Commerce Bancshares (CBSH) Financials

$63.02 -0.24 (-0.38%)

Closing price 04:00 PM Eastern

Extended Trading

$63.00 -0.03 (-0.04%)

As of 04:21 PM Eastern

Annual Income Statements for Commerce Bancshares

This table shows Commerce Bancshares' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	526	477	488	531	342	412	425	319	275	264
Consolidated Net Income / (Loss)	534	485	500	541	354	423	438	320	277	267
Net Income / (Loss) Continuing Operations	534	485	500	541	354	423	438	320	277	267
Total Pre-Tax Income	679	620	632	686	441	532	544	430	401	384
Total Revenue	1,664	1,586	1,509	1,426	1,336	1,346	1,325	1,220	1,127	1,089
Net Interest Income / (Expense)	1,040	998	942	835	830	821	824	734	680	634
Total Interest Income	1,470	1,381	999	848	873	925	889	777	713	662
Loans and Leases Interest Income	1,063	985	647	571	613	665	626	545	491	457
Investment Securities Interest Income	285	292	337	274	257	253	256	230	221	205
Deposits and Money Market Investments Interest Income	121	103	15	3.20	2.27	6.70	6.23	2.22	0.97	0.53
Federal Funds Sold and Securities Borrowed Interest Income	0.05	0.66	0.41	0.00	0.00	0.06	0.52	0.23	0.08	0.06
Total Interest Expense	429	383	57	13	43	103	65	44	33	28
Deposits Interest Expense	336	246	30	11	36	73	46	31	26	23
Long-Term Debt Interest Expense	0.02	39	0.47	-0.02	1.01	0.95	0.05	3.09	3.97	3.57
Federal Funds Purchased and Securities Sold Interest Expense	93	98	26	1.65	6.09	29	20	9.83	3.32	1.86
Total Non-Interest Income	623	588	567	590	506	525	501	486	447	454
Trust Fees by Commissions	233	208	204	207	176	171	164	150	136	132
Other Service Charges	383	365	343	354	330	353	338	311	311	316
Net Realized & Unrealized Capital Gains on Investments	7.82	15	21	30	-	3.63	-0.49	25	-0.05	6.32
Provision for Credit Losses	33	35	28	-66	137	50	43	45	36	29
Total Non-Interest Expense	951	931	849	806	768	767	738	744	689	676
Salaries and Employee Benefits	608	584	554	525	513	493	468	448	427	401
Net Occupancy & Equipment Expense	201	192	179	168	161	159	150	145	145	148
Marketing Expense	22	25	24	22	20	22	21	16	16	16
Property & Liability Insurance Claims	16	33	11	9.09	-	-	-	14	13	12
Other Operating Expenses	103	97	81	82	75	93	99	121	88	100
Income Tax Expense	145	135	132	146	87	109	106	111	124	117
Net Income / (Loss) Attributable to Noncontrolling Interest	8.07	8.12	12	9.83	-0.17	1.48	4.67	0.52	1.46	3.25
Basic Earnings per Share	$3.88	$3.47	$3.50	$3.92	$2.64	$3.25	$3.44	$2.63	$2.38	$2.33
Weighted Average Basic Shares Outstanding	133.88M	129.88M	124.80M	121.11M	117.08M	112.09M	110.81M	110.83M	105.24M	102.87M
Diluted Earnings per Share	$3.87	$3.46	$3.50	$3.91	$2.64	$3.25	$3.43	$2.62	$2.37	$2.32
Weighted Average Diluted Shares Outstanding	133.88M	129.88M	124.80M	121.11M	117.08M	112.09M	110.81M	110.83M	105.24M	102.87M
Weighted Average Basic & Diluted Shares Outstanding	133.88M	129.88M	124.80M	121.11M	117.08M	112.09M	110.81M	110.83M	105.24M	102.87M
Cash Dividends to Common per Share	$1.03	-	-	$1.00	$2.06	$0.99	$0.90	$1.55	$0.78	$0.78

This table shows Commerce Bancshares' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	132	136	138	140	113	109	121	128	119	132	123
Consolidated Net Income / (Loss)	131	137	140	141	115	111	123	130	121	134	126
Net Income / (Loss) Continuing Operations	131	137	140	141	115	111	123	130	121	134	126
Total Pre-Tax Income	168	174	179	180	147	144	156	166	153	168	160
Total Revenue	420	423	425	418	398	401	396	401	389	400	388
Net Interest Income / (Expense)	269	267	262	262	249	248	249	250	252	255	246
Total Interest Income	364	369	372	369	359	363	361	349	309	286	263
Loans and Leases Interest Income	254	261	270	268	265	263	256	241	224	201	171
Investment Securities Interest Income	84	77	67	73	68	67	73	78	75	80	86
Deposits and Money Market Investments Interest Income	26	31	35	29	26	33	32	29	9.34	5.95	5.57
Federal Funds Sold and Securities Borrowed Interest Income	0.03	0.01	0.00	0.03	0.01	0.02	0.05	0.11	0.49	0.30	0.09
Total Interest Expense	95	103	110	107	110	114	113	99	57	32	16
Deposits Interest Expense	75	82	86	84	84	85	78	55	28	16	8.83
Long-Term Debt Interest Expense	0.00	0.01	0.01	0.01	-0.00	2.40	9.12	21	5.95	1.02	-0.43
Federal Funds Purchased and Securities Sold Interest Expense	21	21	24	23	26	27	25	23	23	14	7.89
Total Non-Interest Income	151	156	163	155	149	152	147	151	137	146	142
Trust Fees by Commissions	4.79	168	4.62	4.48	56	102	3.82	52	50	49	50
Other Service Charges	154	-13	154	148	93	43	139	96	87	88	88
Net Realized & Unrealized Capital Gains on Investments	-7.59	0.98	3.87	3.23	-0.26	7.60	4.30	3.39	-0.31	8.90	3.41
Provision for Credit Losses	14	14	9.14	5.47	4.79	5.88	12	6.47	11	15	15
Total Non-Interest Expense	238	236	238	232	246	251	228	228	224	217	213
Salaries and Employee Benefits	153	154	153	149	152	147	147	145	144	138	137
Net Occupancy & Equipment Expense	52	51	51	49	50	50	49	47	46	45	46
Marketing Expense	5.84	5.68	7.28	5.36	4.04	6.51	6.17	6.37	5.47	5.42	6.23
Property & Liability Insurance Claims	3.74	3.18	2.93	2.35	8.02	20	4.03	4.19	4.64	-	-
Other Operating Expenses	24	22	23	26	32	27	22	25	24	17	24
Income Tax Expense	37	37	38	39	32	32	33	36	33	34	34
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.96	1.14	2.26	1.89	2.79	2.24	2.10	2.67	1.10	2.03	3.36
Basic Earnings per Share	$0.98	$0.87	$1.07	$1.07	$0.87	$0.67	$0.92	$0.97	$0.91	$0.69	$0.97
Weighted Average Basic Shares Outstanding	133.43M	133.88M	128.23M	128.92M	129.54M	129.88M	124.29M	124.70M	124.72M	124.80M	119.35M
Diluted Earnings per Share	$0.98	$0.87	$1.07	$1.07	$0.86	$0.66	$0.92	$0.97	$0.91	$0.69	$0.97
Weighted Average Diluted Shares Outstanding	133.43M	133.88M	128.23M	128.92M	129.54M	129.88M	124.29M	124.70M	124.72M	124.80M	119.35M
Weighted Average Basic & Diluted Shares Outstanding	133.43M	133.88M	128.23M	128.92M	129.54M	129.88M	124.29M	124.70M	124.72M	124.80M	119.35M
Cash Dividends to Common per Share	$0.28	-	$0.27	$0.27	$0.27	-	-	$0.27	$0.27	-	$0.27

