What is SPS Commerce, Inc.'s earnings per share (EPS)?

SPS Commerce, Inc. (SPSC) reported diluted earnings per share of $2.46 for fiscal year 2025. This represents a 20.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

SPS Commerce, Inc. (SPSC) Financials

SPSC

Trailing 12 months to June 30, 2026

Revenue $772.5M +9.8% YoY

Net Income $78.0M -6.0% YoY

EPS (Diluted) $2.08 -5.0% YoY

Free Cash Flow $198.7M +40.0% YoY

Market Cap $3.0B as of Oct 1, 2026

Price / Sales 3.9x on $772.5M revenue, trailing 12 months to June 30, 2026

Price / Earnings 38.9x on $78.0M net income, trailing 12 months to June 30, 2026

Price / Book 3.2x on $938.5M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 1, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Jul 30, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Jul 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SPSC SEC filings page.

SPS Commerce, Inc. (SPSC) reported $772.5M in revenue over the twelve months to Jun 30, 2026, up 9.8% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).

Rhea AI SPSC FY2025 2026-08-29

SPS Commerce is scaling a high-gross-margin model while converting earnings into cash and operating with limited leverage.

Revenue nearly doubled from FY2021 through FY2025 while gross margin widened from 65.8% to 69.2%. That pairing points to scale or mix benefits: growth improved the economics of each revenue dollar rather than simply adding volume at a stable margin.

Operating cash flow of $178.8M was nearly twice net income of $93.3M in FY2025, so reported profit understated cash produced by the operating cycle. After capital expenditures of $26.5M, free cash flow remained $152.3M, showing reinvestment consumed a relatively small share of operating cash.

Debt-to-equity declined from 0.3x in FY2021 to 0.2x in FY2025, indicating asset growth was not primarily funded by rising leverage. However, the current ratio fell from 3.4x to 2.2x, meaning the short-term cushion narrowed even as long-term solvency improved.

Financial Health Signals

Financial Health Score 78/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of SPS Commerce, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

SPS Commerce, Inc. has an operating margin of 15.7%, meaning the company retains $16 of operating profit per $100 of revenue. This strong profitability earns a score of 84/100, reflecting efficient cost management and pricing power. This is up from 13.9% the prior year.

Growth

SPS Commerce, Inc.'s revenue surged 17.8% year-over-year to $751.5M, reflecting rapid business expansion. This strong growth earns a score of 80/100.

Leverage

SPS Commerce, Inc. 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 75/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

SPS Commerce, Inc.'s current ratio of 2.17 indicates adequate short-term liquidity, earning a score of 63/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

SPS Commerce, Inc. converts 20.3% of revenue into free cash flow ($152.3M). This strong cash generation earns a score of 87/100.

Returns

SPS Commerce, Inc. earns a strong 9.6% return on equity (ROE), meaning it generates $10 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 78/100. This is up from 9.0% the prior year.

Altman Z-Score Safe

10.96

SPS Commerce, Inc. scores 10.96, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($3.0B) relative to total liabilities ($196.0M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

7/8

SPS Commerce, Inc. passes 7 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.92x

For every $1 of reported earnings, SPS Commerce, Inc. 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

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Earnings & Revenue

Revenue

$197.8M

YoY+5.6%

QoQ+3.0%

5Y CAGR+15.9%

10Y CAGR+15.4%

SPS Commerce, Inc. generated $197.8M in revenue in Q2 2026. This represents an increase of 5.6% from the same quarter a year earlier. Against the prior quarter it is up 3.0%.

EBITDA

$14.6M

YoY-53.7%

QoQ-52.1%

5Y CAGR-3.1%

10Y CAGR+19.2%

SPS Commerce, Inc.'s EBITDA was $14.6M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 53.7% from the same quarter a year earlier. Against the prior quarter it is down 52.1%.

Net Income

$6.9M

YoY-65.2%

QoQ-65.2%

5Y CAGR-7.6%

10Y CAGR+34.6%

SPS Commerce, Inc. reported $6.9M in net income in Q2 2026. This represents a decrease of 65.2% from the same quarter a year earlier. Against the prior quarter it is down 65.2%.

EPS (Diluted)

$0.19

YoY-63.5%

QoQ-64.2%

5Y CAGR-7.5%

10Y CAGR+25.2%

SPS Commerce, Inc. earned $0.19 per diluted share (EPS) in Q2 2026. This represents a decrease of 63.5% from the same quarter a year earlier. Against the prior quarter it is down 64.2%.

Cash & Balance Sheet

Free Cash Flow

$57.4M

YoY+123.8%

QoQ+18.4%

5Y CAGR+15.8%

10Y CAGR+51.1%

SPS Commerce, Inc. generated $57.4M in free cash flow in Q2 2026, representing cash available after capex. This represents an increase of 123.8% from the same quarter a year earlier. Against the prior quarter it is up 18.4%.

