Capital allocation remains disciplined with quarterly dividend distributions of approximately $63 million to $66 million, even as operating cash flow metrics remain distorted by loan originations and securities turnover, evidenced by an OCF/NI ratio that swung from -1.96 to 3.60.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 807.41M | 273.98M | 989.53M | 478.85M | 722.58M | 648.29M | 524.24M | 634.09M | 562.39M | 538.08M | 437.84M | 394.86M | 289.85M | 173.61M | 300M | 274.37M | 424.53M | 273.93M | 234.37M | 201.28M | -53.13M | 132.44M | 128.78M | 202.36M | 272.2M | 91.52M | 130.2M | 136.6M | 115.3M | 48.2M | 76.6M |
| Operating CF Growth % | 350.77% | -72.31% | 106.65% | -33.73% | 11.46% | 23.66% | -17.32% | 12.75% | 4.52% | 22.89% | 10.89% | 36.23% | 66.96% | -42.13% | 9.34% | -35.37% | 54.98% | 16.88% | 16.44% | 478.81% | -140.12% | 2.84% | -36.36% | -25.66% | 197.42% | -29.71% | -4.69% | 18.47% | 139.21% | -37.08% | -10.83% |
| Net Income | 668.62M | 648.56M | 582.54M | 597.97M | 579.15M | 443.08M | 331.15M | 443.6M | 454.92M | 364.15M | 304.26M | 279.33M | 277.98M | 237.87M | 237.95M | 217.53M | 208.76M | 179.03M | 207.25M | 212.07M | 193.59M | 165.42M | 141.32M | 130.5M | 116.99M | 80.92M | 108.82M | 97.6M | 75.6M | 73M | 62.9M |
| Depreciation & Amortization | 110.84M | 127.39M | 82.82M | 76.44M | 71.34M | 69.29M | 64.37M | 54.09M | 50.17M | 47.81M | 48.18M | 42.14M | 39.87M | 38.47M | 37.78M | 37.63M | 37.59M | 36.46M | 33.57M | 31.36M | 25.17M | 26.34M | 25.86M | 27.75M | 31.49M | 38.33M | 35.51M | 37.4M | 29.1M | 17.1M | 11.1M |
| Deferred Taxes | 4.43M | 5.37M | -11.6M | -14.83M | -4.92M | 7.78M | -15.83M | 7.61M | 52.92M | -14.49M | -11.6M | -19.06M | -4.13M | 3.28M | -6.41M | 8.17M | 4.64M | -9.85M | 11.42M | 857K | -1.27M | 555K | 5.32M | -3.78M | -7.82M | -7.5M | -1.78M | -6.1M | -5.6M | -6.7M | -3.9M |
| Other Non-Cash Items | -450.19M | 13.72M | 86.25M | 90.97M | 90.09M | 100.18M | 237.98M | 126.88M | 103.24M | 115.45M | 98.67M | 107.2M | 63.72M | 45.73M | 16.42M | 19.6M | 40.8M | 53.65M | 12.41M | -5.42M | -7.23M | 17.66M | 3.82M | -11.68M | 134.49M | -29.06M | -7.78M | 6.1M | 19.6M | -33.3M | 8.9M |
| Working Capital Changes | 447.85M | -545.81M | 229.76M | -296.31M | -31.41M | 15.21M | -107.34M | -14.04M | -112.81M | 12.15M | -13.46M | -27.48M | -100.09M | -163.7M | 1.42M | -24.53M | 117.81M | 2M | -40.45M | -37.59M | -263.4M | -77.54M | -47.54M | 59.57M | -2.95M | 8.84M | -4.56M | 1.6M | -3.4M | -1.9M | -2.4M |
| Cash from Investing | -1.11B | -1.6B | -180.88M | -942.75M | -8.28B | -2.53B | -1.63B | -1.39B | -1.91B | -670.6M | -1.37B | -1.24B | -2.28B | -385.92M | -2.16B | -2.46B | -399.82M | -919.38M | -1.23B | -461.27M | -368.95M | -421.72M | -633.4M | -619.72M | -289.21M | -635.56M | -385.97M | 22.3M | -672.7M | -347.3M | -215.9M |
| Purchase of Investments | -6.11B | -21.5B | -17.9B | -20.27B | -23.6B | -24.22B | -20.84B | -23.96B | -18.19B | -13.53B | -16.42B | -14.15B | -19.48B | -11.44B | -18.57B | -8.84B | -11.47B | -12.39B | -7.65B | -13.59B | -14.07B | -10.76B | -8.52B | -8.6B | -7.93B | -6.67B | -3.45B | -2.17B | -2.32B | -1.39B | -738.4M |
| Sale/Maturity of Investments | 7.15B | 21.17B | 19.81B | 21.17B | 16.24B | 20.6B | 22.12B | 23.44B | 17.33B | 14.07B | 15.55B | 13.55B | 17.29B | 11.38B | 17.66B | 6.32B | 10.89B | 11.14B | 7.61B | 13.54B | 14.01B | 10.97B | 8.48B | 8.05B | 7.73B | 6.18B | 3.47B | 2.65B | 2.08B | 1.38B | 856.4M |
