Cullen/Frost Bankers (CFR) Financials

$134.66 -0.59 (-0.44%)

Closing price 05/15/2026 03:59 PM Eastern

Extended Trading

$134.68 +0.02 (+0.02%)

As of 05/15/2026 04:10 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	271	296	356	447	436	324	436	572	591	576	642
Consolidated Net Income / (Loss)	279	304	364	455	444	331	443	579	598	583	649
Net Income / (Loss) Continuing Operations	279	304	364	455	429	331	443	579	598	583	649
Total Pre-Tax Income	320	341	408	509	499	351	490	669	712	696	772
Total Revenue	1,065	1,126	1,203	1,309	1,353	1,441	1,372	1,696	1,987	2,064	2,235
Net Interest Income / (Expense)	737	776	866	958	1,004	976	985	1,291	1,559	1,605	1,736
Total Interest Income	749	788	893	1,051	1,134	1,021	1,009	1,476	2,218	2,391	2,421
Loans and Leases Interest Income	434	458	535	669	742	680	675	770	1,189	1,375	1,384
Investment Securities Interest Income	307	314	316	320	351	327	316	488	651	618	728
Deposits and Money Market Investments Interest Income	8.12	16	42	57	36	13	18	216	376	397	309
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	0.20
Total Interest Expense	13	12	27	93	130	45	24	184	659	786	685
Deposits Interest Expense	9.02	7.25	17	75	100	32	15	140	508	629	533
Long-Term Debt Interest Expense	3.67	4.62	7.82	9.95	10	8.22	7.14	8.83	13	14	12
Federal Funds Purchased and Securities Sold Interest Expense	0.17	0.20	1.52	8.02	20	4.48	2.24	35	137	143	139
Total Non-Interest Income	329	350	336	351	364	465	387	405	429	459	499
Trust Fees by Commissions	106	104	111	119	127	129	149	155	153	165	177
Service Charges on Deposit Accounts	-	81	84	85	89	81	83	92	94	106	122
Other Service Charges	223	149	147	147	133	146	154	158	182	188	201
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	-0.85
Provision for Credit Losses	52	52	35	22	34	241	0.06	3.00	46	65	44
Total Non-Interest Expense	694	733	759	779	835	849	882	1,024	1,229	1,303	1,419
Salaries and Employee Benefits	311	319	337	428	461	463	478	581	663	744	821
Net Occupancy & Equipment Expense	130	143	150	160	181	208	220	233	260	277	303
Property & Liability Insurance Claims	15	17	20	16	10	11	12	16	77	37	19
Other Operating Expenses	235	252	250	173	181	166	172	195	229	244	277
Income Tax Expense	40	37	44	54	56	20	46	90	114	113	123
Preferred Stock Dividends Declared	8.06	8.06	8.06	8.06	8.06	7.53	7.16	6.68	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	$9.92
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	63.20M
Diluted Earnings per Share	$4.28	$4.70	$5.51	$6.90	$6.84	$5.10	$6.76	$8.81	$9.10	$8.87	$9.92
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	63.20M
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	63.20M
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	$3.95

