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Friday 6 November 2026 Export CBSH’s income statement to Excel — free account

Commerce Bancshares, Inc.

CBSH Financial Banks Regional

Commerce Bancshares, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, up 2.23% from fiscal 2024.

Revenue
+8.97%
EPS
+1.89%
Free cash flow
+68.3%
Total debt
+74.4%

Quarter to September 2026, against a year earlier

55.23 0.93 −1.66%
Market cap
$7.8B
P/E
13.3×
Fwd P/E
13.0×
Dividend yield
1.97%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Valuation Filings

Insider Decisions last twelve months

Bought, $m 0.12
Sold, $m 4.17
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — 1 — — — — — — — —
Sell — 1 5 2 — — 1 4 3 — — —
Insider Ownership 4.12%

Capital & Financial Ratios $m

Size
Market Cap 7,840.00
Revenue ttm 2,323.01
Net income ttm 590.84
Free cash flow ttm 1,215.95
Net debt Q (3,575.61)
Valuation
P/E 13.31
Forward P/E 13.00
Price / sales 3.41
Forward P/S Powerpack
Price / FCF 6.52
Price / book 1.88
Financial health
Current ratio Q 0.82
Debt / equity Q 0.00
Interest coverage Q —
Growth
Revenue growth Q +8.97% (above 0%: growing)
Operating income growth Q +9.58% (above 0%: growing)
EPS, this year +4.84%
EPS, next year A +8.63%
Revenue, next year A −7.46% (below 0%: weak)
EPS, past 5 yrs +9.95%
EPS, next 5 yrs A +7.22%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 17.02%
10-year low 10-year high
P/S against its own 10 years 13.46%
10-year low 10-year high
P/B against its own 10 years 11.00%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.97%
Annual rate
1.09
Payout ratio
26.2%
Growth, 2017–25
+7.67%/yr
  1. 0.58 ’17
  2. 0.64 ’18 +10
  3. 0.74 ’19 +16
  4. 0.81 ’20 +9
  5. 0.82 ’21 +2
  6. 0.87 ’22 +6
  7. 0.93 ’23 +7
  8. 0.98 ’24 +5
  9. 1.05 ’25 +7
  10. 1.10 ’26e +5
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 3,166 4,039 4,438 3,592
Receivables — — — —
Inventory — — — —
Other — — — —
20,213 21,100 22,034 24,608
2023 2024 2025 Q'26
Payables 25,364 25,294 25,640 27,248
ST’ Debt — — — —
Other — — — —
28,273 28,220 28,629 29,944

Compound Annual Growth %

10y 5y 3y
Sales 6.72% 9.02% 10.96%
Cash Flow 8.28% 0.67% 4.87%
Earnings 8.47% 10.60% 5.05%
Book Value 4.89% 2.33% 15.41%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.07 Actual 1.08

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.99 1.01 Beat by 0.02
Q1 FY26 0.94 0.96 Beat by 0.02
Q2 FY26 1.04 1.10 Beat by 0.06
Q3 FY26 1.07 1.08 Beat by 0.01
Q4 FY26 1.09 — Reports 28 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.96 1.10 1.08 — —
’25 0.93 1.14 1.06 1.01 4.04
’24 0.86 1.07 1.01 1.01 3.87
’23 0.90 0.97 0.91 0.84 3.30
’22 0.88 0.87 0.93 0.99 3.67
’21 0.96 1.19 0.91 0.85 3.91
’20 0.36 0.28 0.91 0.96 2.51
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 584 604 592 — —
’25 516 538 544 543 2,140
’24 507 525 535 526 2,093
’23 446 500 508 515 1,969
’22 351 379 405 432 1,566
’21 356 367 368 348 1,439
’20 332 327 369 362 1,390
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 685 182 — — —
’25 139 111 129 266 645
’24 135 147 432 (137) 578
’23 116 105 147 121 489
’22 125 162 184 90 559
’21 202 126 159 112 598
’20 80 150 243 152 624
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 681 169 — — —
’25 126 101 113 253 592
’24 127 139 425 (151) 541
’23 96 74 129 106 405
’22 109 149 166 72 497
’21 194 117 143 96 550
’20 72 144 227 149 593
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 38.4% a year for ten years. It grew 6.3% a year over the last ten.

