Sps Commerce Financials
This page shows Sps Commerce (SPSC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Sps Commerce has an operating margin of 15.7%, meaning the company retains $16 of operating profit per $100 of revenue. This results in a moderate score of 57/100, indicating healthy but not exceptional operating efficiency. This is up from 13.9% the prior year.
Sps Commerce's revenue surged 17.8% year-over-year to $751.5M, reflecting rapid business expansion. This strong growth earns a score of 63/100.
Sps Commerce carries a low D/E ratio of 0.20, meaning only $0.20 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.
Sps Commerce's current ratio of 2.17 indicates adequate short-term liquidity, earning a score of 40/100. The company can meet its near-term obligations, though with limited headroom.
Sps Commerce converts 20.3% of revenue into free cash flow ($152.3M). This strong cash generation earns a score of 76/100.
Sps Commerce's ROE of 9.6% shows moderate profitability relative to equity, earning a score of 32/100. This is up from 9.0% the prior year.
Sps Commerce scores 8.05, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.1B) relative to total liabilities ($196.0M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Sps Commerce passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Sps Commerce generates $1.92 in operating cash flow ($178.8M OCF vs $93.3M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Sps Commerce generated $751.5M in revenue in fiscal year 2025. This represents an increase of 17.8% from the prior year.
Sps Commerce's EBITDA was $139.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 29.5% from the prior year.
Sps Commerce reported $93.3M in net income in fiscal year 2025. This represents an increase of 21.1% from the prior year.
Sps Commerce earned $2.46 per diluted share (EPS) in fiscal year 2025. This represents an increase of 20.6% from the prior year.
Cash & Balance Sheet
Sps Commerce generated $152.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 10.9% from the prior year.
Sps Commerce held $151.4M in cash against $0 in long-term debt as of fiscal year 2025.
Sps Commerce had 37M shares outstanding in fiscal year 2025. This represents a decrease of 1.0% from the prior year.
Margins & Returns
Sps Commerce's gross margin was 69.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 2.2 percentage points from the prior year.
Sps Commerce's operating margin was 15.7% in fiscal year 2025, reflecting core business profitability. This is up 1.8 percentage points from the prior year.
Sps Commerce's net profit margin was 12.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.3 percentage points from the prior year.
Sps Commerce's ROE was 9.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.6 percentage points from the prior year.
Capital Allocation
Sps Commerce invested $68.7M in research and development in fiscal year 2025. This represents an increase of 9.3% from the prior year.
Sps Commerce spent $114.3M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 204.2% from the prior year.
Sps Commerce invested $26.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 32.3% from the prior year.
SPSC Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $192.7M+1.4% | $189.9M+1.3% | $187.4M+3.2% | $181.5M+6.2% | $170.9M+4.4% | $163.7M+6.6% | $153.6M+2.7% | $149.6M |
| Cost of Revenue | $57.0M-1.7% | $57.9M-3.2% | $59.8M+5.1% | $56.9M+2.4% | $55.6M+7.7% | $51.6M-0.8% | $52.0M+1.0% | $51.5M |
