Commerce Bancshares, Inc. (CBSH) Income Statement
CBSH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsCBSH revenue and net income
Where CBSH's revenue goes
2025Each bar shows an amount and its share of revenue. CBSH kept 26.5% of revenue as net income.
CBSH profit margins
CBSH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +2.2% | +11.0% | +9.0% | +6.7% |
| Gross profit | +5.0% | +4.9% | +7.2% | +4.9% |
| Operating income | +7.7% | +5.0% | +10.7% | +6.7% |
| Net income | +7.6% | +5.1% | +9.8% | +7.9% |
| EPS (diluted) | +9.8% | +6.7% | +11.8% | +9.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
CBSH quarterly EPS vs estimates
Commerce Bancshares beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 20, 2026 (estimate $1.07).
CBSH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.14B | $2.09B | $1.97B | $1.57B | $1.44B | $1.39B | $1.45B | $1.39B | $1.26B | $1.16B |
| Cost of revenue | $428.0M | $462.2M | $418.6M | $84.9M | −$53.5M | $180.0M | $153.8M | $108.1M | $89.0M | $69.3M |
| Gross profit | $1.71B | $1.63B | $1.55B | $1.48B | $1.49B | $1.21B | $1.30B | $1.28B | $1.17B | $1.09B |
| Research & development | — | — | — | — | — | — | — | — | $0 | $0 |
| Sales, general & admin | $663.2M | $646.7M | $641.7M | $588.5M | $556.2M | $532.7M | $514.8M | $595.4M | $582.4M | $456.7M |
| Total operating expenses | $979.8M | $951.2M | $931.0M | $848.8M | $805.9M | $768.4M | $767.4M | $737.8M | $744.3M | $689.2M |
| Operating income | $731.8M | $679.5M | $619.7M | $632.4M | $686.3M | $441.2M | $531.8M | $544.2M | $430.4M | $401.0M |
| Interest income | $1.48B | $1.47B | $1.31B | $999.0M | $848.3M | $872.6M | $924.7M | $889.2M | $777.4M | $713.1M |
| Interest expense | $371.9M | $429.3M | $383.2M | $56.8M | $12.9M | $42.8M | $103.4M | $65.4M | $43.7M | $33.0M |
| Income before taxes | $731.8M | $679.5M | $619.7M | $632.4M | $686.3M | $441.2M | $531.8M | $544.2M | $430.4M | $401.0M |
| Income taxes | $161.1M | $145.1M | $134.5M | $132.4M | $145.7M | $87.3M | $109.1M | $105.9M | $110.5M | $124.2M |
| Net income | $566.3M | $526.3M | $477.1M | $488.4M | $530.8M | $354.1M | $421.2M | $433.5M | $319.4M | $275.4M |
| EBITDA | $788.3M | $733.6M | $669.2M | $679.2M | $731.2M | $484.9M | $572.9M | $582.8M | $470.1M | $441.9M |
| EPS (diluted) | $4.04 | $3.68 | $3.29 | $3.33 | $3.35 | $2.31 | $2.62 | $2.67 | $1.96 | $1.69 |
| Gross margin | 80.0% | 77.9% | 78.7% | 94.6% | 103.7% | 87.0% | 89.4% | 92.2% | 93.0% | 94.0% |
| Operating margin | 34.2% | 32.5% | 31.5% | 40.4% | 47.7% | 31.7% | 36.6% | 39.1% | 34.1% | 34.6% |
| Net margin | 26.5% | 25.1% | 24.2% | 31.2% | 36.9% | 25.5% | 29.0% | 31.2% | 25.3% | 23.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $498.9M | $584.0M | $542.8M | $543.5M | $537.2M | $515.7M | $525.8M | $535.0M | $524.8M | $507.3M | $515.1M | $508.4M |
| Cost of revenue | $100.0M | $107.6M | $106.5M | $114.7M | $97.1M | $109.8M | $116.3M | $118.9M | $112.6M | $114.5M | $120.1M | $124.3M |
| Gross profit | $398.9M | $476.4M | $436.3M | $428.8M | $440.2M | $406.0M | $409.6M | $416.1M | $412.3M | $392.8M | $395.0M | $384.1M |
| Sales, general & admin | $127.1M | $191.7M | $169.0M | $167.2M | $161.0M | $162.7M | $162.7M | $163.3M | $156.8M | $163.9M | $187.1M | $157.0M |
| Total operating expenses | $193.0M | $291.1M | $253.0M | $244.0M | $244.4M | $238.4M | $235.7M | $237.6M | $232.2M | $245.7M | $251.3M | $228.0M |
