CFR
Cullen/Frost Bankers Inc
NYSE: CFR · FINANCIAL SERVICES · BANKS - REGIONAL
$142.80
-0.45% today
Updated 2026-04-29
Market cap
$8.99B
P/E ratio
14.40
P/S ratio
4.10x
EPS (TTM)
$9.92
Dividend yield
2.75%
52W range
$117 – $148
Volume
0.5M
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% |