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Stock research / United States / SPSC · Services-Prepackaged Software · Nasdaq

SPS Commerce Inc. (SPSC)

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SPS Commerce Inc. (SPSC) reported revenue of $198 million for Q2 FY2026, the quarter ended 30 June 2026, up 5.6% on the same quarter a year earlier. Net income was $7 million, down 65.2% on the year, and diluted earnings per share $0.19. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue$198 millionup 5.6%
Net income$7 milliondown 65.2%
Diluted EPS$0.19
QuarterQ2 FY2026ended 30 June 2026

SPS Commerce (SPSC) in brief

SPS Commerce (SPSC) reported revenue of $752 million for fiscal 2025, the year ended 31 December 2025, up 17.8% on the year before.
Read moreNet income was $93 million and diluted earnings per share $2.46. Revenue was $638 million in fiscal 2024, $537 million in fiscal 2023, $451 million in fiscal 2022 and $385 million in fiscal 2021. Net income in the same years was $77 million, $66 million, $55 million and $45 million. Over the twelve months to 30 June 2026, SPS Commerce reported revenue of $772 million and net income of $78 million. Revenue grew 19.2% a year, compounded, over the five years to fiscal 2025. SPS Commerce had 36 million shares outstanding at the latest filed count. At 30 June 2026 it carried $0 million of debt and $173 million of cash. At the close of 9 October 2026 the market cap of SPS Commerce was $3.1 billion, 40.8 times its earnings over the last twelve months.

Ratios

From the filings

ROE8.3%
ROCE10.5%
Operating margin12.8%
Net margin10.1%
FCF margin25.7%
Interest covern/a
Debt to equity0.00
Cash conversion2.92
Share count, 1 year-4.6%
Sales CAGR, 3 years18.6%
Profit CAGR, 3 years19.2%
EPS, TTM$2.07

At the close of 9 October 2026

Price$84.53
Market cap$3.1 billion
Stock P/E40.84
Price to book3.26
EV / EBITDA23.66
Dividend yieldn/a
Market cap / sales3.96
52-week high$113.04
52-week low$49.91
Price, 1 year-21.6%
Price CAGR, 3 years-20.9%
Price CAGR, 5 years-11.9%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. SPS Commerce Inc.'s balance sheet shows no borrowings, so debt here is nil; lease liabilities are a separate line. Nothing here is a valuation or a view.
SPSCgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on SPSC

