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Side-by-side financial comparison of CULLEN/FROST BANKERS, INC. (CFR) and SPIRE INC (SR). Click either name above to swap in a different company.
SPIRE INC is the larger business by last-quarter revenue ($762.2M vs $580.9M, roughly 1.3× CULLEN/FROST BANKERS, INC.). CULLEN/FROST BANKERS, INC. runs the higher net margin — 28.6% vs 12.5%, a 16.2% gap on every dollar of revenue. On growth, SPIRE INC posted the faster year-over-year revenue change (13.9% vs 8.3%). CULLEN/FROST BANKERS, INC. produced more free cash flow last quarter ($127.3M vs $-121.8M). Over the past eight quarters, CULLEN/FROST BANKERS, INC.'s revenue compounded faster (7.6% CAGR vs -17.8%).
Frost Bank is an American bank based in San Antonio that is chartered in Texas, with 200 branches and 1,750 automated teller machines in the state. It is the primary subsidiary of Cullen/Frost Bankers, Inc., a bank holding company. It is one of the 60 largest banks of the country by total assets.
Spire Inc. is a regional public utility holding company based in St. Louis, Missouri, providing natural gas service through its regulated core utility operations while engaging in non-regulated activities that provide business opportunities. Its primary subsidiary Laclede Gas Company is the largest natural gas distribution utility in Missouri, serving approximately 631,000 residential, commercial and industrial customers in the City of St. Louis and ten counties in eastern Missouri. Its corpo...
CFR vs SR — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $580.9M | $762.2M |
| Net Profit | $166.3M | $95.0M |
| Gross Margin | — | 55.1% |
| Operating Margin | 34.1% | 22.8% |
| Net Margin | 28.6% | 12.5% |
| Revenue YoY | 8.3% | 13.9% |
| Net Profit YoY | 7.4% | 16.9% |
| EPS (diluted) | $2.56 | $1.54 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $580.9M | $762.2M | ||
| Q3 25 | $567.3M | $334.1M | ||
| Q2 25 | $546.9M | $421.9M | ||
| Q1 25 | $540.2M | $1.1B | ||
| Q4 24 | $536.3M | $669.1M | ||
| Q3 24 | $518.0M | $293.8M | ||
| Q2 24 | $507.9M | $414.1M | ||
| Q1 24 | $501.4M | $1.1B |
| Q4 25 | $166.3M | $95.0M | ||
| Q3 25 | $174.4M | $-39.8M | ||
| Q2 25 | $157.0M | $20.9M | ||
| Q1 25 | $150.9M | $209.3M | ||
| Q4 24 | $154.9M | $81.3M | ||
| Q3 24 | $146.5M | $-25.9M | ||
| Q2 24 | $145.5M | $-12.6M | ||
| Q1 24 | $135.7M | $204.3M |
| Q4 25 | — | 55.1% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 55.6% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 34.1% | 22.8% | ||
| Q3 25 | 36.7% | -0.1% | ||
| Q2 25 | 34.1% | 16.4% | ||
| Q1 25 | 33.2% | 29.1% | ||
| Q4 24 | 34.3% | 22.2% | ||
| Q3 24 | 33.8% | 6.7% | ||
| Q2 24 | 34.5% | 7.4% | ||
| Q1 24 | 32.2% | 26.5% |
| Q4 25 | 28.6% | 12.5% | ||
| Q3 25 | 30.7% | -11.9% | ||
| Q2 25 | 28.7% | 5.0% | ||
| Q1 25 | 27.9% | 19.9% | ||
| Q4 24 | 28.9% | 12.2% | ||
| Q3 24 | 28.3% | -8.8% | ||
| Q2 24 | 28.6% | -3.0% | ||
| Q1 24 | 27.1% | 18.1% |
| Q4 25 | $2.56 | $1.54 | ||
