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Stock research / United States / CFR · National Commercial Banks · NYSE

Cullen/Frost Bankers, Inc. (CFR)

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Cullen/Frost Bankers, Inc. (CFR) reported revenue of $576 million for Q2 FY2026, the quarter ended 30 June 2026, up 5.3% on the same quarter a year earlier. Net income was $172 million, up 9.6% on the year, and diluted earnings per share $2.70. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue$576 millionup 5.3%
Net income$172 millionup 9.6%
Diluted EPS$2.70
QuarterQ2 FY2026ended 30 June 2026

Cullen/Frost Bankers (CFR) in brief

Cullen/Frost Bankers (CFR) reported revenue of $2.2 billion for fiscal 2025, the year ended 31 December 2025, up 8.3% on the year before.
Read moreNet income was $649 million and diluted earnings per share $9.92. Revenue was $2.1 billion in fiscal 2024, $2.0 billion in fiscal 2023, $1.7 billion in fiscal 2022 and $1.4 billion in fiscal 2021. Net income in the same years was $583 million, $598 million, $579 million and $443 million. Over the twelve months to 30 June 2026, Cullen/Frost Bankers reported revenue of $2.3 billion and net income of $684 million. Revenue grew 9.2% a year, compounded, over the five years to fiscal 2025. Cullen/Frost Bankers declared $3.95 a share in dividends over the last four quarters and had 62 million shares outstanding at the latest filed count. At the close of 8 October 2026 the market cap of Cullen/Frost Bankers was $9.5 billion, 14.4 times its earnings over the last twelve months.

Ratios

From the filings

ROE14.8%
Net margin29.7%
Debt to equityn/a
Share count, 1 year-3.4%
Sales CAGR, 3 years9.6%
Profit CAGR, 3 years3.8%
EPS, TTM$10.58

At the close of 8 October 2026

Price$152.36
Market cap$9.5 billion
Stock P/E14.40
Price to book2.05
EV / EBITDAn/a
Dividend yield2.6%
Market cap / sales4.12
52-week high$170.08
52-week low$119.85
Price, 1 year19.5%
Price CAGR, 3 years18.9%
Price CAGR, 5 years4.4%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Cullen/Frost Bankers, Inc. files on the bank format, which does not report a return on capital employed, an operating margin or interest cover, so those are left out here rather than shown as a blank. Free cash flow margin and cash conversion are left out too, by our choice: a bank's operating cash flow moves with its lending and deposits, so neither ratio means for a bank what it means for an operating company. Nothing here is a valuation or a view.
CFRgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on CFR

Filings18 in twelve months: 9 current reports (8-K), about 4 results of operations; 3 regulation fd disclosure; 1 shareholder vote; 1 officer or director change
Planned insider sales3 Form 144 notices in twelve months, $350,090; latest 12 June 2026
Options tapeput/call 0.88 by open interest at the 8 October 2026 close; the straddle prices a 4.4% move to 16 October 2026
13F holders8 of the followed funds hold it; largest Baillie Gifford; 7 Schedule 13D or 13G filings in twelve months
Insider trading4 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest4.0 million shares short, 8.18 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue491502501508518536540547567581575576
Interest expense176191195200204n/a169172178n/a139147
Pre-tax income187121162175175184179187208198202205
Tax rate17%15%16%17%16%16%16%16%16%16%16%16%
Net income156103136145147155151157174166171172
Net margin32%20%27%29%28%29%28%29%31%29%30%30%
Diluted EPS$2.38$1.55$2.06$2.21$2.24$2.36$2.30$2.39$2.67$2.56$2.65$2.70
Operating cash flow239-83.048813030764.3-29614124918123752.9
Capital expenditure32.940.638.226.625.337.641.026.336.942.538.660.1
Free cash flow206-12445010328226.7-337115212138199-7.1
Buybacks11.42.22.130.220.08.62.60.169.885.472.390.9
Dividends paid59.559.859.859.861.361.561.764.964.764.164.064.8
Shares outstanding64m64m64m64m64m64m64m64m64m63m63m62m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014 †FY2015 †FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue1,0071,0651,1261,2031,3091,3681,4411,3721,6961,9872,0642,2352,299
Interest expense14.512.912.126.593.313045.023.9184659n/an/an/a
Pre-tax income336320341408509499351490669712696772813
Income tax58.040.537.144.253.855.920.246.589.7114113123129
Effective tax rate17.3%12.7%10.9%10.8%10.6%11.2%5.7%9.5%13.4%16.1%16.3%16.0%15.9%
Net income278279304364455444331443579598583649684
Net margin27.6%26.2%27.0%30.3%34.7%32.4%23.0%32.3%34.1%30.1%28.2%29.0%29.7%
Diluted EPS$4.29$4.28$4.70$5.51$6.90$6.84$5.10$6.76$8.81$9.10$8.87$9.92$10.58
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment

FY2023FY2024FY2025Share
latest year
Banking1,8141,8752,03190.9%
Frost Wealth Advisors1872042179.7%
Non-Banks-13.1-15.4-13.3-0.6%
From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

Follow the cashA discounted cash flow: five years of free cash flow, added up in today's moneyNot for Cullen/Frost Bankers: a bank's lending and deposits run through its operating cash flow, so its free cash flow swings with the balance sheet rather than with what the bank earns. Book value and return on equity, in the ratios above, are the usual measures for it.

FY2014 †FY2015 †FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow290395438538562634524648723479990274720
Capital expenditure13214753.634.179.320795.465.8103159128147178
Free cash flow158248384504483427429582620320862127541
Cash from investingn/an/an/a-671-1,913-1,387-1,631-2,525-8,277-943-181-1,601-2,910
Cash from financingn/an/an/a1,0442545857,6078,1713,000-2,877738-33.11,542
Depreciation and amortisation39.942.148.247.850.254.164.469.371.376.482.887.888.7
Share-based compensation12.512.711.813.013.915.913.912.818.324.619.824.826.4
Buybacks1.51011.310110168.815.83.94.442.760.9158318
Dividends paid127132135144165177181189210232242255258
Dividend per share$2.03$2.10$2.15$2.25$2.58$2.80$2.85$2.94$3.24$3.58$3.74$3.95n/a
Diluted shares, weighted63m63m63m65m65m63m63m64m65m64m64m64m62m
Shares outstanding at period endn/an/an/an/an/an/an/an/an/an/an/an/a62m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 †FY2015 †FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity2,8512,8903,0033,2983,3693,9124,2934,4403,1373,7163,8994,5734,623
Deposits24,13624,34425,81226,87227,14927,64035,01642,69643,95441,92142,72342,91843,334
Repurchase agreements8038949771,1481,3681,6952,117n/an/an/an/an/an/a
Other liabilities4874404054304077819663,7435,8015,2085,8995,5515,924
Total liabilities and equity28,27828,56730,19631,74832,29334,02742,39150,87852,89250,84552,52053,04153,881
Owned
Fixed assets4435595265215521,0121,0461,0501,1031,1901,2451,3131,370
Goodwill654655655655655655655655655n/an/an/an/a
Intangible assets12.18.86.85.13.62.51.60.90.4n/an/an/an/a
Securities held for sale or to maturity2,9262,6632,2501,4321,1062,03012,38315,67420,88320,19818,57819,40221,476
Loans10,88811,35111,82212,99013,96814,61817,21816,08816,92718,57820,48521,61022,692
Resale agreements30.866.918.71606353560.8n/an/an/an/an/an/a
Trading assets15.416.616.721.124.124.324.525.228.031.733.937.639.2
Cash and equivalentsn/an/an/an/an/a3,78810,28916,58312,0288,68710,2348,8746,467
Other assets13,30813,24714,90115,96315,34911,5417748021,2682,1601,9441,8041,837
Total assets28,27828,56730,19631,74832,29334,02742,39150,87852,89250,84552,52053,04153,881
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded7.7%9.2%9.6%7.4%
Profit growth, compounded8.8%14.4%3.8%12.2%
Return on equity, average12.7%14.7%15.1%14.2%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Banking

