The Filings Report

Cullen/Frost Bankers Inc.

CFRNYSECIK 39263Financial / Banksfiscal year ends December70 quarters since 2009

Revenue, Q3 FY2026
$604M
+6.4% on Q3 FY2025
Net income
$180M
+3.3% on Q3 FY2025
Free cash flow
$249M
+17.5% on Q3 FY2025
Diluted EPS
$2.84
+6.4% on Q3 FY2025
Revenue, TTM
$2.3B
trailing four quarters
Net margin, TTM
29.5%
net income $690M
Free cash flow, TTM
$578M
$764M less $185M capex
Cash and equivalents
—
long-term debt —, Sep 30, 2026
Shares, 12-month change
−2.8%
62M shares, Sep 30, 2026
Buybacks, TTM
$264M
2.7% of market value
Dividends, TTM
$258M
2.7% of market value
Market value
$9.7B
at the close, buybacks

Latest quarter Q3 FY2026, filed October 29, 2026. Trailing figures sum the latest four quarters. Market values at the latest close, from a market data vendor.

In Q3 FY2026, the quarter ended September 30, 2026, Cullen/Frost Bankers Inc. reported revenue of $604M, +6.4% on Q3 FY2025, and net income of $180M (+3.3%). Free cash flow, operating cash flow less capital expenditures, was $249M ($293M less $44M). Diluted earnings per share were $2.84.

Share price

Daily candlesticks from November 11, 2024 to November 6, 2026, with each earnings release marked; a release after the close marks the day it came out, so its reaction is the next candle. See this earnings season for every company’s reaction.

CFR daily priceSplit-adjusted, US dollars; an earnings release
Nov 6, 2026O $155.26 · H $157.50 · L $154.95 · C $155.23 · −0.93% on the dayOver the range: +25.45%, Nov 7, 2025 to Nov 6, 2026
$116$131$145$159$174Nov 25Jan 26Apr 26Jun 26Aug 26Nov 26

The last 16 quarters

Q4 FY2022 to Q3 FY2026, through the filing of October 29, 2026.

Revenue and net incomeRevenueNet income
$0$200M$400M$600M$800MQ4'22, Revenue: $504MQ4'22, Net income: $191MQ4'22Q1'23, Revenue: $505MQ1'23, Net income: $178MQ1'23Q2'23, Revenue: $489MQ2'23, Net income: $162MQ2'23Q3'23, Revenue: $491MQ3'23, Net income: $156MQ3'23Q4'23, Revenue: $502MQ4'23, Net income: $103MQ4'23Q1'24, Revenue: $501MQ1'24, Net income: $136MQ1'24Q2'24, Revenue: $508MQ2'24, Net income: $145MQ2'24Q3'24, Revenue: $518MQ3'24, Net income: $147MQ3'24Q4'24, Revenue: $536MQ4'24, Net income: $155MQ4'24Q1'25, Revenue: $540MQ1'25, Net income: $151MQ1'25Q2'25, Revenue: $547MQ2'25, Net income: $157MQ2'25Q3'25, Revenue: $567MQ3'25, Net income: $174MQ3'25Q4'25, Revenue: $581MQ4'25, Net income: $166MQ4'25Q1'26, Revenue: $575MQ1'26, Net income: $171MQ1'26Q2'26, Revenue: $576MQ2'26, Net income: $172MQ2'26Q3'26, Revenue: $604MQ3'26, Net income: $180MQ3'26$0$200M$400M$600M$800MQ4'22, Revenue: $504MQ4'22, Net income: $191MQ4'22Q1'23, Revenue: $505MQ1'23, Net income: $178MQ1'23Q2'23, Revenue: $489MQ2'23, Net income: $162MQ2'23Q3'23, Revenue: $491MQ3'23, Net income: $156MQ3'23Q4'23, Revenue: $502MQ4'23, Net income: $103MQ4'23Q1'24, Revenue: $501MQ1'24, Net income: $136MQ1'24Q2'24, Revenue: $508MQ2'24, Net income: $145MQ2'24Q3'24, Revenue: $518MQ3'24, Net income: $147MQ3'24Q4'24, Revenue: $536MQ4'24, Net income: $155MQ4'24Q1'25, Revenue: $540MQ1'25, Net income: $151MQ1'25Q2'25, Revenue: $547MQ2'25, Net income: $157MQ2'25Q3'25, Revenue: $567MQ3'25, Net income: $174MQ3'25Q4'25, Revenue: $581MQ4'25, Net income: $166MQ4'25Q1'26, Revenue: $575MQ1'26, Net income: $171MQ1'26Q2'26, Revenue: $576MQ2'26, Net income: $172MQ2'26Q3'26, Revenue: $604MQ3'26, Net income: $180MQ3'26$0$200M$400M$600M$800MQ4'22, Revenue: $504MQ4'22, Net income: $191MQ1'23, Revenue: $505MQ1'23, Net income: $178MQ1'23Q2'23, Revenue: $489MQ2'23, Net income: $162MQ3'23, Revenue: $491MQ3'23, Net income: $156MQ3'23Q4'23, Revenue: $502MQ4'23, Net income: $103MQ1'24, Revenue: $501MQ1'24, Net income: $136MQ1'24Q2'24, Revenue: $508MQ2'24, Net income: $145MQ3'24, Revenue: $518MQ3'24, Net income: $147MQ3'24Q4'24, Revenue: $536MQ4'24, Net income: $155MQ1'25, Revenue: $540MQ1'25, Net income: $151MQ1'25Q2'25, Revenue: $547MQ2'25, Net income: $157MQ3'25, Revenue: $567MQ3'25, Net income: $174MQ3'25Q4'25, Revenue: $581MQ4'25, Net income: $166MQ1'26, Revenue: $575MQ1'26, Net income: $171MQ1'26Q2'26, Revenue: $576MQ2'26, Net income: $172MQ3'26, Revenue: $604MQ3'26, Net income: $180MQ3'26

