Cullen/Frost Bankers, Inc.

EDGAR

Annual consolidated revenue for 2025: about USD 2.235B, using the latest reported figures. The previous period, 2024, was about USD 2.064B.

Watchlist

Latest quarter

Revenue

604 million USD

2026 Q3 · USD

Exact inputs and evidence

Net margin

29.84%

2026 Q3 · %

Exact inputs and evidence
  • Net Income: 180209000 USD Source
  • Revenue: 603829000 USD Source

Operating cash flow

293 million USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: 582912000 USD Source
  • Operating Cash Flow: 290266000 USD Source

Free cash flow

249 million USD

2026 Q3 · USD

Exact inputs and evidence
  • Operating Cash Flow: 582912000 USD Source
  • Operating Cash Flow: 290266000 USD Source
  • Capital Expenditure: 142676000 USD Source
  • Capital Expenditure: 98686000 USD Source
Cash and cash equivalents
Not available
Long-term debt including current maturities
Not available
Shares outstanding
Not available

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Net income

690 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Net income: 648557000 USD · 2025-01-01 – 2025-12-31 Source
  • Net income: 482305000 USD · 2025-01-01 – 2025-09-30 Source
  • Net income: 170987000 USD · 2026-01-01 – 2026-03-31 Source
  • Net income: 172059000 USD · 2026-04-01 – 2026-06-30 Source
  • Net income: 180209000 USD · 2026-07-01 – 2026-09-30 Source

Operating cash flow

764 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Operating cash flow: 273979000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 93244000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 237322000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 290266000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 237322000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 582912000 USD · 2026-01-01 – 2026-09-30 Source
  • Operating cash flow: 290266000 USD · 2026-01-01 – 2026-06-30 Source

Capital expenditure

185 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Capital expenditure: 146652000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 104136000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 38605000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 98686000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 38605000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 142676000 USD · 2026-01-01 – 2026-09-30 Source
  • Capital expenditure: 98686000 USD · 2026-01-01 – 2026-06-30 Source

Free cash flow

578 million USD

2025-10-01 – 2026-09-30

Exact inputs and evidence
  • Operating cash flow: 273979000 USD · 2025-01-01 – 2025-12-31 Source
  • Operating cash flow: 93244000 USD · 2025-01-01 – 2025-09-30 Source
  • Operating cash flow: 237322000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 290266000 USD · 2026-01-01 – 2026-06-30 Source
  • Operating cash flow: 237322000 USD · 2026-01-01 – 2026-03-31 Source
  • Operating cash flow: 582912000 USD · 2026-01-01 – 2026-09-30 Source
  • Operating cash flow: 290266000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 146652000 USD · 2025-01-01 – 2025-12-31 Source
  • Capital expenditure: 104136000 USD · 2025-01-01 – 2025-09-30 Source
  • Capital expenditure: 38605000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 98686000 USD · 2026-01-01 – 2026-06-30 Source
  • Capital expenditure: 38605000 USD · 2026-01-01 – 2026-03-31 Source
  • Capital expenditure: 142676000 USD · 2026-01-01 – 2026-09-30 Source
  • Capital expenditure: 98686000 USD · 2026-01-01 – 2026-06-30 Source

Company performance

Up to ten complete financial years · consolidated figures

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-29.

Financial data available through: 2025-12-31.

Coverage by financial measure
  • Revenue: 11 of 11 periods available· newest 2025-12-31
  • operating income: No compatible figures in this window
  • Net income: 11 of 11 periods available· newest 2025-12-31
  • Operating cash flow: 11 of 11 periods available· newest 2025-12-31
  • Capital expenditure: 11 of 11 periods available· newest 2025-12-31
  • Total assets: 11 of 11 periods available· newest 2025-12-31
  • Total liabilities: 11 of 11 periods available· newest 2025-12-31
  • current assets: No compatible figures in this window
  • current liabilities: No compatible figures in this window
  • cash and cash equivalents: No compatible figures in this window
  • long term debt: No compatible figures in this window
  • shares outstanding: No compatible figures in this window

