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Cullen/frost Bankers, Inc. (CFR) stock

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NYSE: CFR NYSE Regional Banks Next results ~January 28, 2027

C+ Fundamentals grade

Cullen/frost Bankers, Inc. is a US-listed company in the regional banks industry. Its financial year ends in December.

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 5 sales by directors and officers, last 12 monthsInsider trades
  • Funds244 adding, 254 cuttingOf 57 active managers that changed their stake, 27 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Cullen/frost Bankers files

10-Q filed October 29: Cullen/frost Bankers

Cullen/Frost Bankers generated $2.34bn in revenue over the twelve months to September 2026, a 6.6% rise on the year before. That pace has eased from the 7.4% growth recorded a quarter earlier, suggesting some loss of momentum. Meanwhile, the diluted share count has fallen 2.3% year on year, which spreads earnings across fewer shares and boosts the amount attributable to each one remaining. Taken together, these shifts have pushed the company's fundamentals grade up from D to C+, a modest but notable improvement. Growth has softened slightly, yet buybacks are doing some of the work to support per-share metrics, and the overall quality picture has brightened as a result.

Our model value for Cullen/frost Bankers is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Cullen/frost Bankers stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.30bn, up 7.4% on a year earlier, slower than 8.0% a quarter earlier.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Cullen/frost Bankers, Inc.'s trailing-twelve-month revenue grew 6.6% year on year, with a free-cash-flow margin of 24.8%. Where it stands out: change in share count of -2.3% ranks 45 of 230 regional banks companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 3569.7% while net income grew 8.2%: a 3561pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 24.8% of revenue turned into free cash flow.
  • Shrinking share count. Diluted shares fell 2.3% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $7.1bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Below peers: revenue growth. Revenue growth of 6.6% ranks 189 of 245 regional banks companies we cover (median 12.5%).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$2.84 against an average estimate of $2.81: beat by 1.2%
Revenue
$604m, up 6.4% on a year earlier
Share reaction
+0.4% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
January 28, 2027; average EPS estimate $2.90

Cullen/frost Bankers' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.7%
  • 1 week+1.1%
  • 1 month+3.4%
  • This year+29.3%
  • 1 year+34.0%
  • 5 years+33.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.3B
Net margin
29.5%
EPS (TTM, diluted)
$10.98

Growth

Revenue growth
+6.6%
Change in growth rate
−0.7 pts
Share count change
−2.3%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Results
  3. Announcement
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Cullen/frost Bankers, Inc. valuation models and calculator

No model value for Cullen/frost Bankers, Inc. at the moment. Current status: valuation models disagree too widely to rate. Available reported financials are shown below.

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valuation models disagree too widely to rate: held for review.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Cullen/frost Bankers, Inc. as a bank or lender, with every model that fits that kind of business. Cost of equity 8.5%: the 10-year Treasury yield (4.9%) plus a beta of 0.78 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$150 ~$110–$200 Primary model, counts double
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$160 ~$140–$200 Included
Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. ~$110 ~$72–$140 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$50 ~$64–$96 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$120 ~$110–$140 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$190 ~$150–$230 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cullen/frost Bankers, Inc. with banks and lenders in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

81 /100

Strong moat

How hard Cullen/frost Bankers's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 14 / 20

    Net income has been a median 1.2% of total assets over 10 years.

  • Durability 20 / 20

    Net margin has been a median 30.6%; its worst year was 23.8%.

  • Discipline 17 / 20

    The diluted share count fell 1.6% over five years; stock-based pay has been a median 1.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (86 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 28, 2027, before the open. Analysts expect revenue of $636m and EPS of $2.90 (range $2.78 to $2.98) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $11.05 +8% $2.4bn +5%
Next $12.10 +10% $2.6bn +6%

Next year's EPS estimate has moved +4.6% in 90 days, across 13 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.5% on 90 days ago. In the last 30 days, 5 analysts raised Cullen/frost Bankers, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Cullen/frost Bankers, Inc., last 90 days
$10.50 $11.00 $11.50 $12.00 $12.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $11.00 Current fiscal year, 60 days ago: $10.98 Current fiscal year, 30 days ago: $11.00 Current fiscal year, 7 days ago: $11.02 Current fiscal year, Now: $11.05 $11.05 Next fiscal year, 90 days ago: $11.57 Next fiscal year, 60 days ago: $11.71 Next fiscal year, 30 days ago: $11.88 Next fiscal year, 7 days ago: $12.03 Next fiscal year, Now: $12.10 $12.10

