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Friday 6 November 2026
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Cullen/Frost Bankers, Inc.
Cullen/Frost Bankers, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.9 billion, up 2.46% from fiscal 2024.
- Revenue
- +2.95%
- EPS
- +6.37%
- Free cash flow
- +21.4%
- Total debt
- +0.10%
Quarter to September 2026, against a year earlier
156.62
3.07
−1.92%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 1,138 | 1,229 | 1,402 | 1,498 | 1,486 | 1,395 | 1,881 | 2,646 | 2,850 | 2,920 | 2,951 | +11.0% | 2,439 | 2,591 | 2,706 | (2.5%) | |
| Gross margin, % | 98.94 | 97.84 | 93.35 | 91.33 | 96.97 | 98.29 | 90.19 | 75.09 | 72.42 | 76.55 | 79.15 | (22.4) pt | ||||||
| EBT | 341 | 408 | 509 | 499 | 351 | 490 | 669 | 712 | 696 | 772 | 819 | +9.5% | ||||||
| EBT margin, % | 30.00 | 33.22 | 36.27 | 33.35 | 23.63 | 35.08 | 35.57 | 26.92 | 24.42 | 26.43 | 27.77 | (3.6) pt | ||||||
| Net income | 304 | 364 | 455 | 444 | 331 | 443 | 579 | 598 | 583 | 649 | 690 | +8.8% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 18.25 | 19.30 | 22.02 | 23.87 | 23.70 | 21.94 | 29.31 | 41.22 | 44.44 | 45.58 | 47.50 | +10.7% | |||||
| Earnings | 4.73 | 5.56 | 6.97 | 6.89 | 5.11 | 6.79 | 8.84 | 9.11 | 8.88 | 9.92 | 10.75 | +8.6% | ||||||
| Cash flow | 7.02 | 8.45 | 8.83 | 10.11 | 8.36 | 10.19 | 11.26 | 7.46 | 15.43 | 4.28 | 12.29 | (5.4%) | ||||||
| Capex | 0.08 | (0.46) | (1.03) | (3.17) | (1.43) | (0.92) | (1.60) | (2.45) | (1.99) | (2.27) | (2.82) | n/m | ||||||
| Free cash flow | 7.10 | 7.98 | 7.80 | 6.94 | 6.93 | 9.27 | 9.67 | 5.01 | 13.44 | 2.00 | 9.47 | (13.1%) | ||||||
| Book value | 48.14 | 51.78 | 52.88 | 62.35 | 68.44 | 69.79 | 48.90 | 57.89 | 60.80 | 71.39 | 63.98 | +4.5% | ||||||
| Shares, m | 62 | 64 | 64 | 63 | 63 | 64 | 64 | 64 | 64 | 64 | 63 | +0.3% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 18.46 | 17.06 | 12.62 | 14.21 | 17.07 | 18.57 | 14.70 | 11.96 | 15.12 | 12.77 | 14.57 | 15.3 | |||||
| P/S | 4.78 | 4.93 | 3.99 | 4.10 | 3.68 | 5.75 | 4.44 | 2.64 | 3.02 | 2.78 | 3.30 | 4.0 | ||||||
| P/B | 1.91 | 1.92 | 1.74 | 1.63 | 1.32 | 1.87 | 2.79 | 1.96 | 2.29 | 1.83 | 2.54 | 1.9 | ||||||
| EV/Sales | 1.34 | 1.00 | 1.32 | 1.71 | (3.10) | (6.00) | (1.85) | (0.57) | (0.50) | (0.20) | — | (0.7) | ||||||
| EV/FCF | 3.44 | 2.41 | 3.74 | 5.87 | (10.59) | (14.19) | (5.61) | (4.67) | (1.67) | (4.50) | — | (2.6) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 438 | 538 | 562 | 634 | 524 | 648 | 723 | 479 | 990 | 274 | 764 | (5.1%) | |||||
| Capex | 5 | (30) | (66) | (199) | (89) | (59) | (102) | (157) | (128) | (146) | (175) | n/m | ||||||
| Free cash flow | 443 | 509 | 497 | 435 | 435 | 589 | 620 | 321 | 862 | 128 | 588 | (12.9%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (10,581) | (9,750) | (10,284) | (11,009) | (9,747) | (12,908) | (18,626) | (17,449) | (15,701) | (15,919) | (17,656) | +4.6% | |||||
| Net debt | (3,922) | (4,839) | (3,745) | (3,577) | (10,078) | (16,386) | (11,834) | (8,496) | (10,045) | (8,689) | (6,929) | +9.2% | ||||||
| Shareholders’ equity | 3,003 | 3,298 | 3,369 | 3,912 | 4,293 | 4,440 | 3,137 | 3,716 | 3,899 | 4,573 | 3,974 | +4.8% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 1.00 | 1.14 | 1.40 | 1.31 | 0.85 | 0.93 | 1.09 | 1.13 | 1.10 | 1.20 | 1.26 | +0.2 pt | |||||
| ROIC | 0.00 | 0.00 | 0.00 | 93.36 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.0 pt | ||||||
| ROE | 10.53 | 11.78 | 14.01 | 12.46 | 8.18 | 10.24 | 15.57 | 17.83 | 15.55 | 15.54 | 16.60 | +5.0 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 4,217 | 4,270 | 4,370 | 4,659 | 4,685 | 4,553 | 4,985 | 5,495 | 5,854 | 6,008 | — | +4.0% | |||||
| Revenue/emp, $m | 0.27 | 0.29 | 0.32 | 0.32 | 0.32 | 0.31 | 0.38 | 0.48 | 0.49 | 0.49 | — | +6.8% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026
Business profile