This table details how cash moves in and out of Commerce Bancshares' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	689	1,789	-3,399	2,089	1,301	-301	685	-277	299	-598
Net Cash From Operating Activities	578	489	559	598	624	513	553	427	455	291
Net Cash From Continuing Operating Activities	578	489	559	598	624	513	553	427	455	291
Net Income / (Loss) Continuing Operations	534	485	500	541	354	423	438	320	277	267
Consolidated Net Income / (Loss)	534	485	500	541	354	423	438	320	277	267
Provision For Loan Losses	33	35	28	-66	137	50	43	45	36	29
Depreciation Expense	54	50	47	45	44	41	39	40	41	43
Amortization Expense	-0.84	18	19	67	60	28	26	35	31	33
Non-Cash Adjustments to Reconcile Net Income	8.77	-59	-15	41	109	17	17	24	1.08	2.80
Changes in Operating Assets and Liabilities, net	-51	-40	-19	-29	-79	-46	-10	-38	68	-83
Net Cash From Investing Activities	484	2,184	242	-2,083	-5,391	-730	-91	221	-805	-1,195
Net Cash From Continuing Investing Activities	484	2,184	242	-2,083	-5,391	-730	-91	221	-805	-1,195
Purchase of Property, Leasehold Improvements and Equipment	-46	-88	-65	-57	-33	-43	-33	-31	-24	-32
Purchase of Investment Securities	-3,233	-253	-3,494	-5,713	-8,635	-2,661	-2,391	-2,544	-3,248	-4,548
Sale of Property, Leasehold Improvements and Equipment	8.89	4.36	2.99	8.86	1.88	2.03	13	3.19	10	5.55
Sale and/or Maturity of Investments	3,754	2,520	3,799	3,678	3,276	1,971	2,320	2,792	2,457	3,379
Net Cash From Financing Activities	-373	-883	-4,201	3,574	6,067	-84	223	-925	649	306
Net Cash From Continuing Financing Activities	-373	-883	-4,201	3,574	6,067	-84	223	-925	649	306
Net Change in Deposits	-74	-731	-3,703	2,889	6,153	435	-48	-489	1,026	421
Issuance of Debt	0.00	2,250	0.00	0.00	-1.62	-	6.94	-	-	-
Repayment of Debt	-1.35	-2,258	-2.89	12	-	-6.39	-	-100	-1.77	-0.24
Repurchase of Common Equity	-170	-76	-187	-129	-54	-135	-75	-18	-39	-23
Payment of Dividends	-145	-135	-127	-123	-128	-122	-109	-101	-96	-94
Other Financing Activities, Net	18	67	-181	925	248	-256	449	-217	-240	2.95
Cash Interest Paid	453	337	54	16	52	98	63	44	32	28
Cash Income Taxes Paid	126	131	117	120	90	76	84	121	120	95

This table details how cash moves in and out of Commerce Bancshares' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-102	226	605	644	-787	479	-730	1,218	822	-111	-63
Net Cash From Operating Activities	139	-137	432	147	135	121	147	105	116	90	184
Net Cash From Continuing Operating Activities	139	-137	432	147	135	121	147	105	116	90	184
Net Income / (Loss) Continuing Operations	131	137	140	141	115	111	123	130	121	134	126
Consolidated Net Income / (Loss)	131	137	140	141	115	111	123	130	121	134	126
Provision For Loan Losses	14	14	9.14	5.47	4.79	5.88	12	6.47	11	15	15
Depreciation Expense	14	14	14	14	13	13	12	13	12	12	12
Amortization Expense	-3.72	-3.62	1.13	-2.26	3.91	4.32	3.86	1.83	7.65	10	2.62
Non-Cash Adjustments to Reconcile Net Income	12	0.75	1.59	0.15	6.29	-9.65	-27	-0.21	-22	1.31	-18
Changes in Operating Assets and Liabilities, net	-29	-298	266	-11	-8.23	-3.84	23	-46	-13	-83	46
Net Cash From Investing Activities	-373	-485	-237	665	541	465	578	253	888	489	552
Net Cash From Continuing Investing Activities	-373	-485	-237	665	541	465	578	253	888	489	552
Purchase of Property, Leasehold Improvements and Equipment	-13	-14	-13	-8.51	-11	-16	-21	-32	-20	-19	-18
Purchase of Investment Securities	-865	-787	-1,018	-1,069	-358	794	-183	-455	-408	-606	-275
Sale of Property, Leasehold Improvements and Equipment	0.10	0.03	5.58	0.61	2.67	0.61	2.54	1.21	0.01	1.37	0.21
Sale and/or Maturity of Investments	504	317	788	1,742	907	-313	779	739	1,316	1,113	845
Net Cash From Financing Activities	133	847	411	-168	-1,463	-108	-1,454	861	-182	-690	-799
Net Cash From Continuing Financing Activities	133	847	411	-168	-1,463	-108	-1,454	861	-182	-690	-799
Net Change in Deposits	735	195	858	-143	-983	284	-766	1,304	-1,553	-1,170	-793
Issuance of Debt	18	-8.80	8.80	-0.96	0.96	-	-	752	1,498	11	-11
Repurchase of Common Equity	-55	-47	-44	-38	-42	-20	-20	-0.32	-36	-23	-50
Payment of Dividends	-38	-35	-40	-35	-35	-34	-34	-34	-34	-32	-32
Other Financing Activities, Net	-527	745	-369	46	-403	164	-133	93	-57	527	81
Cash Interest Paid	90	124	110	109	110	109	103	77	47	30	15
Cash Income Taxes Paid	0.56	40	20	65	1.03	34	32	61	3.86	24	30

