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Side-by-side financial comparison of COMMERCE BANCSHARES INC (CBSH) and UNITED BANKSHARES INC (UBSI). Click either name above to swap in a different company.
COMMERCE BANCSHARES INC is the larger business by last-quarter revenue ($475.7M vs $318.4M, roughly 1.5× UNITED BANKSHARES INC). UNITED BANKSHARES INC runs the higher net margin — 40.5% vs 29.8%, a 10.7% gap on every dollar of revenue. On growth, UNITED BANKSHARES INC posted the faster year-over-year revenue change (21.6% vs 11.1%). Over the past eight quarters, UNITED BANKSHARES INC's revenue compounded faster (11.8% 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.
United Bankshares Inc. (WV) is a regional financial holding company operating mainly across the Mid-Atlantic and Southeastern United States. It provides full-spectrum banking solutions including consumer and commercial lending, deposit products, wealth management, and mortgage services for individual, small business and corporate clients.
CBSH vs UBSI — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $475.7M | $318.4M |
| Net Profit | $141.6M | $128.8M |
| Gross Margin | — | — |
| Operating Margin | — | 50.2% |
| Net Margin | 29.8% | 40.5% |
| Revenue YoY | 11.1% | 21.6% |
| Net Profit YoY | 0.7% | 36.5% |
| EPS (diluted) | $0.96 | $0.91 |
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 | $449.4M | $318.4M | ||
| Q3 25 | $441.0M | $323.3M | ||
| Q2 25 | $445.8M | $306.0M | ||
| Q1 25 | $428.1M | $289.6M | ||
| Q4 24 | $422.1M | $261.9M | ||
| Q3 24 | $421.4M | $262.2M | ||
| Q2 24 | $414.5M | $255.9M |
| Q1 26 | $141.6M | — | ||
| Q4 25 | $140.7M | $128.8M | ||
| Q3 25 | $141.5M | $130.7M | ||
| Q2 25 | $152.5M | $120.7M | ||
| Q1 25 | $131.6M | $84.3M | ||
| Q4 24 | $136.1M | $94.4M | ||
| Q3 24 | $138.0M | $95.3M | ||
| Q2 24 | $139.6M | $96.5M |
| Q1 26 | — | — | ||
| Q4 25 | 40.8% | 50.2% | ||
| Q3 25 | 41.9% | 50.9% | ||
| Q2 25 | 44.0% | 49.7% | ||
| Q1 25 | 39.2% | 36.9% | ||
| Q4 24 | 41.2% | 46.2% | ||
| Q3 24 | 42.4% | 45.7% | ||
| Q2 24 | 43.4% | 45.1% |
| Q1 26 | 29.8% | — | ||
| Q4 25 | 31.3% | 40.5% | ||
| Q3 25 | 32.1% | 40.4% | ||
| Q2 25 | 34.2% | 39.5% | ||
| Q1 25 | 30.7% | 29.1% | ||
| Q4 24 | 32.2% | 36.0% | ||
| Q3 24 | 32.8% | 36.3% | ||
| Q2 24 | 33.7% | 37.7% |
| Q1 26 | $0.96 | — | ||
| Q4 25 | $0.86 | $0.91 | ||
| Q3 25 | $1.06 | $0.92 | ||
| Q2 25 | $1.14 | $0.85 | ||
| Q1 25 | $0.98 | $0.59 | ||
| Q4 24 | $0.83 | $0.70 | ||
| Q3 24 | $1.01 | $0.70 | ||
| Q2 24 | $1.03 | $0.71 |
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 | — | $531.8M |
| Stockholders' EquityBook value | $4.3B | $5.5B |
| Total Assets | $35.7B | $33.7B |
| Debt / EquityLower = less leverage | — | 0.10× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $531.8M | ||
| Q3 25 | — | $250.0M | ||
| Q2 25 | — | $250.0M | ||
| Q1 25 | — | $250.0M | ||
| Q4 24 | — | $540.4M | ||
| Q3 24 | — | $260.3M | ||
| Q2 24 | — | $1.2B |
| Q1 26 | $4.3B | — | ||
| Q4 25 | $3.8B | $5.5B | ||
| Q3 25 | $3.8B | $5.4B | ||
| Q2 25 | $3.6B | $5.4B | ||
| Q1 25 | $3.5B | $5.3B | ||
| Q4 24 | $3.3B | $5.0B | ||
| Q3 24 | $3.4B | $5.0B | ||
| Q2 24 | $3.1B | $4.9B |
| Q1 26 | $35.7B | — | ||
| Q4 25 | $32.9B | $33.7B | ||
| Q3 25 | $32.3B | $33.4B | ||
| Q2 25 | $32.3B | $32.8B | ||
| Q1 25 | $32.4B | $32.8B | ||
| Q4 24 | $32.0B | $30.0B | ||
| Q3 24 | $31.5B | $29.9B | ||
| Q2 24 | $30.6B | $30.0B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.10× | ||
| Q3 25 | — | 0.05× | ||
| Q2 25 | — | 0.05× | ||
| Q1 25 | — | 0.05× | ||
| Q4 24 | — | 0.11× | ||
| Q3 24 | — | 0.05× | ||
| Q2 24 | — | 0.25× |
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 | — | $498.9M |
| Free Cash FlowOCF − Capex | — | $481.2M |
| FCF MarginFCF / Revenue | — | 151.1% |
| Capex IntensityCapex / Revenue | — | 5.6% |
| Cash ConversionOCF / Net Profit | — | 3.87× |
| TTM Free Cash FlowTrailing 4 quarters | — | $828.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $645.1M | $498.9M | ||
| Q3 25 | $129.0M | $150.6M | ||
| Q2 25 | $111.2M | $89.4M | ||
| Q1 25 | $138.6M | $120.0M | ||
| Q4 24 | $577.9M | $445.5M | ||
| Q3 24 | $431.7M | $123.6M | ||
| Q2 24 | $147.4M | $61.2M |
| Q1 26 | — | — | ||
| Q4 25 | $592.4M | $481.2M | ||
| Q3 25 | $113.3M | $146.4M | ||
| Q2 25 | $100.5M | $85.2M | ||
| Q1 25 | $126.0M | $116.1M | ||
| Q4 24 | $531.7M | $433.3M | ||
| Q3 24 | $419.1M | $122.0M | ||
| Q2 24 | $138.9M | $58.2M |
| Q1 26 | — | — | ||
| Q4 25 | 131.8% | 151.1% | ||
| Q3 25 | 25.7% | 45.3% | ||
| Q2 25 | 22.5% | 27.8% | ||
| Q1 25 | 29.4% | 40.1% | ||
| Q4 24 | 126.0% | 165.4% | ||
| Q3 24 | 99.5% | 46.5% | ||
| Q2 24 | 33.5% | 22.7% |
| Q1 26 | — | — | ||
| Q4 25 | 11.7% | 5.6% | ||
| Q3 25 | 3.6% | 1.3% | ||
| Q2 25 | 2.4% | 1.4% | ||
| Q1 25 | 2.9% | 1.3% | ||
| Q4 24 | 10.9% | 4.6% | ||
| Q3 24 | 3.0% | 0.6% | ||
| Q2 24 | 2.1% | 1.2% |
| Q1 26 | — | — | ||
| Q4 25 | 4.59× | 3.87× | ||
| Q3 25 | 0.91× | 1.15× | ||
| Q2 25 | 0.73× | 0.74× | ||
| Q1 25 | 1.05× | 1.42× | ||
| Q4 24 | 4.25× | 4.72× | ||
| Q3 24 | 3.13× | 1.30× | ||
| Q2 24 | 1.06× | 0.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
