Filing Flows › Financials › Cullen/Frost Bankers (CFR)
Cullen/Frost Bankers (CFR) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Cullen/Frost Bankers (CFR) Q3 2026 earnings results →
Q3 2026 Revenue up 6% year over year to $604M · 30¢ of every $1 of revenue kept as net profit · operating margin 35.5%
Cullen/Frost Bankers made $604M in Q3 2026 (+6% Y/Y). Operating margin 35.5%, net earnings $180M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $603.8M in Q3 2026, up 6% year over year and up 5% from the previous quarter.
Operating profit was $214.5M, a 35.5% margin (down 1.1 points year over year). Of the extra revenue versus Q3 2025, 18% reached operating profit, below the 37% margin then. Total costs grew 8% against revenue growth of 6%. Net earnings were $180.2M, up 3% year over year. The effective tax rate was 16.0%.
Operating cash flow was $292.6M (up 18% year over year), 162% of net earnings. Non-cash charges added back $22.8M of depreciation and amortization and $5.6M of share-based compensation. Working capital and other items added $84.0M. Capital expenditures of $44.0M left free cash flow of $248.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $604M | +6% | 35.5% | $180M | $293M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $576M | +5% | 35.5% | $172M | $52.9M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $575M | +6% | 35.2% | $171M | $237M |
| Q4 2025 | 10-K | Feb 5, 2026 | $581M | +8% | 34.1% | $166M | $181M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $567M | +10% | 36.7% | $174M | $249M |
| Q2 2025 | 10-Q | Jul 31, 2025 | $547M | +8% | 34.1% | $157M | $141M |
| Q1 2025 | 10-Q | May 1, 2025 | $540M | +8% | 33.2% | $151M | −$296M |
Charts
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📈Investments: gains and what it boughtinteractive
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About Cullen/Frost Bankers
The disclosures set forth in this item are qualified by Item 1A. Risk Factors and the section captioned “Forward-Looking Statements and Factors that Could Affect Future Results” in Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this report and other cautionary statements set forth elsewhere in this report. Cullen/Frost Bankers, Inc., a Texas business corporation incorporated in 1977, is a financial holding company and a bank holding company headquartered in San Antonio, Texas that provides, through its subsidiaries, a broad array of products and services throughout numerous Texas markets. The terms “Cullen/Frost,” “the Corporation,” “we,” “us” and “our” mean Cullen/Frost Bankers, Inc. and its subsidiaries, when appropriate.
In its own words, from its 10-K, filed Feb 5, 2026.
Cullen/Frost Bankers against its National Commercial Banks peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +6% against the peers' median +6%. Operating margin: 35.5% against the peers' median 32.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| CFR Cullen/Frost Bankers | Q3 2026 | $604M | +6% | 35.5% |
| JPM JPMorgan Chase | Q3 2026 | $50.2B | +8% | 40.1% |
| BAC Bank of America | Q3 2026 | $30.0B | +3% | 29.9% |
| C Citigroup | Q3 2026 | $23.8B | +8% | 30.6% |
| WFC Wells Fargo | Q3 2026 | $21.9B | +2% | 32.5% |
| COF Capital One Financial | Q3 2026 | $16.3B | +6% | 28.0% |
| USB US Bancorp | Q3 2026 | $8.0B | +9% | 35.1% |
| PNC PNC Financial Services Group | Q3 2026 | $6.6B | +11% | 40.0% |
| TFC Truist Financial | Q3 2026 | $3.7B | -28% | 23.9% |
Source: Cullen/Frost Bankers 10-Q on SEC EDGAR · CIK 39263 · National Commercial Banks
13F: who owns CFR and who is buying
More on CFR
- How Cullen/Frost Bankers makes money: revenue by segment
- Cullen/Frost Bankers next earnings date and what analysts expect
- Cullen/Frost Bankers stock forecast, price target and fair value
- Who owns Cullen/Frost Bankers stock: holders, funds and Congress trades
- Cullen/Frost Bankers recalls, complaints and regulation
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results