This table presents Commerce Bancshares' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	31,997	31,701	31,876	36,689	32,923	26,066	25,464	24,833	25,641	24,605
Cash and Due from Banks	748	443	452	306	438	492	508	438	495	464
Federal Funds Sold	3.00	5.03	50	2.80	-	-	3.32	43	15	15
Interest Bearing Deposits at Other Banks	2,625	2,239	389	3,971	1,747	396	690	31	272	24
Trading Account Securities	9,857	10,176	13,119	16,325	13,496	9,592	9,399	9,593	10,496	10,777
Loans and Leases, Net of Allowance	17,057	17,043	16,153	15,026	16,109	14,577	13,980	13,824	13,257	12,285
Loans and Leases	17,220	17,205	16,303	15,176	16,330	14,738	14,140	13,984	13,413	12,437
Allowance for Loan and Lease Losses	163	162	150	150	221	161	160	160	156	152
Loans Held for Sale	3.24	4.18	4.96	15,035	45	14	21	21	14	7.61
Premises and Equipment, Net	475	469	419	389	371	371	333	335	338	353
Goodwill	147	147	139	139	139	139	139	139	139	139
Intangible Assets	14	14	15	16	11	9.53	8.79	7.62	6.71	6.67
Other Assets	1,067	1,161	1,135	507	567	476	382	401	608	535
Total Liabilities & Shareholders' Equity	31,997	31,701	31,876	36,689	32,923	26,066	25,464	24,833	25,641	24,605
Total Liabilities	28,664	28,737	29,394	33,241	29,523	22,927	22,527	22,115	23,140	22,238
Non-Interest Bearing Deposits	8,151	7,976	10,066	11,772	10,498	6,891	6,980	7,159	7,429	7,146
Interest Bearing Deposits	17,143	17,388	16,121	18,041	16,449	13,630	13,343	13,266	13,672	12,832
Federal Funds Purchased and Securities Sold	2,927	2,909	2,842	3,023	2,098	1,851	1,956	1,507	1,724	1,964
Short-Term Debt	0.06	1.40	-	-	0.80	-	8.70	1.76	102	104
Other Long-Term Liabilities	444	463	356	392	477	554	238	181	213	191
Total Equity & Noncontrolling Interests	3,332	2,964	2,482	3,448	3,400	3,138	2,937	2,718	2,501	2,367
Total Preferred & Common Equity	3,310	2,944	2,465	3,437	3,397	3,135	2,931	2,717	2,496	2,362
Total Common Equity	3,310	2,944	2,465	3,437	3,397	2,990	2,787	2,572	2,351	2,217
Common Stock	4,072	3,818	3,562	3,301	3,026	2,715	2,644	2,351	2,062	1,828
Retained Earnings	45	53	32	92	73	202	241	221	293	383
Treasury Stock	-48	-36	-42	-33	-33	-38	-34	-14	-15	-26
Accumulated Other Comprehensive Income / (Loss)	-759	-891	-1,087	77	331	110	-65	14	11	32
Noncontrolling Interest	23	20	16	11	2.93	3.79	5.85	1.62	5.35	5.43

This table presents Commerce Bancshares' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	32,365	31,494	30,569	30,372	31,377	32,831	32,005	32,603
Cash and Due from Banks	517	508	330	291	358	367	351	344
Federal Funds Sold	0.00	0.01	0.00	0.00	2.74	2.75	27	14
Interest Bearing Deposits at Other Banks	2,757	2,642	2,215	1,610	1,848	2,569	1,342	643
Trading Account Securities	10,230	9,742	9,168	9,436	10,359	11,539	12,376	14,178
Loans and Leases, Net of Allowance	17,212	16,929	17,005	17,138	16,967	16,798	16,376	15,756
Loans and Leases	17,379	17,090	17,163	17,299	17,129	16,957	16,536	15,899
Allowance for Loan and Lease Losses	167	161	159	160	162	159	159	143
Loans Held for Sale	2.89	1.71	2.93	2.33	5.12	6.78	16,382	8.06
Premises and Equipment, Net	477	470	467	467	461	452	428	408
Goodwill	147	147	147	147	147	146	139	139
Intangible Assets	13	14	14	14	14	15	15	16
Other Assets	1,009	1,040	1,221	1,267	1,216	937	944	1,097
Total Liabilities & Shareholders' Equity	32,365	31,494	30,569	30,372	31,377	32,831	32,005	32,603
Total Liabilities	28,867	28,040	27,411	27,408	28,777	30,146	29,322	30,231
Non-Interest Bearing Deposits	7,518	7,396	7,493	7,513	7,961	8,199	8,685	10,469
Interest Bearing Deposits	18,324	17,842	16,787	16,927	17,129	17,671	15,998	17,003
Federal Funds Purchased and Securities Sold	2,400	2,182	2,551	2,506	2,745	2,878	2,785	2,315
Long-Term Debt	18	10	3.98	2.36	504	1,006	1,508	1.83
Other Long-Term Liabilities	607	610	576	460	438	393	347	444
Total Equity & Noncontrolling Interests	3,498	3,454	3,158	2,964	2,599	2,685	2,682	2,371
Total Preferred & Common Equity	3,478	3,432	3,138	2,944	2,581	2,667	2,666	2,352
Total Common Equity	3,478	3,432	3,138	2,944	2,581	2,667	2,666	2,352
Common Stock	4,058	3,810	3,808	3,804	3,554	3,551	3,548	3,294
Retained Earnings	140	339	235	131	298	211	117	353
Treasury Stock	-86	-139	-98	-60	-77	-58	-60	-177
Accumulated Other Comprehensive Income / (Loss)	-635	-577	-808	-931	-1,194	-1,036	-940	-1,119
Noncontrolling Interest	21	21	21	20	18	18	17	20

