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	648.56	582.54	597.97	579.15	443.08
Depreciation & Amortization	87.79	82.82	76.44	71.34	69.29
Gain (Loss) on Sale of Assets	-3.03	-0.14	0.75	0.11	-11.58
Gain (Loss) on Sale of Investments	40.45	45.31	63.83	97.4	119.17
Provision for Credit Losses	44.2	64.99	46.17	3	0.06
Change in Trading Asset Securities	-3.69	-3.64	-2.22	-0.72	-0.56
Accrued Interest Receivable	-7.67	259.14	-232.67	-116.24	-46.56
Change in Other Net Operating Assets	24.83	25.26	23.57	24.41	23.5
Other Operating Activities	1.43	-15.35	-17.77	-7.01	5.32
Operating Cash Flow	273.98	989.53	478.85	722.58	648.29
Operating Cash Flow Growth	-72.31%	106.65%	-33.73%	11.46%	23.66%
Capital Expenditures	-146.65	-127.78	-158.63	-102.5	-65.85
Sale of Property, Plant and Equipment	0.96	0.03	1.28	0.06	7.04
Cash Acquisitions	-	-0.7	-	-	-
Investment in Securities	-329.41	1,906	898.12	-7,358	-3,615
Net Decrease (Increase) in Loans Originated / Sold - Investing	-1,144	-1,963	-1,686	-821.66	1,146
Other Investing Activities	18.32	4.43	2.52	4.63	3.12
Investing Cash Flow	-1,601	-180.88	-942.75	-8,277	-2,525
Short-Term Debt Issued	179.71	223.53	-	1,946	649.73
Total Debt Issued	179.71	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)	179.71	223.53	-570.9	1,946	636.32
Issuance of Common Stock	11.95	22.64	9.3	16.66	54.42
Repurchase of Common Stock	-157.83	-60.9	-42.72	-4.39	-3.86
Common Dividends Paid	-255.36	-242.45	-232.32	-209.78	-188.79
Preferred Dividends Paid	-6.68	-6.68	-6.68	-6.68	-7.16
Total Dividends Paid	-262.03	-249.12	-239	-216.46	-195.94
Net Increase (Decrease) in Deposit Accounts	195.12	802.18	-2,034	1,259	7,680
Financing Cash Flow	-33.09	738.33	-2,877	3,000	8,171
Net Cash Flow	-1,360	1,547	-3,341	-4,555	6,294
Free Cash Flow	127.33	861.76	320.22	620.08	582.44
Free Cash Flow Growth	-85.22%	169.12%	-48.36%	6.46%	35.82%
Free Cash Flow Margin	5.81%	43.11%	16.50%	36.62%	42.47%
Free Cash Flow Per Share	1.99	13.41	4.97	9.61	9.09
Cash Interest Paid	697.73	788.38	616.27	169.02	29
Cash Income Tax Paid	112.31	123.9	118.71	100	39.85

Updated Jan 29, 2026. Source: S&P Global Market Intelligence. Banks template. Financial Sources.

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