| Q3 25 | $2.67 | $-0.77 | ||
| Q2 25 | $2.39 | $0.29 | ||
| Q1 25 | $2.30 | $3.51 | ||
| Q4 24 | $2.36 | $1.34 | ||
| Q3 24 | $2.24 | $-0.63 | ||
| Q2 24 | $2.21 | $-0.28 | ||
| Q1 24 | $2.06 | $3.58 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $4.1M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $4.6B | $3.4B |
| Total Assets | $53.0B | $11.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $4.1M | ||
| Q3 25 | — | $5.7M | ||
| Q2 25 | — | $13.1M | ||
| Q1 25 | — | $15.2M | ||
| Q4 24 | — | $11.5M | ||
| Q3 24 | — | $4.5M | ||
| Q2 24 | — | $7.4M | ||
| Q1 24 | — | $25.6M |
| Q4 25 | $4.6B | $3.4B | ||
| Q3 25 | $4.5B | $3.4B | ||
| Q2 25 | $4.2B | $3.5B | ||
| Q1 25 | $4.1B | $3.5B | ||
| Q4 24 | $3.9B | $3.3B | ||
| Q3 24 | $4.1B | $3.2B | ||
| Q2 24 | $3.7B | $3.3B | ||
| Q1 24 | $3.6B | $3.4B |
| Q4 25 | $53.0B | $11.9B | ||
| Q3 25 | $52.5B | $11.6B | ||
| Q2 25 | $51.4B | $11.4B | ||
| Q1 25 | $52.0B | $11.3B | ||
| Q4 24 | $52.5B | $11.3B | ||
| Q3 24 | $51.0B | $10.9B | ||
| Q2 24 | $48.8B | $10.7B | ||
| Q1 24 | $49.5B | $10.7B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $274.0M | $81.0M |
| Free Cash FlowOCF − Capex | $127.3M | $-121.8M |
| FCF MarginFCF / Revenue | 21.9% | -16.0% |
| Capex IntensityCapex / Revenue | 25.2% | 26.6% |
| Cash ConversionOCF / Net Profit | 1.65× | 0.85× |
| TTM Free Cash FlowTrailing 4 quarters | $116.4M | $-286.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $274.0M | $81.0M | ||
| Q3 25 | $248.6M | $-4.9M | ||
| Q2 25 | $140.8M | $129.1M | ||
| Q1 25 | $-296.1M | $372.7M | ||
| Q4 24 | $989.5M | $81.1M | ||
| Q3 24 | $307.2M | $82.9M | ||
| Q2 24 | $129.6M | $270.1M | ||
| Q1 24 | $488.4M | $489.4M |
| Q4 25 | $127.3M | $-121.8M | ||
| Q3 25 | $211.7M | $-227.6M | ||
| Q2 25 | $114.5M | $-91.4M | ||
| Q1 25 | $-337.1M | $154.1M | ||
| Q4 24 | $861.8M | $-179.5M | ||
| Q3 24 | $281.9M | $-146.9M | ||
| Q2 24 | $103.0M | $47.9M | ||
| Q1 24 | $450.3M | $306.6M |
| Q4 25 | 21.9% | -16.0% | ||
| Q3 25 | 37.3% | -68.1% | ||
| Q2 25 | 20.9% | -21.7% | ||
| Q1 25 | -62.4% | 14.7% | ||
| Q4 24 | 160.7% | -26.8% | ||
| Q3 24 | 54.4% | -50.0% | ||
| Q2 24 | 20.3% | 11.6% | ||
| Q1 24 | 89.8% | 27.2% |
| Q4 25 | 25.2% | 26.6% | ||
| Q3 25 | 6.5% | 66.7% | ||
| Q2 25 | 4.8% | 52.3% | ||
| Q1 25 | 7.6% | 20.8% | ||
| Q4 24 | 23.8% | 38.9% | ||
| Q3 24 | 4.9% | 78.2% | ||
| Q2 24 | 5.2% | 53.7% | ||
| Q1 24 | 7.6% | 16.2% |
| Q4 25 | 1.65× | 0.85× | ||
| Q3 25 | 1.43× | — | ||
| Q2 25 | 0.90× | 6.18× | ||
| Q1 25 | -1.96× | 1.78× | ||
| Q4 24 | 6.39× | 1.00× | ||
| Q3 24 | 2.10× | — | ||
| Q2 24 | 0.89× | — | ||
| Q1 24 | 3.60× | 2.40× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CFR
Segment breakdown not available.
SR
| Residential | $474.9M | 62% |
| Commercial And Industrial | $148.4M | 19% |
| Gas Marketing | $41.1M | 5% |
| Midstream | $39.0M | 5% |
| Transportation | $37.1M | 5% |
| Offsystem And Other Inventive | $19.7M | 3% |
| Other Customer Revenue | $4.6M | 1% |