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	154	101	134	144	145	153	149	155	173	165	169
Consolidated Net Income / (Loss)	156	103	136	145	147	155	151	157	174	166	171
Net Income / (Loss) Continuing Operations	156	103	136	145	147	155	151	157	174	166	171
Total Pre-Tax Income	187	121	162	175	175	184	179	187	208	198	202
Total Revenue	491	502	501	508	518	536	540	547	567	581	575
Net Interest Income / (Expense)	385	388	390	397	404	414	416	430	442	449	439
Total Interest Income	561	579	586	596	608	601	585	602	620	614	578
Loans and Leases Interest Income	307	322	331	344	357	344	335	345	356	349	336
Investment Securities Interest Income	162	160	155	155	155	153	171	188	189	180	180
Deposits and Money Market Investments Interest Income	92	97	100	98	96	103	79	69	76	85	61
Federal Funds Sold and Securities Borrowed Interest Income	0.18	0.04	0.08	0.08	0.06	0.05	0.04	0.10	0.03	0.03	0.04
Total Interest Expense	176	191	195	200	204	187	169	172	178	165	139
Deposits Interest Expense	139	151	156	159	164	150	133	134	138	128	108
Long-Term Debt Interest Expense	3.42	3.46	3.42	3.46	3.36	3.28	3.11	3.10	3.10	3.03	2.90
Federal Funds Purchased and Securities Sold Interest Expense	33	36	36	37	36	34	33	35	38	34	28
Total Non-Interest Income	106	114	111	111	114	123	124	117	126	132	136
Trust Fees by Commissions	38	40	39	41	41	44	43	44	45	46	48
Service Charges on Deposit Accounts	24	25	25	26	27	28	29	29	31	32	32
Other Service Charges	45	49	47	44	45	51	52	44	49	55	56
Net Realized & Unrealized Capital Gains on Investments	0.01	-	0.00	0.00	0.02	-0.11	-0.01	0.00	0.00	-0.84	0.00
Provision for Credit Losses	11	16	14	16	19	16	13	13	6.78	11	6.75
Total Non-Interest Expense	293	365	326	317	323	336	348	347	352	372	366
Salaries and Employee Benefits	164	175	184	180	186	194	203	195	204	219	211
Net Occupancy & Equipment Expense	67	65	67	68	70	72	73	75	78	76	76
Property & Liability Insurance Claims	6.03	58	15	8.38	7.24	6.92	7.18	6.59	6.33	-1.35	7.20
Other Operating Expenses	56	67	61	60	60	63	64	70	64	78	71
Income Tax Expense	31	18	26	30	29	29	28	30	34	32	31
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	$2.38	$1.55	$2.06	$2.21	$2.24	$2.37	$2.30	$2.39	$2.67	$2.56	$2.65
Weighted Average Basic Shares Outstanding	64.05M	128.41M	64.25M	64.02M	64.13M	64.24M	64.29M	64.33M	63.94M	63.20M	62.80M
Diluted Earnings per Share	$2.38	$1.55	$2.06	$2.21	$2.24	$2.36	$2.30	$2.39	$2.67	$2.56	$2.65
Weighted Average Diluted Shares Outstanding	64.05M	128.41M	64.25M	64.02M	64.13M	64.24M	64.29M	64.33M	63.94M	63.20M	62.80M
Weighted Average Basic & Diluted Shares Outstanding	64.05M	128.41M	64.25M	64.02M	64.13M	64.24M	64.29M	64.33M	63.94M	63.20M	62.80M
Cash Dividends to Common per Share	$0.92	-	$0.92	$0.92	$0.95	-	$0.95	$1.00	$1.00	-	$1.00

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	-773	550	912	-1,097	-168	6,501	6,294	-4,555	-3,341	1,547	-1,360
Net Cash From Operating Activities	395	438	538	562	634	524	648	723	479	990	274
Net Cash From Continuing Operating Activities	395	438	538	562	634	524	648	723	479	990	274
Net Income / (Loss) Continuing Operations	279	304	364	455	444	331	443	579	598	583	649
Consolidated Net Income / (Loss)	279	304	364	455	444	331	443	579	598	583	649
Provision For Loan Losses	52	52	35	22	34	241	0.06	3.00	46	65	44
Depreciation Expense	42	48	48	50	54	64	69	71	76	83	88
Amortization Expense	74	80	90	101	116	124	119	97	64	45	40
Non-Cash Adjustments to Reconcile Net Income	-25	-33	-11	-5.03	1.12	-129	1.42	3.10	-9.33	-16	-0.35
Changes in Operating Assets and Liabilities, net	-27	-13	12	-60	-14	-107	15	-31	-296	230	-546
Net Cash From Investing Activities	-1,239	-1,374	-671	-1,913	-1,387	-1,631	-2,525	-8,277	-943	-181	-1,601
Net Cash From Continuing Investing Activities	-1,239	-1,374	-671	-1,913	-1,387	-1,631	-2,525	-8,277	-943	-181	-1,601
Purchase of Property, Leasehold Improvements and Equipment	-147	-54	-34	-79	-207	-95	-66	-103	-159	-128	-147
Purchase of Investment Securities	-14,650	-16,959	-14,717	-19,201	-24,650	-23,700	-23,072	-24,426	-21,974	-19,867	-22,655
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	0.96
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	21,200
Net Cash From Financing Activities	71	1,486	1,044	254	585	7,607	8,171	3,000	-2,877	738	-33
Net Cash From Continuing Financing Activities	71	1,486	1,044	254	585	7,607	8,171	3,000	-2,877	738	-33
Net Change in Deposits	208	1,468	1,061	277	490	7,376	7,680	1,259	-2,034	802	195
Repurchase of Common Equity	-101	-1.29	-101	-101	-69	-16	-3.86	-4.39	-43	-61	-158
Payment of Dividends	-140	-143	-152	-174	-185	-183	-196	-216	-239	-249	-262
Other Financing Activities, Net	105	162	239	251	349	434	704	1,962	-562	246	192