Filings18 in twelve months: 8 current reports (8-K), about 5 officer or director change; 4 results of operations; 2 regulation FD disclosure; 2 other events; 1 shareholder vote
Planned insider sales9 Form 144 notices in twelve months, $3.7 million; latest 2 June 2026
Options tapeput/call 0.46 by open interest at the 9 October 2026 close; the straddle prices a 9.7% move to 16 October 2026
13F holders6 of the followed funds hold it; largest Geode Capital Management; 6 Schedule 13D or 13G filings in twelve months
Insider trading14 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest2.8 million shares short, 6.11 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue136145150154164171182187190193192198
Cost of revenue45.549.051.552.051.655.656.959.857.957.059.259.0
Gross profit90.195.998.1102112115125128132136133139
Gross margin66%66%66%66%68%67%69%68%69%70%69%70%
R&D13.614.216.014.415.317.117.417.317.316.717.917.0
Operating income20.622.915.423.225.624.726.026.531.234.724.68.4
Operating margin15%16%10%15%16%14%14%14%16%18%13%4%
Pre-tax income22.326.318.527.229.324.428.227.232.536.026.010.4
Tax rate24%28%3%34%20%28%21%28%21%28%24%34%
Net income16.819.018.018.023.517.622.219.725.625.819.76.9
Net margin12%13%12%12%14%10%12%11%13%13%10%3%
Diluted EPS$0.45$0.51$0.48$0.48$0.62$0.46$0.58$0.52$0.67$0.68$0.53$0.19
Operating cash flow43.832.834.129.453.340.640.032.360.645.955.666.0
Capital expenditure5.74.33.55.15.26.26.26.76.17.77.18.6
Free cash flow38.128.530.524.448.134.333.825.754.638.248.557.4
Buybacks0.00.016.520.90.10.040.019.630.024.747.151.2
Shares outstanding37m37m37m37m38m38m38m38m38m38m37m36m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue128159193220248279313385451537638752772
Cost of revenue40.050.064.373.681.792.299.8132153182211232233
Gross profit88.0108129146166187213254298355427520539
Gross margin68.7%68.4%66.7%66.5%67.1%67.0%68.1%65.8%66.1%66.1%67.0%69.2%69.8%
Research and development13.518.022.023.222.128.331.039.045.753.762.868.768.8
Operating income4.47.06.410.026.738.450.255.171.277.288.911898.8
Operating margin3.4%4.4%3.3%4.5%10.8%13.8%16.0%14.3%15.8%14.4%13.9%15.7%12.8%
Pre-tax income4.17.17.710.728.342.152.753.571.385.699.5124105
Income tax1.42.42.810.34.58.47.18.916.219.722.430.526.8
Effective tax rate34.2%34.4%35.7%96.7%15.8%19.9%13.5%16.7%22.7%23.1%22.5%24.6%25.6%
Net income2.74.65.00.423.933.745.644.655.165.877.193.378.0
Net margin2.1%2.9%2.6%0.2%9.6%12.1%14.6%11.6%12.2%12.3%12.1%12.4%10.1%
Diluted EPS$0.08$0.14$0.14$0.01$0.68$0.94$1.26$1.21$1.49$1.76$2.04$2.46$2.07
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2014FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow16.814.418.831.155.071.888.6113100132157179228
Capital expenditure7.68.88.07.313.813.616.519.619.919.820.026.529.4
Free cash flow9.25.710.823.841.358.272.193.380.2113137152199
Free cash flow margin7.2%3.6%5.6%10.8%16.6%20.9%23.1%24.2%17.8%21.0%21.5%20.3%25.7%
Cash from investingn/an/a-34.2-22.6-40.5-14.3-120-46.7-113-92.6-110-169-20.7
Cash from financingn/an/a10.1-2.5-3.8-12.12.3-8.4-31.616.0-23.0-101-142
Depreciation and amortisation5.76.36.67.28.611.113.114.816.418.618.721.123.1
Share-based compensation5.46.48.012.712.514.718.927.633.445.554.653.761.6
Buybacksn/an/an/a5.819.920.618.920.443.20.037.6114153
Diluted shares, weighted34m34m34m35m35m36m36m37m37m37m38m38m37m
Shares outstanding at period end33m33m34m17m35m35m35m36m36m37m38m38m36m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity205231258288319355421484537667855974938
Debtn/an/an/an/an/an/an/an/a0.00.00.00.00.0
Operating lease liabilitiesn/an/an/an/an/a20.119.716.413.09.67.92.84.8
Other liabilities38.730.340.651.667.172.586.1115123147169193182
Total liabilities and equity2442622983403864475266166738241,0311,1701,125
Owned
Fixed assets11.413.615.316.921.023.826.431.935.536.037.543.144.1
Goodwill34.933.849.851.669.776.8135144197249399542539
Intangible assets18.915.119.816.522.722.760.258.688.4107181216172
Investmentsn/a22.530.645.444.534.340.349.851.456.40.0n/an/a
Cash and equivalents131122116123134179150208163219241151173
Receivables15.417.620.724.927.531.533.634.639.446.852.068.263.7
Other assets32.537.646.361.366.979.181.489.898.1109120150133
Total assets2442622983403864475266166738241,0311,1701,125
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded16.8%19.2%18.6%9.8%
Profit growth, compounded35.0%15.4%19.2%-6.0%
Return on equity, average7.8%9.6%9.5%9.6%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was SPS Commerce's revenue in fiscal 2025?

SPS Commerce (SPSC) reported revenue of $752 million for fiscal 2025, the year ended 31 December 2025, up 17.8% on the year before.

How much did SPS Commerce earn in fiscal 2025?

Net income was $93 million for fiscal 2025, and diluted earnings per share $2.46.

What is SPS Commerce's P/E ratio?

At the close of 9 October 2026, SPS Commerce traded at 40.8 times its earnings over the twelve months to 30 June 2026.

What is SPS Commerce's market cap?

The market cap of SPS Commerce was $3.1 billion at the close of 9 October 2026.

How much debt does SPS Commerce have?

At 30 June 2026 SPS Commerce carried $0 million of debt and $173 million of cash.

