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Cullen/Frost Bankers (CFR) Financials

Cullen/Frost Bankers logo
$158.74 +0.94 (+0.59%)
As of 12:14 PM Eastern
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Annual Income Statements for Cullen/Frost Bankers

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

Quarterly Income Statements for Cullen/Frost Bankers

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 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026 9/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 134 144 145 153 149 155 173 165 169 170 179
Consolidated Net Income / (Loss)		 136 145 147 155 151 157 174 166 171 172 180
Net Income / (Loss) Continuing Operations		 136 145 147 155 151 157 174 166 171 172 180
Total Pre-Tax Income 		162 175 175 184 179 187 208 198 202 205 215
Total Revenue		 501 508 518 536 540 547 567 581 575 576 604
Net Interest Income / (Expense)		 390 397 404 414 416 430 442 449 439 448 468
Total Interest Income		 586 596 608 601 585 602 620 614 578 595 632
Loans and Leases Interest Income		 331 344 357 344 335 345 356 349 336 346 368
Investment Securities Interest Income		 155 155 155 153 171 188 189 180 180 195 209
Deposits and Money Market Investments Interest Income		 100 98 96 103 79 69 76 85 61 54 55
Federal Funds Sold and Securities Borrowed Interest Income		 0.08 0.08 0.06 0.05 0.04 0.10 0.03 0.03 0.04 0.04 0.01
Total Interest Expense		 195 200 204 187 169 172 178 165 139 147 164
Deposits Interest Expense		 156 159 164 150 133 134 138 128 108 115 127
Long-Term Debt Interest Expense		 3.42 3.46 3.36 3.28 3.11 3.10 3.10 3.03 2.90 2.89 2.92
Federal Funds Purchased and Securities Sold Interest Expense		 36 37 36 34 33 35 38 34 28 30 34
Total Non-Interest Income		 111 111 114 123 124 117 126 132 136 128 136
Trust Fees by Commissions		 39 41 41 44 43 44 45 46 48 48 49
Service Charges on Deposit Accounts		 25 26 27 28 29 29 31 32 32 34 36
Other Service Charges		 47 44 45 51 52 44 49 55 56 46 58
Net Realized & Unrealized Capital Gains on Investments		 0.00 0.00 0.02 -0.11 -0.01 0.00 0.00 -0.84 0.00 0.00 -7.51
Provision for Credit Losses		 14 16 19 16 13 13 6.78 11 6.75 9.77 12
Total Non-Interest Expense		 326 317 323 336 348 347 352 372 366 362 377
Salaries and Employee Benefits		 184 180 186 194 203 195 204 219 211 208 216
Net Occupancy & Equipment Expense		 67 68 70 72 73 75 78 76 76 78 82
Property & Liability Insurance Claims		 15 8.38 7.24 6.92 7.18 6.59 6.33 -1.35 7.20 6.31 6.94
Other Operating Expenses		 61 60 60 63 64 70 64 78 71 69 72
Income Tax Expense		 26 30 29 29 28 30 34 32 31 32 34
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		 $2.06 $2.21 $2.24 $2.37 $2.30 $2.39 $2.67 $2.56 $2.65 $2.70 $2.84
Weighted Average Basic Shares Outstanding		 64.25M 64.02M 64.13M 64.24M 64.29M 64.33M 63.94M 63.20M 62.80M 62.15M 62.18M
Diluted Earnings per Share		 $2.06 $2.21 $2.24 $2.36 $2.30 $2.39 $2.67 $2.56 $2.65 $2.70 $2.84
Weighted Average Diluted Shares Outstanding		 64.25M 64.02M 64.13M 64.24M 64.29M 64.33M 63.94M 63.20M 62.80M 62.15M 62.18M
Weighted Average Basic & Diluted Shares Outstanding		 64.25M 64.02M 64.13M 64.24M 64.29M 64.33M 63.94M 63.20M 62.80M 62.15M 62.18M

