Frost Bank

CFR · NYSE · Financials · Financials, fiscal 2016 to 2025

CFR · Last close · October 26, 2026

$158.58

Frost Bank's revenue rose 8.3% to $2.2 billion in fiscal 2025. Net income was $649 million, up 11.3%. Its return on equity was 15.3%, about the same as 15.3% a year earlier. Its efficiency ratio was 63.5%, up from 63.1% a year earlier. It paid out $413 million in dividends and buybacks. The diluted share count fell 0.2%.

Cullen/Frost Bankers, Inc. Latest fiscal year ended December 31, 2025 10-K filed February 5, 2026 · 0000039263-26-000011 Updated October 18, 2026

Revenue

$2.2B

8.3%

Net income

$649M

11.3%

Return on equity

15.3%

0.0 pts

Return on tangible equity

15.7%

Efficiency ratio

63.5%

0.4 pts

Market cap

$9.9B

Oct 26 close

P/E

15.0x

On $10.58 EPS, 4 qtrs

Return on equity is net income as a share of shareholders' equity; return on tangible equity leaves out goodwill and other intangible assets. The efficiency ratio is operating costs as a share of revenue, so lower means the bank spends less to earn each dollar. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

Revenue and returns

Revenue

US$ billions, fiscal years. Revenue is net of interest expense.

Return on equity

Percent. Net income over average equity; tangible equity excludes goodwill, intangibles and preferred stock.

Return on equityReturn on tangible common equity

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 8.7% a year and net income 8.8% a year, as new shares raised the share count by 2% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Efficiency and income mix

Efficiency ratio and net interest income

Percent of revenue. The efficiency ratio is noninterest expense over revenue.

Efficiency ratioNet interest income share

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Value Frost Bank yourself from its earnings. A bank's cash flow is mostly the money it lends and takes in, so the cash flow model on other company pages doesn't suit it.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Frost Bank's earnings per share of $10.58 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 13.8×, the middle of Frost Bank's own P/E today, its peers' median and its sector's median (the Financials median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: BOK Financial, Columbia Banking System, Pinnacle Financial Partners.

Earnings growth in the years ahead (% a year) Starts at Frost Bank's revenue growth over the last 3 years, 9.6% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $158.58
Value at this multiple, against the last close: —
Frost Bank's P/E at the last close: 15.0×

Company	Last close	Earnings per share	P/E today
Pinnacle Financial PartnersPNFP	$100.31	$4.04	24.9×
Frost BankCFR	$158.58	$10.58	15.0×
BOK FinancialBOKF	$129.03	$10.62	12.1×
Columbia Banking SystemCOLB	$31.06	$2.56	12.1×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Loans, net	16,088	16,927	18,578	20,485	21,610
Deposits	42,696	43,954	41,921	42,723	42,918
Loans to deposits	37.7%	38.5%	44.3%	48.0%	50.4%
Provision for credit losses	0	3	46	65	44
Provision to average loans	0.0%	0.0%	0.3%	0.3%	0.2%
Total assets	50,878	52,892	50,845	52,520	53,041
Shareholders' equity	4,440	3,137	3,716	3,899	4,573

US$ millions unless stated, at each fiscal year end.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Frost Bank shares on the open market, and 4 insiders sold $350,133.

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 12, 2026	Carol Jean SeverynGEVP and Chief Risk Officer	Sold	837	$148.29	$124,119	Form 4
Jan 30, 2026	Bobby BermanGEVP Research & Strategy	Sold	1,000	$137.07	$137,070	Form 4
Dec 12, 2025	Ericka Lynn PullinGevp, Culture & People Dev.	Sold	0	$129.73	$44	Form 4
Dec 9, 2025	Coolidge E Rhodes JRGroup EVP General Counsel/Sec	Sold	700	$127.00	$88,900	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Compare

Put Frost Bank side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Net margin	Return on equity	Return on tangible equity	Efficiency ratio	Compare
Frost Bank	FY25	8.3%	29.0%	15.3%	15.7%	63.5%
BOK Financial	FY25	6.1%	26.6%	10.1%	12.3%	65.9%	Compare
Columbia Banking System	FY25	19.3%	23.9%	8.5%	11.9%	61.8%	Compare
Flagstar Bank	FY25	−19.2%	−8.6%	−2.2%	−2.9%	100.7%	Compare
Pinnacle Financial Partners	FY25	18.3%	31.2%	9.5%	12.9%	56.8%	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,126	1,203	1,309	1,368	1,442	1,372	1,696	1,987	2,064	2,235
Revenue growth	5.7%	6.8%	8.8%	4.5%	5.4%	−4.8%	23.7%	17.2%	3.9%	8.3%
Net interest income	776	866	958	1,004	976	985	1,291	1,559	1,605	1,736
Noninterest income	350	336	351	364	466	387	405	428	459	499
Noninterest expense	733	759	779	835	849	882	1,024	1,229	1,303	1,419
Provision for credit losses	—	—	22	34	241	0	3	46	65	44
Net income	304	364	455	444	331	443	579	598	582	649
Diluted EPS (US$)	4.70	5.51	6.90	6.84	5.10	6.76	8.81	9.10	8.87	9.92
Diluted shares (millions)	63	65	65	63	63	64	64	64	64	64
Payouts
Dividends paid	135	144	165	177	181	189	210	232	242	255
Share buybacks	1	102	101	69	16	4	4	43	61	158
Balance sheet at fiscal year end
Loans, net	11,822	12,990	13,968	14,618	17,218	16,088	16,927	18,578	20,485	21,610
Deposits	25,812	26,872	27,149	27,640	35,016	42,696	43,954	41,921	42,723	42,918
Total assets	30,196	31,748	32,293	34,027	42,391	50,878	52,892	50,845	52,520	53,041
Shareholders' equity	3,002	3,298	3,369	3,912	4,293	4,440	3,137	3,716	3,899	4,573
Ratios
Return on equity	10.3%	11.6%	13.7%	12.2%	8.1%	10.2%	15.3%	17.4%	15.3%	15.3%
Return on tangible common equity	13.8%	15.2%	17.7%	15.3%	9.8%	12.2%	19.2%	—	—	15.7%
Return on assets	1.0%	1.2%	1.4%	1.3%	0.9%	0.9%	1.1%	1.1%	1.1%	1.2%
Efficiency ratio	65.1%	63.1%	59.5%	61.0%	58.9%	64.3%	60.4%	61.8%	63.1%	63.5%

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Frost Bank's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Frost Bank.