MARKETS / NYSE / CFR

NYSE · NATIONAL COMMERCIAL BANKS · LARGE CAP

Cullen/frost Bankers, Inc. CFR

18 fiscal years on record · USD · FY2025 reported · SEC filings only

17 YEARS OF DIVIDEND GROWTH

Revenue

$121.6M

▲ 14.4% YoY

Net income

$648.6M

▲ 11.3% YoY

Free cash flow

$127.3M

▼ 85.2% YoY

In brief

What this company does

Cullen/Frost Bankers, Inc. offers commercial and consumer banking services, as well as trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advisory and item processing services. At December 31, 2025, it had consolidated total assets of $53.0 billion. At December 31, 2025, it employed 6,008 full-time equivalent employees. Its operations are managed along two reportable operating segments, Banking and Frost Wealth Advisors. Frost Bank, its principal operating subsidiary and sole banking subsidiary, conducts commercial and consumer banking through approximately 204 financial centers across Texas in the Austin, Dallas, Fort Worth, Gulf Coast, Houston, Permian Basin and San Antonio regions. Cullen/Frost Bankers, Inc. is a Texas business corporation incorporated in 1977. Frost Bank was originally chartered as a national banking association in 1899, with its origin traced to a mercantile partnership organized in 1868.

Written from the business description in CULLEN/FROST BANKERS, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 5 February 2026. Every sentence was checked against that document before publication.

Growth

USD 121.6M

Revenue, FY2025 · full 18-year series below

Revenue $B Net income $B

FY2025 · Revenue 0.1 · Net income 0.6

Compound annual growth

Revenue

+9.8%

+8.5%

−19.5%

Net income

+3.8%

+14.4%

+8.8%

+7.8%

EPS, diluted

+4.0%

+14.2%

+8.8%

+7.3%

Dividend / share

+6.8%

+6.7%

+6.5%

+5.5%

Returned to shareholders

+24.1%

+16.9%

+6.3%

+9.1%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +8.5% a year over five years — but profit grew faster: net income at +14.4%, earnings per share at +14.2%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

533 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 634.8% · Net 533.5%

ROE

FY2025 · ROE 15.3%

Gross margin—

Operating margin634.8%

Net margin533.5%

Return on assets1.2%

EBITDAUSD 839.0M

Each USD of equity produced 15 cents of profit this year.

Cash & shareholders

USD 401.2M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 127.3

Net buybacks $M Dividends $M

FY2025 · Dividends 255.4 · Net buybacks 145.9

Dividends paidUSD 255.4M

Net buybacksUSD 145.9M

Share of profit61.9%

Consecutive raises17 years

USD 255.4M in dividends and USD 145.9M in buybacks — 62% of the year's profit went back to shareholders.

Total assetsUSD 53.0B

EquityUSD 4.6B

CashUSD 8.9B

DepositsUSD 42.9B

Equity funds 9% of total assets.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	1.2	1.1	1.1	1.0	0.9	0.9	0.9	·	·	·
Operating income $B	0.8	0.7	0.7	0.7	0.5	0.4	0.5	0.5	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.3	·	·
EBITDA $B	0.8	0.8	0.8	0.7	0.5	0.4	0.5	0.5	0.4	·	·	·	·	·	·	·	·	·
Income tax $B	0.1	0.1	0.1	0.1	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Net income $B	0.6	0.6	0.6	0.6	0.4	0.3	0.4	0.5	0.4	0.3	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.2
Free cash flow $B	0.1	0.9	0.3	0.6	0.6	0.4	0.4	0.5	0.5	0.4	0.2	0.2	0.1	0.3	0.2	0.4	0.2	0.2
EPS, diluted $	9.92	8.87	9.10	8.81	6.76	5.10	6.84	6.90	5.51	4.70	4.28	4.29	3.80	3.86	3.54	3.44	3.00	3.50
Dividend / sh $	3.95	3.74	3.58	3.24	2.94	2.85	2.80	2.58	2.25	2.15	2.10	2.03	1.98	1.90	1.83	1.78	1.71	1.66
Payout %	39	42	39	36	43	55	40	36	40	44	47	46	50	49	52	52	57	47
ROE %	15.3	15.3	17.4	15.3	10.1	8.1	12.2	13.6	11.6	10.3	9.7	10.4	9.6	10.1	10.0	10.6	9.8	11.8

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 52 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 5 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityNational Commercial Banks

Listed onNYSE

Incorporated inTexas

Fiscal year endsDecember 31

Data on record since2008