital (ROIC)	9.64%	8.34%	9.46%	10.44%	10.45%	5.05%	6.82%	7.74%	7.49%	7.21%	7.07%
ROIC Less NNEP Spread (ROIC-NNEP)	9.64%	8.34%	9.46%	10.44%	10.45%	5.05%	6.82%	7.74%	7.49%	7.21%	7.07%
Return on Net Nonoperating Assets (RNNOA)	6.36%	8.64%	8.52%	8.80%	11.23%	6.80%	8.28%	8.53%	8.59%	8.44%	8.08%
Return on Equity (ROE)	16.00%	16.98%	17.97%	19.24%	21.68%	11.85%	15.11%	16.27%	16.09%	15.65%	15.15%
Cash Return on Invested Capital (CROIC)	36.55%	-0.50%	-20.75%	-20.05%	-18.91%	6.86%	8.64%	0.90%	-11.72%	2.23%	-4.85%
Operating Return on Assets (OROA)	1.33%	1.43%	1.51%	1.54%	1.49%	0.92%	1.27%	1.42%	1.38%	1.37%	1.37%
Return on Assets (ROA)	1.14%	1.24%	1.27%	1.29%	1.24%	0.78%	1.07%	1.18%	1.15%	1.15%	1.16%
Return on Common Equity (ROCE)	15.35%	16.33%	17.25%	18.41%	20.60%	11.35%	14.49%	15.60%	15.43%	15.05%	14.58%
Return on Equity Simple (ROE_SIMPLE)	17.39%	0.00%	18.97%	20.69%	22.89%	0.00%	15.28%	14.71%	12.82%	0.00%	14.53%
Net Operating Profit after Tax (NOPAT)	170	191	178	162	156	103	136	145	147	155	151
NOPAT Margin	37.28%	37.92%	35.17%	33.17%	31.67%	20.43%	27.06%	28.65%	28.28%	28.87%	27.94%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	45.63%	43.27%	44.96%	45.98%	47.00%	47.80%	50.01%	48.90%	49.41%	49.60%	51.17%
Operating Expenses to Revenue	56.64%	55.80%	56.45%	58.32%	59.67%	72.77%	65.06%	62.41%	62.43%	62.68%	64.43%
Earnings before Interest and Taxes (EBIT)	197	220	211	194	187	121	162	175	175	184	179
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	238	259	250	229	220	154	195	207	207	215	211
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.03	2.71	1.97	2.08	2.00	1.88	2.05	1.86	1.79	2.29	2.03
Price to Tangible Book Value (P/TBV)	4.02	2.71	2.45	2.61	2.00	1.88	2.05	1.86	1.79	2.29	2.03
Price to Revenue (P/Rev)	5.24	4.79	3.54	3.45	2.86	3.38	3.60	3.26	3.53	4.17	3.83
Price to Earnings (P/E)	16.76	14.18	10.05	9.71	8.38	11.37	13.01	12.26	13.68	14.95	13.61
Dividend Yield	2.48%	2.57%	3.30%	3.33%	3.97%	3.36%	2.43%	2.72%	2.49%	2.79%	3.01%
Earnings Yield	5.97%	7.05%	9.95%	10.30%	11.93%	8.79%	7.69%	8.16%	7.31%	6.69%	7.35%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.15	0.24	0.51	0.32	0.32	0.39	0.47	0.28	0.37	0.57
Enterprise Value to Revenue (EV/Rev)	0.00	0.71	1.04	1.87	1.13	1.32	1.55	1.80	1.16	1.50	2.39
Enterprise Value to EBITDA (EV/EBITDA)	0.00	1.44	2.08	3.74	2.36	3.07	3.85	4.64	3.09	3.76	5.99
Enterprise Value to EBIT (EV/EBIT)	0.00	1.80	2.52	4.45	2.78	3.67	4.64	5.59	3.72	4.45	7.06
Enterprise Value to NOPAT (EV/NOPAT)	0.00	2.08	2.94	5.22	3.28	4.38	5.53	6.68	4.44	5.32	8.42
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	1.67	3.46	4.87	3.03	5.47	3.85	4.65	2.80	3.13	24.56
