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CFR-PB

Cullen/Frost Bankers, Inc.

CFR-PB

Cullen/Frost Bankers, Inc. • NYSE
$17.96 ▲ 0.05% (+0.01)
Market Cap $1.15 B
52w High $19.38
52w Low $16.34
Dividend Yield 1.11%
P/E 2.76
Volume 5.38K
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 Q3-2024Q1-2025Q2-2025Q3-2025
Bank
Bank
 $470.00M ▲$490.00M ▲$500.00M ▲$20.00M ▼
Frost Wealth Advisors
Frost Wealth Advisors
 $50.00M ▲$50.00M ▲$50.00M ▲$0 ▼
Non Banks
Non Banks
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement The company’s income statement shows a bank that has grown steadily while keeping profitability healthy. Revenue has climbed over the past several years, and core earnings have generally followed that trend. Profit margins look solid for a regional bank, reflecting disciplined cost control and careful lending. More recently, profit has flattened a bit rather than continuing to rise, which suggests that higher funding costs, competition for deposits, or credit provisioning may be starting to offset some of the growth. Overall, the earnings profile is strong and relatively stable, but not without pressure from the current interest-rate and competitive environment.

Balance Sheet

Balance Sheet The balance sheet looks conservative and typical of a well-run regional bank. Total assets have edged up over time, reflecting gradual growth in loans and customer activity rather than aggressive expansion. Cash and liquid assets remain meaningful, giving the bank some flexibility to handle deposit flows and market stress. Debt has increased over the period but remains modest compared with the overall size of the balance sheet, suggesting leverage is controlled. Equity dipped a few years ago and then recovered, which may reflect capital management, dividend policy, and the impact of rate moves on securities. Overall, the bank appears soundly capitalized with manageable leverage, though not immune to swings in interest rates and credit conditions.

Cash Flow

Cash Flow Cash flow is a relative bright spot. The bank has consistently generated positive cash from its core operations, with an overall upward trend over the period despite some year‑to‑year swings. Free cash flow has also stayed positive, helped by modest spending on technology and infrastructure rather than heavy, fixed investment. This pattern suggests that the franchise throws off reliable cash, giving management room to support dividends, absorb credit losses, and invest in modernization without overreliance on new borrowing or equity issuance.

Competitive Edge

Competitive Edge Cullen/Frost occupies a strong niche as a relationship‑focused Texas regional bank. Its most important edge is customer loyalty, especially among small and mid‑sized businesses, where it has repeatedly earned top service and brand awards. Long‑tenured bankers and a culture built around personal service make it difficult for rivals—whether national banks or fintechs—to lure customers away. At the same time, the bank is not standing still: it has built a capable digital platform, plugged into key fintech ecosystems, and adopted real‑time payments. The main trade‑offs are geographic concentration in Texas and exposure to the local economy, plus intense competition for deposits and loans from larger banks and digital‑only players.

Innovation and R&D

Innovation and R&D The bank’s innovation strategy is deliberate rather than flashy. It focuses on technologies that directly improve the customer experience—such as its in‑house mobile app, secure “known caller” authentication, and an emphasis on 24/7 access to human support instead of bots. Partnerships with firms like Plaid, Finzly, and others allow it to offer modern features such as real‑time payments and easy account connectivity without trying to build everything internally. Its “enterprise modernization” effort aims to refresh core systems in stages, reducing risk. On artificial intelligence, management is cautious, looking first at tools that help employees serve customers better rather than replacing human interaction. This measured approach likely keeps innovation aligned with the bank’s relationship‑driven brand, though it may move more slowly than pure‑tech competitors.

Summary

Overall, Cullen/Frost Bankers presents as a steady, profitable regional bank with a strong service culture and a growing, but controlled, digital footprint. Earnings and cash flow trends are healthy, supported by prudent cost management and a conservative balance sheet, although recent profit growth has cooled under a tougher rate and competitive backdrop. The franchise’s core strength is its loyal customer base in Texas, built on long‑standing relationships and award‑winning service, which forms a meaningful competitive moat. At the same time, the bank is thoughtfully modernizing—leveraging fintech partnerships, real‑time payments, and selective AI use—to stay relevant without sacrificing its human‑centered model. Key things to watch include how it manages interest‑rate risk, deposit competition, and credit quality as it continues its gradual digital and operational transformation.