Cash & Debt

$173.2M

YoY+60.9%

QoQ+12.2%

5Y CAGR-1.2%

10Y CAGR+4.9%

SPS Commerce, Inc. held $173.2M in cash as of Q2 2026; long-term debt is not reported for that period.

Shares Outstanding

36M

YoY-5.0%

QoQ-1.9%

5Y CAGR+0.1%

10Y CAGR+7.8%

SPS Commerce, Inc. had 36M shares outstanding in Q2 2026. This represents a decrease of 5.0% from the same quarter a year earlier. Against the prior quarter it is down 1.9%.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

70.2%

YoY+2.1pp

QoQ+1.0pp

5Y change+3.7pp

10Y change+3.9pp

SPS Commerce, Inc.'s gross margin was 70.2% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 2.1 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.0 percentage points.

Operating Margin

4.3%

YoY-9.9pp

QoQ-8.5pp

5Y change-10.1pp

10Y change+2.4pp

SPS Commerce, Inc.'s operating margin was 4.3% in Q2 2026, reflecting core business profitability. This is down 9.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 8.5 percentage points.

Net Margin

3.5%

YoY-7.1pp

QoQ-6.8pp

5Y change-7.3pp

10Y change+2.7pp

SPS Commerce, Inc.'s net profit margin was 3.5% in Q2 2026, showing the share of revenue converted to profit. This is down 7.1 percentage points from the same quarter a year earlier. Against the prior quarter it is down 6.8 percentage points.

Return on Equity

0.7%

YoY-1.3pp

QoQ-1.3pp

5Y change-1.5pp

10Y change+0.6pp

SPS Commerce, Inc.'s ROE was 0.7% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 1.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 1.3 percentage points.

Capital Allocation

R&D Spending

$17.0M

YoY-1.8%

QoQ-5.4%

5Y CAGR+13.8%

SPS Commerce, Inc. invested $17.0M in research and development in Q2 2026. This represents a decrease of 1.8% from the same quarter a year earlier. Against the prior quarter it is down 5.4%.

Share Buybacks

$51.2M

YoY+162.0%

QoQ+8.7%

SPS Commerce, Inc. spent $51.2M on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 162.0% from the same quarter a year earlier. Against the prior quarter it is up 8.7%.

Capital Expenditures

$8.6M

YoY+29.0%

QoQ+20.4%

5Y CAGR+9.4%

10Y CAGR+24.6%

SPS Commerce, Inc. invested $8.6M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 29.0% from the same quarter a year earlier. Against the prior quarter it is up 20.4%.

