Cullen/Frost Bankers (CFR) Q3 FY2025 earnings: revenue $567 million, up 9.5% on the year
Cullen/Frost Bankers, Inc. (CFR) reported revenue of $567 million for Q3 FY2025, the quarter ended 30 September 2025, up 9.5% on the same quarter a year earlier. Net income was $174 million, up 19.0% on the year, and diluted earnings per share $2.67. The figures are the company's own, from the 10-Q it filed with the SEC on 30 October 2025.
Revenue$567 millionup 9.5%
Net income$174 millionup 19.0%
Diluted EPS$2.67
QuarterQ3 FY2025ended 30 September 2025
The quarter, against the one before and a year earlier
| Line | Q3 FY2025 | Q2 FY2025 | Q3 FY2024 | Change on the year |
|---|---|---|---|---|
| Revenue | 567 | 547 | 518 | +9.5% |
| Interest expense | 178 | 172 | 204 | -12.4% |
| Pre-tax income | 208 | 187 | 175 | +18.7% |
| Income tax | 33.6 | 29.6 | 28.7 | +17.0% |
| Effective tax rate | 16.2% | 15.9% | 16.4% | |
| Net income | 174 | 157 | 147 | +19.0% |
| Net margin | 30.7% | 28.7% | 28.3% | |
| Diluted EPS | $2.67 | $2.39 | $2.24 | +19.2% |
$ million except per share.
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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 | Q3 FY2025 | Q2 FY2025 | Q3 FY2024 | Change on the year |
|---|---|---|---|---|
| Operating cash flow | 249 | 141 | 307 | -19.1% |
| Capital expenditure | 36.9 | 26.3 | 25.3 | +45.8% |
| Free cash flow | 212 | 115 | 282 | -24.9% |
| Cash from investing | -275 | -57.6 | 179 | n/a |
| Cash from financing | 851 | -821 | 1,567 | -45.7% |
| Depreciation and amortisation | 22.2 | 21.8 | 20.7 | +7.3% |
| Share-based compensation | 4.3 | 4.8 | 1.8 | +142.8% |
| Buybacks | 69.8 | 0.1 | 20.0 | +248.1% |
| Dividends paid | 64.7 | 64.9 | 61.3 | +5.5% |
| Dividend per share | $1.00 | $1.00 | $0.95 | +5.3% |
| Diluted shares, weighted | 64m | 64m | 64m | +0.1% |
| Shares outstanding at period end | 64m | 64m | 64m | -0.3% |
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 | Q3 FY2025 | Q2 FY2025 | Q3 FY2024 | Change on the year |
|---|---|---|---|---|
| Shareholders' equity | 4,461 | 4,200 | 4,135 | +7.9% |
| Deposits | 42,517 | 41,684 | 41,721 | +1.9% |
| Other liabilities | 5,555 | 5,525 | 5,152 | +7.8% |
| Total liabilities and equity | 52,533 | 51,409 | 51,008 | +3.0% |
| Fixed assets | 1,294 | 1,277 | 1,229 | +5.2% |
| Securities held for sale or to maturity | 20,340 | 20,099 | 18,890 | +7.7% |
| Loans | 21,165 | 20,977 | 19,792 | +6.9% |
| Trading assets | 36.8 | 45.3 | 32.4 | +13.8% |
| Cash and equivalents | 7,940 | 7,116 | 9,198 | -13.7% |
| Other assets | 1,757 | 1,895 | 1,866 | -5.8% |
| Total assets | 52,533 | 51,409 | 51,008 | +3.0% |
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.
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* 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-Q for the period ended 30 September 2025, filed 30 October 2025, accession 0000039263-25-000117: the filing on EDGAR. All of Cullen/Frost Bankers, Inc.'s filings: EDGAR company page.
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