Cullen/Frost Bankers, Inc.
NYSE:CFR · New York Stock Exchange
-$0.75 today
Vol 0.63M · Avg 0.55M
Income Statement
Follow revenue through to earnings
Review sales, margins, expenses, and profit trends to see what is actually driving reported earnings over time.
Stock Ticker Earnings Waterfall
NYSE:CFR · Revenue to Net Income
Key Ratios
Analysis
$2.8B of revenue converted into $668.6M of net income for the selected period. Gross margin is 81.1% and net margin is 24.3%, showing how much revenue survives after costs and taxes. EPS is $10.27, tying the income statement back to per-share earnings.
Income Statement
Annual data · 5 periods
| Metric | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.9B +2.5% | $2.8B +7.7% | $2.6B +40.7% | $1.9B +34.8% | $1.4B | $809.6M | $921.6M | $731.2M |
| Cost of Revenue | $728.8M -14.4% | $851.0M +20.7% | $705.2M +276.2% | $187.4M +682.1% | $24.0M | $725.6M | $804.0M | $882.4M |
| Gross Profit | $2.2B +9.6% | $2.0B +3.0% | $1.9B +14.6% | $1.7B +23.4% | $1.4B | $8.9B | $7.6B | $6.2B |
| Gross Margin | 75.0% +4.9pp | 70.1% -3.2pp | 73.4% -16.7pp | 90.0% -8.2pp | 98.3% | 9.8% | 28.9% | 38.3% |
| Research & Development | $0 | $0 | $0 | $0 | $0 | $983.2M | $1.3B | $490.4M |
| Selling, General & Admin | $896.4M +7.7% | $832.5M +5.6% | $788.2M +23.9% | $636.3M +21.4% | $524.3M | $620.6M | $923.0M | -$1.5B |
| Operating Expenses | $1.4B +8.9% | $1.3B +6.0% | $1.2B +20.0% | $1.0B +16.1% | $882.0M | $5.3B | $7.0B | $8.7B |
| Depreciation & Amortization | $87.8M +6.0% | $82.8M +8.3% | $76.4M +7.1% | $71.3M +3.0% | $69.3M | $374.2M | $1.2B | $631.8M |
| EBITDA | $859.5M +10.4% | $778.8M -1.3% | $788.8M +6.6% | $740.2M +32.5% | $558.8M | -$15.2B | $6.8B | $9.3B |
| EBITDA Margin | 29.4% +2.1pp | 27.3% -2.5pp | 29.8% -9.6pp | 39.4% -0.7pp | 40.0% | 5.6% | 46.3% | 42.0% |
| Operating Income | $771.7M +10.9% | $696.0M -2.3% | $712.4M +6.5% | $668.8M +36.6% | $489.5M | $12.3B | $14.0B | -$15.7B |
| Operating Margin | 26.4% +2.0pp | 24.4% -2.5pp | 26.9% -8.6pp | 35.6% +0.5pp | 35.1% | 16.6% | 24.1% | 22.0% |
| Interest Income | $2.4B +1.3% | $2.4B +7.8% | $2.2B +50.3% | $1.5B +46.3% | $1.0B | -$1.5B | -$1.6B | $405.0M |
| Interest Expense | $684.6M -12.9% | $786.0M +19.3% | $659.1M +257.3% | $184.4M +671.6% | $23.9M | $1.1B | $1.0B | $1.2B |
| Other Income / Expenses | $0 | $0 | $0 | $0 | $0 | -$1.5B | $1.4B | $1.2B |
| Income Before Tax | $771.7M +10.9% | $696.0M -2.3% | $712.4M +6.5% | $668.8M +36.6% | $489.5M | $3.3B | $4.9B | $3.6B |
| Pre-Tax Margin | 26.4% +2.0pp | 24.4% -2.5pp | 26.9% -8.6pp | 35.6% +0.5pp | 35.1% | 20.8% | 18.7% | 26.2% |
| Income Tax Expense | $123.1M +8.6% | $113.4M -0.9% | $114.4M +27.6% | $89.7M +93.0% | $46.5M | $1.3B | -$1.6B | $745.2M |
| Net Income | $648.6M +11.3% | $582.5M -2.6% | $598.0M +3.3% | $579.1M +30.7% | $443.1M | $4.9B | $4.8B | $4.7B |
| Net Margin | 22.2% +1.8pp | 20.4% -2.2pp | 22.6% -8.2pp | 30.8% -1.0pp | 31.8% | 12.4% | 17.5% | 22.5% |
| EPS (Basic) | $10 +12.8% | $9 -2.5% | $9 +3.1% | $9 +30.2% | $7 | $400.8M | $703.2M | $1.3B |
| EPS (Diluted) | $10 +11.8% | $9 -2.3% | $9 +3.3% | $9 +30.4% | $7 | $766.2M | $609.4M | $452.6M |
| Weighted Avg Shares | $64.1M -0.2% | $64.2M -0.0% | $64.2M +0.1% | $64.2M +0.9% | $63.6M | $757.8M | $925.8M | $1.1B |
| Weighted Avg Shares (Diluted) | $64.1M -0.3% | $64.3M -0.2% | $64.4M -0.2% | $64.5M +0.7% | $64.1M | $1.2B | $924.4M | $678.0M |
Older periods hidden.
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SEC Filings
Recent regulatory filings
No filings found.
How much revenue does CFR generate?
Cullen/Frost Bankers, Inc. (CFR) reported $2.92B of revenue in fiscal 2025.
Is CFR profitable?
Cullen/Frost Bankers, Inc. (CFR) reported $648.56M of net income, with a net margin of 22.2%.
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