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Maplebear Inc. CART$11.1 billion25.9520.7%14.8%12.6%0.00n/a
Paycom Software, Inc. PAYC$10.3 billion24.6985.3%30.3%9.2%1.570.2%
Factset Research Systems Inc. FDS$10.3 billion18.9127.8%29.6%6.6%0.681.6%
Match Group, Inc. MTCH$9.4 billion14.52n/a28.2%1.7%n/a1.8%
Booz Allen Hamilton Holding Corp. BAH$8.9 billion11.6164.7%9.5%-7.3%3.273.0%
Tetra Tech Inc. TTEK$8.5 billion20.0923.5%12.1%-7.6%0.430.8%
Paylocity Holding Corp. PCTY$8.2 billion31.1122.1%21.8%11.0%0.07n/a
Dropbox, Inc. DBX$7.8 billion19.08n/a26.6%-0.0%n/an/a
Healthequity, Inc. HQY$7.7 billion33.4411.9%25.8%7.3%0.47n/a
Aecom ACM$7.6 billion27.1913.1%4.1%-4.2%1.212.0%
Duolingo, Inc. DUOL$7.5 billion17.6429.1%13.7%29.4%0.00n/a
Appfolio Inc. APPF$7.2 billion46.1829.9%17.5%20.7%0.00n/a
Etsy Inc. ETSY$7.1 billion42.85n/a16.0%0.7%n/an/a
UiPath, Inc. PATH$7.1 billion20.1218.6%8.9%15.0%0.00n/a
Qualys, Inc. QLYS$7.0 billion35.0236.7%34.4%10.4%0.00n/a
RingCentral, Inc. RNG$6.9 billion63.43n/a6.7%5.2%n/an/a
Commvault Systems Inc. CVLT$6.5 billion100.15131.2%6.1%15.5%16.94n/a
Bilibili Inc. BILI *$6.4 billion37.927.7%3.7%13.1%0.62n/a
Lyft, Inc. LYFT$6.1 billion2.3694.8%-1.8%10.8%0.35n/a
WEX Inc. WEX$5.9 billion17.1826.1%25.5%7.5%2.62n/a
Pegasystems Inc. PEGA$5.9 billion20.1557.8%9.9%3.6%0.000.3%
Epam Systems, Inc. EPAM$5.8 billion15.3411.4%10.0%10.8%0.01n/a
Genpact Ltd. G$5.8 billion10.2122.4%14.8%6.5%0.452.1%
ExlService Holdings, Inc. EXLS$5.6 billion23.1428.9%14.9%13.6%0.44n/a
Frontdoor, Inc. FTDR$5.5 billion21.2196.1%n/a9.2%4.08n/a
Doximity, Inc. DOCS$5.5 billion35.8718.2%29.6%11.2%0.00n/a
ACI Worldwide, Inc. ACIW$5.2 billion23.3515.1%18.6%7.0%0.550.0%
Remitly Global, Inc. RELY$5.1 billion17.3527.1%9.5%23.8%0.00n/a
BOX Inc. BOX$5.0 billion52.75n/a9.4%9.6%n/an/a
VSE Corp. VSEC$4.9 billionn/an/an/an/a0.320.2%
Amentum Holdings, Inc. AMTM$4.7 billion23.244.3%4.2%11.4%0.81n/a
Clear Secure, Inc. YOU$4.5 billion29.5271.7%25.1%19.8%0.00n/a
Sezzle Inc. SEZL$4.3 billion27.9669.3%40.4%43.1%0.52n/a
Wix.com Ltd. WIX *$4.2 billion87.09n/a0.1%13.2%n/an/a
Bill Holdings, Inc. BILL$4.1 billionn/a-0.3%-4.4%13.0%0.52n/a
FTI Consulting, Inc. FCN$3.8 billion16.4619.0%9.7%7.1%0.76n/a
monday.com Ltd. MNDY *$3.8 billionn/a9.5%-0.1%26.7%0.00n/a
Q2 Holdings, Inc. QTWO$3.7 billion41.8414.3%10.0%13.9%0.00n/a
Korn Ferry KFY$3.6 billion13.5214.0%12.9%6.9%0.202.8%
Life360, Inc. LIF$3.5 billion25.2324.0%1.1%34.0%0.51n/a
Robert Half Inc. RHI$3.5 billion29.509.5%n/a-4.9%0.007.0%
Exponent Inc. EXPO$3.3 billion31.3038.7%20.2%12.8%0.001.7%
First Advantage Corp. FA$3.3 billion136.001.9%10.7%32.9%1.577.9%
Maximus, Inc. MMS$3.1 billion8.7721.3%11.0%-3.3%0.942.0%
People Inc. PPLI$3.1 billionn/an/an/an/a0.27n/a
WillScot Holdings Corp. WSC$3.1 billionn/a-7.6%6.5%-2.5%3.800.0%
SPS Commerce Inc. SPSC$3.1 billion40.848.3%12.8%9.8%0.00n/a
ABM Industries Inc. ABM$2.9 billion17.919.3%3.5%6.0%0.972.1%
