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Commerce Bancshares (CBSH) Financials

Commerce Bancshares logo
$52.37 0.00 (0.00%)
Closing price 05/22/2026 04:00 PM Eastern
Extended Trading
$51.76 -0.61 (-1.16%)
As of 05/22/2026 04:10 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Commerce Bancshares

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 2025
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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 264 275 319 425 412 342 531 488 477 526 566
Consolidated Net Income / (Loss)		 267 277 320 438 423 354 541 500 485 534 571
Net Income / (Loss) Continuing Operations		 267 277 320 438 423 354 541 500 485 534 571
Total Pre-Tax Income 		384 401 430 544 532 441 686 632 620 679 732
Total Revenue		 1,089 1,127 1,220 1,325 1,346 1,336 1,426 1,509 1,586 1,664 1,764
Net Interest Income / (Expense)		 634 680 734 824 821 830 835 942 998 1,040 1,112
Total Interest Income		 662 713 777 889 925 873 848 999 1,381 1,470 1,484
Loans and Leases Interest Income		 457 491 545 626 665 613 571 647 985 1,063 1,037
Investment Securities Interest Income		 205 221 230 256 253 257 274 337 292 285 343
Deposits and Money Market Investments Interest Income		 0.53 0.97 2.22 6.23 6.70 2.27 3.20 15 103 121 104
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 0.03
Total Interest Expense		 28 33 44 65 103 43 13 57 383 429 372
Deposits Interest Expense		 23 26 31 46 73 36 11 30 246 336 296
Long-Term Debt Interest Expense		 3.57 3.97 3.09 0.05 0.95 1.01 -0.02 0.47 39 0.02 0.04
Federal Funds Purchased and Securities Sold Interest Expense		 1.86 3.32 9.83 20 29 6.09 1.65 26 98 93 75
Total Non-Interest Income		 454 447 486 501 525 506 590 567 588 623 652
Trust Fees by Commissions		 132 136 150 164 171 176 207 204 208 18 255
Other Service Charges		 316 311 311 338 353 330 354 343 365 597 398
Provision for Credit Losses		 29 36 45 43 50 137 -66 28 35 33 56
Total Non-Interest Expense		 676 689 744 738 767 768 806 849 931 951 980
Salaries and Employee Benefits		 401 427 448 468 493 513 525 554 584 608 628
Net Occupancy & Equipment Expense		 148 145 145 150 159 161 168 179 192 201 210
Marketing Expense		 16 16 16 21 22 20 22 24 25 22 25
Property & Liability Insurance Claims		 12 13 14 - - - 9.09 11 33 16 10
Other Operating Expenses		 100 88 121 99 93 75 82 81 97 103 107
Nonoperating Income / (Expense), net		 - - - - - 11 - - - - 3.66
Income Tax Expense		 117 124 111 106 109 87 146 132 135 145 161
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 4.45
Basic Earnings per Share		 $2.33 $2.38 $2.63 $3.44 $3.25 $2.64 $3.92 $3.50 $3.30 $3.69 $4.04
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 146.88M
Diluted Earnings per Share		 $2.32 $2.37 $2.62 $3.43 $3.25 $2.64 $3.91 $3.50 $3.30 $3.69 $4.04
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 146.88M
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 146.88M
Cash Dividends to Common per Share		 $0.78 $0.78 $1.55 $0.90 $0.99 $2.06 $1.00 - - - $1.05

