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Financials · CFR

Cullen/Frost Bankers Inc. (CFR) financials

For the twelve months ended Sep 30, 2026, Cullen/Frost Bankers Inc. reported $2.34B of revenue and $689.51M of net income.

Revenue, TTM
$2.34B
Revenue growth, YoY
+6.6%
Net income, TTM
$689.51M
Net income growth, YoY
+8.2%
Net margin
29.5%
Free cash flow, TTM
$578.46M
EPS, diluted, TTM
$10.75
EPS growth, YoY
+10.6%
Cash
$7.10B
P/E
14.00
P/S
4.13
Market cap
$9.65B
Annual revenue$2.24B
FY2016FY2025
Annual net income$648.56M
FY2016FY2025
Annual free cash flow$127.33M
FY2016FY2025

CFR revenue and earnings growth

CFR revenueQ3 2026$603.83M

Quarter YoY
+6.4%
QoQ
+4.8%
FY YoY
+8.3%
5Y CAGR
+9.2%
10Y CAGR
+7.7%

CFR revenue was $603.83M in fiscal Q3 2026 (ended Sep 30, 2026), up 6.4% from a year earlier and up 4.8% from the prior quarter. For the full fiscal 2025 it was $2.24B, up 8.3% from fiscal 2024. Compound annual growth was +9.2% over 5 years and +7.7% over 10 years. It rose in 9 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

CFR net incomeQ3 2026$180.21M

Quarter YoY
+3.3%
QoQ
+4.7%
FY YoY
+11.3%
5Y CAGR
+14.4%
10Y CAGR
+8.8%

CFR net income was $180.21M in fiscal Q3 2026 (ended Sep 30, 2026), up 3.3% from a year earlier and up 4.7% from the prior quarter. For the full fiscal 2025 it was $648.56M, up 11.3% from fiscal 2024. Compound annual growth was +14.4% over 5 years and +8.8% over 10 years. It rose in 7 of the last 10 fiscal years. Fiscal 2025 is the highest of the 15 fiscal years on file.

CFR EPSQ3 2026$2.84

Quarter YoY
+6.4%
QoQ
+5.2%
FY YoY
+11.8%
5Y CAGR
+14.2%
10Y CAGR
+8.8%

CFR diluted EPS was $2.84 in fiscal Q3 2026 (ended Sep 30, 2026), up 6.4% from a year earlier and up 5.2% from the prior quarter. For the full fiscal 2025 it was $9.92, up 11.8% from fiscal 2024. Compound annual growth was +14.2% over 5 years and +8.8% over 10 years.

CFR free cash flowQ3 2026$248.66M

Quarter YoY
+17.5%
FY YoY
-85.2%
5Y CAGR
-21.6%
10Y CAGR
-6.4%

CFR free cash flow was $248.66M in fiscal Q3 2026 (ended Sep 30, 2026), up 17.5% from a year earlier. For the full fiscal 2025 it was $127.33M, down 85.2% from fiscal 2024. Compound annual growth was -21.6% over 5 years and -6.4% over 10 years. It rose in 6 of the last 10 fiscal years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$2.24B$2.06B$1.99B$1.70B$1.37B$1.44B$1.37B$1.31B$1.20B$1.13B
Interest expense--$659.05M$184.44M$23.90M$45.03M$129.78M$93.31M$26.52M$12.08M
Pre-tax income$771.70M$695.97M$712.37M$668.83M$489.54M$351.32M$499.47M$508.68M$408.36M$341.41M
Income tax$123.14M$113.42M$114.40M$89.68M$46.46M$20.17M$55.87M$53.76M$44.21M$37.15M
Net income$648.56M$582.54M$597.97M$579.15M$443.08M$331.15M$443.60M$454.92M$364.15M$304.26M
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
Diluted shares64.1M64.3M64.4M64.5M64.1M63.0M63.4M64.7M64.7M63.0M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$8.87B$10.23B$8.69B$12.03B$16.58B$10.29B$3.79B---
Goodwill---$654.95M$654.95M$654.95M$654.95M$654.95M$654.95M$654.95M
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
Shareholders' equity$4.57B$3.90B$3.72B$3.14B$4.44B$4.29B$3.91B$3.37B$3.30B$3.00B

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$273.98M$989.53M$478.85M$722.58M$648.29M$524.24M$634.09M$562.39M$538.08M$437.84M
Capital expenditures$146.65M$127.78M$158.63M$102.50M$65.85M$95.42M$206.72M$79.27M$34.09M$53.65M
Free cash flow$127.33M$861.76M$320.21M$620.08M$582.44M$428.82M$427.37M$483.12M$503.99M$384.19M
Investing cash flow-$1.60B-$180.88M-$942.75M-$8.28B-$2.53B-$1.63B-$1.39B-$1.91B-$670.60M-$1.37B
Financing cash flow-$33.09M$738.33M-$2.88B$3.00B$8.17B$7.61B$585.06M$253.66M$1.04B$1.49B
Dividends paid$255.36M$242.45M$232.32M$209.78M$188.79M$180.58M$177.01M$165.45M$144.17M$134.90M
Share repurchases$157.83M$60.90M$42.72M$4.39M$3.86M$15.79M$68.79M$101.01M$101.47M$1.29M
Stock-based compensation$24.75M$19.76M$24.59M$18.32M$12.75M$13.92M$15.95M$13.94M$13.01M$11.80M
Depreciation and amortization$87.78M$82.82M$76.44M$71.34M$69.29M$64.37M$54.09M$50.17M$47.81M$48.18M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY8.3%3.8%17.2%23.7%-4.8%5.4%4.5%8.8%6.8%5.7%
Net income growth, YoY11.3%-2.6%3.3%30.7%33.8%-25.3%-2.5%24.9%19.7%8.9%
EPS growth, YoY11.8%-2.5%3.3%30.3%32.5%-25.4%-0.9%25.2%17.2%9.8%
Net margin29.0%28.2%30.1%34.1%32.3%23.0%32.4%34.7%30.3%27.0%
Free cash flow margin5.7%41.8%16.1%36.6%42.5%29.7%31.2%36.9%41.9%34.1%
Return on equity14.2%14.9%16.1%18.5%10.0%7.7%11.3%13.5%11.0%10.1%
Return on assets1.2%1.1%1.2%1.1%0.9%0.8%1.3%1.4%1.1%1.0%

Source: XBRL data Cullen/Frost Bankers Inc. files with the SEC, latest filing dated Oct 29, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

CFR peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
CFR$2.34B+6.6%$689.51M29.5%$9.65B
JPM$203.15B+13.2%$65.98B32.5%$888.26B
BAC$120.16B+5.4%$32.24B26.8%$340.97B
WFC$87.23B+5.4%$22.97B26.3%$251.98B
C$85.22B+5.6%$14.31B16.8%$199.70B
UBS$49.57B+2.0%$7.80B15.7%$148.27B
COF$63.01B+31.2%$10.87B17.2%$121.43B
MFG¥8.79T+7.6%¥1.16T13.2%$116.96B
BNSC$37.74B+12.1%C$7.79B20.6%$112.48B

CFR FAQ

8 questions
  • What is CFR revenue?
    Cullen/Frost Bankers Inc. (CFR) reported $2.34B of revenue for the twelve months ended Sep 30, 2026. That is up 6.6% from the year before. Revenue for fiscal 2025 was $2.24B.
  • Is CFR profitable?
    Yes. Cullen/Frost Bankers Inc. earned $689.51M in net income for the twelve months ended Sep 30, 2026, a net margin of 29.5%.
  • How much cash and debt does CFR have?
    Cullen/Frost Bankers Inc. reported $7.10B in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is CFR revenue growing?
    Cullen/Frost Bankers Inc.'s revenue changed +8.3% in fiscal 2025, to $2.24B. Its compound annual growth rate was +9.2% over 5 years and +7.7% over 10 years.
  • What is CFR free cash flow?
    Cullen/Frost Bankers Inc. generated $578.46M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of $763.65M less capital expenditures.
  • What is CFR earnings per share?
    Diluted earnings per share were $10.75 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did CFR last report financial results?
    The latest statements here come from Cullen/Frost Bankers Inc.'s 10-Q filed on Oct 29, 2026, covering the period ended Sep 30, 2026.
  • Where does this CFR financial data come from?
    Quantisnow builds these statements from the structured XBRL data Cullen/Frost Bankers Inc. files with the SEC. It is provided for information only and is not investment advice.