InsiderClue
Stocks · Financials · National Commercial Banks

CULLEN/FROST BANKERS, INC.

CFR Clue Score56
United States Fiscal year ends December CIK 0000039263
$150.24 -1.39% Close, 9 Oct 2026
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Price $150.24 +23.30% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueNet income
Fiscal year 2016Revenue1.13Net income0.30EPS, diluted4.70Fiscal year 2017Revenue1.20 +6.8%Net income0.36 +19.7%EPS, diluted5.51 +17.2%Fiscal year 2018Revenue0.09 −92.9%Net income0.45 +24.9%EPS, diluted6.90 +25.2%Fiscal year 2019Revenue0.09 +4.5%Net income0.44 −2.5%EPS, diluted6.84 −0.9%Fiscal year 2020Revenue0.08 −9.1%Net income0.33 −25.3%EPS, diluted5.10 −25.4%Fiscal year 2021Revenue0.08 +3.0%Net income0.44 +33.8%EPS, diluted6.76 +32.5%Fiscal year 2022Revenue0.09 +10.3%Net income0.58 +30.7%EPS, diluted8.81 +30.3%Fiscal year 2023Revenue0.09 +1.8%Net income0.60 +3.3%EPS, diluted9.10 +3.3%Fiscal year 2024Revenue0.11 +13.6%Net income0.58 −2.6%EPS, diluted8.87 −2.5%Fiscal year 2025Revenue0.12 +14.4%Net income0.65 +11.3%EPS, diluted9.92 +11.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1.13 1.20 0.09 0.09 0.08 0.08 0.09 0.09 0.11 0.12
Growth +6.8% −92.9% +4.5% −9.1% +3.0% +10.3% +1.8% +13.6% +14.4%
Net income 0.30 0.36 0.45 0.44 0.33 0.44 0.58 0.60 0.58 0.65
Growth +19.7% +24.9% −2.5% −25.3% +33.8% +30.7% +3.3% −2.6% +11.3%
EPS, diluted 4.70 5.51 6.90 6.84 5.10 6.76 8.81 9.10 8.87 9.92
Growth +17.2% +25.2% −0.9% −25.4% +32.5% +30.3% +3.3% −2.5% +11.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Net margin
Fiscal year 2016Net margin27.0%Free cash flow margin34.1%Fiscal year 2017Net margin30.3%Free cash flow margin41.9%Fiscal year 2018Net margin534.0%Free cash flow margin567.1%Fiscal year 2019Net margin498.5%Free cash flow margin480.3%Fiscal year 2020Net margin409.5%Free cash flow margin530.2%Fiscal year 2021Net margin532.0%Free cash flow margin699.3%Fiscal year 2022Net margin630.3%Free cash flow margin674.8%Fiscal year 2023Net margin639.5%Free cash flow margin342.5%Fiscal year 2024Net margin548.4%Free cash flow margin811.2%Fiscal year 2025Net margin533.5%Free cash flow margin104.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Net margin 27.0% 30.3% 534.0% 498.5% 409.5% 532.0% 630.3% 639.5% 548.4% 533.5%
Free cash flow margin 34.1% 41.9% 567.1% 480.3% 530.2% 699.3% 674.8% 342.5% 811.2% 104.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.44Capital expenditure−0.05Free cash flow0.38Buybacks−0.00Dividends paid−0.13Fiscal year 2017Operating cash flow0.54Capital expenditure−0.03Free cash flow0.50 +31.2%Buybacks−0.10Dividends paid−0.14Fiscal year 2018Operating cash flow0.56Capital expenditure−0.08Free cash flow0.48 −4.1%Buybacks−0.10Dividends paid−0.17Fiscal year 2019Operating cash flow0.63Capital expenditure−0.21Free cash flow0.43 −11.5%Buybacks−0.07Dividends paid−0.18Fiscal year 2020Operating cash flow0.52Capital expenditure−0.10Free cash flow0.43 +0.3%Buybacks−0.02Dividends paid−0.18Fiscal year 2021Operating cash flow0.65Capital expenditure−0.07Free cash flow0.58 +35.8%Buybacks−0.00Dividends paid−0.19Fiscal year 2022Operating cash flow0.72Capital expenditure−0.10Free cash flow0.62 +6.5%Buybacks−0.00Dividends paid−0.21Fiscal year 2023Operating cash flow0.48Capital expenditure−0.16Free cash flow0.32 −48.4%Buybacks−0.04Dividends paid−0.23Fiscal year 2024Operating cash flow0.99Capital expenditure−0.13Free cash flow0.86 +169.1%Buybacks−0.06Dividends paid−0.24Fiscal year 2025Operating cash flow0.27Capital expenditure−0.15Free cash flow0.13 −85.2%Buybacks−0.16Dividends paid−0.26
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.44 0.54 0.56 0.63 0.52 0.65 0.72 0.48 0.99 0.27
Capital expenditure −0.05 −0.03 −0.08 −0.21 −0.10 −0.07 −0.10 −0.16 −0.13 −0.15
Free cash flow 0.38 0.50 0.48 0.43 0.43 0.58 0.62 0.32 0.86 0.13
Growth +31.2% −4.1% −11.5% +0.3% +35.8% +6.5% −48.4% +169.1% −85.2%
Buybacks −0.00 −0.10 −0.10 −0.07 −0.02 −0.00 −0.00 −0.04 −0.06 −0.16
Dividends paid −0.13 −0.14 −0.17 −0.18 −0.18 −0.19 −0.21 −0.23 −0.24 −0.26

