SPSC

MKT CAP:$2B

SPS Commerce, Inc.

Market Cap

$2B

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$57.91-$30.00 (-34.13%)

Apr 22, 2026

Company Details

SPS Commerce, Inc. provides cloud-based supply chain management solutions worldwide. It offers solutions through the SPS Commerce, a cloud-based platform that enhances the way retailers, suppliers, grocers, distributors, and logistics firms...

CEO

Chadwick Collins

IPO Date

Apr 22, 2010

Website

www.spscommerce.com

Key Metrics TTM

Revenue

$752M

+17.8% YoY

Net Income

$93M

EPS (Diluted)

$2.45

Free Cash Flow

$152M

Revenue / Share

$19.90

Gross Margin

67.9%

Operating Margin

15.7%

Net Margin

12.4%

FCF Margin

20.3%

P/S

2.7x

P/E

21.8x

Earnings Reports

FY 2025

Feb 19, 2026

$752M+17.8%EPS $2.46

Q4 2025

Feb 19, 2026

$193M+12.7%EPS $0.68

Q3 2025

Oct 30, 2025

$190M+16.0%EPS $0.67

Q2 2025

Jul 30, 2025

$187M+22.0%EPS $0.52

Q1 2025

Apr 24, 2025

$182M+21.4%EPS $0.58

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$105M	$70M	$17M
Q2 22	$109M	$72M	$16M
Q3 22	$114M	$76M	$20M
Q4 22	$122M	$80M	$19M
Q1 23	$126M	$83M	$17M
Q2 23	$130M	$86M	$17M
Q3 23	$136M	$90M	$21M
Q4 23	$145M	$91M	$23M
Q1 24	$150M	$94M	$15M
Q2 24	$154M	$97M	$23M
Q3 24	$164M	$112M	$26M
Q4 24	$171M	$115M	$25M
Q1 25	$182M	$125M	$26M
Q2 25	$187M	$128M	$26M
Q3 25	$190M	$132M	$31M
Q4 25	$193M	$126M	$35M

Valuation

Quarter	P/S	P/E
Q1 22	11.8x	100.2x
Q2 22	9.8x	85.4x
Q3 22	10.6x	88.3x
Q4 22	10.3x	84.0x
Q1 23	11.8x	96.1x
Q2 23	14.1x	112.4x
Q3 23	12.1x	99.1x
Q4 23	12.4x	101.4x
Q1 24	12.2x	99.6x
Q2 24	12.0x	97.5x
Q3 24	11.8x	91.7x
Q4 24	10.8x	89.1x
Q1 25	7.5x	61.5x
Q2 25	7.3x	62.3x
Q3 25	5.5x	46.9x
Q4 25	4.6x	37.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$4M	-$8.0K
Q2 22	$32M	$29M
Q3 22	$40M	$34M
Q4 22	$24M	$18M
Q1 23	$22M	$16M
Q2 23	$34M	$30M
Q3 23	$44M	$38M
Q4 23	$33M	$28M
Q1 24	$34M	$31M
Q2 24	$29M	$24M
Q3 24	$53M	$48M
Q4 24	$41M	$34M
Q1 25	$40M	$34M
Q2 25	$32M	$26M
Q3 25	$61M	$55M
Q4 25	$46M	$38M