| Operating income | $205.9M | $185.3M | $183.3M | $184.8M | $196.2M | $167.6M | $173.8M | $178.5M | $180.0M | $147.1M | $143.8M | $156.1M |
| Interest income | $407.3M | $396.5M | $373.6M | $374.1M | $371.6M | $364.4M | $369.4M | $372.1M | $369.4M | $358.7M | $362.6M | $361.2M |
| Interest expense | $98.9M | $96.7M | $90.5M | $94.6M | $91.5M | $95.3M | $102.8M | $109.7M | $107.1M | $109.7M | $114.2M | $112.6M |
| Income before taxes | $205.9M | $185.3M | $183.3M | $184.8M | $196.2M | $167.6M | $173.8M | $178.5M | $180.0M | $147.1M | $143.8M | $156.1M |
| Income taxes | $46.2M | $40.9M | $40.6M | $41.2M | $42.4M | $37.0M | $36.6M | $38.2M | $38.6M | $31.7M | $32.3M | $33.4M |
| Net income | $159.8M | $141.6M | $140.7M | $141.5M | $152.5M | $131.6M | $136.1M | $138.0M | $139.6M | $112.7M | $109.2M | $120.6M |
| EBITDA | $226.7M | $206.3M | $206.0M | $198.8M | $210.1M | $181.3M | $187.4M | $192.2M | $193.6M | $160.4M | $156.6M | $168.6M |
| EPS (diluted) | $1.10 | $1.05 | $1.01 | $1.01 | $1.09 | $0.93 | $0.96 | $0.97 | $0.97 | $0.78 | $0.76 | $0.83 |
| Gross margin | 80.0% | 81.6% | 80.4% | 78.9% | 81.9% | 78.7% | 77.9% | 77.8% | 78.5% | 77.4% | 76.7% | 75.6% |
| Operating margin | 41.3% | 31.7% | 33.8% | 34.0% | 36.5% | 32.5% | 33.1% | 33.4% | 34.3% | 29.0% | 27.9% | 30.7% |
| Net margin | 32.0% | 24.3% | 25.9% | 26.0% | 28.4% | 25.5% | 25.9% | 25.8% | 26.6% | 22.2% | 21.2% | 23.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in CBSH's financial statements (latest annual report filed February 24, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
CBSH financial results
In fiscal year 2025 (ended December 31, 2025), Commerce Bancshares reported revenue of $2.1 billion, up 2.2% from the year before. It had net income of $566.3 million (up 7.6%), a net profit margin of 26.5%. Diluted earnings per share came to $4.04. Over five years revenue grew at an average rate of 9.0% a year.
See the CBSH stock overview for the latest quote and news, or the CBSH chart for price history and technical indicators.
CBSH income statement FAQ
What is Commerce Bancshares's annual revenue?
Commerce Bancshares reported total revenue of $2.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 2.2% from $2.1 billion the previous year.
Is Commerce Bancshares profitable?
Yes. Commerce Bancshares reported net income of $566.3 million in fiscal 2025, a net profit margin of 26.5%; its operating margin was 34.2%.
What is Commerce Bancshares's gross margin?
Commerce Bancshares's gross margin was 80.0% in fiscal 2025: for every $100 of revenue, Commerce Bancshares kept $80 after the direct cost of its products and services.
How fast is Commerce Bancshares growing?
Revenue grew 9.0% a year on average over the last five fiscal years, from $1.4 billion to $2.1 billion.
What are Commerce Bancshares's earnings per share?
Commerce Bancshares earned $4.04 per diluted share in fiscal 2025, compared with $3.68 a year earlier.
When will Commerce Bancshares report its next earnings?
Commerce Bancshares is expected to report results for the quarter ending September 30, 2026 on October 20, 2026 before the market opens.
When does Commerce Bancshares's fiscal year end?
Commerce Bancshares's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 24, 2026.