Saturday 17 October 2026 Export CBSH’s income statement to Excel — free account

Commerce Bancshares, Inc.

Commerce Bancshares, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.1 billion, up 2.23% from fiscal 2024. In the quarter to June 2026, revenue grew 12.3%, EPS fell 3.51%, free cash flow grew 68.3% and total debt rose 74.7%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years, revenue growth for five; insiders bought in the last twelve months.

55.69 0.13 +0.23%

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Market cap: $8.0B
P/E: 13.5×
Fwd P/E: 13.0×
Dividend yield: 1.95%
F-score: 8/9
Altman Z: n/a
Beneish M: n/a
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 0.12

Total sells 4.17

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	1	—	—	—	—	—	—	—
Sell	—	—	1	5	2	—	—	1	4	3	—	—

Insider Ownership 3.66%

Capital & Financial Ratios $m

Market Cap 7,970.00

Revenue 2,274.25

Net Income 590.84

Free Cash Flow 1,215.95

Net Debt (4,089.21)

Current Ratio 0.82

Debt/Equity 0.01

P/E ratio 13.48

Fwd P/E 13.00

P/S ratio 3.53

P/B ratio 1.83

Past 5Y EPS Growth 9.95%

This Y EPS Growth 5.16%

Next Y EPS Growth 9.20%

Next Y revenue growth (7.32%)

Next 5Y EPS Growth 7.75%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 17.66%

10-year low 10-year high

P/S against its own 10 years 17.84%

10-year low 10-year high

P/B against its own 10 years 5.42%

10-year low 10-year high

Dividends

Payout Ratio 0.26

Annual Dividend Rate 1.09

Annual Dividend Yield 1.95%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.10	0.28 0.28 0.28
2025	1.05	0.26 0.26 0.26 0.26
2024	0.98	0.24 0.24 0.24 0.24
2023	0.93	0.23 0.23 0.23 0.23
2022	0.87	0.22 0.22 0.22 0.22
2021	0.82	0.21 0.21 0.21 0.21
2020	0.81	0.20 0.20 0.20 0.20
2019	0.74	0.18 0.18 0.18 0.18
2018	0.64	0.16 0.16 0.16 0.16
2017	0.58	0.15 0.15 0.15 0.15
2016	0.55	0.14 0.14 0.14 0.14

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	3,166	4,039	4,438	4,115
Receivables	—	—	—	—
Inventory	—	—	—	—
Other	—	—	—	—
	20,213	21,100	22,034	24,757

	2023	2024	2025	Q'26
Payables	25,364	25,294	25,640	27,876
ST’ Debt	—	—	—	—
Other	—	—	—	—
	28,273	28,220	28,629	30,304