Annual Cash Flow Statements for Cullen/Frost Bankers

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

Quarterly Cash Flow Statements for Cullen/Frost Bankers

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 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026 9/30/2026
Net Change in Cash & Equivalents		 -223 -1,320 2,054 1,036 -2,381 -737 824 934 -1,730 -677 635
Net Cash From Operating Activities		 488 130 307 64 -296 141 249 181 237 53 293
Net Cash From Continuing Operating Activities		 488 130 307 64 -296 141 249 181 237 53 293
Net Income / (Loss) Continuing Operations		 136 145 147 155 151 157 174 166 171 172 180
Consolidated Net Income / (Loss)		 136 145 147 155 151 157 174 166 171 172 180
Provision For Loan Losses		 14 16 19 16 13 13 6.78 11 6.75 9.77 12
Depreciation Expense		 20 20 21 21 22 22 22 22 22 22 23
Amortization Expense		 13 12 11 9.64 9.95 10 8.78 11 3.77 -0.58 3.14
Non-Cash Adjustments to Reconcile Net Income		 -6.12 -4.69 -8.47 3.49 -7.46 -4.23 3.96 7.38 -7.75 -6.61 -3.96
Changes in Operating Assets and Liabilities, net		 312 -59 118 -141 -484 -57 32 -37 41 -144 78
Net Cash From Investing Activities		 621 -686 179 -294 -1,819 -58 -275 550 -1,330 -1,856 -689
Net Cash From Continuing Investing Activities		 621 -686 179 -293 -1,819 -58 -275 550 -1,330 -1,856 -689
Purchase of Property, Leasehold Improvements and Equipment		 -38 -27 -25 -38 -41 -26 -37 -43 -39 -60 -44
Purchase of Investment Securities		 -1,494 -3,443 -3,745 -11,184 -6,055 -2,746 -7,299 -6,555 -6,164 -6,309 -6,350
Sale of Property, Leasehold Improvements and Equipment		 0.00 0.01 0.01 0.01 0.01 0.03 0.01 0.92 0.47 - 8.39
Sale and/or Maturity of Investments		 2,152 2,783 3,949 10,928 4,277 2,715 7,061 7,147 4,872 4,514 5,697
Net Cash From Financing Activities		 -1,332 -763 1,567 1,266 -266 -821 851 203 -637 1,126 1,031
Net Cash From Continuing Financing Activities		 -1,332 -763 1,567 1,266 -266 -821 851 203 -637 1,126 1,031
Net Change in Deposits		 -1,114 -488 1,402 1,002 -332 -707 834 401 -82 498 888
Repurchase of Common Equity		 -2.07 -30 -20 -8.63 -2.60 -0.08 -70 -85 -72 -91 -15
Payment of Dividends		 -61 -61 -63 -63 -63 -67 -66 -66 -66 -66 -67
Other Financing Activities, Net		 -154 -183 248 336 132 -47 153 -47 -418 785 225

