CULLEN/FROST BANKERS, INC. CFR

Financials SIC 6021 - National Commercial Banks NAICS Finance and Insurance › Credit Intermediation and Related Activities › Depository Credit Intermediation › Commercial Banking derived NYSE

Cullen/Frost Bankers, Inc., a Texas business corporation incorporated in 1977, is a financial holding company and a bank holding company headquartered in San Antonio, Texas that provides, through its subsidiaries, a broad array of products and services throughout numerous Texas markets. The terms "Cullen/Frost," "the Corporation," "we," "us" and "our" mean Cullen/Frost Bankers, Inc. and its subsidiaries, when appropriate. We offer commercial and consumer banking services, as well as trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advisory and item processing services. At December 31, 2025, Cullen/Frost had consolidated total assets of $53.0 billion and was one of the largest independent bank holding companies headquartered in the State of Texas.

Last close 157.05 2026-10-23
Market cap $9.76B 2026-06-30 share count
52-week range 119.14 - 170.80

Valuation FY2025 figures against the last close

P/S80.3x
P/E15.8x
P/FCF76.7x
EV/EBITDA—
Dividend yield2.6%
Diluted EPS9.92

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $121.6M$106.2M$93.5M$91.9M$83.3M$80.9M$89.0M$85.2M$1.20B$1.13B
Interest expense $1.74B$1.60B$1.56B$1.29B$23.9M$45.0M$129.8M$93.3M$26.5M$12.1M
Pre-tax income $771.7M$696.0M$712.4M$668.8M$489.5M$351.3M$499.5M$508.7M$408.4M$341.4M
Income tax $123.1M$113.4M$114.4M$89.7M$46.5M$20.2M$55.9M$53.8M$44.2M$37.1M
Net income $648.6M$582.5M$598.0M$579.1M$443.1M$331.2M$443.6M$454.9M$364.1M$304.3M
EPS, basic 9.928.889.118.846.795.116.896.975.564.73
EPS, diluted 9.928.879.108.816.765.106.846.905.514.70
Shares, diluted (wtd. avg.) 64.1M64.3M64.4M64.5M64.1M63.0M63.4M64.7M64.7M63.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $8.87B$10.23B$8.69B$12.03B$16.58B$10.29B$3.79B$678.8M$545.5M$561.8M
Property, plant and equipment $1.31B$1.25B$1.19B$1.10B$1.05B$1.05B$1.01B$552.3M$521.0M$525.8M
Goodwill ———$655.0M$655.0M$655.0M$655.0M$655.0M$655.0M$655.0M
Other intangibles ———$386.0K$866.0K$1.6M$2.5M$3.6M$5.1M$6.8M
Total assets $53.04B$52.52B$50.85B$52.89B$50.88B$42.39B$34.03B$32.29B$31.75B$30.20B
Total liabilities $48.47B$48.62B$47.13B$49.76B$46.44B$38.10B$30.12B$28.92B$28.45B$27.19B
Retained earnings $4.31B$3.95B$3.66B$3.31B$2.96B$2.75B$2.67B$2.44B$2.19B$1.99B
Total equity $4.57B$3.90B$3.72B$3.14B$4.44B$4.29B$3.91B$3.37B$3.30B$3.00B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $274.0M$989.5M$478.8M$722.6M$648.3M$524.2M$634.1M$562.4M$538.1M$437.8M
Depreciation and amortisation $67.3M$61.9M$60.6M$57.4M$55.1M$49.9M$41.0M$37.2M$36.3M—
Stock-based compensation $24.8M$19.8M$24.6M$18.3M$12.8M$13.9M$15.9M$13.9M$13.0M$11.8M
Capital expenditure $146.7M$127.8M$158.6M$102.5M$65.8M$95.4M$206.7M$79.3M$34.1M$53.6M
Investing cash flow -$1.60B-$180.9M-$942.8M-$8.28B-$2.53B-$1.63B-$1.39B-$1.91B-$670.6M-$1.37B
Financing cash flow -$33.1M$738.3M-$2.88B$3.00B$8.17B$7.61B$585.1M$253.7M$1.04B$1.49B
Dividends paid $255.4M$242.4M$232.3M$209.8M$188.8M$180.6M$177.0M$165.4M$144.2M$134.9M
Buybacks $157.8M$60.9M$42.7M$4.4M$3.9M$15.8M$68.8M$101.0M$101.5M$1.3M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000039263-26-000011.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 500M 1B 1.5B Revenue, FY2016: 1.1B Net income, FY2016: 304.3M Revenue, FY2017: 1.2B Net income, FY2017: 364.1M Revenue, FY2018: 85.2M Net income, FY2018: 454.9M Revenue, FY2019: 89M Net income, FY2019: 443.6M Revenue, FY2020: 80.9M Net income, FY2020: 331.2M Revenue, FY2021: 83.3M Net income, FY2021: 443.1M Revenue, FY2022: 91.9M Net income, FY2022: 579.1M Revenue, FY2023: 93.5M Net income, FY2023: 598M Revenue, FY2024: 106.2M Net income, FY2024: 582.5M Revenue, FY2025: 121.6M Net income, FY2025: 648.6M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.13B $1.20B $85.2M $89.0M $80.9M $83.3M $91.9M $93.5M $106.2M $121.6M
Gross profit — — — — — — — — — —
Net income $304.3M $364.1M $454.9M $443.6M $331.2M $443.1M $579.1M $598.0M $582.5M $648.6M

Recent filings and events

  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Item 7.01
  • Regulation FD disclosure Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Regulation FD disclosure Item 7.01
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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