CBSH

MKT CAP:$7B

Commerce Bancshares, Inc.

Market Cap

$7B

Financial Services·Banks - Regional·🇺🇸 United States·NASDAQ

Financials·Banks - Regional·🇺🇸·NASDAQ

Stock Price

$50.84-$1.40 (-2.68%)

Apr 24, 2026

Company Details

Commerce Bancshares, Inc. operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses in the United St...

CEO

John W. Kemper

IPO Date

Mar 17, 1980

Website

www.commercebank.com

Key Metrics TTM

Revenue

$2.2B

+41.0% YoY

Net Income

$562M

EPS (Diluted)

$4.10

Free Cash Flow

$172M

Revenue / Share

$14.83

Gross Margin

80.1%

Operating Margin

33.4%

Net Margin

26.0%

FCF Margin

7.9%

P/S

3.4x

P/E

13.2x

Earnings Reports

Q1 2026

Apr 21, 2026

NEW

$584M+13.2%EPS $0.97

FY 2025

Feb 24, 2026

$2.1BEPS $4.08

Q2 2025

Aug 6, 2025

$537MEPS $1.14

Q1 2025

May 6, 2025

$516MEPS $0.98

Q4 2024

Feb 25, 2025

$526MEPS $1.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 17	$297M	$276M	$97M
Q2 17	$311M	$289M	$112M
Q3 17	$308M	$286M	$107M
Q4 17	$353M	$329M	$115M
Q2 18	$347M	$323M	$141M
Q1 19	$348M	$311M	$120M
Q2 19	$366M	$327M	$137M
Q3 19	$369M	$330M	$139M
Q4 19	$370M	$331M	$135M
Q3 20	$369M	$359M	$168M
Q4 21	$348M	$353M	$149M
Q1 23	$446M	$377M	$153M
Q4 24	$526M	$410M	$174M
Q1 25	$516M	$406M	$168M
Q2 25	$537M	$440M	$196M
Q1 26	$584M	$476M	$185M

Valuation

Quarter	P/S	P/E
Q1 17	4.8x	20.8x
Q2 17	4.9x	20.4x
Q3 17	4.9x	20.3x
Q4 17	4.7x	18.7x
Q2 18	5.3x	19.5x
Q1 19	4.8x	17.3x
Q2 19	4.6x	16.0x
Q3 19	4.5x	15.1x
Q4 19	5.2x	18.0x
Q3 20	4.2x	13.6x
Q4 21	5.8x	18.3x
Q1 23	4.8x	15.4x
Q4 24	4.9x	16.6x
Q1 25	4.5x	16.4x
Q2 25	4.1x	15.3x
Q1 26	3.1x	11.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 16	$84M	$79M
Q1 17	$138M	$133M
Q2 17	$69M	$60M
Q3 17	$127M	$119M
Q4 17	$99M	$91M
Q2 18	$144M	$136M
Q1 19	$142M	$131M
Q2 19	$110M	$101M
Q3 19	$126M	$116M
Q4 19	$135M	$122M
Q3 20	$243M	$227M
Q4 21	$112M	$92M
Q1 23	$116M	$96M
Q4 24	-$137M	-$151M
Q1 25	$139M	$126M
Q2 25	$111M	$101M