Net income losses drawn in red.

Free cash flow
−$400M−$200M$0$200M$400M$600MQ4'22, Free cash flow: $136MQ4'22Q1'23, Free cash flow: $122MQ1'23Q2'23, Free cash flow: $116MQ2'23Q3'23, Free cash flow: $206MQ3'23Q4'23, Free cash flow: −$124MQ4'23Q1'24, Free cash flow: $450MQ1'24Q2'24, Free cash flow: $103MQ2'24Q3'24, Free cash flow: $282MQ3'24Q4'24, Free cash flow: $27MQ4'24Q1'25, Free cash flow: −$337MQ1'25Q2'25, Free cash flow: $115MQ2'25Q3'25, Free cash flow: $212MQ3'25Q4'25, Free cash flow: $138MQ4'25Q1'26, Free cash flow: $199MQ1'26Q2'26, Free cash flow: −$7MQ2'26Q3'26, Free cash flow: $249MQ3'26−$400M−$200M$0$200M$400M$600MQ4'22, Free cash flow: $136MQ4'22Q1'23, Free cash flow: $122MQ1'23Q2'23, Free cash flow: $116MQ2'23Q3'23, Free cash flow: $206MQ3'23Q4'23, Free cash flow: −$124MQ4'23Q1'24, Free cash flow: $450MQ1'24Q2'24, Free cash flow: $103MQ2'24Q3'24, Free cash flow: $282MQ3'24Q4'24, Free cash flow: $27MQ4'24Q1'25, Free cash flow: −$337MQ1'25Q2'25, Free cash flow: $115MQ2'25Q3'25, Free cash flow: $212MQ3'25Q4'25, Free cash flow: $138MQ4'25Q1'26, Free cash flow: $199MQ1'26Q2'26, Free cash flow: −$7MQ2'26Q3'26, Free cash flow: $249MQ3'26−$400M−$200M$0$200M$400M$600MQ4'22, Free cash flow: $136MQ1'23, Free cash flow: $122MQ1'23Q2'23, Free cash flow: $116MQ3'23, Free cash flow: $206MQ3'23Q4'23, Free cash flow: −$124MQ1'24, Free cash flow: $450MQ1'24Q2'24, Free cash flow: $103MQ3'24, Free cash flow: $282MQ3'24Q4'24, Free cash flow: $27MQ1'25, Free cash flow: −$337MQ1'25Q2'25, Free cash flow: $115MQ3'25, Free cash flow: $212MQ3'25Q4'25, Free cash flow: $138MQ1'26, Free cash flow: $199MQ1'26Q2'26, Free cash flow: −$7MQ3'26, Free cash flow: $249MQ3'26

Operating cash flow less capital expenditures; negative quarters in red.

Income statement

Last eight quarters, newest first, through Q3 FY2026 filed October 29, 2026.

Cullen/Frost Bankers Inc. income statement, quarterly
Millions of dollarsQ3 FY2026ended Sep 30, 2026filed Oct 29, 2026Q2 FY2026ended Jun 30, 2026filed Jul 30, 2026Q1 FY2026ended Mar 31, 2026filed Apr 30, 2026Q4 FY2025ended Dec 31, 2025filed Feb 5, 2026Q3 FY2025ended Sep 30, 2025filed Oct 30, 2025Q2 FY2025ended Jun 30, 2025filed Jul 31, 2025Q1 FY2025ended Mar 31, 2025filed May 1, 2025Q4 FY2024ended Dec 31, 2024filed Feb 6, 2025YoYQ3 FY2026vs Q3 FY2025
Revenue604576575581567547540536+6.4%
Cost of revenue—————————
Gross profit—————————
Research and development—————————
Selling, general and administrative—————————
Operating income—————————
Other income (expense)—————————
Pretax income215205202198208187179184+3.1%
Income tax3432313234302829+2.1%
Net income180172171166174157151155+3.3%
Diluted EPS ($)2.842.702.65—2.672.392.30—+6.4%
Diluted shares (millions)626263—646464——

Fourth quarters are the fiscal year less the first nine months when the filer reports no discrete fourth quarter, and are marked. Diluted EPS is never derived, so a derived quarter shows none. Italic figures are derived.

Balance sheet

Last eight quarters, newest first, through Q3 FY2026 filed October 29, 2026.

Cullen/Frost Bankers Inc. balance sheet, quarterly
Millions of dollarsQ3 FY2026ended Sep 30, 2026filed Oct 29, 2026Q2 FY2026ended Jun 30, 2026filed Jul 30, 2026Q1 FY2026ended Mar 31, 2026filed Apr 30, 2026Q4 FY2025ended Dec 31, 2025filed Feb 5, 2026Q3 FY2025ended Sep 30, 2025filed Oct 30, 2025Q2 FY2025ended Jun 30, 2025filed Jul 31, 2025Q1 FY2025ended Mar 31, 2025filed May 1, 2025Q4 FY2024ended Dec 31, 2024filed Feb 6, 2025YoYQ3 FY2026vs Q3 FY2025
Cash and equivalents—————————
Short-term investments—————————
Total current assets—————————
Total assets54,51653,88152,72553,04152,53351,40952,00552,520+3.8%
Total current liabilities—————————
Long-term debt—————————
Total liabilities50,54149,25848,19448,46848,07347,20947,89148,622+5.1%
Stockholders’ equity3,9744,6234,5314,5734,4614,2004,1143,899−10.9%
Shares outstanding (millions)6262636364646464—

Positions at each period end. Nothing on this statement is derived. Long-term debt is the filed noncurrent line only; no total-debt composite is constructed across filers. Italic figures are derived.

Cash flow statement

Last eight quarters, newest first, through Q3 FY2026 filed October 29, 2026.

Cullen/Frost Bankers Inc. cash flow statement, quarterly
Millions of dollarsQ3 FY2026ended Sep 30, 2026filed Oct 29, 2026Q2 FY2026ended Jun 30, 2026filed Jul 30, 2026Q1 FY2026ended Mar 31, 2026filed Apr 30, 2026Q4 FY2025ended Dec 31, 2025filed Feb 5, 2026Q3 FY2025ended Sep 30, 2025filed Oct 30, 2025Q2 FY2025ended Jun 30, 2025filed Jul 31, 2025Q1 FY2025ended Mar 31, 2025filed May 1, 2025Q4 FY2024ended Dec 31, 2024filed Feb 6, 2025YoYQ3 FY2026vs Q3 FY2025
Operating cash flow29353237181249141(296)64+17.7%
Capital expenditures4460394337264138+19.2%
Free cash flow (CFO − capex)249(7)199138212115(337)27+17.5%
Depreciation and amortization2322222222222221+2.7%
Share repurchases1591728570039−78.3%
Dividends paid6565646465656262+0.4%

10-Qs file cash flows as year-to-date totals, so quarterly figures are differenced from consecutive filings and marked. Free cash flow is operating cash flow less capital expenditures, computed from the two filed lines. Italic figures are derived.

Annual statements

Every fiscal year filed, newest first, through FY2025 filed February 5, 2026.

Income statement

Cullen/Frost Bankers Inc. income statement, annual
Millions of dollarsFY2025ended Dec 31, 2025filed Feb 5, 2026FY2024ended Dec 31, 2024filed Feb 6, 2025FY2023ended Dec 31, 2023filed Feb 6, 2024FY2022ended Dec 31, 2022filed Feb 3, 2023FY2021ended Dec 31, 2021filed Feb 4, 2022FY2020ended Dec 31, 2020filed Feb 5, 2021FY2019ended Dec 31, 2019filed Feb 4, 2020FY2018ended Dec 31, 2018filed Feb 6, 2019FY2017ended Dec 31, 2017filed Feb 7, 2018FY2016ended Dec 31, 2016filed Feb 3, 2017FY2015ended Dec 31, 2015filed Feb 4, 2016FY2014ended Dec 31, 2014filed Feb 5, 2015FY2013ended Dec 31, 2013filed Feb 6, 2014FY2012ended Dec 31, 2012filed Feb 8, 2013FY2011ended Dec 31, 2011filed Feb 3, 2012FY2010ended Dec 31, 2010filed Feb 3, 2011FY2009ended Dec 31, 2009filed Jul 28, 2010FY2008ended Dec 31, 2008filed Jul 28, 2010
Revenue2,2352,0641,9871,6961,3721,4411,3681,3091,2031,1261,0651,007923894872———
Cost of revenue——————————————————
Gross profit——————————————————
Research and development——————————————————
Selling, general and administrative——————————————————
Operating income——————————————————
Other income (expense)——————————————————
Pretax income772696712669490351499509408341320336291308286266233297
Income tax123113114904620565444374058537169585490
Net income649583598579443331444455364304279278238238218209179207
Diluted EPS ($)9.928.879.108.816.765.106.846.905.514.704.284.293.803.863.543.443.003.50
Diluted shares (millions)6464646564636365656363636162616160—

Balance sheet

Cullen/Frost Bankers Inc. balance sheet, annual
Millions of dollarsFY2025ended Dec 31, 2025filed Feb 5, 2026FY2024ended Dec 31, 2024filed Feb 6, 2025FY2023ended Dec 31, 2023filed Feb 6, 2024FY2022ended Dec 31, 2022filed Feb 3, 2023FY2021ended Dec 31, 2021filed Feb 4, 2022FY2020ended Dec 31, 2020filed Feb 5, 2021FY2019ended Dec 31, 2019filed Feb 4, 2020FY2018ended Dec 31, 2018filed Feb 6, 2019FY2017ended Dec 31, 2017filed Feb 7, 2018FY2016ended Dec 31, 2016filed Feb 3, 2017FY2015ended Dec 31, 2015filed Feb 4, 2016FY2014ended Dec 31, 2014filed Feb 5, 2015FY2013ended Dec 31, 2013filed Feb 6, 2014FY2012ended Dec 31, 2012filed Feb 8, 2013FY2011ended Dec 31, 2011filed Feb 3, 2012FY2010ended Dec 31, 2010filed Feb 3, 2011FY2009ended Dec 31, 2009filed Jul 28, 2010FY2008ended Dec 31, 2008filed Jul 28, 2010
Cash and equivalents————————————4,5563,5252,9082,8211,7211,237
Short-term investments——————————————————
Total current assets——————————————————
Total assets53,04152,52050,84552,89250,87842,39134,02732,29331,74830,19628,56628,27824,31323,12420,31717,61716,288—
Total current liabilities——————————————————
Long-term debt——————————————————
Total liabilities48,46848,62247,12949,75546,43938,09830,11628,92428,45027,19425,67625,42621,79920,70718,03415,55514,394—
Stockholders’ equity4,5733,8993,7163,1374,4404,2933,9123,3693,2983,0032,8902,8512,5142,4172,2842,0621,8941,764
Shares outstanding (millions)63646464646363636464626361626161——

Cash flow statement

Cullen/Frost Bankers Inc. cash flow statement, annual
Millions of dollarsFY2025ended Dec 31, 2025filed Feb 5, 2026FY2024ended Dec 31, 2024filed Feb 6, 2025FY2023ended Dec 31, 2023filed Feb 6, 2024FY2022ended Dec 31, 2022filed Feb 3, 2023FY2021ended Dec 31, 2021filed Feb 4, 2022FY2020ended Dec 31, 2020filed Feb 5, 2021FY2019ended Dec 31, 2019filed Feb 4, 2020FY2018ended Dec 31, 2018filed Feb 6, 2019FY2017ended Dec 31, 2017filed Feb 7, 2018FY2016ended Dec 31, 2016filed Feb 3, 2017FY2015ended Dec 31, 2015filed Feb 4, 2016FY2014ended Dec 31, 2014filed Feb 5, 2015FY2013ended Dec 31, 2013filed Feb 6, 2014FY2012ended Dec 31, 2012filed Feb 8, 2013FY2011ended Dec 31, 2011filed Feb 3, 2012FY2010ended Dec 31, 2010filed Feb 3, 2011FY2009ended Dec 31, 2009filed Jul 28, 2010FY2008ended Dec 31, 2008filed Jul 28, 2010
Operating cash flow274990479723648524634562538—————274425274234
Capital expenditures1471281591036695207793454147132402527177867
Free cash flow (CFO − capex)127862320620582429427483504—————248408196167
Depreciation and amortization88837671696454504848424038383838——
Share repurchases158614344166910110111011145021123
Dividends paid25524223221018918117716514413513212712011711210810298

Insider activity

Form 4 filings by officers, directors and 10% owners, November 9, 2024 to November 9, 2026. Only open-market purchases and sales count as buys and sells; awards, exercises, tax withholding and gifts are listed in grey and never counted.

Bought, three months
$0
0 purchases by 0 insiders; officers and directors $0
Sold, three months
$922K
3 sales by 3 insiders; officers and directors $922K
Bought, twelve months
$0
0 purchases by 0 insiders; officers and directors $0
Sold, twelve months
$1M
7 sales by 6 insiders; officers and directors $1M

The last 25 transactions

TradedInsiderRoleTransactionSharesPriceValueHeld afterFiled
Nov 5, 2026Bracher PaulPresident of CFRopen-market sale2,900$158.24$459K108,736Nov 9, 2026
Nov 4, 2026Green Phillip DChairman and CEO, Directorgift2,200$0.00—120,836Nov 5, 2026
Nov 2, 2026Henson Matthew BradleyChief Accounting Officeropen-market sale534$159.72$85K317Nov 3, 2026
Oct 30, 2026Berman BobbyGEVP Research & Strategyopen-market sale2,406$157.10$378K28,406Nov 2, 2026
Oct 24, 2026Kasanoff Howard L.GEVP Chief Credit Officeroption exercise2,004$0.00—6,216Oct 26, 2026
Oct 24, 2026Kasanoff Howard L.GEVP Chief Credit Officertax withholding789$157.05$124K5,427Oct 26, 2026
Oct 24, 2026Bracher PaulPresident of CFRoption exercise4,876$0.00—113,555Oct 26, 2026
Oct 24, 2026Bracher PaulPresident of CFRtax withholding1,919$157.05$301K111,636Oct 26, 2026
Oct 24, 2026Rhodes Coolidge E JRGroup EVP General Counsel/Secoption exercise3,685$0.00—8,295Oct 26, 2026
Oct 24, 2026Rhodes Coolidge E JRGroup EVP General Counsel/Sectax withholding1,451$157.05$228K6,844Oct 26, 2026
Oct 24, 2026Stead JimmyGEVP Chief Consumer Bankingoption exercise4,628$0.00—22,824Oct 26, 2026
Oct 24, 2026Stead JimmyGEVP Chief Consumer Bankingtax withholding1,822$157.05$286K21,002Oct 26, 2026
Oct 24, 2026Geddes DanGEVP & Chief Financial Officeroption exercise2,004$0.00—5,312Oct 26, 2026
Oct 24, 2026Geddes DanGEVP & Chief Financial Officertax withholding789$157.05$124K4,523Oct 26, 2026
Oct 24, 2026Henson Matthew BradleyChief Accounting Officeroption exercise707$0.00—1,024Oct 26, 2026
Oct 24, 2026Henson Matthew BradleyChief Accounting Officertax withholding173$157.05$27K851Oct 26, 2026
Oct 24, 2026Berman BobbyGEVP Research & Strategyoption exercise2,741$0.00—31,891Oct 26, 2026
Oct 24, 2026Berman BobbyGEVP Research & Strategytax withholding1,079$157.05$169K30,812Oct 26, 2026
Oct 24, 2026Alonzo Annette MGEVP Chief HR Officeroption exercise3,508$0.00—23,639Oct 26, 2026
Oct 24, 2026Alonzo Annette MGEVP Chief HR Officertax withholding1,381$157.05$217K22,258Oct 26, 2026
Oct 24, 2026Pullin Ericka LynnGEVP, Culture & People Dev.option exercise707$0.00—2,737Oct 26, 2026
Oct 24, 2026Pullin Ericka LynnGEVP, Culture & People Dev.tax withholding272$157.05$43K2,465Oct 26, 2026
Oct 24, 2026Green Phillip DChairman and CEO, Directoroption exercise20,045$0.00—130,924Oct 26, 2026
Oct 24, 2026Green Phillip DChairman and CEO, Directortax withholding7,888$157.05$1M123,036Oct 26, 2026
Oct 24, 2026Wilson Kenneth L.GEVP Chief Wealth Officeroption exercise3,125$0.00—3,583Oct 26, 2026

Full insider history for Cullen/Frost Bankers Inc., or insider activity across all companies. A record of filings, not a recommendation.

Sources

Fiscal year ends in month 12; periods are labeled with the issuer's own fiscal calendar. Values are as most recently filed (restatements apply; per-share values are on current split basis per the connector's split table, flagged in adjusted). Flow items flagged in `derived` were computed (Q4 = FY − nine months; quarterly cash flow differenced from year-to-date filings) rather than read from a filing. `reconciliation.repaired` lists periods where a full-year figure was filed in a quarter slot: that row was dropped and the quarter rebuilt from the annual figure. `reconciliation.quarantined` lists periods where four filed quarters do not sum to the filed year — those quarterly values are withheld, so a blank there is a withholding rather than an absence of reporting.

Filer
Cullen/Frost Bankers, Inc., CIK 39263 on EDGAR
Extract generated
November 8, 2026
Withheld
none
Repaired
none
XBRL concepts behind each line

Income statement

Revenue: Revenues
Cost of revenue: not filed
Gross profit: not filed
Research and development: not filed
Selling, general and administrative: not filed
Operating income: not filed
Other income (expense): not filed
Pretax income: IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest, IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Income tax: IncomeTaxExpenseBenefit
Net income: NetIncomeLoss
Diluted EPS ($): EarningsPerShareDiluted
Diluted shares (millions): WeightedAverageNumberOfDilutedSharesOutstanding

Balance sheet

Cash and equivalents: CashAndCashEquivalentsAtCarryingValue
Short-term investments: not filed
Total current assets: not filed
Total assets: Assets
Total current liabilities: not filed
Long-term debt: not filed
Total liabilities: Liabilities
Stockholders’ equity: StockholdersEquity
Shares outstanding (millions): dei:EntityCommonStockSharesOutstanding

Cash flow statement

Operating cash flow: NetCashProvidedByUsedInOperatingActivities
Capital expenditures: PaymentsToAcquirePropertyPlantAndEquipment
Free cash flow (CFO − capex): not filed
Depreciation and amortization: DepreciationAndAmortization
Share repurchases: PaymentsForRepurchaseOfCommonStock
Dividends paid: PaymentsOfDividendsCommonStock

The data

The statements on this page as files, generated November 8, 2026.

JSON file
/data/financials/CFR.json