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Arphra AIPlain-English read on Commerce Bancshares, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Revenue & profit | ||||||||
| Revenue | $1.44B | $1.57B | $1.97B | $2.09B | $2.14B | $1.96B | $2.02B | $2.1B |
| Cost of revenue | -$53.46M | $84.87M | $418.61M | $462.21M | $428M | $425.69M | $421.11M | $451.46M |
| Gross profit | $1.49B | $1.48B | $1.55B | $1.63B | $1.71B | $1.59B | $1.55B | $1.69B |
| Gross margin | +103.72% | +94.58% | +78.74% | +77.92% | +80.00% | +80.85% | +77.00% | +80.69% |
| Operating | ||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $556.2M | $588.46M | $641.74M | $646.7M | $704.28M | $631.31M | $651.99M | $681.18M |
| Total operating expenses | $805.9M | $848.78M | $930.98M | $951.23M | $979.83M | $892.57M | $951.72M | $940.4M |
| Operating income | $686.3M | $632.38M | $619.73M | $679.49M | $731.84M | $642.31M | $674.02M | $706.13M |
| Operating margin | +47.70% | +40.38% | +31.47% | +32.47% | +34.20% | +32.75% | +33.40% | +33.68% |
| EBITDA | $731.17M | $679.23M | $669.24M | $733.57M | $770.03M | $691.63M | $705.34M | $718.43M |
| EBIT | $686.3M | $632.38M | $619.73M | $679.49M | $731.84M | $627.93M | $658.8M | $681.93M |
| Below the line | ||||||||
| Interest expense | $12.87M | $56.79M | $383.16M | $429.31M | $371.87M | $377.15M | $386.01M | $397.86M |
| Interest income | $848.29M | $998.98M | $1.38B | $1.47B | $1.48B | $1.41B | $1.44B | $1.45B |
| Other income / expense | $0 | $0 | $0 | $0 | $0 | — | — | — |
| Pre-tax income | $686.3M | $632.38M | $619.73M | $679.49M | $731.84M | $652M | $665.66M | $667.94M |
| Income tax expense | $145.71M | $132.36M | $134.55M | $145.09M | $161.14M | $136.37M | $145.19M | $145.91M |
| Earnings | ||||||||
| Net income | $530.77M | $488.4M | $477.06M | $526.33M | $566.25M | $505.38M | $518.01M | $539.2M |
| Net income · continuing ops | $540.59M | $500.02M | $485.18M | $534.4M | $570.7M | $494.16M | $503.94M | $540.67M |
| Net margin | +36.89% | +31.19% | +24.22% | +25.15% | +26.46% | +25.77% | +25.67% | +25.72% |
| EPS · basic | $3.73 | $3.50 | $3.47 | $3.88 | $4.08 | $4.14 | $4.37 | $4.77 |
| EPS · diluted | $3.72 | $3.49 | $3.47 | $3.87 | $4.08 | $4.09 | $4.39 | $4.74 |
| EPS · low estimate | — | — | — | — | — | $4.04 | $4.28 | $4.57 |
| EPS · high estimate | — | — | — | — | — | $4.18 | $4.49 | $4.91 |
| Shares · basic | 141.16M | 138.43M | 136.58M | 134.4M | 138.9M | 139.2M | 139.32M | 139.86M |
| Shares · diluted | 141.16M | 138.43M | 136.58M | 134.4M | 138.9M | 140.13M | 138.08M | 138.32M |
| Coverage | ||||||||
| Analysts (revenue) | — | — | — | — | — | 5 | 5 | 1 |
| Analysts (EPS) | — | — | — | — | — | 6 | 7 | 2 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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