Teradata Corp. TDC$2.8 billion6.4477.2%7.5%1.0%0.00n/a
Alarm.com Holdings, Inc. ALRM$2.7 billion24.6413.6%12.8%8.7%0.570.0%
Five9, Inc. FIVN$2.7 billion52.757.6%4.7%8.9%0.94n/a
CarGurus, Inc. CARG$2.6 billion15.6966.6%n/a13.9%0.00n/a
ManpowerGroup Inc. MAN$2.5 billion24.004.9%1.5%6.7%0.272.7%
Payoneer Global Inc. PAYO$2.4 billion51.007.7%10.4%6.3%0.00n/a
LiveRamp Holdings, Inc. RAMP$2.3 billion15.3915.9%11.6%8.9%0.00n/a
PDF Solutions Inc. PDFS$2.3 billion217.602.8%8.2%23.0%0.18n/a
V2X, Inc. VVX$2.2 billion24.538.1%4.2%13.0%0.92n/a
Astrana Health, Inc. ASTH$2.1 billion45.834.9%2.6%58.9%1.06n/a
Neogenomics Inc. NEO$2.1 billionn/a-6.6%-8.9%11.2%0.48n/a
DoubleVerify Holdings, Inc. DV$2.1 billion37.475.4%12.7%7.6%0.00n/a
Blackbaud Inc. BLKB$2.1 billionn/an/a19.8%0.6%16.820.3%
DXC Technology Co. DXC$2.0 billion17.704.1%7.2%-2.4%0.986.8%
Western Union Co. WU$1.9 billion4.9743.2%15.9%-1.6%2.7415.4%
Insperity, Inc. NSP$1.9 billionn/a-26.2%-0.0%2.6%6.874.9%
Evertec, Inc. EVTC$1.8 billion19.2715.2%17.9%12.4%1.900.7%
Blackline, Inc. BL$1.7 billion52.3011.0%4.3%8.6%2.11n/a
Liquidity Services Inc. LQDT$1.6 billion42.3014.1%9.0%5.2%0.00n/a
Progress Software Corp. PRGS$1.6 billion18.1317.4%17.7%6.4%2.330.0%
Concentrix Corp. CNXC$1.6 billionn/a-135.2%-20.9%2.6%2.22n/a
Everforth Inc. EFOR$1.5 billion19.344.6%4.9%-1.0%0.80n/a
AMN Healthcare Services Inc. AMN$1.4 billion13.5814.2%5.8%24.0%1.00n/a
Certara, Inc. CERT$1.4 billionn/a-7.1%-0.2%0.7%0.30n/a
Arlo Technologies, Inc. ARLO$1.3 billion45.9319.3%2.7%15.6%0.00n/a
Sprinklr, Inc. CXM$1.3 billion55.104.5%5.3%6.3%0.00n/a
Prog Holdings, Inc. PRG$1.2 billionn/an/an/an/a1.101.7%
Donnelley Financial Solutions, Inc. DFIN$1.2 billion33.399.1%18.9%3.0%0.53n/a
ZoomInfo Technologies Inc. GTM$1.1 billionn/a-65.3%-35.2%2.7%1.53n/a
Upwork, Inc. UPWK$1.1 billion11.1816.7%15.1%1.9%0.59n/a
TripAdvisor, Inc. TRIP$1.0 billion867.000.8%2.7%-4.4%1.230.0%
Legalzoom.Com, Inc. LZ$1,000 million66.3313.3%4.1%12.3%0.00n/a
Healthstream Inc. HSTM$969 million46.045.9%8.0%8.8%0.000.4%
Upbound Group, Inc. UPBD$898 million9.9312.3%5.1%5.9%1.9410.1%
Quinstreet, Inc. QNST$888 million11.1525.1%2.7%18.3%0.22n/a
N-able, Inc. NABL$874 millionn/a-0.9%9.5%10.0%0.49n/a
Sabre Corp. SABR$765 millionn/an/an/an/an/a0.0%
ADT Inc. ADTn/an/a17.6%25.0%2.1%2.243.4%
55 companies share its SEC industry code (Services-Prepackaged Software); the rest are the names nearest in size in its wider industry, Business Services, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202630 July 2026EDGAR
10-Q/A31 March 202621 July 2026EDGAR
10-Q31 March 202630 April 2026EDGAR
10-K31 December 202519 February 2026EDGAR
10-Q30 September 202530 October 2025EDGAR
10-Q30 June 202530 July 2025EDGAR
10-Q31 March 202524 April 2025EDGAR
10-K31 December 202419 February 2025EDGAR
10-Q30 September 202424 October 2024EDGAR
10-Q30 June 202425 July 2024EDGAR

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