NYSE · Financial Statements

Cullen/Frost Bankers, Inc. (CFR) Financial Statements

$157.05 NYSE: CFR Market Cap $9.76B

Cullen/Frost Bankers, Inc. most recently reported annual revenue of $2.9B, net profit of $649.0M. Revenue grew at an average annual rate of 14.5% over the last 5 fiscal years. See the full income statement, balance sheet, and cash flow statement below, plus valuation and return ratios.

Cullen/Frost Bankers, Inc.: Revenue rose from $1.1B in 2016 to $2.9B in 2025, a change of +156.6% over 9 years; net profit was positive in all 10 reported years; operating margin moved from 30.0% to 26.4%, a shift of -3.6 percentage points; the most recent year shows net profit of $649.0M.

Income Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Revenue$1.1B$1.2B$1.4B$1.5B$1.5B$1.4B$1.9B$2.6B$2.9B$2.9B
Operating Expenses$797.0M$821.0M$894.0M$998.0M$1.1B$906.0M$1.2B$1.9B$2.2B$2.1B
Operating Profit$341.0M$408.0M$509.0M$499.0M$351.0M$490.0M$669.0M$712.0M$696.0M$772.0M
Operating Margin30.0%33.2%36.3%33.4%23.6%35.1%35.6%26.9%24.4%26.4%
Other Income$0$0$0$0$0$0$0$0$0$0
Interest$12.0M$27.0M$93.0M$130.0M$45.0M$24.0M$184.0M$659.0M$786.0M$685.0M
Depreciation$48.0M$48.0M$50.0M$54.0M$64.0M$69.0M$71.0M$76.0M$83.0M$88.0M
Profit Before Tax$341.0M$408.0M$509.0M$499.0M$351.0M$490.0M$669.0M$712.0M$696.0M$772.0M
Tax$10.9M$10.8M$10.6M$11.2M$5.7M$9.5M$13.4M$16.1M$16.3M$16.0M
Net Profit$304.0M$364.0M$455.0M$444.0M$331.0M$443.0M$579.0M$598.0M$583.0M$649.0M
EPS$4.70$5.51$6.90$6.81$5.09$6.74$8.79$9.08$8.87$9.92
Dividend Payout0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Quarterly Results — Last 12 Quarters (USD millions)

8 duplicate period labels in the source data were collapsed.

MetricSep '23Dec '23Mar '24Jun '24Sep '24Dec '24Mar '25Jun '25Sep '25Dec '25Mar '26Jun '26
Revenue$667.0M$693.0M$697.0M$707.0M$722.0M$724.0M$709.0M$719.0M$746.0M$746.0M$575.0M$577.0M
Operating Expenses$480.0M$572.0M$535.0M$532.0M$547.0M$540.0M$530.0M$533.0M$538.0M$548.0M$372.0M$372.0M
Operating Profit$187.0M$121.0M$162.0M$175.0M$175.0M$184.0M$179.0M$187.0M$208.0M$198.0M$202.0M$205.0M
Operating Margin28.0%17.4%23.2%24.8%24.3%25.4%25.3%25.9%27.9%26.5%35.2%35.5%
Interest$176.0M$191.0M$195.0M$200.0M$204.0M$187.0M$169.0M$172.0M$178.0M$165.0M$139.0M$139.0M
Profit Before Tax$187.0M$121.0M$162.0M$175.0M$175.0M$184.0M$179.0M$187.0M$208.0M$198.0M$202.0M$205.0M
Tax$16.8M$15.0M$16.0M$16.9M$16.4M$15.8M$15.7M$15.9M$16.2M$16.0M$15.5M$15.9M
Net Profit$156.0M$103.0M$136.0M$145.0M$147.0M$155.0M$151.0M$157.0M$174.0M$166.0M$171.0M$172.0M
EPS$2.37$1.55$2.06$2.21$2.24$2.36$2.30$2.39$2.67$2.56$2.65$2.70

Over the 10 years reported for Cullen/Frost Bankers, Inc., borrowings increased from $1.2B in 2016 to $4.8B in 2025, cash stood at $8.9B in the latest year, shareholders' equity was $1.0M, current assets covered current liabilities 0.21 times.

