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Cullen/frost Bankers, Inc. cash flow statement

In fiscal 2025, Cullen/frost Bankers, Inc.'s operations generated $274m of cash; it spent $147m on capital projects, leaving free cash flow of $127m. It returned $255m in dividends and $158m through buybacks.

Cash flow statement

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

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations274425274300174290395438538562634524648723479990274764
Depreciation and amortisation—3838383840424848505464697176838889
Stock-based pay131516131213131213141614131825202528
Capital spending78172725401321475434792079566103159128147185
Free cash flow196408248275134158248384504483427429582620320862127578
Free cash flow after stock pay183393232262122145235372491469411415570602296842103551
Dividends paid102108112117120127132135144165177181189210232242255258
Share buybacks1120145110111011016916444361158264
Shares issued24————————————————

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Cullen/frost Bankers, Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Cullen/frost Bankers, Inc.