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
JPMorgan Chase & Co. JPM$881.0 billion14.2017.4%n/a13.5%1.231.8%
Bank of America Corp. BAC$376.2 billionn/an/an/an/a1.132.1%
Wells Fargo & Company WFC$248.4 billion11.9412.5%n/a6.2%1.012.1%
Citigroup Inc. C$224.1 billion13.838.4%n/a10.0%1.571.9%
Mizuho Financial Group Inc. MFG *$130.3 billion18.0610.7%n/a38.1%n/a1.9%
Capital One Financial Corp. COF$122.3 billion12.349.2%n/a45.3%0.391.5%
U.S. Bancorp USB$88.9 billion11.3812.1%n/a6.7%0.873.6%
PNC Financial Services Group, Inc. PNC$87.6 billion12.0911.5%n/a13.2%1.343.0%
Truist Financial Corp. TFC$56.4 billion10.578.6%n/a4.1%0.674.5%
Shinhan Financial Group Co. Ltd. SHG *$36.0 billion10.348.6%n/an/a0.962.5%
Huntington Bancshares Inc. HBAN$31.1 billion11.917.4%n/a26.4%0.574.0%
Regions Financial Corp. RF$23.1 billion11.0511.8%n/a4.4%0.253.8%
All 67 in Banking
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
JPMorgan Chase & Co. JPM$881.0 billion14.2017.4%n/a13.5%1.231.8%
Bank of America Corp. BAC$376.2 billionn/an/an/an/a1.132.1%
HSBC Holdings plc HSBC *$318.1 billion15.4410.6%41.0%3.7%n/a4.2%
Royal Bank of Canada RY *$267.8 billion19.3714.6%n/a16.1%n/an/a
Mitsubishi UFJ Financial Group Inc. MUFG *$253.7 billion23.488.8%34.1%22.6%n/a2.2%
Wells Fargo & Company WFC$248.4 billion11.9412.5%n/a6.2%1.012.1%
Citigroup Inc. C$224.1 billion13.838.4%n/a10.0%1.571.9%
American Express Co. AXP$208.0 billion18.7033.4%n/a10.7%1.661.1%
Banco Santander, S.A. SAN *$198.0 billion13.3012.5%n/a0.5%n/a1.9%
Toronto-Dominion Bank TD *$192.3 billion14.0415.6%n/a18.4%n/a2.8%
Banco Bilbao Vizcaya Argentaria, S.A. BBVA *$149.4 billion13.2117.0%43.7%4.1%n/a3.2%
Mizuho Financial Group Inc. MFG *$130.3 billion18.0610.7%n/a38.1%n/a1.9%
Capital One Financial Corp. COF$122.3 billion12.349.2%n/a45.3%0.391.5%
Bank of Montreal BMO *$113.9 billion20.029.9%n/a10.6%n/a3.2%
HDFC Bank Limited HDB *$112.9 billion15.448.6%n/a5.2%n/a2.2%
Itaú Unibanco Holding S.A. ITUB *$108.4 billionn/a21.9%n/a-0.2%n/an/a
Bank of Nova Scotia BNS *$107.8 billion21.939.0%n/a12.1%n/a3.9%
Canadian Imperial Bank of Commerce CM *$100.4 billion18.0213.1%n/a13.8%n/a2.8%
ING Groep N.V. ING *$97.0 billion10.6815.4%n/an/an/a4.5%
Sumitomo Mitsui Financial Group, Inc. SMFG *$96.9 billion13.496.2%n/a26.1%0.583.7%
Bank of New York Mellon Corp. BNY$96.8 billion16.6114.1%n/a10.6%0.681.4%
U.S. Bancorp USB$88.9 billion11.3812.1%n/a6.7%0.873.6%
PNC Financial Services Group, Inc. PNC$87.6 billion12.0911.5%n/a13.2%1.343.0%
Barclays plc BCS *$79.7 billion10.279.2%n/a8.8%n/a2.1%
Lloyds Banking Group plc LYG *$79.6 billion14.739.8%n/a7.9%n/a3.3%
Nu Holdings Ltd. NU *$74.7 billion26.3125.4%n/a37.0%0.39n/a
NatWest Group plc NWG *$70.5 billion9.6112.9%n/a13.2%n/a4.4%
Truist Financial Corp. TFC$56.4 billion10.578.6%n/a4.1%0.674.5%
State Street Corp. STT$48.1 billion15.4512.2%n/a12.3%0.911.8%
Fifth Third Bancorp FITB$46.0 billion17.366.8%n/a23.8%0.513.0%
Banco Bradesco S.A. BBD *$45.9 billionn/a13.3%n/an/a0.224.6%