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	4.74	4.53	53.71	0.00	16.79	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.82	1.56	1.29	1.12	1.32	1.17	1.15	1.09	1.02	1.17	1.14
Long-Term Debt to Equity	0.08	0.07	0.06	0.07	0.07	0.06	0.06	0.06	0.05	0.06	0.05
Financial Leverage	0.66	1.04	0.90	0.84	1.08	1.35	1.21	1.10	1.15	1.17	1.14
Leverage Ratio	14.03	13.70	14.16	14.91	17.50	15.14	14.18	13.82	13.98	13.57	13.09
Compound Leverage Factor	14.03	13.70	14.16	14.91	17.50	15.14	14.18	13.82	13.98	13.57	13.09
Debt to Total Capital	45.04%	60.88%	56.26%	52.83%	56.80%	53.93%	53.38%	52.09%	50.61%	53.94%	53.27%
Short-Term Debt to Total Capital	40.70%	58.11%	53.45%	49.73%	53.60%	51.17%	50.53%	49.18%	47.95%	51.31%	50.74%
Long-Term Debt to Total Capital	4.34%	2.77%	2.81%	3.10%	3.20%	2.76%	2.85%	2.91%	2.66%	2.63%	2.53%
Preferred Equity to Total Capital	2.84%	1.81%	1.83%	2.03%	2.09%	1.80%	1.86%	1.90%	1.74%	1.72%	1.65%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	52.12%	37.30%	41.91%	45.15%	41.10%	44.27%	44.76%	46.01%	47.66%	44.34%	45.08%
Debt to EBITDA	3.13	5.83	4.79	3.89	4.12	5.10	5.22	5.13	5.55	5.54	5.58
Net Debt to EBITDA	-15.36	-8.43	-5.11	-3.31	-3.75	-4.99	-5.28	-3.96	-6.49	-6.87	-3.75
Long-Term Debt to EBITDA	0.30	0.27	0.24	0.23	0.23	0.26	0.28	0.29	0.29	0.27	0.27
Debt to NOPAT	4.71	8.43	6.78	5.41	5.75	7.27	7.49	7.39	7.99	7.84	7.85
Net Debt to NOPAT	-23.14	-12.19	-7.23	-4.61	-5.23	-7.11	-7.58	-5.70	-9.34	-9.71	-5.28
Long-Term Debt to NOPAT	0.45	0.38	0.34	0.32	0.32	0.37	0.40	0.41	0.42	0.38	0.37
Noncontrolling Interest Sharing Ratio	4.05%	3.84%	4.02%	4.32%	5.01%	4.24%	4.09%	4.12%	4.08%	3.82%	3.75%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,860	-427	-1,909	-1,783	-1,671	57	259	-327	-1,281	-243	-850
Operating Cash Flow to CapEx	887.49%	389.90%	374.71%	396.45%	727.64%	-204.60%	1,279.29%	486.94%	1,213.29%	170.84%	-723.14%
Free Cash Flow to Firm to Interest Expense	35.24	-4.02	-14.10	-11.35	-9.51	0.30	1.33	-1.64	-6.28	-1.30	-5.03
Operating Cash Flow to Interest Expense	4.64	1.72	1.24	0.99	1.36	-0.43	2.50	0.65	1.51	0.34	-1.75
Operating Cash Flow Less CapEx to Interest Expense	4.12	1.28	0.91	0.74	1.17	-0.65	2.30	0.52	1.38	0.14	-2.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.03	0.03	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04
Fixed Asset Turnover	1.47	1.58	1.70	1.78	1.78	1.73	1.69	1.69	1.69	1.69	1.69
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,118	8,020	7,928	7,179	6,945	8,066	7,804	7,651	8,372	8,464	8,805
Invested Capital Turnover	0.26	0.22	0.27	0.31	0.33	0.25	0.25	0.27	0.27	0.25	0.25