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	511	1,069	-223	-1,320	2,054	1,036	-2,381	-737	824	934	-1,730
Net Cash From Operating Activities	239	-83	488	130	307	64	-296	141	249	181	237
Net Cash From Continuing Operating Activities	239	-83	488	130	307	64	-296	141	249	181	237
Net Income / (Loss) Continuing Operations	156	103	136	145	147	155	151	157	174	166	171
Consolidated Net Income / (Loss)	156	103	136	145	147	155	151	157	174	166	171
Provision For Loan Losses	11	16	14	16	19	16	13	13	6.78	11	6.75
Depreciation Expense	19	20	20	20	21	21	22	22	22	22	22
Amortization Expense	14	13	13	12	11	9.64	9.95	10	8.78	11	3.77
Non-Cash Adjustments to Reconcile Net Income	-1.84	-4.01	-6.12	-4.69	-8.47	3.49	-7.46	-4.23	3.96	7.38	-7.75
Changes in Operating Assets and Liabilities, net	41	-231	312	-59	118	-141	-484	-57	32	-37	41
Net Cash From Investing Activities	-112	-112	621	-686	179	-294	-1,819	-58	-275	550	-1,330
Net Cash From Continuing Investing Activities	-112	-112	621	-686	179	-293	-1,819	-58	-275	550	-1,330
Purchase of Property, Leasehold Improvements and Equipment	-33	-41	-38	-27	-25	-38	-41	-26	-37	-43	-39
Purchase of Investment Securities	-6,499	-6,124	-1,494	-3,443	-3,745	-11,184	-6,055	-2,746	-7,299	-6,555	-6,164
Sale of Property, Leasehold Improvements and Equipment	0.10	-	0.00	0.01	0.01	0.01	0.01	0.03	0.01	0.92	0.47
Sale and/or Maturity of Investments	6,419	6,052	2,152	2,783	3,949	10,928	4,277	2,715	7,061	7,147	4,872
Net Cash From Financing Activities	384	1,264	-1,332	-763	1,567	1,266	-266	-821	851	203	-637
Net Cash From Continuing Financing Activities	384	1,264	-1,332	-763	1,567	1,266	-266	-821	851	203	-637
Net Change in Deposits	291	928	-1,114	-488	1,402	1,002	-332	-707	834	401	-82
Repurchase of Common Equity	-11	-2.22	-2.07	-30	-20	-8.63	-2.60	-0.08	-70	-85	-72
Payment of Dividends	-61	-61	-61	-61	-63	-63	-63	-67	-66	-66	-66
Other Financing Activities, Net	165	399	-154	-183	248	336	132	-47	153	-47	-418

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	2025
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	12/31/2025
Total Assets	28,566	30,196	31,748	32,293	34,027	42,391	50,878	52,892	50,845	52,520	53,041
Cash and Due from Banks	533	562	546	679	582	529	556	692	618	723	681
Federal Funds Sold	67	19	160	635	356	0.78	34	121	0.00	5.93	0.00
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	8,183
Trading Account Securities	11,886	12,470	11,942	12,517	11,294	10,462	13,958	18,359	16,695	15,087	16,018
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	21,610
Loans and Leases	11,487	11,975	13,146	14,100	14,750	17,481	16,336	17,155	18,824	20,755	21,892
Allowance for Loan and Lease Losses	136	153	155	132	132	263	249	228	246	270	281
Premises and Equipment, Net	559	526	521	552	1,012	1,046	1,050	1,103	1,190	1,245	1,313
Other Assets	515	575	581	641	2,658	2,720	2,552	4,563	5,779	5,478	5,236
Total Liabilities & Shareholders' Equity	28,566	30,196	31,748	32,293	34,027	42,391	50,878	52,892	50,845	52,520	53,041
Total Liabilities	25,676	27,194	28,450	28,924	30,116	38,098	46,439	49,755	47,129	48,622	48,468
Non-Interest Bearing Deposits	10,270	10,513	11,197	10,997	10,874	15,117	18,423	17,598	14,926	14,442	14,144
Interest Bearing Deposits	14,073	15,298	15,675	16,152	16,766	19,899	24,273	26,356	26,994	28,281	28,774
Federal Funds Purchased and Securities Sold	894	977	1,148	1,368	1,695	49	26	52	14	22	19
Short-Term Debt	-	-	-	-	-	2,068	2,741	4,661	4,127	4,343	4,526
Long-Term Debt	236	236	235	235	235	235	222	222	223	223	223
Other Long-Term Liabilities	203	169	195	172	546	730	754	866	844	1,311	783
Total Equity & Noncontrolling Interests	2,890	3,003	3,298	3,369	3,912	4,293	4,440	3,137	3,716	3,899	4,573
Total Preferred & Common Equity	2,890	3,003	3,298	3,369	3,912	4,293	4,440	3,137	3,716	3,899	4,573
Preferred Stock	144	144	144	144	144	145	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	4,428
Common Stock	898	907	954	968	984	998	1,011	1,030	1,056	1,076	1,101
Retained Earnings	1,845	1,986	2,187	2,440	2,668	2,751	2,957	3,310	3,658	3,951	4,309
Treasury Stock	-111	-10	-67	-120	-152	-114	-21	0.00	-24	-23	-140
Accumulated Other Comprehensive Income / (Loss)	114	-25	80	-64	267	513	347	-1,348	-1,119	-1,252	-843