| Gross Profit | $135.7M+2.8% | $132.0M+3.4% | $127.6M+2.4% | $124.6M+8.1% | $115.3M+2.9% | $112.1M+10.3% | $101.6M+3.6% | $98.1M |
| R&D Expenses | $16.7M-3.4% | $17.3M0.0% | $17.3M-1.0% | $17.4M+1.7% | $17.1M+12.1% | $15.3M+6.4% | $14.4M-10.3% | $16.0M |
| SG&A Expenses | $33.0M+4.1% | $31.7M+2.6% | $30.9M-0.4% | $31.0M+17.7% | $26.4M-2.9% | $27.2M+15.5% | $23.5M-9.2% | $25.9M |
| Operating Income | $34.7M+11.2% | $31.2M+17.8% | $26.5M+2.0% | $26.0M+4.9% | $24.7M-3.2% | $25.6M+10.4% | $23.2M+50.4% | $15.4M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $10.1M+47.3% | $6.9M-8.4% | $7.5M+25.9% | $6.0M-12.4% | $6.8M+15.7% | $5.9M-35.9% | $9.2M+1627.3% | $532K |
| Net Income | $25.8M+1.1% | $25.6M+29.6% | $19.7M-11.1% | $22.2M+26.4% | $17.6M-25.2% | $23.5M+30.1% | $18.0M+0.2% | $18.0M |
| EPS (Diluted) | N/A | $0.67+28.8% | $0.52-10.3% | $0.58 | N/A | $0.62+29.2% | $0.480.0% | $0.48 |
SPSC Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.2B+1.0% | $1.2B+3.4% | $1.1B+1.1% | $1.1B+7.5% | $1.0B+2.8% | $1.0B+17.4% | $854.5M+1.7% | $839.8M |
| Current Assets | $335.3M+6.2% | $315.6M+17.2% | $269.4M+7.0% | $251.8M-34.1% | $381.9M+10.8% | $344.6M-15.3% | $406.9M-3.2% | $420.3M |
| Cash & Equivalents | $151.4M+13.2% | $133.7M+24.3% | $107.6M+13.4% | $94.9M-60.6% | $241.0M+21.2% | $198.8M-17.2% | $240.2M+2.4% | $234.6M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $68.2M+1.1% | $67.4M-0.1% | $67.5M+6.5% | $63.4M+21.8% | $52.0M-6.4% | $55.6M+0.3% | $55.4M+6.3% | $52.1M |
| Goodwill | $541.7M-0.2% | $543.0M-0.1% | $543.5M+1.8% | $533.9M+33.8% | $399.2M-5.7% | $423.5M+57.5% | $268.9M+8.1% | $248.8M |
| Total Liabilities | $196.0M-1.9% | $199.7M+16.6% | $171.3M-8.9% | $188.1M+6.6% | $176.5M+1.5% | $173.9M+15.1% | $151.1M-3.7% | $156.9M |
| Current Liabilities | $154.4M-3.6% | $160.0M+8.2% | $148.0M-3.6% | $153.4M+4.6% | $146.7M+0.2% | $146.3M+13.8% | $128.5M-4.2% | $134.2M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $973.9M+1.6% | $958.9M+1.0% | $949.8M+3.1% | $920.9M+7.7% | $854.7M+3.1% | $829.4M+17.9% | $703.4M+3.0% | $683.0M |
| Retained Earnings | $429.4M+6.4% | $403.6M+6.8% | $378.0M+5.5% | $358.3M+6.6% | $336.1M+5.5% | $318.5M+8.0% | $295.1M+6.5% | $277.0M |
SPSC Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $45.9M-24.3% | $60.6M+87.5% | $32.3M-19.2% | $40.0M-1.4% | $40.6M-23.9% | $53.3M+81.1% | $29.4M-13.6% | $34.1M |
| Capital Expenditures | $7.7M+26.3% | $6.1M-9.1% | $6.7M+8.4% | $6.2M-1.0% | $6.2M+18.6% | $5.2M+3.6% | $5.1M+43.2% | $3.5M |
| Free Cash Flow | $38.2M-29.9% | $54.6M+112.6% | $25.7M-24.2% | $33.8M-1.5% | $34.3M-28.6% | $48.1M+97.2% | $24.4M-20.1% | $30.5M |
| Investing Cash Flow | -$7.7M-26.3% | -$6.1M+20.9% | -$7.7M+94.8% | -$147.8M-65004.0% | -$227K+99.8% | -$98.3M-994.1% | -$9.0M-205.1% | -$2.9M |
| Financing Cash Flow | -$20.7M+27.2% | -$28.4M-122.6% | -$12.8M+67.2% | -$39.0M-934.0% | $4.7M+107.3% | $2.3M+115.0% | -$15.1M-1.2% | -$14.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $24.7M-17.6% | $30.0M+53.4% | $19.6M-51.1% | $40.0M | $0-100.0% | $84K-99.6% | $20.9M+26.6% | $16.5M |
SPSC Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.4%+1.0pp | 69.5%+1.4pp | 68.1%-0.6pp | 68.7%+1.2pp | 67.5%-1.0pp | 68.5%+2.3pp | 66.1%+0.5pp | 65.6% |
| Operating Margin | 18.0%+1.6pp | 16.4%+2.3pp | 14.1%-0.2pp | 14.3%-0.2pp | 14.5%-1.1pp | 15.6%+0.5pp | 15.1%+4.8pp | 10.3% |
