Cullen/Frost Bankers Inc
NYSE: CFR · FINANCIAL SERVICES · BANKS - REGIONAL
Updated 2026-06-05
Cullen/Frost Bankers Inc (CFR) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $924.71M | $1.04B | $962.97M | $916.74M | $899.37M | $913.02M | $920.40M | $945.32M | $1.02B | $1.08B | $1.14B | $1.23B | $1.40B | $1.50B | $1.49B | $1.40B | $1.88B | $1.99B | $2.85B | $2.92B |
| Revenue growth (YoY) | — | +12.2% | -7.1% | -4.8% | -1.9% | +1.5% | +0.8% | +2.7% | +8.1% | +5.5% | +5.6% | +8.0% | +14.1% | +6.8% | -0.7% | -6.1% | +34.8% | +5.7% | +43.4% | +2.5% |
| Cost of revenue | $228.95M | $264.77M | $179.45M | $151.75M | $97.49M | $68.69M | $36.83M | $42.53M | $30.85M | $64.71M | $63.75M | $61.98M | $114.99M | $163.54M | $286.26M | $23.96M | $187.44M | $-230.51M | $851.01M | $728.80M |
| Gross profit | $695.76M | $772.31M | $783.52M | $764.99M | $801.88M | $844.33M | $883.57M | $902.79M | $990.76M | $1.01B | $1.07B | $1.17B | $1.29B | $1.33B | $1.20B | $1.37B | $1.69B | $2.22B | $2.00B | $2.19B |
| Gross margin | 75.2% | 74.5% | 81.4% | 83.4% | 89.2% | 92.5% | 96.0% | 95.5% | 97.0% | 94.0% | 94.4% | 95.0% | 91.8% | 89.1% | 80.7% | 98.3% | 90.0% | 111.6% | 70.1% | 75.0% |
| R&D | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — | — | — | — | — | — |
| SG&A | $237.01M | $257.08M | $277.76M | $311.68M | $322.74M | $329.17M | $340.52M | $361.35M | $377.65M | $410.12M | $423.10M | $446.84M | $459.06M | $487.84M | $473.51M | $489.76M | $596.31M | $788.22M | $781.11M | $839.50M |
| Operating income | $285.41M | $309.86M | $296.88M | $232.75M | $266.34M | $286.24M | $308.48M | $290.88M | $336.02M | $319.80M | $341.41M | $408.36M | $508.68M | $499.47M | $351.32M | $489.54M | $668.83M | $712.37M | $695.97M | $771.70M |
| Operating margin | 30.9% | 29.9% | 30.8% | 25.4% | 29.6% | 31.4% | 33.5% | 30.8% | 32.9% | 29.7% | 30.0% | 33.2% | 36.3% | 33.3% | 23.6% | 35.1% | 35.6% | 35.8% | 24.4% | 26.4% |
| EBITDA | $310.58M | $341.22M | $330.45M | $269.21M | $303.93M | $323.86M | $346.25M | $329.35M | $375.89M | $361.94M | $389.59M | $456.18M | $558.85M | $553.56M | $415.69M | $558.83M | $740.17M | $712.37M | $778.78M | $859.49M |
| EBITDA margin | 33.6% | 32.9% | 34.3% | 29.4% | 33.8% | 35.5% | 37.6% | 34.8% | 36.8% | 33.6% | 34.2% | 37.1% | 39.8% | 37.0% | 28.0% | 40.0% | 39.4% | 35.8% | 27.3% | 29.4% |
| EBIT | $285.41M | $309.86M | $296.88M | $232.75M | $266.34M | $286.24M | $308.48M | $290.88M | $336.02M | $319.80M | $341.41M | $408.36M | $508.68M | $499.47M | $351.32M | $489.54M | $668.83M | $712.37M | $695.97M | $771.70M |
| Interest expense | $214.80M | $250.11M | $141.63M | $86.36M | $53.88M | $41.24M | $26.75M | $21.95M | $14.54M | $12.86M | $12.08M | $26.52M | $93.31M | $129.78M | $45.03M | $23.90M | $184.44M | $659.05M | $786.02M | $684.60M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $193.59M | $212.07M | $207.25M | $179.03M | $208.76M | $217.53M | $237.95M | $237.87M | $277.98M | $279.33M | $304.26M | $364.15M | $454.92M | $443.60M | $331.15M | $443.08M | $579.15M | $597.97M | $582.54M | $648.56M |
| Net income growth (YoY) | — | +9.5% | -2.3% | -13.6% | +16.6% | +4.2% | +9.4% | -0.0% | +16.9% | +0.5% | +8.9% | +19.7% | +24.9% | -2.5% | -25.3% | +33.8% | +30.7% | +3.3% | -2.6% | +11.3% |
| Profit margin | 20.9% | 20.4% | 21.5% | 19.5% | 23.2% | 23.8% | 25.9% | 25.2% | 27.2% | 25.9% | 26.7% | 29.6% | 32.4% | 29.6% | 22.3% | 31.8% | 30.8% | 30.1% | 20.4% | 22.2% |
Frequently asked questions
What is Cullen/Frost Bankers Inc's revenue?
Cullen/Frost Bankers Inc's trailing twelve-month revenue is $2.23B. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is CFR?
In its most recent fiscal year, CFR ran a gross margin of 75.04%, an operating margin of 26.43%, and a net margin of 22.21%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does CFR generate?
CFR produced $127.33M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is CFR's balance sheet healthy?
CFR holds $8.86B in cash and equivalents against $223.05M in long-term debt, on $4.57B of shareholder equity. Cash on hand exceeds long-term debt, so the balance sheet adds little financial risk to the thesis.