COMMERCE BANCSHARES INC /MO/ financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data COMMERCE BANCSHARES INC /MO/ files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Interest expense	33	43.7	65.4	103	42.8	12.9	56.8	383
Pre-tax income	401	430	544	532	441	686	632	620	679	732
Income tax	124	111	106	109	87.3	146	132	135	145	161
Net income to minority interests	1.46	0.52	4.67	1.48	-0.17	9.83	11.6	8.12	8.07	4.45
Net income	275	319	434	421	354	531	488	477	526	566
EPS, basic	1.69	1.97	2.70	2.68	2.28	3.57	3.34	3.30	3.69	4.04
EPS, diluted	1.68	1.96	2.70	2.68	2.28	3.56	3.34	3.30	3.69	4.04
Dividend per share	0.55	0.58	0.64	0.74	0.81	0.83	0.87	0.93	0.98	1.05

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	782	512	1,209	908	2,208	4,297	898	2,687	3,376	3,548
Property, plant and equipment	338	335	333	371	371	389	419	469	475	486
Lease right-of-use assets				26.3	28.3	25.2	24.9	26.5	30.7	30.6
Goodwill	139	139	139	139	139	139	139	147	147	147
Intangible assets	6.71	7.62	8.79	9.53	11.2	15.6	15.2	14.2	13.6	13.3
Total assets	25,641	24,833	25,464	26,066	32,923	36,689	31,876	31,701	31,997	32,915
Long-term debt		1.8
Total liabilities	23,140	22,115	22,527	22,927	29,523	33,241	29,394	28,737	28,664	29,100
Total debt		1.8
Paid-in capital	1,552	1,815	2,085	2,151	2,436	2,690	2,933	3,163	3,396	3,522
Retained earnings	293	221	241	202	73	92.5	31.6	53.2	45.5	132
Treasury stock	-15.3	-14.5	-34.2	-37.5	-33	-33	-41.7	-35.6	-48.4	-48
Other comprehensive income	11	14.1	-64.7	110	331	77.1	-1,087	-891	-759	-508
Shareholders' equity	2,496	2,717	2,931	3,135	3,397	3,437	2,465	2,944	3,310	3,791
Minority interests	5.35	1.62	5.85	3.79	2.93	11	16.3	20.1	22.6	23.4
Total equity	2,501	2,718	2,937	3,138	3,400	3,448	2,482	2,964	3,332	3,815
Total liabilities and equity	25,641	24,833	25,464	26,066	32,923	36,689	31,876	31,701	31,997	32,915

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	277	320	438	423	354	541	500	485	534	571
Depreciation and amortization	40.9	39.7	38.7	41.1	43.8	44.9	46.9	49.5	54.1	56.5
Stock-based compensation	11.5	12.1	12.8	13.9	14.9	15.4	17	17.1	17	17.3
Deferred income tax	-2.06	13.6	5.34	14.2	-19.5	25.6	21.7	-7.4	-0.59	11.6
Cash from operations	455	427	553	513	624	598	559	489	578	645
Capital expenditures	-24.5	-30.8	-33.3	-42.6	-33.1	-56.7	-65.2	-88.1	-46.1	-52.7
Acquisitions						0	0	-6.37	0	0
Purchases of investments	-1,988	-1,854	-2,090	-1,863	-6,991	-5,948	-2,148	-246	-2,678	-1,451
Sales and maturities of investments	2,032	1,900	1,511	1,558	2,674	3,459	2,691	1,936	2,133	1,775
Cash from investing	-805	221	-91	-730	-5,391	-2,083	242	2,184	484	-462
Debt repaid	-1.77	-100
Share buybacks	-39.4	-17.8	-75.2	-135	-54.2	-129	-187	-76.4	-170	-208
Dividends paid	-87.1	-91.6	-100	-113	-121	-123	-127	-135	-145	-150
Cash from financing	649	-925	223	-84.1	6,067	3,574	-4,201	-883	-373	-11
Net change in cash	299	-277	685	-301	1,301	2,089	-3,399	1,789	689	172
Free cash flow	430	396	519	470	591	541	494	401	532	592
Interest paid	31.9	43.7	63.2	97.8	52.2	16	53.7	337	453	363
Income taxes paid	120	121	84.2	76.2	90.1	120	117	131	126	163

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $56.44 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Effective tax rate	22.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	13.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.7%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	7.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	5.1%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	9.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	9.5%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	6.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	12.1%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	11.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	0.7%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	11.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	6.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	0.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	6.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	6.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.4%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	14.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	2.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	2.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	87.6%	Total liabilities / total assets.
Goodwill and intangibles / assets	1.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.96B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
FCF conversion	207.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	26.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	12.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	27.8%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$8.10B	Share price x shares outstanding.
Enterprise value	$5.19B	Market cap + total debt - cash - short-term investments.
P/E	13.9x	Market cap / net income. Only when net income is positive.
P/B	1.86x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.04x	Market cap / tangible book value, when positive.
P/FCF	6.67x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.41x	Market cap / cash from operations, when positive.
EV/FCF	4.28x	Enterprise value / free cash flow, when both are positive.
FCF yield	15.0%	Free cash flow / market cap.
Earnings yield	7.2%	Net income / market cap (the inverse of P/E).
Dividend yield	1.9%	Dividends paid over the period / market cap.
Shareholder yield	6.1%	(Dividends paid + share buybacks) / market cap.
PEG	2.11x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

Was COMMERCE BANCSHARES INC /MO/ profitable in fiscal 2025?

Yes. Net income was $566.3M, a net margin of -.

How much free cash flow did COMMERCE BANCSHARES INC /MO/ generate in fiscal 2025?

Cash from operations of $645.1M minus capital expenditures of $52.7M left free cash flow of $592.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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