# CULLEN/FROST BANKERS, INC. (CFR) MD&A by fiscal year

Verbatim Item 7 Management's Discussion and Analysis sections from CULLEN/FROST BANKERS, INC.'s 10-K filings, one page per fiscal year. Extracted from SEC filings with the same bounded parser for every year. Filer text, not grepcent analysis or investment advice.

- [FY 2025 MD&A](/company/CFR/mda/fy2025/): filed 2026-02-05; accession 0000039263-26-000011 (https://www.sec.gov/Archives/edgar/data/39263/000003926326000011/cfr-20251231.htm); latest 10-K
- [FY 2024 MD&A](/company/CFR/mda/fy2024/): filed 2025-02-06; accession 0000039263-25-000017 (https://www.sec.gov/Archives/edgar/data/39263/000003926325000017/cfr-20241231.htm)
- [FY 2023 MD&A](/company/CFR/mda/fy2023/): filed 2024-02-06; accession 0000039263-24-000013 (https://www.sec.gov/Archives/edgar/data/39263/000003926324000013/cfr-20231231.htm)
- [FY 2022 MD&A](/company/CFR/mda/fy2022/): filed 2023-02-03; accession 0000039263-23-000008 (https://www.sec.gov/Archives/edgar/data/39263/000003926323000008/cfr-20221231.htm)
- [FY 2021 MD&A](/company/CFR/mda/fy2021/): filed 2022-02-04; accession 0000039263-22-000008 (https://www.sec.gov/Archives/edgar/data/39263/000003926322000008/cfr-20211231.htm)

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