Increase / (Decrease) in Invested Capital	-1,690	618	2,087	1,945	1,827	46	-124	472	1,427	398	1,000
Enterprise Value (EV)	-3,089	1,206	1,932	3,655	2,255	2,617	3,076	3,601	2,355	3,096	5,034
Market Capitalization	8,081	8,118	6,544	6,739	5,698	6,725	7,144	6,530	7,161	8,610	8,042
Book Value per Share	$41.59	$46.53	$51.62	$50.33	$44.51	$55.76	$54.36	$54.79	$62.32	$58.52	$61.78
Tangible Book Value per Share	$31.37	$46.53	$41.44	$40.16	$44.51	$55.76	$54.36	$54.79	$62.32	$58.52	$61.78
Total Capital	5,118	8,020	7,928	7,179	6,945	8,066	7,804	7,651	8,372	8,464	8,805
Total Debt	2,305	4,883	4,460	3,792	3,945	4,350	4,166	3,986	4,237	4,566	4,690
Total Long-Term Debt	222	222	222	223	223	223	223	223	223	223	223
Net Debt	-11,315	-7,058	-4,757	-3,230	-3,589	-4,253	-4,214	-3,074	-4,952	-5,659	-3,153
Capital Expenditures (CapEx)	28	47	45	39	33	41	38	27	25	38	41
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	2,305	4,883	4,460	3,792	3,945	4,350	4,166	3,986	4,237	4,566	4,690
Total Depreciation and Amortization (D&A)	41	39	39	35	33	33	33	32	32	31	32
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.60	$2.91	$2.71	$2.47	$2.38	$1.55	$2.06	$2.21	$2.24	$2.37	$2.30
Adjusted Weighted Average Basic Shares Outstanding	64.30M	64.36M	64.40M	64.12M	64.05M	128.41M	64.25M	64.02M	64.13M	64.24M	64.29M
Adjusted Diluted Earnings per Share	$2.59	$2.91	$2.70	$2.47	$2.38	$1.55	$2.06	$2.21	$2.24	$2.36	$2.30
Adjusted Weighted Average Diluted Shares Outstanding	64.30M	64.36M	64.40M	64.12M	64.05M	128.41M	64.25M	64.02M	64.13M	64.24M	64.29M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	64.30M	64.36M	64.40M	64.12M	64.05M	128.41M	64.25M	64.02M	64.13M	64.24M	64.29M
Normalized Net Operating Profit after Tax (NOPAT)	170	191	178	162	156	103	136	145	147	155	151
Normalized NOPAT Margin	37.28%	37.92%	35.17%	33.17%	31.67%	20.43%	27.06%	28.65%	28.28%	28.87%	27.94%
Pre Tax Income Margin	43.36%	43.61%	41.74%	39.66%	38.05%	24.05%	32.22%	34.49%	33.83%	34.31%	33.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.74	2.07	1.56	1.23	1.06	0.63	0.83	0.88	0.86	0.98	1.06
NOPAT to Interest Expense	3.22	1.80	1.31	1.03	0.89	0.54	0.69	0.73	0.72	0.83	0.89
EBIT Less CapEx to Interest Expense	3.22	1.63	1.23	0.99	0.88	0.42	0.63	0.74	0.74	0.78	0.82
NOPAT Less CapEx to Interest Expense	2.69	1.36	0.98	0.78	0.70	0.32	0.50	0.60	0.59	0.63	0.65
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	42.58%	37.37%	34.16%	33.19%	34.33%	39.97%	43.55%	45.53%	46.66%	42.76%	41.99%
Augmented Payout Ratio	43.30%	38.13%	34.85%	37.83%	40.73%	47.11%	51.40%	54.02%	56.93%	53.22%	52.26%

