Cullen/Frost Bankers Inc. (CFR) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the CFR SEC filings page.
Cullen/Frost Bankers Inc. (CFR) reported $2.3B in revenue over the twelve months to Jun 30, 2026, up 7.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Cullen/Frost's dominant mechanic is profitable banking with volatile cash conversion despite a less leveraged balance sheet.
FY2025 net income was$648.6M , but operating cash flow was only$274.0M , so accounting earnings converted weakly into operating cash in the latest year. Free cash flow also fell sharply from FY2024, making the swing a cash-conversion issue rather than simply a profitability issue.
Liabilities were 10.6x equity in FY2025, down from 12.5x in FY2024, indicating balance-sheet leverage eased rather than intensified. For a bank, this ratio mainly reflects deposit and funding structure, so it is a financing-model signal rather than an industrial-style debt burden.
The 29.0% net margin and
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. 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. earned a return on assets of 1.2% in fiscal year 2025, which is the profit it made on every dollar of assets on its books. This is up from 1.1% the prior year. Earnings ranks banks on that return over three years, and Cullen/Frost Bankers Inc. scores 73/100 among other banks.
Cullen/Frost Bankers Inc. reported revenue of $2.2B in fiscal year 2025, against $2.1B in fiscal year 2024. Growth ranks banks on the three-year path of their net revenue, which is interest income and fee income less the interest they pay out, and Cullen/Frost Bankers Inc. scores 40/100 among other banks.
Cullen/Frost Bankers Inc. funded 8.6% of its assets with shareholders' equity at the end of fiscal year 2025, holding $4.6B of equity against $53.0B of assets. Capital ranks banks on that cushion, and Cullen/Frost Bankers Inc. scores 14/100 among other banks.
Efficiency measures what a bank spends running itself against the revenue that spending brings in, so a lower ratio is the better one. Cullen/Frost Bankers Inc. scores 53/100 on it among other banks.
Credit Quality measures the money a bank set aside for loans it expects to go bad, against the size of the loan book it set that money aside for. Cullen/Frost Bankers Inc. scores 48/100 on it among other banks.
Cullen/Frost Bankers Inc. reported net income of $648.6M in fiscal year 2025, against $582.5M in fiscal year 2024. Stability ranks banks on how steady net income has been across five years, and Cullen/Frost Bankers Inc. scores 83/100 among other banks.
Cullen/Frost Bankers Inc. passes 5 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 1 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 $576.0M in revenue in Q2 2026. This represents an increase of 5.3% from the same quarter a year earlier. Against the prior quarter it is up 0.2%.
Cullen/Frost Bankers Inc. reported $172.1M in net income in Q2 2026. This represents an increase of 9.6% from the same quarter a year earlier. Against the prior quarter it is up 0.6%.
Cullen/Frost Bankers Inc. earned $2.70 per diluted share (EPS) in Q2 2026. This represents an increase of 13.0% from the same quarter a year earlier. Against the prior quarter it is up 1.9%.
Not reported for Q2 2026.
Cash & Balance Sheet
Cullen/Frost Bankers Inc. recorded an outflow of $7.1M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 106.2% from the same quarter a year earlier. Against the prior quarter it is down 103.6%.
Cullen/Frost Bankers Inc. held $6.5B in cash as of Q2 2026; long-term debt is not reported for that period.
Cullen/Frost Bankers Inc. paid $1.03 per share in dividends in Q2 2026. This represents an increase of 3.0% from the same quarter a year earlier. Against the prior quarter it is up 3.0%.
Margins & Returns
Cullen/Frost Bankers Inc.'s net profit margin was 29.9% in Q2 2026, showing the share of revenue converted to profit. This is up 1.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.1 percentage points.
Cullen/Frost Bankers Inc.'s ROE was 3.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. That is unchanged from the same quarter a year earlier. Against the prior quarter it is down 0.1 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Cullen/Frost Bankers Inc. spent $90.9M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 119498.7% from the same quarter a year earlier. Against the prior quarter it is up 25.7%.
Cullen/Frost Bankers Inc. invested $60.1M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 128.7% from the same quarter a year earlier. Against the prior quarter it is up 55.6%.