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $11.00$11.57
60 days ago $10.98$11.71
30 days ago $11.00$11.88
7 days ago $11.02$12.03
Now $11.05$12.10

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.81 $2.84 +1.2%
Jun 2026 $2.57 $2.70 +5.2%
Mar 2026 $2.49 $2.65 +6.3%
Dec 2025 $2.45 $2.80 +14.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 29, 2026

No numeric guidance in Cullen/frost Bankers, Inc.'s latest earnings release (filed October 29, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

15 analysts, Oct 2026
Buy640%
Hold853%
Sell17%

Monthly trend

  1. Oct 202633815
  2. Sep 202633815
  3. Aug 2026237215
  4. Jul 2026237215

Counts of recommendations published by analysts covering Cullen/frost Bankers, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.0%
of tradable shares
Days to cover
0.02
at average volume
Short interest, 1 month
−100%
to October 15, 2026
Held by institutions
97%
of shares
Held by insiders
6.2%
of shares
Employees
6,008
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +34.0%

$119.62 on October 31, 2025 to $160.30

ThenNowEffect
Revenue (last 12 months) $2.1bn $2.3bn +7.4%
Net margin 28.5% 29.7% +4.5%
P/E multiple 12.6x 14.8x +17.7%
Share count 64m 63m +1.5%

Biggest factor: p/e multiple.

Last 3 years +82.2%

$87.97 on November 3, 2023 to $160.30

ThenNowEffect
Revenue (last 12 months) $2.0bn $2.3bn +17.7%
Net margin 35.9% 29.7% −17.1%
P/E multiple 8.1x 14.8x +83.2%
Share count 65m 63m +2.0%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CFR+48%+9%−16%+28%−3%+29%
Industry peers (median)+34%−4%−2%+16%+10%+24%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CFR75%50%50%50%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CFR−19%−21%−38%−18%−27%−11%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 57% from May 21, 2018 to March 23, 2020. Getting back needed a 132% gain, reached on March 5, 2021, 347 days after the low.

Price behaviour

52-week range
$116.42 – $169.00
From 52-week high
−5.1%
vs 50-day average
+1.7%
vs 200-day average
+8.6%
Volatility (1 year)
19%
Beta vs S&P 500
0.25

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±3.3%
After a week
5 up, 6 down
typical move ±4.6%
After a month
4 up, 7 down
typical move ±5.0%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +0.4% −2.1% — —
July 30, 2026 −0.4% +2.4% −1.3% −3.1%
April 30, 2026 −1.7% +1.3% −3.0% −6.3%
January 29, 2026 +1.9% −0.5% +6.2% +4.4%
October 30, 2025 +1.4% −0.8% +1.9% +3.5%
July 31, 2025 −7.3% −2.0% −8.9% −3.0%
May 1, 2025 +7.5% +2.2% +7.3% +9.2%
January 30, 2025 +0.4% 0.0% +1.6% −2.1%
October 31, 2024 −3.4% −1.5% +5.8% +8.1%
July 25, 2024 +5.2% +0.6% −1.1% −1.8%
April 25, 2024 −8.4% +0.6% −8.9% −12.4%
January 25, 2024 −1.3% +0.4% −4.8% −1.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Cullen/frost Bankers, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Cullen/frost Bankers, Inc.
$1.9B $2B $2.1B $2.2B $2.3B $2.4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2B Revenue (TTM), FY24 Q1: $2B Revenue (TTM), FY24 Q2: $2B Revenue (TTM), FY24 Q3: $2B Revenue (TTM), FY24 Q4: $2.1B Revenue (TTM), FY25 Q1: $2.1B Revenue (TTM), FY25 Q2: $2.1B Revenue (TTM), FY25 Q3: $2.2B Revenue (TTM), FY25 Q4: $2.2B Revenue (TTM), FY26 Q1: $2.3B Revenue (TTM), FY26 Q2: $2.3B Revenue (TTM), FY26 Q3: $2.3B $2.3B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2B
FY24 Q1 $2B
FY24 Q2 $2B
FY24 Q3 $2B
FY24 Q4 $2.1B
FY25 Q1 $2.1B
FY25 Q2 $2.1B
FY25 Q3 $2.2B
FY25 Q4 $2.2B
FY26 Q1 $2.3B
FY26 Q2 $2.3B
FY26 Q3 $2.3B
Revenue growth, TTM YoY Cullen/frost Bankers, Inc.
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 17.2% Revenue growth, TTM YoY, FY24 Q1: 7.2% Revenue growth, TTM YoY, FY24 Q2: 2.5% Revenue growth, TTM YoY, FY24 Q3: 2.0% Revenue growth, TTM YoY, FY24 Q4: 3.8% Revenue growth, TTM YoY, FY25 Q1: 6.0% Revenue growth, TTM YoY, FY25 Q2: 6.9% Revenue growth, TTM YoY, FY25 Q3: 8.0% Revenue growth, TTM YoY, FY25 Q4: 8.3% Revenue growth, TTM YoY, FY26 Q1: 8.0% Revenue growth, TTM YoY, FY26 Q2: 7.4% Revenue growth, TTM YoY, FY26 Q3: 6.6% 6.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 17.2%
FY24 Q1 7.2%
FY24 Q2 2.5%
FY24 Q3 2.0%
FY24 Q4 3.8%
FY25 Q1 6.0%
FY25 Q2 6.9%
FY25 Q3 8.0%
FY25 Q4 8.3%
FY26 Q1 8.0%
FY26 Q2 7.4%
FY26 Q3 6.6%
FCF margin (TTM) Cullen/frost Bankers, Inc.
0% 20% 40% 60% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 16.1% FCF margin (TTM), FY24 Q1: 32.7% FCF margin (TTM), FY24 Q2: 31.7% FCF margin (TTM), FY24 Q3: 35.1% FCF margin (TTM), FY24 Q4: 41.8% FCF margin (TTM), FY25 Q1: 3.5% FCF margin (TTM), FY25 Q2: 4.0% FCF margin (TTM), FY25 Q3: 0.7% FCF margin (TTM), FY25 Q4: 5.7% FCF margin (TTM), FY26 Q1: 29.2% FCF margin (TTM), FY26 Q2: 23.6% FCF margin (TTM), FY26 Q3: 24.8% 24.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 16.1%
FY24 Q1 32.7%
FY24 Q2 31.7%
FY24 Q3 35.1%
FY24 Q4 41.8%
FY25 Q1 3.5%
FY25 Q2 4.0%
FY25 Q3 0.7%
FY25 Q4 5.7%
FY26 Q1 29.2%
FY26 Q2 23.6%
FY26 Q3 24.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

What Cullen/frost Bankers earned on its loans and securities in FY2025, what it paid depositors and lenders, and how its revenue split between running costs, credit losses, tax and profit.

  1. Interest income $2.4B
  2. Fee and other income $499M · 22.3%
  3. Interest paid $685M
  4. Net interest income $1.7B · 77.7%
  5. Revenue $2.2B
  6. Non-interest expense $1.4B · 63.5%
  7. Credit-loss provisions $44.2M · 2.0%
  8. Pre-tax profit $772M · 34.5%
  9. Income tax $123M · 5.5%
  10. Net income $649M · 29.0%

