Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.13B | $1.20B | $85.2M | $89.0M | $80.9M | $83.3M | $91.9M | $93.5M | $106M | $122M |
| Revenue growth | — | 6.8% | -92.9% | 4.5% | -9.1% | 3.0% | 10.3% | 1.8% | 13.6% | 14.4% |
| Net income | $304M | $364M | $455M | $444M | $331M | $443M | $579M | $598M | $583M | $649M |
| Net margin | 27.0% | 30.3% | 534.0% | 498.5% | 409.5% | 532.0% | 630.3% | 639.5% | 548.4% | 533.5% |
| EPS (diluted) | $4.70 | $5.51 | $6.90 | $6.84 | $5.10 | $6.76 | $8.81 | $9.10 | $8.87 | $9.92 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $438M | $538M | $562M | $634M | $524M | $648M | $723M | $479M | $990M | $274M |
| Capital expenditures | $53.6M | $34.1M | $79.3M | $207M | $95.4M | $65.8M | $103M | $159M | $128M | $147M |
| Free cash flow | $384M | $504M | $483M | $427M | $429M | $582M | $620M | $320M | $862M | $127M |
| Share buybacks | $1.29M | $101M | $101M | $68.8M | $15.8M | $3.86M | $4.39M | $42.7M | $60.9M | $158M |
| Dividends paid | $135M | $144M | $165M | $177M | $181M | $189M | $210M | $232M | $242M | $255M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | — | — | — | $3.79B | $10.3B | $16.6B | $12.0B | $8.69B | $10.2B | $8.87B |
| Total assets | $30.2B | $31.7B | $32.3B | $34.0B | $42.4B | $50.9B | $52.9B | $50.8B | $52.5B | $53.0B |
| Total liabilities | $27.2B | $28.5B | $28.9B | $30.1B | $38.1B | $46.4B | $49.8B | $47.1B | $48.6B | $48.5B |
| Shareholders' equity | $3.00B | $3.30B | $3.37B | $3.91B | $4.29B | $4.44B | $3.14B | $3.72B | $3.90B | $4.57B |
| Retained earnings | $1.99B | $2.19B | $2.44B | $2.67B | $2.75B | $2.96B | $3.31B | $3.66B | $3.95B | $4.31B |
| Shares (wtd avg diluted) | 63.0M | 64.7M | 64.7M | 63.4M | 63.0M | 64.1M | 64.5M | 64.4M | 64.3M | 64.1M |
Every figure is extracted from CULLEN/FROST BANKERS, INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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