This table displays calculated financial ratios and metrics derived from Commerce Bancshares' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	4.88%	5.10%	5.85%	6.75%	-0.76%	1.57%	8.62%	8.29%	3.47%	1.68%
EBITDA Growth	6.67%	-1.60%	-12.54%	49.52%	-10.58%	-2.07%	20.57%	6.79%	3.15%	2.01%
EBIT Growth	9.64%	-2.00%	-7.86%	59.55%	-18.56%	-3.03%	26.54%	7.33%	4.55%	-0.23%
NOPAT Growth	10.15%	-2.97%	-7.50%	56.68%	-18.38%	-3.54%	36.98%	15.55%	3.70%	1.59%
Net Income Growth	10.15%	-2.97%	-7.50%	52.76%	-16.28%	-3.54%	36.98%	15.55%	3.70%	1.59%
EPS Growth	11.85%	-1.14%	-10.49%	48.11%	-18.77%	-5.25%	30.92%	10.55%	2.16%	-2.11%
Operating Cash Flow Growth	18.23%	-12.62%	-6.41%	-4.21%	21.68%	-7.21%	29.57%	-6.25%	56.24%	-19.30%
Free Cash Flow Firm Growth	1,452.11%	-99.27%	205.87%	464.26%	-62.60%	7.24%	4.51%	40.18%	-38.08%	60.10%
Invested Capital Growth	12.37%	19.04%	-28.02%	1.77%	8.27%	6.62%	8.31%	4.49%	5.34%	1.35%
Revenue Q/Q Growth	1.35%	0.03%	1.00%	2.93%	-0.17%	0.63%	0.16%	5.91%	-1.28%	1.37%
EBITDA Q/Q Growth	3.22%	-4.05%	-3.51%	3.74%	6.41%	-0.12%	3.84%	1.98%	0.97%	1.21%
EBIT Q/Q Growth	4.63%	-3.79%	-3.17%	5.52%	3.91%	-0.19%	4.35%	2.48%	1.66%	1.29%
NOPAT Q/Q Growth	5.07%	-4.37%	3.80%	-3.02%	4.88%	-0.82%	3.73%	7.61%	2.96%	0.26%
Net Income Q/Q Growth	5.07%	-4.37%	3.80%	-3.02%	7.57%	-0.82%	3.73%	7.61%	2.96%	0.26%
EPS Q/Q Growth	0.78%	-5.46%	4.48%	-7.13%	10.00%	-0.31%	0.59%	6.07%	2.16%	0.43%
Operating Cash Flow Q/Q Growth	-30.84%	6.87%	-3.78%	-6.27%	2.66%	6.11%	2.55%	-3.17%	25.97%	-17.75%
Free Cash Flow Firm Q/Q Growth	13.38%	104.85%	-8.38%	30.12%	-77.90%	278.07%	-49.47%	33.22%	77.69%	26.26%
Invested Capital Q/Q Growth	-3.79%	-4.42%	4.99%	-0.98%	2.83%	-6.62%	4.86%	-3.10%	-2.22%	-0.15%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	44.04%	43.31%	46.25%	55.97%	39.96%	44.35%	46.00%	41.44%	42.02%	42.16%
EBIT Margin	40.84%	39.07%	41.90%	48.13%	32.20%	39.24%	41.10%	35.28%	35.60%	35.23%
Profit (Net Income) Margin	32.12%	30.59%	33.13%	37.91%	26.49%	31.41%	33.07%	26.22%	24.58%	24.52%
Tax Burden Percent	78.65%	78.29%	79.07%	78.77%	80.21%	79.49%	80.53%	74.33%	69.04%	69.60%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	102.56%	100.69%	99.91%	100.00%	100.00%	100.00%
Effective Tax Rate	21.35%	21.71%	20.93%	21.23%	19.79%	20.51%	19.47%	25.67%	30.96%	30.40%
Return on Invested Capital (ROIC)	16.97%	17.78%	16.80%	15.76%	10.55%	13.89%	15.47%	12.02%	10.91%	10.88%
ROIC Less NNEP Spread (ROIC-NNEP)	16.97%	17.78%	16.80%	15.76%	560.19%	13.89%	15.47%	12.02%	10.91%	10.88%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.04%	0.06%	0.03%	0.28%	0.03%	0.03%	0.24%	0.46%	0.48%
Return on Equity (ROE)	16.97%	17.82%	16.86%	15.79%	10.82%	13.92%	15.50%	12.26%	11.37%	11.36%
Cash Return on Invested Capital (CROIC)	5.32%	0.40%	49.38%	14.00%	2.60%	7.48%	7.49%	7.63%	5.71%	9.53%
Operating Return on Assets (OROA)	2.13%	1.95%	1.84%	1.97%	1.46%	2.05%	2.17%	1.71%	1.60%	1.58%
Return on Assets (ROA)	1.68%	1.53%	1.46%	1.55%	1.20%	1.64%	1.74%	1.27%	1.10%	1.10%
Return on Common Equity (ROCE)	16.86%	17.70%	16.79%	15.76%	10.57%	13.23%	14.68%	11.56%	10.67%	10.63%
Return on Equity Simple (ROE_SIMPLE)	16.15%	16.48%	20.28%	15.73%	10.42%	13.49%	14.95%	11.78%	11.09%	11.30%
Net Operating Profit after Tax (NOPAT)	534	485	500	541	345	423	438	320	277	267
NOPAT Margin	32.12%	30.59%	33.13%	37.91%	25.83%	31.41%	33.07%	26.22%	24.58%	24.52%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	-549.64%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	49.98%	50.47%	50.16%	50.16%	51.92%	50.07%	48.21%	49.99%	52.23%	51.86%
Operating Expenses to Revenue	57.18%	58.69%	56.24%	56.52%	57.53%	57.01%	55.68%	61.01%	61.18%	62.13%
Earnings before Interest and Taxes (EBIT)	679	620	632	686	430	528	545	430	401	384
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	733	687	698	798	534	597	610	506	473	459
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.41	2.21	3.02	2.01	1.76	1.95	1.69	1.71	1.81	1.33
Price to Tangible Book Value (P/TBV)	2.54	2.34	3.22	2.11	1.84	2.05	1.78	1.81	1.93	1.43
Price to Revenue (P/Rev)	4.80	4.11	4.93	4.85	4.46	4.33	3.55	3.61	3.78	2.72
Price to Earnings (P/E)	15.18	13.67	15.25	13.04	17.43	14.15	11.09	13.77	15.47	11.22
Dividend Yield	1.73%	2.06%	1.70%	1.76%	2.02%	1.91%	2.12%	2.08%	2.04%	2.82%
Earnings Yield	6.59%	7.32%	6.56%	7.67%	5.74%	7.07%	9.02%	7.26%	6.47%	8.92%
Enterprise Value to Invested Capital (EV/IC)	1.39	1.30	2.64	0.77	1.11	1.62	1.24	1.48	1.43	1.10
Enterprise Value to Revenue (EV/Rev)	2.79	2.43	4.36	1.87	2.83	3.79	2.77	3.31	3.31	2.49
Enterprise Value to EBITDA (EV/EBITDA)	6.33	5.61	9.43	3.34	7.09	8.54	6.02	7.98	7.88	5.90
Enterprise Value to EBIT (EV/EBIT)	6.82	6.22	10.41	3.88	8.79	9.65	6.73	9.38	9.30	7.06
Enterprise Value to NOPAT (EV/NOPAT)	8.68	7.94	13.16	4.93	10.96	12.05	8.37	12.62	13.47	10.15
Enterprise Value to Operating Cash Flow (EV/OCF)	8.02	7.89	11.76	4.46	6.06	9.94	6.63	9.46	8.20	9.30