| Net Investment Activity | 1.04B | -329.41M | 1.91B | 898.12M | -7.36B | -3.62B | 1.28B | -519.18M | -863.96M | 545.49M | -871.34M | -598.47M | -2.19B | -53.12M | -902.86M | -2.52B | -580.36M | -1.25B | -38.74M | -50.43M | -62.82M | 204.62M | -39.31M | -552.48M | -204.05M | -495.45M | 24.27M | 480.6M | -240.9M | -3M | 118M |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -492K | 0 | 830.66M | -1.9M | -7.2M | -650K | 0 | -1.21M | -586K | -2.83M | -100.07M | -13.3M | -7.06M | -750K | 0 | -4.95M | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -2.11B | -1.13B | -1.96B | -1.68B | -816.96M | 1.16B | -2.81B | -660.85M | -970.09M | -1.18B | -448.5M | -493.33M | -788.79M | -291.31M | -1.22B | 90.1M | 197.37M | 411.69M | -1.12B | -386.95M | -178.77M | -594.94M | -571.64M | -53.98M | -44.21M | -117.68M | -385.02M | -438M | -413M | -326.2M | -312.5M |
| Cash from Financing | -404.23M | -33.09M | 738.33M | -2.88B | 3B | 8.17B | 7.61B | 585.06M | 253.66M | 1.04B | 1.49B | 71.46M | 1.8B | 1.24B | 2.47B | 2.27B | 1.07B | 1.13B | 1.04B | 11.92M | -46.76M | 908.92M | 160.21M | -8.39M | 950.26M | 635.66M | 492.74M | -144.7M | 517.6M | 172.6M | 431.5M |
| Dividends Paid | -200.37M | -262.03M | -249.12M | -239M | -216.46M | -195.94M | -182.6M | -185.07M | -173.51M | -152.24M | -142.97M | -140.22M | -135.24M | -126.34M | -116.85M | -112.21M | -108.03M | -102.13M | -98.15M | -90.82M | -73.4M | -61.5M | -53.78M | -48.48M | -44.74M | -43.3M | -39.55M | -36M | -30.5M | -22.3M | -18.8M |
| Share Repurchases | -155.23M | -157.83M | -60.9M | -42.72M | -4.39M | -3.86M | -165.78M | -68.79M | -101.01M | -101.47M | -1.29M | -101.24M | -1.46M | -144.63M | -436K | -2.03M | -986K | -800K | -23.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Issued | 5.99M | 11.95M | 0 | 0 | 0 | 0 | 158.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.54M | 2.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Stock Activity | -149.24M | -145.89M | -60.9M | -42.72M | -4.39M | -3.86M | -7.78M | -68.79M | -101.01M | -101.47M | -1.29M | -101.24M | -1.46M | -144.63M | -436K | -2.03M | 2.55M | 1.7M | -23.05M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K |
| Other Financing | -106.13M | 195.12M | 824.82M | -2.02B | 1.28B | 7.73B | 7.38B | 511.13M | 308.46M | 1.13B | 1.55B | 222.52M | 1.85B | 1.26B | 2.75B | 2.29B | 1.21B | 1.82B | 1.02B | 248.98M | -97.75M | 721.65M | 36.82M | 440.71M | 508.39M | 598.32M | 545.86M | -117.6M | 454.2M | 240.9M | 373.7M |
| Net Change in Cash | -709M | -1.36B | 1.55B | -3.34B | -4.55B | 6.29B | 6.5B | -167.6M | -1.1B | 911.6M | 549.92M | -772.6M | -192M | 1.03B | 617.39M | 86.61M | 1.1B | 484.15M | 40.82M | -248.07M | -468.84M | 619.64M | -344.42M | -425.74M | 933.25M | 91.62M | 236.97M | 14.3M | -39.8M | -126.5M | -661.8M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | 0 | 0 | 0 |
| Cash at Beginning | 8.87B | 10.23B | 8.69B | 12.03B | 16.58B | 10.29B | 3.79B | 3.96B | 5.05B | 4.14B | 3.59B | 4.36B | 4.56B | 3.52B | 2.91B | 2.82B | 1.72B | 1.24B | 1.2B | 1.44B | 1.91B | 1.29B | 1.64B | 2.06B | 1.13B | 1.04B | 802.11M | 787.8M | 827.6M | 954.1M | 661.8M |
| Cash at End | 7.14B | 8.87B | 10.23B | 8.69B | 12.03B | 16.58B | 10.29B | 3.79B | 3.96B | 5.05B | 4.14B | 3.59B | 4.36B | 4.56B | 3.52B | 2.91B | 2.82B | 1.72B | 1.24B | 1.2B | 1.44B | 1.91B | 1.29B | 1.64B | 2.06B | 1.13B | 1.04B | 802.1M | 787.8M | 827.6M | 938.1M |
| Interest Paid | 0 | 0 | 0 | 616.27M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 46.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 54.44M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 805.85M | 127.33M | 861.76M | 320.21M | 620.08M | 582.44M | 428.82M | 427.37M | 483.12M | 503.99M | 384.19M | 247.73M | 157.88M | 134.01M | 275.11M | 247.65M | 407.71M | 195.67M | 166.9M | 180.22M | -80.42M | 114.34M | 113.38M | 189.85M | 231.25M | 74.04M | 104.98M | 116.3M | 96.5M | 30.1M | 55.2M |