Annual Balance Sheets for Cullen/Frost Bankers

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

Quarterly Balance Sheets for Cullen/Frost Bankers

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 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026 9/30/2026
Total Assets		 48,597 48,747 49,505 48,843 51,008 52,005 51,409 52,533 52,725 53,881 54,516
Cash and Due from Banks		 681 575 511 613 751 759 759 616 639 698 756
Federal Funds Sold		 13 3.00 - 2.03 1.00 0.05 1.90 0.00 2.68 0.13 0.00
Interest Bearing Deposits at Other Banks		 6,329 6,956 7,869 6,445 8,437 7,085 6,345 7,315 6,503 5,769 6,347
Trading Account Securities		 17,366 16,231 15,306 15,314 15,362 16,909 16,668 20,386 16,828 18,129 17,148
Loans and Leases, Net of Allowance		 17,513 18,157 19,138 19,739 19,792 20,628 20,977 21,165 22,146 22,692 23,367
Loans and Leases		 17,746 18,399 19,388 19,996 20,055 20,904 21,254 21,446 22,432 22,976 23,657
Allowance for Loan and Lease Losses		 234 242 250 256 263 275 278 280 286 284 290
Premises and Equipment, Net		 1,154 1,167 1,211 1,221 1,229 1,273 1,277 1,294 1,332 1,370 1,392
Other Assets		 4,886 5,659 5,471 5,508 5,436 5,351 5,382 1,758 5,273 5,223 5,506
Total Liabilities & Shareholders' Equity		 48,597 48,747 49,505 48,843 51,008 52,005 51,409 52,533 52,725 53,881 54,516
Total Liabilities		 45,210 45,747 45,867 45,177 46,873 47,891 47,209 48,073 48,194 49,258 50,541
Non-Interest Bearing Deposits		 14,905 14,631 13,755 13,485 13,953 14,249 13,745 14,128 14,172 14,584 14,546
Interest Bearing Deposits		 25,796 26,361 27,052 26,833 27,768 28,141 27,938 28,389 28,664 28,750 29,676
Federal Funds Purchased and Securities Sold		 14 26 41 36 22 26 26 32 25 26 20
Short-Term Debt		 3,570 3,722 3,943 3,763 4,014 4,467 4,418 4,564 4,102 4,887 5,117
Long-Term Debt		 223 223 223 223 223 223 223 223 223 223 223
Other Long-Term Liabilities		 704 784 854 837 893 784 858 737 1,008 789 959
Total Equity & Noncontrolling Interests		 3,387 3,000 3,638 3,666 4,135 4,114 4,200 4,461 4,531 4,623 3,974
Total Preferred & Common Equity		 3,387 3,000 3,638 3,666 4,135 4,114 4,200 4,461 4,531 4,623 3,974
Preferred Stock		 145 145 145 145 145 145 145 145 145 145 145
Total Common Equity		 3,241 2,854 3,493 3,520 3,990 3,969 4,055 4,315 4,385 4,477 3,829
Common Stock		 1,041 1,045 1,060 1,065 1,066 1,080 1,085 1,089 1,106 1,112 1,117
Retained Earnings		 3,533 3,627 3,727 3,810 3,889 4,031 4,120 4,226 4,411 4,516 4,629
Treasury Stock		 -28 -38 -18 -45 -51 -14 -9.69 -76 -208 -298 -313
Accumulated Other Comprehensive Income / (Loss)		 -1,305 -1,779 -1,276 -1,309 -915 -1,129 -1,140 -924 -924 -852 -1,604

Annual Metrics And Ratios for Cullen/Frost Bankers

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		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Cullen/Frost Bankers

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

Metric Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 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 6/30/2026 9/30/2026
DEI Shares Outstanding		 - - - - - - - - 63,201,792.00 62,797,048.00 62,148,785.00
DEI Adjusted Shares Outstanding		 - - - - - - - - 63,201,792.00 62,797,048.00 62,148,785.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - 2.71 2.74 2.90
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -0.72% 3.91% 5.42% 6.86% 7.74% 7.67% 9.50% - 6.41% 5.33% 6.45%
EBITDA Growth		 -21.93% -9.48% -5.96% 39.50% 8.15% 5.55% 15.61% - 8.28% 3.55% 0.62%
EBIT Growth		 -23.37% -9.65% -6.28% 52.45% 10.85% 6.55% 18.70% - 13.02% 9.60% 3.14%
NOPAT Growth		 -23.62% -10.25% -5.88% 51.00% 11.23% 7.91% 19.03% - 13.29% 9.59% 3.34%
Net Income Growth		 -23.62% -10.25% -5.88% 51.00% 11.23% 7.91% 19.03% - 13.29% 9.59% 3.34%
EPS Growth		 -23.70% -10.53% -5.88% 52.26% 11.65% 8.14% 19.20% - 15.22% 12.97% 6.37%
Operating Cash Flow Growth		 190.14% -16.30% 28.71% 177.47% -160.62% 8.64% -19.09% - 180.15% -62.39% 17.73%
Free Cash Flow Firm Growth		 113.59% 81.67% 23.36% -530.00% -427.58% -216.10% 45.27% - 114.13% 30.44% 116.18%
Invested Capital Growth		 -1.56% 6.58% 20.56% 4.94% 12.82% 15.55% 10.46% - 0.58% 10.07% 0.72%
Revenue Q/Q Growth		 -0.09% 1.29% 2.00% 3.53% 0.73% 1.23% 3.73% - -1.04% 0.20% 4.83%
EBITDA Q/Q Growth		 26.52% 6.21% -0.19% 4.02% -1.92% 3.65% 9.32% - -0.91% -0.87% 6.23%
EBIT Q/Q Growth		 33.85% 8.41% 0.05% 5.01% -2.67% 4.20% 11.46% - 2.24% 1.06% 4.89%
NOPAT Q/Q Growth		 32.31% 7.23% 0.69% 5.70% -2.54% 4.03% 11.07% - 2.85% 0.63% 4.74%
Net Income Q/Q Growth		 32.31% 7.23% 0.69% 5.70% -2.54% 4.03% 11.07% - 2.85% 0.63% 4.74%
EPS Q/Q Growth		 32.90% 7.28% 1.36% 5.36% -2.54% 3.91% 11.72% - 3.52% 1.89% 5.19%
Operating Cash Flow Q/Q Growth		 688.47% -73.47% 137.09% -79.07% -560.50% 147.54% 76.59% - 31.31% -77.69% 452.75%
Free Cash Flow Firm Q/Q Growth		 358.42% -226.03% -291.91% 81.01% -249.24% -21.61% 32.14% - 117.36% -698.78% 115.79%
Invested Capital Q/Q Growth		 -3.25% -1.96% 9.42% 1.10% 4.02% 0.42% 4.59% - -5.00% 9.90% -4.30%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 38.90% 40.79% 39.91% 40.10% 39.05% 39.98% 42.14% - 39.73% 39.30% 39.83%
EBIT Margin		 32.22% 34.49% 33.83% 34.31% 33.15% 34.12% 36.67% - 35.21% 35.51% 35.53%
Profit (Net Income) Margin		 27.06% 28.65% 28.28% 28.87% 27.94% 28.71% 30.74% - 29.75% 29.87% 29.84%
Tax Burden Percent		 83.99% 83.07% 83.60% 84.15% 84.27% 84.13% 83.83% - 84.48% 84.12% 84.00%
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		 16.01% 16.93% 16.40% 15.85% 15.73% 15.87% 16.17% - 15.52% 15.88% 16.00%
Return on Invested Capital (ROIC)		 6.82% 7.74% 7.49% 7.21% 7.07% 7.46% 7.64% - 7.65% 7.39% 7.51%
ROIC Less NNEP Spread (ROIC-NNEP)		 6.82% 7.74% 7.49% 7.21% 7.07% 7.46% 7.64% - 7.65% 7.39% 7.51%
Return on Net Nonoperating Assets (RNNOA)		 8.28% 8.53% 8.59% 8.44% 8.08% 8.18% 8.02% - 7.97% 8.17% 9.02%
Return on Equity (ROE)		 15.11% 16.27% 16.09% 15.65% 15.15% 15.63% 15.67% - 15.62% 15.57% 16.53%
Cash Return on Invested Capital (CROIC)		 8.64% 0.90% -11.72% 2.23% -4.85% -7.04% -2.71% - 7.00% -2.23% 6.71%
Operating Return on Assets (OROA)		 1.27% 1.42% 1.38% 1.37% 1.37% 1.46% 1.55% - 1.53% 1.55% 1.55%
Return on Assets (ROA)		 1.07% 1.18% 1.15% 1.15% 1.16% 1.23% 1.30% - 1.29% 1.30% 1.30%
