Cullen/Frost Bankers, Inc. (CFR) Cash Flow Statement
Where CFR’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $274.0M −72.3% vs 2024
- Capital expenditures
- $146.7M 5.0% of revenue
- Free cash flow
- $127.3M 4.4% margin
- Returned to shareholders
- $419.9M 330% of free cash flow
- Change in cash
- −$1.36B cash at year-end $8.87B
Drawn to scale: where the cash came from and how it was used. Hover for values.
CFR operating cash flow, capex and free cash flow
CFR cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $437.8M2016 | $274.0M2025 | −5.1%/yr | |
| Capital expenditures | $53.6M2016 | $146.7M2025 | +11.8%/yr | |
| Free cash flow | $384.2M2016 | $127.3M2025 | −11.5%/yr | |
| Free cash flow margin | 33.8%2016 | 4.4%2025 | −29.4 pts | |
| Operating cash flow / net income | 1.442016 | 0.422025 | −1.02 | |
| Stock-based compensation | $11.8M2016 | $24.8M2025 | +8.6%/yr | |
| Dividends paid | $143.0M2016 | $262.0M2025 | +7.0%/yr | |
| Share buybacks (net) | $1.3M2016 | $157.8M2025 | +70.6%/yr | |
| Capex / revenue | 4.7%2016 | 5.0%2025 | +0.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
CFR cash flow by activity
CFR net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
CFR cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $648.6M | $582.5M | $598.0M | $579.1M | $443.1M | $331.2M | $443.6M | $454.9M | $364.1M | $304.3M |
| Depreciation & amortization | $87.8M | $82.8M | $76.4M | $71.3M | $69.3M | $64.4M | $54.1M | $50.2M | $47.8M | $48.2M |
| Stock-based compensation | $24.8M | $19.8M | $24.6M | $18.3M | $12.8M | $13.9M | $15.9M | $13.9M | $13.0M | $11.8M |
| Change in working capital | −$545.8M | $229.8M | −$296.3M | −$31.4M | $15.2M | −$107.3M | −$14.0M | −$112.8M | $12.2M | −$13.5M |
| Other non-cash items | $58.7M | $74.7M | $76.1M | $85.2M | $108.0M | $222.1M | $134.5M | $156.2M | $101.0M | $87.1M |
| Cash from operating activities | $274.0M | $989.5M | $478.8M | $722.6M | $648.3M | $524.2M | $634.1M | $562.4M | $538.1M | $437.8M |
| Investing activities | ||||||||||
| Capital expenditures | −$146.7M | −$127.8M | −$158.6M | −$102.5M | −$65.8M | −$95.4M | −$206.7M | −$79.3M | −$34.1M | −$53.6M |
| Investments (net) | −$329.4M | −$180.9M | −$942.8M | −$8.18B | −$2.47B | −$1.54B | −$1.19B | −$1.85B | −$642.1M | −$1.38B |
| Acquisitions & other investing | −$1.13B | $127.8M | $158.6M | $4.7M | $10.2M | $7.0M | $8.7M | $17.4M | $5.6M | $59.5M |
| Cash from investing activities | −$1.60B | −$180.9M | −$942.8M | −$8.28B | −$2.53B | −$1.63B | −$1.39B | −$1.91B | −$670.6M | −$1.37B |
| Financing activities | ||||||||||
| Dividends paid | −$262.0M | −$249.1M | −$239.0M | −$216.5M | −$195.9M | −$182.6M | −$185.1M | −$173.5M | −$152.2M | −$143.0M |
| Share repurchases & issuance (net) | −$157.8M | −$60.9M | −$42.7M | −$4.4M | −$3.9M | −$165.8M | −$68.8M | −$101.0M | −$101.5M | −$1.3M |
