CULLEN/FROST BANKERS, INC. (CFR)
As-reported financials and SEC filings for CULLEN/FROST BANKERS, INC. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.
About CULLEN/FROST BANKERS, INC.
Cullen/Frost Bankers, Inc. is a financial holding company based in San Antonio, Texas, offering a wide range of banking and financial services through its subsidiaries across Texas. Its main subsidiary, Frost Bank, provides commercial and consumer banking, treasury management, merchant services, correspondent banking, capital markets, global trade services, international banking, and trust services. The company serves diverse industries and customers, including businesses and individuals, with additional services offered through subsidiaries specializing in insurance, brokerage, and investment management.
Snapshot
Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.
What changed at Cullen/frost Bankers
- Revenue grew 8.3% to $2.2B in FY2025, faster than the 3.8% the year before.
- Most recent quarter Q2 FY2026: revenue $576M, up 5.3% from Q2 FY2025.
- Free cash flow was $127M in FY2025, 5.7% of revenue.
- Net income rose 11.3% to $649M in FY2025.
Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.
Peer comparison
Where Cullen/frost Bankers’s fundamentals sit among the 76 banks. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).
Cullen/frost Bankers’s FCF margin of 5.7% ranks in the 4th percentile of the 58 banks reporting it. Cullen/frost Bankers’s return on equity of 14.2% ranks in the 92nd percentile of the 76 banks reporting it.
No reported insider purchases (code P) in the last 90 days; 1 insider sale totaling $124,120. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →
Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.
Institutional ownership
Held by 1 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).
| Investor | As of | Position value | Shares | Change |
|---|---|---|---|---|
| First Eagle Investment Management | Q2 2026 | $429.2M | 2.8M | Added |
| Two Sigma Investmentsquant | Q2 2026 | $176.8M | 1.1M | Added |
| AQR Capital Managementquant | Q2 2026 | $37.2M | 240.9K | Added |
| D. E. Shawquant | Q2 2026 | $33.4M | 216.1K | Added |
| Renaissance Technologiesquant | Q2 2026 | $6.0M | 38.6K | Reduced |
| Millennium Managementquant | Q2 2026 | $3.0M | 19.2K | Reduced |
| Citadel Advisorsquant | Q2 2026 | $2.6M | 16.8K | Reduced |
No longer held by: Bridgewater Associates (as of Q2 2026)
From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.
Recent insider activity
Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.
| Trade date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
2026-06-12 filed 2026-06-15 | Severyn Carol JeanGEVP and Chief Risk Officer | Sell | 837 | $148.29 | $124K |
Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.
Short interest
Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.
| Settlement | Shares short | Change | Days to cover |
|---|---|---|---|
| 2026-08-14 | 3.3M | -17.3% | 5.77 |
| 2026-07-31 | 4.0M | +5.8% | 5.58 |
| 2026-07-15 | 3.8M | +4.6% | 7.40 |
| 2026-06-30 | 3.6M | +1.8% | 5.31 |
| 2026-06-15 | 3.5M | +14.0% | 5.52 |
| 2026-05-29 | 3.1M | +10.2% | 6.71 |
| 2026-05-15 | 2.8M | +22.2% | 4.56 |
| 2026-04-30 | 2.3M | +5.5% | 4.58 |
Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.
Bank fundamentals
Regulatory detail for Frost Bank (San Antonio, TX), the insured-bank subsidiary, from its FDIC Call Report as of Q1 2026. This is what actually moves bank stocks: deposit franchise, capital, and credit quality that a standard income statement can’t show.
Source: FDIC BankFind (Call Report). Bank-subsidiary figures, filed quarterly ~30 days after quarter-end.
Income statement (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $2.24B | $2.06B | $1.99B | $1.70B | $1.37B |
| Gross profit | — | — | — | — | — |
| Operating income | — | — | — | — | — |
| Net income | $648.6M | $582.5M | $598.0M | $579.1M | $443.1M |
| Diluted EPS | $9.92 | $8.87 | $9.10 | $8.81 | $6.76 |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Balance sheet (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash and equivalents | $8.87B | $10.23B | $8.69B | $12.03B | $16.58B |
| Current assets | — | — | — | — | — |
| Total assets | $53.04B | $52.52B | $50.85B | $52.89B | $50.88B |
| Current liabilities | — | — | — | — | — |
| Long-term debt | — | — | — | — | — |
| Total liabilities | $48.47B | $48.62B | $47.13B | $49.76B | $46.44B |
| Total equity | $4.57B | $3.90B | $3.72B | $3.14B | $4.44B |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Cash flow (as reported)
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Operating cash flow | $274.0M | $989.5M | $478.8M | $722.6M | $648.3M |
| Capital expenditure | $146.7M | $127.8M | $158.6M | $102.5M | $65.8M |
| Free cash flow | $127.3M | $861.8M | $320.2M | $620.1M | $582.4M |
Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.
Quarterly trend (as reported)
| Quarter | Revenue | Revenue YoY | Net income | Diluted EPS |
|---|---|---|---|---|
| Q2 FY2026 | $576.0M | 5.3% | $172.1M | $2.70 |
| Q1 FY2026 | $574.8M | 6.4% | $171.0M | $2.65 |
| Q4 FY2025 | $580.9M | 8.3% | $166.3M | $2.61 |
| Q3 FY2025 | $567.3M | 9.5% | $174.4M | $2.67 |
| Q2 FY2025 | $546.9M | 7.7% | $157.0M | $2.39 |
| Q1 FY2025 | $540.2M | 7.7% | $150.9M | $2.30 |
| Q4 FY2024 | $536.3M | 6.9% | $154.9M | $2.41 |
| Q3 FY2024 | $518.0M | 5.4% | $146.5M | $2.24 |
Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.
Company facts
Selected SEC filings
Largest bank peers
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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.