• Cullen/Frost Bankers average operating margin for 2023 was 32.18%, a 6.02% decline from 2022.
• Cullen/Frost Bankers average operating margin for 2022 was 34.24%, a 2.18% decline from 2021.
• Cullen/Frost Bankers average operating margin for 2021 was 33.51%, a 34.15% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.