SPS Commerce, Inc. (SPSC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$0.98	$1.1	+12.2%	—	$192.1M	—
Q4 25	$1.01	$1.14	+12.9%	—	$192.7M	—
Q3 25	$1	$1.13	+13.0%	—	$189.9M	—
Q2 25	$0.91	$1	+9.9%	—	$187.4M	—
Q1 25	$0.85	$1	+17.6%	—	$181.5M	—
Q4 24	$0.87	$0.89	+2.3%	—	$170.9M	—
Q3 24	$0.83	$0.92	+10.8%	—	$163.7M	—
Q2 24	$0.77	$0.8	+3.9%	—	$153.6M	—
Q1 24	$0.74	$0.86	+16.2%	—	$149.6M	—
Q4 23	$0.7	$0.75	+7.1%	—	$145M	—
Q3 23	$0.67	$0.75	+11.9%	—	$135.7M	—
Q2 23	$0.63	$0.69	+9.5%	—	$130.4M	—
Q1 23	$0.58	$0.67	+15.5%	—	$125.9M	—
Q4 22	$0.54	$0.63	+16.7%	—	$122M	—
Q3 22	$0.52	$0.63	+21.2%	—	$114.5M	—
Q2 22	$0.49	$0.53	+8.2%	—	$109.2M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.46	—	—	$751.5M	—
FY24	—	$2.07	—	—	$637.8M	—
FY23	—	$1.8	—	—	$536.9M	—
FY22	—	$1.53	—	—	$450.9M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$193.2M	$220.1M	$248.2M	$279.1M	$312.6M	$385.3M	$450.9M	$536.9M	$637.8M	$751.5M
YoY change	+21.8%	+13.9%	+12.8%	+12.4%	+12%	+23.2%	+17%	+19.1%	+18.8%	+17.8%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	193.2M	220.1M	248.2M	279.1M	312.6M	385.3M	450.9M	536.9M	637.8M	751.5M
Cost of revenue	64.3M	73.6M	81.7M	92.2M	99.8M	131.7M	153.1M	182.1M	210.7M	231.6M
Gross profit	128.8M	146.5M	166.5M	186.9M	212.8M	253.6M	297.8M	354.8M	427.1M	519.9M
Gross margin	66.7%	66.5%	67.1%	67%	68.1%	65.8%	66.1%	66.1%	67%	69.2%
Research & development	22M	23.2M	22.1M	28.3M	31M	39M	45.7M	53.7M	62.8M	68.7M
Selling, general & administrative	95.7M	108.7M	113.6M	114.9M	126.1M	149.3M	169.1M	207.8M	251.8M	295.7M
Operating expenses	117.7M	131.9M	135.7M	143.2M	157.1M	188.4M	214.9M	261.5M	314.7M	364.4M
Operating income	6.4M	10M	26.7M	38.4M	50.2M	55.1M	71.2M	77.2M	88.9M	118.3M
Operating margin	3.31%	4.54%	10.8%	13.8%	16%	14.3%	15.8%	14.4%	13.9%	15.7%
Non-operating income, net	732K	-320K	-720K	3.7M	2.5M	-1.5M	142K	8.3M	10.6M	5.5M
Pretax income	7.7M	10.7M	28.3M	42.1M	52.7M	53.5M	71.3M	85.6M	99.5M	123.8M
Income tax	2.8M	10.3M	4.5M	8.4M	7.1M	8.9M	16.2M	19.7M	22.4M	30.5M
Net income	5M	351K	23.9M	33.7M	45.6M	44.6M	55.1M	65.8M	77.1M	93.3M
Net margin	2.57%	0.16%	9.62%	12.1%	14.6%	11.6%	12.2%	12.3%	12.1%	12.4%
EBITDA	17.7M	21.8M	39.5M	54.8M	68.8M	81.2M	98.7M	102.6M	120.4M	171.5M
EPS	0.17	-0.07	0.69	0.96	1.29	1.24	1.53	1.8	2.07	2.46
Diluted EPS	0.17	-0.07	0.68	0.94	1.26	1.21	1.49	1.76	2.04	2.46

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	135.7M	145M	149.6M	153.6M	163.7M	170.9M	181.5M	187.4M	189.9M	192.7M	192.1M	197.8M
Cost of revenue	45.5M	49M	51.5M	52M	51.6M	55.6M	56.9M	59.8M	57.9M	57M	59.2M	59M
Gross profit	90.1M	95.9M	98.1M	101.6M	112.1M	115.3M	124.6M	127.6M	132M	135.7M	132.9M	138.8M
Gross margin	66.4%	66.2%	65.6%	66.1%	68.5%	67.5%	68.7%	68.1%	69.5%	70.4%	69.2%	70.2%
