Cullen/Frost Bankers financials
$154.21−1.41%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.92B | $2.85B | $2.65B | $1.88B | $1.40B | $1.49B | $1.50B | $1.40B | $1.23B | $1.14B |
| Gross profit | $2.24B | $2.06B | $1.99B | $1.70B | $1.37B | $1.44B | $1.37B | $1.31B | $1.20B | $1.13B |
| Gross margin | 76.6% | 72.4% | 75.1% | 90.2% | 98.3% | 97.0% | 91.3% | 93.3% | 97.8% | 98.9% |
| Operating income | $771.7M | $696.0M | $712.4M | $668.8M | $489.5M | $351.3M | $499.5M | $508.7M | $408.4M | $341.4M |
| Net income | $641.9M | $575.9M | $591.3M | $567.3M | $432.0M | $320.5M | $431.8M | $443.7M | $354.1M | $295.1M |
| Net margin | 22.0% | 20.2% | 22.3% | 30.2% | 31.0% | 21.6% | 28.8% | 31.6% | 28.8% | 25.9% |
| Diluted EPS | $9.92 | $8.87 | $9.10 | $8.81 | $6.76 | $5.10 | $6.84 | $6.90 | $5.51 | $4.70 |
| EBITDA | $771.7M | $696.0M | $712.4M | $668.8M | $489.5M | $351.3M | $499.5M | $508.7M | $408.4M | $341.4M |
| Operating cash flow | $274.0M | $989.5M | $478.8M | $722.6M | $648.3M | $524.2M | $634.1M | $562.4M | $538.1M | $437.8M |
| Free cash flow | $128.3M | $861.8M | $321.5M | $620.1M | $589.5M | $434.8M | $435.4M | $496.7M | $508.5M | $432.7M |
| Diluted shares | 64.1M | 64.3M | 64.4M | 64.5M | 64.1M | 62.8M | 63.1M | 64.2M | 64.2M | 63.0M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $681.3M | $722.9M | $617.6M | $691.6M | $555.8M | $529.5M |
| Short-term investments | $27.63B | $28.12B | $28.30B | $32.25B | $31.73B | $22.17B |
| Total debt | $223.0M | $222.8M | $222.6M | $222.4M | $222.2M | $235.4M |
| Total assets | $53.04B | $52.52B | $50.85B | $52.89B | $50.88B | $42.39B |
| Total liabilities | $48.47B | $48.62B | $47.13B | $49.76B | $46.44B | $38.10B |
| Shareholders' equity | $4.57B | $3.90B | $3.72B | $3.14B | $4.44B | $4.29B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology