Cullen/Frost Bankers (CFR) Q4 FY2023 earnings: revenue $502 million, down 0.4% on the year

Cullen/Frost Bankers, Inc. (CFR) reported revenue of $502 million for Q4 FY2023, the quarter ended 31 December 2023, down 0.4% on the same quarter a year earlier. Net income was $103 million, down 46.4% on the year, and diluted earnings per share $1.55. The figures are the company's own, from the 10-K it filed with the SEC on 6 February 2024.

Revenue$502 milliondown 0.4%

Net income$103 milliondown 46.4%

Diluted EPS$1.55

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	502	491	n/a	n/a
Interest expense	191	176	n/a	n/a
Pre-tax income	121	187	n/a	n/a
Income tax	18.1	31.3	n/a	n/a
Effective tax rate	15.0%	16.8%	n/a
Net income	103	156	n/a	n/a
Net margin	20.4%	31.7%	n/a
Diluted EPS	$1.55	$2.38	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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. 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.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	-83.0	239	n/a	n/a
Capital expenditure	40.6	32.9	n/a	n/a
Free cash flow	-124	206	n/a	n/a
Cash from investing	-112	-112	n/a	n/a
Cash from financing	1,264	384	n/a	n/a
Depreciation and amortisation	20.2	19.2	n/a	n/a
Share-based compensation	11.9	3.1	n/a	n/a
Buybacks	2.2	11.4	n/a	n/a
Dividends paid	59.8	59.5	n/a	n/a
Dividend per share	n/a	$0.92	n/a	n/a
Diluted shares, weighted	64m	64m	n/a	n/a
Shares outstanding at period end	64m	64m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	3,716	3,000	n/a	n/a
Deposits	41,921	40,992	n/a	n/a
Other liabilities	5,208	4,755	n/a	n/a
Total liabilities and equity	50,845	48,747	n/a	n/a
Fixed assets	1,190	1,167	n/a	n/a
Securities held for sale or to maturity	20,198	19,746	n/a	n/a
Loans	18,578	18,157	n/a	n/a
Trading assets	31.7	29.3	n/a	n/a
Cash and equivalents	8,687	7,618	n/a	n/a
Other assets	2,160	2,031	n/a	n/a
Total assets	50,845	48,747	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	491	502	501	508	518	536	540	547	567	581	575	576
Interest expense	176	191	195	200	204	n/a	169	172	178	n/a	139	147
Pre-tax income	187	121	162	175	175	184	179	187	208	198	202	205
Tax rate	17%	15%	16%	17%	16%	16%	16%	16%	16%	16%	16%	16%
Net income	156	103	136	145	147	155	151	157	174	166	171	172
Net margin	32%	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 flow	239	-83.0	488	130	307	64.3	-296	141	249	181	237	52.9
Capital expenditure	32.9	40.6	38.2	26.6	25.3	37.6	41.0	26.3	36.9	42.5	38.6	60.1
Free cash flow	206	-124	450	103	282	26.7	-337	115	212	138	199	-7.1
Buybacks	11.4	2.2	2.1	30.2	20.0	8.6	2.6	0.1	69.8	85.4	72.3	90.9
Dividends paid	59.5	59.8	59.8	59.8	61.3	61.5	61.7	64.9	64.7	64.1	64.0	64.8
Shares outstanding	64m	64m	64m	64m	64m	64m	64m	64m	64m	63m	63m	62m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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.

Source

10-K for the period ended 31 December 2023, filed 6 February 2024, accession 0000039263-24-000013: the filing on EDGAR. All of Cullen/Frost Bankers, Inc.'s filings: EDGAR company page.

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