Quarterly Income Statements for Commerce Bancshares

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 121 109 113 140 138 136 132 152 142 141 142
Consolidated Net Income / (Loss)		 123 111 115 141 140 137 131 154 144 143 144
Net Income / (Loss) Continuing Operations		 123 111 115 141 140 137 131 154 144 143 144
Total Pre-Tax Income 		156 144 147 180 179 174 168 196 185 183 185
Total Revenue		 396 401 398 418 425 423 420 446 449 449 487
Net Interest Income / (Expense)		 249 248 249 262 262 267 269 280 279 283 300
Total Interest Income		 361 363 359 369 372 369 364 372 374 374 397
Loans and Leases Interest Income		 256 263 265 268 270 261 254 260 264 258 288
Investment Securities Interest Income		 73 67 68 73 67 77 84 89 83 88 81
Deposits and Money Market Investments Interest Income		 32 33 26 29 35 31 26 23 27 28 27
Federal Funds Sold and Securities Borrowed Interest Income		 0.05 0.02 0.01 0.03 0.00 0.01 0.03 0.00 0.00 - 0.01
Total Interest Expense		 113 114 110 107 110 103 95 91 95 90 97
Deposits Interest Expense		 78 85 84 84 86 82 75 73 75 74 79
Long-Term Debt Interest Expense		 9.12 2.40 -0.00 0.01 0.01 0.01 0.00 0.03 0.01 0.00 0.87
Federal Funds Purchased and Securities Sold Interest Expense		 25 27 26 23 24 21 21 18 20 17 17
Total Non-Interest Income		 147 152 149 155 163 156 151 166 169 165 187
Trust Fees by Commissions		 3.82 102 4.41 4.48 4.62 168 4.79 5.38 6.70 238 5.44
Other Service Charges		 139 43 144 148 154 -13 154 160 155 -72 170
Net Realized & Unrealized Capital Gains on Investments		 4.30 7.60 -0.26 3.23 3.87 0.98 -7.59 0.44 7.89 - 12
Provision for Credit Losses		 12 5.88 4.79 5.47 9.14 14 14 5.60 20 16 11
Total Non-Interest Expense		 228 251 246 232 238 236 238 244 244 253 291
Salaries and Employee Benefits		 147 147 152 149 153 154 153 155 157 163 181
Net Occupancy & Equipment Expense		 49 50 50 49 51 51 52 52 52 54 59
Marketing Expense		 6.17 6.51 4.04 5.36 7.28 5.68 5.84 5.97 6.67 6.20 6.96
Property & Liability Insurance Claims		 4.03 20 8.02 2.35 2.93 3.18 3.74 3.31 3.07 -0.08 3.91
Other Operating Expenses		 22 27 32 26 23 22 24 28 24 30 40
Income Tax Expense		 33 32 32 39 38 37 37 42 41 41 41
Net Income / (Loss) Attributable to Noncontrolling Interest		 2.10 2.24 2.79 1.89 2.26 1.14 -0.96 1.28 2.10 2.02 2.75
Basic Earnings per Share		 $0.92 $0.67 $0.82 $1.03 $1.02 $0.87 $0.93 $1.14 $1.06 $0.86 $0.96
Weighted Average Basic Shares Outstanding		 124.29M 129.88M 129.54M 128.92M 128.23M 133.88M 133.43M 133.44M 132.41M 146.88M 145.78M
Diluted Earnings per Share		 $0.92 $0.66 $0.82 $1.03 $1.01 $0.87 $0.93 $1.14 $1.06 $0.86 $0.96
Weighted Average Diluted Shares Outstanding		 124.29M 129.88M 129.54M 128.92M 128.23M 133.88M 133.43M 133.44M 132.41M 146.88M 145.78M
Weighted Average Basic & Diluted Shares Outstanding		 124.29M 129.88M 129.54M 128.92M 128.23M 133.88M 133.43M 133.44M 132.41M 146.88M 145.78M
Cash Dividends to Common per Share		 - - - - - - - $0.28 $0.28 - $0.28

Annual Cash Flow Statements for Commerce Bancshares

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 2025
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 12/31/2025
Net Change in Cash & Equivalents		 -598 299 -277 685 -301 1,301 2,089 -3,399 1,789 689 172
Net Cash From Operating Activities		 291 455 427 553 513 624 598 559 489 578 645
Net Cash From Continuing Operating Activities		 291 455 427 553 513 624 598 559 489 578 645
Net Income / (Loss) Continuing Operations		 267 277 320 438 423 354 541 500 485 534 571
Consolidated Net Income / (Loss)		 267 277 320 438 423 354 541 500 485 534 571
Provision For Loan Losses		 29 36 45 43 50 137 -66 28 35 33 56
Depreciation Expense		 43 41 40 39 41 44 45 47 50 54 57
Amortization Expense		 33 31 35 26 28 60 67 19 18 -0.84 -18
Non-Cash Adjustments to Reconcile Net Income		 2.80 1.08 24 17 17 109 41 -15 -59 8.77 23
Changes in Operating Assets and Liabilities, net		 -83 68 -38 -10 -46 -79 -29 -19 -40 -51 -43
Net Cash From Investing Activities		 -1,195 -805 221 -91 -730 -5,391 -2,083 242 2,184 484 -462
Net Cash From Continuing Investing Activities		 -1,195 -805 221 -91 -730 -5,391 -2,083 242 2,184 484 -462
Purchase of Property, Leasehold Improvements and Equipment		 -32 -24 -31 -33 -43 -33 -57 -65 -88 -46 -53
Purchase of Investment Securities		 -4,548 -3,248 -2,544 -2,391 -2,661 -8,635 -5,713 -3,494 -1,186 -3,233 -2,395
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 0.10
Sale and/or Maturity of Investments		 3,379 2,457 2,792 2,320 1,971 3,276 3,678 3,799 3,454 3,754 1,986
Net Cash From Financing Activities		 306 649 -925 223 -84 6,067 3,574 -4,201 -883 -373 -11
Net Cash From Continuing Financing Activities		 306 649 -925 223 -84 6,067 3,574 -4,201 -883 -373 -11
Net Change in Deposits		 421 1,026 -489 -48 435 6,153 2,889 -3,703 -731 -74 271
Issuance of Debt		 - - - 6.94 - -1.62 0.00 0.00 2,250 0.00 0.00
Repayment of Debt		 -0.24 -1.77 -100 - -6.39 - 12 -2.89 -2,258 -1.35 13
Repurchase of Common Equity		 -23 -39 -18 -75 -135 -54 -129 -187 -76 -170 -208
Payment of Dividends		 -94 -96 -101 -109 -122 -128 -123 -127 -135 -145 -150
Other Financing Activities, Net		 2.95 -240 -217 449 -256 248 925 -181 67 18 63
Cash Interest Paid		 28 32 44 63 98 52 16 54 337 453 363