Shares of revenue. Source: Cullen/frost Bankers's 10-K for FY2025, as filed with the SEC.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 0.8 0.8 0.9 0.9 0.9 1.0 1.1 1.1 1.2 1.3 1.4 1.4 1.4 1.7 2.0 2.1 2.2 2.3
Net income 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.5 0.4 0.3 0.4 0.6 0.6 0.6 0.6 0.7
Diluted EPS $3.00 $3.44 $3.54 $3.86 $3.80 $4.29 $4.28 $4.70 $5.51 $6.90 $6.84 $5.10 $6.76 $8.81 $9.10 $8.87 $9.92 $10.98
Growth (year on year)
Revenue +1.1% +1.8% +3.1% +2.5% +3.3% +9.1% +5.8% +5.7% +6.8% +8.8% +4.5% +5.4% −4.8% +23.7% +17.2% +3.8% +8.3% +6.6%
Net income −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% +8.2%
Diluted EPS −14.3% +14.7% +2.9% +9.0% −1.6% +12.9% −0.2% +9.8% +17.2% +25.2% −0.9% −25.4% +32.5% +30.3% +3.3% −2.5% +11.8% +10.7%
Margins
Net margin 21.6% 24.7% 25.0% 26.6% 25.8% 27.6% 26.2% 27.0% 30.3% 34.7% 32.4% 23.0% 32.3% 34.1% 30.1% 28.2% 29.0% 29.5%
Free-cash-flow margin 23.6% 48.2% 28.4% 30.8% 14.5% 15.7% 23.3% 34.1% 41.9% 36.9% 31.2% 29.7% 42.5% 36.6% 16.1% 41.8% 5.7% 24.8%
Cash flow
Cash from operations 0.3 0.4 0.3 0.3 0.2 0.3 0.4 0.4 0.5 0.6 0.6 0.5 0.6 0.7 0.5 1.0 0.3 0.8
Capital spending 0.1 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.1 0.2 0.1 0.1 0.1 0.2 0.1 0.1 0.2
Free cash flow 0.2 0.4 0.2 0.3 0.1 0.2 0.2 0.4 0.5 0.5 0.4 0.4 0.6 0.6 0.3 0.9 0.1 0.6
Stock-based pay 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
Free cash flow after stock pay 0.2 0.4 0.2 0.3 0.1 0.1 0.2 0.4 0.5 0.5 0.4 0.4 0.6 0.6 0.3 0.8 0.1 0.6
Balance sheet
Cash 1.7 2.8 2.9 3.5 4.6 — — — — — 3.8 10.3 16.6 12.0 8.7 10.2 8.9 7.1
Total debt 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 debt (negative = net cash) −1.7 −2.8 −2.9 −3.5 −4.6 — — — — — −3.8 −10.3 −16.6 −12.0 −8.7 −10.2 −8.9 −7.1
Diluted shares 60m 61m 61m 62m 61m 63m 63m 63m 65m 65m 63m 63m 64m 65m 64m 64m 64m 63m
Returned to shareholders
Dividends 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3
Buybacks 0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.0 0.1 0.1 0.1 0.0 0.0 0.0 0.0 0.1 0.2 0.3
Total returned 0.1 0.1 0.1 0.1 0.3 0.1 0.2 0.1 0.2 0.3 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.5

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$264M
Dividends (TTM)
$258M
Returned to shareholders
90%
of free cash flow
Buybacks, last 3 fiscal years
$261M
Diluted share count
−2.3%
year over year
Total shareholder yield
5.2%
dividends 2.6% + buybacks 2.6% of market value
Dividend payout ratio
37%
of net income paid out

Competitors: side by side with peers

Closest by revenue in regional banks
Last 12 months unless stated CFR BOKF VLY FLG COLB SSB Median
Revenue, last 12 months $2.3bn $2.3bn $2.2bn $2.1bn $2.7bn $2.7bn $255m
Revenue growth, last 12 months 6.6% 9.8% 12.2% −6.4% 33.7% 10.7% 12.5%
Revenue growth, 3-year average 5.5% 2.5% 2.5% −24.1% 18.1% 15.0% 6.0%
Revenue growth, latest quarter 6.4% 10.1% 13.3% 4.0% 32.5% −1.9% 10.7%
Net margin 29.5% 28.5% 32.2% 2.3% 26.8% 34.3% 28.7%
Cash from operations / revenue 32.7% 65.9% 26.7% 7.8% 49.2% 57.8% 34.3%
Free-cash-flow margin 24.8% 58.5% 25.9% 7.8% 43.3% 55.3% 31.4%
Free-cash-flow margin, 3-year average 20.2% 49.8% 21.8% 17.1% 32.4% 20.3% 29.9%
Stock pay / revenue 1.2% 1.0% 1.4% 3.1% 1.4% 1.4% 1.2%
Change in share count −2.3% −3.9% 3.2% 0.4% 32.9% 3.2% 0.4%

Median of all 245 companies we cover in regional banks. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

245 regional banks companies
Measure Company Peer median Rank
Revenue growth Growth 6.6% 12.5% 189 of 245
Change in growth rate Growth -0.7pp +0.0pp 145 of 244
Net margin Profitability 29.5% 28.7% 107 of 245
Stock pay as % of revenue Cash generation 1.2% 1.3% 90 of 206
Change in share count Balance sheet -2.3% 0.4% 45 of 230

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Bank $122M ▲ 14.4%
Frost Wealth Advisors $14,000 ▲ 7.7%
Non Banks $0 —

These categories overlap or exclude eliminations, so shares aren't shown.

