CBSH · CIK 0000022356

COMMERCE BANCSHARES, INC.

Annual figures as reported, FY2014–FY2025. Ratios and growth rates derived on-page.

Net income

$566.3M

▲ +7.6% vs FY2024

Free cash flow

$592.4M

▲ +11.4% vs FY2024

Diluted EPS

$4.04

▲ +9.5% vs FY2024

Net income

Annual, as reported

Recent quarters

momentum · last 12 quarters

Revenue — Mar ’26 quarter

Net income — Mar ’26 quarter

$141.6M

▲ +7.6% vs Mar ’25

Diluted EPS — trailing 12 months

$4.07

▲ +7.1% vs Mar ’25

Quarterly revenue

Discrete quarters; Q4 derived from the annual figure

Quarterly net income

Discrete quarters; Q4 derived from the annual figure

Quarter	Revenue	Rev. YoY	Gross margin	Net income	Net margin	Diluted EPS
Mar ’26	$0	—	—	$141.6M	—	$0.96
Sep ’25	$0	—	—	$141.5M	—	$1.06
Jun ’25	$0	—	—	$152.5M	—	$1.14
Mar ’25	$0	—	—	$131.6M	—	$0.93
Sep ’24	$0	—	—	$138.0M	—	$1.01
Jun ’24	$0	—	—	$139.6M	—	$1.03
Mar ’24	$0	—	—	$112.7M	—	$0.82
Sep ’23	$0	—	—	$120.6M	—	$0.92

Profitability & returns

quality of earnings

Returns on capital

Net income vs year-end equity and assets

Return on equityReturn on assets

Cash flow

cash generation

Free cash flow

Operating cash flow less capital expenditure

Operating cash flow

Net cash from operations

Shareholder returns

capital allocation

Capital returned

Cash paid out as dividends and share repurchases

Dividends paidBuybacks

Balance sheet

financial position

Stockholders’ equity

At fiscal year end

Growth rates

compounding, annualized

Net income CAGR

+5.1%

+9.8%

+7.9%

10y

Diluted EPS CAGR

+4.9%

+8.9%

+5.7%

10y

Free cash flow CAGR

+6.2%

+0.1%

+8.6%

10y

Key ratios

derived per fiscal year

Fiscal year	ROE	ROA	DPS
FY2025	14.9%	1.7%	$1.05
FY2024	15.9%	1.6%	$0.98
FY2023	16.2%	1.5%	$0.93
FY2022	19.8%	1.5%	$0.92
FY2021	15.4%	1.4%	$0.91
FY2020	10.4%	1.1%	$0.93
FY2019	13.4%	1.6%	$0.90
FY2018	14.8%	1.7%	$0.81
FY2017	11.8%	1.3%	$0.78
FY2016	11.0%	1.1%	$0.78
FY2015	11.2%	1.1%	$0.78
FY2014	11.2%	1.1%	$0.78

Annual figures

as reported

Fiscal year	Revenue	Gross profit	Op. income	Net income	Diluted EPS	Op. cash flow	Capex	Total assets	Liabilities	Equity	Cash	LT debt
FY2025	—	—	—	$566.3M	$4.04	$645.1M	$52.7M	$32.9B	$29.1B	$3.8B	$3.5B	—
FY2024	—	—	—	$526.3M	$3.69	$577.9M	$46.1M	$32.0B	$28.7B	$3.3B	$3.4B	—
FY2023	—	—	—	$477.1M	$3.30	$488.8M	$88.1M	$31.7B	$28.7B	$2.9B	$2.7B	—
FY2022	—	—	—	$488.4M	$3.50	$559.4M	$65.2M	$31.9B	$29.4B	$2.5B	$897.8M	—
FY2021	—	—	—	$530.8M	$3.91	$597.7M	$56.7M	$36.7B	$33.2B	$3.4B	$4.3B	—
FY2020	—	—	—	$354.1M	$2.64	$624.0M	$33.1M	$32.9B	$29.5B	$3.4B	$2.2B	—
FY2019	—	—	—	$421.2M	$3.25	$512.8M	$42.6M	$26.1B	$22.9B	$3.1B	$907.8M	—
FY2018	—	—	—	$433.5M	$3.43	$552.7M	$33.3M	$25.5B	$22.5B	$2.9B	$1.2B	—
FY2017	—	—	—	$319.4M	$2.62	$426.5M	$30.8M	$24.8B	$22.1B	$2.7B	$511.8M	—
FY2016	—	—	—	$275.4M	$2.37	$455.0M	$24.5M	$25.6B	$23.1B	$2.5B	$782.4M	—
FY2015	—	—	—	$263.7M	$2.32	$291.2M	$31.9M	$24.6B	$22.2B	$2.4B	$502.7M	—
FY2014	—	—	—	$261.8M	$2.37	$360.8M	$43.7M	$24.0B	$21.7B	$2.3B	$1.1B	—

