Cullen/Frost Bankers, Inc. (CFR) Balance Sheet
CFR balance sheet, 2025
December 31, 2025 · U.S. dollars$53.04B assets = $48.47B liabilities + $4.57B equity
Both columns are drawn to the same scale: what CFR owns equals what it owes plus shareholders’ equity. Hover a block for its value.
CFR financial health
Descriptive bands, not a rating. Fiscal 2025.
CFR balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $30.20B2016 | $53.04B2025 | +6.5%/yr | |
| Total liabilities | $27.19B2016 | $48.47B2025 | +6.6%/yr | |
| Shareholders’ equity | $3.00B2016 | $4.57B2025 | +4.8%/yr | |
| Cash & short-term investments | $14.33B2016 | $9.98B2025 | −3.9%/yr | |
| Total debt | $1.21B2016 | $4.77B2025 | +16.4%/yr | |
| Net cash (debt) | $13.11B2016 | $5.22B2025 | −$7.9B | |
| Working capital | $16.37B2016 | −$37.48B2025 | −$53.8B | |
| Book value per share | $47.682016 | $71.342025 | +4.6%/yr | |
| Debt / equity | 0.402016 | 1.042025 | +0.64 | |
| Shares outstanding | 63.0M2016 | 64.1M2025 | +0.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CFR assets
CFR liabilities and equity
CFR debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
CFR balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $9.98B | $25.26B | $17.20B | $18.94B | $30.47B | $20.73B | $14.70B | $14.71B | $15.38B | $14.33B |
| Cash & equivalents | $8.86B | $10.22B | $8.60B | $11.82B | $16.54B | $10.29B | $3.43B | $3.32B | $4.89B | $4.12B |
| Short-term investments | $1.12B | $15.04B | $16.58B | $18.24B | $13.92B | $10.44B | $11.27B | $11.39B | $10.49B | $10.20B |
| Receivables | $0 | $0 | $0 | $1.08B | $612.5M | $584.6M | $440.7M | $457.7M | $400.9M | $396.7M |
| Inventory | $0 | $0 | $0 | −$12.30B | −$16.79B | −$10.50B | −$4.00B | $1.2M | $2.1M | $2.4M |
| Other current assets | $0 | $0 | $0 | $12.30B | $16.79B | $10.50B | $4.00B | $3.40B | $2.84B | $1.81B |
| Total current assets | $9.98B | $25.26B | $17.20B | $20.01B | $31.08B | $21.31B | $15.14B | $18.56B | $18.62B | $16.54B |
| Property, plant & equipment (net) | $1.31B | $1.25B | $1.19B | $1.10B | $1.05B | $1.05B | $1.01B | $552.3M | $521.0M | $525.8M |
| Goodwill & intangible assets | $0 | $0 | $0 | $655.3M | $655.8M | $656.5M | $657.4M | $658.6M | $660.0M | $661.7M |
| Long-term investments | $19.44B | $18.61B | $20.23B | $35.20B | $30.04B | $17.24B | $16.67B | $15.10B | $14.44B | $14.09B |
| Other non-current assets | $22.31B | $7.40B | $12.23B | $0 | $0 | $708.1M | $0 | $0 | $0 | $0 |
| Total assets | $53.04B | $52.52B | $50.85B | $52.89B | $48.90B | $40.96B | $33.31B | $32.29B | $31.75B | $30.20B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $866.3M | $754.3M | $730.2M | $545.7M | $172.3M | $195.1M | $169.1M |
| Short-term debt | $4.54B | $4.36B | $4.18B | $4.74B | $2.80B | $2.15B | $1.72B | $1.37B | $1.15B | $977.0M |
| Deferred revenue | — | — | — | −$3.88B | −$2.04B | −$1.42B | −$1.18B | −$1.20B | −$952.8M | −$807.9M |
| Total current liabilities | $47.46B | $47.09B | $30.16B | $866.3M | $754.3M | $730.2M | $545.7M | $172.3M | $195.1M | $169.1M |
| Long-term debt | $223.0M | $222.8M | $222.6M | $222.4M | $222.2M | $235.4M | $235.2M | $234.9M | $234.7M | $236.1M |
| Other long-term liabilities | $782.8M | $1.31B | $0 | $643.9M | $0 | $0 | $0 | $0 | $0 | $0 |
| Total liabilities | $48.47B | $48.62B | $47.13B | $49.76B | $44.46B | $36.67B | $29.40B | $28.92B | $28.45B | $27.19B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $644,000 | $644,000 | $644,000 | $643,000 | $642,000 | $642,000 | $642,000 | $642,000 | $642,000 | $637,000 |
| Retained earnings (deficit) | $4.31B | $3.95B | $3.66B | $3.31B | $2.96B | $2.75B | $2.67B | $2.44B | $2.19B | $1.99B |