Enterprise Value to Free Cash Flow (EV/FCFF)	27.68	357.16	4.48	5.55	44.41	22.38	17.27	19.87	25.74	11.58
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.04	0.04
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.02	0.04	0.04
Leverage Ratio	10.12	11.67	11.56	10.16	9.02	8.48	8.89	9.67	10.32	10.34
Compound Leverage Factor	10.12	11.67	11.56	10.16	9.25	8.54	8.89	9.67	10.32	10.34
Debt to Total Capital	0.00%	0.05%	0.39%	0.36%	0.02%	0.08%	0.30%	0.06%	3.92%	4.20%
Short-Term Debt to Total Capital	0.00%	0.05%	0.00%	0.00%	0.02%	0.00%	0.30%	0.06%	3.92%	4.20%
Long-Term Debt to Total Capital	0.00%	0.00%	0.39%	0.36%	0.00%	0.08%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	4.61%	4.91%	5.32%	5.56%	5.86%
Noncontrolling Interests to Total Capital	0.68%	0.68%	0.65%	0.32%	0.09%	0.12%	0.20%	0.06%	0.21%	0.22%
Common Equity to Total Capital	99.32%	99.27%	98.96%	99.32%	99.89%	95.19%	94.59%	94.55%	90.31%	89.72%
Debt to EBITDA	0.00	0.00	0.01	0.02	0.00	0.00	0.01	0.00	0.22	0.23
Net Debt to EBITDA	-4.61	-3.91	-1.26	-5.35	-4.09	-1.48	-1.96	-1.01	-1.44	-0.87
Long-Term Debt to EBITDA	0.00	0.00	0.01	0.02	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.02	0.02	0.00	0.01	0.02	0.01	0.37	0.39
Net Debt to NOPAT	-6.32	-5.54	-1.76	-7.89	-6.33	-2.09	-2.72	-1.59	-2.46	-1.49
Long-Term Debt to NOPAT	0.00	0.00	0.02	0.02	0.00	0.01	0.00	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.68%	0.67%	0.46%	0.20%	2.32%	4.92%	5.25%	5.68%	6.17%	6.36%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	168	11	1,470	480	85	228	212	203	145	234
Operating Cash Flow to CapEx	1,551.63%	583.84%	899.25%	1,248.98%	1,996.39%	1,264.85%	2,781.80%	1,543.49%	3,166.94%	1,105.02%
Free Cash Flow to Firm to Interest Expense	0.39	0.03	25.88	37.34	1.99	2.20	3.25	4.65	4.39	8.33
Operating Cash Flow to Interest Expense	1.35	1.28	9.85	46.46	14.58	4.96	8.45	9.75	13.79	10.36
Operating Cash Flow Less CapEx to Interest Expense	1.26	1.06	8.75	42.74	13.85	4.57	8.15	9.12	13.35	9.43
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.05	0.05	0.04	0.04	0.05	0.05	0.05	0.05	0.04	0.04
Fixed Asset Turnover	3.52	3.57	3.74	3.75	3.60	3.83	3.97	3.63	3.26	3.07
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,333	2,966	2,491	3,461	3,401	3,141	2,946	2,720	2,603	2,471
Invested Capital Turnover	0.53	0.58	0.51	0.42	0.41	0.44	0.47	0.46	0.44	0.44
Increase / (Decrease) in Invested Capital	367	474	-970	60	260	195	226	117	132	33
Enterprise Value (EV)	4,637	3,855	6,581	2,665	3,782	5,096	3,667	4,036	3,729	2,710
Market Capitalization	7,990	6,520	7,446	6,921	5,963	5,832	4,708	4,399	4,260	2,958
Book Value per Share	$25.81	$23.69	$20.66	$29.59	$30.45	$27.86	$26.23	$25.30	$24.34	$23.89
Tangible Book Value per Share	$24.56	$22.39	$19.36	$28.26	$29.11	$26.48	$24.84	$23.86	$22.83	$22.32
Total Capital	3,333	2,966	2,491	3,461	3,401	3,141	2,946	2,720	2,603	2,471
Total Debt	0.06	1.40	9.67	13	0.80	2.42	8.70	1.76	102	104
Total Long-Term Debt	0.00	0.00	9.67	13	0.00	2.42	0.00	0.00	0.00	0.00
Net Debt	-3,376	-2,686	-881	-4,267	-2,184	-885	-1,192	-510	-680	-399
Capital Expenditures (CapEx)	37	84	62	48	31	41	20	28	14	26
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	-8.85	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	0.06	1.40	9.67	13	0.80	2.42	8.70	1.76	102	104
Total Depreciation and Amortization (D&A)	53	67	66	112	104	69	65	75	72	75
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.88	$3.64	$3.86	$4.32	$2.91	$3.59	$3.79	$2.90	$2.62	$2.56
Adjusted Weighted Average Basic Shares Outstanding	133.88M	129.88M	124.80M	121.11M	117.08M	112.09M	110.90M	106.71M	101.62M	96.74M
Adjusted Diluted Earnings per Share	$3.87	$3.64	$3.85	$4.31	$2.91	$3.58	$3.78	$2.89	$2.61	$2.56
Adjusted Weighted Average Diluted Shares Outstanding	133.88M	129.88M	124.80M	121.11M	117.08M	112.09M	110.90M	106.71M	101.62M	96.74M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$3.59	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	133.88M	129.88M	124.80M	121.11M	117.08M	112.09M	110.90M	106.71M	101.62M	96.74M
Normalized Net Operating Profit after Tax (NOPAT)	534	485	500	541	345	423	438	320	277	267
Normalized NOPAT Margin	32.12%	30.59%	33.13%	37.91%	25.83%	31.41%	33.07%	26.22%	24.58%	24.52%
Pre Tax Income Margin	40.84%	39.07%	41.90%	48.13%	33.03%	39.51%	41.06%	35.28%	35.60%	35.23%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.58	1.62	11.13	53.34	10.05	5.11	8.33	9.84	12.15	13.65
NOPAT to Interest Expense	1.24	1.27	8.80	42.02	8.06	4.09	6.70	7.32	8.39	9.50
EBIT Less CapEx to Interest Expense	1.50	1.40	10.04	49.62	9.32	4.72	8.03	9.21	11.72	12.71
NOPAT Less CapEx to Interest Expense	1.16	1.05	7.71	38.30	7.33	3.70	6.40	6.68	7.95	8.56
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	27.15%	27.77%	25.49%	22.70%	36.05%	28.97%	24.93%	31.45%	34.70%	35.19%
Augmented Payout Ratio	59.05%	43.51%	62.82%	46.63%	51.35%	60.89%	42.10%	37.01%	48.93%	43.88%