From Cullen/frost Bankers, Inc.'s 10-K filed February 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$9.3B
Institutions reporting
565
Shares held vs prior quarter
▲ 8.8%
Positions opened / closed
71 / 49

Top buyers and sellers, Q2 2026: 244 institutions bought and 254 sold ; the biggest buyer was First Eagle Investment Management, LLC (+3.3M shares) and the biggest seller Champlain Investment Partners, LLC (−476K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.1B 7.3M 12.2% ▲ 3.6%
First Eagle Investment Management, LLC $858M 5.6M 9.3% ▲ 145.2%
Aristotle Capital Management, LLC $690M 4.5M 7.5% ▼ 6.3%
State Street Corp $497M 3.2M 5.4% ▲ 3.8%
Vanguard Portfolio Management LLC $495M 3.2M 5.3% ▼ 0.7%
Vanguard Capital Management LLC $420M 2.7M 4.5% ▲ 0.2%
Baillie Gifford & Co $345M 2.2M 3.7% New
Dimensional Fund Advisors LP $255M 1.7M 2.8% ▲ 8.0%
Geode Capital Management, LLC $207M 1.3M 2.2% ▲ 0.5%
King Luther Capital Management Corp $193M 1.2M 2.1% ▼ 6.0%
Two Sigma Investments, LP $177M 1.1M 1.9% ▲ 73.4%
Bank Of America Corp $149M 962K 1.6% ▼ 20.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cullen/frost Bankers, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $728,115 5 trades by 4 insiders · 0% under pre-set plans
Net ▼ $728,115 net selling
Insider Date Trade Shares Price Value
Berman Bobby GEVP Research & Strategy October 30, 2026 Sell 2,406 $157.10 $377,983
Severyn Carol Jean GEVP and Chief Risk Officer June 12, 2026 Sell 837 $148.29 $124,119
Berman Bobby GEVP Research & Strategy January 30, 2026 Sell 1,000 $137.07 $137,070
Pullin Ericka Lynn GEVP, Culture & People Dev. December 12, 2025 Sell 0 $129.73 $44
Rhodes Coolidge E Jr Group EVP General Counsel/Sec December 9, 2025 Sell 700 $127.00 $88,900

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in Cullen/frost Bankers, Inc. disclosed in the last 12 months; 2 earlier trades on record.

  • Mikie Sherrill(D-NJ 11):Sale (full), $1,001 - $15,000, traded February 20, 2020, filed April 5, 2020
  • Van Taylor(R-TX 3):Sale (full), $1,001 - $15,000, traded March 25, 2019, filed April 15, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • January 29, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Cullen/frost Bankers, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Cullen/frost Bankers, Inc. in brief

What does Cullen/frost Bankers, Inc. do?
Cullen/frost Bankers, Inc. is a US-listed company in the regional banks industry. Its financial year ends in December.
What is Cullen/frost Bankers, Inc.'s stock ticker?
Cullen/frost Bankers, Inc. trades under the ticker CFR on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Cullen/frost Bankers, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Cullen/frost Bankers, Inc. reported revenue of $2.3B, 6.6% higher than a year earlier, according to its SEC filings.
What is Cullen/frost Bankers, Inc.'s free cash flow?
Cullen/frost Bankers, Inc.'s free-cash-flow margin is 24.8% of revenue over the trailing twelve months.
Who are Cullen/frost Bankers, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., First Eagle Investment Management, LLC and Aristotle Capital Management, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Cullen/frost Bankers, Inc. buying back stock, and does it pay a dividend?
Cullen/frost Bankers, Inc. spent $264M on share repurchases over the trailing twelve months, and its diluted share count fell 2.3% over the year.
What is Cullen/frost Bankers, Inc.'s market cap?
On November 2, 2026, Cullen/frost Bankers, Inc.'s market capitalisation was about $10.1B, with a price-to-earnings ratio of 14.6 and net debt of -$7.1B. Market figures come from third-party market data and may be delayed.
Does Cullen/frost Bankers, Inc. pay a dividend?
Yes: Cullen/frost Bankers, Inc. paid $258M in dividends over the trailing twelve months, a dividend yield of 2.59% and a payout ratio of 37.4%.
Who are Cullen/frost Bankers, Inc.'s competitors?
In our Regional Banks peer group, the companies closest to Cullen/frost Bankers, Inc. are BOK Financial Corp, Valley National Bancorp, Flagstar Bank, National Association, Columbia Banking System, Inc. and Southstate Bank Corp. The side-by-side comparison below sets their revenue, margins and growth against Cullen/frost Bankers, Inc.'s.
Are insiders buying or selling Cullen/frost Bankers, Inc. stock?
Over the last 12 months, Cullen/frost Bankers, Inc.'s directors and officers reported 0 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Cullen/frost Bankers, Inc.'s next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Cullen/frost Bankers, Inc. announces its own schedule.