| Treasury stock | — | — | — | — | −$20.7M | −$113.9M | −$151.6M | −$119.9M | −$67.2M | −$10.3M |
| Accumulated other comprehensive income | −$843.0M | −$1.25B | −$1.12B | −$1.35B | $347.3M | $513.0M | $267.4M | −$63.6M | $79.5M | −$24.6M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $4.57B | $3.90B | $3.72B | $3.14B | $4.44B | $4.29B | $3.91B | $3.37B | $3.30B | $3.00B |
| Key figures | ||||||||||
| Total debt | $4.77B | $4.59B | $222.6M | $4.97B | $3.02B | $2.38B | $1.96B | $1.60B | $1.38B | $1.21B |
| Net cash (debt) | $5.22B | $20.67B | $16.97B | $13.97B | $27.44B | $18.34B | $12.74B | $13.11B | $14.00B | $13.11B |
| Working capital | −$37.48B | −$21.83B | −$12.96B | $19.15B | $30.32B | $20.58B | $14.60B | $18.39B | $18.43B | $16.37B |
| Tangible book value | $4.57B | $3.90B | $3.72B | $2.48B | $3.78B | $3.64B | $3.25B | $2.71B | $2.64B | $2.34B |
| Book value per share | $71.34 | $60.65 | $57.90 | $48.62 | $69.26 | $68.14 | $61.66 | $52.08 | $51.00 | $47.68 |
| Shares outstanding | 64.1M | 64.3M | 64.2M | 64.5M | 64.1M | 63.0M | 63.4M | 64.7M | 64.7M | 63.0M |
| Current ratio | 0.21 | 0.54 | 0.57 | 23.10 | 41.20 | 29.19 | 27.75 | 107.72 | 95.48 | 97.80 |
| Quick ratio | 0.21 | 0.54 | 0.57 | 23.10 | 41.20 | 29.19 | 27.75 | 88.00 | 80.91 | 87.06 |
| Debt / equity | 1.04 | 1.18 | 0.06 | 1.58 | 0.68 | 0.56 | 0.50 | 0.48 | 0.42 | 0.40 |
| Equity / assets | 8.6% | 7.4% | 7.3% | 5.9% | 9.1% | 10.5% | 11.7% | 10.4% | 10.4% | 9.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $697.7M | $638.8M | $9.98B | $18.62B | $17.62B | $9.25B | $25.26B | $24.51B | $22.26B | $23.56B | $25.18B | $16.69B |
| Cash & equivalents | $697.7M | $638.8M | $8.86B | $7.93B | $7.10B | $7.84B | $10.22B | $9.19B | $7.06B | $8.38B | $8.60B | $7.53B |
| Short-term investments | $18.09B | $16.79B | $1.12B | $10.68B | $10.51B | $1.41B | $15.04B | $15.32B | $15.20B | $15.18B | $16.58B | $16.12B |
| Receivables | $255.1M | $192.0M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.03B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$9.88B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $7.85B |
| Total current assets | $952.8M | $830.8M | $9.98B | $18.62B | $17.62B | $9.25B | $25.26B | $24.51B | $22.26B | $23.56B | $25.18B | $16.69B |
| Property, plant & equipment (net) | $1.37B | $1.33B | $1.31B | $1.29B | $1.28B | $1.27B | $1.25B | $1.23B | $1.22B | $1.21B | $1.19B | $1.17B |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $20.21B | $18.83B | $19.44B | $12.88B | $12.74B | $19.11B | $18.61B | $18.92B | $18.82B | $18.82B | $20.23B | $19.77B |
| Other non-current assets | $31.34B | $31.73B | $22.31B | $19.75B | $19.77B | $22.37B | $7.40B | $6.35B | $6.55B | $5.91B | $4.24B | $11.11B |
| Total assets | $53.88B | $52.72B | $53.04B | $52.53B | $51.41B | $52.00B | $52.52B | $51.01B | $48.84B | $49.51B | $50.85B | $48.75B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | — | — | — | — | — | — | — | — | — | $784.3M |
| Short-term debt | $4.91B | $4.13B | $4.54B | $4.60B | $4.44B | $4.49B | $4.36B | $4.04B | $3.80B | $3.98B | $4.18B | $3.75B |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | — | −$2.96B |
| Total current liabilities | $4.91B | $4.13B | $47.46B | $47.11B | $46.13B | $46.88B | $47.09B | $45.76B | $44.12B | $44.79B | $30.16B | $784.3M |
| Long-term debt | $223.2M | $223.1M | $223.0M | $223.0M | $222.9M | $222.9M | $222.8M | $222.8M | $222.7M | $222.7M | $222.6M | $222.6M |
| Other long-term liabilities | $44.12B | $43.84B | $782.8M | $736.9M | $858.4M | $783.9M | $1.31B | $893.1M | $837.2M | $853.7M | $0 | $0 |