Research & development	13.6M	14.2M	16M	14.4M	15.3M	17.1M	17.4M	17.3M	17.3M	16.7M	17.9M	17M
Selling, general & administrative	52.2M	53.8M	62.3M	59.2M	64.7M	65.6M	72.7M	74.3M	74M	74.7M	81.1M	80.6M
Operating expenses	65.8M	68M	78.3M	73.6M	80M	82.7M	90.1M	91.6M	91.3M	91.4M	99M	97.5M
Operating income	20.6M	22.9M	15.4M	23.2M	25.6M	24.7M	26M	26.5M	31.2M	34.7M	24.6M	31.9M
Operating margin	15.2%	15.8%	10.3%	15.1%	15.6%	14.5%	14.3%	14.1%	16.4%	18%	12.8%	16.1%
Non-operating income, net	1.7M	3.5M	3.1M	4.1M	3.8M	-373K	2.2M	773K	1.3M	1.3M	1.4M	-21.5M
Pretax income	22.3M	26.3M	18.5M	27.2M	29.3M	24.4M	28.2M	27.2M	32.5M	36M	26M	10.4M
Income tax	5.5M	7.3M	532K	9.2M	5.9M	6.8M	6M	7.5M	6.9M	10.1M	6.2M	3.5M
Net income	16.8M	19M	18M	18M	23.5M	17.6M	22.2M	19.7M	25.6M	25.8M	19.7M	6.9M
Net margin	12.4%	13.1%	12%	11.7%	14.3%	10.3%	12.2%	10.5%	13.5%	13.4%	10.3%	3.47%
EBITDA	26.3M	29.1M	21.3M	28.6M	32.9M	37.6M	37.3M	40.2M	44.8M	49.3M	38.4M	69.2M
EPS	0.46	0.52	0.49	0.49	0.63	0.47	0.58	0.52	0.67	0.69	0.53	0.19
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

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.2B	834.9M	1.4B	1.9B	3.8B	5.1B	4.6B	7.1B	6.9B	3.4B	2.9B
Enterprise value	1B	671.6M	1.2B	1.8B	3.7B	4.9B	4.4B	6.8B	6.6B	3.2B	2.8B
Shares outstanding	33.9M	34.4M	34.4M	35M	35.2M	35.9M	36.1M	36.6M	37.3M	37.9M	37.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	238.7	2.4K	59.3	57.6	83.9	114.7	84.1	107.9	89.1	36.2	38.6
P/S	6.13	3.79	5.71	6.95	12.2	13.3	10.3	13.2	10.8	4.49	3.75
P/B	4.75	2.9	4.44	5.47	9.09	10.6	8.64	10.6	8.03	3.47	3.1
EV/EBITDA	59	30.9	31.3	31.9	53.2	60.1	45	66.7	55.1	18.8	15.1
EV/Sales	5.41	3.05	4.99	6.27	11.7	12.7	9.85	12.7	10.4	4.3	3.57
Earnings yield	0.42%	0.04%	1.69%	1.74%	1.19%	0.87%	1.19%	0.93%	1.12%	2.76%	2.59%
FCF yield	0.91%	2.85%	2.91%	3%	1.88%	1.82%	1.73%	1.58%	2%	4.51%	6.05%
PEG	—	—	—	—	—	—	—	—	—	—	-0.61

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	66.7%	66.5%	67.1%	67%	68.1%	65.8%	66.1%	66.1%	67%	69.2%	70.2%
Operating margin	3.31%	4.54%	10.8%	13.8%	16%	14.3%	15.8%	14.4%	13.9%	15.7%	16.1%
Net margin	2.57%	0.16%	9.62%	12.1%	14.6%	11.6%	12.2%	12.3%	12.1%	12.4%	10.1%
ROE	1.99%	0.12%	7.48%	9.5%	10.8%	9.21%	10.3%	9.86%	9.02%	9.58%	8.26%
ROA	1.66%	0.1%	6.18%	7.53%	8.66%	7.24%	8.19%	7.99%	7.47%	7.98%	6.8%
ROIC	3.72%	0.26%	16%	18.6%	17%	18.5%	16.2%	14.6%	11%	10.7%	11.8%
Return on tangible assets	3.12%	0.17%	11.9%	13.6%	33.4%	21.1%	54.2%	59.4%	-59.4%	-27%	-26.2%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	5.78	5.1	4.42	4.29	3.39	3.43	2.92	3.07	2.6	2.17	2.26
Quick ratio	5.78	5.1	4.42	4.29	3.39	3.43	2.92	3.07	2.6	2.17	2.26
Debt / equity	—	—	0	0.07	0.05	0.04	0.03	0.02	0.01	0.01	0.01
Debt / assets	—	—	0	0.05	0.04	0.03	0.03	0.02	0.01	0.01	0.01
