CFR

MKT CAP:$9B

Cullen/Frost Bankers, Inc.

Market Cap

$9B

Financial Services·Banks - Regional·🇺🇸 United States·NYSE

Financials·Banks - Regional·🇺🇸·NYSE

Stock Price

$144.89+$16.72 (+13.05%)

Apr 23, 2026

Company Details

Cullen/Frost Bankers, Inc. operates as the bank holding company for Frost Bank that offers commercial and consumer banking services in Texas. It operates in two segments, Banking and Frost Wealth Advisors. The company offers commercial bank...

CEO

Phillip D. Green

IPO Date

Mar 17, 1980

Website

www.frostbank.com

Key Metrics TTM

Revenue

$2.9B

+2.5% YoY

Net Income

$649M

EPS (Diluted)

$9.92

Free Cash Flow

$231M

Revenue / Share

$45.91

Gross Margin

75.0%

Operating Margin

26.4%

Net Margin

22.2%

FCF Margin

7.9%

P/S

3.1x

P/E

13.8x

Earnings Reports

Q1 2026

Apr 30, 2026

PENDING

FY 2025

Feb 5, 2026

$2.9B+2.5%EPS $9.92

Q4 2025

Feb 5, 2026

$746M+3.1%EPS $2.56

Q3 2025

Oct 30, 2025

$746M+3.3%EPS $2.67

Q2 2025

Jul 31, 2025

$719M+1.7%EPS $2.39

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$358M	$350M	$112M
Q2 22	$405M	$386M	$140M
Q3 22	$508M	$455M	$197M
Q4 22	$610M	$501M	$220M
Q1 23	$640M	$496M	$211M
Q2 23	$646M	$479M	$194M
Q3 23	$667M	$480M	$187M
Q4 23	$693M	$486M	$121M
Q1 24	$697M	$488M	$162M
Q2 24	$707M	$492M	$175M
Q3 24	$722M	$499M	$175M
Q4 24	$724M	$520M	$184M
Q1 25	$709M	$527M	$179M
Q2 25	$719M	$534M	$187M
Q3 25	$746M	$560M	$208M
Q4 25	$746M	$570M	$198M

Valuation

Quarter	P/S	P/E
Q1 22	6.3x	21.0x
Q2 22	6.1x	20.9x
Q3 22	5.5x	18.3x
Q4 22	4.8x	15.4x
Q1 23	4.1x	13.6x
Q2 23	3.7x	12.8x
Q3 23	3.5x	13.0x
Q4 23	3.4x	14.9x
Q1 24	3.3x	16.1x
Q2 24	3.2x	16.6x
Q3 24	3.2x	16.8x
Q4 24	3.1x	15.3x
Q1 25	3.1x	14.9x
Q2 25	3.1x	14.7x
Q3 25	3.1x	14.0x
Q4 25	3.1x	13.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$333M	$320M
Q2 22	-$38M	-$53M
Q3 22	$245M	$217M
Q4 22	$183M	$136M
Q1 23	$168M	$122M
Q2 23	$155M	$116M
Q3 23	$239M	$206M
Q4 23	-$83M	-$124M
Q1 24	$488M	$450M
Q2 24	$130M	$103M
Q3 24	$307M	$282M
Q4 24	$64M	$27M
Q1 25	-$296M	-$337M
Q2 25	$141M	$115M
Q3 25	$249M	$316M
Q4 25	$181M	$138M

