Cullen/Frost Bankers (CFR) Financials

$127.97 -1.87 (-1.44%)

Closing price 03:59 PM Eastern

Extended Trading

$127.92 -0.05 (-0.04%)

As of 04:28 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	576	591	572	436	324	436	447	356	296	271
Consolidated Net Income / (Loss)	583	598	579	443	331	444	455	364	304	279
Net Income / (Loss) Continuing Operations	583	598	579	443	331	429	455	364	304	279
Total Pre-Tax Income	696	712	669	490	351	499	509	408	341	320
Total Revenue	2,064	1,987	1,696	1,372	1,441	1,353	1,309	1,203	1,126	1,065
Net Interest Income / (Expense)	1,605	1,559	1,291	985	976	1,004	958	866	776	737
Total Interest Income	2,391	2,218	1,476	1,009	1,021	1,134	1,051	893	788	749
Loans and Leases Interest Income	1,375	1,189	770	675	680	742	669	535	458	434
Investment Securities Interest Income	618	651	488	316	327	351	320	316	314	307
Deposits and Money Market Investments Interest Income	397	376	216	18	13	36	57	42	16	8.12
Federal Funds Sold and Securities Borrowed Interest Income	0.27	1.29	0.95	0.03	0.72	5.26	5.50	0.94	0.27	0.11
Total Interest Expense	786	659	184	24	45	130	93	27	12	13
Deposits Interest Expense	629	508	140	15	32	100	75	17	7.25	9.02
Long-Term Debt Interest Expense	14	13	8.83	7.14	8.22	10	9.95	7.82	4.62	3.67
Federal Funds Purchased and Securities Sold Interest Expense	143	137	35	2.24	4.48	20	8.02	1.52	0.20	0.17
Total Non-Interest Income	459	429	405	387	465	364	351	336	350	329
Trust Fees by Commissions	165	153	155	149	129	127	119	111	104	106
Service Charges on Deposit Accounts	106	94	92	83	81	89	85	84	81	-
Other Service Charges	188	182	158	154	146	133	147	147	149	223
Net Realized & Unrealized Capital Gains on Investments	-0.10	0.07	0.00	0.07	109	0.29	-0.16	-4.94	15	0.07
Provision for Credit Losses	65	46	3.00	0.06	241	34	22	35	52	52
Total Non-Interest Expense	1,303	1,229	1,024	882	849	835	779	759	733	694
Salaries and Employee Benefits	744	663	581	478	463	461	428	337	319	311
Net Occupancy & Equipment Expense	277	260	233	220	208	181	160	150	143	130
Property & Liability Insurance Claims	37	77	16	12	11	10	16	20	17	15
Other Operating Expenses	244	229	195	172	166	181	173	250	252	235
Income Tax Expense	113	114	90	46	20	56	54	44	37	40
Preferred Stock Dividends Declared	6.68	6.68	6.68	7.16	7.53	8.06	8.06	8.06	8.06	8.06
Basic Earnings per Share	$8.88	$9.11	$8.84	$6.79	$5.11	$6.89	$6.97	$5.56	$4.73	$4.31
Weighted Average Basic Shares Outstanding	64.24M	128.41M	64.36M	128.05M	63.17M	62.68M	63.70M	63.69M	62.38M	62.76M
Diluted Earnings per Share	$8.87	$9.10	$8.81	$6.76	$5.10	$6.84	$6.90	$5.51	$4.70	$4.28
Weighted Average Diluted Shares Outstanding	64.24M	128.41M	64.36M	128.05M	63.17M	62.68M	63.70M	63.69M	62.38M	62.76M
Weighted Average Basic & Diluted Shares Outstanding	64.24M	128.41M	64.36M	128.05M	63.17M	62.68M	63.70M	63.69M	62.38M	62.76M
Cash Dividends to Common per Share	$3.74	$3.58	$3.24	$2.94	$2.85	$2.80	$2.58	$2.25	$2.15	$2.10

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

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

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

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

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

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

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

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

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

Frequently Asked Questions About Cullen/Frost Bankers' Financials

When does Cullen/Frost Bankers's 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. See where experts think Cullen/Frost Bankers is headed by visiting Cullen/Frost Bankers' forecast page.

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 5/28/2025 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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