Cullen/Frost Bankers, Inc. (CFR) Income Statement
CFR 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCFR revenue and net income
Where CFR's revenue goes
2025Each bar shows an amount and its share of revenue. CFR kept 22.2% of revenue as net income.
CFR profit margins
CFR growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.5% | +15.8% | +14.5% | +10.5% |
| Gross profit | +9.6% | +9.0% | +12.8% | +8.0% |
| Operating income | +10.9% | +4.9% | +17.0% | +9.2% |
| Net income | +11.3% | +3.8% | +14.4% | +8.8% |
| EPS (diluted) | +14.5% | +4.9% | +12.9% | +9.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CFR quarterly EPS vs estimates
Cullen/Frost Bankers beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 29, 2026 (estimate $2.78).
CFR income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.92B | $2.85B | $1.99B | $1.88B | $1.40B | $1.49B | $1.50B | $1.40B | $1.23B | $1.14B |
| Cost of revenue | $728.8M | $851.0M | −$230.5M | $187.4M | $24.0M | $286.3M | $163.5M | $115.0M | $62.0M | $63.7M |
| Gross profit | $2.19B | $2.00B | $2.22B | $1.69B | $1.37B | $1.20B | $1.33B | $1.29B | $1.17B | $1.07B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $896.4M | $832.5M | $788.2M | $636.3M | $524.3M | $507.9M | $525.8M | $491.6M | $476.2M | $450.8M |
| Total operating expenses | $1.42B | $1.30B | −$1.51B | $1.02B | $882.0M | $848.9M | $834.7M | $778.8M | $759.1M | $733.0M |
| Operating income | $771.7M | $696.0M | $712.4M | $668.8M | $489.5M | $351.3M | $499.5M | $508.7M | $408.4M | $341.4M |
| Interest income | $2.42B | $2.39B | $2.22B | $1.29B | $984.9M | $976.0M | $1.13B | $1.05B | $892.9M | $788.4M |
| Interest expense | $684.6M | $786.0M | $659.1M | $184.4M | $23.9M | $45.0M | $129.8M | $93.3M | $26.5M | $12.1M |
| Income before taxes | $771.7M | $696.0M | $712.4M | $668.8M | $489.5M | $351.3M | $499.5M | $508.7M | $408.4M | $341.4M |
| Income taxes | $123.1M | $113.4M | $114.4M | $89.7M | $46.5M | $20.2M | $55.9M | $53.8M | $44.2M | $37.1M |
| Net income | $648.6M | $582.5M | $598.0M | $579.1M | $443.1M | $331.2M | $443.6M | $454.9M | $364.1M | $304.3M |
| EBITDA | $859.5M | $778.8M | $712.4M | $740.2M | $558.8M | $415.7M | $553.6M | $558.9M | $456.2M | $389.6M |
| EPS (diluted) | $10.16 | $8.87 | $9.73 | $8.81 | $6.76 | $5.54 | $6.84 | $6.89 | $5.57 | $4.70 |
| Gross margin | 75.0% | 70.1% | 111.6% | 90.0% | 98.3% | 80.7% | 89.1% | 91.8% | 95.0% | 94.4% |
| Operating margin | 26.4% | 24.4% | 35.8% | 35.6% | 35.1% | 23.6% | 33.3% | 36.3% | 33.2% | 30.0% |
| Net margin | 22.2% | 20.4% | 30.1% | 30.8% | 31.8% | 22.3% | 29.6% | 32.4% | 29.6% | 26.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $577.0M | $574.8M | $745.9M | $745.6M | $719.2M | $709.1M | $723.5M | $721.9M | $707.5M | $696.9M | $692.8M | $667.1M |
| Cost of revenue | $6.7M | $6.7M | $176.3M | $185.1M | $185.5M | $182.0M | $203.3M | $223.2M | $215.4M | $209.1M | $206.9M | $186.8M |
| Gross profit | $570.2M | $568.1M | $569.6M | $560.5M | $533.7M | $527.2M | $520.2M | $498.7M | $492.1M | $487.8M | $485.9M | $480.2M |
| Sales, general & admin | $287.3M | $287.3M | $264.1M | $209.9M | $201.6M | $210.2M | $252.5M | $192.9M | $188.4M | $198.7M | $281.4M | $170.1M |