Return on Common Equity (ROCE)		 14.49% 15.60% 15.43% 15.05% 14.58% 15.05% 15.14% - 15.09% 15.05% 15.96%
Return on Equity Simple (ROE_SIMPLE)		 15.28% 14.71% 12.82% 0.00% 14.53% 14.51% 14.28% - 14.76% 14.79% 17.35%
Net Operating Profit after Tax (NOPAT)		 136 145 147 155 151 157 174 - 171 172 180
NOPAT Margin		 27.06% 28.65% 28.28% 28.87% 27.94% 28.71% 30.74% - 29.75% 29.87% 29.84%
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		 50.01% 48.90% 49.41% 49.60% 51.17% 49.41% 49.67% - 49.97% 49.63% 49.32%
Operating Expenses to Revenue		 65.06% 62.41% 62.43% 62.68% 64.43% 63.47% 62.14% - 63.62% 62.79% 62.47%
Earnings before Interest and Taxes (EBIT)		 162 175 175 184 179 187 208 - 202 205 215
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 195 207 207 215 211 219 239 - 228 226 241
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.05 1.86 1.79 2.29 2.03 2.04 1.89 - 1.98 2.17 2.48
Price to Tangible Book Value (P/TBV)		 2.05 1.86 1.79 2.29 2.03 2.04 1.89 - 1.98 2.17 2.48
Price to Revenue (P/Rev)		 3.60 3.26 3.53 4.17 3.83 3.86 3.72 - 3.82 4.22 4.06
Price to Earnings (P/E)		 13.01 12.26 13.68 14.95 13.61 13.71 12.93 - 13.09 14.33 13.90
Dividend Yield		 2.43% 2.72% 2.49% 2.79% 3.01% 3.00% 3.08% - 2.92% 2.61% 2.66%
Earnings Yield		 7.69% 8.16% 7.31% 6.69% 7.35% 7.29% 7.73% - 7.64% 6.98% 7.20%
Enterprise Value to Invested Capital (EV/IC)		 0.39 0.47 0.28 0.37 0.57 0.67 0.56 - 0.68 0.87 0.85
Enterprise Value to Revenue (EV/Rev)		 1.55 1.80 1.16 1.50 2.39 2.78 2.35 - 2.64 3.69 3.37
Enterprise Value to EBITDA (EV/EBITDA)		 3.85 4.64 3.09 3.76 5.99 6.98 5.84 - 6.53 9.19 8.50
Enterprise Value to EBIT (EV/EBIT)		 4.64 5.59 3.72 4.45 7.06 8.20 6.80 - 7.53 10.45 9.61
Enterprise Value to NOPAT (EV/NOPAT)		 5.53 6.68 4.44 5.32 8.42 9.76 8.09 - 8.96 12.42 11.42
Enterprise Value to Operating Cash Flow (EV/OCF)		 3.85 4.65 2.80 3.13 24.56 27.50 32.73 - 7.42 11.80 10.31
Enterprise Value to Free Cash Flow (EV/FCFF)		 4.53 53.71 0.00 16.79 0.00 0.00 0.00 - 9.70 0.00 12.64
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.15 1.09 1.02 1.17 1.14 1.11 1.07 - 0.95 1.11 1.34
Long-Term Debt to Equity		 0.06 0.06 0.05 0.06 0.05 0.05 0.05 - 0.05 0.05 0.06
Financial Leverage		 1.21 1.10 1.15 1.17 1.14 1.10 1.05 - 1.04 1.11 1.20
Leverage Ratio		 14.18 13.82 13.98 13.57 13.09 12.74 12.05 - 12.11 11.93 12.69
Compound Leverage Factor		 14.18 13.82 13.98 13.57 13.09 12.74 12.05 - 12.11 11.93 12.69
Debt to Total Capital		 53.38% 52.09% 50.61% 53.94% 53.27% 52.49% 51.76% - 48.84% 52.50% 57.33%
Short-Term Debt to Total Capital		 50.53% 49.18% 47.95% 51.31% 50.74% 49.97% 49.35% - 46.32% 50.21% 54.94%
Long-Term Debt to Total Capital		 2.85% 2.91% 2.66% 2.63% 2.53% 2.52% 2.41% - 2.52% 2.29% 2.40%
Preferred Equity to Total Capital		 1.86% 1.90% 1.74% 1.72% 1.65% 1.65% 1.57% - 1.64% 1.49% 1.56%
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		 44.76% 46.01% 47.66% 44.34% 45.08% 45.86% 46.66% - 49.52% 46.00% 41.11%
Debt to EBITDA		 5.22 5.13 5.55 5.54 5.58 5.45 5.42 - 4.72 5.53 5.77
Net Debt to EBITDA		 -5.28 -3.96 -6.49 -6.87 -3.75 -2.90 -3.56 - -3.08 -1.47 -1.90
Long-Term Debt to EBITDA		 0.28 0.29 0.29 0.27 0.27 0.26 0.25 - 0.24 0.24 0.24
Debt to NOPAT		 7.49 7.39 7.99 7.84 7.85 7.62 7.51 - 6.47 7.47 7.74
Net Debt to NOPAT		 -7.58 -5.70 -9.34 -9.71 -5.28 -4.05 -4.93 - -4.22 -1.99 -2.56
Long-Term Debt to NOPAT		 0.40 0.41 0.42 0.38 0.37 0.37 0.35 - 0.33 0.33 0.32
