Cullen/Frost Bankers, Inc. (CFR)

Cullen/Frost Bankers Cash Flow Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	668.62	648.56	582.54	597.97	579.15	443.08
Depreciation & Amortization	88.11	87.79	82.82	76.44	71.34	69.29
Provision for Credit Losses	37.88	44.2	64.99	46.17	3	0.06
Stock-Based Compensation	25.86	24.76	19.76	24.59	18.32	12.75
Other Adjustments	6.92	14.49	9.67	29.97	82.18	107.9
Changes in Trading Assets	-2.96	-3.69	-3.64	-2.22	-0.72	-0.56
Changes in Accrued Interest and Accounts Receivable	-106.19	-7.67	259.14	-232.67	-116.24	-46.56
Changes in Accounts Payable	65.28	-559.28	-51	-84.99	61.14	38.82
Changes in Other Operating Activities	23.91	24.83	25.26	23.57	24.41	23.5
Operating Cash Flow	807.41	273.98	989.53	478.85	722.58	648.29
Operating Cash Flow Growth	293.88%	-72.31%	106.65%	-33.73%	11.46%	23.66%
Net Change in Loans Held-for-Investment	-1,530	-1,144	-1,963	-1,686	-821.66	1,146
Net Change in Securities and Investments	556.42	-329.41	1,906	898.12	-7,358	-3,615
Payments for Business Acquisitions	-	-	-0.7	-	-	-
Capital Expenditures	-144.3	-146.65	-127.78	-158.63	-102.5	-65.85
Sale of Property, Plant & Equipment	1.42	0.96	0.03	1.28	0.06	7.04
Other Investing Activities	4.36	18.32	4.43	2.52	4.63	3.12
Investing Cash Flow	-1,112	-1,601	-180.88	-942.75	-8,277	-2,525
Net Change in Deposits	445.5	195.12	802.18	-2,034	1,259	7,680
Net Change in Short-Term Interbank Borrowing and Repurchase Agreements	-366.06	179.71	223.53	-570.9	1,946	649.73
Long-Term Debt Repaid	-	-	-	-	-	-13.4
Net Long-Term Debt Issued (Repaid)	-	-	-	-	-	-13.4
Issuance of Common Stock	8.24	11.95	22.64	9.3	16.66	54.42
Repurchase of Common Stock	-227.53	-157.83	-60.9	-42.72	-4.39	-3.86
Net Common Stock Issued (Repurchased)	-219.29	-145.89	-38.26	-33.42	12.27	50.55
Common Dividends Paid	-257.7	-255.36	-242.45	-232.32	-209.78	-188.79
Preferred Share Dividends Paid	-6.68	-6.68	-6.68	-6.68	-6.68	-7.16
Financing Cash Flow	-404.23	-33.09	738.33	-2,877	3,000	8,171
Net Cash Flow	-709	-1,360	1,547	-3,341	-4,555	6,294
Free Cash Flow	663.11	127.33	861.76	320.22	620.08	582.44
Free Cash Flow Growth	420.79%	-85.22%	169.12%	-48.36%	6.46%	35.82%
FCF Margin	29.95%	5.81%	43.12%	16.50%	36.62%	42.47%
Free Cash Flow Per Share	10.39	1.99	13.41	4.97	9.61	9.09
Levered Free Cash Flow	585.78	37.2	760.67	212.81	509.91	441.16
Unlevered Free Cash Flow	-76.17	-604.68	184.8	-378.49	-62.57	18.64

Updated Apr 30, 2026. Data Source: Fiscal.ai. Banks template. Financial Sources.

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