CFRNYSENational Commercial BanksFiscal year ends December 31Also trades as CFR.PB
CULLEN/FROST BANKERS, INC.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$153.21−1.84 (-1.19%)
Close on Oct 19, 2026
- Market cap
- $9.57B
- P/E (TTM)
- 14.4
- Dividend yield
- 2.58%
Margins
Share of revenue, fiscal years 2011 to 2025
Net margin
29.0%+6.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +8.3% | +9.6% | +9.2% | +7.7% | |
| Net income | +11.3% | +3.8% | +14.4% | +8.8% | |
| EPS, diluted | +11.8% | +4.0% | +14.2% | +8.8% | |
| Free cash flow | -85.2% | -41.0% | -21.6% | -6.4% | |
| Dividend per share | +5.6% | +6.8% | +6.7% | +6.5% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 10.3% | 8.1% | 15.3% | |
| Return on assets | 1.0% | 0.9% | 1.2% | |
| Capex to revenue | 4.8% | 6.6% | 6.6% | |
| Diluted shares | 63M | 63M | 64M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Cullen/Frost Bankers generated $3.11B from operations and spent $2.00B on capital expenditure, dividends and share buybacks. 30% of that went back into the business.
Generated
$3.11B
Used
$2.00B
Capital expenditure$601.41M30%Dividends$1.13B56%Share buybacks$269.71M13%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin29.0%
×Asset turnover0.04×
×Equity multiplier12.46×
=Return on equity, FY202515.3%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 29.0% | 0.04× | 12.46× | 15.3% |
| FY2024 | 28.2% | 0.04× | 13.57× | 15.3% |
| FY2023 | 30.1% | 0.04× | 15.14× | 17.4% |
| FY2022 | 34.1% | 0.03× | 13.70× | 15.3% |
| FY2021 | 32.3% | 0.03× | 10.68× | 10.1% |
| FY2020 | 23.0% | 0.04× | 9.31× | 8.1% |
| FY2019 | 32.4% | 0.04× | 9.11× | 12.2% |
| FY2018 | 34.7% | 0.04× | 9.61× | 13.6% |
| FY2017 | 30.3% | 0.04× | 9.83× | 11.6% |
| FY2016 | 27.0% | 0.04× | 9.97× | 10.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$648.56M
- Cash generatingOperating cash flow above zero$273.98M
- Return on assets improvedROA up on the prior year1.1% → 1.2%
- Earnings backed by cashOperating cash flow above net income$273.98M vs $648.56M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise64M → 64M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.04 → 0.04