Cullen Frost Bankers Inc Financials
Cullen Frost Bankers Inc (CFR) reported $2.2B in revenue for fiscal year 2025, up 8.3% from the prior fiscal year. 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).
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
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 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 $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.
Not reported for fiscal year 2025.
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 as of fiscal year 2025; long-term debt is not reported for that period.
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.
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.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
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.
Not reported for fiscal year 2025.
CFR Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3B | $2.2B+8.3% | $2.1B+3.8% | $2.0B+17.2% | $1.7B+23.7% | $1.4B-4.8% | $1.4B+5.4% | $1.4B+4.5% | $1.3B+8.8% | $1.2B+6.8% | $1.1B+5.7% | $1.1B+5.8% | $1.0B+9.1% | $923.4M+3.3% | $893.6M+2.5% | $871.8M |
| SG&A Expenses | $690.8M | $674.6M+8.6% | $621.4M+13.5% | $547.7M+11.3% | $492.1M+24.4% | $395.5M+2.1% | $387.3M+3.3% | $375.0M+7.1% | $350.3M-53.8% | $759.1M+3.6% | $733.0M+5.7% | $693.7M+6.0% | $654.7M+7.0% | $611.9M+6.4% | $575.1M+3.0% | $558.1M |
| Interest Expense | $629.8M | $684.6M-12.9% | $786.0M+19.3% | $659.1M+257.3% | $184.4M+671.6% | $23.9M-46.9% | $45.0M-65.3% | $129.8M+39.1% | $93.3M+251.8% | $26.5M+119.7% | $12.1M-6.1% | $12.9M-11.5% | $14.5M-33.8% | $21.9M-18.0% | $26.8M-35.1% | $41.2M |
| Income Tax | $129.3M | $123.1M+8.6% | $113.4M-0.9% | $114.4M+27.6% | $89.7M+93.0% | $46.5M+130.3% | $20.2M-63.9% | $55.9M+3.9% | $53.8M+21.6% | $44.2M+19.0% | $37.1M-8.2% | $40.5M-30.3% | $58.0M+9.5% | $53.0M-24.8% | $70.5M+2.7% | $68.7M |
| Net Income | $683.7M | $648.6M+11.3% | $582.5M-2.6% | $598.0M+3.3% | $579.1M+30.7% | $443.1M+33.8% | $331.2M-25.3% | $443.6M-2.5% | $454.9M+24.9% | $364.1M+19.7% | $304.3M+8.9% | $279.3M+0.5% | $278.0M+16.9% | $237.9M0.0% | $238.0M+9.4% | $217.5M |
| EPS (Diluted) | — | $9.92+11.8% | $8.87-2.5% | $9.10+3.3% | $8.81+30.3% | $6.76+32.5% | $5.10-25.4% | $6.84-0.9% | $6.90+25.2% | $5.51+17.2% | $4.70+9.8% | $4.28-0.2% | $4.29+12.9% | $3.80-1.6% | $3.86+9.0% | $3.54 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CFR Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $53.0B+1.0% | $52.5B+3.3% | $50.8B-3.9% | $52.9B+4.0% | $50.9B+20.0% | $42.4B+24.6% | $34.0B+5.4% | $32.3B+1.7% | $31.7B+5.1% | $30.2B+5.7% | $28.6B+1.0% | $28.3B+16.3% | $24.3B+5.1% | $23.1B+13.8% | $20.3B |
| Cash & Equivalents | $8.9B-13.3% | $10.2B+17.8% | $8.7B-27.8% | $12.0B-27.5% | $16.6B+61.2% | $10.3B+171.6% | $3.8B | N/A | N/A | N/A | N/A | N/A | $4.6B+29.3% | $3.5B+21.2% | $2.9B |
| Goodwill | N/A | N/A | N/A | $655.0M0.0% | $655.0M0.0% | $655.0M0.0% | $655.0M0.0% | $655.0M0.0% | $655.0M0.0% | $655.0M0.0% | $654.7M0.0% | $654.7M+22.0% | $536.6M+0.2% | $535.5M+1.4% | $528.1M |
| Total Liabilities | $48.5B-0.3% | $48.6B+3.2% | $47.1B-5.3% | $49.8B+7.1% | $46.4B+21.9% | $38.1B+26.5% | $30.1B+4.1% | $28.9B+1.7% | $28.5B+4.6% | $27.2B+5.9% | $25.7B+1.0% | $25.4B+16.6% | $21.8B+5.3% | $20.7B+14.8% | $18.0B |
| Total Equity | $4.6B+17.3% | $3.9B+4.9% | $3.7B+18.5% | $3.1B-29.3% | $4.4B+3.4% | $4.3B+9.7% | $3.9B+16.1% | $3.4B+2.2% | $3.3B+9.8% | $3.0B+3.9% | $2.9B+1.4% | $2.9B+13.4% | $2.5B+4.0% | $2.4B+5.9% | $2.3B |