This table displays calculated financial ratios and metrics derived from Commerce Bancshares' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.75%	5.53%	7.44%	4.29%	2.23%	0.13%	1.93%	7.43%	11.85%	3.88%	10.46%
EBITDA Growth	8.11%	14.19%	12.09%	5.77%	-4.81%	-15.25%	-1.12%	9.61%	2.32%	-11.80%	3.30%
EBIT Growth	13.93%	20.91%	14.33%	8.17%	-4.08%	-14.50%	-2.49%	9.38%	0.95%	-10.98%	8.70%
NOPAT Growth	13.15%	23.13%	14.31%	8.42%	-4.23%	-16.60%	-2.76%	8.58%	0.44%	15.86%	9.27%
Net Income Growth	13.15%	23.13%	14.31%	8.42%	-4.23%	-16.60%	-2.76%	8.58%	0.44%	15.86%	0.34%
EPS Growth	19.51%	31.82%	16.30%	10.31%	-5.49%	-4.35%	-5.15%	5.43%	-1.09%	27.78%	-2.02%
Operating Cash Flow Growth	2.31%	-212.92%	193.95%	40.57%	16.73%	35.07%	-20.02%	-35.15%	-6.79%	-19.71%	15.57%
Free Cash Flow Firm Growth	-131.30%	36.72%	63.67%	176.22%	223.20%	-132.89%	-148.64%	-194.03%	-336.99%	1,896.98%	1,817.24%
Invested Capital Growth	18.54%	12.37%	11.63%	-14.32%	-29.21%	19.04%	30.76%	37.65%	40.49%	-28.02%	-32.11%
Revenue Q/Q Growth	-0.61%	-0.51%	1.80%	5.07%	-0.83%	1.29%	-1.18%	2.98%	-2.86%	3.11%	4.15%
EBITDA Q/Q Growth	-3.36%	-4.95%	1.06%	16.46%	2.07%	-6.70%	-4.63%	4.81%	-9.12%	8.85%	5.72%
EBIT Q/Q Growth	-3.59%	-2.62%	-0.85%	22.39%	2.32%	-7.92%	-6.20%	8.53%	-8.79%	5.01%	5.22%
NOPAT Q/Q Growth	-4.82%	-2.15%	-0.83%	22.51%	3.58%	-9.16%	-5.95%	8.22%	-9.80%	5.92%	5.02%
Net Income Q/Q Growth	-4.82%	-2.15%	-0.83%	22.51%	3.58%	-9.16%	-5.95%	8.22%	-9.80%	5.92%	5.02%
EPS Q/Q Growth	12.64%	-18.69%	0.00%	24.42%	7.50%	-28.26%	-5.15%	6.59%	5.81%	-28.87%	5.43%
Operating Cash Flow Q/Q Growth	201.43%	-131.66%	192.94%	8.77%	11.94%	-17.59%	40.09%	-9.67%	29.53%	-51.20%	13.58%
Free Cash Flow Firm Q/Q Growth	-82.56%	-4.09%	-132.93%	-49.98%	469.06%	40.23%	30.92%	19.14%	-198.54%	-11.63%	33.55%
Invested Capital Q/Q Growth	5.51%	-3.79%	9.53%	6.61%	0.02%	-4.42%	-15.93%	-11.92%	68.20%	4.99%	-11.50%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
EBITDA Margin	42.24%	43.44%	45.47%	45.80%	41.32%	40.14%	43.58%	45.16%	44.37%	47.43%	44.93%
EBIT Margin	39.86%	41.09%	41.98%	43.10%	37.00%	35.86%	39.45%	41.56%	39.43%	42.00%	41.24%
Profit (Net Income) Margin	31.07%	32.44%	32.98%	33.86%	29.04%	27.80%	31.00%	32.57%	31.00%	33.38%	32.50%
Tax Burden Percent	77.94%	78.95%	78.58%	78.56%	78.48%	77.53%	78.58%	78.38%	78.60%	79.48%	78.81%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	22.06%	21.05%	21.42%	21.44%	21.52%	22.47%	21.42%	21.62%	21.40%	20.52%	21.19%
Return on Invested Capital (ROIC)	16.17%	17.14%	16.49%	15.93%	12.94%	16.16%	17.95%	16.13%	13.40%	16.93%	16.55%
ROIC Less NNEP Spread (ROIC-NNEP)	16.17%	17.14%	16.49%	15.93%	12.94%	16.16%	17.95%	16.13%	13.40%	16.93%	16.55%
Return on Net Nonoperating Assets (RNNOA)	0.05%	0.00%	1.40%	2.75%	3.46%	0.03%	1.83%	3.04%	3.59%	0.06%	0.02%
Return on Equity (ROE)	16.22%	17.14%	17.89%	18.68%	16.40%	16.20%	19.78%	19.18%	16.99%	16.99%	16.57%
Cash Return on Invested Capital (CROIC)	-0.01%	5.32%	4.50%	29.75%	47.62%	0.40%	-8.13%	-15.65%	-19.72%	49.38%	54.67%
Operating Return on Assets (OROA)	2.14%	2.15%	2.19%	2.19%	1.89%	1.79%	1.96%	1.98%	1.83%	1.85%	1.84%
Return on Assets (ROA)	1.67%	1.69%	1.72%	1.72%	1.48%	1.39%	1.54%	1.55%	1.43%	1.47%	1.45%
Return on Common Equity (ROCE)	16.11%	17.03%	17.77%	18.56%	16.30%	16.09%	19.63%	19.06%	16.91%	16.91%	16.48%
Return on Equity Simple (ROE_SIMPLE)	15.80%	0.00%	14.82%	15.65%	16.31%	0.00%	19.65%	19.15%	18.78%	0.00%	20.49%
Net Operating Profit after Tax (NOPAT)	131	137	140	141	115	111	123	130	121	134	126
NOPAT Margin	31.07%	32.44%	32.98%	33.86%	29.04%	27.80%	31.00%	32.57%	31.00%	33.38%	32.50%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	50.05%	49.86%	49.69%	48.75%	51.71%	50.93%	51.13%	49.53%	50.29%	47.12%	48.74%
Operating Expenses to Revenue	56.69%	55.72%	55.87%	55.59%	61.80%	62.67%	57.61%	56.83%	57.62%	54.13%	54.83%
Earnings before Interest and Taxes (EBIT)	168	174	179	180	147	144	156	166	153	168	160
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	178	184	193	191	164	161	172	181	173	190	174
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.40	2.41	2.23	2.30	2.23	2.21	2.16	2.12	2.53	3.02	2.96
Price to Tangible Book Value (P/TBV)	2.51	2.54	2.34	2.43	2.36	2.34	2.31	2.26	2.69	3.22	3.17
Price to Revenue (P/Rev)	4.94	4.80	4.67	4.48	4.13	4.11	3.52	3.59	4.36	4.93	4.65
Price to Earnings (P/E)	15.28	15.18	15.33	14.99	13.99	13.67	11.19	11.29	13.79	15.25	14.74
Dividend Yield	1.74%	1.73%	1.82%	1.94%	2.04%	2.06%	2.40%	2.36%	1.97%	1.70%	1.82%
Earnings Yield	6.54%	6.59%	6.52%	6.67%	7.15%	7.32%	8.94%	8.85%	7.25%	6.56%	6.78%
Enterprise Value to Invested Capital (EV/IC)	1.45	1.39	1.31	1.49	1.58	1.30	1.26	1.02	1.57	2.64	2.52
Enterprise Value to Revenue (EV/Rev)	3.02	2.79	2.77	2.92	2.95	2.43	2.46	2.38	4.23	4.36	4.00
Enterprise Value to EBITDA (EV/EBITDA)	6.83	6.33	6.39	6.83	6.93	5.61	5.45	5.23	9.35	9.43	8.26
Enterprise Value to EBIT (EV/EBIT)	7.28	6.82	6.99	7.50	7.66	6.22	6.06	5.79	10.35	10.41	9.15
Enterprise Value to NOPAT (EV/NOPAT)	9.27	8.68	8.92	9.58	9.79	7.94	7.69	7.34	13.11	13.16	12.40
Enterprise Value to Operating Cash Flow (EV/OCF)	8.77	8.02	5.43	8.54	9.25	7.89	8.53	7.59	11.91	11.76	10.28