Financials Breakdown Chart

Key Financial Trends

Over the past four years, Cullen/Frost Bankers (NYSE: CFR) has demonstrated steady financial performance with several key trends worth noting for retail investors:

Consistent Net Interest Income Growth: Net interest income has grown steadily from $355.5 million in Q3 2022 to $416.2 million in Q1 2025. This reflects solid core earnings momentum driven by strong loans and leases interest income.
Increasing Loans and Leases Portfolio: The company's loans and leases have increased from about $16.95 billion in Q3 2022 to over $20.9 billion by Q1 2025, indicating expanded lending activity and potential for future interest income growth.
Stable Non-Interest Income: Cullen/Frost has maintained stable non-interest income around $100-$124 million per quarter, showing diverse revenue streams from trust fees, service charges, and other income sources.
Improved Earnings Per Share (EPS): Basic and diluted EPS have generally trended upwards, from roughly $2.38 in Q3 2023 to $2.3 in Q1 2025 (noting some share count fluctuations). This suggests improving profitability on a per-share basis.
Dividend Growth: The quarterly cash dividends per share have increased from $0.87 in early 2023 to $0.95 in Q3 2024, indicating management’s confidence in cash flow and commitment to rewarding shareholders.
Volatile Provision for Credit Losses: The provision for credit losses fluctuated from as low as $0 in some quarters to over $19 million in others, reflecting variable credit risk and economic conditions impacting expected loan losses.
Investment Securities Activities: Large purchases and sales of investment securities impact cash flow significantly each quarter, reflecting active asset-liability management rather than a clear trend.
Shares Outstanding Fluctuations: Weighted average shares outstanding varied, doubling around Q4 2023 due to changes in share count or reporting basis, potentially impacting EPS comparability across periods.
Increasing Interest Expense: Total interest expense grew from about $52.8 million in Q3 2022 to more than $168 million in Q1 2025, driven by higher deposits interest and federal funds purchased costs, which pressures net interest margin.
Declining Cash and Equivalents: Cash and due from banks started at $640 million in Q1 2023, rose to $759 million in Q1 2025 but saw large swings in cash flows, including significant negative net cash flow from operating and financing activities in recent quarters, signaling potential liquidity management challenges.

Summary: Cullen/Frost Bankers has exhibited strong growth in loans and interest income, supporting improved earnings and dividends which are positive signs for investors. However, the rising interest expense and provision for credit losses highlight cost pressures and credit risks that warrant monitoring. The company’s active management of investment securities and cash flows also suggests a strategy focused on balancing growth with capital and liquidity needs.

Retail investors should view CFR as a financially stable regional bank with a growing loan book and steady profitability, but should watch quarterly variations in credit loss provisions and funding costs that could pressure margins going forward.

10/08/25 03:08 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Cullen/Frost Bankers' Financials

When does Cullen/Frost Bankers' financial year end?

According to the most recent income statement we have on file, Cullen/Frost Bankers' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Cullen/Frost Bankers' net income changed over the last 9 years?

Cullen/Frost Bankers' net income appears to be on an upward trend, with a most recent value of $582.54 million in 2024, rising from $279.33 million in 2015. The previous period was $597.97 million in 2023. Check out Cullen/Frost Bankers' forecast to explore projected trends and price targets.

How has Cullen/Frost Bankers' revenue changed over the last 9 years?

Over the last 9 years, Cullen/Frost Bankers' total revenue changed from $1.07 billion in 2015 to $2.06 billion in 2024, a change of 93.7%.

How much debt does Cullen/Frost Bankers have?

Cullen/Frost Bankers' total liabilities were at $48.62 billion at the end of 2024, a 3.2% increase from 2023, and a 89.4% increase since 2015.

How much cash does Cullen/Frost Bankers have?

In the past 9 years, Cullen/Frost Bankers' cash and equivalents has ranged from $529.45 million in 2020 to $722.91 million in 2024, and is currently $722.91 million as of their latest financial filing in 2024.

How has Cullen/Frost Bankers' book value per share changed over the last 9 years?

Over the last 9 years, Cullen/Frost Bankers' book value per share changed from 44.06 in 2015 to 58.52 in 2024, a change of 32.8%.

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This page (NYSE:CFR) was last updated on 10/8/2025 by MarketBeat.com Staff

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Cullen/Frost Bankers (CFR) Financials

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Cullen/Frost Bankers (CFR) Financials

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