Noncontrolling Interest Sharing Ratio		 4.09% 4.12% 4.08% 3.82% 3.75% 3.70% 3.38% - 3.37% 3.30% 3.45%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 259 -327 -1,281 -243 -850 -1,033 -701 - 120 -719 113
Operating Cash Flow to CapEx		 1,279.29% 486.94% 1,213.29% 170.84% -723.14% 536.64% 673.45% - 622.30% 88.12% 821.97%
Free Cash Flow to Firm to Interest Expense		 1.33 -1.64 -6.28 -1.30 -5.03 -5.99 -3.93 - 0.86 -4.89 0.69
Operating Cash Flow to Interest Expense		 2.50 0.65 1.51 0.34 -1.75 0.82 1.39 - 1.70 0.36 1.79
Operating Cash Flow Less CapEx to Interest Expense		 2.30 0.52 1.38 0.14 -2.00 0.66 1.19 - 1.43 -0.05 1.57
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		 1.69 1.69 1.69 1.69 1.69 1.71 1.74 - 1.74 1.74 1.74
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 7,804 7,651 8,372 8,464 8,805 8,842 9,248 - 8,855 9,732 9,314
Invested Capital Turnover		 0.25 0.27 0.27 0.25 0.25 0.26 0.25 - 0.26 0.25 0.25
Increase / (Decrease) in Invested Capital		 -124 472 1,427 398 1,000 1,190 876 - 51 891 67
Enterprise Value (EV)		 3,076 3,601 2,355 3,096 5,034 5,944 5,156 - 5,990 8,491 7,871
Market Capitalization		 7,144 6,530 7,161 8,610 8,042 8,264 8,155 - 8,664 9,703 9,488
Book Value per Share		 $54.36 $54.79 $62.32 $58.52 $61.78 $63.07 $67.09 - $69.38 $71.30 $61.61
Tangible Book Value per Share		 $54.36 $54.79 $62.32 $58.52 $61.78 $63.07 $67.09 - $69.38 $71.30 $61.61
Total Capital		 7,804 7,651 8,372 8,464 8,805 8,842 9,248 - 8,855 9,732 9,314
Total Debt		 4,166 3,986 4,237 4,566 4,690 4,641 4,787 - 4,325 5,110 5,340
Total Long-Term Debt		 223 223 223 223 223 223 223 - 223 223 223
Net Debt		 -4,214 -3,074 -4,952 -5,659 -3,153 -2,465 -3,144 - -2,820 -1,357 -1,762
Capital Expenditures (CapEx)		 38 27 25 38 41 26 37 - 38 60 36
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)		 4,166 3,986 4,237 4,566 4,690 4,641 4,787 - 4,325 5,110 5,340
Total Depreciation and Amortization (D&A)		 33 32 32 31 32 32 31 - 26 22 26
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.06 $2.21 $2.24 $2.37 $2.30 $2.39 $2.67 $2.56 $2.65 $2.70 $2.84
Adjusted Weighted Average Basic Shares Outstanding		 64.25M 64.02M 64.13M 64.24M 64.29M 64.33M 63.94M 63.20M 62.80M 62.15M 62.18M
Adjusted Diluted Earnings per Share		 $2.06 $2.21 $2.24 $2.36 $2.30 $2.39 $2.67 $2.56 $2.65 $2.70 $2.84
Adjusted Weighted Average Diluted Shares Outstanding		 64.25M 64.02M 64.13M 64.24M 64.29M 64.33M 63.94M 63.20M 62.80M 62.15M 62.18M
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		 64.25M 64.02M 64.13M 64.24M 64.29M 64.33M 63.94M 63.20M 62.80M 62.15M 62.18M
Normalized Net Operating Profit after Tax (NOPAT)		 136 145 147 155 151 157 174 - 171 172 180
Normalized NOPAT Margin		 27.06% 28.65% 28.28% 28.87% 27.94% 28.71% 30.74% - 29.75% 29.87% 29.84%
Pre Tax Income Margin		 32.22% 34.49% 33.83% 34.31% 33.15% 34.12% 36.67% - 35.21% 35.51% 35.53%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.83 0.88 0.86 0.98 1.06 1.08 1.17 - 1.45 1.39 1.31
NOPAT to Interest Expense		 0.69 0.73 0.72 0.83 0.89 0.91 0.98 - 1.23 1.17 1.10
EBIT Less CapEx to Interest Expense		 0.63 0.74 0.74 0.78 0.82 0.93 0.96 - 1.18 0.98 1.09
NOPAT Less CapEx to Interest Expense		 0.50 0.60 0.59 0.63 0.65 0.76 0.77 - 0.95 0.76 0.88
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 43.55% 45.53% 46.66% 42.76% 41.99% 42.03% 40.72% - 39.54% 38.65% 38.36%
Augmented Payout Ratio		 51.40% 54.02% 56.93% 53.22% 52.26% 47.18% 53.45% - 73.57% 85.21% 76.61%

