Filing Flows › Cullen/Frost Bankers (CFR) › Q3 2025
Cullen/Frost Bankers (CFR) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Cullen/Frost Bankers (CFR) reported revenue of $567M for the third quarter 2025 (Q3 2025), +10% from a year earlier and +4% from the quarter before. Operating margin was 36.7%, net earnings $174M (30.7% of revenue).
Cullen/Frost Bankers, Q3 2025: revenue $567M (+10% year over year), operating margin 36.7%, net earnings $174M, operating cash flow $249M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $567M | +4% | +10% |
| Operating profit | $208M | +11% | +19% |
| Net earnings | $174M | +11% | +19% |
| Operating cash flow | $249M | +77% | -19% |
| Free cash flow | $212M | +85% | -25% |
What changed
Revenue was $567.3M in Q3 2025, up 10% year over year and up 4% from the previous quarter.
Operating profit was $208.0M, a 36.7% margin (up 2.8 points year over year). Of the extra revenue versus a year earlier, 67% reached operating profit, above the 34% margin then. Total costs grew 5% against revenue growth of 10%. Net earnings were $174.4M, up 19% year over year. The effective tax rate was 16.2%.
Operating cash flow was $248.6M (down 19% year over year), 143% of net earnings. Non-cash charges added back $22.2M of depreciation and amortization and $4.3M of share-based compensation. Working capital and other items added $47.7M. Capital expenditures of $36.9M left free cash flow of $211.7M.
Questions
What was Cullen/Frost Bankers' revenue in the third quarter 2025?
Cullen/Frost Bankers (CFR) reported revenue of $567M for the third quarter 2025 (Q3 2025), +10% from a year earlier and +4% from the quarter before.
Was Cullen/Frost Bankers profitable in the third quarter 2025?
Operating profit was $208M (36.7% of revenue) and net earnings $174M.