| Total liabilities | $49.26B | $48.19B | $48.47B | $48.07B | $47.21B | $47.89B | $48.62B | $46.87B | $45.18B | $45.87B | $47.13B | $45.75B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $644,000 | $644,000 | $644,000 | $644,000 | $644,000 | $644,000 | $644,000 | $644,000 | $644,000 | $644,000 | $644,000 | $644,000 |
| Retained earnings (deficit) | $4.52B | $4.41B | $4.31B | $4.23B | $4.12B | $4.03B | $3.95B | $3.89B | $3.81B | $3.73B | $3.66B | $3.63B |
| Accumulated other comprehensive income | −$851.7M | −$923.5M | −$843.0M | −$924.4M | −$1.14B | −$1.13B | −$1.25B | −$915.4M | −$1.31B | −$1.28B | −$1.12B | −$1.78B |
| Total shareholders' equity | $4.62B | $4.53B | $4.57B | $4.46B | $4.20B | $4.11B | $3.90B | $4.14B | $3.67B | $3.64B | $3.72B | $3.00B |
| Key figures | ||||||||||||
| Total debt | $5.42B | $4.64B | $4.77B | $4.82B | $4.67B | $4.72B | $4.59B | $4.26B | $4.02B | $4.21B | $222.6M | $3.97B |
| Net cash (debt) | −$4.73B | −$4.01B | $5.22B | $13.80B | $12.95B | $4.54B | $20.67B | $20.25B | $18.23B | $19.35B | $24.96B | $12.72B |
| Working capital | −$3.96B | −$3.30B | −$37.48B | −$28.50B | −$28.51B | −$37.63B | −$21.83B | −$21.25B | −$21.86B | −$21.23B | −$4.98B | $15.91B |
| Tangible book value | $4.62B | $4.53B | $4.57B | $4.46B | $4.20B | $4.11B | $3.90B | $4.14B | $3.67B | $3.64B | $3.72B | $3.00B |
| Book value per share | $73.64 | $71.23 | $71.90 | $69.57 | $65.28 | $63.95 | $60.69 | $64.53 | $56.98 | $56.52 | $57.90 | $46.70 |
| Shares outstanding | 62.8M | 63.6M | 63.6M | 64.1M | 64.3M | 64.3M | 64.2M | 64.1M | 64.3M | 64.4M | 64.2M | 64.2M |
| Current ratio | 0.19 | 0.20 | 0.21 | 0.40 | 0.38 | 0.20 | 0.54 | 0.54 | 0.50 | 0.53 | 0.83 | 21.28 |
| Quick ratio | 0.19 | 0.20 | 0.21 | 0.40 | 0.38 | 0.20 | 0.54 | 0.54 | 0.50 | 0.53 | 0.83 | 23.87 |
| Debt / equity | 1.17 | 1.03 | 1.04 | 1.08 | 1.11 | 1.15 | 1.18 | 1.03 | 1.10 | 1.16 | 0.06 | 1.32 |
| Equity / assets | 8.6% | 8.6% | 8.6% | 8.5% | 8.2% | 7.9% | 7.4% | 8.1% | 7.5% | 7.3% | 7.3% | 6.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 5, 2026); data from EODHD.
CFR financial position
At the end of fiscal 2025 (December 31, 2025), Cullen/Frost Bankers had total assets of $53.0 billion (up 1.0% from a year earlier), total liabilities of $48.5 billion and shareholders' equity of $4.6 billion. It held $10.0 billion in cash and short-term investments against $4.8 billion of debt, a net cash position of $5.2 billion. Its current ratio was 0.21. In the latest quarter (ended June 30, 2026) total assets were $53.9 billion and equity $4.6 billion.
Related: CFR income statement, CFR cash flow statement, CFR key metrics. See the CFR stock overview for the latest quote and news.
CFR balance sheet FAQ
What are Cullen/Frost Bankers's total assets?
Cullen/Frost Bankers reported total assets of $53.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $52.5 billion a year earlier.
How much debt does Cullen/Frost Bankers have?
Cullen/Frost Bankers had $4.8 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.04.
How much cash does Cullen/Frost Bankers have?
Cullen/Frost Bankers held $10.0 billion in cash and short-term investments at the end of fiscal 2025; with $4.8 billion of debt that is net cash of $5.2 billion.
What is Cullen/Frost Bankers's book value?
Cullen/Frost Bankers's shareholders' equity (book value) was $4.6 billion at the end of fiscal 2025, or $71.34 per share.
What is Cullen/Frost Bankers's current ratio?
Cullen/Frost Bankers had current assets of $10.0 billion and current liabilities of $47.5 billion, a current ratio of 0.21 (current liabilities exceed current assets).