CFR financial statements

The full income statement, balance sheet, and cash-flow statement for Cullen/Frost Bankers Inc. (CFR), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 64.0M2024-09 64.1M2024-12 64.2M2025-03 64.3M2025-06 64.3M2025-09 63.9M2025-12 63.2M2026-03 62.8M2026-06 62.1M-2.9% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	2.24B YoY+8.3%	2.06B YoY+3.8%	1.99B YoY+17.2%	1.70B YoY+23.7%	1.37B YoY-4.8%
Noninterest income	499M YoY+8.7%	459M YoY+7.1%	429M YoY+5.9%	405M YoY+4.7%	387M YoY-16.9%
Amortization of intangibles	—	—	—	480K YoY-31.1%	697K YoY-24.1%
Noninterest expense	1.42B YoY+8.9%	1.30B YoY+6.0%	1.23B YoY+20.0%	1.02B YoY+16.1%	882M YoY+3.9%
Provision for credit losses	44.2M YoY-32.0%	65.0M YoY+40.7%	46.2M YoY+1439.0%	3.00M YoY+4661.9%	63.0K YoY-100.0%
Interest expense	—	—	659M YoY+257.3%	184M YoY+671.6%	23.9M YoY-46.9%
Interest & investment income	2.42B YoY+1.3%	2.39B YoY+7.8%	2.22B YoY+50.3%	1.48B YoY+46.3%	1.01B YoY-1.2%
Net interest income	1.74B YoY+8.2%	1.60B YoY+2.9%	1.56B YoY+20.7%	1.29B YoY+31.1%	985M YoY+0.9%
Pre-tax income	772M YoY+10.9%	696M YoY-2.3%	712M YoY+6.5%	669M YoY+36.6%	490M YoY+39.3%
Income tax	123M YoY+8.6%	113M YoY-0.9%	114M YoY+27.6%	89.7M YoY+93.0%	46.5M YoY+130.3%
	649M YoY+11.3%	583M YoY-2.6%	598M YoY+3.3%	579M YoY+30.7%	443M YoY+33.8%
Preferred dividends	6.67M YoY+0.0%	6.67M YoY+0.0%	6.67M YoY+0.0%	6.67M YoY-6.7%	7.16M YoY+255.0%
Net income to common	642M YoY+11.5%	576M YoY-2.6%	591M YoY+3.3%	572M YoY+31.3%	436M YoY+34.7%
	$9.92 YoY+11.8%	$8.87 YoY-2.5%	$9.10 YoY+3.3%	$8.81 YoY+30.3%	$6.76 YoY+32.5%
EPS (basic)	$9.92 YoY+11.7%	$8.88 YoY-2.5%	$9.11 YoY+3.1%	$8.84 YoY+30.2%	$6.79 YoY+32.9%
	64.1M YoY-0.1%	64.1M YoY-0.1%	64.2M YoY+0.1%	64.2M YoY+0.9%	63.6M YoY+1.4%
	64.1M YoY-0.3%	64.3M YoY-0.2%	64.4M YoY-0.2%	64.5M YoY+0.7%	64.1M YoY+1.7%
Dividends per share	$3.95 YoY+5.6%	$3.74 YoY+4.5%	$3.58 YoY+10.5%	$3.24 YoY+10.2%	$2.94 YoY+3.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Cash & equivalents	8.87B YoY-13.3%	10.2B YoY+17.8%	8.69B YoY-27.8%	12.0B YoY-27.5%	16.6B YoY+61.2%
	53.0B YoY+1.0%	52.5B YoY+3.3%	50.8B YoY-3.9%	52.9B YoY+4.0%	50.9B YoY+20.0%
Property, plant & equipment	1.31B YoY+5.4%	1.25B YoY+4.7%	1.19B YoY+7.9%	1.10B YoY+5.0%	1.05B YoY+0.5%
Operating lease right-of-use	259M YoY-4.1%	270M YoY-3.6%	281M YoY-2.9%	289M YoY+2.6%	281M YoY-3.6%
Goodwill	—	—	—	655M YoY+0.0%	655M YoY+0.0%
Intangible assets	—	—	—	386K YoY-55.4%	866K YoY-44.6%
	48.5B YoY-0.3%	48.6B YoY+3.2%	47.1B YoY-5.3%	49.8B YoY+7.1%	46.4B YoY+21.9%
Operating lease liability (total)	296M	—	—	—	313M YoY-3.0%
	4.57B YoY+17.3%	3.90B YoY+4.9%	3.72B YoY+18.5%	3.14B YoY-29.3%	4.44B YoY+3.4%
Preferred stock	145M YoY+0.0%	145M YoY+0.0%	145M YoY+0.0%	145M YoY+0.0%	145M YoY+0.0%
Common stock	644K YoY+0.0%	644K YoY+0.0%	644K YoY+0.2%	643K YoY+0.2%	642K YoY+0.0%
Additional paid-in capital	1.10B YoY+2.3%	1.08B YoY+1.9%	1.06B YoY+2.5%	1.03B YoY+2.0%	1.01B YoY+1.3%