Coinbase Global, Inc. COIN$45.4 billionn/a-7.6%9.9%-10.4%0.45n/a
KB Financial Group Inc. KB *$43.8 billion10.769.9%47.5%5.4%n/a2.1%
ORIX Corporation IX *$41.2 billionn/a10.0%13.7%15.9%n/a2.8%
Shinhan Financial Group Co. Ltd. SHG *$36.0 billion10.348.6%n/an/a0.962.5%
M&T Bank Corp. MTB$31.4 billion11.5210.9%n/a5.8%0.492.6%
Huntington Bancshares Inc. HBAN$31.1 billion11.917.4%n/a26.4%0.574.0%
Northern Trust Corp. NTRS$30.8 billion14.4016.7%n/a15.1%n/a1.8%
Citizens Financial Group Inc. CFG$27.1 billion13.908.1%n/a11.0%0.582.7%
Synchrony Financial SYF$24.0 billion7.5520.8%n/a0.3%0.971.6%
Regions Financial Corp. RF$23.1 billion11.0511.8%n/a4.4%0.253.8%
Keycorp KEY$21.4 billion11.6910.3%n/a51.6%0.554.1%
East West Bancorp Inc. EWBC$17.3 billion12.1415.6%n/a13.7%0.001.9%
Pinnacle Financial Partners, Inc. PNFP$14.3 billion14.075.2%n/an/a0.411.6%
Ally Financial Inc. ALLY$11.5 billion8.889.4%n/a11.5%1.103.2%
First Horizon Corp. FHN$11.0 billion11.1511.5%n/a10.3%n/a2.6%
UMB Financial Corp. UMBF$9.9 billion10.8611.7%n/a39.3%0.061.3%
SouthState Bank Corp. SSB$9.8 billion10.5810.4%n/a25.2%0.052.3%
Wintrust Financial Corp. WTFC$9.7 billion11.5812.0%n/a11.5%0.001.4%
Cullen/Frost Bankers, Inc. CFR$9.5 billion14.4014.8%n/a7.4%n/a2.6%
OLD National Bancorp ONB$9.5 billion10.9910.3%n/a34.1%0.602.3%
Zions Bancorporation, National Association ZION$9.2 billion7.9915.2%n/a-64.1%0.252.8%
Western Alliance Bancorporation WAL$8.2 billion8.5012.5%n/a19.7%0.192.2%
Columbia Banking System, Inc. COLB$8.1 billion11.379.4%n/a33.6%n/a5.2%
Valley National Bancorp VLY$7.0 billion10.818.8%n/a12.2%0.493.5%
Prosperity Bancshares Inc. PB$6.7 billion11.566.8%n/a13.3%0.281.7%
United Bankshares Inc. UBSI$6.2 billion12.459.3%n/a14.5%0.103.3%
FNB Corp. FNB$6.1 billion10.298.8%n/a11.8%0.292.8%
Hancock Whitney Corp. HWC$5.9 billion14.269.6%n/a-0.2%0.042.5%
Home Bancshares Inc. HOMB$5.7 billion11.7710.5%n/a7.1%0.962.8%
Glacier Bancorp, Inc. GBCI$5.6 billion17.617.2%n/a32.2%n/a3.1%
Associated Banc-Corp ASB$5.4 billion10.069.0%n/a45.6%1.013.2%
First Financial Bankshares Inc. FFIN$4.5 billion16.8113.5%n/a12.4%0.452.4%
SLM Corp. SLM$4.3 billion6.3329.7%n/a11.5%2.362.3%
International Bancshares Corp. IBOC$4.3 billion10.3212.2%n/a4.0%n/a2.0%
Texas Capital Bancshares Inc. TCBI$4.0 billion12.0310.0%n/a33.1%0.14n/a
Euronet Worldwide, Inc. EEFT$2.4 billion9.9923.4%11.5%5.8%2.16n/a
20 companies share its SEC industry code (National Commercial Banks); the rest are the names nearest in size in its wider industry, Banking, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202630 July 2026EDGAR
10-Q31 March 202630 April 2026EDGAR
10-K31 December 20255 February 2026EDGAR
10-Q30 September 202530 October 2025EDGAR
10-Q30 June 202531 July 2025EDGAR
10-Q31 March 20251 May 2025EDGAR
10-K31 December 20246 February 2025EDGAR
10-Q30 September 202431 October 2024EDGAR
10-Q30 June 202425 July 2024EDGAR
10-Q31 March 202425 April 2024EDGAR

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