| Net borrowing (repayment) | $179.7M | $223.5M | −$570.9M | $1.95B | $649.7M | $421.7M | $327.8M | $219.7M | $169.3M | $83.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $145.5M | $0 | $0 | $0 | $0 |
| Other financing | $207.1M | $824.8M | −$2.02B | $1.28B | $7.72B | $7.39B | $511.1M | $308.5M | $1.13B | $1.55B |
| Cash from financing activities | −$33.1M | $738.3M | −$2.88B | $3.00B | $8.17B | $7.61B | $585.1M | $253.7M | $1.04B | $1.49B |
| Summary | ||||||||||
| Net change in cash | −$1.36B | $1.55B | −$3.34B | −$4.55B | $6.29B | $6.50B | −$167.6M | −$1.10B | $911.6M | $549.9M |
| Cash at end of period | $8.87B | $10.23B | $8.69B | $12.03B | $16.58B | $10.29B | $3.79B | $3.96B | $5.05B | $4.14B |
| Free cash flow | $127.3M | $861.8M | $320.2M | $620.1M | $582.4M | $428.8M | $427.4M | $483.1M | $504.0M | $384.2M |
| Free cash flow margin | 4.4% | 30.2% | 16.1% | 33.0% | 41.7% | 28.8% | 28.5% | 34.4% | 41.0% | 33.8% |
| Capex / revenue | 5.0% | 4.5% | 8.0% | 5.5% | 4.7% | 6.4% | 13.8% | 5.7% | 2.8% | 4.7% |
| Operating cash flow / net income | 0.42 | 1.70 | 0.80 | 1.25 | 1.46 | 1.58 | 1.43 | 1.24 | 1.48 | 1.44 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $172.1M | $171.0M | $166.3M | $174.4M | $157.0M | $150.9M | $154.9M | $146.5M | $145.5M | $135.7M | $102.6M | $155.7M |
| Depreciation & amortization | $18.7M | $22.2M | $21.8M | $22.2M | $21.8M | $21.9M | $21.4M | $20.7M | $20.5M | $20.2M | $20.2M | $19.2M |
| Stock-based compensation | $5.4M | $5.2M | $11.6M | $4.3M | $4.8M | $4.1M | $9.7M | $1.8M | $4.5M | $3.7M | $11.9M | $3.1M |
| Change in working capital | −$185.5M | $41.4M | −$36.6M | $541.6M | −$57.2M | −$484.5M | −$141.2M | $118.3M | −$59.0M | $311.7M | −$231.0M | $40.8M |
| Other non-cash items | $42.3M | −$2.4M | $17.7M | −$493.9M | $14.3M | $11.5M | $19.5M | $19.9M | $18.1M | $17.0M | $13.3M | $19.9M |
| Cash from operating activities | $52.9M | $237.3M | $180.7M | $248.6M | $140.8M | −$296.1M | $64.3M | $307.2M | $129.6M | $488.4M | −$83.0M | $238.7M |
| Investing activities | ||||||||||||
| Capital expenditures | −$60.1M | −$38.6M | −$42.5M | −$67.2M | −$26.3M | −$41.0M | −$37.6M | −$25.3M | −$26.6M | −$38.2M | −$40.6M | −$32.9M |
| Investments (net) | −$1.24B | −$756.8M | $1.04B | −$275.2M | −$57.6M | −$1.82B | −$294.4M | $179.1M | −$686.1M | $620.5M | −$111.9M | −$112.2M |
| Acquisitions & other investing | −$553.8M | −$534.3M | −$443.7M | $67.2M | $26.3M | $41.0M | $37.6M | $25.3M | $26.6M | $38.2M | $40.6M | −$685.7M |
| Cash from investing activities | −$1.86B | −$1.33B | $550.3M | −$275.2M | −$57.6M | −$1.82B | −$294.4M | $179.1M | −$686.1M | $620.5M | −$111.9M | −$830.8M |
| Financing activities | ||||||||||||
| Dividends paid | −$66.4M | −$65.7M | −$65.7M | −$66.4M | −$66.6M | −$63.3M | −$63.2M | −$63.0M | −$61.5M | −$61.5M | −$61.4M | −$61.2M |
| Share repurchases & issuance (net) | −$90.9M | −$72.3M | −$85.4M | −$69.8M | −$76,000 | −$2.6M | −$8.6M | −$20.0M | −$30.2M | −$2.1M | −$2.2M | −$11.4M |
