Filing Flows › Financials › Commerce Bancshares (CBSH)
Commerce Bancshares (CBSH) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Commerce Bancshares (CBSH) Q3 2026 earnings results →
Q3 2026 Revenue up 12% year over year to $494M · 31¢ of every $1 of revenue kept as net profit · operating margin 41.0%
Commerce Bancshares made $494M in Q3 2026 (+12% Y/Y): Net interest income $309M, Noninterest income $185M. Operating margin 41.0%, net earnings $155M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $494.3M in Q3 2026, up 12% year over year and down 1% from the previous quarter. Net interest income was the largest line at 62% of revenue. Net interest income added $29.4M year over year (up 11%), 55% of the total change.
Operating profit was $202.5M, a 41.0% margin (down 0.9 points year over year). Of the extra revenue versus a year earlier, 33% reached operating profit, below the 42% margin then. Total costs grew 14% against revenue growth of 12%. Net earnings were $155.0M, up 10% year over year. The effective tax rate was 21.9%.
Operating cash flow was $220.6M (up 71% year over year), 140% of net earnings. Non-cash charges added back $20.6M of depreciation and amortization and $7.2M of share-based compensation. Working capital and other items added $34.8M. Capital expenditures of $39.6M left free cash flow of $181.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $494M | +12% | 41.0% | $155M | $221M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
Loading the interactive chart…
🌏Named in Asian annual reportsinteractive
Loading the interactive chart…
🔄Rotation against the market and its industry (RRG)interactive
Loading the interactive chart…
🔍Earnings qualityinteractive
Loading the interactive chart…
⚖️Fair value by methodinteractive
Loading the interactive chart…
🔭Outlook & guidanceinteractive
Loading the interactive chart…
📈Investments: gains and what it boughtinteractive
Loading the interactive chart…
🏭Its industry’s money flow (input-output)interactive
Loading the interactive chart…
About Commerce Bancshares
Commerce Bancshares, Inc., a bank holding company as defined in the Bank Holding Company Act of 1956, as amended, was incorporated under the laws of Missouri on August 4, 1966. Through a second tier wholly-owned bank holding company, it owns all the outstanding capital stock of Commerce Bank (the “Bank”), which is headquartered in Missouri. The Bank engages in general banking business, providing a broad range of retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals, businesses, and municipalities. Commerce Bancshares, Inc. also owns, directly or through the Bank, various non-banking subsidiaries. Their activities include private equity investment, securities brokerage, underwriting, specialty lending, and leasing activities. A list of Commerce Bancshares, Inc.'s subsidiaries is included as Exhibit 21.
In its own words, from its 10-K, filed Feb 24, 2026.
Commerce Bancshares against its State Commercial Banks peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +12% against the peers' median +12%. Operating margin: 41.0% against the peers' median 34.7%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| CBSH Commerce Bancshares | Q3 2026 | $494M | +12% | 41.0% |
| BNY Bank of New York Mellon | Q3 2026 | $5.7B | +12% | 38.5% |
| STT State Street | Q3 2026 | $4.0B | +13% | 34.7% |
| FITB Fifth Third Bancorp | Q3 2026 | $3.3B | +42% | 33.8% |
| MTB M&T Bank | Q3 2026 | $2.5B | +0.9% | 39.7% |
| FCNCA First Citizens Bancshares | Q3 2026 | $2.4B | 0% | 33.1% |
| ALLY Ally Financial | Q3 2026 | $2.3B | +8% | 24.3% |
| CFG Citizens Financial Group | Q3 2026 | $2.3B | +10% | 34.6% |
| NTRS Northern Trust | Q3 2026 | $2.3B | +13% | 34.7% |
Source: Commerce Bancshares 10-Q on SEC EDGAR · CIK 22356 · State Commercial Banks
Guidance and outlook
13F: who owns CBSH and who is buying
More on CBSH
History
Every quarter: Q3 2026 results