Commerce Bancshares (CBSH) financial statements
Commerce Bancshares reported revenue of $1.8B in fiscal 2025, up 5.1% a year over 9 years.
Net income was $566M.
Free cash flow was $592M, and the company returned $150M in dividends and $208M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Commerce Bancshares's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.1B | $1.2B | $1.3B | $1.3B | $1.3B | $1.4B | $1.5B | $1.6B | $1.7B | $1.8B |
| Operating income | — | — | — | — | — | $1.4B | $1.5B | $1.6B | $1.7B | $1.8B |
| Interest expense | $33M | $44M | $65M | $103M | $43M | $13M | $57M | $383M | — | — |
| Pre-tax income | $401M | $430M | $544M | $532M | $441M | $686M | $632M | $620M | $679M | $732M |
| Income tax | $124M | $111M | $106M | $109M | $87M | $146M | $132M | $135M | $145M | $161M |
| Net income | $275M | $319M | $434M | $421M | $354M | $531M | $488M | $477M | $526M | $566M |
| EPS (diluted) | $2.37 | $2.62 | $3.43 | $3.25 | $2.64 | $3.91 | $3.50 | $3.30 | $3.69 | $4.04 |
| Operating margin | — | — | — | — | — | 99.8% | 99.8% | 99.8% | 99.8% | 100.0% |
| Net margin | 24.4% | 26.7% | 32.7% | 31.3% | 26.5% | 38.0% | 32.8% | 30.4% | 31.8% | 32.1% |
Balance sheet
Fiscal years, from Commerce Bancshares's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $782M | $512M | $1.2B | $908M | $2.2B | $4.3B | $898M | $2.7B | $3.4B | $3.5B |
| Property, plant and equipment | $338M | $335M | $333M | $371M | $371M | $389M | $419M | $469M | $475M | $486M |
| Goodwill | $139M | $139M | $139M | $139M | $139M | $139M | $139M | $147M | $147M | $147M |
| Total assets | $25.6B | $24.8B | $25.5B | $26.1B | $32.9B | $36.7B | $31.9B | $31.7B | $32.0B | $32.9B |
| Long-term debt | — | $2M | — | — | — | — | — | — | — | — |
| Total liabilities | $23.1B | $22.1B | $22.5B | $22.9B | $29.5B | $33.2B | $29.4B | $28.7B | $28.7B | $29.1B |
| Shareholders' equity | $2.5B | $2.7B | $2.9B | $3.1B | $3.4B | $3.4B | $2.5B | $2.9B | $3.3B | $3.8B |
| Net debt | -$782M | -$510M | -$1.2B | -$908M | -$2.2B | -$4.3B | -$898M | -$2.7B | -$3.4B | -$3.5B |
Cash flow
Fiscal years, from Commerce Bancshares's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $455M | $427M | $553M | $513M | $624M | $598M | $559M | $489M | $578M | $645M |
| Capital spending | $24M | $31M | $33M | $43M | $33M | $57M | $65M | $88M | $46M | $53M |
| Free cash flow | $430M | $396M | $519M | $470M | $591M | $541M | $494M | $401M | $532M | $592M |
| Stock-based compensation | $12M | $12M | $13M | $14M | $15M | $15M | $17M | $17M | $17M | $17M |
| Dividends paid | $87M | $92M | $100M | $113M | $121M | $123M | $127M | $135M | $145M | $150M |
| Share buybacks (net) | -$39M | -$18M | -$75M | -$135M | -$54M | -$129M | -$187M | -$76M | -$170M | -$208M |
| Net borrowing | -$2M | -$100M | — | — | — | — | — | — | — | — |
| Free cash flow margin | 38.2% | 33.1% | 39.2% | 34.9% | 44.2% | 38.8% | 33.2% | 25.5% | 32.1% | 33.6% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for CBSH.
Open CBSH in InvestinglyQuestions
What was Commerce Bancshares's revenue in 2025?
$1.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Commerce Bancshares generate?
$592M in fiscal 2025 (operating cash flow minus capital spending).
From Commerce Bancshares's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.