Capital Expenditures

Quarter	CapEx
Q1 22	$12M
Q2 22	$16M
Q3 22	$28M
Q4 22	$47M
Q1 23	$46M
Q2 23	$39M
Q3 23	$33M
Q4 23	$41M
Q1 24	$38M
Q2 24	$27M
Q3 24	$25M
Q4 24	$38M
Q1 25	$41M
Q2 25	$26M
Q3 25	$67M
Q4 25	$43M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+5.2%	+13.9%
Q2 22	+14.2%	+19.7%
Q3 22	+47.1%	+38.6%
Q4 22	+71.4%	+59.5%
Q1 23	+79.1%	+74.7%
Q2 23	+59.7%	+70.7%
Q3 23	+31.3%	+54.5%
Q4 23	+13.5%	+46.6%
Q1 24	+8.8%	+24.6%
Q2 24	+9.5%	+17.8%
Q3 24	+8.2%	+13.9%
Q4 24	+4.4%	-5.7%
Q1 25	+1.8%	-1.0%
Q2 25	+1.7%	+0.1%
Q3 25	+3.3%	-1.7%
Q4 25	+3.1%	+1.6%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$2M	0.6%
Q2 22	$3M	0.8%
Q3 22	$3M	0.6%
Q4 22	$10M	1.6%
Q1 23	$5M	0.7%
Q2 23	$5M	0.7%
Q3 23	$3M	0.5%
Q4 23	$12M	1.7%
Q1 24	$4M	0.5%
Q2 24	$5M	0.6%
Q3 24	$2M	0.2%
Q4 24	$10M	1.3%
Q1 25	$4M	0.6%
Q2 25	$5M	0.7%
Q3 25	$4M	0.6%
Q4 25	$12M	1.6%

OpEx Breakdown

Quarter	G&A	S&M
Q1 22	$139M	—
Q2 22	$141M	—
Q3 22	$153M	—
Q4 22	$163M	$40M
Q1 23	$171M	—
Q2 23	$166M	—
Q3 23	$170M	—
Q4 23	$233M	$49M
Q1 24	$199M	—
Q2 24	$188M	—
Q3 24	$193M	—
Q4 24	$201M	$51M
Q1 25	$210M	—
Q2 25	$202M	—
Q3 25	$210M	—
Q4 25	$264M	—

Revenue Segments

Quarter	Bank	Frost Wealth Advisors	Non Banks
Q1 22	$309M	$44M	-$2M
Q2 22	$345M	$44M	-$2M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$14.5B	$16.2B	$30.6B
Q2 22	$13.6B	$16.8B	$30.3B
Q3 22	$13.5B	$17.4B	$30.9B
Q4 22	$11.8B	$18.2B	$30.1B
Q1 23	$9.2B	$18.0B	$27.2B
Q2 23	$7.0B	$17.2B	$24.3B
Q3 23	$7.5B	$16.1B	$23.6B
Q4 23	$8.6B	$16.6B	$25.2B
Q1 24	$8.4B	$15.2B	$23.6B
Q2 24	$7.1B	$15.2B	$22.3B
Q3 24	$9.2B	$15.3B	$24.5B
Q4 24	$10.2B	$15.0B	$25.3B
Q1 25	$7.8B	$1.4B	$9.3B
Q2 25	$7.1B	$10.5B	$17.6B
Q3 25	$7.9B	$10.7B	$18.6B
Q4 25	$8.9B	$1.1B	$10.0B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	64M	+0.2%	+1.0%
Q2 22	64M	+0.0%	+0.6%
Q3 22	65M	+0.1%	+0.6%
Q4 22	65M	+0.2%	+0.5%
Q1 23	65M	-0.0%	+0.3%
Q2 23	64M	-0.3%	-0.1%
Q3 23	64M	-0.3%	-0.4%
Q4 23	64M	+0.1%	-0.5%
Q1 24	64M	+0.1%	-0.4%
Q2 24	64M	-0.1%	-0.1%
Q3 24	64M	-0.4%	-0.2%
Q4 24	64M	+0.2%	-0.1%
Q1 25	64M	+0.1%	-0.1%
Q2 25	64M	+0.0%	+0.0%
Q3 25	64M	-0.3%	+0.1%
Q4 25	64M	-0.8%	-1.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$78.6K	5K
Q2 22	$88.8K	5K
Q3 22	$111.6K	5K
Q4 22	$122.4K	5K
Q1 23	$128.5K	5K
Q2 23	$129.6K	5K
Q3 23	$133.8K	5K
Q4 23	$126.1K	5K
Q1 24	$126.8K	5K
Q2 24	$128.7K	5K
Q3 24	$131.4K	5K
Q4 24	$123.6K	6K
Q1 25	$121.1K	6K
Q2 25	$122.9K	6K
Q3 25	$127.4K	6K
Q4 25	$124.2K	6K

Revenue / Employee