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	27.68	30.73	4.62	2.76	357.16	0.00	0.00	0.00	4.48	3.72
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.01	0.00	0.00	0.00	0.00	0.00	0.19	0.37	0.56	0.00	0.00
Long-Term Debt to Equity	0.01	0.00	0.00	0.00	0.00	0.00	0.19	0.37	0.56	0.00	0.00
Financial Leverage	0.00	0.00	0.08	0.17	0.27	0.00	0.10	0.19	0.27	0.00	0.00
Leverage Ratio	9.71	10.12	10.39	10.85	11.05	11.67	12.87	12.36	11.84	11.56	11.45
Compound Leverage Factor	9.71	10.12	10.39	10.85	11.05	11.67	12.87	12.36	11.84	11.56	11.45
Debt to Total Capital	0.50%	0.00%	0.29%	0.13%	0.08%	0.05%	16.23%	27.25%	35.98%	0.39%	0.08%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.05%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.50%	0.00%	0.29%	0.13%	0.08%	0.00%	16.23%	27.25%	35.98%	0.39%	0.08%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.59%	0.68%	0.62%	0.65%	0.67%	0.68%	0.58%	0.48%	0.40%	0.65%	0.82%
Common Equity to Total Capital	98.91%	99.32%	99.09%	99.22%	99.25%	99.27%	83.19%	72.27%	63.61%	98.96%	99.10%
Debt to EBITDA	0.02	0.00	0.01	0.01	0.00	0.00	0.70	1.40	2.15	0.01	0.00
Net Debt to EBITDA	-4.36	-4.61	-4.42	-3.69	-2.80	-3.91	-2.38	-2.69	-0.30	-1.26	-1.38
Long-Term Debt to EBITDA	0.02	0.00	0.01	0.01	0.00	0.00	0.70	1.40	2.15	0.01	0.00
Debt to NOPAT	0.03	0.00	0.02	0.01	0.00	0.00	0.99	1.97	3.01	0.02	0.00
Net Debt to NOPAT	-5.92	-6.32	-6.17	-5.17	-3.95	-5.54	-3.36	-3.78	-0.42	-1.76	-2.07
Long-Term Debt to NOPAT	0.03	0.00	0.02	0.01	0.00	0.00	0.99	1.97	3.01	0.02	0.00
Noncontrolling Interest Sharing Ratio	0.63%	0.68%	0.65%	0.66%	0.65%	0.67%	0.75%	0.64%	0.52%	0.46%	0.51%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-419	-230	-221	670	1,339	-363	-607	-879	-1,087	1,103	1,248
Operating Cash Flow to CapEx	1,110.08%	-977.08%	6,137.91%	1,866.25%	1,626.95%	812.02%	810.33%	342.01%	579.18%	521.45%	1,052.90%
Free Cash Flow to Firm to Interest Expense	-4.40	-2.23	-2.01	6.25	12.21	-3.18	-5.39	-8.87	-19.00	34.76	76.63
Operating Cash Flow to Interest Expense	1.46	-1.33	3.93	1.38	1.23	1.06	1.30	1.06	2.03	2.82	11.27
Operating Cash Flow Less CapEx to Interest Expense	1.32	-1.47	3.87	1.30	1.16	0.93	1.14	0.75	1.68	2.28	10.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.05	0.04	0.04
Fixed Asset Turnover	3.57	3.52	3.53	3.51	3.56	3.57	3.65	3.72	3.77	3.74	3.81
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,516	3,333	3,464	3,162	2,966	2,966	3,103	3,691	4,190	2,491	2,373
Invested Capital Turnover	0.52	0.53	0.50	0.47	0.45	0.58	0.58	0.50	0.43	0.51	0.51
Increase / (Decrease) in Invested Capital	550	367	361	-529	-1,224	474	730	1,010	1,208	-970	-1,122
Enterprise Value (EV)	5,096	4,637	4,539	4,705	4,701	3,855	3,901	3,751	6,560	6,581	5,974
Market Capitalization	8,331	7,990	7,658	7,226	6,579	6,520	5,588	5,666	6,755	7,446	6,954
Book Value per Share	$25.98	$25.81	$26.62	$24.22	$22.73	$23.69	$20.70	$21.39	$21.36	$20.66	$19.62
Tangible Book Value per Share	$24.78	$24.56	$25.38	$22.99	$21.49	$22.39	$19.41	$20.10	$20.13	$19.36	$18.33
Total Capital	3,516	3,333	3,464	3,162	2,966	2,966	3,103	3,691	4,190	2,491	2,373
Total Debt	18	0.06	10	3.98	2.36	1.40	504	1,006	1,508	9.67	1.83
Total Long-Term Debt	18	0.00	10	3.98	2.36	0.00	504	1,006	1,508	9.67	1.83
Net Debt	-3,256	-3,376	-3,140	-2,541	-1,898	-2,686	-1,705	-1,933	-212	-881	-999
Capital Expenditures (CapEx)	12	14	7.03	7.90	8.33	15	18	31	20	17	17
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Nonoperating Obligations (NNO)	18	0.06	10	3.98	2.36	1.40	504	1,006	1,508	9.67	1.83
Total Depreciation and Amortization (D&A)	10.00	9.94	15	11	17	17	16	14	19	22	14
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.98	$0.87	$1.07	$1.07	$0.87	$0.67	$0.96	$1.03	$0.95	$0.69	$1.03
Adjusted Weighted Average Basic Shares Outstanding	133.43M	133.88M	128.23M	128.92M	129.54M	129.88M	124.29M	124.70M	124.72M	124.80M	119.35M
Adjusted Diluted Earnings per Share	$0.98	$0.87	$1.07	$1.07	$0.86	$0.66	$0.96	$1.02	$0.95	$0.69	$1.02
Adjusted Weighted Average Diluted Shares Outstanding	133.43M	133.88M	128.23M	128.92M	129.54M	129.88M	124.29M	124.70M	124.72M	124.80M	119.35M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	133.43M	133.88M	128.23M	128.92M	129.54M	129.88M	124.29M	124.70M	124.72M	124.80M	119.35M
Normalized Net Operating Profit after Tax (NOPAT)	131	137	140	141	115	111	123	130	121	134	126
Normalized NOPAT Margin	31.07%	32.44%	32.98%	33.86%	29.04%	27.80%	31.00%	32.57%	31.00%	33.38%	32.50%
Pre Tax Income Margin	39.86%	41.09%	41.98%	43.10%	37.00%	35.86%	39.45%	41.56%	39.43%	42.00%	41.24%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.76	1.69	1.63	1.68	1.34	1.26	1.39	1.68	2.68	5.30	9.83
NOPAT to Interest Expense	1.37	1.34	1.28	1.32	1.05	0.98	1.09	1.32	2.11	4.21	7.74
EBIT Less CapEx to Interest Expense	1.63	1.56	1.56	1.61	1.26	1.13	1.23	1.37	2.33	4.76	8.76
NOPAT Less CapEx to Interest Expense	1.24	1.20	1.21	1.25	0.98	0.85	0.93	1.01	1.76	3.67	6.67
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	26.90%	27.15%	28.32%	27.97%	28.35%	27.77%	26.18%	25.62%	25.79%	25.49%	26.22%
Augmented Payout Ratio	60.31%	59.05%	56.51%	52.34%	45.47%	43.51%	41.91%	47.15%	59.15%	62.82%	70.36%

