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Commerce Bancshares cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$181M in Q3 2026 · $1.3B over twelve months

Operating cash flow$221M
Capital spending−$39.6M
Free cash flow+$181M
Cash / net income1.4×

Analysis

In Q3 2026, Commerce Bancshares generated $221M of operating cash flow and spent $39.6M on capital projects, leaving free cash flow of $181M. That is $67.8M more than in Q3 2025 ($113M).

Over the twelve months to Sep 30, 2026, operating cash flow was $1.4B; the largest uses were other financing ($1.6B), buybacks ($422M), dividends ($158M); besides operations, cash came from acquisitions ($501M), asset & business sales ($2.6M); the cash balance fell by $556M.

Operating cash flow was $221M against net income of $158M — 1.4× profit, cash ran ahead of reported earnings. The largest differences: other operating capital +$31.4M, depreciation & amortization +$20.6M, stock-based pay +$7.2M.

Free cash flow

Commerce Bancshares: free cash flow by quarterCommerce Bancshares: free cash flow by quarter−$151MQ4 2024$126MQ1 2025$101MQ2 2025$113MQ3 2025$253MQ4 2025$678MQ1 2026$169MQ2 2026$181MQ3 2026
Operating cash flow less capital spending.
Commerce Bancshares: operating cash flow against capital spendingCommerce Bancshares: operating cash flow against capital spendingOperating cash flowCapital spending−$137M$14.0MQ4 2024$139M$12.6MQ1 2025$111M$10.7MQ2 2025$129M$15.7MQ3 2025$266M$13.7MQ4 2025$685M$6.4MQ1 2026$182M$12.8MQ2 2026$221M$39.6MQ3 2026
Latest (Q3 2026): Operating cash flow $221M, Capital spending $39.6M.

Capital allocation, year by year

Commerce Bancshares: where the cash came from (up) and went (down), by fiscal yearCommerce Bancshares: where the cash came from (up) and went (down), by fiscal yearOperating cash flowAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $598MFY2021: Asset sales $8.9MFY2021: Capital spending −$56.7MFY2021: Buybacks −$129MFY2021: Dividends −$123M$607MFY2021FY2022: Operating cash flow $559MFY2022: Asset sales $3.0MFY2022: Capital spending −$65.2MFY2022: Buybacks −$187MFY2022: Dividends −$127M$562MFY2022FY2023: Operating cash flow $489MFY2023: Asset sales $4.4MFY2023: Capital spending −$88.1MFY2023: Acquisitions −$6.4MFY2023: Buybacks −$76.4MFY2023: Dividends −$135M$493MFY2023FY2024: Operating cash flow $578MFY2024: Asset sales $8.9MFY2024: Capital spending −$46.1MFY2024: Buybacks −$170MFY2024: Dividends −$145M$587MFY2024FY2025: Operating cash flow $645MFY2025: Asset sales $100KFY2025: Capital spending −$52.7MFY2025: Buybacks −$208MFY2025: Dividends −$150M$645MFY2025
Over these 5 years operating cash flow totalled $2.9B; the largest uses were buybacks ($770M) and dividends ($680M). Cash-flow statements as filed.

Where the cash came from and went

Commerce Bancshares: sources (+) and uses (−) of cash, Q3 2026Commerce Bancshares: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$510MOther financing−$404MOperating cash flow$221MOther investing−$136MBuybacks−$111MDividends−$39.6MCapital spending−$39.6M
Commerce Bancshares: sources (+) and uses (−) of cash, TTM to Q3 2026Commerce Bancshares: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing−$1.6BOperating cash flow$1.4BCash drawn (+) / kept (−)$556MAcquisitions$501MBuybacks−$422MDividends−$158MOther investing−$137MCapital spending−$72.4MAsset & business sales$2.6M

From profit to cash

Commerce Bancshares: net income to operating cash flow, Q3 2026Commerce Bancshares: net income to operating cash flow, Q3 2026Net income$158MDepreciation & amortization$20.6MStock-based pay$7.2MGains on investments−$4.1MIncome taxes payable$5.3MOther operating capital$31.4MOperating cash flow$221M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsCash drawn (+) / kept (−)Free cash flow
Q3 2026$221M−$39.6M—−$111M−$39.6M$510M$181M
Q2 2026$182M−$12.8M—−$112M−$40.7M$935M$169M
Q1 2026$685M−$6.4M$501M−$84.3M−$41.9M−$296M$678M
Q4 2025$266M−$13.7M—−$115M−$36.2M−$593M$253M
Q3 2025$129M−$15.7M—−$25.2M−$37.0M$192M$113M
Q2 2025$111M−$10.7M—−$11.9M−$39.1M$128M$101M
Q1 2025$139M−$12.6M—−$55.2M−$37.9M$102M$126M
Q4 2024−$137M−$14.0M—−$46.9M−$34.6M−$226M−$151M

Commerce Bancshares: income statement and cash flow

Commerce Bancshares, Q3 2026: revenue $494M (+12% year over year), operating margin 41.0%. The chart follows the revenue to costs, profit and cash.

Commerce Bancshares: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.