Cullen Frost Bankers Inc Financials
This page shows Cullen Frost Bankers Inc (CFR) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Profitability is being carried by a large balance sheet, but cash conversion turned sharply weaker in FY2025 despite higher earnings.
FY2025’s$649M of net income translated into only$274M of operating cash flow and$127M of free cash flow, a sharp break from FY2024’s$990M and$862M . That mismatch means reported earnings improved while internally generated cash shrank, so the year was stronger on accounting profit than on cash actually retained.
Assets were broadly flat over FY2022-FY2025, while equity rose from
Return on assets reached
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Cullen Frost Bankers Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Cullen Frost Bankers Inc's revenue grew 8.3% year-over-year to $2.2B, a solid pace of expansion. This earns a growth score of 43/100.
Cullen Frost Bankers Inc has elevated debt relative to equity (D/E of 10.60), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 0/100, reflecting increased financial risk.
Cullen Frost Bankers Inc converts 5.7% of revenue into free cash flow ($127.3M). This strong cash generation earns a score of 72/100.
Cullen Frost Bankers Inc's ROE of 14.2% shows moderate profitability relative to equity, earning a score of 44/100. This is down from 14.9% the prior year.
Cullen Frost Bankers Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Cullen Frost Bankers Inc generates $0.42 in operating cash flow ($274.0M OCF vs $648.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Cullen Frost Bankers Inc generated $2.2B in revenue in fiscal year 2025. This represents an increase of 8.3% from the prior year.
Cullen Frost Bankers Inc reported $648.6M in net income in fiscal year 2025. This represents an increase of 11.3% from the prior year.
Cullen Frost Bankers Inc earned $9.92 per diluted share (EPS) in fiscal year 2025. This represents an increase of 11.8% from the prior year.
Cash & Balance Sheet
Cullen Frost Bankers Inc generated $127.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 85.2% from the prior year.
Cullen Frost Bankers Inc held $8.9B in cash against $0 in long-term debt as of fiscal year 2025.
Cullen Frost Bankers Inc paid $3.95 per share in dividends in fiscal year 2025. This represents an increase of 5.6% from the prior year.
Cullen Frost Bankers Inc had 63M shares outstanding in fiscal year 2025. This represents a decrease of 1.6% from the prior year.
Margins & Returns
Cullen Frost Bankers Inc's net profit margin was 29.0% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.8 percentage points from the prior year.
Cullen Frost Bankers Inc's ROE was 14.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.8 percentage points from the prior year.
Capital Allocation
Cullen Frost Bankers Inc spent $157.8M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 159.2% from the prior year.
Cullen Frost Bankers Inc invested $146.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 14.8% from the prior year.
CFR Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $574.8M-1.0% | $580.9M+2.4% | $567.3M+3.7% | $546.9M+1.2% | $540.2M+0.7% | $536.3M+3.5% | $518.0M+2.0% | $507.9M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $166.2M-8.9% | $182.5M+7.9% | $169.2M+4.3% | $162.1M+0.8% | $160.9M-2.8% | $165.5M+5.7% | $156.6M+3.6% | $151.2M |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $139.4M-15.4% | $164.9M-7.6% | $178.5M+3.6% | $172.4M+2.0% | $168.9M-9.8% | $187.2M-8.2% | $203.8M+2.1% | $199.6M |
| Income Tax | $31.4M-1.0% | $31.7M-5.7% | $33.6M+13.5% | $29.6M+5.1% | $28.2M-3.4% | $29.2M+1.5% | $28.7M-3.1% | $29.7M |
| Net Income | $171.0M+2.8% | $166.3M-4.7% | $174.4M+11.1% | $157.0M+4.0% | $150.9M-2.5% | $154.9M+5.7% | $146.5M+0.7% | $145.5M |
| EPS (Diluted) | $2.65 | N/A | $2.67+11.7% | $2.39+3.9% | $2.30 | N/A | $2.24+1.4% | $2.21 |
CFR Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $52.7B-0.6% | $53.0B+1.0% | $52.5B+2.2% | $51.4B-1.1% | $52.0B-1.0% | $52.5B+3.0% | $51.0B+4.4% | $48.8B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $7.1B-19.5% | $8.9B+11.8% | $7.9B+11.6% | $7.1B-9.4% | $7.9B-23.3% | $10.2B+11.3% | $9.2B+28.7% | $7.1B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $48.2B-0.6% | $48.5B+0.8% | $48.1B+1.8% | $47.2B-1.4% | $47.9B-1.5% | $48.6B+3.7% | $46.9B+3.8% | $45.2B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $4.5B-0.9% | $4.6B+2.5% | $4.5B+6.2% | $4.2B+2.1% | $4.1B+5.5% | $3.9B-5.7% | $4.1B+12.8% | $3.7B |