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	Q2 2025	Q3 2025	Q1 2026
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	6/30/2025	9/30/2025	3/31/2026
Total Assets	52,946	51,246	48,597	48,747	49,505	48,843	51,008	52,005	51,409	52,533	52,725
Cash and Due from Banks	665	640	681	575	511	613	751	759	759	616	639
Federal Funds Sold	92	5.20	13	3.00	-	2.03	1.00	0.05	1.90	0.00	2.68
Interest Bearing Deposits at Other Banks	12,864	8,572	6,329	6,956	7,869	6,445	8,437	7,085	6,345	7,315	6,503
Trading Account Securities	17,436	18,095	17,366	16,231	15,306	15,314	15,362	16,909	16,668	20,386	16,828
Loans and Leases, Net of Allowance	16,716	17,255	17,513	18,157	19,138	19,739	19,792	20,628	20,977	21,165	22,146
Loans and Leases	16,951	17,486	17,746	18,399	19,388	19,996	20,055	20,904	21,254	21,446	22,432
Allowance for Loan and Lease Losses	234	232	234	242	250	256	263	275	278	280	286
Premises and Equipment, Net	1,069	1,131	1,154	1,167	1,211	1,221	1,229	1,273	1,277	1,294	1,332
Other Assets	3,448	4,893	4,886	5,659	5,471	5,508	5,436	5,351	5,382	1,758	5,273
Total Liabilities & Shareholders' Equity	52,946	51,246	48,597	48,747	49,505	48,843	51,008	52,005	51,409	52,533	52,725
Total Liabilities	50,133	47,778	45,210	45,747	45,867	45,177	46,873	47,891	47,209	48,073	48,194
Non-Interest Bearing Deposits	18,566	15,995	14,905	14,631	13,755	13,485	13,953	14,249	13,745	14,128	14,172
Interest Bearing Deposits	27,994	26,189	25,796	26,361	27,052	26,833	27,768	28,141	27,938	28,389	28,664
Federal Funds Purchased and Securities Sold	26	57	14	26	41	36	22	26	26	32	25
Short-Term Debt	2,083	4,237	3,570	3,722	3,943	3,763	4,014	4,467	4,418	4,564	4,102
Long-Term Debt	222	222	223	223	223	223	223	223	223	223	223
Other Long-Term Liabilities	1,242	1,076	704	784	854	837	893	784	858	737	1,008
Total Equity & Noncontrolling Interests	2,812	3,468	3,387	3,000	3,638	3,666	4,135	4,114	4,200	4,461	4,531
Total Preferred & Common Equity	2,812	3,468	3,387	3,000	3,638	3,666	4,135	4,114	4,200	4,461	4,531
Preferred Stock	145	145	145	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	4,055	4,315	4,385
Common Stock	1,019	1,037	1,041	1,045	1,060	1,065	1,066	1,080	1,085	1,089	1,106
Retained Earnings	3,180	3,429	3,533	3,627	3,727	3,810	3,889	4,031	4,120	4,226	4,411
Treasury Stock	-3.29	-1.11	-28	-38	-18	-45	-51	-14	-9.69	-76	-208
Accumulated Other Comprehensive Income / (Loss)	-1,529	-1,142	-1,305	-1,779	-1,276	-1,309	-915	-1,129	-1,140	-924	-924