Balance Sheet — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Total Assets$30.2B$31.7B$32.3B$34.0B$42.4B$50.9B$52.9B$50.8B$52.5B$53.0B
Current Assets$14.7B$15.8B$15.2B$15.1B$21.3B$31.1B$31.1B$25.2B$25.3B$10.0B
Cash$4.1B$4.9B$3.3B$3.4B$10.3B$16.5B$11.8B$8.6B$10.2B$8.9B
Inventory$0$0$0$0$0$0$0$0$0$0
Receivables$397.0M$401.0M$458.0M$441.0M$585.0M$613.0M$1.1B$0$0$0
Fixed Assets$526.0M$521.0M$552.0M$1.0B$1.0B$1.1B$1.1B$1.2B$1.2B$1.3B
Capital Work in Progress$0$0$0$0$0$0$0$0$0$0
Investments$24.3B$24.9B$26.5B$27.9B$29.6B$31.8B$37.8B$38.8B$39.1B$41.0B
Other Assets$655.0M$655.0M$655.0M$655.0M$655.0M$655.0M$655.0M$0$0$0
Total Liabilities$27.2B$28.4B$28.9B$30.1B$38.1B$46.4B$49.8B$47.1B$48.6B$48.5B
Current Liabilities$27.0B$28.2B$28.7B$29.9B$37.9B$46.2B$49.5B$46.1B$47.1B$47.5B
Borrowings$1.2B$1.4B$1.6B$1.9B$2.4B$3.0B$4.9B$4.4B$4.6B$4.8B
Other Liabilities$26.0B$27.1B$27.3B$28.2B$35.7B$43.5B$44.8B$42.8B$44.0B$43.7B
Equity$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M$1.0M
Reserves$3.0B$3.3B$3.4B$3.9B$4.3B$4.4B$3.1B$3.7B$3.9B$4.6B

For Cullen/Frost Bankers, Inc., operating cash flow was positive in 10 of 10 reported years; free cash flow in the latest year was $127.0M; free cash flow was positive in 10 of 10 years.

Cash Flow Statement — 10 Years (USD millions)

Metric2016201720182019202020212022202320242025
Operating Cash Flow$438.0M$538.0M$562.0M$634.0M$524.0M$648.0M$723.0M$479.0M$990.0M$274.0M
Investing Cash Flow$-1.4B$-705.0M$-2.0B$-1.6B$-1.7B$-2.6B$-8.4B$-1.1B$-309.0M$-1.7B
Financing Cash Flow$1.5B$1.0B$207.0M$442.0M$7.2B$7.7B$1.3B$-2.1B$764.0M$37.0M
Net Cash Flow$550.0M$912.0M$-1.1B$-168.0M$6.5B$6.3B$-4.6B$-3.3B$1.5B$-1.4B
Free Cash Flow$384.0M$504.0M$483.0M$427.0M$429.0M$582.0M$620.0M$320.0M$862.0M$127.0M

Valuation & Return Ratios

MetricValue
PEG Ratio1.03
EV / EBITDA—
FCF Yield—
Quick Ratio—
Interest Coverage—
Return 1Y23.04%
Return 3Y85.88%
Return 5Y45.41%

Cullen/Frost Bankers, Inc. (CFR) financials — frequently asked questions

What is Cullen/Frost Bankers, Inc.'s annual revenue?

Cullen/Frost Bankers, Inc. (CFR) reported annual revenue of $2.9B in its most recent fiscal year.

What is Cullen/Frost Bankers, Inc.'s net profit?

Cullen/Frost Bankers, Inc. (CFR) reported net profit of $649.0M in its most recent fiscal year.

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