Stocks CFR Financial statements
Financial statementsCULLEN/FROST BANKERS, INC. financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CULLEN/FROST BANKERS, INC. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,126 | 1,203 | 1,309 | 1,368 | 1,441 | 1,372 | 1,696 | 1,987 | 2,064 | 2,235 |
| Selling and marketing | 27.7 | 29.3 | 32.5 | 38 | 34.4 | 34.5 | 40 | 48.6 | 51.4 | 56.9 |
| Interest expense | 12.1 | 26.5 | 93.3 | 130 | 45 | 23.9 | 184 | 659 | ||
| Pre-tax income | 341 | 408 | 509 | 499 | 351 | 490 | 669 | 712 | 696 | 772 |
| Income tax | 37.2 | 44.2 | 53.8 | 55.9 | 20.2 | 46.5 | 89.7 | 114 | 113 | 123 |
| Net income | 304 | 364 | 455 | 444 | 331 | 443 | 579 | 598 | 583 | 649 |
| EPS, basic | 4.73 | 5.56 | 6.97 | 6.89 | 5.11 | 6.79 | 8.84 | 9.11 | 8.88 | 9.92 |
| EPS, diluted | 4.70 | 5.51 | 6.90 | 6.84 | 5.10 | 6.76 | 8.81 | 9.10 | 8.87 | 9.92 |
| Shares, basic (weighted) | 62.4 | 63.7 | 63.7 | 62.7 | 62.7 | 63.6 | 64.2 | 64.2 | 64.1 | 64.1 |
| Shares, diluted (weighted) | 63 | 64.7 | 64.7 | 63.4 | 63 | 64.1 | 64.5 | 64.4 | 64.3 | 64.1 |
| Dividend per share | 2.15 | 2.25 | 2.58 | 2.80 | 2.85 | 2.94 | 3.24 | 3.58 | 3.74 | 3.95 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 3,788 | 10,289 | 16,583 | 12,028 | 8,687 | 10,234 | 8,874 | |||
| Property, plant and equipment | 526 | 521 | 552 | 1,012 | 1,046 | 1,050 | 1,103 | 1,190 | 1,245 | 1,313 |
| Lease right-of-use assets | 0 | 298 | 292 | 281 | 289 | 281 | 270 | 259 | ||
| Goodwill | 655 | 655 | 655 | 655 | 655 | 655 | 655 | |||
| Intangible assets | 6.78 | 5.07 | 3.65 | 2.48 | 1.56 | 0.87 | 0.39 | |||
| Total assets | 30,196 | 31,748 | 32,293 | 34,027 | 42,391 | 50,878 | 52,892 | 50,845 | 52,520 | 53,041 |
| Total liabilities | 27,194 | 28,450 | 28,924 | 30,116 | 38,098 | 46,439 | 49,755 | 47,129 | 48,622 | 48,468 |
| Paid-in capital | 907 | 953 | 967 | 983 | 997 | 1,010 | 1,030 | 1,056 | 1,076 | 1,100 |
| Retained earnings | 1,986 | 2,187 | 2,440 | 2,668 | 2,751 | 2,957 | 3,310 | 3,658 | 3,951 | 4,309 |
| Treasury stock | -10.3 | -67.2 | -120 | -152 | -114 | -20.7 | 0 | -23.9 | -22.6 | -140 |
| Other comprehensive income | -24.6 | 79.5 | -63.6 | 267 | 513 | 347 | -1,348 | -1,119 | -1,252 | -843 |
| Shareholders' equity | 3,003 | 3,298 | 3,369 | 3,912 | 4,293 | 4,440 | 3,137 | 3,716 | 3,899 | 4,573 |
| Total equity | 3,003 | 3,298 | 3,369 | 3,912 | 4,293 | 4,440 | 3,137 | 3,716 | 3,899 | 4,573 |
| Total liabilities and equity | 30,196 | 31,748 | 32,293 | 34,027 | 42,391 | 50,878 | 52,892 | 50,845 | 52,520 | 53,041 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 304 | 364 | 455 | 444 | 331 | 443 | 579 | 598 | 583 | 649 |
| Depreciation and amortization | 48.2 | 47.8 | 50.2 | 54.1 | 64.4 | 69.3 | 71.3 | 76.4 | 82.8 | 87.8 |
| Stock-based compensation | 11.8 | 13 | 13.9 | 15.9 | 13.9 | 12.8 | 18.3 | 24.6 | 19.8 | 24.8 |
| Deferred income tax | -11.6 | -14.5 | 52.9 | 7.61 | -15.8 | 7.78 | -4.92 | -14.8 | -11.6 | 5.37 |
| Cash from operations | 438 | 538 | 562 | 634 | 524 | 648 | 723 | 479 | 990 | 274 |
| Capital expenditures | -53.6 | -34.1 | -79.3 | -207 | -95.4 | -65.9 | -103 | -159 | -128 | -147 |
| Acquisitions | -0.49 | 0 | 0 | 0 | 0 | -0.7 | 0 | |||
| Purchases of investments | -23,307 | -20,842 | -24,218 | -22,178 | -19,124 | -17,900 | -21,495 | |||
| Sales and maturities of investments | 336 | 1,328 | 222 | 4,695 | 20,893 | 18,425 | 15,683 | 19,104 | 19,601 | 21,022 |
| Cash from investing | -1,374 | -671 | -1,913 | -1,387 | -1,631 | -2,525 | -8,277 | -943 | -181 | -1,601 |
| Stock issued | 78.9 | 67.7 | 31.6 | 20.8 | 12.6 | 54.4 | 16.7 | 9.3 | 22.6 | 11.9 |
| Share buybacks | -1.29 | -101 | -101 | -68.8 | -15.8 | -3.86 | -4.39 | -42.7 | -60.9 | -158 |
| Dividends paid | -135 | -144 | -165 | -177 | -181 | -189 | -210 | -232 | -242 | -255 |
| Cash from financing | 1,486 | 1,044 | 254 | 585 | 7,607 | 8,171 | 3,000 | -2,877 | 738 | -33.1 |
| Net change in cash | 550 | 912 | -1,097 | -168 | 6,501 | 6,294 | -4,555 | -3,341 | 1,547 | -1,360 |
| Free cash flow | 384 | 504 | 483 | 427 | 429 | 582 | 620 | 320 | 862 | 127 |
| Interest paid | 11.9 | 24.4 | 89.3 | 125 | 49.3 | 29 | 169 | 616 | 788 | 698 |
| Income taxes paid | 50.4 | 56.4 | 5.11 | 45.4 | 44.1 | 39.9 | 100 | 118 | 122 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Pre-tax margin | 35.4% | Pre-tax income / revenue. |
| Net margin | 29.7% | Net income / revenue. |
| FCF margin | 23.6% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 31.3% | Cash from operations / revenue. |
