# Cullen/Frost Bankers, Inc. (CFR)

> Source: Nexqual · https://nexqual.com/CFR · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Cullen/Frost Bankers, Inc. (CFR), nexqual.com/CFR" · informational, not investment advice.

**Price:** USD 157.85 (+0.54% on the day) · last close of Oct 29, 2026; US market after hours, not a live price. Prev close 157.01 · day 154.11–160.99 · 52w 119.15–170.8 · market cap $9.81B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.30B, net income $684M (29.7% margin) (SEC filings).
- Valuation: P/E 14.3x (avg 13.0x at the last 3 fiscal year-ends).
- Analysts: Hold (mean 2.50 on a 1–5 scale) (16 analysts), mean target USD 172.27 (range 145–201).
- Total return with dividends: 1Y +31.6% vs S&P 500 +14.4%; 5Y +41.4% vs S&P 500 +79.1%.
- Next earnings: 2026-10-29, EPS estimate USD 2.84, revenue estimate $628M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.37B | $1.70B | $1.99B | $2.06B | $2.24B | $2.30B |
| Net income | $443M | $579M | $598M | $583M | $649M | $684M |
| EPS (diluted) | $6.76 | $8.81 | $9.10 | $8.87 | $9.92 | — |
| Free cash flow | $582M | $620M | $320M | $862M | $127M | $541M |
| Net margin | 32.3% | 34.1% | 30.1% | 28.2% | 29.0% | 29.7% |
| Revenue growth | -4.8% | +23.7% | +17.2% | +3.8% | +8.3% | — |
| Cash + short-term investments | $16.6B | $12.0B | $8.69B | $10.2B | $8.87B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 14.3x · P/S 4.3x · P/FCF 18.1x · P/B 2.1x · FCF yield 5.52% · Earnings yield 6.97% · Dividend yield (paid, TTM) 2.63% · Buyback yield (TTM) 3.25%
P/E at fiscal year-ends: Dec 2025 12.5x, Dec 2024 14.8x, Dec 2023 11.7x.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 16 analysts; mean target USD 172.27 (low 145, high 201).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-14 | Cantor Fitzgerald | Target lowered | Neutral | $175 → $167 |
| 2026-10-09 | RBC Capital | Target lowered | Sector Perform | $176 → $175 |
| 2026-10-05 | Barclays | Target raised | Equal-Weight | $160 → $175 |
| 2026-10-05 | TD Cowen | Target lowered | Buy | $185 → $178 |
| 2026-10-01 | Evercore ISI Group | Target lowered | In-Line | $181 → $166 |
| 2026-09-28 | Morgan Stanley | Target raised | Overweight | $200 → $201 |
| 2026-09-08 | Morgan Stanley | Upgrade | Underweight → Overweight | $141 → $200 |
| 2026-08-19 | Cantor Fitzgerald | Target raised | Neutral | $158 → $175 |
| 2026-08-05 | Evercore ISI Group | Target raised | In-Line | $166 → $181 |
| 2026-08-03 | TD Cowen | Target raised | Buy | $169 → $185 |
| 2026-07-31 | RBC Capital | Target raised | Sector Perform | $168 → $176 |
| 2026-07-31 | Stephens & Co. | Target raised | Overweight | $169 → $183 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +31.6% | +41.4% |
| S&P 500 (SPY) | +14.4% | +79.1% |
| Per year | +31.8% | +7.2% |
| Volatility (annualized) | 19.2% | 27.3% |
| Max drawdown | -11.4% (Feb 2026→Mar 2026) | -43.3% (Oct 2022→Oct 2023) |

## More
Full page: https://nexqual.com/CFR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in CFR's own 10-K filed 2026-02-05 (https://www.sec.gov/Archives/edgar/data/39263/000003926326000011/cfr-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Federal Deposit Insurance | "Furthermore, as we and other regional banking organizations experienced in 2023, the failure of other financial institutions may cause deposit outflows as customers spread deposits among several different banks so as to …" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.84 | $2.74 | +3.8% | $627.9M | 12 |
| Next quarter (ends 2027-03-31) | $2.87 | $2.76 | +3.7% | $627.0M | 7 |
| Current fiscal year (ends 2026-12-31) | $11.00 | $10.70 | +2.9% | $2.41B | 14 |
| Next fiscal year (ends 2027-12-31) | $11.92 | $11.10 | +7.4% | $2.57B | 14 |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Sep 30, 2026 | $2.84 | $2.80 | Beat +1.4% | — |
| — | Quarter ended Jun 30, 2026 | $2.70 | $2.57 | Beat +5.1% | — |
| — | Quarter ended Mar 31, 2026 | $2.65 | $2.49 | Beat +6.4% | — |
| — | Quarter ended Dec 31, 2025 | $2.80 | $2.45 | Beat +14.3% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-29 | 8-K | Delisting notice or listing-rule failure; Regulation FD disclosure — “On October 29, 2026, Cullen/Frost Bankers, Inc. (the "Company"), acting pursuant to authorization from its Board of Directors (the "Board"), notified the New York Stock Exchange ("NYSE") of its intention to voluntarily withdraw the listing of: (i) its common stock, par value $0.01 per share (the "Common Stock") and (ii) its depositary shares each representing 1/40 th interest in a share of 4.450% non-cumulative perpetual preferred stock, Series B (the "Depositary Shares") and transfer the listings to the Texas…” | https://www.sec.gov/Archives/edgar/data/39263/000003926326000057/0000039263-26-000057-index.htm |
| 2026-10-29 | 10-Q | Quarterly report · period ended Sep 30, 2026 | https://www.sec.gov/Archives/edgar/data/39263/000003926326000056/0000039263-26-000056-index.htm |
| 2026-10-29 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/39263/000003926326000053/0000039263-26-000053-index.htm |
| 2026-08-17 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/39263/000003926326000049/0000039263-26-000049-index.htm |
| 2026-08-07 | Schedule 13G | STATE STREET CORPORATION: 5.1% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/39263/000009375126000445/0000093751-26-000445-index.htm |
| 2026-07-30 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/39263/000003926326000046/0000039263-26-000046-index.htm |
| 2026-07-30 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/39263/000003926326000045/0000039263-26-000045-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.