Cullen/Frost Bankers, Inc. vs peers in Banks Regional (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| WTFC Wintrust Financial Corporation | $10.2B | 11.5× | 11.4× | +4.06% (above 0%: growing) | +21.28% (above 0%: growing) | −23.80% (below 0%: shrinking) | 66.53% | 0.00% | Compare |
| UMBF UMB Financial Corporation | $10.2B | 10.1× | 9.8× | +4.21% (above 0%: growing) | +53.84% (above 0%: growing) | +39.21% (above 0%: growing) | 68.49% | 0.00% | Compare |
| SSB SouthState Bank Corporation | $10.1B | 11.1× | 11.3× | −2.24% (below 0%: shrinking) | −5.33% (below 0%: shrinking) | +285.97% (above 0%: growing) | 71.49% | 0.00% | Compare |
| CIB Grupo Cibest S.A. - Sponsored ADR | $10.1B | 18.0× | — | +178.87% (above 0%: growing) | +85.47% (above 0%: growing) | −187.28% (below 0%: shrinking) | 71.39% | 0.00% | Compare |
| BPOP Popular, Inc. | $9.8B | 10.5× | 9.7× | +4.48% (above 0%: growing) | +40.78% (above 0%: growing) | +46.43% (above 0%: growing) | 75.20% | 0.00% | Compare |
| CFR Cullen/Frost Bankers, Inc. | $9.7B | 14.6× | 14.2× | +2.95% (above 0%: growing) | +6.37% (above 0%: growing) | +21.44% (above 0%: growing) | 78.65% | 0.00% | |
| ONB Old National Bancorp | $9.5B | 10.2× | 9.8× | −0.23% (below 0%: shrinking) | +43.48% (above 0%: growing) | +11.48% (above 0%: growing) | 68.19% | 0.00% | Compare |
| ZION Zions Bancorporation, N.A. | $9.5B | 8.0× | 8.2× | −0.80% (below 0%: shrinking) | +20.27% (above 0%: growing) | +518.28% (above 0%: growing) | 70.88% | 0.00% | Compare |
| CBC Central Bancompany | $9.0B | 20.6× | 18.2× | +10.36% (above 0%: growing) | +9.05% (above 0%: growing) | −5.17% (below 0%: shrinking) | 85.56% | 0.00% | Compare |
| Median of peers | $9.9B | 10.8× | 9.8× | +4.14% | +31.03% | +25.35% | 71.13% | 0.00% |
From the latest earnings call
- CEO Phil Green said commercial loan demand remained active despite higher rates and competition, while consumer real estate lending drove growth in consumer loans.
- CFO Dan Geddes said expansion branches contributed to loan and deposit growth, and Cullen/Frost raised its full-year forecasts for net interest income and average loans.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
96.21%
Held by the ten largest
55.68%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| BlackRock | 7.34m | 11.80% | +255.50k |
| Vanguard | 6.42m | 10.32% | −10.45k |
| First Eagle Investment Management, LLC | 5.56m | 8.94% | +3.29m |
| Aristotle Capital Management, LLC | 4.47m | 7.19% | −299.54k |
| State Street | 3.22m | 5.18% | +118.31k |
| Baillie Gifford | 2.23m | 3.59% | +2.23m |
| Dimensional Fund Advisors | 1.65m | 2.66% | +122.05k |
| Geode Capital Management | 1.34m | 2.15% | +7.20k |
| KING LUTHER CAPITAL MANAGEMENT CORP | 1.25m | 2.00% | −79.89k |
| Two Sigma | 1.14m | 1.84% | +484.39k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 20 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 7.63m | 7.44m | 168.00 |
| 2024 | 6.73m | 7.73m | 159.77 |
| 2023 | 6.49m | 6.84m | 124.95 |
| 2022 | 6.37m | 7.63m | 148.86 |
| 2021 | 5.19m | 8.15m | 137.05 |
Ownership
Directors and executive officers, together
1.14%
The Vanguard Group
10.01%
BlackRock, Inc.
9.10%
Aristotle Capital Management, LLC
8.70%
State Street Corporation
5.20%
Cullen/Frost Bankers, Inc.
5.10%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
Cullen/Frost Bankers, Inc. (CFR) Latest News
30 Oct
29 Oct
28 Oct
14 Oct
31 Jul
30 Jul
CFR metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
Cullen/Frost Bankers is a financial holding company headquartered in San Antonio, Texas. Incorporated in 1977, it provides banking and other financial services through its subsidiaries. Phillip D. Green is its chairman and chief executive officer.
Its principal operating subsidiary, Frost Bank, serves businesses and individual consumers across Texas. Customers can keep money in checking and savings accounts, borrow for business or personal needs, and use online banking and payment services. Business loans cover purposes such as financing property, equipment, inventory and acquisitions. Consumer lending includes mortgages and home equity products.