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

  • Revenue

    +8.3%

    Prior period

    USD 2.06 billion

    –

    Current period

    USD 2.24 billion

    –

    Exact inputs and evidence

    2235244000 − 2063710000 = 171534000 USD

    2063710000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    2235244000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Net income

    +11.3%

    Prior period

    USD 582.54 million

    –

    Current period

    USD 648.56 million

    –

    Exact inputs and evidence

    648557000 − 582542000 = 66015000 USD

    582542000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    648557000 USD · 2025-01-01 – 2025-12-31

    Inspect current input Current source
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  • Operating cash flow

    -72.3%

    Prior period

    USD 989.53 million

    –

    Current period

    USD 273.98 million

    –

    Exact inputs and evidence

    273979000 − 989532000 = -715553000 USD

    989532000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    273979000 USD · 2025-01-01 – 2025-12-31

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  • Capital expenditure

    +14.8%

    Prior period

    USD 127.78 million

    –

    Current period

    USD 146.65 million

    –

    Exact inputs and evidence

    146652000 − 127776000 = 18876000 USD

    127776000 USD · 2024-01-01 – 2024-12-31

    Inspect prior input Prior source

    146652000 USD · 2025-01-01 – 2025-12-31

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Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

  • Revenue USD 2.24 billion 100% of revenue
  • Operating costs Derived Unavailable An input is unavailable.
  • Operating income Unavailable An input is unavailable.
  • Tax, interest and other Derived Unavailable An input is unavailable.
  • Net income USD 648.56 million 29% of revenue

Cash

  • Operating cash flow USD 273.98 million 12% of revenue
  • Capital expenditure USD 146.65 million 6.6% of revenue
  • Free cash flow Derived USD 127.33 million 5.7% of revenue

Share of revenue by period

  • Net income
  • Tax, interest and other
  • Operating costs
  • 2016 Not shown: operating income or net income is not reported.
  • 2017 Not shown: operating income or net income is not reported.
  • 2018 Not shown: operating income or net income is not reported.
  • 2019 Not shown: operating income or net income is not reported.
  • 2020 Not shown: operating income or net income is not reported.
  • 2021 Not shown: operating income or net income is not reported.
  • 2022 Not shown: operating income or net income is not reported.
  • 2023 Not shown: operating income or net income is not reported.
  • 2024 Not shown: operating income or net income is not reported.
  • 2025 Not shown: operating income or net income is not reported.
Values and sources
Revenue breakdown by annual reporting period
PeriodRevenueOperating costsOperating incomeTax, interest and otherNet incomeFree cash flowSource
2016 2016-01-01 – 2016-12-311126044000 UnavailableUnavailableUnavailable304261000 384194000 Derived
Source
2017 2017-01-01 – 2017-12-311202892000 UnavailableUnavailableUnavailable364149000 503990000 Derived
Source
2018 2018-01-01 – 2018-12-311309178000 UnavailableUnavailableUnavailable454918000 483118000 Derived
Source
2019 2019-01-01 – 2019-12-311367907000 UnavailableUnavailableUnavailable443599000 427374000 Derived
Source
2020 2020-01-01 – 2020-12-311441455000 UnavailableUnavailableUnavailable331151000 428821000 Derived
Source
2021 2021-01-01 – 2021-12-311371595000 UnavailableUnavailableUnavailable443079000 582443000 Derived
Source
2022 2022-01-01 – 2022-12-311696101000 UnavailableUnavailableUnavailable579150000 620081000 Derived
Source
2023 2023-01-01 – 2023-12-311987206000 UnavailableUnavailableUnavailable597973000 320215000 Derived
Source
2024 2024-01-01 – 2024-12-312063710000 UnavailableUnavailableUnavailable582542000 861756000 Derived
Source
2025 2025-01-01 – 2025-12-312235244000 UnavailableUnavailableUnavailable648557000 127327000 Derived
Source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 2.2B 2025
Revenue historyRevenue reported for each complete financial period. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.2.4B1.8B1.2B603.5M0.0201620212025
Values and sources
Revenue values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Revenue1126044000
2017Revenue1202892000
2018Revenue1309178000
2019Revenue1367907000
2020Revenue1441455000
2021Revenue1371595000
2022Revenue1696101000
2023Revenue1987206000
2024Revenue2063710000
2025Revenue2235244000

Revenue growth

Change in revenue from the same financial period one year earlier.

