Cullen/frost Bankers, Inc. (CFR) Financial Statements
Industry: National Commercial Banks
In fiscal 2025, Cullen/frost Bankers reported revenue of $2.24B, up 8.3% from $2.06B the year before. Net income was $648.6M (a 29.0% net margin), or $9.92 per diluted share. Net interest income was $1.74B, and the efficiency ratio (noninterest expense / revenue) was 63.5%. Operating activities generated $274.0M of cash, leaving $127.3M of free cash flow. At fiscal year end, Cullen/frost Bankers held $53.04B in total assets against $48.47B in total liabilities.
Open the full interactive Cullen/frost Bankers financials → Quarterly statements, key ratios, valuation history and price charts.
Cullen/frost Bankers Key Stats
| Share Price | $151.56 |
|---|---|
| Market Cap | $9.47B |
| P/E Ratio | 15.3 |
| Revenue YoY Growth | +8.3% |
| 52-Week Range | $116.42 – $169.00 |
| Shares Outstanding | 62.5 million (basic, 2026 Q2) |
Cullen/frost Bankers Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Net Interest Income | $976.0M | $984.9M | $1.29B | $1.56B | $1.60B | $1.74B |
| Provision for Credit Losses | $241.2M | $63,000 | $3.0M | $46.2M | $65.0M | $44.2M |
| Noninterest Income | $465.5M | $386.7M | $404.8M | $428.5M | $459.1M | $499.1M |
| Noninterest Expense | $848.9M | $882.0M | $1.02B | $1.23B | $1.30B | $1.42B |
| Revenue | $1.44B | $1.37B | $1.70B | $1.99B | $2.06B | $2.24B |
| Pre-Tax Income | $351.3M | $489.5M | $668.8M | $712.4M | $696.0M | $771.7M |
| Income Tax | $20.2M | $46.5M | $89.7M | $114.4M | $113.4M | $123.1M |
| Net Income | $331.2M | $443.1M | $579.1M | $598.0M | $582.5M | $648.6M |
| Diluted EPS | $5.10 | $6.76 | $8.81 | $9.10 | $8.87 | $9.92 |
Cullen/frost Bankers Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $567.3M | $580.9M | $574.8M | $576.0M |
| Net Income | $174.4M | $166.3M | $171.0M | $172.1M |
| Diluted EPS | $2.67 | $2.59 | $2.65 | $2.70 |
Cullen/frost Bankers Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Loans (Net) | $17.22B | $16.09B | $16.93B | $18.58B | $20.48B | $21.61B |
| Total Assets | $42.39B | $50.88B | $52.89B | $50.85B | $52.52B | $53.04B |
| Deposits | $35.02B | $42.70B | $43.95B | $41.92B | $42.72B | $42.92B |
| Total Long-Term Debt | $235.4M | $222.2M | $222.4M | $222.6M | $222.8M | $223.0M |
| Total Liabilities | $38.10B | $46.44B | $49.76B | $47.13B | $48.62B | $48.47B |
| Shareholders' Equity | $4.29B | $4.44B | $3.14B | $3.72B | $3.90B | $4.57B |
Cullen/frost Bankers Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $524.2M | $648.3M | $722.6M | $478.8M | $989.5M | $274.0M |
| Cash From Investing | -$1.63B | -$2.53B | -$8.28B | -$942.8M | -$180.9M | -$1.60B |
| Cash From Financing | $7.61B | $8.17B | $3.00B | -$2.88B | $738.3M | -$33.1M |
| Free Cash Flow | $428.8M | $582.4M | $620.1M | $320.2M | $861.8M | $127.3M |
Figures from Cullen/frost Bankers' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Cullen/frost Bankers financials page for every line item.
Cullen/frost Bankers Company Profile
| Ticker | CFR |
|---|---|
| Exchange | NYSE |
| Industry | National Commercial Banks |
| Headquarters | San Antonio, Texas |
| Incorporated in | Texas |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0000039263 |
Frequently Asked Questions
What was Cullen/frost Bankers' revenue in fiscal 2025?
Cullen/frost Bankers (CFR) reported revenue of $2.24B for fiscal 2025.
What is Cullen/frost Bankers' annual revenue history?
Cullen/frost Bankers' annual revenue by fiscal year: 2020: $1.44B; 2021: $1.37B; 2022: $1.70B; 2023: $1.99B; 2024: $2.06B; 2025: $2.24B.
What was Cullen/frost Bankers' net income in fiscal 2025?
Cullen/frost Bankers reported net income of $648.6M for fiscal 2025.
What was Cullen/frost Bankers' earnings per share (EPS) in fiscal 2025?
Cullen/frost Bankers' diluted EPS was $9.92 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Cullen/frost Bankers generate in fiscal 2025?
Cullen/frost Bankers generated $127.3M of free cash flow in fiscal 2025.
What was Cullen/frost Bankers' revenue last quarter?
In its most recent reported quarter (2026 Q2), Cullen/frost Bankers reported revenue of $576.0M.
How much debt does Cullen/frost Bankers have?
Cullen/frost Bankers reported $223.0M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Cullen/frost Bankers are outstanding?
Cullen/frost Bankers reported a weighted average of 62.5 million basic shares outstanding in 2026 Q2.
What is Cullen/frost Bankers' market cap?
Based on its latest closing price, Cullen/frost Bankers (CFR) has a market capitalization of about $9.47B.
When does Cullen/frost Bankers' fiscal year end?
Cullen/frost Bankers' fiscal year end, as registered with the SEC, is December 31.
Where is Cullen/frost Bankers headquartered?
Cullen/frost Bankers lists its business address in San Antonio, Texas in its SEC filings.