CULLEN/FROST BANKERS, INC. CFR
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 9.92 | 8.88 | 9.11 | 8.84 | 6.79 | 5.11 | 6.89 | 6.97 | 5.56 | 4.73 |
| EPS, diluted | 9.92 | 8.87 | 9.10 | 8.81 | 6.76 | 5.10 | 6.84 | 6.90 | 5.51 | 4.70 |
| Shares, diluted (wtd. avg.) | $64.1M | $64.3M | $64.4M | $64.5M | $64.1M | $63.0M | $63.4M | $64.7M | $64.7M | $63.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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