| Retained Earnings | $4.3B+9.1% | $4.0B+8.0% | $3.7B+10.5% | $3.3B+11.9% | $3.0B+7.5% | $2.8B+3.1% | $2.7B+9.3% | $2.4B+11.6% | $2.2B+10.1% | $2.0B+7.6% | $1.8B+7.9% | $1.7B+8.6% | $1.6B+6.7% | $1.5B+8.9% | $1.4B |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, 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.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $719.6M | $274.0M-72.3% | $989.5M+106.6% | $478.8M-33.7% | $722.6M+11.5% | $648.3M+23.7% | $524.2M-17.3% | $634.1M+12.7% | $562.4M+4.5% | $538.1M+22.9% | $437.8M+10.9% | $394.9M+36.2% | $289.9M+67.0% | $173.6M-42.1% | $300.0M+9.3% | $274.4M |
| Capital Expenditures | $178.1M | $146.7M+14.8% | $127.8M-19.5% | $158.6M+54.8% | $102.5M+55.7% | $65.8M-31.0% | $95.4M-53.8% | $206.7M+160.8% | $79.3M+132.5% | $34.1M-36.5% | $53.6M-63.5% | $147.1M+11.5% | $132.0M+233.3% | $39.6M+59.1% | $24.9M-6.8% | $26.7M |
| Free Cash Flow | $541.5M | $127.3M-85.2% | $861.8M+169.1% | $320.2M-48.4% | $620.1M+6.5% | $582.4M+35.8% | $428.8M+0.3% | $427.4M-11.5% | $483.1M-4.1% | $504.0M+31.2% | $384.2M+55.1% | $247.7M+56.9% | $157.9M+17.8% | $134.0M-51.3% | $275.1M+11.1% | $247.7M |
| Investing Cash Flow | -$2.9B | -$1.6B-785.2% | -$180.9M+80.8% | -$942.8M+88.6% | -$8.3B-227.8% | -$2.5B-54.8% | -$1.6B-17.6% | -$1.4B+27.5% | -$1.9B-185.3% | -$670.6M | N/A | N/A | N/A | N/A | N/A | -$2.5B |
| Financing Cash Flow | $1.5B | -$33.1M-104.5% | $738.3M+125.7% | -$2.9B-195.9% | $3.0B-63.3% | $8.2B+7.4% | $7.6B+1200.3% | $585.1M+130.6% | $253.7M-75.7% | $1.0B | N/A | N/A | N/A | N/A | N/A | $2.3B |
| Dividends Paid | $257.5M | $255.4M+5.3% | $242.4M+4.4% | $232.3M+10.7% | $209.8M+11.1% | $188.8M+4.5% | $180.6M+2.0% | $177.0M+7.0% | $165.4M+14.8% | $144.2M+6.9% | $134.9M+2.1% | $132.2M+3.9% | $127.2M+6.3% | $119.6M+2.4% | $116.9M+4.1% | $112.2M |
| Share Buybacks | $318.3M | $157.8M+159.2% | $60.9M+42.6% | $42.7M+872.9% | $4.4M+13.6% | $3.9M-75.5% | $15.8M-77.1% | $68.8M-31.9% | $101.0M-0.5% | $101.5M+7766.1% | $1.3M-98.7% | $101.2M+6848.3% | $1.5M-99.0% | $144.6M+33072.0% | $436K-78.5% | $2.0M |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
CFR Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 29.0%+0.8pp | 28.2%-1.9pp | 30.1%-4.1pp | 34.2%+1.9pp | 32.3%+9.3pp | 23.0%-9.5pp | 32.4%-2.3pp | 34.8%+4.5pp | 30.3%+3.3pp | 27.0%+0.8pp | 26.2%-1.4pp | 27.6%+1.8pp | 25.8%-0.9pp | 26.6%+1.7pp | 24.9% |
| Return on Equity | 14.2%-0.8pp | 14.9%-1.1pp | 16.1%-2.4pp | 18.5%+8.5pp | 10.0%+2.3pp | 7.7%-3.6pp | 11.3%-2.2pp | 13.5%+2.5pp | 11.0%+0.9pp | 10.1%+0.5pp | 9.7%-0.1pp | 9.8%+0.3pp | 9.5%-0.4pp | 9.8%+0.3pp | 9.5% |
| Return on Assets | 1.2%+0.1pp | 1.1%-0.1pp | 1.2%+0.1pp | 1.1%+0.2pp | 0.9%+0.1pp | 0.8%-0.5pp | 1.3%-0.1pp | 1.4%+0.3pp | 1.1%+0.1pp | 1.0%0.0pp | 1.0%0.0pp | 1.0%0.0pp | 1.0%-0.1pp | 1.0%0.0pp | 1.1% |
| Debt-to-Equity | 10.60-1.9x | 12.47-0.2x | 12.68-3.2x | 15.86+5.4x | 10.46+1.6x | 8.87+1.2x | 7.70-0.9x | 8.590.0x | 8.63-0.4x | 9.06+0.2x | 8.880.0x | 8.92+0.2x | 8.67+0.1x | 8.57+0.7x | 7.90 |
| FCF Margin | 5.7%-36.1pp | 41.8%+25.7pp | 16.1%-20.4pp | 36.6%-5.9pp | 42.5%+12.7pp | 29.8%-1.5pp | 31.2%-5.7pp | 36.9%-5.0pp | 41.9%+7.8pp | 34.1%+10.9pp | 23.3%+7.6pp | 15.7%+1.2pp | 14.5%-16.3pp | 30.8%+2.4pp | 28.4% |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio.
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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 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 51 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.