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	584	604	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.96	1.10	—	—	—
’25	0.98	1.14	1.06	1.01	4.04
’24	0.86	1.07	1.07	1.01	3.87
’23	0.90	0.97	0.91	0.84	3.64
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	27.94	38.73	40.93	42.82	35.66	53.28	54.25	37.11	44.84	48.69	Analyst estimates 2026–2028 Powerpack
	High	44.19	45.23	54.14	53.79	56.35	68.33	64.97	60.64	69.29	65.59
People
People	Employees	4,877	4,857	4,869	4,835	4,588	4,537	4,598	4,728	4,687	4,737
	Revenue/emp, $m	0.24	0.26	0.29	0.30	0.30	0.32	0.34	0.42	0.45	0.45
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
	Gross margin, %	97.15	96.54	95.30	92.88	96.92	99.11	96.37	80.54	79.49	82.62
	EBT	401	430	544	532	441	686	632	620	679	732
	EBT margin, %	34.58	34.06	39.15	36.60	31.75	47.70	40.38	31.47	32.47	34.20
	Net income	277	320	438	423	354	541	500	485	534	571
	Depreciation	72	75	65	69	104	112	66	67	53	38
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
	Earnings	1.86	2.16	2.97	2.95	2.51	3.92	3.68	3.64	3.88	4.04
	Cash flow	3.23	3.02	3.91	3.71	4.63	4.46	4.05	3.41	4.09	4.65
	Capex	(0.10)	(0.20)	(0.14)	(0.29)	(0.23)	(0.36)	(0.45)	(0.58)	(0.26)	(0.38)
	Free cash flow	3.12	2.82	3.77	3.41	4.40	4.10	3.60	2.83	3.83	4.27
	Book value	17.73	19.22	20.77	22.69	25.24	25.71	17.97	20.69	23.59	27.49
	Shares, m	141	141	141	138	135	134	138	143	141	139
Valuation, ×
Valuation, ×	P/E	23.08	19.30	14.88	17.99	21.43	15.15	15.85	13.51	14.76	12.49
	P/S	5.23	4.67	4.49	5.07	5.24	5.54	5.15	3.58	4.00	3.39
	P/B	2.57	2.29	2.24	2.46	2.14	2.31	3.25	2.38	2.52	1.90
	EV/Sales	4.00	3.70	3.11	3.85	3.03	1.41	4.03	1.97	2.08	1.33
	EV/FCF	10.53	11.73	8.12	11.86	7.10	3.68	12.70	9.58	8.03	4.79
Cash, $m
Cash, $m	Operating cash flow	455	427	553	513	624	598	559	489	578	645
	Capex	(14)	(28)	(20)	(41)	(31)	(48)	(62)	(84)	(37)	(53)
	Free cash flow	441	399	533	472	593	550	497	405	541	592
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)
	Total debt	102	2	9	2	1	13	10	1	0	13
	Net debt	(1,428)	(1,228)	(1,919)	(1,763)	(3,069)	(5,938)	(1,750)	(3,165)	(4,039)	(4,425)
	Shareholders’ equity	2,501	2,718	2,937	3,138	3,400	3,448	2,482	2,964	3,332	3,815
Returns, %
Returns, %	ROA	1.06	1.21	1.69	1.58	1.16	1.52	1.42	1.50	1.65	1.74
	ROIC	23.35	18.06	33.42	24.17	83.42	0.00	54.02	0.00	0.00	0.00
	ROE	11.64	12.44	15.82	14.11	10.70	15.50	16.47	17.52	16.72	15.85

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$9.2B	8.1×	9.7×	+19.18% (above 0%: growing)	+87.12% (above 0%: growing)	+518.28% (above 0%: growing)	76.88%	0.00%	Compare
BSMX Grupo Financiero Santander Mexico S.A. B. de C.V.	$8.3B	5.1×	—	+69.52% (above 0%: growing)	+66.67% (above 0%: growing)	−144.08% (below 0%: shrinking)	51.50%	0.00%	Compare
PB Prosperity Bancshares, Inc.	$8.1B	11.7×	12.3×	+19.38% (above 0%: growing)	+17.61% (above 0%: growing)	+70.11% (above 0%: growing)	75.21%	0.00%	Compare
WAL Western Alliance Bancorporation	$8.1B	8.4×	8.3×	+9.83% (above 0%: growing)	+13.46% (above 0%: growing)	+0.90% (above 0%: growing)	69.60%	0.00%	Compare
COLB Columbia Banking System, Inc.	$8.1B	11.3×	10.0×	+22.18% (above 0%: growing)	0.00%	+238.82% (above 0%: growing)	75.39%	0.00%	Compare
CBSH Commerce Bancshares, Inc.	$8.0B	13.5×	13.0×	+12.33% (above 0%: growing)	−3.51% (below 0%: shrinking)	+68.33% (above 0%: growing)	84.73%	0.00%
CBC Central Bancompany	$8.0B	18.4×	14.9×	+10.36% (above 0%: growing)	+9.05% (above 0%: growing)	−5.17% (below 0%: shrinking)	85.56%	0.00%	Compare
BOKF BOK Financial Corporation	$7.6B	11.8×	12.5×	+3.20% (above 0%: growing)	+33.33% (above 0%: growing)	+1,441.49% (above 0%: growing)	67.23%	0.00%	Compare
VLY Valley National Bancorp	$7.1B	10.6×	10.8×	+4.09% (above 0%: growing)	+30.43% (above 0%: growing)	+2.65% (above 0%: growing)	62.09%	0.00%	Compare
Median of peers	$8.1B	10.9×	10.8×	+14.77%	+24.02%	+36.38%	72.41%	0.00%

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