| Net Margin | 13.4%-0.1pp | 13.5%+2.9pp | 10.5%-1.7pp | 12.2%+2.0pp | 10.3%-4.1pp | 14.3%+2.6pp | 11.7%-0.3pp | 12.0% |
| Return on Equity | 2.6%-0.0pp | 2.7%+0.6pp | 2.1%-0.3pp | 2.4%+0.4pp | 2.1%-0.8pp | 2.8%+0.3pp | 2.6%-0.1pp | 2.6% |
| Return on Assets | 2.2%0.0pp | 2.2%+0.5pp | 1.8%-0.2pp | 2.0%+0.3pp | 1.7%-0.6pp | 2.3%+0.2pp | 2.1%-0.0pp | 2.1% |
| Current Ratio | 2.17+0.2 | 1.97+0.2 | 1.82+0.2 | 1.64-1.0 | 2.60+0.2 | 2.36-0.8 | 3.17+0.0 | 3.13 |
| Debt-to-Equity | 0.200.0 | 0.21+0.0 | 0.18-0.0 | 0.200.0 | 0.210.0 | 0.210.0 | 0.21-0.0 | 0.23 |
| FCF Margin | 19.8%-8.9pp | 28.7%+15.0pp | 13.7%-5.0pp | 18.6%-1.5pp | 20.1%-9.3pp | 29.4%+13.5pp | 15.9%-4.5pp | 20.4% |
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Frequently Asked Questions
What is Sps Commerce's annual revenue?
Sps Commerce (SPSC) reported $751.5M in total revenue for fiscal year 2025. This represents a 17.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Sps Commerce's revenue growing?
Sps Commerce (SPSC) revenue grew by 17.8% year-over-year, from $637.8M to $751.5M in fiscal year 2025.
Is Sps Commerce profitable?
Yes, Sps Commerce (SPSC) reported a net income of $93.3M in fiscal year 2025, with a net profit margin of 12.4%.
What is Sps Commerce's EBITDA?
Sps Commerce (SPSC) had EBITDA of $139.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Sps Commerce's gross margin?
Sps Commerce (SPSC) had a gross margin of 69.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Sps Commerce's operating margin?
Sps Commerce (SPSC) had an operating margin of 15.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Sps Commerce's net profit margin?
Sps Commerce (SPSC) had a net profit margin of 12.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Sps Commerce's return on equity (ROE)?
Sps Commerce (SPSC) has a return on equity of 9.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Sps Commerce's free cash flow?
Sps Commerce (SPSC) generated $152.3M in free cash flow during fiscal year 2025. This represents a 10.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Sps Commerce's operating cash flow?
Sps Commerce (SPSC) generated $178.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Sps Commerce's total assets?
Sps Commerce (SPSC) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Sps Commerce's capital expenditures?
Sps Commerce (SPSC) invested $26.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Sps Commerce spend on research and development?
Sps Commerce (SPSC) invested $68.7M in research and development during fiscal year 2025.
What is Sps Commerce's current ratio?
Sps Commerce (SPSC) had a current ratio of 2.17 as of fiscal year 2025, which is generally considered healthy.
What is Sps Commerce's debt-to-equity ratio?
Sps Commerce (SPSC) had a debt-to-equity ratio of 0.20 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Sps Commerce's return on assets (ROA)?
Sps Commerce (SPSC) had a return on assets of 8.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Sps Commerce's Altman Z-Score?
Sps Commerce (SPSC) has an Altman Z-Score of 8.05, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Sps Commerce's Piotroski F-Score?
Sps Commerce (SPSC) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Sps Commerce's earnings high quality?
Sps Commerce (SPSC) has an earnings quality ratio of 1.92x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Sps Commerce?
Sps Commerce (SPSC) scores 61 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.