Cullen/Frost Bankers Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-	582.54	597.97	579.15	443.08
Depreciation & Amortization	-	82.82	76.44	71.34	69.29
Gain (Loss) on Sale of Assets	-	-0.14	0.75	0.11	-11.58
Gain (Loss) on Sale of Investments	-	45.31	63.83	97.4	119.17
Provision for Credit Losses	-	64.99	46.17	3	0.06
Change in Trading Asset Securities	-	-3.64	-2.22	-0.72	-0.56
Accrued Interest Receivable	-	259.14	-232.67	-116.24	-46.56
Change in Other Net Operating Assets	-	25.26	23.57	24.41	23.5
Other Operating Activities	-	-15.35	-17.77	-7.01	5.32
Operating Cash Flow	-	989.53	478.85	722.58	648.29
Operating Cash Flow Growth	-	106.65%	-33.73%	11.46%	23.66%
Capital Expenditures	-	-127.78	-158.63	-102.5	-65.85
Sale of Property, Plant and Equipment	-	0.03	1.28	0.06	7.04
Cash Acquisitions	-	-0.7	-	-	-
Investment in Securities	-	1,906	898.12	-7,358	-3,615
Net Decrease (Increase) in Loans Originated / Sold - Investing	-	-1,963	-1,686	-821.66	1,146
Other Investing Activities	-	4.43	2.52	4.63	3.12
Investing Cash Flow	-	-180.88	-942.75	-8,277	-2,525
Short-Term Debt Issued	-	223.53	-	1,946	649.73
Total Debt Issued	-	223.53	-	1,946	649.73
Short-Term Debt Repaid	-	-	-570.9	-	-
Long-Term Debt Repaid	-	-	-	-	-13.4
Total Debt Repaid	-	-	-570.9	-	-13.4
Net Debt Issued (Repaid)	-	223.53	-570.9	1,946	636.32
Issuance of Common Stock	-	22.64	9.3	16.66	54.42
Repurchase of Common Stock	-	-60.9	-42.72	-4.39	-3.86
Common Dividends Paid	-	-242.45	-232.32	-209.78	-188.79
Preferred Dividends Paid	-	-6.68	-6.68	-6.68	-7.16
Total Dividends Paid	-	-249.12	-239	-216.46	-195.94
Net Increase (Decrease) in Deposit Accounts	-	802.18	-2,034	1,259	7,680
Financing Cash Flow	-	738.33	-2,877	3,000	8,171
Net Cash Flow	-	1,547	-3,341	-4,555	6,294
Free Cash Flow	-	861.76	320.22	620.08	582.44
Free Cash Flow Growth	-	169.12%	-48.36%	6.46%	35.82%
Free Cash Flow Margin	-	43.11%	16.50%	36.62%	42.47%
Free Cash Flow Per Share	-	13.41	4.97	9.61	9.09
Cash Interest Paid	-	788.38	616.27	169.02	29
Cash Income Tax Paid	-	122	118	100	39.85

Source: S&P Global Market Intelligence. Banks template. Financial Sources.