CBSH FY 2025 Earnings Report — Commerce Bancshares, Inc. Revenue & Financial Results | Market Cap Arena

Commerce Bancshares, Inc.CBSH

FY 2025 Earnings

Reported February 24, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$2.1B	—	$2.1B	—	2.2%
Op. Income	$732M	—	$679M	—	7.7%
Gross Margin	80.0%	—	77.9%	—	2.1pp
Net Margin	26.5%	—	25.1%	—	1.3pp
EPS (Diluted)	$4.08	—	$3.87	—	5.4%
Free Cash Flow	$592M	—	$532M	—	11.4%

Revenue Flow

Item	Amount
REVENUE	$2.1B
Cost of Revenue	$428M
GROSS PROFIT	$1.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$704M
SG&A Expenses	$704M
Other Expenses	$276M
Operating Expenses	$980M
Cost & Expenses	$1.4B
OPERATING INCOME	$732M
Interest Income	$1.5B
Interest Expense	$372M
Other Income/Expenses	$0
INCOME BEFORE TAX	$732M
Income Tax Expense	$161M
Net Income from Continuing Ops	$571M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$566M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$566M
D&A	$38M
EBIT	$732M
EBITDA	$770M
EPS	$4
EPS Diluted	$4

Income Statement

Item	Amount
REVENUE	$2.1B
Cost of Revenue	$428M
GROSS PROFIT	$1.7B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$704M
SG&A Expenses	$704M
Other Expenses	$276M
Operating Expenses	$980M
Cost & Expenses	$1.4B
OPERATING INCOME	$732M
Interest Income	$1.5B
Interest Expense	$372M
Other Income/Expenses	$0
INCOME BEFORE TAX	$732M
Income Tax Expense	$161M
Net Income from Continuing Ops	$571M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$566M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$566M
D&A	$38M
EBIT	$732M
EBITDA	$770M
EPS	$4
EPS Diluted	$4

Cash Flow Statement

Item	Amount
Net Income	$571M
Depreciation & Amortization	$38M
Stock-Based Compensation	$17M
Deferred Income Tax	$12M
Other Non-Cash Items	$35M
Change in Working Capital	-$28M
OPERATING CASH FLOW	$645M
Capital Expenditure	-$53M
Acquisitions (Net)	$0
Purchases of Investments	-$1.5B
Sales/Maturities of Investments	$1.9B
Other Investing Activities	-$872M
NET CASH FROM INVESTING	-$462M
Net Debt Issuance	$76M
Common Stock Repurchased	-$208M
Common Dividends Paid	-$150M
Other Financing Activities	$271M
NET CASH FROM FINANCING	-$11M
FREE CASH FLOW	$592M
Net Change in Cash	$172M

Balance Sheet

Item	Amount
Cash & Equivalents	$803M
Short-Term Investments	$9.1B
Net Receivables	$0
Inventory	$0
Other Current Assets	$0
TOTAL CURRENT ASSETS	$9.9B
PP&E (Net)	$486M
Goodwill	$147M
Intangible Assets	$13M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$0
TOTAL NON-CURRENT ASSETS	$646M
TOTAL ASSETS	$32.9B
Account Payables	$0
Short-Term Debt	$3.0B
Deferred Revenue	$0
Other Current Liabilities	-$3.0B
TOTAL CURRENT LIABILITIES	$0
Long-Term Debt	$13M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$0
TOTAL NON-CURRENT LIABILITIES	$13M
TOTAL LIABILITIES	$29.1B
Common Stock	$693M
Additional Paid-In Capital	$3.5B
Retained Earnings	$132M
Treasury Stock	-$48M
Accum. Other Comp. Income	-$508M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$3.8B
Minority Interest	$23M
TOTAL EQUITY	$3.8B
TOTAL LIABILITIES & EQUITY	$32.9B
Total Debt	$3.0B
Net Debt	$2.2B