Not reported for Q2 2026.
CFR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $576.0M+5.3% | $574.8M+6.4% | $580.9M+8.3% | $567.3M+9.5% | $546.9M+7.7% | $540.2M+7.7% | $536.3M+6.9% | $518.0M+5.4% |
| SG&A Expenses | $173.0M+6.7% | $166.2M+3.3% | $182.5M+10.3% | $169.2M+8.0% | $162.1M+7.2% | $160.9M+8.7% | $165.5M+12.9% | $156.6M+13.9% |
| Interest Expense | $147.0M-14.7% | $139.4M-17.4% | $164.9M-11.9% | $178.5M-12.4% | $172.4M-13.6% | $168.9M-13.6% | $187.2M-2.0% | $203.8M+16.0% |
| Income Tax | $32.5M+9.7% | $31.4M+11.5% | $31.7M+8.8% | $33.6M+17.0% | $29.6M-0.1% | $28.2M+8.9% | $29.2M+60.7% | $28.7M-8.3% |
| Net Income | $172.1M+9.6% | $171.0M+13.3% | $166.3M+7.4% | $174.4M+19.0% | $157.0M+7.9% | $150.9M+11.2% | $154.9M+51.0% | $146.5M-5.9% |
| EPS (Basic) | $2.70+13.0% | $2.65+15.2% | $2.56+8.5% | $2.67+19.2% | $2.39+8.1% | $2.30+11.7% | $2.36+52.3% | $2.24-5.9% |
| EPS (Diluted) | $2.70+13.0% | $2.65+15.2% | $2.56+8.5% | $2.67+19.2% | $2.39+8.1% | $2.30+11.7% | $2.36+51.3% | $2.24-5.9% |
| Diluted Shares (Avg) | 62M-2.9% | 63M-1.9% | N/A | 64M+0.1% | 64M0.0% | 64M-0.1% | N/A | 64M-0.2% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.
CFR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $53.9B+4.8% | $52.7B+1.4% | $53.0B+1.0% | $52.5B+3.0% | $51.4B+5.3% | $52.0B+5.0% | $52.5B+3.3% | $51.0B+4.6% |
| Cash & Equivalents | $6.5B-9.1% | $7.1B-9.0% | $8.9B-13.3% | $7.9B-13.7% | $7.1B-0.4% | $7.9B-7.2% | $10.2B+17.8% | $9.2B+20.7% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $49.3B+4.3% | $48.2B+0.6% | $48.5B-0.3% | $48.1B+2.6% | $47.2B+4.5% | $47.9B+4.4% | $48.6B+3.2% | $46.9B+2.5% |
| Total Equity | $4.6B+10.1% | $4.5B+10.1% | $4.6B+17.3% | $4.5B+7.9% | $4.2B+14.6% | $4.1B+13.1% | $3.9B+4.9% | $4.1B+37.9% |
| Retained Earnings | $4.5B+9.6% | $4.4B+9.4% | $4.3B+9.1% | $4.2B+8.7% | $4.1B+8.1% | $4.0B+8.2% | $4.0B+8.0% | $3.9B+7.2% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities, Long-Term Debt.