Frequently Asked Questions About Commerce Bancshares' Financials

When does Commerce Bancshares's financial year end?

According to the most recent income statement we have on file, Commerce Bancshares' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Commerce Bancshares' net income changed over the last 9 years?

Commerce Bancshares' net income appears to be on an upward trend, with a most recent value of $534.40 million in 2024, rising from $266.98 million in 2015. The previous period was $485.18 million in 2023. Check out Commerce Bancshares' forecast to explore projected trends and price targets.

How has Commerce Bancshares revenue changed over the last 9 years?

Over the last 9 years, Commerce Bancshares' total revenue changed from $1.09 billion in 2015 to $1.66 billion in 2024, a change of 52.8%.

How much debt does Commerce Bancshares have?

Commerce Bancshares' total liabilities were at $28.66 billion at the end of 2024, a 0.3% decrease from 2023, and a 28.9% increase since 2015.

How much cash does Commerce Bancshares have?

In the past 9 years, Commerce Bancshares' cash and equivalents has ranged from $305.54 million in 2021 to $748.36 million in 2024, and is currently $748.36 million as of their latest financial filing in 2024.

How has Commerce Bancshares' book value per share changed over the last 9 years?

Over the last 9 years, Commerce Bancshares' book value per share changed from 23.89 in 2015 to 25.81 in 2024, a change of 8.1%.

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This page (NASDAQ:CBSH) was last updated on 5/30/2025 by MarketBeat.com Staff

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Commerce Bancshares (CBSH) Financials

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Commerce Bancshares (CBSH) Financials

Annual Income Statements for Commerce Bancshares

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