Financials Breakdown Chart

Key Financial Trends

Cullen/Frost Bankers (NYSE: CFR) has strengthened its earnings profile in the latest period, although cash-flow volatility and funding costs remain important risks. The company reported Q2 2026 net income of $172.1 million, or $2.70 per diluted share, compared with $145.5 million and $2.21 per share in Q2 2025. Net income has also recovered from the $146.5 million reported in Q3 2024, while total revenue reached $576.0 million in Q2 2026, up from $546.9 million a year earlier and $455.4 million in Q3 2022.

Revenue growth has been led by both core banking and fee-based activities. Q2 2026 net interest income rose to $447.7 million from $429.6 million in Q2 2025, supported by higher loan and investment securities interest income. Non-interest income increased to $128.3 million from $117.3 million, with trust fees and deposit-related service charges contributing to the improvement. At the same time, total non-interest expense increased more modestly, rising 4.2% year over year to $361.7 million.

The balance sheet has expanded steadily across the reported periods. Total assets increased from $48.8 billion in Q2 2024 to $53.9 billion in Q2 2026, while net loans rose from $19.7 billion to $22.7 billion. Total deposits reached approximately $43.3 billion in Q2 2026, compared with $40.3 billion in Q2 2024. Common and preferred equity also increased to $4.6 billion from $3.7 billion over the same comparison, although the company continues to carry a sizable accumulated other comprehensive loss.

  • Earnings momentum improved: Q2 2026 net income increased approximately 18% year over year, and diluted EPS rose about 13% to $2.70.
  • Core revenue is growing: Net interest income increased 4.2% year over year, while total revenue advanced 5.3%.
  • Fee income is becoming a stronger contributor: Non-interest income rose approximately 9.4% year over year to $128.3 million.
  • Loan growth remains healthy: Net loans increased approximately 15% from Q2 2024 to Q2 2026, providing a larger earning-asset base.
  • Credit-cost pressure eased: The provision for credit losses declined to $9.8 million in Q2 2026 from $13.1 million in Q2 2025, while the allowance remained substantial at $283.7 million.
  • Share repurchases are supporting per-share results: Common shares used in diluted EPS declined to about 62.1 million in Q2 2026 from 64.3 million in Q2 2025.
  • Capital resources have expanded: Total equity increased to $4.6 billion in Q2 2026 from $3.7 billion in Q2 2024, and the accumulated other comprehensive loss improved over that period.
  • Operating cash flow remains positive but uneven: Cash from operating activities was $52.9 million in Q2 2026, well below $237.3 million in Q1 2026 and $140.8 million in Q2 2025.
  • Cash balances declined during Q2: Net cash and equivalents fell by $677.2 million, following a $1.7 billion decline in Q1, reflecting significant investment-security activity and financing movements.
  • Funding costs and leverage require monitoring: Interest expense increased to $147.0 million in Q2 2026 from $134.3 million in Q2 2025, while short-term debt rose to $4.9 billion from $3.8 billion in Q2 2024.

For investors, the central trend is a recovery in profitability supported by loan growth, improving fee revenue, lower credit provisions and share-count reduction. However, Cullen/Frost’s cash generation is considerably less consistent than its net income, and the balance sheet relies on substantial securities activity and short-term funding. The data provided includes restated historical periods and selected quarterly filings rather than every quarter of the four-year span, so investors should confirm longer-term trends against the company’s complete filings.

11/13/26 11:42 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. Check out Cullen/Frost Bankers' forecast to explore projected trends and price targets.

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%.

In the past 13 quarters, Cullen/Frost Bankers' cash and equivalents has ranged from $511.17 million in Q1 2024 to $759.26 million in Q2 2025, and is currently $755.78 million as of their latest financial filing in Q3 2026.


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Financial statements for TXSE:CFR last updated on 10/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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