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
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	$9.92
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	63.20M
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	$9.92
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	63.20M
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	61.98M	63.75M	63.68M	62.99M	62.68M	63.17M	128.05M	64.36M	128.41M	64.24M	63.20M
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	63,201,792.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	63,201,792.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.71
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.92%	-0.44%	-0.72%	3.91%	5.42%	6.86%	7.74%	7.67%	9.50%	-	6.41%
EBITDA Growth	-7.80%	-40.47%	-21.93%	-9.48%	-5.96%	39.50%	8.15%	5.55%	15.61%	-	8.28%
EBIT Growth	-5.31%	-45.10%	-23.37%	-9.65%	-6.28%	52.45%	10.85%	6.55%	18.70%	-	13.02%
NOPAT Growth	-8.31%	-46.36%	-23.62%	-10.25%	-5.88%	51.00%	11.23%	7.91%	19.03%	-	13.29%
Net Income Growth	-8.31%	-46.36%	-23.62%	-10.25%	-5.88%	51.00%	11.23%	7.91%	19.03%	-	13.29%
EPS Growth	-8.11%	-46.74%	-23.70%	-10.53%	-5.88%	52.26%	11.65%	8.14%	19.20%	-	15.22%
Operating Cash Flow Growth	-2.52%	-145.44%	190.14%	-16.30%	28.71%	177.47%	-160.62%	8.64%	-19.09%	-	180.15%
Free Cash Flow Firm Growth	-189.85%	113.26%	113.59%	81.67%	23.36%	-530.00%	-427.58%	-216.10%	45.27%	-	114.13%
Invested Capital Growth	35.70%	0.57%	-1.56%	6.58%	20.56%	4.94%	12.82%	15.55%	10.46%	-	0.58%
Revenue Q/Q Growth	0.54%	2.13%	-0.09%	1.29%	2.00%	3.53%	0.73%	1.23%	3.73%	-	-1.04%
EBITDA Q/Q Growth	-3.93%	-29.88%	26.52%	6.21%	-0.19%	4.02%	-1.92%	3.65%	9.32%	-	-0.91%
EBIT Q/Q Growth	-3.54%	-35.45%	33.85%	8.41%	0.05%	5.01%	-2.67%	4.20%	11.46%	-	2.24%
NOPAT Q/Q Growth	-3.99%	-34.11%	32.31%	7.23%	0.69%	5.70%	-2.54%	4.03%	11.07%	-	2.85%
Net Income Q/Q Growth	-3.99%	-34.11%	32.31%	7.23%	0.69%	5.70%	-2.54%	4.03%	11.07%	-	2.85%
EPS Q/Q Growth	-3.64%	-34.87%	32.90%	7.28%	1.36%	5.36%	-2.54%	3.91%	11.72%	-	3.52%
Operating Cash Flow Q/Q Growth	54.18%	-134.77%	688.47%	-73.47%	137.09%	-79.07%	-560.50%	147.54%	76.59%	-	31.31%
Free Cash Flow Firm Q/Q Growth	6.26%	103.38%	358.42%	-226.03%	-291.91%	81.01%	-249.24%	-21.61%	32.14%	-	117.36%
Invested Capital Q/Q Growth	-3.27%	16.15%	-3.25%	-1.96%	9.42%	1.10%	4.02%	0.42%	4.59%	-	-5.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	44.74%	30.72%	38.90%	40.79%	39.91%	40.10%	39.05%	39.98%	42.14%	-	39.73%
EBIT Margin	38.05%	24.05%	32.22%	34.49%	33.83%	34.31%	33.15%	34.12%	36.67%	-	35.21%
Profit (Net Income) Margin	31.67%	20.43%	27.06%	28.65%	28.28%	28.87%	27.94%	28.71%	30.74%	-	29.75%
Tax Burden Percent	83.24%	84.96%	83.99%	83.07%	83.60%	84.15%	84.27%	84.13%	83.83%	-	84.48%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	-	100.00%
Effective Tax Rate	16.76%	15.04%	16.01%	16.93%	16.40%	15.85%	15.73%	15.87%	16.17%	-	15.52%
Return on Invested Capital (ROIC)	10.45%	5.05%	6.82%	7.74%	7.49%	7.21%	7.07%	7.46%	7.64%	-	7.65%
ROIC Less NNEP Spread (ROIC-NNEP)	10.45%	5.05%	6.82%	7.74%	7.49%	7.21%	7.07%	7.46%	7.64%	-	7.65%
Return on Net Nonoperating Assets (RNNOA)	11.23%	6.80%	8.28%	8.53%	8.59%	8.44%	8.08%	8.18%	8.02%	-	7.97%
Return on Equity (ROE)	21.68%	11.85%	15.11%	16.27%	16.09%	15.65%	15.15%	15.63%	15.67%	-	15.62%
Cash Return on Invested Capital (CROIC)	-18.91%	6.86%	8.64%	0.90%	-11.72%	2.23%	-4.85%	-7.04%	-2.71%	-	7.00%
Operating Return on Assets (OROA)	1.49%	0.92%	1.27%	1.42%	1.38%	1.37%	1.37%	1.46%	1.55%	-	1.53%
