CFR · Cullen/Frost Bankers, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $574.84M | - | $567.26M | $546.88M | $540.23M | - | $518.04M | $507.90M | $501.43M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | - | - | - | - | - | - | - | - | - | - |
| D&A | $22.22M | - | - | - | $21.89M | - | - | - | $20.24M | - |
| Operating Income | $202.41M | - | $208.01M | $186.62M | $179.09M | - | $175.24M | $175.15M | $161.56M | - |
| Interest Expense | $139.44M | - | $178.49M | $172.35M | $168.90M | - | $203.83M | $199.57M | $195.45M | - |
| Income Tax | $31.42M | - | $33.63M | $29.62M | $28.17M | - | $28.74M | $29.65M | $25.87M | - |
| Net Income | $170.99M | - | $174.38M | $157.00M | $150.92M | - | $146.50M | $145.50M | $135.69M | - |
| EPS - Basic | $2.65 | - | $2.67 | $2.39 | $2.30 | - | $2.24 | $2.21 | $2.06 | - |
| EPS - Diluted | $2.65 | - | $2.67 | $2.39 | $2.30 | - | $2.24 | $2.21 | $2.06 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.14B | $8.87B | $7.94B | $7.12B | $7.85B | $10.23B | $9.20B | $7.14B | $8.46B | $8.69B |
| Accounts Receivable | - | - | - | - | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - | - | - | - | - |
| Total Assets | $52.72B | $53.04B | $52.53B | $51.41B | $52.00B | $52.52B | $51.01B | $48.84B | $49.51B | $50.85B |
| Current Liabilities | - | - | - | - | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $48.19B | $48.47B | $48.07B | $47.21B | $47.89B | $48.62B | $46.87B | $45.18B | $45.87B | $47.13B |
| Stockholders' Equity | $4.53B | $4.57B | $4.46B | $4.20B | $4.11B | $3.90B | $4.14B | $3.67B | $3.64B | $3.72B |
| Retained Earnings | $4.41B | $4.31B | $4.23B | $4.12B | $4.03B | $3.95B | $3.89B | $3.81B | $3.73B | $3.66B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $237.32M | - | - | - | ($296.11M) | - | - | - | $488.43M | - |
| Investing Cash Flow | ($1.33B) | - | - | - | ($1.82B) | - | - | - | $620.50M | - |
| Financing Cash Flow | ($637.24M) | - | - | - | ($266.10M) | - | - | - | ($1.33B) | - |
| CapEx | $38.60M | - | - | - | $40.95M | - | - | - | $38.18M | - |
| Free Cash Flow | $198.72M | - | - | - | ($337.06M) | - | - | - | $450.25M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 35.2% | - | 36.7% | 34.1% | 33.2% | - | 33.8% | 34.5% | 32.2% | - |
| EBITDA margin | 39.1% | - | - | - | 37.2% | - | - | - | 36.3% | - |
| Net margin | 29.7% | - | 30.7% | 28.7% | 27.9% | - | 28.3% | 28.6% | 27.1% | - |
| Free cash flow margin | 34.6% | - | - | - | -62.4% | - | - | - | 89.8% | - |
| FCF / Net income | 1.16 | - | - | - | -2.23 | - | - | - | 3.32 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 15.5% | - | 16.2% | 15.9% | 15.7% | - | 16.4% | 16.9% | 16.0% | - |
| Return on assets | 0.3% | - | 0.3% | 0.3% | 0.3% | - | 0.3% | 0.3% | 0.3% | - |