Quarterly Cash Flow Statements for Commerce Bancshares

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 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -730 479 -787 644 605 226 -102 -128 -192 593 296
Net Cash From Operating Activities		 147 121 135 147 432 -137 139 111 129 266 685
Net Cash From Continuing Operating Activities		 147 121 135 147 432 -137 139 111 129 266 685
Net Income / (Loss) Continuing Operations		 123 111 115 141 140 137 131 154 144 143 144
Consolidated Net Income / (Loss)		 123 111 115 141 140 137 131 154 144 143 144
Provision For Loan Losses		 12 5.88 4.79 5.47 9.14 14 14 5.60 20 16 11
Depreciation Expense		 12 13 13 14 14 14 14 14 14 15 21
Amortization Expense		 3.86 4.32 3.91 -2.26 1.13 -3.62 -3.72 -5.67 -3.72 -5.20 -1.79
Non-Cash Adjustments to Reconcile Net Income		 -27 -9.65 6.29 0.15 1.59 0.75 12 2.74 -2.78 11 -11
Changes in Operating Assets and Liabilities, net		 23 -3.84 -8.23 -11 266 -298 -29 -59 -42 87 521
Net Cash From Investing Activities		 578 465 541 665 -237 -485 -373 123 -150 -62 859
Net Cash From Continuing Investing Activities		 578 465 541 665 -237 -485 -373 123 -150 -62 859
Purchase of Property, Leasehold Improvements and Equipment		 -21 -16 -11 -8.51 -13 -14 -13 -11 -16 -14 -6.37
Purchase of Investment Securities		 -183 794 -358 -1,069 -1,018 -787 -1,035 -26 -1,060 -445 395
Sale of Property, Leasehold Improvements and Equipment		 2.54 0.61 2.67 0.61 5.58 0.03 0.10 - - - 2.47
Sale and/or Maturity of Investments		 779 -313 907 1,742 788 317 674 159 926 397 468
Net Cash From Financing Activities		 -1,454 -108 -1,463 -168 411 847 133 -361 -172 389 -1,248
Net Cash From Continuing Financing Activities		 -1,454 -108 -1,463 -168 411 847 133 -361 -172 389 -1,248
Net Change in Deposits		 -766 284 -983 -143 858 195 735 -504 20 21 -288
Issuance of Debt		 - - 0.96 -0.96 8.80 -8.80 18 -2.69 - - 245
Repayment of Debt		 -502 -502 - - -2.58 -1.35 0.00 - - 3.53 -604
Repurchase of Common Equity		 -20 -20 -42 -38 -44 -47 -55 -12 -25 -115 -84
Payment of Dividends		 -34 -34 -35 -35 -40 -35 -38 -39 -37 -36 -42
Other Financing Activities, Net		 -133 164 -403 46 -369 745 -527 196 -123 517 -476
Cash Interest Paid		 103 109 110 109 110 124 90 90 95 88 99
Cash Income Taxes Paid		 32 34 1.03 65 20 40 0.56 97 37 - 0.56