Net debt / EBITDA	—	—	-4.52	-3.46	-2.4	-2.92	-2	-2.55	-1.9	-0.84	-0.83
Effective tax rate	35.7%	96.7%	15.8%	19.9%	13.5%	16.7%	22.7%	23.1%	22.5%	24.6%	25.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	5.7	6.4	7.22	7.97	8.87	10.7	12.5	14.7	17.1	19.8	20.7
EPS (basic)	0.17	-0.07	0.69	0.96	1.29	1.24	1.53	1.8	2.07	2.46	2.46
EPS (diluted)	0.17	-0.07	0.68	0.94	1.26	1.21	1.49	1.76	2.04	2.46	2.08
Book value per share	7.35	8.38	9.27	10.1	11.9	13.5	14.9	18.2	22.9	25.7	25.9
FCF per share	0.32	0.69	1.2	1.66	2.05	2.6	2.22	3.07	3.68	4.02	5.43
Cash per share	4.1	4.75	5.19	6.1	5.32	7.16	5.93	7.52	6.46	4	4.81
Capex per share	0.24	0.21	0.4	0.39	0.47	0.55	0.55	0.54	0.54	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	4.15%	3.3%	5.54%	4.87%	5.27%	5.08%	4.41%	3.68%	3.14%	—	—
Capex / operating cash flow	56.8%	27.1%	28.3%	19.9%	20%	20.8%	18.8%	16.7%	13.9%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$135.7M	$145M	$149.6M	$153.6M	$163.7M	$170.9M	$181.5M	$187.4M	$189.9M	$192.7M	$192.1M	$197.8M
YoY change	+18.5%	+18.8%	+18.8%	+17.8%	+20.7%	+17.9%	+21.4%	+22%	+16%	+12.7%	+5.82%	+5.56%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	139M	163.3M	178.4M	213.5M	187.5M	257.3M	214.3M	275.4M	241M	151.4M
Receivables	20.7M	24.9M	27.5M	31.5M	33.6M	34.6M	39.4M	46.8M	52M	68.2M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	185.9M	224.3M	249.6M	291.6M	271.4M	352.4M	322.8M	401.4M	381.9M	335.3M
Property, plant & equipment	15.3M	16.9M	21M	39.5M	42M	42.8M	44.6M	43.9M	45.7M	48.1M
Goodwill & intangibles	139.1M	136.3M	184.8M	199M	390.2M	404.5M	571.3M	713M	1.2B	1.5B
Total assets	298.4M	339.7M	386.1M	447.4M	526.5M	615.8M	672.9M	823.8M	1B	1.2B
Accounts payable	2.3M	4.5M	4.4M	4.3M	5.4M	8.3M	11.3M	7.4M	8.6M	13.8M
Short-term debt	—	—	—	3.8M	2.8M	4.1M	4.3M	4.5M	4.6M	4.4M
Total current liabilities	32.2M	43.9M	56.5M	68M	80.1M	102.9M	110.6M	130.7M	146.7M	154.4M
Long-term debt	—	—	0	20.1M	19.7M	16.4M	13M	9.6M	7.9M	2.8M
Total liabilities	49.1M	51.6M	67.1M	92.6M	105.7M	131.6M	135.8M	156.4M	176.5M	196M
Shareholders' equity	249.3M	288.1M	319M	354.9M	420.7M	484.3M	537.1M	667.5M	854.7M	973.9M
Total debt	—	—	0	23.9M	22.5M	20.5M	17.3M	14M	12.5M	7.2M
Net debt	—	—	-133.9M	-155.4M	-127.2M	-187M	-145.6M	-205.1M	-228.5M	-144.2M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	239.3M	275.4M	290.8M	271.8M	205.8M	241M	94.9M	107.6M	133.7M	151.4M	154.3M	173.2M
Receivables	45.1M	46.8M	52.1M	55.4M	55.6M	52M	63.4M	67.5M	67.4M	68.2M	65.1M	63.7M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	359.7M	401.4M	420.3M	406.9M	344.6M	381.9M	251.8M	269.4M	315.6M	335.3M	328.7M	330.4M
Property, plant & equipment	44.5M	43.9M	42.3M	42.2M	44.6M	45.7M	47.1M	47.5M	48.2M	48.1M	51M	49.1M