Retained earnings	4.31B YoY+9.1%	3.95B YoY+8.0%	3.66B YoY+10.5%	3.31B YoY+11.9%	2.96B YoY+7.5%
Treasury stock	140M YoY+518.9%	22.6M YoY-5.7%	23.9M	0.00 YoY-100.0%	20.7M YoY-81.8%
Accumulated other comprehensive income	-843M YoY+32.7%	-1.25B YoY-11.9%	-1.12B YoY+17.0%	-1.35B YoY-488.2%	347M YoY-32.3%
Total liabilities & equity	53.0B YoY+1.0%	52.5B YoY+3.3%	50.8B YoY-3.9%	52.9B YoY+4.0%	50.9B YoY+20.0%
	64.4M YoY+0.0%	64.4M YoY+0.0%	64.4M YoY+0.1%	64.4M YoY+0.2%	64.2M YoY+0.0%
	63.2M YoY-1.6%	64.2M YoY+0.1%	64.2M YoY-0.2%	64.4M YoY+0.5%	64.0M YoY+1.4%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	274M YoY-72.3%	990M YoY+106.6%	479M YoY-33.7%	723M YoY+11.5%	648M YoY+23.7%
Depreciation & amortization	87.8M YoY+6.0%	82.8M YoY+8.3%	76.4M YoY+7.1%	71.3M YoY+3.0%	69.3M YoY+7.6%
Intangible amortization	—	—	—	480K YoY-31.1%	697K YoY-24.1%
Share-based compensation	24.8M YoY+25.3%	19.8M YoY-19.6%	24.6M YoY+34.2%	18.3M YoY+43.7%	12.8M YoY-8.4%
Deferred income taxes	5.37M YoY+146.3%	-11.6M YoY+21.8%	-14.8M YoY-201.5%	-4.92M YoY-163.2%	7.78M YoY+149.2%
	-1.60B YoY-785.2%	-181M YoY+80.8%	-943M YoY+88.6%	-8.28B YoY-227.8%	-2.53B YoY-54.8%
Capital expenditure	147M YoY+14.8%	128M YoY-19.5%	159M YoY+54.8%	103M YoY+55.7%	65.8M YoY-31.0%
Free cash flow	127M YoY-85.2%	862M YoY+169.1%	320M YoY-48.4%	620M YoY+6.5%	582M YoY+35.8%
Acquisitions	0.00 YoY-100.0%	703K	0.00	0.00	0.00
Sales/maturities of investments	21.0B YoY+7.3%	19.6B YoY+2.6%	19.1B YoY+21.8%	15.7B YoY-14.9%	18.4B YoY-11.8%
Proceeds from sale of PP&E	960K YoY+3740.0%	25.0K YoY-98.0%	1.28M YoY+1934.9%	63.0K YoY-99.1%	7.04M YoY+17.6%
	-33.1M YoY-104.5%	738M YoY+125.7%	-2.88B YoY-195.9%	3.00B YoY-63.3%	8.17B YoY+7.4%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	158M YoY+159.2%	60.9M YoY+42.6%	42.7M YoY+872.9%	4.39M YoY+13.6%	3.86M YoY-75.5%
Dividends paid	255M YoY+5.3%	242M YoY+4.4%	232M YoY+10.7%	210M YoY+11.1%	189M YoY+4.5%
Interest paid	698M YoY-11.5%	788M YoY+27.9%	616M YoY+264.6%	169M YoY+482.8%	29.0M YoY-41.2%
Income taxes paid	—	122M YoY+3.4%	118M YoY+18.0%	100M YoY+150.9%	39.9M YoY-9.7%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	8.00B YoY-7.2%	8.62B YoY+24.1%	6.95B YoY-19.2%	8.60B YoY+6.5%	8.07B YoY+46.5%
P/E	12.3× YoY-16.6%	14.8× YoY+46.3%	10.1× YoY-42.4%	17.6× YoY-3.5%	18.2× YoY+9.5%
P/S	3.6× YoY-14.3%	4.2× YoY+19.6%	3.5× YoY-37.4%	5.6× YoY-5.2%	5.9× YoY+53.9%
P/B	1.8× YoY-20.9%	2.2× YoY-4.5%	2.3× YoY-24.2%	3.1× YoY+68.1%	1.8× YoY+41.7%
P/FCF	62.9× YoY+528.1%	10.0× YoY-16.5%	12.0× YoY-23.1%	15.6× YoY+12.5%	13.9× YoY+7.9%
	8.1% YoY+20.0%	6.8% YoY-31.6%	9.9% YoY+73.7%	5.7% YoY+3.6%	5.5% YoY-8.7%
	1.6% YoY-84.1%	10.0% YoY+19.8%	8.3% YoY+30.1%	6.4% YoY-11.1%	7.2% YoY-7.3%
	3.1% YoY+12.0%	2.8% YoY-15.6%	3.3% YoY+36.2%	2.4% YoY+3.9%	2.3% YoY-28.6%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: CFR's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all CFR filings on SEC EDGAR → Not investment advice.