Return on Assets (ROA)	1.24%	0.78%	1.07%	1.18%	1.15%	1.15%	1.16%	1.23%	1.30%	-	1.29%
Return on Common Equity (ROCE)	20.60%	11.35%	14.49%	15.60%	15.43%	15.05%	14.58%	15.05%	15.14%	-	15.09%
Return on Equity Simple (ROE_SIMPLE)	22.89%	0.00%	15.28%	14.71%	12.82%	0.00%	14.53%	14.51%	14.28%	-	14.76%
Net Operating Profit after Tax (NOPAT)	156	103	136	145	147	155	151	157	174	-	171
NOPAT Margin	31.67%	20.43%	27.06%	28.65%	28.28%	28.87%	27.94%	28.71%	30.74%	-	29.75%
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	47.00%	47.80%	50.01%	48.90%	49.41%	49.60%	51.17%	49.41%	49.67%	-	49.97%
Operating Expenses to Revenue	59.67%	72.77%	65.06%	62.41%	62.43%	62.68%	64.43%	63.47%	62.14%	-	63.62%
Earnings before Interest and Taxes (EBIT)	187	121	162	175	175	184	179	187	208	-	202
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	220	154	195	207	207	215	211	219	239	-	228
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.00	1.88	2.05	1.86	1.79	2.29	2.03	2.04	1.89	-	1.98
Price to Tangible Book Value (P/TBV)	2.00	1.88	2.05	1.86	1.79	2.29	2.03	2.04	1.89	-	1.98
Price to Revenue (P/Rev)	2.86	3.38	3.60	3.26	3.53	4.17	3.83	3.86	3.72	-	3.82
Price to Earnings (P/E)	8.38	11.37	13.01	12.26	13.68	14.95	13.61	13.71	12.93	-	13.09
Dividend Yield	3.97%	3.36%	2.43%	2.72%	2.49%	2.79%	3.01%	3.00%	3.08%	-	2.92%
Earnings Yield	11.93%	8.79%	7.69%	8.16%	7.31%	6.69%	7.35%	7.29%	7.73%	-	7.64%
Enterprise Value to Invested Capital (EV/IC)	0.32	0.32	0.39	0.47	0.28	0.37	0.57	0.67	0.56	-	0.68
Enterprise Value to Revenue (EV/Rev)	1.13	1.32	1.55	1.80	1.16	1.50	2.39	2.78	2.35	-	2.64
Enterprise Value to EBITDA (EV/EBITDA)	2.36	3.07	3.85	4.64	3.09	3.76	5.99	6.98	5.84	-	6.53
Enterprise Value to EBIT (EV/EBIT)	2.78	3.67	4.64	5.59	3.72	4.45	7.06	8.20	6.80	-	7.53
Enterprise Value to NOPAT (EV/NOPAT)	3.28	4.38	5.53	6.68	4.44	5.32	8.42	9.76	8.09	-	8.96
Enterprise Value to Operating Cash Flow (EV/OCF)	3.03	5.47	3.85	4.65	2.80	3.13	24.56	27.50	32.73	-	7.42
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	4.74	4.53	53.71	0.00	16.79	0.00	0.00	0.00	-	9.70
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.32	1.17	1.15	1.09	1.02	1.17	1.14	1.11	1.07	-	0.95
Long-Term Debt to Equity	0.07	0.06	0.06	0.06	0.05	0.06	0.05	0.05	0.05	-	0.05
Financial Leverage	1.08	1.35	1.21	1.10	1.15	1.17	1.14	1.10	1.05	-	1.04
Leverage Ratio	17.50	15.14	14.18	13.82	13.98	13.57	13.09	12.74	12.05	-	12.11
Compound Leverage Factor	17.50	15.14	14.18	13.82	13.98	13.57	13.09	12.74	12.05	-	12.11
Debt to Total Capital	56.80%	53.93%	53.38%	52.09%	50.61%	53.94%	53.27%	52.49%	51.76%	-	48.84%
Short-Term Debt to Total Capital	53.60%	51.17%	50.53%	49.18%	47.95%	51.31%	50.74%	49.97%	49.35%	-	46.32%
Long-Term Debt to Total Capital	3.20%	2.76%	2.85%	2.91%	2.66%	2.63%	2.53%	2.52%	2.41%	-	2.52%
Preferred Equity to Total Capital	2.09%	1.80%	1.86%	1.90%	1.74%	1.72%	1.65%	1.65%	1.57%	-	1.64%
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	41.10%	44.27%	44.76%	46.01%	47.66%	44.34%	45.08%	45.86%	46.66%	-	49.52%
Debt to EBITDA	4.12	5.10	5.22	5.13	5.55	5.54	5.58	5.45	5.42	-	4.72
Net Debt to EBITDA	-3.75	-4.99	-5.28	-3.96	-6.49	-6.87	-3.75	-2.90	-3.56	-	-3.08
Long-Term Debt to EBITDA	0.23	0.26	0.28	0.29	0.29	0.27	0.27	0.26	0.25	-	0.24
Debt to NOPAT	5.75	7.27	7.49	7.39	7.99	7.84	7.85	7.62	7.51	-	6.47
Net Debt to NOPAT	-5.23	-7.11	-7.58	-5.70	-9.34	-9.71	-5.28	-4.05	-4.93	-	-4.22
Long-Term Debt to NOPAT	0.32	0.37	0.40	0.41	0.42	0.38	0.37	0.37	0.35	-	0.33