Goodwill & intangibles	711.3M	713M	696.2M	752.8M	1.2B	1.2B	1.6B	1.6B	1.5B	1.5B	1.5B	1.4B
Total assets	787.4M	823.8M	839.8M	854.5M	1B	1B	1.1B	1.1B	1.2B	1.2B	1.2B	1.1B
Accounts payable	6.2M	7.4M	12.3M	5.9M	8.1M	8.6M	11.3M	11.6M	12.7M	13.8M	14.5M	9.5M
Short-term debt	4.4M	4.5M	4.5M	4.6M	4.4M	4.6M	6.2M	5.7M	5.6M	4.4M	1.9M	1.5M
Total current liabilities	132.9M	130.7M	134.2M	128.5M	146.3M	146.7M	153.4M	148M	160M	154.4M	154.9M	146.3M
Long-term debt	10.6M	9.6M	8.4M	7.8M	8.8M	7.9M	6.1M	5M	4M	2.8M	4.7M	4.8M
Total liabilities	160.6M	156.4M	156.9M	151.1M	173.9M	176.5M	188.1M	171.3M	199.7M	196M	199M	186.9M
Shareholders' equity	626.8M	667.5M	683M	703.4M	829.4M	854.7M	920.9M	949.8M	958.9M	973.9M	962.2M	938.5M
Total debt	15M	14M	12.9M	12.3M	13.2M	12.5M	12.3M	10.8M	9.6M	7.2M	6.6M	6.3M
Net debt	-163.7M	-205.1M	-221.7M	-227.9M	-185.7M	-228.5M	-82.7M	-96.8M	-124.1M	-144.2M	-147.7M	-166.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	5M	351K	23.9M	33.7M	45.6M	44.6M	55.1M	65.8M	77.1M	93.3M
Depreciation & amortization	11.3M	11.8M	12.7M	16.4M	18.7M	24.9M	28.2M	34.7M	42.2M	58.3M
Stock-based compensation	8M	12.7M	12.5M	14.7M	18.9M	27.6M	33.4M	45.5M	54.6M	53.7M
Change in working capital	-7M	-7.6M	-3M	-3.2M	-5M	-7.1M	-7.3M	-20.3M	-20.5M	-47M
Operating cash flow	14.1M	26.8M	48.6M	68.2M	82.4M	94.2M	105.9M	118.1M	144.2M	178.8M
Capital expenditure	-8M	-7.3M	-13.8M	-13.6M	-16.5M	-19.6M	-19.9M	-19.8M	-20M	—
Investing cash flow	-34.2M	-22.6M	-40.5M	-14.3M	-120.5M	-46.7M	-112.8M	-92.6M	-110.5M	-142.6M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-5.8M	-19.9M	-20.6M	-18.9M	-20.4M	-43.2M	0	-37.6M	-114.3M
Financing cash flow	4.1M	-5.8M	-19.9M	-20.6M	-19.6M	-22.5M	-43.2M	-2M	-37.6M	-114.3M
Net change in cash	-16M	-1.6M	-11.7M	33.3M	-57.7M	25M	-50.1M	23.5M	-3.9M	-78.1M
Free cash flow	10.8M	23.8M	41.3M	58.2M	72.1M	93.3M	80.2M	112.5M	137.4M	152.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	—	—	—	—	—	—	—	—	25.6M	25.8M	19.7M	6.9M
Depreciation & amortization	—	—	—	—	—	—	—	—	14.8M	15.4M	15.2M	15.5M
Stock-based compensation	—	—	—	—	—	—	—	—	14.5M	10.4M	18.1M	18.7M
Change in working capital	1.1M	-3.1M	-6.8M	-4.6M	-49K	1.8M	-7.4M	-6.3M	-26.5M	-8.3M	5.3M	8.2M
Operating cash flow	1.1M	-3.1M	-6.8M	-4.6M	-49K	1.8M	-7.4M	-6.3M	60.6M	45.9M	55.6M	66M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	—	—	—	—	—	—	—	—	0	0	0	0
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	-30M	-24.7M	-47.1M	-51.2M
Financing cash flow	—	—	—	—	—	—	—	—	-30M	-24.7M	-47.1M	-51.2M
Net change in cash	1.1M	-3.1M	-6.8M	-4.6M	-49K	1.8M	-7.4M	-6.3M	30.6M	21.1M	8.5M	14.8M
Free cash flow	—	—	—	—	—	—	—	—	54.6M	38.2M	48.5M	57.4M

SPS Commerce, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement