Cullen/Frost Bankers
CFR · NYSENational Commercial Banks · Fiscal year ends Dec 31
Cullen/Frost Bankers reported revenue of $122M in the fiscal year ended Dec 2025, up 14.4% from the year before. Net income was $649M. Operating cash flow of $274M less capital expenditure of $147M left free cash flow of $127M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $83M | $92M | $94M | $106M | $122M |
| Net interest incomeBanks | $985M | $1.3B | $1.6B | $1.6B | $1.7B |
| Interest expense | $24M | $184M | $659M | – | – |
| Pre-tax income | $490M | $669M | $712M | $696M | $772M |
| Income tax | $46M | $90M | $114M | $113M | $123M |
| Net income | $443M | $579M | $598M | $583M | $649M |
| Diluted EPS | 6.76 | 8.81 | 9.10 | 8.87 | 9.92 |
| Diluted shares | 64M | 65M | 64M | 64M | 64M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $16.6B | $12B | $8.7B | $10.2B | $8.9B |
| Net PP&E | $1.1B | $1.1B | $1.2B | $1.2B | $1.3B |
| Goodwill | $655M | $655M | – | – | – |
| Total assets | $50.9B | $52.9B | $50.8B | $52.5B | $53B |
| DepositsBanks | $42.7B | $44B | $41.9B | $42.7B | $42.9B |
| Total liabilities | $46.4B | $49.8B | $47.1B | $48.6B | $48.5B |
| Shareholders' equity | $4.4B | $3.1B | $3.7B | $3.9B | $4.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $648M | $723M | $479M | $990M | $274M |
| Capital expenditure | $66M | $103M | $159M | $128M | $147M |
| Free cash flow | $582M | $620M | $320M | $862M | $127M |
| Depreciation & amortisation | $69M | $71M | $76M | $83M | $88M |
| Stock-based compensation | $13M | $18M | $25M | $20M | $25M |
| Acquisitions | – | $0 | $0 | $703,000 | $0 |
| Share buybacks | $4M | $4M | $43M | $61M | $158M |
| Dividends paid | $189M | $210M | $232M | $242M | $255M |
| Dividend per share | 2.94 | 3.24 | 3.58 | 3.74 | 3.95 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.3% | 1.8% | 13.6% | 14.4% |
| EPS growth (YoY) | – | 30.3% | 3.3% | −2.5% | 11.8% |
| Net margin | 532.0% | 630.3% | 639.5% | 548.4% | 533.5% |
| Return on equityBlank when equity is negative | 10.0% | 18.5% | 16.1% | 14.9% | 14.2% |
| Free cash flow margin | 699.3% | 674.8% | 342.5% | 811.2% | 104.7% |
| Cash conversion (CFO ÷ net income) | 1.46x | 1.25x | 0.80x | 1.70x | 0.42x |
Recent filings
More in National Commercial Banks
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.