Filing Flows › Cullen/Frost Bankers (CFR) › Q1 2026
Cullen/Frost Bankers (CFR) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 30, 2026
Cullen/Frost Bankers (CFR) reported revenue of $575M for the first quarter 2026 (Q1 2026), +6% from a year earlier and -1% from the quarter before. Operating margin was 35.2%, net earnings $171M (29.7% of revenue).
Cullen/Frost Bankers, Q1 2026: revenue $575M (+6% year over year), operating margin 35.2%, net earnings $171M, operating cash flow $237M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $575M | -1% | +6% |
| Operating profit | $202M | +2% | +13% |
| Net earnings | $171M | +3% | +13% |
| Operating cash flow | $237M | +31% | — |
| Free cash flow | $199M | +44% | — |
What changed
Revenue was $574.8M in Q1 2026, up 6% year over year and down 1% from the previous quarter.
Operating profit was $202.4M, a 35.2% margin (up 2.1 points year over year). Of the extra revenue versus Q1 2025, 67% reached operating profit, above the 33% margin then. Total costs grew 3% against revenue growth of 6%. Net earnings were $171.0M, up 13% year over year. The effective tax rate was 15.5%.
Operating cash flow was $237.3M, 139% of net earnings. Non-cash charges added back $22.2M of depreciation and amortization and $5.2M of share-based compensation. Working capital and other items added $38.9M. Capital expenditures of $38.6M left free cash flow of $198.7M.
Questions
What was Cullen/Frost Bankers' revenue in the first quarter 2026?
Cullen/Frost Bankers (CFR) reported revenue of $575M for the first quarter 2026 (Q1 2026), +6% from a year earlier and -1% from the quarter before.
Was Cullen/Frost Bankers profitable in the first quarter 2026?
Operating profit was $202M (35.2% of revenue) and net earnings $171M.