| Return on equity | 3.8% | - | 3.9% | 3.7% | 3.7% | - | 3.5% | 4.0% | 3.7% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | - | - | - | - | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - | - | - | - | - |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | 1.5x | - | 1.2x | 1.1x | 1.1x | - | 0.9x | 0.9x | 0.8x | - |
| Equity multiplier | 11.64 | 11.60 | 11.78 | 12.24 | 12.64 | 13.47 | 12.34 | 13.32 | 13.61 | 13.68 |
| Liabilities / Assets | 0.91 | 0.91 | 0.92 | 0.92 | 0.92 | 0.93 | 0.92 | 0.92 | 0.93 | 0.93 |
| Efficiency | ||||||||||
| Asset turnover | 0.01 | - | 0.01 | 0.01 | 0.01 | - | 0.01 | 0.01 | 0.01 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 51.7x | - | 47.5x | 53.8x | 54.4x | - | 49.9x | 46.0x | 54.6x | - |
| P / B | 1.9x | - | 1.8x | 2.0x | 2.0x | - | 1.7x | 1.8x | 2.0x | - |
| P / S | 15.0x | - | 14.3x | 15.1x | 14.9x | - | 13.8x | 12.9x | 14.5x | - |
| EV / EBITDA | 6.7x | - | - | - | 1.0x | - | - | - | -6.7x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 6.4% | - | 9.5% | 7.7% | 7.7% | - | 5.4% | 3.9% | -0.7% | - |
| Revenue CAGR (3y) | 4.4% | - | 7.6% | 12.3% | 15.5% | - | 15.1% | 13.4% | 14.5% | - |
| Revenue CAGR (5y) | 11.5% | - | 11.6% | 11.1% | 3.4% | - | 8.6% | 8.6% | 7.9% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | 13.0% | - | 18.7% | 6.5% | 10.9% | - | -6.3% | -9.6% | -23.4% | - |
| Net income growth (YoY) | 13.3% | - | 19.0% | 7.9% | 11.2% | - | -5.9% | -10.3% | -23.6% | - |
| EPS growth (YoY) | 15.2% | - | 19.2% | 8.1% | 11.7% | - | -5.9% | -10.5% | -23.7% | - |
| EPS CAGR (3y) | -0.6% | - | 1.0% | 9.7% | 15.3% | - | 10.7% | 7.1% | 5.2% | - |
| EPS CAGR (5y) | 8.4% | - | 12.2% | 10.2% | 25.1% | - | 5.3% | 5.1% | 2.8% | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | 268.3% | - |
| FCF CAGR (5y) | -0.8% | - | - | - | - | - | - | - | 34.6% | - |
| Book value growth (YoY) | 10.1% | 17.3% | 7.9% | 14.6% | 13.1% | 4.9% | 37.9% | 8.2% | 4.9% | 18.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$108.31M totalBank$121.56M · 112.2%
Frost Wealth Advisors$14.0K · 0.0%
Non Banks($13.26M) · -12.2%
Peer comparison
Same SIC group: National Commercial Banks
Comparing CULLEN/FROST BANKERS against the 5 most active filers in the same SIC group.
Dividends
$4.03/share trailing 12 months · +4.7% YoY
| Ex-date | Per share |
|---|---|
| May 29, 2026 | $1.0300 |
| Feb 27, 2026 | $1.0000 |
| Nov 28, 2025 | $1.0000 |
| Aug 29, 2025 | $1.0000 |
| May 30, 2025 | $1.0000 |
| Feb 28, 2025 | $0.9500 |
| Nov 29, 2024 | $0.9500 |
| Aug 30, 2024 | $0.9500 |
| May 31, 2024 | $0.9200 |
| Feb 28, 2024 | $0.9200 |
| Nov 29, 2023 | $0.9200 |
| Aug 30, 2023 | $0.9200 |
| May 30, 2023 | $0.8700 |
| Feb 27, 2023 | $0.8700 |
| Nov 29, 2022 | $0.8700 |
| Aug 30, 2022 | $0.8700 |
| May 27, 2022 | $0.7500 |
| Feb 25, 2022 | $0.7500 |
| Nov 29, 2021 | $0.7500 |
| Aug 30, 2021 | $0.7500 |
| May 27, 2021 | $0.7200 |
| Feb 25, 2021 | $0.7200 |
| Nov 27, 2020 | $0.7200 |
| Aug 28, 2020 | $0.7100 |