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Cullen/Frost Bankers, Inc.

CFR

Cullen/Frost Bankers, Inc. • NYSE
$123.72 ▲ 0.06% (+0.08)
Market Cap $7.94 B
52w High $146.44
52w Low $100.31
Dividend Yield 3.95%
P/E 12.73
Volume 199.54K
Outstanding Shares 64.19M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $745.562M ▲ $352.478M ▲ $174.38M ▲ 23.389% ▲ $2.7 ▲ $230.243M ▲
Q2-2025 $719.231M ▲ $347.128M ▼ $157.003M ▲ 21.829% ▲ $2.39 ▲ $208.46M ▲
Q1-2025 $709.128M ▼ $348.066M ▲ $150.922M ▼ 21.283% ▼ $2.3 ▼ $200.989M ▼
Q4-2024 $723.517M ▲ $336.167M ▲ $154.852M ▲ 21.403% ▲ $2.37 ▲ $205.417M ▲
Q3-2024 $721.866M $323.41M $146.501M 20.295% $2.24 $195.96M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $18.615B ▲ $52.533B ▲ $48.073B ▲ $4.461B ▲
Q2-2025 $17.617B ▲ $51.409B ▼ $47.209B ▼ $4.2B ▲
Q1-2025 $9.252B ▼ $52.005B ▼ $47.891B ▼ $4.114B ▲
Q4-2024 $25.262B ▲ $52.52B ▲ $48.622B ▲ $3.899B ▼
Q3-2024 $24.508B $51.008B $46.873B $4.135B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $174.38M ▲ $248.583M ▲ $-275.187M ▼ $850.753M ▲ $824.149M ▲ $315.801M ▲
Q2-2025 $157.003M ▲ $140.772M ▲ $-57.571M ▲ $-820.522M ▼ $-737.321M ▲ $114.507M ▲
Q1-2025 $150.922M ▼ $-296.111M ▼ $-1.819B ▼ $-266.097M ▼ $-2.381B ▼ $-337.064M ▼
Q4-2024 $154.852M ▲ $64.302M ▼ $-294.407M ▼ $1.266B ▼ $1.036B ▼ $26.655M ▼
Q3-2024 $146.501M $307.217M $179.117M $1.567B $2.054B $281.888M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Bank
Bank
 $490.00M ▲$490.00M ▲$500.00M ▲$520.00M ▲
Frost Wealth Advisors
Frost Wealth Advisors
 $60.00M ▲$50.00M ▼$50.00M ▲$60.00M ▲
Non Banks
Non Banks
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Cullen/Frost has grown its revenue nicely over the last several years, showing that its core banking and fee businesses are expanding. Profit levels are solid and have improved meaningfully compared with a few years ago, but earnings have flattened out more recently rather than continuing to climb. This likely reflects pressure from the interest-rate environment and higher costs, even as the bank continues to generate healthy returns from its operations. Overall, the income statement points to a mature, profitable regional bank that is growing, but with somewhat tighter profit margins in the most recent period.

Balance Sheet

Balance Sheet The balance sheet looks generally conservative for a regional bank. Total assets have hovered in a similar range for several years, suggesting controlled, deliberate growth rather than aggressive expansion. Cash and liquid resources remain sizeable, even though they are lower than the peak seen a few years ago. Debt has risen over time but still sits at what appears to be a manageable level relative to the size of the bank. Equity has rebuilt after a dip, indicating retained profitability and solid capital support. Overall, the balance sheet profile aligns with a cautious, stability-focused banking culture.

Cash Flow

Cash Flow Cullen/Frost consistently generates positive cash flow from its core operations, a sign that its underlying banking activities reliably produce cash. Free cash flow has also been positive each year, even after ongoing investments in technology, branches, and infrastructure. Spending on capital projects is meaningful but not excessive, suggesting the bank is investing for the future while maintaining financial discipline. The cash flow picture reinforces the view of a steady, cash-generative franchise with room to keep funding growth and shareholder returns.

Competitive Edge

Competitive Edge The bank’s competitive edge rests on deep, relationship-based banking in Texas and a strong reputation for service. It is well known for high customer satisfaction, long‑standing relationships, and an emphasis on personal attention, which can make clients less likely to switch to rivals. Its exclusive focus on Texas gives it local knowledge and brand strength in a fast‑growing state, but also concentrates its risk in a single regional economy. Competition from larger national banks and digital-only players is real, yet Cullen/Frost’s loyalty, service culture, and regional expertise form a meaningful moat in its core markets.

Innovation and R&D

Innovation and R&D For a regional bank, Cullen/Frost is fairly advanced on the technology front. It builds much of its digital banking software in-house, which lets it adapt quickly to customer feedback and refine its mobile and online experiences. Business and consumer clients benefit from modern digital tools, integrations with fintech platforms like Plaid, and services that simplify tasks such as switching direct deposits. The bank is also exploring artificial intelligence to streamline its app and back-office work. While it does not publish a detailed tech roadmap, its track record shows a clear willingness to invest in digital capabilities while keeping human service at the center.

Summary

Overall, Cullen/Frost looks like a financially solid, regionally focused bank with a cautious balance sheet, dependable cash generation, and a strong service-driven brand in Texas. Revenue has grown well, though profit growth has cooled recently, likely due to industry-wide pressures from interest rates and costs. Its tightly focused Texas footprint and relationship model create both strength (loyal customers, local insight) and risk (exposure to one regional economy). Continued investment in technology, paired with its traditional high-touch approach, positions the bank to defend and gradually expand its niche, provided it navigates credit risk and the broader rate environment carefully.

NEWS

October 30, 2025 · 9:00 AM UTC

CULLEN/FROST REPORTS THIRD QUARTER RESULTS

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October 14, 2025 · 11:00 AM UTC

Cullen/Frost Bankers, Inc. Hosts Third Quarter 2025 Earnings Conference Call

Read more