| Effective tax rate | 15.9% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 14.8% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 1.3% | Net income / average total assets. |
| Stock-based pay / revenue | 1.1% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 7.7% | Capital expenditures / revenue. |
| D&A / revenue | 3.9% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 8.3% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 9.6% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 9.2% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | 11.3% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 3.8% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 14.4% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | 11.8% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 4.0% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 14.2% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -72.3% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | -27.6% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -12.2% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -85.2% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | -41.0% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -21.6% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 5.6% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 6.8% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 6.7% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 17.3% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 13.4% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 1.3% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 1.0% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 0.1% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 4.6% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | -0.3% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | -0.2% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 0.3% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Liabilities / assets | 91.4% | Total liabilities / total assets. |
| Tangible book value | $4.62B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.04x | Revenue / average total assets. |
| Fixed asset turnover | 1.68x | Revenue / average property, plant and equipment. |
| FCF conversion | 79.2% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 24.8% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $10.95 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $36.81 | Revenue / diluted weighted shares. |
| FCF per share | $8.67 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $11.52 | Cash from operations / diluted weighted shares. |
| Book value per share | $74.02 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $74.02 | Tangible book value / shares outstanding. |
| Cash per share | $103.55 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 37.7% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 47.6% | Dividends paid / free cash flow, when free cash flow is positive. |
| Buybacks / FCF | 58.8% | Share buybacks / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $9.78B | Share price x shares outstanding. |
| Enterprise value | $3.32B | Market cap + total debt - cash - short-term investments. |
| P/E | 14.3x | Market cap / net income. Only when net income is positive. |
| P/S | 4.26x | Market cap / revenue. |
| P/B | 2.12x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 2.12x | Market cap / tangible book value, when positive. |
| P/FCF | 18.1x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 13.6x | Market cap / cash from operations, when positive. |
| EV/Sales | 1.44x | Enterprise value / revenue. |
| EV/FCF | 6.12x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 5.5% | Free cash flow / market cap. |
| Earnings yield | 7.0% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 2.6% | Dividends paid over the period / market cap. |
| Shareholder yield | 5.9% | (Dividends paid + share buybacks) / market cap. |
| PEG | 3.55x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was CULLEN/FROST BANKERS, INC.'s revenue in fiscal 2025?
CULLEN/FROST BANKERS, INC. reported revenue of $2.24B for fiscal 2025, 8.3% higher than the year before.
Was CULLEN/FROST BANKERS, INC. profitable in fiscal 2025?
Yes. Net income was $648.6M, a net margin of 29%.
How much free cash flow did CULLEN/FROST BANKERS, INC. generate in fiscal 2025?
Cash from operations of $274.0M minus capital expenditures of $146.7M left free cash flow of $127.3M.