Capital Expenditures

Quarter	CapEx
Q3 16	$5M
Q1 17	$5M
Q2 17	$9M
Q3 17	$9M
Q4 17	$8M
Q2 18	$9M
Q1 19	$11M
Q2 19	$9M
Q3 19	$9M
Q4 19	$13M
Q3 20	$16M
Q4 21	$19M
Q1 23	$20M
Q4 24	$14M
Q1 25	$13M
Q2 25	$11M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 17	+7.1%	+1.6%
Q3 17	+4.1%	+3.6%
Q4 17	+19.0%	+21.0%
Q2 18	+17.0%	+3.2%
Q1 19	+12.1%	+15.0%
Q2 19	+18.7%	+13.3%
Q3 19	+4.6%	-3.2%
Q4 19	+6.5%	+13.5%
Q3 20	+5.9%	-11.9%
Q4 21	-4.7%	-12.7%
Q1 23	+20.8%	+27.2%
Q4 24	+42.2%	+50.2%
Q1 25	+39.8%	+73.1%
Q2 25	+54.2%	+71.1%
Q1 26	+30.9%	+36.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 16	$3M	0.9%
Q1 17	$3M	1.1%
Q2 17	$3M	1.0%
Q3 17	$3M	1.0%
Q4 17	$3M	0.8%
Q2 18	$3M	0.9%
Q1 19	$3M	1.0%
Q2 19	$3M	0.9%
Q3 19	$3M	0.9%
Q4 19	$3M	0.9%
Q3 20	$4M	1.0%
Q4 21	$4M	1.1%
Q1 23	$4M	1.0%
Q4 24	$4M	0.8%
Q1 25	$4M	0.9%
Q2 25	$4M	0.8%

OpEx Breakdown

Quarter	G&A	S&M
Q1 17	$116M	$3M
Q2 17	$112M	$4M
Q3 17	$115M	$5M
Q4 17	$148M	$4M
Q2 18	$119M	$5M
Q1 19	$122M	$6M
Q2 19	$120M	$6M
Q3 19	$124M	$6M
Q4 19	$129M	$4M
Q3 20	$127M	$5M
Q4 21	$133M	$5M
Q1 23	$149M	$5M
Q4 24	$157M	$6M
Q1 25	$157M	$6M
Q2 25	$155M	$6M
Q1 26	$202M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$1.0B	$13.7B	$14.7B
Q3 22	$987M	$12.6B	$13.6B
Q4 22	$842M	$12.2B	$13.1B
Q1 23	$1.7B	$11.2B	$12.9B
Q2 23	$2.9B	$10.4B	$13.4B
Q3 23	$2.2B	$9.9B	$12.1B
Q4 23	$2.7B	$9.7B	$12.4B
Q1 24	$1.9B	$9.1B	$11.0B
Q2 24	$2.5B	$8.5B	$11.1B
Q3 24	$3.1B	$9.2B	$12.3B
Q4 24	$3.4B	$9.1B	$12.5B
Q1 25	$3.3B	$3.0B	$6.2B
Q2 25	$3.1B	$8.9B	$12.1B
Q3 25	$3.0B	$2.3B	$5.3B
Q4 25	$803M	$9.1B	$9.9B
Q1 26	$573M	$8.6B	$9.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 17	150M	+1.0%	—
Q2 17	151M	+0.4%	+0.3%
Q3 17	150M	-0.4%	+0.4%
Q4 17	151M	+0.1%	+1.1%
Q2 18	149M	-1.0%	-0.8%
Q1 19	150M	+0.3%	-1.0%
Q2 19	148M	-1.4%	-1.9%
Q3 19	146M	-0.9%	-2.9%
Q4 19	143M	-2.3%	-4.2%
Q3 20	142M	-0.4%	-4.8%
Q4 21	142M	-0.6%	-4.1%
Q1 23	139M	-2.0%	-5.2%
Q4 24	134M	-3.6%	-6.5%
Q1 25	134M	+0.4%	-5.7%
Q2 25	133M	-1.3%	-6.3%
Q1 26	146M	+10.0%	+5.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 17	$66.2K	4K
Q2 17	$69.3K	4K
Q3 17	$68.7K	4K
Q4 17	$78.4K	5K
Q2 18	$77.2K	5K
Q1 19	$76.2K	5K
Q2 19	$80.0K	5K
Q3 19	$80.8K	5K
Q4 19	$80.8K	5K
Q3 20	$80.6K	5K
Q4 21	$79.4K	4K
Q1 23	$100.3K	4K
Q4 24	$115.9K	5K
Q1 25	$113.7K	5K
Q2 25	$118.4K	5K
Q1 26	$127.6K	5K

Revenue / Employee