8.3% 2025
Revenue growth historyChange in revenue from the same financial period one year earlier. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.25.9%17.7%9.4%1.1%-7.1%201620212025
Values and sources
Revenue growth values and source evidence
PeriodSeriesValueSource evidence
2016Year over year5.7%
2017Year over year6.8%
2018Year over year8.8%
2019Year over year4.5%
2020Year over year5.4%
2021Year over year-4.8%
2022Year over year23.7%
2023Year over year17.2%
2024Year over year3.8%
2025Year over year8.3%

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Net margin 29% 2025
Free cash flow margin 5.7% 2025
Profit margins historyOperating income, net income and free cash flow as a share of revenue. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.46%34%23%11%0%2016-12-312021-12-312025-12-31
  • Operating margin
  • Net margin
  • Free cash flow margin
Values and sources
Profit margins values and source evidence
PeriodSeriesValueSource evidence
2016-12-31Operating marginNot reported
2017-12-31Operating marginNot reported
2018-12-31Operating marginNot reported
2019-12-31Operating marginNot reported
2020-12-31Operating marginNot reported
2021-12-31Operating marginNot reported
2022-12-31Operating marginNot reported
2023-12-31Operating marginNot reported
2024-12-31Operating marginNot reported
2025-12-31Operating marginNot reported
2016Net margin27%
2017Net margin30.3%
2018Net margin34.7%
2019Net margin32.4%
2020Net margin23%
2021Net margin32.3%
2022Net margin34.1%
2023Net margin30.1%
2024Net margin28.2%
2025Net margin29%
2016Free cash flow margin34.1%
2017Free cash flow margin41.9%
2018Free cash flow margin36.9%
2019Free cash flow margin31.2%
2020Free cash flow margin29.7%
2021Free cash flow margin42.5%
2022Free cash flow margin36.6%
2023Free cash flow margin16.1%
2024Free cash flow margin41.8%
2025Free cash flow margin5.7%

Operating cash flow

Cash generated by the company’s normal business operations.

USD 274M 2025
Operating cash flow historyCash generated by the company’s normal business operations. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.1.1B801.5M534.3M267.2M0.0201620212025
Values and sources
Operating cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Operating cash flow437842000
2017Operating cash flow538079000
2018Operating cash flow562388000
2019Operating cash flow634090000
2020Operating cash flow524243000
2021Operating cash flow648293000
2022Operating cash flow722582000
2023Operating cash flow478845000
2024Operating cash flow989532000
2025Operating cash flow273979000

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD 127.3M 2025
Free cash flow historyOperating cash flow minus capital expenditure for the same period and unit. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.930.7M698.0M465.3M232.7M0.0201620212025
Values and sources
Free cash flow values and source evidence
PeriodSeriesValue(USD)Source evidence
2016Free cash flow384194000
2017Free cash flow503990000
2018Free cash flow483118000
2019Free cash flow427374000
2020Free cash flow428821000
2021Free cash flow582443000
2022Free cash flow620081000
2023Free cash flow320215000
2024Free cash flow861756000
2025Free cash flow127327000

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

91.4% 2025
Liabilities to assets historyTotal liabilities as a share of total assets. Values are shown by financial reporting period. Open Values and sources below for the exact observations and evidence.102%76%51%25%0%201620212025
Values and sources
Liabilities to assets values and source evidence
PeriodSeriesValueSource evidence
2016Liabilities / assets90.1%
2017Liabilities / assets89.6%
2018Liabilities / assets89.6%
2019Liabilities / assets88.5%
2020Liabilities / assets89.9%
2021Liabilities / assets91.3%
2022Liabilities / assets94.1%
2023Liabilities / assets92.7%
2024Liabilities / assets92.6%
2025Liabilities / assets91.4%

Current assets to current liabilities

Current assets divided by current liabilities.