| FCF Growth % | 982.52% | -85.22% | 169.12% | -48.36% | 6.46% | 35.82% | 0.34% | -11.54% | -4.14% | 31.18% | 55.09% | 56.91% | 17.82% | -51.29% | 11.09% | -39.26% | 108.37% | 17.23% | -7.39% | 324.09% | -170.34% | 0.84% | -40.28% | -17.9% | 212.33% | -29.47% | -9.73% | 20.52% | 220.6% | -45.47% | -30.57% |
Texas CRE concentration exposure
According to recent SEC filings, CFR maintains a consistent ability to generate net income, with quarterly figures reaching $171.0 million in 2026Q1, providing a stable foundation for organic growth and regulatory capital buffers despite the inherent volatility observed in the bank's reported operating cash flow metrics.
The bank's ability to retain earnings remains a primary driver of its capital position, allowing for continued investment in its Texas-centric branch expansion strategy. Investors should monitor whether the recent spike in provision expenses will begin to constrain the bank's capacity for future organic capital deployment.
As reported in financial statements, CFR exhibits significant activity within its investment securities portfolio, with quarterly purchase volumes reaching as high as $10.5 billion in 2024Q4, suggesting a dynamic approach to managing liquidity and interest rate sensitivity through frequent turnover of its available-for-sale assets.
The high volume of purchases and sales indicates that management actively adjusts the duration and yield profile of the securities book to navigate the interest rate cycle. This level of activity warrants further investigation into the potential for realized gains or losses to impact the bank's tangible book value over time.
Based on reported figures, CFR has maintained a consistent dividend payout pattern, with quarterly distributions hovering near $63 million to $66 million, demonstrating a commitment to shareholder returns that appears sustainable relative to the bank's historical earnings power and its conservative approach to capital allocation.
While buyback activity has been sporadic, the stability of the dividend suggests that management prioritizes predictable cash returns to shareholders. The bank's preference for organic growth over aggressive share repurchases may indicate a cautious outlook on the current valuation of its own equity.
As disclosed in the company's performance data, the OCF/NI ratio has fluctuated wildly, ranging from -1.96 in 2025Q1 to 3.60 in 2024Q1, which highlights that traditional cash flow metrics are heavily distorted by the timing of loan originations and securities portfolio adjustments inherent in banking.
Analysts should be wary of using operating cash flow as a proxy for core profitability, as these figures are primarily driven by balance sheet management rather than operational efficiency. The volatility in these metrics underscores the necessity of focusing on net interest income and credit quality trends instead.
Quick answers to the most common questions about buying CFR stock.
Cullen/Frost Bankers, Inc. (CFR) generated $274.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cullen/Frost Bankers, Inc. (CFR) generated $127.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Cullen/Frost Bankers, Inc. (CFR) spent $146.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Cullen/Frost Bankers, Inc. (CFR) returned $262.0M to shareholders via cash dividends and spent $157.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.