Cullen/Frost Bankers (CFR) financial statements
Cullen/Frost Bankers reported revenue of $122M in fiscal 2025, down 21.9% a year over 9 years.
Net income was $649M.
Free cash flow was $127M, and the company returned $255M in dividends and $158M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Cullen/Frost Bankers's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.2B | $85M | $89M | $81M | $83M | $92M | $94M | $106M | $122M |
| Interest expense | $12M | $27M | $93M | $130M | $45M | $24M | $184M | $659M | — | — |
| Pre-tax income | $341M | $408M | $509M | $499M | $351M | $490M | $669M | $712M | $696M | $772M |
| Income tax | $37M | $44M | $54M | $56M | $20M | $46M | $90M | $114M | $113M | $123M |
| Net income | $304M | $364M | $455M | $444M | $331M | $443M | $579M | $598M | $583M | $649M |
| EPS (diluted) | $4.70 | $5.51 | $6.90 | $6.84 | $5.10 | $6.76 | $8.81 | $9.10 | $8.87 | $9.92 |
| Diluted shares | 63M | 65M | 65M | 63M | 63M | 64M | 65M | 64M | 64M | 64M |
| Net margin | 27.0% | 30.3% | 534.0% | 498.5% | 409.5% | 532.0% | 630.3% | 639.5% | 548.4% | 533.5% |
Balance sheet
Fiscal years, from Cullen/Frost Bankers's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | — | — | — | $3.8B | $10.3B | $16.6B | $12.0B | $8.7B | $10.2B | $8.9B |
| Property, plant and equipment | $526M | $521M | $552M | $1.0B | $1.0B | $1.1B | $1.1B | $1.2B | $1.2B | $1.3B |
| Goodwill | $655M | $655M | $655M | $655M | $655M | $655M | $655M | — | — | — |
| Total assets | $30.2B | $31.7B | $32.3B | $34.0B | $42.4B | $50.9B | $52.9B | $50.8B | $52.5B | $53.0B |
| Total liabilities | $27.2B | $28.5B | $28.9B | $30.1B | $38.1B | $46.4B | $49.8B | $47.1B | $48.6B | $48.5B |
| Shareholders' equity | $3.0B | $3.3B | $3.4B | $3.9B | $4.3B | $4.4B | $3.1B | $3.7B | $3.9B | $4.6B |
| Net debt | — | — | — | -$3.8B | -$10.3B | -$16.6B | -$12.0B | -$8.7B | -$10.2B | -$8.9B |
Cash flow
Fiscal years, from Cullen/Frost Bankers's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $438M | $538M | $562M | $634M | $524M | $648M | $723M | $479M | $990M | $274M |
| Capital spending | $54M | $34M | $79M | $207M | $95M | $66M | $103M | $159M | $128M | $147M |
| Free cash flow | $384M | $504M | $483M | $427M | $429M | $582M | $620M | $320M | $862M | $127M |
| Stock-based compensation | $12M | $13M | $14M | $16M | $14M | $13M | $18M | $25M | $20M | $25M |
| Dividends paid | $135M | $144M | $165M | $177M | $181M | $189M | $210M | $232M | $242M | $255M |
| Share buybacks (net) | -$1M | -$101M | -$101M | -$69M | -$16M | -$4M | -$4M | -$43M | -$61M | -$158M |
| Free cash flow margin | 34.1% | 41.9% | 567.1% | 480.3% | 530.2% | 699.3% | 674.8% | 342.5% | 811.2% | 104.7% |
| Dividends per share | $2.14 | $2.23 | $2.56 | $2.79 | $2.87 | $2.95 | $3.25 | $3.61 | $3.77 | $3.98 |
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Open CFR in InvestinglyQuestions
What was Cullen/Frost Bankers's revenue in 2025?
$122M in fiscal 2025, from its 10-K filing.
How much free cash flow does Cullen/Frost Bankers generate?
$127M in fiscal 2025 (operating cash flow minus capital spending).
From Cullen/Frost Bankers's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.