Annual Balance Sheets for Commerce Bancshares

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 2025
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 12/31/2025
Total Assets		 24,605 25,641 24,833 25,464 26,066 32,923 36,689 31,876 31,701 31,997 32,915
Cash and Due from Banks		 464 495 438 508 492 438 306 452 443 748 803
Federal Funds Sold		 15 15 43 3.32 - - 2.80 50 5.03 3.00 0.00
Interest Bearing Deposits at Other Banks		 24 272 31 690 396 1,747 3,971 389 2,239 2,625 2,744
Trading Account Securities		 10,777 10,496 9,593 9,399 9,592 13,496 16,325 13,119 10,176 9,857 10,043
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 17,592
Loans and Leases		 12,437 13,413 13,984 14,140 14,738 16,330 15,176 16,303 17,205 17,220 17,771
Allowance for Loan and Lease Losses		 152 156 160 160 161 221 150 150 162 163 179
Loans Held for Sale		 7.61 14 21 21 14 45 15,035 4.96 4.18 3.24 4.33
Premises and Equipment, Net		 353 338 335 333 371 371 389 419 469 475 486
Goodwill		 139 139 139 139 139 139 139 139 147 147 147
Intangible Assets		 6.67 6.71 7.62 8.79 9.53 11 16 15 14 14 13
Other Assets		 535 608 401 382 476 567 507 1,135 1,161 1,067 1,083
Total Liabilities & Shareholders' Equity		 24,605 25,641 24,833 25,464 26,066 32,923 36,689 31,876 31,701 31,997 32,915
Total Liabilities		 22,238 23,140 22,115 22,527 22,927 29,523 33,241 29,394 28,737 28,664 29,100
Non-Interest Bearing Deposits		 7,146 7,429 7,159 6,980 6,891 10,498 11,772 10,066 7,976 8,151 8,206
Interest Bearing Deposits		 12,832 13,672 13,266 13,343 13,630 16,449 18,041 16,121 17,388 17,143 17,434
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 2,990
Long-Term Debt		 - - - - 2.42 - 13 9.67 - 0.06 13
Other Long-Term Liabilities		 191 213 181 238 554 477 392 356 463 444 458
Total Equity & Noncontrolling Interests		 2,367 2,501 2,718 2,937 3,138 3,400 3,448 2,482 2,964 3,332 3,815
Total Preferred & Common Equity		 2,362 2,496 2,717 2,931 3,135 3,397 3,437 2,465 2,944 3,310 3,791
Total Common Equity		 2,217 2,351 2,572 2,787 2,990 3,397 3,437 2,465 2,944 3,310 3,791
Common Stock		 1,828 2,062 2,351 2,644 2,715 3,026 3,301 3,562 3,818 4,072 4,215
Retained Earnings		 383 293 221 241 202 73 92 32 53 45 132
Treasury Stock		 -26 -15 -14 -34 -38 -33 -33 -42 -36 -48 -48
Accumulated Other Comprehensive Income / (Loss)		 32 11 14 -65 110 331 77 -1,087 -891 -759 -508
Noncontrolling Interest		 5.43 5.35 1.62 5.85 3.79 2.93 11 16 20 23 23

Quarterly Balance Sheets for Commerce Bancshares

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 Q2 2025 Q3 2025 Q1 2026
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 6/30/2025 9/30/2025 3/31/2026
Total Assets		 32,603 32,005 32,831 31,377 30,372 30,569 31,494 32,365 32,284 32,289 35,717
Cash and Due from Banks		 344 351 367 358 291 330 508 517 522 476 573
Federal Funds Sold		 14 27 2.75 2.74 0.00 0.00 0.01 0.00 0.00 0.00 0.63
Interest Bearing Deposits at Other Banks		 643 1,342 2,569 1,848 1,610 2,215 2,642 2,757 2,624 2,478 3,270
Trading Account Securities		 14,178 12,376 11,539 10,359 9,436 9,168 9,742 10,230 9,867 9,958 9,597
Loans and Leases, Net of Allowance		 15,756 16,376 16,798 16,967 17,138 17,005 16,929 17,212 17,500 17,611 20,262
Loans and Leases		 15,899 16,536 16,957 17,129 17,299 17,163 17,090 17,379 17,665 17,787 20,461
Allowance for Loan and Lease Losses		 143 159 159 162 160 159 161 167 165 176 199
Loans Held for Sale		 8.06 16,382 6.78 5.12 2.33 2.93 1.71 2.89 3.59 2.54 2.08
Premises and Equipment, Net		 408 428 452 461 467 467 470 477 477 483 527
Goodwill		 139 139 146 147 147 147 147 147 147 147 254
Intangible Assets		 16 15 15 14 14 14 14 13 13 13 146
Other Assets		 1,097 944 937 1,216 1,267 1,221 1,040 1,009 1,130 1,120 1,086
Total Liabilities & Shareholders' Equity		 32,603 32,005 32,831 31,377 30,372 30,569 31,494 32,365 32,284 32,289 35,717
Total Liabilities		 30,231 29,322 30,146 28,777 27,408 27,411 28,040 28,867 28,624 28,496 31,391
Non-Interest Bearing Deposits		 10,469 8,685 8,199 7,961 7,513 7,493 7,396 7,518 7,394 7,490 8,058
Interest Bearing Deposits		 17,003 15,998 17,671 17,129 16,927 16,787 17,842 18,324 18,100 17,968 20,326
Federal Funds Purchased and Securities Sold		 2,315 2,785 2,878 2,745 2,506 2,551 2,182 2,400 2,596 2,473 2,577
Long-Term Debt		 1.83 1,508 1,006 504 2.36 3.98 10 18 - 9.27 8.05
Other Long-Term Liabilities		 444 347 393 438 460 576 610 607 519 555 422
Total Equity & Noncontrolling Interests		 2,371 2,682 2,685 2,599 2,964 3,158 3,454 3,498 3,660 3,793 4,326
Total Preferred & Common Equity		 2,352 2,666 2,667 2,581 2,944 3,138 3,432 3,478 3,641 3,772 4,302
Total Common Equity		 2,352 2,666 2,667 2,581 2,944 3,138 3,432 3,478 3,641 3,772 4,302
Common Stock		 3,294 3,548 3,551 3,554 3,804 3,808 3,810 4,058 4,062 4,067 4,729
Retained Earnings		 353 117 211 298 131 235 339 140 256 361 233
Treasury Stock		 -177 -60 -58 -77 -60 -98 -139 -86 -97 -122 -121
Accumulated Other Comprehensive Income / (Loss)		 -1,119 -940 -1,036 -1,194 -931 -808 -577 -635 -581 -534 -540
Noncontrolling Interest		 20 17 18 18 20 21 21 21 20 21 25

Annual Metrics And Ratios for Commerce Bancshares

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 2025
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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
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 $4.04
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 146.88M
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 $4.04
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 146.88M
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 $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 146.88M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Commerce Bancshares

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 146,879,273.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 146,879,273.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.98
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 1.93% 0.13% 2.23% 4.29% 7.44% 5.53% 5.75% 6.82% 5.55% - 15.91%
EBITDA Growth		 -1.12% -15.25% -4.81% 5.77% 12.09% 14.19% 8.11% 6.88% 0.91% - 15.14%
EBIT Growth		 -2.49% -14.50% -4.08% 8.17% 14.33% 20.91% 13.93% 8.95% 3.51% - 10.53%
NOPAT Growth		 -2.76% -16.60% -4.23% 8.42% 14.31% 23.13% 13.15% 8.71% 2.39% - 10.52%
Net Income Growth		 -2.76% -16.60% -4.23% 8.42% 14.31% 23.13% 13.15% 8.71% 2.39% - 10.52%
EPS Growth		 -5.15% -4.35% -5.49% 10.31% 16.30% 31.82% 19.51% 10.68% 4.95% - 3.23%
Operating Cash Flow Growth		 -20.02% 35.07% 16.73% 40.57% 193.95% -212.92% 2.31% -24.54% -70.11% - 394.07%
Free Cash Flow Firm Growth		 -148.64% -132.89% 223.20% 176.22% 63.67% 36.72% -131.30% -153.60% 11.63% - -60.74%
Invested Capital Growth		 30.76% 19.04% -29.21% -14.32% 11.63% 12.37% 18.54% 16.22% 9.77% - 23.27%
Revenue Q/Q Growth		 -1.18% 1.29% -0.83% 5.07% 1.80% -0.51% -0.61% 6.12% 0.60% - 8.63%
EBITDA Q/Q Growth		 -4.63% -6.70% 2.07% 16.46% 1.06% -4.95% -3.36% 15.14% -4.58% - 8.08%
EBIT Q/Q Growth		 -6.20% -7.92% 2.32% 22.39% -0.85% -2.62% -3.59% 17.04% -5.81% - 3.12%
NOPAT Q/Q Growth		 -5.95% -9.16% 3.58% 22.51% -0.83% -2.15% -4.82% 17.71% -6.60% - 1.18%
Net Income Q/Q Growth		 -5.95% -9.16% 3.58% 22.51% -0.83% -2.15% -4.82% 17.71% -6.60% - 1.18%
EPS Q/Q Growth		 -5.15% -28.26% 7.50% 24.42% 0.00% -18.69% 12.64% 16.33% -7.02% - 11.63%
Operating Cash Flow Q/Q Growth		 40.09% -17.59% 11.94% 8.77% 192.94% -131.66% 201.43% -19.78% 16.03% - 157.13%
Free Cash Flow Firm Q/Q Growth		 30.92% 40.23% 469.06% -49.98% -132.93% -4.09% -82.56% 14.35% 45.71% - -91.26%
Invested Capital Q/Q Growth		 -15.93% -4.42% 0.02% 6.61% 9.53% -3.79% 5.51% 4.52% 3.46% - 13.24%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 43.58% 40.14% 41.32% 45.80% 45.47% 43.44% 42.24% 45.83% 43.47% - 41.96%
EBIT Margin		 39.45% 35.86% 37.00% 43.10% 41.98% 41.09% 39.86% 43.96% 41.17% - 38.01%
Profit (Net Income) Margin		 31.00% 27.80% 29.04% 33.86% 32.98% 32.44% 31.07% 34.46% 32.00% - 29.62%
Tax Burden Percent		 78.58% 77.53% 78.48% 78.56% 78.58% 78.95% 77.94% 78.39% 77.73% - 77.93%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 21.42% 22.47% 21.52% 21.44% 21.42% 21.05% 22.06% 21.61% 22.27% - 22.07%
Return on Invested Capital (ROIC)		 17.95% 16.16% 12.94% 15.93% 16.49% 17.14% 16.17% 17.29% 15.31% - 13.82%
ROIC Less NNEP Spread (ROIC-NNEP)		 17.95% 16.16% 12.94% 15.93% 16.49% 17.14% 16.17% 17.29% 15.31% - 13.82%
Return on Net Nonoperating Assets (RNNOA)		 1.83% 0.03% 3.46% 2.75% 1.40% 0.00% 0.05% 0.05% 0.04% - 0.05%
Return on Equity (ROE)		 19.78% 16.20% 16.40% 18.68% 17.89% 17.14% 16.22% 17.34% 15.35% - 13.86%
Cash Return on Invested Capital (CROIC)		 -8.13% 0.40% 47.62% 29.75% 4.50% 5.32% -0.01% 1.44% 6.24% - -5.96%
