Filing Flows › Cullen/Frost Bankers (CFR) › Q4 2025
Cullen/Frost Bankers (CFR) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 5, 2026
Cullen/Frost Bankers (CFR) reported revenue of $581M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +2% from the quarter before. Operating margin was 34.1%, net earnings $166M (28.6% of revenue).
Cullen/Frost Bankers, Q4 2025: revenue $581M (+8% year over year), operating margin 34.1%, net earnings $166M, operating cash flow $181M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $581M | +2% | +8% |
| Operating profit | $198M | -5% | +8% |
| Net earnings | $166M | -5% | +7% |
| Operating cash flow | $181M | -27% | +181% |
| Free cash flow | $138M | -35% | +419% |
What changed
Revenue was $580.9M in Q4 2025, up 8% year over year and up 2% from the previous quarter.
Operating profit was $198.0M, a 34.1% margin (down 0.2 points year over year). Of the extra revenue versus a year earlier, 31% reached operating profit, below the 34% margin then. Total costs grew 9% against revenue growth of 8%. Net earnings were $166.3M, up 7% year over year. The effective tax rate was 16.0%.
Operating cash flow was $180.7M (up 181% year over year), 109% of net earnings. Non-cash charges added back $21.8M of depreciation and amortization and $11.6M of share-based compensation. Working capital and other items used $18.9M. Capital expenditures of $42.5M left free cash flow of $138.2M.
Questions
What was Cullen/Frost Bankers' revenue in the fourth quarter 2025?
Cullen/Frost Bankers (CFR) reported revenue of $581M for the fourth quarter 2025 (Q4 2025), +8% from a year earlier and +2% from the quarter before.
Was Cullen/Frost Bankers profitable in the fourth quarter 2025?
Operating profit was $198M (34.1% of revenue) and net earnings $166M.