Cullen/Frost Bankers (CFR) discloses $9.09B in equity holdings in latest 13F

Rhea-AI Filing Summary

Cullen/Frost Bankers, Inc. filed a Form 13F holdings report as an institutional investment manager. The filing summarizes equity investment positions managed by the firm and its related entities.

The report covers 1,460 line-item holdings with a reported Form 13F information table value total of 9,090,027,169. The report is filed as a full 13F holdings report, meaning all reportable holdings for this manager are included in this submission.

The filing also identifies three other included managers: Frost Bank - FWA, Frost Investment Advisors, LLC, and Frost Investment Services, LLC, indicating that these affiliated entities’ positions are consolidated within this report.

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F COVER PAGE

OMB APPROVAL

OMB Number:			3235-0006
Estimated average burden
hours per response:			23.8

Report for the Calendar Year or Quarter Ended: 12-31-2025

Check here if Amendment		Amendment Number:
This Amendment (Check only one.):		is a restatement.
		adds new holdings entries.

Institutional Investment Manager Filing this Report:
Name:	Cullen/Frost Bankers, Inc.
Address:	Post Office Box 1600
	San Antonio, TX 78296-1600
Form 13F File Number:	028-00183
CRD Number (if applicable):
SEC File Number (if applicable):

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name:		Coolidge E. Rhodes, Jr.
Title:		Group Executive VP General Counsel and Corp. Secretary
Phone:		210-220-6970
Signature, Place, and Date of Signing:
Coolidge E. Rhodes, Jr.			San Antonio, TX	02-05-2026
[Signature]			[City, State]	[Date]

Report Type (Check only one.):
X	13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
	13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
	13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)

Form 13F Summary Page
	Report Summary:
	Number of Other Included Managers:		3
	Form 13F Information Table Entry Total:		1,460
	Form 13F Information Table Value Total:		9,090,027,169
			(round to nearest dollar)

List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings and list entries.]
	No.	Name	Form 13F File No.	CRD No. (if applicable)	SEC File No. (if applicable)	CIK
	1	Frost Bank - FWA
	2	Frost Investment Advisors, LLC		000146148	801-68724
	3	Frost Investment Services, LLC		000286129	801-108754

FAQ

What is Cullen/Frost Bankers, Inc. reporting in this Form 13F-HR filing (CFR)?

Cullen/Frost Bankers, Inc. is reporting its institutional equity investment holdings on Form 13F-HR. The filing lists 1,460 reportable positions with a total Form 13F information table value of 9,090,027,169, representing securities managed across the firm and certain related managers.

How large is Cullen/Frost Bankers, Inc.’s reported 13F portfolio in this filing?

The Form 13F information table value total is 9,090,027,169, rounded to the nearest dollar. This figure reflects the aggregate value of all reportable holdings across 1,460 entries included in the institutional investment manager’s report for this period.

How many holdings does Cullen/Frost Bankers, Inc. disclose in its latest 13F (CFR)?

The Form 13F summary page shows a total of 1,460 information table entries. Each entry generally represents a distinct reportable security position held by Cullen/Frost Bankers, Inc. or its included managers at the relevant reporting date for this institutional filing.

What type of 13F report did Cullen/Frost Bankers, Inc. file for CFR?

Cullen/Frost Bankers, Inc. filed a 13F holdings report, indicating all of its reportable holdings are included in this submission. It is not a 13F notice or combination report, so investors see the complete 13F portfolio in one filing.

Which other managers are included in Cullen/Frost Bankers, Inc.’s 13F filing?

The filing lists three other included managers: Frost Bank - FWA, Frost Investment Advisors, LLC, and Frost Investment Services, LLC. Their reportable holdings are consolidated under this Form 13F, providing a combined view of affiliated investment management activities.

Who signed the Cullen/Frost Bankers, Inc. Form 13F-HR and in what capacity?

The report is signed by Coolidge E. Rhodes, Jr., who is identified as Group Executive VP, General Counsel and Corporate Secretary. The signature affirms that the signer is authorized and that the information provided is represented as true, correct, and complete.