Noncontrolling Interest Sharing Ratio	5.01%	4.24%	4.09%	4.12%	4.08%	3.82%	3.75%	3.70%	3.38%	-	3.37%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,671	57	259	-327	-1,281	-243	-850	-1,033	-701	-	120
Operating Cash Flow to CapEx	727.64%	-204.60%	1,279.29%	486.94%	1,213.29%	170.84%	-723.14%	536.64%	673.45%	-	622.30%
Free Cash Flow to Firm to Interest Expense	-9.51	0.30	1.33	-1.64	-6.28	-1.30	-5.03	-5.99	-3.93	-	0.86
Operating Cash Flow to Interest Expense	1.36	-0.43	2.50	0.65	1.51	0.34	-1.75	0.82	1.39	-	1.70
Operating Cash Flow Less CapEx to Interest Expense	1.17	-0.65	2.30	0.52	1.38	0.14	-2.00	0.66	1.19	-	1.43
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	0.04	-	0.04
Fixed Asset Turnover	1.78	1.73	1.69	1.69	1.69	1.69	1.69	1.71	1.74	-	1.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,945	8,066	7,804	7,651	8,372	8,464	8,805	8,842	9,248	-	8,855
Invested Capital Turnover	0.33	0.25	0.25	0.27	0.27	0.25	0.25	0.26	0.25	-	0.26
Increase / (Decrease) in Invested Capital	1,827	46	-124	472	1,427	398	1,000	1,190	876	-	51
Enterprise Value (EV)	2,255	2,617	3,076	3,601	2,355	3,096	5,034	5,944	5,156	-	5,990
Market Capitalization	5,698	6,725	7,144	6,530	7,161	8,610	8,042	8,264	8,155	-	8,664
Book Value per Share	$44.51	$55.76	$54.36	$54.79	$62.32	$58.52	$61.78	$63.07	$67.09	-	$69.38
Tangible Book Value per Share	$44.51	$55.76	$54.36	$54.79	$62.32	$58.52	$61.78	$63.07	$67.09	-	$69.38
Total Capital	6,945	8,066	7,804	7,651	8,372	8,464	8,805	8,842	9,248	-	8,855
Total Debt	3,945	4,350	4,166	3,986	4,237	4,566	4,690	4,641	4,787	-	4,325
Total Long-Term Debt	223	223	223	223	223	223	223	223	223	-	223
Net Debt	-3,589	-4,253	-4,214	-3,074	-4,952	-5,659	-3,153	-2,465	-3,144	-	-2,820
Capital Expenditures (CapEx)	33	41	38	27	25	38	41	26	37	-	38
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)	3,945	4,350	4,166	3,986	4,237	4,566	4,690	4,641	4,787	-	4,325
Total Depreciation and Amortization (D&A)	33	33	33	32	32	31	32	32	31	-	26
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.38	$1.55	$2.06	$2.21	$2.24	$2.37	$2.30	$2.39	$2.67	$2.56	$2.65
Adjusted Weighted Average Basic Shares Outstanding	64.05M	128.41M	64.25M	64.02M	64.13M	64.24M	64.29M	64.33M	63.94M	63.20M	62.80M
Adjusted Diluted Earnings per Share	$2.38	$1.55	$2.06	$2.21	$2.24	$2.36	$2.30	$2.39	$2.67	$2.56	$2.65
Adjusted Weighted Average Diluted Shares Outstanding	64.05M	128.41M	64.25M	64.02M	64.13M	64.24M	64.29M	64.33M	63.94M	63.20M	62.80M
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	64.05M	128.41M	64.25M	64.02M	64.13M	64.24M	64.29M	64.33M	63.94M	63.20M	62.80M
Normalized Net Operating Profit after Tax (NOPAT)	156	103	136	145	147	155	151	157	174	-	171
Normalized NOPAT Margin	31.67%	20.43%	27.06%	28.65%	28.28%	28.87%	27.94%	28.71%	30.74%	-	29.75%
Pre Tax Income Margin	38.05%	24.05%	32.22%	34.49%	33.83%	34.31%	33.15%	34.12%	36.67%	-	35.21%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.06	0.63	0.83	0.88	0.86	0.98	1.06	1.08	1.17	-	1.45
NOPAT to Interest Expense	0.89	0.54	0.69	0.73	0.72	0.83	0.89	0.91	0.98	-	1.23
EBIT Less CapEx to Interest Expense	0.88	0.42	0.63	0.74	0.74	0.78	0.82	0.93	0.96	-	1.18
NOPAT Less CapEx to Interest Expense	0.70	0.32	0.50	0.60	0.59	0.63	0.65	0.76	0.77	-	0.95
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	34.33%	39.97%	43.55%	45.53%	46.66%	42.76%	41.99%	42.03%	40.72%	-	39.54%
Augmented Payout Ratio	40.73%	47.11%	51.40%	54.02%	56.93%	53.22%	52.26%	47.18%	53.45%	-	73.57%

