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 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $2.24B | $2.06B | $1.99B | $1.70B | $1.37B | $1.44B |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $87.78M | $82.82M | $76.44M | $71.34M | $69.29M | $64.37M |
| Operating Income | $771.70M | $695.97M | $712.37M | $668.83M | $489.54M | $351.32M |
| Interest Expense | - | - | $659.05M | $184.44M | $23.90M | $45.03M |
| Income Tax | $123.14M | $113.42M | $114.40M | $89.68M | $46.46M | $20.17M |
| Net Income | $648.56M | $582.54M | $597.97M | $579.15M | $443.08M | $331.15M |
| EPS - Basic | $9.92 | $8.88 | $9.11 | $8.84 | $6.79 | $5.11 |
| EPS - Diluted | $9.92 | $8.87 | $9.10 | $8.81 | $6.76 | $5.10 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.87B | $10.23B | $8.69B | $12.03B | - | - |
| Accounts Receivable | - | - | - | - | - | - |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | - | - | - | - | - | - |
| Current Assets | - | - | - | - | - | - |
| Total Assets | $53.04B | $52.52B | $50.85B | $52.89B | $50.88B | $42.39B |
| Current Liabilities | - | - | - | - | - | - |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $48.47B | $48.62B | $47.13B | $49.76B | $46.44B | $38.10B |
| Stockholders' Equity | $4.57B | $3.90B | $3.72B | $3.14B | $4.44B | $4.29B |
| Retained Earnings | $4.31B | $3.95B | $3.66B | $3.31B | $2.96B | $2.75B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $273.98M | $989.53M | $478.85M | $722.58M | $648.29M | $524.24M |
| Investing Cash Flow | ($1.60B) | ($180.88M) | ($942.75M) | ($8.28B) | ($2.53B) | ($1.63B) |
| Financing Cash Flow | ($33.09M) | $738.33M | ($2.88B) | $3.00B | $8.17B | $7.61B |
| CapEx | $146.65M | $127.78M | $158.63M | $102.50M | $65.85M | $95.42M |
| Free Cash Flow | $127.33M | $861.76M | $320.21M | $620.08M | $582.44M | $428.82M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | 34.5% | 33.7% | 35.8% | 39.4% | 35.7% | 24.4% |
| EBITDA margin | 38.5% | 37.7% | 39.7% | 43.6% | 40.7% | 28.8% |
| Net margin | 29.0% | 28.2% | 30.1% | 34.1% | 32.3% | 23.0% |
| Free cash flow margin | 5.7% | 41.8% | 16.1% | 36.6% | 42.5% | 29.7% |
| FCF / Net income | 0.20 | 1.48 | 0.54 | 1.07 | 1.31 | 1.29 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - |
| Effective tax rate | 16.0% | 16.3% | 16.1% | 13.4% | 9.5% | 5.7% |
| Return on assets | 1.2% | 1.1% | 1.2% | 1.1% | 0.9% | 0.8% |
| Return on equity | 14.2% | 14.9% | 16.1% | 18.5% | 10.0% | 7.7% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | - | - | - | - | - | - |
| Quick ratio | - | - | - | - | - | - |
| Cash ratio | - | - | - | - | - | - |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | 1.1x | 3.6x | 20.5x | 7.8x |
| Equity multiplier | 11.60 | 13.47 | 13.68 | 16.86 | 11.46 | 9.87 |
| Liabilities / Assets | 0.91 | 0.93 | 0.93 | 0.94 | 0.91 | 0.90 |
| Efficiency | ||||||
| Asset turnover | 0.04 | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | - | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 12.8x | 15.1x | 11.9x | 15.2x | 18.6x | 17.1x |
| P / B | 1.8x | 2.2x | 1.9x | 2.7x | 1.8x | 1.3x |
| P / S | 3.6x | 4.2x | 3.5x | 5.1x | 5.9x | 3.8x |
| EV / EBITDA | -0.9x | -2.1x | -2.2x | -4.6x | 14.5x | 13.2x |
| Growth | ||||||
| Revenue growth (YoY) | 8.3% | 3.8% | 17.2% | 23.7% | -4.8% | 5.4% |
| Revenue CAGR (3y) | 9.6% | 14.6% | 11.3% | 7.4% | 1.6% | 6.2% |
| Revenue CAGR (5y) | 9.2% | 8.6% | 8.7% | 7.1% | 4.0% | 6.2% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 10.9% | -2.3% | 6.5% | 36.6% | 39.3% | -29.7% |
| Net income growth (YoY) | 11.3% | -2.6% | 3.3% | 30.7% | 33.8% | -25.3% |
| EPS growth (YoY) | 11.8% | -2.5% | 3.3% | 30.3% | 32.5% | -25.4% |
| EPS CAGR (3y) | 4.0% | 9.5% | 21.3% | 8.8% | -0.7% | -2.5% |
| EPS CAGR (5y) | 14.2% | 5.3% | 5.7% | 9.8% | 7.5% | 3.6% |
| FCF growth (YoY) | -85.2% | 169.1% | -48.4% | 6.5% | 35.8% | 20.6% |
| FCF CAGR (5y) | -21.6% | 19.4% | -7.9% | 4.2% | 8.7% | 11.7% |
| Book value growth (YoY) | 17.3% | 4.9% | 18.5% | -29.3% | 3.4% | 9.7% |
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%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✗Cash flow > net income
- -Long-term debt decreased
- -Current ratio improved
- ✓No share dilution
- -Gross margin improved
- ✓Asset turnover improved
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 |