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Cullen/Frost Bankers Inc (CFR) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

FINANCIAL SERVICES · BANKS - REGIONAL · DATA UPDATED 2026-09-19

Cullen/Frost Bankers Inc (CFR) operates in the BANKS - REGIONAL industry and is headquartered in San Antonio, United States with about 6,008 employees. Its market capitalization is roughly $10 billion. In the fiscal year ended 2025-12-31, CFR reported $2.9B in revenue and $649M in net income.

Cullen/Frost Bankers, Inc. operates as the bank holding company for Frost Bank that provides commercial and consumer banking services in Texas.

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CFR Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$2.6B	$2.9B	$2.9B	$2.0B	$1.9B	$1.4B	$1.5B	$1.5B	$1.4B	$1.2B	$1.1B	$1.1B	$1.0B	$945M	$920M	$913M	$899M	$917M	$963M	$1.0B	$925M
Gross Profit	—	$2.2B	$2.0B	$2.2B	$1.7B	$1.4B	$1.2B	$1.3B	$1.3B	$1.2B	$1.1B	$1.0B	$991M	$903M	$884M	$844M	$802M	$765M	$784M	$772M	$696M
Gross Margin %	—	75.0%	70.1%	111.6%	90.0%	98.3%	80.7%	89.1%	91.8%	95.0%	94.4%	94.0%	97.0%	95.5%	96.0%	92.5%	89.2%	83.5%	81.4%	74.5%	75.2%
Operating Income (EBIT)	—	$772M	$696M	$712M	$669M	$490M	$351M	$499M	$509M	$408M	$341M	$320M	$336M	$291M	$308M	$286M	$266M	$233M	$297M	$310M	$285M
Operating Margin %	—	26.4%	24.4%	35.9%	35.6%	35.1%	23.6%	33.4%	36.3%	33.2%	30.0%	29.7%	32.9%	30.8%	33.5%	31.4%	29.6%	25.4%	30.8%	29.9%	30.9%
Net Income	$683M	$649M	$583M	$598M	$579M	$443M	$331M	$444M	$455M	$364M	$304M	$279M	$278M	$238M	$238M	$218M	$209M	$179M	$207M	$212M	$194M
Net Margin %	25.8%	22.2%	20.4%	30.1%	30.8%	31.8%	22.3%	29.6%	32.4%	29.6%	26.7%	25.9%	27.2%	25.2%	25.9%	23.8%	23.2%	19.5%	21.5%	20.4%	20.9%
EBITDA	—	$859M	$779M	$712M	$740M	$559M	$416M	$554M	$559M	$456M	$390M	$362M	$376M	$329M	$346M	$324M	$304M	$269M	$330M	$341M	$311M
Earnings Per Share (EPS)	$10.72	$10.12	$9.06	$9.32	$8.98	$6.91	$5.26	$6.99	$7.03	$5.63	$4.83	$4.40	$4.41	$3.89	$3.86	$3.55	$3.45	$3.01	$3.50	$3.55	$3.42
Shares Outstanding (M)	—	64M	64M	64M	65M	64M	63M	63M	65M	65M	63M	63M	63M	61M	62M	61M	61M	60M	59M	60M	57M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CFR Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Total Revenue	$576M	$575M	$746M	$746M	$719M	$709M	$724M	$722M	$707M
Gross Profit	—	$568M	$570M	$560M	$534M	$527M	$520M	$499M	$492M
Gross Margin %	—	98.8%	76.4%	75.2%	74.2%	74.3%	71.9%	69.1%	69.6%
Operating Income (EBIT)	—	$202M	$198M	$208M	$187M	$179M	$184M	$175M	$175M
Operating Margin %	—	35.2%	26.5%	27.9%	25.9%	25.3%	25.4%	24.3%	24.8%
Net Income	$172M	$171M	$166M	$174M	$157M	$151M	$155M	$147M	$145M
Net Margin %	29.9%	29.8%	22.3%	23.4%	21.8%	21.3%	21.4%	20.3%	20.6%
EBITDA	—	$225M	$220M	$230M	$208M	$201M	$205M	$196M	$196M
Earnings Per Share (EPS)	$2.70	$2.69	$2.61	$2.72	$2.44	$2.35	$2.41	$2.29	$2.26
Shares Outstanding (M)	—	64M	64M	64M	64M	64M	64M	64M	64M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CFR Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$720M	$274M	$990M	$479M	$723M	$648M	$524M	$634M	$562M	$538M	$438M	$395M	$290M	$174M	$300M	$274M	$425M	$274M	$234M	$201M	($53M)
Capital Expenditures (CapEx)	$209M	$147M	$128M	$159M	$103M	$66M	$95M	$207M	$79M	$34M	$54M	$147M	$132M	$40M	$25M	$27M	$17M	$78M	$67M	$21M	$27M
Free Cash Flow (FCF)	$511M	$127M	$862M	$320M	$620M	$582M	$429M	$427M	$483M	$504M	$384M	$248M	$158M	$134M	$275M	$248M	$408M	$196M	$167M	$180M	($80M)
FCF Margin %	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Dividends Paid	—	$262M	$249M	$239M	$216M	$196M	$183M	$185M	$174M	$152M	$143M	$140M	$135M	$126M	$117M	$112M	$108M	$102M	$98M	$91M	$73M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CFR Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30
Cash from Operations (CFO)	$53M	$237M	$181M	$249M	$141M	($296M)	$64M	$307M	$130M
Capital Expenditures (CapEx)	$60M	$39M	$43M	$67M	$26M	$41M	$38M	$25M	$27M
Free Cash Flow (FCF)	($7M)	$199M	$138M	$181M	$115M	($337M)	$27M	$282M	$103M
FCF Margin %	—	—	—	—	—	—	—	—	—
Dividends Paid	—	$66M	$66M	$66M	$67M	$63M	$63M	$63M	$61M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

CFR Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$53.9B	$53.0B	$52.5B	$50.8B	$52.9B	$48.9B	$41.0B	$33.3B	$32.3B	$31.7B	$30.2B	$28.6B	$28.3B	$24.3B	$23.1B	$20.3B	$17.6B	$16.3B	$15.0B	$13.5B	$13.2B
Cash & Cash Equivalents	—	$8.9B	$10.2B	$8.6B	$11.8B	$16.5B	$10.3B	$3.4B	$3.3B	$4.9B	$4.1B	$3.5B	$4.3B	$4.5B	$3.4B	$2.9B	$2.8B	$1.7B	$1.2B	$842M	$709M
Total Liabilities	$49.3B	$48.5B	$48.6B	$47.1B	$49.8B	$44.5B	$36.7B	$29.4B	$28.9B	$28.4B	$27.2B	$25.7B	$25.4B	$21.8B	$20.7B	$18.0B	$15.6B	$14.4B	$13.3B	$12.0B	$11.8B
Total Debt (Short + Long-Term)	—	$4.8B	$4.6B	$4.4B	$5.0B	$3.0B	$2.4B	$2.0B	$1.6B	$1.4B	$1.2B	$1.4B	$1.4B	$892M	$785M	$946M	$849M	$1.1B	$1.7B	$1.3B	$1.3B
Total Shareholders' Equity	$4.6B	$4.6B	$3.9B	$3.7B	$3.1B	$4.4B	$4.3B	$3.9B	$3.4B	$3.3B	$3.0B	$2.9B	$2.9B	$2.5B	$2.4B	$2.3B	$2.1B	$1.9B	$1.8B	$1.5B	$1.4B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive CFR viewer.

CFR Metric Deep Dives

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