CFR Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $52.9M-62.4% | $237.3M+180.1% | $180.7M+181.1% | $248.6M-19.1% | $140.8M+8.6% | -$296.1M-160.6% | $64.3M+177.5% | $307.2M+28.7% |
| Depreciation & Amortization | $22.4M+2.7% | $22.2M+1.5% | $21.8M+1.9% | $22.2M+7.3% | $21.8M+6.8% | $21.9M+8.2% | $21.4M+6.0% | $20.7M+8.0% |
| Stock-Based Compensation | $5.4M+11.8% | $5.2M+27.0% | N/A | $4.3M+142.8% | $4.8M+6.8% | $4.1M+9.2% | N/A | $1.8M-43.5% |
| Capital Expenditures | $60.1M+128.7% | $38.6M-5.7% | $42.5M+12.9% | $36.9M+45.8% | $26.3M-1.3% | $41.0M+7.3% | $37.6M-7.2% | $25.3M-23.0% |
| Free Cash Flow | -$7.1M-106.2% | $198.7M+159.0% | $138.2M+418.5% | $211.7M-24.9% | $114.5M+11.2% | -$337.1M-174.9% | $26.7M+121.6% | $281.9M+37.0% |
| Investing Cash Flow | -$1.9B-3123.3% | -$1.3B+26.9% | $550.3M+286.9% | -$275.2M-253.6% | -$57.6M+91.6% | -$1.8B-393.1% | -$294.4M-163.0% | $179.1M+259.7% |
| Financing Cash Flow | $1.1B+237.2% | -$637.2M-139.5% | $202.8M-84.0% | $850.8M-45.7% | -$820.5M-7.5% | -$266.1M+80.0% | $1.3B+0.1% | $1.6B+307.9% |
| Dividends Paid | $64.8M-0.2% | $64.0M+3.8% | $64.1M+4.2% | $64.7M+5.5% | $64.9M+8.6% | $61.7M+3.1% | $61.5M+2.9% | $61.3M+3.1% |
| Share Buybacks | $90.9M+119498.7% | $72.3M+2680.7% | $85.4M+889.5% | $69.8M+248.1% | $76K-99.7% | $2.6M+25.4% | $8.6M+287.9% | $20.0M+76.3% |
CFR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Net Margin | 29.9%+1.2pp | 29.8%+1.8pp | 28.6%-0.3pp | 30.7%+2.5pp | 28.7%+0.1pp | 27.9%+0.9pp | 28.9%+8.4pp | 28.3%-3.4pp |
| Return on Equity | 3.7%0.0pp | 3.8%+0.1pp | 3.6%-0.3pp | 3.9%+0.4pp | 3.7%-0.2pp | 3.7%-0.1pp | 4.0%+1.2pp | 3.5%-1.7pp |
| 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%+0.1pp | 0.3%0.0pp |
| Debt-to-Equity | 10.66-0.6x | 10.64-1.0x | 10.60-1.9x | 10.78-0.6x | 11.24-1.1x | 11.64-1.0x | 12.47-0.2x | 11.34-3.9x |
| Asset Turnover | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x | 0.010.0x |
| FCF Margin | -1.2%-22.2pp | 34.6%+97.0pp | 23.8%+18.8pp | 37.3%-17.1pp | 20.9%+0.7pp | -62.4%-152.2pp | 5.0%+29.6pp | 54.4%+12.5pp |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Cullen/Frost Bankers Inc. CFR | FY2025 | $2.2B | $648.6M | 29.0% | $9.6B | 52/100 |
| Wintrust Financial Corp WTFC | FY2025 | $2.7B | $824.0M | 30.2% | $9.7B | 58/100 |
| Old National Bancorp ONB | FY2025 | $2.5B | $669.3M | 26.5% | $9.6B | 52/100 |
| Commerce Bancshares Inc CBSH | FY2025 | $1.8B | $566.3M | 32.1% | $7.9B | 65/100 |
| Zions Bancorporation N.A. ZION | FY2025 | $3.4B | $899.0M | 26.6% | $9.1B | 35/100 |
| Popular Inc BPOP | FY2025 | $3.2B | $833.2M | 26.0% | $10.0B | 39/100 |
Where Cullen/Frost Bankers Inc. Ranks
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 P/E ratio?
Cullen/Frost Bankers Inc. (CFR) trades at 14.1x earnings, its market capitalization divided by net income of $683.7M net income, trailing 12 months to June 30, 2026. The market capitalization is $9.6B as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Cullen/Frost Bankers Inc.'s price-to-sales ratio?
Cullen/Frost Bankers Inc. (CFR) trades at 4.2x sales, its market capitalization divided by revenue of $2.3B revenue, trailing 12 months to June 30, 2026. The market capitalization is $9.6B as of Oct 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Cullen/Frost Bankers Inc.'s Piotroski F-Score?
Cullen/Frost Bankers Inc. (CFR) has a Piotroski F-Score of 5 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 52 out of 100 on our Financial Health Score, indicating moderate standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.