| Total operating expenses | $365.7M | $365.7M | $371.7M | $352.5M | $347.1M | $348.1M | $336.2M | $323.4M | $317.0M | $326.2M | $365.2M | $293.3M |
| Operating income | $204.5M | $202.4M | $198.0M | $208.0M | $186.6M | $179.1M | $184.0M | $175.2M | $175.2M | $161.6M | $120.7M | $187.0M |
| Interest income | $594.8M | $578.0M | $613.6M | $620.1M | $602.0M | $585.1M | $600.7M | $608.2M | $596.3M | $585.5M | $579.1M | $385.4M |
| Interest expense | $139.4M | $139.4M | $164.9M | $178.5M | $172.4M | $168.9M | $187.2M | $203.8M | $199.6M | $195.4M | $190.9M | $175.7M |
| Income before taxes | $204.5M | $202.4M | $198.0M | $208.0M | $186.6M | $179.1M | $184.0M | $175.2M | $175.2M | $161.6M | $120.7M | $187.0M |
| Income taxes | $32.5M | $31.4M | $31.7M | $33.6M | $29.6M | $28.2M | $29.2M | $28.7M | $29.7M | $25.9M | $18.1M | $31.3M |
| 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 |
| EBITDA | $223.2M | $224.6M | $219.8M | $230.2M | $208.5M | $201.0M | $205.4M | $196.0M | $195.6M | $181.8M | $140.9M | $206.2M |
| EPS (diluted) | $2.70 | $2.65 | $2.80 | $2.67 | $2.39 | $2.30 | $2.36 | $2.24 | $2.21 | $2.06 | $2.18 | $2.38 |
| Gross margin | 98.8% | 98.8% | 76.4% | 75.2% | 74.2% | 74.3% | 71.9% | 69.1% | 69.6% | 70.0% | 70.1% | 72.0% |
| Operating margin | 35.5% | 35.2% | 26.5% | 27.9% | 25.9% | 25.3% | 25.4% | 24.3% | 24.8% | 23.2% | 17.4% | 28.0% |
| Net margin | 29.8% | 29.7% | 22.3% | 23.4% | 21.8% | 21.3% | 21.4% | 20.3% | 20.6% | 19.5% | 14.8% | 23.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CFR's financial statements (latest annual report filed February 5, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CFR financial results
In fiscal year 2025 (ended December 31, 2025), Cullen/Frost Bankers reported revenue of $2.9 billion, up 2.5% from the year before. It had net income of $648.6 million (up 11.3%), a net profit margin of 22.2%. Diluted earnings per share came to $10.16. Over five years revenue grew at an average rate of 14.5% a year.
See the CFR stock overview for the latest quote and news, or the CFR chart for price history and technical indicators.
CFR income statement FAQ
What is Cullen/Frost Bankers's annual revenue?
Cullen/Frost Bankers reported total revenue of $2.9 billion for fiscal year 2025, which ended on December 31, 2025. That was up 2.5% from $2.8 billion the previous year.
Is Cullen/Frost Bankers profitable?
Yes. Cullen/Frost Bankers reported net income of $648.6 million in fiscal 2025, a net profit margin of 22.2%; its operating margin was 26.4%.
What is Cullen/Frost Bankers's gross margin?
Cullen/Frost Bankers's gross margin was 75.0% in fiscal 2025: for every $100 of revenue, Cullen/Frost Bankers kept $75 after the direct cost of its products and services.
How fast is Cullen/Frost Bankers growing?
Revenue grew 14.5% a year on average over the last five fiscal years, from $1.5 billion to $2.9 billion.
What are Cullen/Frost Bankers's earnings per share?
Cullen/Frost Bankers earned $10.16 per diluted share in fiscal 2025, compared with $8.87 a year earlier.
When will Cullen/Frost Bankers report its next earnings?
Cullen/Frost Bankers is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Cullen/Frost Bankers's fiscal year end?
Cullen/Frost Bankers's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 5, 2026.