Implied
38.4%
10 years, reported
6.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,160 1,264 1,390 1,453 1,390 1,439 1,566 1,969 2,093 2,140 2,323 +7.0% 1,980 2,052 2,137 0.0%
Gross margin, % 97.15 96.54 95.30 92.88 96.92 99.11 96.37 80.54 79.49 82.62 83.93 (14.5) pt
EBT 401 430 544 532 441 686 632 620 679 732 777 +6.9%
EBT margin, % 34.58 34.06 39.15 36.60 31.75 47.70 40.38 31.47 32.47 34.20 33.45 (0.4) pt
Net income 277 320 438 423 354 541 500 485 534 571 591 +8.4%
Per share, $
Per share, $ Revenue 8.22 8.93 9.83 10.51 10.32 10.73 11.34 13.75 14.82 15.42 16.19 +7.2%
Earnings 1.86 2.16 2.97 2.95 2.51 3.92 3.68 3.64 3.88 4.04 4.15 +9.0%
Cash flow 3.23 3.02 3.91 3.71 4.63 4.46 4.05 3.41 4.09 4.65 0.00 +4.1%
Capex (0.10) (0.20) (0.14) (0.29) (0.23) (0.36) (0.45) (0.58) (0.26) (0.38) 0.00 +15.7%
Free cash flow 3.12 2.82 3.77 3.41 4.40 4.10 3.60 2.83 3.83 4.27 0.00 +3.5%
Book value 17.73 19.22 20.77 22.69 25.24 25.71 17.97 20.69 23.59 27.49 29.37 +5.0%
Shares, m 141 141 141 138 135 134 138 143 141 139 143 (0.2%)
Valuation, ×
Valuation, × P/E 19.93 17.51 13.50 17.13 20.41 14.43 15.85 13.51 14.76 12.49 13.31 16.0
P/S 4.52 4.24 4.08 4.83 4.99 5.27 5.15 3.58 4.00 3.39 3.41 4.4
P/B 2.22 2.08 2.03 2.34 2.04 2.20 3.25 2.38 2.52 1.90 1.88 2.3
EV/Sales 4.00 3.70 3.11 3.85 3.03 1.41 4.03 1.97 2.08 1.33 — 2.9
EV/FCF 10.53 11.73 8.12 11.86 7.10 3.68 12.70 9.58 8.03 4.79 — 8.8
Cash, $m
Cash, $m Operating cash flow 455 427 553 513 624 598 559 489 578 645 1,262 +4.0%
Capex (14) (28) (20) (41) (31) (48) (62) (84) (37) (53) (46) +15.5%
Free cash flow 441 399 533 472 593 550 497 405 541 592 1,216 +3.3%
Balance, $m
Balance, $m Working capital (8,024) (6,857) (6,351) (6,015) (9,821) (11,850) (11,112) (8,059) (7,121) (6,595) (5,336) (2.2%)
Net debt (1,428) (1,228) (1,919) (1,763) (3,069) (5,938) (1,750) (3,165) (4,039) (4,425) (3,576) +13.4%
Shareholders’ equity 2,501 2,718 2,937 3,138 3,400 3,448 2,482 2,964 3,332 3,815 4,215 +4.8%
Returns, %
Returns, % ROA 1.06 1.21 1.69 1.58 1.16 1.52 1.42 1.50 1.65 1.74 1.78 +0.7 pt
ROIC 23.35 18.06 33.42 24.17 83.42 0.00 54.02 0.00 0.00 0.00 75.90 (23.3) pt
ROE 11.64 12.44 15.82 14.11 10.70 15.50 16.47 17.52 16.72 15.85 14.94 +4.2 pt
People
People Employees 4,877 4,857 4,869 4,835 4,588 4,537 4,598 4,728 4,687 4,737 — (0.3%)
Revenue/emp, $m 0.24 0.26 0.29 0.30 0.30 0.32 0.34 0.42 0.45 0.45 — +7.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Commerce Bancshares is a Missouri-headquartered bank holding company that owns Commerce Bank. Its principal offices are in Kansas City and St. Louis. Through the bank and other subsidiaries, it provides financial services to individuals, businesses and municipalities.

For individuals, Commerce offers deposit accounts, consumer loans, mortgages, debit and credit cards, brokerage services, and trust and estate planning. Business customers can use its lending, deposit, cash management, leasing and payment services. Its wealth business manages investment portfolios and provides services to personal and institutional customers.

Commerce Bancshares, Inc. vs peers in Banks Regional (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ZION Zions Bancorporation, N.A. $9.5B 8.0× 8.2× −0.80% (below 0%: shrinking) +20.27% (above 0%: growing) +518.28% (above 0%: growing) 70.88% 0.00% Compare
CBC Central Bancompany $9.0B 20.6× 18.2× +10.36% (above 0%: growing) +9.05% (above 0%: growing) −5.17% (below 0%: shrinking) 85.56% 0.00% Compare
PB Prosperity Bancshares, Inc. $8.6B 13.1× 12.8× +50.23% (above 0%: growing) −18.63% (below 0%: shrinking) +70.11% (above 0%: growing) 75.10% 0.00% Compare
COLB Columbia Banking System, Inc. $8.6B 10.6× 10.4× +11.63% (above 0%: growing) +95.00% (above 0%: growing) +238.82% (above 0%: growing) 76.21% 0.00% Compare
WAL Western Alliance Bancorporation $8.2B 8.4× 8.5× +3.58% (above 0%: growing) +6.52% (above 0%: growing) +218.45% (above 0%: growing) 69.28% 0.00% Compare
BOKF BOK Financial Corporation $7.9B 11.8× 12.2× +0.31% (above 0%: growing) +19.82% (above 0%: growing) −68.48% (below 0%: shrinking) 65.45% 0.00% Compare
CBSH Commerce Bancshares, Inc. $7.8B 13.3× 13.0× +8.97% (above 0%: growing) +1.89% (above 0%: growing) +68.33% (above 0%: growing) 84.16% 0.00%
VLY Valley National Bancorp $7.7B 11.0× 11.0× +4.94% (above 0%: growing) +28.57% (above 0%: growing) +2.65% (above 0%: growing) 62.42% 0.00% Compare
UBSI United Bankshares, Inc. $6.6B 13.1× 12.9× −2.30% (below 0%: shrinking) +2.17% (above 0%: growing) +14.62% (above 0%: growing) 70.33% 0.00% Compare
Median of peers $8.4B 11.4× 11.6× +4.26% +14.43% +42.36% 70.61% 0.00%

All 327 Banks Regional stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 75.94%
Held by the ten largest 46.18%
Holder Shares Stake Change
Vanguard 16.32m 11.38% +221.66k
BlackRock 13.09m 9.12% +150.42k
State Street 7.35m 5.13% +287.40k
AQR Capital Management 6.53m 4.55% +4.66m
American Century 5.94m 4.14% −286.42k
COMMERCE BANK 5.47m 3.82% −1.54m
Dimensional Fund Advisors 4.16m 2.90% +221.57k
Geode Capital Management 3.01m 2.10% +32.78k
First Trust 2.25m 1.57% −357.63k
Boston Trust Walden Corp 2.11m 1.47% +179.88k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 13 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 6.50m 4.70m 111.04
2024 6.03m 8.30m 128.00
2023 4.72m 2.29m 102.51
2022 5.32m 5.62m 121.89
2021 4.84m 5.58m 115.42

Ownership

Directors and executive officers, together 1.80%
The Vanguard Group 9.20%
BlackRock, Inc. 7.50%
Commerce Bank 5.70%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Commerce Bancshares, Inc. (CBSH) Latest News

22 Oct

Impact 3 · · Simply Wall St.

20 Oct

Impact 4 · · Business Wire earnings
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Associated Press

15 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

14 Oct

Impact 3 · · Zacks

13 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

6 Oct

Impact 3 · · Zacks

2 Oct

Impact 4 · · Zacks

1 Oct

Impact 3 · · Business Wire
Impact 3 · · Business Wire

8 Sep

Impact 3 ·

16 Jul

Impact 3 ·
Impact 3 ·
Impact 3 · · InvestorsHub
Impact 3 ·

29 Jun

Impact 3 ·

15 May

Impact 3 · · Simply Wall St.

13 May

Impact 4 · · Zacks

12 May

Impact 4 · · Business Wire

29 Apr

Impact 4 · · Simply Wall St.

28 Apr

Impact 3 · · Business Wire

23 Apr

Impact 4 · · Simply Wall St.

22 Apr

Impact 3 · · Zacks

21 Apr

Impact 4 ·
Impact 3 ·

CBSH metrics, ten years each

stockrow.com/CBSH · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com