| Net borrowing (repayment) | $785.0M | −$417.6M | −$50.9M | $151.4M | −$49.0M | $128.2M | $328.5M | $237.5M | — | — | — | $164.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $497.8M | −$81.7M | $404.8M | $835.5M | −$704.8M | −$328.4M | $1.01B | $1.41B | −$671.6M | −$1.27B | $1.33B | $292.0M |
| Cash from financing activities | $1.13B | −$637.2M | $202.8M | $850.8M | −$820.5M | −$266.1M | $1.27B | $1.57B | −$763.2M | −$1.33B | $1.26B | $384.3M |
| Summary | ||||||||||||
| Net change in cash | −$677.2M | −$1.73B | $933.8M | $824.1M | −$737.3M | −$2.38B | $1.04B | $2.05B | −$1.32B | −$222.8M | $1.07B | $510.7M |
| Cash at end of period | $6.47B | $7.14B | $8.87B | $7.94B | $7.12B | $7.85B | $10.23B | $9.20B | $7.14B | $8.46B | $8.69B | $7.62B |
| Free cash flow | −$7.1M | $198.7M | $138.2M | $315.8M | $114.5M | −$337.1M | $26.7M | $281.9M | $103.0M | $450.2M | −$123.6M | $205.8M |
| Free cash flow margin | −1.2% | 34.6% | 18.5% | 42.4% | 15.9% | −47.5% | 3.7% | 39.0% | 14.6% | 64.6% | −17.8% | 30.8% |
| Capex / revenue | 10.4% | 6.7% | 5.7% | 9.0% | 3.7% | 5.8% | 5.2% | 3.5% | 3.8% | 5.5% | 5.9% | 4.9% |
| Operating cash flow / net income | 0.31 | 1.39 | 1.09 | 1.43 | 0.90 | −1.96 | 0.42 | 2.10 | 0.89 | 3.60 | −0.81 | 1.53 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
CFR cash generation
In fiscal 2025 (ended December 31, 2025), Cullen/Frost Bankers generated $274.0 million of cash from operations (down 72.3%) and spent $146.7 million on capital expenditures, leaving free cash flow of $127.3 million, 4.4% of revenue. It returned $419.9 million to shareholders through dividends ($262.0 million) and net share buybacks ($157.8 million). Cash and equivalents fell by $1.4 billion over the year.
Related: CFR income statement, CFR balance sheet, CFR dividend history. See the CFR stock overview for the latest quote and news.
CFR cash flow FAQ
What is Cullen/Frost Bankers's free cash flow?
Cullen/Frost Bankers's free cash flow was $127.3 million in fiscal 2025: $274.0 million of operating cash flow minus $146.7 million of capital expenditures It was $861.8 million a year earlier..
How much cash does Cullen/Frost Bankers generate from operations?
Cullen/Frost Bankers generated $274.0 million of cash from operating activities in fiscal 2025, 0.42 times its net income of $648.6 million.
How much does Cullen/Frost Bankers spend on capital expenditures?
Cullen/Frost Bankers spent $146.7 million on capital expenditures in fiscal 2025, 5.0% of revenue, compared with $127.8 million the year before.
How much stock does Cullen/Frost Bankers buy back?
Cullen/Frost Bankers spent $157.8 million on net share repurchases in fiscal 2025.
How much does Cullen/Frost Bankers pay in dividends?
Cullen/Frost Bankers paid $262.0 million in dividends in fiscal 2025, 205.8% of free cash flow.