Capital Expenditures

Quarter	CapEx
Q1 22	$4M
Q2 22	$4M
Q3 22	$6M
Q4 22	$6M
Q1 23	$5M
Q2 23	$5M
Q3 23	$6M
Q4 23	$4M
Q1 24	$4M
Q2 24	$5M
Q3 24	$5M
Q4 24	$6M
Q1 25	$6M
Q2 25	$7M
Q3 25	$6M
Q4 25	$8M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+16.8%	+14.5%
Q2 22	+15.5%	+15.1%
Q3 22	+17.0%	+12.4%
Q4 22	+18.7%	+17.9%
Q1 23	+19.7%	+23.1%
Q2 23	+19.5%	+21.6%
Q3 23	+18.5%	+21.4%
Q4 23	+18.8%	+18.5%
Q1 24	+18.8%	+22.9%
Q2 24	+17.8%	+15.0%
Q3 24	+20.7%	+20.0%
Q4 24	+17.9%	+19.7%
Q1 25	+21.4%	+16.0%
Q2 25	+22.0%	+23.4%
Q3 25	+16.0%	+14.9%
Q4 25	+12.7%	+8.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$9M	8.6%
Q2 22	$9M	7.9%
Q3 22	$8M	7.0%
Q4 22	$8M	6.4%
Q1 23	$12M	9.4%
Q2 23	$13M	9.9%
Q3 23	$11M	8.4%
Q4 23	$9M	6.5%
Q1 24	$20M	13.4%
Q2 24	$11M	7.5%
Q3 24	$11M	6.6%
Q4 24	$12M	7.2%
Q1 25	$14M	7.6%
Q2 25	$15M	8.0%
Q3 25	$14M	7.6%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$11M	$15M	$25M
Q2 22	$11M	$17M	$25M
Q3 22	$11M	$17M	$25M
Q4 22	$12M	$18M	$27M
Q1 23	$13M	$21M	$29M
Q2 23	$13M	$22M	$30M
Q3 23	$14M	$22M	$30M
Q4 23	$14M	$13M	$41M
Q1 24	$16M	$26M	$36M
Q2 24	$14M	$24M	$36M
Q3 24	$15M	$27M	$38M
Q4 24	$17M	$26M	$39M
Q1 25	$17M	$31M	$42M
Q2 25	$17M	$31M	$43M
Q3 25	$17M	$32M	$42M
Q4 25	$17M	$33M	$42M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 22	16.8%	21.7%	38.5
Q2 22	15.5%	20.5%	36.0
Q3 22	17.0%	23.5%	40.4
Q4 22	18.7%	22.4%	41.1
Q1 23	19.7%	20.0%	39.7
Q2 23	19.5%	19.3%	38.8
Q3 23	18.5%	21.4%	39.9
Q4 23	18.8%	22.5%	41.3
Q1 24	18.8%	16.3%	35.2
Q2 24	17.8%	21.3%	39.1
Q3 24	20.7%	22.4%	43.1
Q4 24	17.9%	21.8%	39.7
Q1 25	21.4%	21.8%	43.1
Q2 25	22.0%	21.9%	43.9
Q3 25	16.0%	24.9%	40.9
Q4 25	12.7%	26.7%	39.4

Rule of 40

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$203M	$40M	$243M
Q2 22	$213M	$47M	$259M
Q3 22	$186M	$51M	$237M
Q4 22	$163M	$51M	$214M
Q1 23	$182M	$51M	$233M
Q2 23	$209M	$61M	$270M
Q3 23	$179M	$61M	$239M
Q4 23	$219M	$56M	$275M
Q1 24	$235M	$56M	$291M
Q2 24	$240M	$32M	$272M
Q3 24	$199M	$7M	$206M
Q4 24	$241M	$0	$241M
Q1 25	$95M	$0	$95M
Q2 25	$108M	$0	$108M
Q3 25	$134M	$0	$134M
Q4 25	$151M	$0	$151M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	37M	-0.4%	+0.7%
Q2 22	37M	-0.3%	+0.3%
Q3 22	37M	+0.1%	-0.3%
Q4 22	37M	+0.2%	-0.5%
Q1 23	37M	+0.5%	+0.4%
Q2 23	37M	+0.7%	+1.5%
Q3 23	38M	+0.4%	+1.8%
Q4 23	38M	+0.1%	+1.8%
Q1 24	38M	+0.1%	+1.4%
Q2 24	38M	-0.0%	+0.7%
Q3 24	38M	+0.8%	+1.1%
Q4 24	38M	-0.4%	+0.6%
Q1 25	38M	+0.8%	+1.3%
Q2 25	38M	-0.2%	+1.1%
Q3 25	38M	-0.3%	-0.0%
Q4 25	38M	-0.6%	-0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$55.3K	2K
Q2 22	$57.4K	2K
Q3 22	$60.2K	2K
Q4 22	$55.1K	2K
Q1 23	$56.8K	2K
Q2 23	$58.9K	2K
Q3 23	$61.2K	2K
Q4 23	$58.2K	2K
Q1 24	$60.1K	2K
Q2 24	$61.7K	2K
Q3 24	$65.8K	2K
Q4 24	$61.4K	3K
Q1 25	$65.2K	3K
Q2 25	$67.3K	3K
Q3 25	$68.2K	3K
Q4 25	$69.2K	3K

Revenue / Employee