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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and COMMERCE BANCSHARES INC (CBSH). Click either name above to swap in a different company.
COMMERCE BANCSHARES INC is the larger business by last-quarter revenue ($475.7M vs $414.7M, roughly 1.1× BILL Holdings, Inc.). COMMERCE BANCSHARES INC runs the higher net margin — 29.8% vs -0.6%, a 30.4% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 11.1%). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 7.1%).
BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations for small businesses in the United States. A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem.
Commerce Bancshares, Inc. is a regional bank holding company headquartered in Missouri, with principal offices in Kansas City and St. Louis. It is the corporate parent of Commerce Bank, which offers a diversified line of financial services, including business and personal banking, wealth management and investments through its affiliated companies.
BILL vs CBSH — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $475.7M |
| Net Profit | $-2.6M | $141.6M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | — |
| Net Margin | -0.6% | 29.8% |
| Revenue YoY | 14.4% | 11.1% |
| Net Profit YoY | -107.7% | 10.5% |
| EPS (diluted) | $-0.03 | $0.96 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $475.7M | ||
| Q4 25 | $414.7M | $449.4M | ||
| Q3 25 | $395.7M | $441.0M | ||
| Q2 25 | $383.3M | $445.8M | ||
| Q1 25 | $358.2M | $428.1M | ||
| Q4 24 | $362.6M | $422.1M | ||
| Q3 24 | $358.4M | $421.4M | ||
| Q2 24 | $343.7M | $414.5M |
| Q1 26 | — | $141.6M | ||
| Q4 25 | $-2.6M | $140.7M | ||
| Q3 25 | $-3.0M | $141.5M | ||
| Q2 25 | $-7.1M | $152.5M | ||
| Q1 25 | $-11.6M | $131.6M | ||
| Q4 24 | $33.5M | $136.1M | ||
| Q3 24 | $8.9M | $138.0M | ||
| Q2 24 | $7.6M | $139.6M |
| Q1 26 | — | — | ||
| Q4 25 | 79.8% | — | ||
| Q3 25 | 80.5% | — | ||
| Q2 25 | 80.8% | — | ||
| Q1 25 | 81.2% | — | ||
| Q4 24 | 81.6% | — | ||
| Q3 24 | 82.0% | — | ||
| Q2 24 | 81.0% | — |
| Q1 26 | — | — | ||
| Q4 25 | -4.4% | 40.8% | ||
| Q3 25 | -5.2% | 41.9% | ||
| Q2 25 | -5.8% | 44.0% | ||
| Q1 25 | -8.1% | 39.2% | ||
| Q4 24 | -6.0% | 41.2% | ||
| Q3 24 | -2.1% | 42.4% | ||
| Q2 24 | -6.5% | 43.4% |
| Q1 26 | — | 29.8% | ||
| Q4 25 | -0.6% | 31.3% | ||
| Q3 25 | -0.7% | 32.1% | ||
| Q2 25 | -1.8% | 34.2% | ||
| Q1 25 | -3.2% | 30.7% | ||
| Q4 24 | 9.3% | 32.2% | ||
| Q3 24 | 2.5% | 32.8% | ||
| Q2 24 | 2.2% | 33.7% |
| Q1 26 | — | $0.96 | ||
| Q4 25 | $-0.03 | $0.86 | ||
| Q3 25 | $-0.03 | $1.06 | ||
| Q2 25 | $0.02 | $1.14 | ||
| Q1 25 | $-0.11 | $0.98 | ||
| Q4 24 | $-0.06 | $0.83 | ||
| Q3 24 | $0.08 | $1.01 | ||
| Q2 24 | $0.37 | $1.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | — |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $4.3B |
| Total Assets | $10.1B | $35.7B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.0B | — | ||
| Q1 25 | $1.0B | — | ||
| Q4 24 | $1.6B | — | ||
| Q3 24 | $853.5M | — | ||
| Q2 24 | $985.9M | — |
| Q1 26 | — | — | ||
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $914.8M | — | ||
| Q2 24 | $914.0M | — |
| Q1 26 | — | $4.3B | ||
| Q4 25 | $3.8B | $3.8B | ||
| Q3 25 | $3.9B | $3.8B | ||
| Q2 25 | $3.9B | $3.6B | ||
| Q1 25 | $3.9B | $3.5B | ||
| Q4 24 | $3.8B | $3.3B | ||
| Q3 24 | $4.0B | $3.4B | ||
| Q2 24 | $4.1B | $3.1B |
| Q1 26 | — | $35.7B | ||
| Q4 25 | $10.1B | $32.9B | ||
| Q3 25 | $10.2B | $32.3B | ||
| Q2 25 | $10.1B | $32.3B | ||
| Q1 25 | $9.6B | $32.4B | ||
| Q4 24 | $9.7B | $32.0B | ||
| Q3 24 | $9.0B | $31.5B | ||
| Q2 24 | $9.2B | $30.6B |
| Q1 26 | — | — | ||
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.43× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.22× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $105.3M | — |
| Free Cash FlowOCF − Capex | $103.8M | — |
| FCF MarginFCF / Revenue | 25.0% | — |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $105.3M | $645.1M | ||
| Q3 25 | $96.9M | $129.0M | ||
| Q2 25 | $83.8M | $111.2M | ||
| Q1 25 | $99.5M | $138.6M | ||
| Q4 24 | $78.7M | $577.9M | ||
| Q3 24 | $88.6M | $431.7M | ||
| Q2 24 | $78.6M | $147.4M |
| Q1 26 | — | — | ||
| Q4 25 | $103.8M | $592.4M | ||
| Q3 25 | $95.6M | $113.3M | ||
| Q2 25 | $81.0M | $100.5M | ||
| Q1 25 | $98.4M | $126.0M | ||
| Q4 24 | $78.3M | $531.7M | ||
| Q3 24 | $88.6M | $419.1M | ||
| Q2 24 | $78.4M | $138.9M |
| Q1 26 | — | — | ||
| Q4 25 | 25.0% | 131.8% | ||
| Q3 25 | 24.1% | 25.7% | ||
| Q2 25 | 21.1% | 22.5% | ||
| Q1 25 | 27.5% | 29.4% | ||
| Q4 24 | 21.6% | 126.0% | ||
| Q3 24 | 24.7% | 99.5% | ||
| Q2 24 | 22.8% | 33.5% |
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | 11.7% | ||
| Q3 25 | 0.3% | 3.6% | ||
| Q2 25 | 0.7% | 2.4% | ||
| Q1 25 | 0.3% | 2.9% | ||
| Q4 24 | 0.1% | 10.9% | ||
| Q3 24 | 0.0% | 3.0% | ||
| Q2 24 | 0.1% | 2.1% |
| Q1 26 | — | — | ||
| Q4 25 | — | 4.59× | ||
| Q3 25 | — | 0.91× | ||
| Q2 25 | — | 0.73× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | 2.35× | 4.25× | ||
| Q3 24 | 9.94× | 3.13× | ||
| Q2 24 | 10.35× | 1.06× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
CBSH
Segment breakdown not available.