Latest filings

the most recent regulatory filings

4PRIMARY DOCUMENT2026-06-25 ↗4PRIMARY DOCUMENT2026-06-25 ↗11-KEmployee stock plan report2026-06-22 ↗4PRIMARY DOCUMENT2026-06-18 ↗144Notice of proposed insider sale2026-06-16 ↗4PRIMARY DOCUMENT2026-06-02 ↗4PRIMARY DOCUMENT2026-06-02 ↗4PRIMARY DOCUMENT2026-06-02 ↗4PRIMARY DOCUMENT2026-06-02 ↗4PRIMARY DOCUMENT2026-06-02 ↗

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Quarter

Revenue

Rev. YoY

Gross margin

Net income

Net margin

Diluted EPS

Mar ’26

—

$141.6M

—

$0.96

Sep ’25

—

$141.5M

—

$1.06

Jun ’25

—

$152.5M

—

$1.14

Mar ’25

—

$131.6M

—

$0.93

Sep ’24

—

$138.0M

—

$1.01

Jun ’24

—

$139.6M

—

$1.03

Mar ’24

—

$112.7M

—

$0.82

Sep ’23

—

$120.6M

—

$0.92

Fiscal year

ROE

ROA

DPS

FY2025

14.9%

1.7%

$1.05

FY2024

15.9%

1.6%

$0.98

FY2023

16.2%

1.5%

$0.93

FY2022

19.8%

1.5%

$0.92

FY2021

15.4%

1.4%

$0.91

FY2020

10.4%

1.1%

$0.93

FY2019

13.4%

1.6%

$0.90

FY2018

14.8%

1.7%

$0.81

FY2017

11.8%

1.3%

$0.78

FY2016

11.0%

1.1%

$0.78

FY2015

11.2%

1.1%

$0.78

FY2014

11.2%

1.1%

$0.78

Fiscal year

Revenue

Gross profit

Op. income

Net income

Diluted EPS

Op. cash flow

Capex

Total assets

Liabilities

Equity

Cash

LT debt

FY2025

—

$566.3M

$4.04

$645.1M

$52.7M

$32.9B

$29.1B

$3.8B

$3.5B

—

FY2024

—

$526.3M

$3.69

$577.9M

$46.1M

$32.0B

$28.7B

$3.3B

$3.4B

—

FY2023

—

$477.1M

$3.30

$488.8M

$88.1M

$31.7B

$28.7B

$2.9B

$2.7B

—

FY2022

—

$488.4M

$3.50

$559.4M

$65.2M

$31.9B

$29.4B

$2.5B

$897.8M

—

FY2021

—

$530.8M

$3.91

$597.7M

$56.7M

$36.7B

$33.2B

$3.4B

$4.3B

—

FY2020

—

$354.1M

$2.64

$624.0M

$33.1M

$32.9B

$29.5B

$3.4B

$2.2B

—

FY2019

—

$421.2M

$3.25

$512.8M

$42.6M

$26.1B

$22.9B

$3.1B

$907.8M

—

FY2018

—

$433.5M

$3.43

$552.7M

$33.3M

$25.5B

$22.5B

$2.9B

$1.2B

—

FY2017

—

$319.4M

$2.62

$426.5M

$30.8M

$24.8B

$22.1B

$2.7B

$511.8M

—

FY2016

—

$275.4M

$2.37

$455.0M

$24.5M

$25.6B

$23.1B

$2.5B

$782.4M

—

FY2015

—

$263.7M

$2.32

$291.2M

$31.9M

$24.6B

$22.2B

$2.4B

$502.7M

—

FY2014

—

$261.8M

$2.37

$360.8M

$43.7M

$24.0B

$21.7B

$2.3B

$1.1B

—