Commerce Bancshares (CBSH) Financials

$56.66 -2.22 (-3.77%)

Closing price 04:00 PM Eastern

Extended Trading

$56.56 -0.09 (-0.17%)

As of 07:36 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	264	275	319	425	412	342	531	488	477	526
Consolidated Net Income / (Loss)	267	277	320	438	423	354	541	500	485	534
Net Income / (Loss) Continuing Operations	267	277	320	438	423	354	541	500	485	534
Total Pre-Tax Income	384	401	430	544	532	441	686	632	620	679
Total Revenue	1,089	1,127	1,220	1,325	1,346	1,336	1,426	1,509	1,586	1,664
Net Interest Income / (Expense)	634	680	734	824	821	830	835	942	998	1,040
Total Interest Income	662	713	777	889	925	873	848	999	1,381	1,470
Loans and Leases Interest Income	457	491	545	626	665	613	571	647	985	1,063
Investment Securities Interest Income	205	221	230	256	253	257	274	337	292	285
Deposits and Money Market Investments Interest Income	0.53	0.97	2.22	6.23	6.70	2.27	3.20	15	103	121
Federal Funds Sold and Securities Borrowed Interest Income	0.06	0.08	0.23	0.52	0.06	0.00	0.00	0.41	0.66	0.05
Total Interest Expense	28	33	44	65	103	43	13	57	383	429
Deposits Interest Expense	23	26	31	46	73	36	11	30	246	336
Long-Term Debt Interest Expense	3.57	3.97	3.09	0.05	0.95	1.01	-0.02	0.47	39	0.02
Federal Funds Purchased and Securities Sold Interest Expense	1.86	3.32	9.83	20	29	6.09	1.65	26	98	93
Total Non-Interest Income	454	447	486	501	525	506	590	567	588	623
Trust Fees by Commissions	132	136	150	164	171	176	207	204	208	233
Other Service Charges	316	311	311	338	353	330	354	343	365	383
Net Realized & Unrealized Capital Gains on Investments	6.32	-0.05	25	-0.49	3.63	-	30	21	15	7.82
Provision for Credit Losses	29	36	45	43	50	137	-66	28	35	33
Total Non-Interest Expense	676	689	744	738	767	768	806	849	931	951
Salaries and Employee Benefits	401	427	448	468	493	513	525	554	584	608
Net Occupancy & Equipment Expense	148	145	145	150	159	161	168	179	192	201
Marketing Expense	16	16	16	21	22	20	22	24	25	22
Property & Liability Insurance Claims	12	13	14	-	-	-	9.09	11	33	16
Other Operating Expenses	100	88	121	99	93	75	82	81	97	103
Income Tax Expense	117	124	111	106	109	87	146	132	135	145
Net Income / (Loss) Attributable to Noncontrolling Interest	3.25	1.46	0.52	4.67	1.48	-0.17	9.83	12	8.12	8.07
Basic Earnings per Share	$2.33	$2.38	$2.63	$3.44	$3.25	$2.64	$3.92	$3.50	$3.47	$3.88
Weighted Average Basic Shares Outstanding	102.87M	105.24M	110.83M	110.81M	112.09M	117.08M	121.11M	124.80M	129.88M	133.88M
Diluted Earnings per Share	$2.32	$2.37	$2.62	$3.43	$3.25	$2.64	$3.91	$3.50	$3.46	$3.87
Weighted Average Diluted Shares Outstanding	102.87M	105.24M	110.83M	110.81M	112.09M	117.08M	121.11M	124.80M	129.88M	133.88M
Weighted Average Basic & Diluted Shares Outstanding	102.87M	105.24M	110.83M	110.81M	112.09M	117.08M	121.11M	124.80M	129.88M	133.88M
Cash Dividends to Common per Share	$0.78	$0.78	$1.55	$0.90	$0.99	$2.06	$1.00	-	-	$1.03

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

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

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

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

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

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

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

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

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

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

Financials Breakdown Chart

Key Financial Trends

Commerce Bancshares (NASDAQ: CBSH) has demonstrated stable financial performance over the last several quarters, with trends indicating steady growth in key metrics along with some fluctuations that retail investors should note.

Positive Trends:

Net income attributable to common shareholders has generally increased year-over-year, from $109.2 million in Q3 2022 to $131.6 million in Q1 2025, showing consistent profitability improvement.
Earnings per share (diluted) have risen from $0.67 in Q3 2022 to $0.98 in Q1 2025, indicating effective earnings growth relative to share count.
Net interest income has remained robust and relatively stable, with $269.1 million reported in Q1 2025 compared to $246.4 million in Q3 2022, supporting the bank’s core earnings.
Loans and leases net of allowance have grown from approximately $15.76 billion in Q3 2022 to $17.21 billion in Q1 2025, reflecting loan book expansion.
The company has consistently returned value to shareholders via dividends, with the dividend per share increasing slightly from $0.265 in Q4 2022 to $0.275 in Q1 2025, supported by solid earnings.
Total common equity increased from about $2.58 billion in Q3 2022 to $3.48 billion in Q1 2025, highlighting strengthened capital base over time.
Strong operating cash flow is evident, with $138.6 million generated in Q1 2025, contributing to the company’s financial flexibility.

Neutral Observations:

Non-interest income exhibits some quarter-to-quarter volatility, e.g., ranging from $137 million in Q1 2023 to $167 million in Q4 2024 and $151 million in Q1 2025, impacted by variability in service charges and capital gains/losses.
Interest expense fluctuates somewhat, particularly due to federal funds and securities sold interest expenses and deposits interest expense, but overall remains manageable relative to income.
Total assets have increased from $32.6 billion in Q3 2022 to $32.36 billion in Q1 2025, indicating stability with some fluctuations, with a large portion held in trading account securities and interest-bearing deposits at other banks.

Negative Factors to Consider:

Capital gains/losses on investments show occasional net losses, such as the $7.6 million loss in Q1 2025, which can negatively impact non-interest income and overall net income variability.
Provision for credit losses increased notably in some quarters, reaching $15.5 million in Q4 2022 and fluctuating in subsequent quarters, which may reflect credit risk management challenges.
There have been large fluctuations in cash flow from investing activities, typically negative due to large purchases of investment securities; for example, net cash used in investing was $373 million in Q1 2025, which can put pressure on liquidity if not offset by financing activities.
The company has conducted substantial repurchases of common equity (e.g., $55.2 million in Q1 2025), which reduces cash reserves and increases financial leverage risk if not sufficiently funded by earnings.

Summary: Commerce Bancshares has shown steady earnings growth, expanding loans, and maintained dividend payouts, which are positives that support shareholder value. Operating cash flow remains solid, and the capital base has strengthened. However, investors should monitor the volatility in non-interest income due to capital gains/losses and the variability in provisions for credit losses, as these factors can introduce earnings volatility. The company’s large investments and equity repurchases are areas that may affect liquidity and leverage, requiring continued prudent financial management.

10/15/25 09:29 PM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Commerce Bancshares' Financials

When does Commerce Bancshares' 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 10/15/2025 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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Quarterly Balance Sheets for Commerce Bancshares

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Quarterly Metrics And Ratios for Commerce Bancshares

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