Financials Breakdown Chart

Key Financial Trends

Here are 10 concise, investors-focused takeaways for Cullen/Frost Bankers (NYSE: CFR) based on the last four years of quarterly income statements, cash flow statements, and balance sheets. Items are grouped by potential impact and sorted with positives first, then neutral, then negatives.

Total revenue jumped to $580.871 million in Q4 2025, up from $567.265 million in Q3 2025 and $540.231 million in Q1 2025, signaling improving top-line activity.
Source data: Q4 2025 income statement: total revenue 580,871,000.
Net interest income (NII) rose to $448.707 million in Q4 2025, up from $441.618 million in Q3 2025 and $416.22 million in Q1 2025, indicating a strengthening net interest margin trend.
Source data: Q4 2025 income statement: net interest income 448,707,000.
Loans and leases, net of allowance grew to about $21.165 billion in Q4 2025, reflecting ongoing lending activity and balance-sheet expansion.
Source data: Q4 2025 balance sheet: net loans and leases 21,165,353,000.
Funding base remains robust, with deposits around the low-to-mid $40 billions (e.g., Q3 2025: non-interest bearing deposits ~$14.13B and interest-bearing deposits ~$28.39B, totaling ~$42.5B), supporting liquidity and stability.
Non-interest income remained solid and grew in Q4 2025 to $132.164 million, up from $125.647 million in Q3 2025 and $117.273 million in Q2 2025, contributing to diversification of revenue.
Cash dividend per share stayed at $1.00 across 2025, providing a predictable income stream for shareholders.
Asset size and capitalization continued to scale, with total assets around $52.5 billion in late 2025 (Q3 2025 ~$52.53B), indicating continued growth and a larger earning base.
Earnings per share (diluted) remained solid in the mid-$2 range, with Q3 2025 at $2.67 and Q4 2025 at $2.56, reflecting steadier profitability alongside the top-line expansion.
Provision for credit losses declined in Q4 2025 to $11.2 million (vs. $16.16 million in Q4 2024), suggesting improving credit quality and reserve adequacy.
Source data: Q4 2025 income statement: provision for credit losses 11,224,000.
Net income attributable to common shareholders was $164.583 million in Q4 2025, signaling continued profitability and consistent earnings contribution to equity holders.

Quarterly earnings fluctuations show seasonality and a peak in Q3 2025 (diluted EPS $2.67) before a slight dip in Q4 2025 (EPS $2.56), rather than a straight upward trajectory.
Total non-interest expenses rose through 2025 (e.g., Q1 2025: $336.167 million to Q4 2025: $371.668 million), indicating some margin pressure from operating costs over the year.
Investment activity and cash flow swings in investing and financing sections (e.g., large swings in sale/maturity of investments and repurchases) can create volatility in quarterly cash flows, even as earnings remain solid.

Margin pressure from rising non-interest expenses as 2025 progressed, which could modestly compress near-term margins if expense growth outpaces revenue gains.

05/16/26 06:52 AM ETAI Generated. May Contain Errors.

Cullen/Frost Bankers Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cullen/Frost Bankers' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Cullen/Frost Bankers' net income appears to be on an upward trend, with a most recent value of $648.56 million in 2025, rising from $279.33 million in 2015. The previous period was $582.54 million in 2024. See Cullen/Frost Bankers' forecast for analyst expectations on what's next for the company.

Over the last 10 years, Cullen/Frost Bankers' total revenue changed from $1.07 billion in 2015 to $2.24 billion in 2025, a change of 109.8%.

Cullen/Frost Bankers' total liabilities were at $48.47 billion at the end of 2025, a 0.3% decrease from 2024, and a 88.8% increase since 2015.

In the past 10 years, Cullen/Frost Bankers' cash and equivalents has ranged from $529.45 million in 2020 to $722.91 million in 2024, and is currently $681.33 million as of their latest financial filing in 2025.

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Financial statements for NYSE:CFR last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Cullen/Frost Bankers (CFR) Financials

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