Not enough comparable data to show this history.
Values and sources
Current assets to current liabilities values and source evidence
PeriodSeriesValueSource evidence
2016-12-31Current assets / current liabilitiesNot reportedNo source recorded
2017-12-31Current assets / current liabilitiesNot reportedNo source recorded
2018-12-31Current assets / current liabilitiesNot reportedNo source recorded
2019-12-31Current assets / current liabilitiesNot reportedNo source recorded
2020-12-31Current assets / current liabilitiesNot reportedNo source recorded
2021-12-31Current assets / current liabilitiesNot reportedNo source recorded
2022-12-31Current assets / current liabilitiesNot reportedNo source recorded
2023-12-31Current assets / current liabilitiesNot reportedNo source recorded
2024-12-31Current assets / current liabilitiesNot reportedNo source recorded
2025-12-31Current assets / current liabilitiesNot reportedNo source recorded

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
PeriodNet incomeOperating cash flowCapital expenditureFree cash flow
2016 2016-01-01 – 2016-12-31
USD 304.26 million
Exact value

Exact value: 304261000 USD

2016-01-01 – 2016-12-31: 304261000 USD Inspect Net Income Open source
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USD 437.84 million
Exact value

Exact value: 437842000 USD

2016-01-01 – 2016-12-31: 437842000 USD Inspect Operating Cash Flow Open source
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USD 53.65 million
Exact value

Exact value: 53648000 USD

2016-01-01 – 2016-12-31: 53648000 USD Inspect Capital Expenditure Open source
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USD 384.19 million
Calculation and evidence

437842000 − 53648000 USD

Exact free cash flow: 384194000 USD

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2017 2017-01-01 – 2017-12-31
USD 364.15 million
Exact value

Exact value: 364149000 USD

2017-01-01 – 2017-12-31: 364149000 USD Inspect Net Income Open source
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USD 538.08 million
Exact value

Exact value: 538079000 USD

2017-01-01 – 2017-12-31: 538079000 USD Inspect Operating Cash Flow Open source
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USD 34.09 million
Exact value

Exact value: 34089000 USD

2017-01-01 – 2017-12-31: 34089000 USD Inspect Capital Expenditure Open source
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USD 503.99 million
Calculation and evidence

538079000 − 34089000 USD

Exact free cash flow: 503990000 USD

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2018 2018-01-01 – 2018-12-31
USD 454.92 million
Exact value

Exact value: 454918000 USD

2018-01-01 – 2018-12-31: 454918000 USD Inspect Net Income Open source
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USD 562.39 million
Exact value

Exact value: 562388000 USD

2018-01-01 – 2018-12-31: 562388000 USD Inspect Operating Cash Flow Open source
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USD 79.27 million
Exact value

Exact value: 79270000 USD

2018-01-01 – 2018-12-31: 79270000 USD Inspect Capital Expenditure Open source
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USD 483.12 million
Calculation and evidence

562388000 − 79270000 USD

Exact free cash flow: 483118000 USD

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2019 2019-01-01 – 2019-12-31
USD 443.6 million
Exact value

Exact value: 443599000 USD

2019-01-01 – 2019-12-31: 443599000 USD Inspect Net Income Open source
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USD 634.09 million
Exact value

Exact value: 634090000 USD

2019-01-01 – 2019-12-31: 634090000 USD Inspect Operating Cash Flow Open source
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USD 206.72 million
Exact value

Exact value: 206716000 USD

2019-01-01 – 2019-12-31: 206716000 USD Inspect Capital Expenditure Open source
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USD 427.37 million
Calculation and evidence

634090000 − 206716000 USD

Exact free cash flow: 427374000 USD

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2020 2020-01-01 – 2020-12-31
USD 331.15 million
Exact value

Exact value: 331151000 USD

2020-01-01 – 2020-12-31: 331151000 USD Inspect Net Income Open source
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USD 524.24 million
Exact value

Exact value: 524243000 USD

2020-01-01 – 2020-12-31: 524243000 USD Inspect Operating Cash Flow Open source
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USD 95.42 million
Exact value