| Retained Earnings | $4.4B+2.4% | $4.3B+2.0% | $4.2B+2.6% | $4.1B+2.2% | $4.0B+2.0% | $4.0B+1.6% | $3.9B+2.1% | $3.8B |
CFR Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $237.3M+31.3% | $180.7M-27.3% | $248.6M+76.6% | $140.8M+147.5% | -$296.1M-560.5% | $64.3M-79.1% | $307.2M+137.1% | $129.6M |
| Capital Expenditures | $38.6M-9.2% | $42.5M+15.2% | $36.9M+40.6% | $26.3M-35.9% | $41.0M+8.8% | $37.6M+48.6% | $25.3M-4.8% | $26.6M |
| Free Cash Flow | $198.7M+43.8% | $138.2M-34.7% | $211.7M+84.8% | $114.5M+134.0% | -$337.1M-1364.5% | $26.7M-90.5% | $281.9M+173.8% | $103.0M |
| Investing Cash Flow | -$1.3B-341.6% | $550.3M+300.0% | -$275.2M-378.0% | -$57.6M+96.8% | -$1.8B-517.7% | -$294.4M-264.4% | $179.1M+126.1% | -$686.1M |
| Financing Cash Flow | -$637.2M-414.3% | $202.8M-76.2% | $850.8M+203.7% | -$820.5M-208.4% | -$266.1M-121.0% | $1.3B-19.2% | $1.6B+305.3% | -$763.2M |
| Dividends Paid | $64.0M-0.1% | $64.1M-1.0% | $64.7M-0.3% | $64.9M+5.3% | $61.7M+0.3% | $61.5M+0.3% | $61.3M+2.5% | $59.8M |
| Share Buybacks | $72.3M-15.3% | $85.4M+22.3% | $69.8M+91722.4% | $76K-97.1% | $2.6M-69.9% | $8.6M-57.0% | $20.0M-33.5% | $30.2M |
CFR Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 29.8%+1.1pp | 28.6%-2.1pp | 30.7%+2.0pp | 28.7%+0.8pp | 27.9%-0.9pp | 28.9%+0.6pp | 28.3%-0.4pp | 28.6% |
| Return on Equity | 3.8%+0.1pp | 3.6%-0.3pp | 3.9%+0.2pp | 3.7%+0.1pp | 3.7%-0.3pp | 4.0%+0.4pp | 3.5%-0.4pp | 4.0% |
| Return on Assets | 0.3%+0.0pp | 0.3%-0.0pp | 0.3%+0.0pp | 0.3%+0.0pp | 0.3%0.0pp | 0.3%0.0pp | 0.3%-0.0pp | 0.3% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 10.64+0.0 | 10.60-0.2 | 10.78-0.5 | 11.24-0.4 | 11.64-0.8 | 12.47+1.1 | 11.34-1.0 | 12.32 |
| FCF Margin | 34.6%+10.8pp | 23.8%-13.5pp | 37.3%+16.4pp | 20.9%+83.3pp | -62.4%-67.4pp | 5.0%-49.4pp | 54.4%+34.1pp | 20.3% |
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Frequently Asked Questions
What is Cullen Frost Bankers Inc's annual revenue?
Cullen Frost Bankers Inc (CFR) reported $2.2B in total revenue for fiscal year 2025. This represents a 8.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cullen Frost Bankers Inc's revenue growing?
Cullen Frost Bankers Inc (CFR) revenue grew by 8.3% year-over-year, from $2.1B to $2.2B in fiscal year 2025.
Is Cullen Frost Bankers Inc profitable?
Yes, Cullen Frost Bankers Inc (CFR) reported a net income of $648.6M in fiscal year 2025, with a net profit margin of 29.0%.
What is Cullen Frost Bankers Inc's net profit margin?
Cullen Frost Bankers Inc (CFR) had a net profit margin of 29.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Cullen Frost Bankers Inc pay dividends?
Yes, Cullen Frost Bankers Inc (CFR) paid $3.95 per share in dividends during fiscal year 2025.
What is Cullen Frost Bankers Inc's return on equity (ROE)?
Cullen Frost Bankers Inc (CFR) has a return on equity of 14.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cullen Frost Bankers Inc's free cash flow?
Cullen Frost Bankers Inc (CFR) generated $127.3M in free cash flow during fiscal year 2025. This represents a -85.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cullen Frost Bankers Inc's operating cash flow?
Cullen Frost Bankers Inc (CFR) generated $274.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Cullen Frost Bankers Inc's total assets?
Cullen Frost Bankers Inc (CFR) had $53.0B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cullen Frost Bankers Inc's capital expenditures?
Cullen Frost Bankers Inc (CFR) invested $146.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Cullen Frost Bankers Inc's debt-to-equity ratio?
Cullen Frost Bankers Inc (CFR) had a debt-to-equity ratio of 10.60 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cullen Frost Bankers Inc's return on assets (ROA)?
Cullen Frost Bankers Inc (CFR) had a return on assets of 1.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cullen Frost Bankers Inc's Piotroski F-Score?
Cullen Frost Bankers Inc (CFR) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cullen Frost Bankers Inc's earnings high quality?
Cullen Frost Bankers Inc (CFR) has an earnings quality ratio of 0.42x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Cullen Frost Bankers Inc?
Cullen Frost Bankers Inc (CFR) scores 26 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.