Operating Return on Assets (OROA)		 1.96% 1.79% 1.89% 2.19% 2.19% 2.15% 2.14% 2.40% 2.24% - 2.04%
Return on Assets (ROA)		 1.54% 1.39% 1.48% 1.72% 1.72% 1.69% 1.67% 1.88% 1.74% - 1.59%
Return on Common Equity (ROCE)		 19.63% 16.09% 16.30% 18.56% 17.77% 17.03% 16.11% 17.23% 15.26% - 13.78%
Return on Equity Simple (ROE_SIMPLE)		 19.65% 0.00% 16.31% 15.65% 14.82% 0.00% 15.80% 15.43% 14.99% - 13.59%
Net Operating Profit after Tax (NOPAT)		 123 111 115 141 140 137 131 154 144 - 144
NOPAT Margin		 31.00% 27.80% 29.04% 33.86% 32.98% 32.44% 31.07% 34.46% 32.00% - 29.62%
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%
SG&A Expenses to Revenue		 51.13% 50.93% 51.71% 48.75% 49.69% 49.86% 50.05% 47.67% 48.25% - 50.69%
Operating Expenses to Revenue		 57.61% 62.67% 61.80% 55.59% 55.87% 55.72% 56.69% 54.78% 54.36% - 59.74%
Earnings before Interest and Taxes (EBIT)		 156 144 147 180 179 174 168 196 185 - 185
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 172 161 164 191 193 184 178 204 195 - 204
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.16 2.21 2.23 2.30 2.23 2.41 2.40 2.28 2.11 - 1.68
Price to Tangible Book Value (P/TBV)		 2.31 2.34 2.36 2.43 2.34 2.54 2.51 2.38 2.21 - 1.85
Price to Revenue (P/Rev)		 3.52 4.11 4.13 4.48 4.67 4.80 4.94 4.84 4.59 - 3.95
Price to Earnings (P/E)		 11.19 13.67 13.99 14.99 15.33 15.18 15.28 14.86 14.20 - 12.54
Dividend Yield		 2.40% 2.06% 2.04% 1.94% 1.82% 1.73% 1.74% 1.75% 1.83% - 7.51%
Earnings Yield		 8.94% 7.32% 7.15% 6.67% 6.52% 6.59% 6.54% 6.73% 7.04% - 7.97%
Enterprise Value to Invested Capital (EV/IC)		 1.26 1.30 1.58 1.49 1.31 1.39 1.45 1.41 1.33 - 0.79
Enterprise Value to Revenue (EV/Rev)		 2.46 2.43 2.95 2.92 2.77 2.79 3.02 3.02 2.91 - 1.87
Enterprise Value to EBITDA (EV/EBITDA)		 5.45 5.61 6.93 6.83 6.39 6.33 6.83 6.83 6.64 - 4.31
Enterprise Value to EBIT (EV/EBIT)		 6.06 6.22 7.66 7.50 6.99 6.82 7.28 7.24 6.99 - 4.58
Enterprise Value to NOPAT (EV/NOPAT)		 7.69 7.94 9.79 9.58 8.92 8.68 9.27 9.22 8.94 - 5.84
Enterprise Value to Operating Cash Flow (EV/OCF)		 8.53 7.89 9.25 8.54 5.43 8.02 8.77 9.51 20.86 - 2.87
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 357.16 2.76 4.62 30.73 27.68 0.00 105.66 22.28 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.19 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 - 0.00
Long-Term Debt to Equity		 0.19 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.00 - 0.00
Financial Leverage		 0.10 0.00 0.27 0.17 0.08 0.00 0.00 0.00 0.00 - 0.00
Leverage Ratio		 12.87 11.67 11.05 10.85 10.39 10.12 9.71 9.22 8.80 - 8.70
Compound Leverage Factor		 12.87 11.67 11.05 10.85 10.39 10.12 9.71 9.22 8.80 - 8.70
Debt to Total Capital		 16.23% 0.05% 0.08% 0.13% 0.29% 0.00% 0.50% 0.41% 0.24% - 0.19%
Short-Term Debt to Total Capital		 0.00% 0.05% 0.00% 0.00% 0.00% 0.00% 0.00% 0.41% 0.00% - 0.00%
Long-Term Debt to Total Capital		 16.23% 0.00% 0.08% 0.13% 0.29% 0.00% 0.50% 0.00% 0.24% - 0.19%
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%
Noncontrolling Interests to Total Capital		 0.58% 0.68% 0.67% 0.65% 0.62% 0.68% 0.59% 0.53% 0.56% - 0.57%
Common Equity to Total Capital		 83.19% 99.27% 99.25% 99.22% 99.09% 99.32% 98.91% 99.06% 99.19% - 99.25%
Debt to EBITDA		 0.70 0.00 0.00 0.01 0.01 0.00 0.02 0.02 0.01 - 0.01
Net Debt to EBITDA		 -2.38 -3.91 -2.80 -3.69 -4.42 -4.61 -4.36 -4.12 -3.87 - -4.83
Long-Term Debt to EBITDA		 0.70 0.00 0.00 0.01 0.01 0.00 0.02 0.00 0.01 - 0.01
Debt to NOPAT		 0.99 0.00 0.00 0.01 0.02 0.00 0.03 0.03 0.02 - 0.01
Net Debt to NOPAT		 -3.36 -5.54 -3.95 -5.17 -6.17 -6.32 -5.92 -5.57 -5.21 - -6.56
Long-Term Debt to NOPAT		 0.99 0.00 0.00 0.01 0.02 0.00 0.03 0.00 0.02 - 0.01
Noncontrolling Interest Sharing Ratio		 0.75% 0.67% 0.65% 0.66% 0.65% 0.68% 0.63% 0.59% 0.59% - 0.58%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -607 -363 1,339 670 -221 -230 -419 -359 -195 - -674
Operating Cash Flow to CapEx		 810.33% 812.02% 1,626.95% 1,866.25% 6,137.91% -977.08% 1,110.08% 1,041.03% 819.49% - 17,558.85%
Free Cash Flow to Firm to Interest Expense		 -5.39 -3.18 12.21 6.25 -2.01 -2.23 -4.40 -3.92 -2.06 - -6.97
Operating Cash Flow to Interest Expense		 1.30 1.06 1.23 1.38 3.93 -1.33 1.46 1.22 1.36 - 7.08
Operating Cash Flow Less CapEx to Interest Expense		 1.14 0.93 1.16 1.30 3.87 -1.47 1.32 1.10 1.20 - 7.04
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 0.05 - 0.05
Fixed Asset Turnover		 3.65 3.57 3.56 3.51 3.53 3.52 3.57 3.63 3.65 - 3.65
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,103 2,966 2,966 3,162 3,464 3,333 3,516 3,675 3,802 - 4,334
Invested Capital Turnover		 0.58 0.58 0.45 0.47 0.50 0.53 0.52 0.50 0.48 - 0.47
Increase / (Decrease) in Invested Capital		 730 474 -1,224 -529 361 367 550 513 339 - 818
Enterprise Value (EV)		 3,901 3,855 4,701 4,705 4,539 4,637 5,096 5,183 5,051 - 3,416
Market Capitalization		 5,588 6,520 6,579 7,226 7,658 7,990 8,331 8,295 7,974 - 7,226
Book Value per Share		 $20.70 $23.69 $22.73 $24.22 $26.62 $25.81 $25.98 $27.29 $28.27 - $29.29
Tangible Book Value per Share		 $19.41 $22.39 $21.49 $22.99 $25.38 $24.56 $24.78 $26.09 $27.07 - $26.57
Total Capital		 3,103 2,966 2,966 3,162 3,464 3,333 3,516 3,675 3,802 - 4,334
Total Debt		 504 1.40 2.36 3.98 10 0.06 18 15 9.27 - 8.05
Total Long-Term Debt		 504 0.00 2.36 3.98 10 0.00 18 0.00 9.27 - 8.05
Net Debt		 -1,705 -2,686 -1,898 -2,541 -3,140 -3,376 -3,256 -3,131 -2,945 - -3,835
Capital Expenditures (CapEx)		 18 15 8.33 7.90 7.03 14 12 11 16 - 3.90
Net Nonoperating Expense (NNE)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Net Nonoperating Obligations (NNO)		 504 1.40 2.36 3.98 10 0.06 18 15 9.27 - 8.05
Total Depreciation and Amortization (D&A)		 16 17 17 11 15 9.94 10.00 8.31 10 - 19
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.96 $0.67 $0.87 $1.07 $1.07 $0.87 $0.98 $1.14 $1.06 $0.86 $0.96
Adjusted Weighted Average Basic Shares Outstanding		 124.29M 129.88M 129.54M 128.92M 128.23M 133.88M 133.43M 133.44M 132.41M 146.88M 145.78M
Adjusted Diluted Earnings per Share		 $0.96 $0.66 $0.86 $1.07 $1.07 $0.87 $0.98 $1.14 $1.06 $0.86 $0.96
Adjusted Weighted Average Diluted Shares Outstanding		 124.29M 129.88M 129.54M 128.92M 128.23M 133.88M 133.43M 133.44M 132.41M 146.88M 145.78M
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		 124.29M 129.88M 129.54M 128.92M 128.23M 133.88M 133.43M 133.44M 132.41M 146.88M 145.78M
Normalized Net Operating Profit after Tax (NOPAT)		 123 111 115 141 140 137 131 154 144 - 144
Normalized NOPAT Margin		 31.00% 27.80% 29.04% 33.86% 32.98% 32.44% 31.07% 34.46% 32.00% - 29.62%
Pre Tax Income Margin		 39.45% 35.86% 37.00% 43.10% 41.98% 41.09% 39.86% 43.96% 41.17% - 38.01%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 1.39 1.26 1.34 1.68 1.63 1.69 1.76 2.14 1.95 - 1.92
NOPAT to Interest Expense		 1.09 0.98 1.05 1.32 1.28 1.34 1.37 1.68 1.52 - 1.49
EBIT Less CapEx to Interest Expense		 1.23 1.13 1.26 1.61 1.56 1.56 1.63 2.03 1.79 - 1.88
NOPAT Less CapEx to Interest Expense		 0.93 0.85 0.98 1.25 1.21 1.20 1.24 1.56 1.35 - 1.45
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 26.18% 27.77% 28.35% 27.97% 28.32% 27.15% 26.90% 27.05% 26.29% - 26.39%
Augmented Payout Ratio		 41.91% 43.51% 45.47% 52.34% 56.51% 59.05% 60.31% 55.10% 50.91% - 66.88%

Financials Breakdown Chart

Key Financial Trends

Commerce Bancshares (CBSH) has shown a generally stable earnings profile over the last four years, with solid net interest income supporting results even as non-interest expenses have edged higher in some quarters. Below are the key trends pulled from the quarterly statements through 2025 and the prior years.

  • Net interest income strengthened in 2025: Net Interest Income rose to about $283.2 million in Q4 2025, continuing a positive trend through 2025 as loan income and net interest margins remained favorable.
  • Loan balances have grown: Loans and Leases net of allowance reached roughly $17.6–$17.9 billion by mid-2025, indicating ongoing loan growth that supports net interest income and balance-sheet scale.
  • Deposit base remains robust and funding-ready: Deposits (both non-interest bearing and interest-bearing) continued to grow, improving liquidity and funding for loan growth.
  • Operating cash flow remains strong: Net cash from continuing operating activities was about $266 million in Q4 2025, consistent with positive cash generation across recent quarters.
  • Total revenue stayed within a narrow band of roughly $420–$450 million across 2024–2025, suggesting stable topline performance despite quarter-to-quarter fluctuations.
  • Non-interest income remained steady in 2025, with quarterly non-interest income around $151–$169 million, providing diversification beyond net interest income.
  • Balance sheet size and composition are steady: Total assets hovered in the low-to-mid $32 billion range, with deposits growing in aggregate and equity around $3.7–$3.8 billion, reflecting a stable capital base.
  • Non-interest expenses rose in the latest quarter: Total Non-Interest Expense climbed to about $252.0–$253.0 million in Q4 2025, driven by higher salaries/benefits and occupancy/equipment costs, which can pressure margins if revenue growth slows.
  • Credit provisioning spiked in parts of 2025: Provision for Credit Losses rose to around $20 million in Q3 2025 (vs about $5.6 million in Q2 2025), signaling some credit-quality concerns and reserving adjustments during the year.
  • Quarterly earnings showed episodic softness: Net income dipped slightly in Q4 2025 relative to Q3 2025 (approximately $142.7 million vs $143.6 million), despite higher net interest income.
05/26/26 03:14 AM ETAI Generated. May Contain Errors.

Commerce Bancshares Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Commerce Bancshares' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Commerce Bancshares' net income appears to be on an upward trend, with a most recent value of $570.70 million in 2025, rising from $266.98 million in 2015. The previous period was $534.40 million in 2024. See Commerce Bancshares' forecast for analyst expectations on what's next for the company.

Over the last 10 years, Commerce Bancshares' total revenue changed from $1.09 billion in 2015 to $1.76 billion in 2025, a change of 62.0%.

Commerce Bancshares' total liabilities were at $29.10 billion at the end of 2025, a 1.5% increase from 2024, and a 30.9% increase since 2015.

In the past 10 years, Commerce Bancshares' cash and equivalents has ranged from $305.54 million in 2021 to $803.24 million in 2025, and is currently $803.24 million as of their latest financial filing in 2025.


Related Companies

Financial statements for NASDAQ:CBSH last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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