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Cullen/Frost Bankers cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$249M in Q3 2026 · $578M over twelve months

Operating cash flow$293M
Capital spending−$44.0M
Free cash flow+$249M
Cash / net income1.6×

Analysis

In Q3 2026, Cullen/Frost Bankers generated $293M of operating cash flow and spent $44.0M on capital projects, leaving free cash flow of $249M. That is $37.0M more than in Q3 2025 ($212M).

Over the twelve months to Sep 30, 2026, operating cash flow was $764M; the largest uses were other investing ($3.1B), buybacks ($264M), dividends ($258M); besides operations, cash came from other financing ($2.2B), asset & business sales ($9.8M); the cash balance fell by $838M.

Operating cash flow was $293M against net income of $180M — 1.6× profit, cash ran ahead of reported earnings. The largest differences: other liabilities +$170M, prepaid and other assets −$91.9M, depreciation & amortization +$22.8M.

Free cash flow

Cullen/Frost Bankers: free cash flow by quarterCullen/Frost Bankers: free cash flow by quarter$26.7MQ4 2024−$337MQ1 2025$115MQ2 2025$212MQ3 2025$138MQ4 2025$199MQ1 2026−$7.1MQ2 2026$249MQ3 2026
Operating cash flow less capital spending.
Cullen/Frost Bankers: operating cash flow against capital spendingCullen/Frost Bankers: operating cash flow against capital spendingOperating cash flowCapital spending$64.3M$37.6MQ4 2024−$296M$41.0MQ1 2025$141M$26.3MQ2 2025$249M$36.9MQ3 2025$181M$42.5MQ4 2025$237M$38.6MQ1 2026$52.9M$60.1MQ2 2026$293M$44.0MQ3 2026
Latest (Q3 2026): Operating cash flow $293M, Capital spending $44.0M.

Capital allocation, year by year

Cullen/Frost Bankers: where the cash came from (up) and went (down), by fiscal yearCullen/Frost Bankers: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $648MFY2021: Shares issued $54.4MFY2021: Asset sales $7.0MFY2021: Capital spending −$65.8MFY2021: Buybacks −$3.9MFY2021: Dividends −$189M$710MFY2021FY2022: Operating cash flow $723MFY2022: Shares issued $16.7MFY2022: Asset sales $63KFY2022: Capital spending −$103MFY2022: Buybacks −$4.4MFY2022: Dividends −$210M$739MFY2022FY2023: Operating cash flow $479MFY2023: Shares issued $9.3MFY2023: Asset sales $1.3MFY2023: Capital spending −$159MFY2023: Buybacks −$42.7MFY2023: Dividends −$232M$489MFY2023FY2024: Operating cash flow $990MFY2024: Shares issued $22.6MFY2024: Asset sales $25KFY2024: Capital spending −$128MFY2024: Acquisitions −$703KFY2024: Buybacks −$60.9MFY2024: Dividends −$242M$1.0BFY2024FY2025: Operating cash flow $274MFY2025: Shares issued $11.9MFY2025: Asset sales $960KFY2025: Capital spending −$147MFY2025: Buybacks −$158MFY2025: Dividends −$255M$287MFY2025
Over these 5 years operating cash flow totalled $3.1B; the largest uses were dividends ($1.1B) and capital spending ($601M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$7.1B
Debtnone
Net cash$7.1B

Cullen/Frost Bankers funds itself: free cash flow was $578M over the last twelve months, with $7.1B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Cullen/Frost Bankers: sources (+) and uses (−) of cash, Q3 2026Cullen/Frost Bankers: sources (+) and uses (−) of cash, Q3 2026Other financing$1.1BOther investing−$653MCash drawn (+) / kept (−)−$635MOperating cash flow$293MDividends−$65.0MCapital spending−$44.0MBuybacks−$15.2MAsset & business sales$8.4M
Cullen/Frost Bankers: sources (+) and uses (−) of cash, TTM to Q3 2026Cullen/Frost Bankers: sources (+) and uses (−) of cash, TTM to Q3 2026Other investing−$3.1BOther financing$2.2BCash drawn (+) / kept (−)$838MOperating cash flow$764MBuybacks−$264MDividends−$258MCapital spending−$185MAsset & business sales$9.8MShares issued$4.1M

From profit to cash

Cullen/Frost Bankers: net income to operating cash flow, Q3 2026Cullen/Frost Bankers: net income to operating cash flow, Q3 2026Net income$180MDepreciation & amortization$22.8MStock-based pay$5.6MDeferred taxes−$2.1MPrepaid and other assets−$91.9MOther liabilities$170MOperating cash flow$293M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$293M−$44.0M−$15.2M−$65.0M—−$635M$249M
Q2 2026$52.9M−$60.1M−$90.9M−$64.8M—$677M−$7.1M
Q1 2026$237M−$38.6M−$72.3M−$64.0M—$1.7B$199M
Q4 2025$181M−$42.5M−$85.4M−$64.1M$4.1M−$934M$138M
Q3 2025$249M−$36.9M−$69.8M−$64.7M$1.9M−$824M$212M
Q2 2025$141M−$26.3M−$76K−$64.9M$2.2M$737M$115M
Q1 2025−$296M−$41.0M−$2.6M−$61.7M$3.7M$2.4B−$337M
Q4 2024$64.3M−$37.6M−$8.6M−$61.5M$7.2M−$1.0B$26.7M

Cullen/Frost Bankers: income statement and cash flow

Cullen/Frost Bankers, Q3 2026: revenue $604M (+6% year over year), operating margin 35.5%. The chart follows the revenue to costs, profit and cash.

Cullen/Frost Bankers: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.