Exact value: 95422000 USD

2020-01-01 – 2020-12-31: 95422000 USD Inspect Capital Expenditure Open source
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USD 428.82 million
Calculation and evidence

524243000 − 95422000 USD

Exact free cash flow: 428821000 USD

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2021 2021-01-01 – 2021-12-31
USD 443.08 million
Exact value

Exact value: 443079000 USD

2021-01-01 – 2021-12-31: 443079000 USD Inspect Net Income Open source
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USD 648.29 million
Exact value

Exact value: 648293000 USD

2021-01-01 – 2021-12-31: 648293000 USD Inspect Operating Cash Flow Open source
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USD 65.85 million
Exact value

Exact value: 65850000 USD

2021-01-01 – 2021-12-31: 65850000 USD Inspect Capital Expenditure Open source
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USD 582.44 million
Calculation and evidence

648293000 − 65850000 USD

Exact free cash flow: 582443000 USD

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2022 2022-01-01 – 2022-12-31
USD 579.15 million
Exact value

Exact value: 579150000 USD

2022-01-01 – 2022-12-31: 579150000 USD Inspect Net Income Open source
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USD 722.58 million
Exact value

Exact value: 722582000 USD

2022-01-01 – 2022-12-31: 722582000 USD Inspect Operating Cash Flow Open source
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USD 102.5 million
Exact value

Exact value: 102501000 USD

2022-01-01 – 2022-12-31: 102501000 USD Inspect Capital Expenditure Open source
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USD 620.08 million
Calculation and evidence

722582000 − 102501000 USD

Exact free cash flow: 620081000 USD

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2023 2023-01-01 – 2023-12-31
USD 597.97 million
Exact value

Exact value: 597973000 USD

2023-01-01 – 2023-12-31: 597973000 USD Inspect Net Income Open source
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USD 478.85 million
Exact value

Exact value: 478845000 USD

2023-01-01 – 2023-12-31: 478845000 USD Inspect Operating Cash Flow Open source
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USD 158.63 million
Exact value

Exact value: 158630000 USD

2023-01-01 – 2023-12-31: 158630000 USD Inspect Capital Expenditure Open source
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USD 320.22 million
Calculation and evidence

478845000 − 158630000 USD

Exact free cash flow: 320215000 USD

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2024 2024-01-01 – 2024-12-31
USD 582.54 million
Exact value

Exact value: 582542000 USD

2024-01-01 – 2024-12-31: 582542000 USD Inspect Net Income Open source
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USD 989.53 million
Exact value

Exact value: 989532000 USD

2024-01-01 – 2024-12-31: 989532000 USD Inspect Operating Cash Flow Open source
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USD 127.78 million
Exact value

Exact value: 127776000 USD

2024-01-01 – 2024-12-31: 127776000 USD Inspect Capital Expenditure Open source
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USD 861.76 million
Calculation and evidence

989532000 − 127776000 USD

Exact free cash flow: 861756000 USD

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2025 2025-01-01 – 2025-12-31
USD 648.56 million
Exact value

Exact value: 648557000 USD

2025-01-01 – 2025-12-31: 648557000 USD Inspect Net Income Open source
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USD 273.98 million
Exact value

Exact value: 273979000 USD

2025-01-01 – 2025-12-31: 273979000 USD Inspect Operating Cash Flow Open source
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USD 146.65 million
Exact value

Exact value: 146652000 USD

2025-01-01 – 2025-12-31: 146652000 USD Inspect Capital Expenditure Open source
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USD 127.33 million
Calculation and evidence

273979000 − 146652000 USD

Exact free cash flow: 127327000 USD

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Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

326 filings · 5,014 latest values · 4,997 originally reported values

Dataset published . Source filing dates and reporting periods are shown separately.

Identifiers: 0000039263, 39263, CFR, CFR-PB, cfr, edgar:39263

Also known as CULLEN FROST BANKERS INC, CULLEN/FROST BANKERS, INC., Cullen/Frost Bankers, Inc.