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Shareholders’ equity3.00Fiscal year 2017Shareholders’ equity3.30Fiscal year 2018Shareholders’ equity3.37Fiscal year 2019Cash3.79Shareholders’ equity3.91Fiscal year 2020Cash10.29Shareholders’ equity4.29Fiscal year 2021Cash16.58Shareholders’ equity4.44Fiscal year 2022Cash12.03Shareholders’ equity3.14Fiscal year 2023Cash8.69Shareholders’ equity3.72Fiscal year 2024Cash10.23Shareholders’ equity3.90Fiscal year 2025Cash8.87Shareholders’ equity4.57
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash n/a n/a n/a 3.79 10.29 16.58 12.03 8.69 10.23 8.87
Shareholders’ equity 3.00 3.30 3.37 3.91 4.29 4.44 3.14 3.72 3.90 4.57

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Cash flow

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Operations
0.44 0.54 0.56 0.63 0.52 0.65 0.72 0.48 0.99 0.27
Growth +22.9% +4.5% +12.7% −17.3% +23.7% +11.5% −33.7% +106.6% −72.3%
Investment
−0.05 −0.03 −0.08 −0.21 −0.10 −0.07 −0.10 −0.16 −0.13 −0.15
calc 0.38 0.50 0.48 0.43 0.43 0.58 0.62 0.32 0.86 0.13
Growth +31.2% −4.1% −11.5% +0.3% +35.8% +6.5% −48.4% +169.1% −85.2%
calc 6.10 7.79 7.47 6.74 6.81 9.09 9.61 4.97 13.41 1.99
n/a −0.67 −1.91 −1.39 −1.63 −2.53 −8.28 −0.94 −0.18 −1.60
Financing
n/a 1.04 0.25 0.59 7.61 8.17 3.00 −2.88 0.74 −0.03
−0.13 −0.14 −0.17 −0.18 −0.18 −0.19 −0.21 −0.23 −0.24 −0.26
−0.00 −0.10 −0.10 −0.07 −0.02 −0.00 −0.00 −0.04 −0.06 −0.16

Lines marked calc are worked out here from filed figures; point at one for how. Capital expenditure, dividends and buybacks are shown as money out, so negative.