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Side-by-side financial comparison of COMMERCE BANCSHARES INC (CBSH) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
COMMERCE BANCSHARES INC is the larger business by last-quarter revenue ($475.7M vs $425.9M, roughly 1.1× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 29.8%, a 5.9% gap on every dollar of revenue. On growth, COMMERCE BANCSHARES INC posted the faster year-over-year revenue change (11.1% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs 7.1%).
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.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
CBSH vs NFG — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $475.7M | $425.9M |
| Net Profit | $141.6M | $152.0M |
| Gross Margin | — | — |
| Operating Margin | — | 81.5% |
| Net Margin | 29.8% | 35.7% |
| Revenue YoY | 11.1% | 1.7% |
| Net Profit YoY | 10.5% | — |
| EPS (diluted) | $0.96 | $1.59 |
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 | $425.9M | ||
| Q4 25 | $449.4M | $637.9M | ||
| Q3 25 | $441.0M | $443.1M | ||
| Q2 25 | $445.8M | $527.4M | ||
| Q1 25 | $428.1M | $734.8M | ||
| Q4 24 | $422.1M | $513.8M | ||
| Q3 24 | $421.4M | $310.0M | ||
| Q2 24 | $414.5M | $338.6M |
| Q1 26 | $141.6M | $152.0M | ||
| Q4 25 | $140.7M | $181.6M | ||
| Q3 25 | $141.5M | $107.3M | ||
| Q2 25 | $152.5M | $149.8M | ||
| Q1 25 | $131.6M | $216.4M | ||
| Q4 24 | $136.1M | $45.0M | ||
| Q3 24 | $138.0M | $-167.6M | ||
| Q2 24 | $139.6M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | — | 86.6% | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | — | 87.3% | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 40.8% | 43.3% | ||
| Q3 25 | 41.9% | 40.6% | ||
| Q2 25 | 44.0% | 43.7% | ||
| Q1 25 | 39.2% | 43.2% | ||
| Q4 24 | 41.2% | 16.8% | ||
| Q3 24 | 42.4% | -63.4% | ||
| Q2 24 | 43.4% | -15.2% |
| Q1 26 | 29.8% | 35.7% | ||
| Q4 25 | 31.3% | 28.5% | ||
| Q3 25 | 32.1% | 24.2% | ||
| Q2 25 | 34.2% | 28.4% | ||
| Q1 25 | 30.7% | 29.4% | ||
| Q4 24 | 32.2% | 8.8% | ||
| Q3 24 | 32.8% | -54.1% | ||
| Q2 24 | 33.7% | -16.0% |
| Q1 26 | $0.96 | $1.59 | ||
| Q4 25 | $0.86 | $1.98 | ||
| Q3 25 | $1.06 | $1.18 | ||
| Q2 25 | $1.14 | $1.64 | ||
| Q1 25 | $0.98 | $2.37 | ||
| Q4 24 | $0.83 | $0.49 | ||
| Q3 24 | $1.01 | $-1.81 | ||
| Q2 24 | $1.03 | $-0.59 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | — |
| Total DebtLower is stronger | — | $300.0M |
| Stockholders' EquityBook value | $4.3B | — |
| Total Assets | $35.7B | $9.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $271.4M | ||
| Q3 25 | — | $43.2M | ||
| Q2 25 | — | $39.3M | ||
| Q1 25 | — | $40.0M | ||
| Q4 24 | — | $48.7M | ||
| Q3 24 | — | $38.2M | ||
| Q2 24 | — | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | — | $2.7B | ||
| Q3 25 | — | $2.7B | ||
| Q2 25 | — | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | — | $2.7B | ||
| Q3 24 | — | $2.7B | ||
| Q2 24 | — | $2.7B |
| Q1 26 | $4.3B | — | ||
| Q4 25 | $3.8B | $3.6B | ||
| Q3 25 | $3.8B | $3.1B | ||
| Q2 25 | $3.6B | $3.0B | ||
| Q1 25 | $3.5B | $2.8B | ||
| Q4 24 | $3.3B | $-76.2M | ||
| Q3 24 | $3.4B | $-15.5M | ||
| Q2 24 | $3.1B | $5.0M |
| Q1 26 | $35.7B | $9.1B | ||
| Q4 25 | $32.9B | $9.2B | ||
| Q3 25 | $32.3B | $8.7B | ||
| Q2 25 | $32.3B | $8.4B | ||
| Q1 25 | $32.4B | $8.5B | ||
| Q4 24 | $32.0B | $8.3B | ||
| Q3 24 | $31.5B | $8.3B | ||
| Q2 24 | $30.6B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.75× | ||
| Q3 25 | — | 0.87× | ||
| Q2 25 | — | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 532.10× |
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 | — | $657.3M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | 117.0% |
| Cash ConversionOCF / Net Profit | — | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $645.1M | $274.9M | ||
| Q3 25 | $129.0M | $237.8M | ||
| Q2 25 | $111.2M | $388.4M | ||
| Q1 25 | $138.6M | $253.8M | ||
| Q4 24 | $577.9M | $220.1M | ||
| Q3 24 | $431.7M | $197.9M | ||
| Q2 24 | $147.4M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $592.4M | $-2.7M | ||
| Q3 25 | $113.3M | $-47.8M | ||
| Q2 25 | $100.5M | $195.3M | ||
| Q1 25 | $126.0M | $59.9M | ||
| Q4 24 | $531.7M | $-20.3M | ||
| Q3 24 | $419.1M | $-49.1M | ||
| Q2 24 | $138.9M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 131.8% | -0.4% | ||
| Q3 25 | 25.7% | -10.8% | ||
| Q2 25 | 22.5% | 37.0% | ||
| Q1 25 | 29.4% | 8.2% | ||
| Q4 24 | 126.0% | -4.0% | ||
| Q3 24 | 99.5% | -15.8% | ||
| Q2 24 | 33.5% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 11.7% | 43.5% | ||
| Q3 25 | 3.6% | 64.4% | ||
| Q2 25 | 2.4% | 36.6% | ||
| Q1 25 | 2.9% | 26.4% | ||
| Q4 24 | 10.9% | 46.8% | ||
| Q3 24 | 3.0% | 79.7% | ||
| Q2 24 | 2.1% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 4.59× | 1.51× | ||
| Q3 25 | 0.91× | 2.21× | ||
| Q2 25 | 0.73× | 2.59× | ||
| Q1 25 | 1.05× | 1.17× | ||
| Q4 24 | 4.25× | 4.89× | ||
| Q3 24 | 3.13× | — | ||
| Q2 24 | 1.06× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CBSH
Segment breakdown not available.
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