SPSC Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SPSC quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$772.5M	$751.5M+17.8%	$637.8M+18.8%	$536.9M+19.1%	$450.9M+17.0%	$385.3M+23.2%	$312.6M+12.0%	$279.1M+12.4%	$248.2M+12.5%	$220.6M+14.1%	$193.3M+21.9%	$158.5M+23.9%	$127.9M+22.6%	$104.4M+35.4%	$77.1M+33.0%	$58.0M
Cost of Revenue	$233.1M	$231.6M+9.9%	$210.7M+15.7%	$182.1M+18.9%	$153.1M+16.2%	$131.7M+31.9%	$99.8M+8.2%	$92.2M+12.8%	$81.7M+11.0%	$73.6M+14.4%	$64.3M+28.6%	$50.0M+25.1%	$40.0M+25.8%	$31.8M+44.2%	$22.0M+43.4%	$15.4M
Gross Profit	$539.4M	$519.9M+21.7%	$427.1M+20.3%	$354.8M+19.2%	$297.8M+17.4%	$253.6M+19.2%	$212.8M+13.9%	$186.9M+12.2%	$166.5M+13.7%	$146.5M+13.7%	$128.8M+18.7%	$108.5M+23.3%	$88.0M+21.1%	$72.6M+31.9%	$55.1M+29.3%	$42.6M
R&D Expenses	$68.8M	$68.7M+9.3%	$62.8M+17.1%	$53.7M+17.3%	$45.7M+17.2%	$39.0M+25.8%	$31.0M+9.6%	$28.3M+28.2%	$22.1M-4.7%	$23.2M+5.5%	$22.0M+22.4%	$18.0M+33.1%	$13.5M+24.1%	$10.9M+33.1%	$8.2M+39.9%	$5.8M
SG&A Expenses	$137.7M	$126.6M+23.0%	$102.9M+21.3%	$84.9M+26.1%	$67.3M+9.8%	$61.3M+22.3%	$50.1M+12.1%	$44.7M+6.8%	$41.9M+11.7%	$37.5M+30.0%	$28.8M+16.2%	$24.8M+22.7%	$20.2M+17.7%	$17.2M+27.1%	$13.5M+21.3%	$11.2M
Operating Income	$98.8M	$118.3M+33.1%	$88.9M+15.1%	$77.2M+8.5%	$71.2M+29.2%	$55.1M+9.8%	$50.2M+30.6%	$38.4M+43.7%	$26.7M+167.8%	$10.0M+56.3%	$6.4M-9.1%	$7.0M+60.2%	$4.4M+147.3%	$1.8M+12.7%	$1.6M+38.5%	$1.1M
EBITDA	N/A	$139.4M+29.5%	$107.6M+12.2%	$95.9M+9.4%	$87.6M+25.4%	$69.9M+10.4%	$63.3M+27.8%	$49.5M+40.2%	$35.3M+105.5%	$17.2M+32.4%	$13.0M-2.3%	$13.3M+31.6%	$10.1M+51.5%	$6.7M+41.1%	$4.7M+50.5%	$3.1M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	$1.1M-62.6%	$2.9M+26.5%	$2.3M+125.7%	$1.0M+71.7%	$601K+205.1%	$197K+5.3%	$187K+67.0%	$112K+314.8%	$27K	$0
Income Tax	$26.8M	$30.5M+36.0%	$22.4M+13.6%	$19.7M+21.9%	$16.2M+81.0%	$8.9M+26.1%	$7.1M-15.1%	$8.4M+87.1%	$4.5M-56.8%	$10.3M+275.4%	$2.8M+13.1%	$2.4M+73.0%	$1.4M+105.2%	$686K+466.9%	$121K+101.0%	-$12.6M
Net Income	$78.0M	$93.3M+21.1%	$77.1M+17.1%	$65.8M+19.4%	$55.1M+23.6%	$44.6M-2.2%	$45.6M+35.2%	$33.7M+41.2%	$23.9M+6701.1%	$351K-92.9%	$5.0M+7.0%	$4.6M+71.6%	$2.7M+157.3%	$1.1M-14.0%	$1.2M-91.1%	$13.7M
EPS (Basic)	N/A	$2.46+18.8%	$2.07+15.0%	$1.80+17.6%	$1.53+23.4%	$1.24-3.9%	$1.29+34.4%	$0.96+39.1%	$0.69+6800.0%	$0.01-96.6%	$0.29+3.6%	$0.28+64.7%	$0.17+142.9%	$0.07-22.2%	$0.09-92.2%	$1.15
EPS (Diluted)	$2.08	$2.46+20.6%	$2.04+15.9%	$1.76+18.1%	$1.49+23.1%	$1.21-4.0%	$1.26+34.0%	$0.94	$0.68+6700.0%	$0.01	$0.29+7.4%	$0.27+68.8%	$0.16+128.6%	$0.07-22.2%	$0.09-91.7%	$1.08
Diluted Shares (Avg)	N/A	38M+0.4%	38M+1.0%	37M+1.4%	37M0.0%	37M+1.9%	36M+0.8%	36M	35M+1.4%	35M	17M+1.2%	17M+1.3%	17M+5.5%	16M+14.5%	14M+9.1%	13M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$197.8M+5.6%	$192.1M+5.8%	$192.7M+12.7%	$189.9M+16.0%	$187.4M+22.0%	$181.5M+21.4%	$170.9M+17.9%	$163.7M+20.7%
Cost of Revenue	$59.0M-1.3%	$59.2M+4.0%	$57.0M+2.5%	$57.9M+12.2%	$59.8M+15.0%	$56.9M+10.5%	$55.6M+13.3%	$51.6M+13.4%
Gross Profit	$138.8M+8.8%	$132.9M+6.6%	$135.7M+17.7%	$132.0M+17.8%	$127.6M+25.6%	$124.6M+27.1%	$115.3M+20.2%	$112.1M+24.3%
R&D Expenses	$17.0M-1.8%	$17.9M+2.7%	$16.7M-2.6%	$17.3M+13.0%	$17.3M+20.2%	$17.4M+8.9%	$17.1M+20.6%	$15.3M+12.8%
SG&A Expenses	$36.6M+18.6%	$36.4M+17.3%	$33.0M+25.2%	$31.7M+16.7%	$30.9M+31.4%	$31.0M+19.7%	$26.4M+27.9%	$27.2M+23.9%
Operating Income	$8.4M-68.2%	$24.6M-5.4%	$34.7M+40.2%	$31.2M+22.0%	$26.5M+14.3%	$26.0M+68.5%	$24.7M+8.1%	$25.6M+24.1%
EBITDA	$14.6M-53.7%	$30.4M-1.7%	$40.5M+37.4%	$36.5M+21.0%	$31.5M+13.0%	$30.9M+53.8%	$29.5M+6.9%	$30.2M+19.5%
Income Tax	$3.5M-52.8%	$6.2M+4.5%	$10.1M+48.8%	$6.9M+16.9%	$7.5M-18.3%	$6.0M+1021.6%	$6.8M-7.1%	$5.9M+7.9%
Net Income	$6.9M-65.2%	$19.7M-11.1%	$25.8M+47.2%	$25.6M+9.0%	$19.7M+9.4%	$22.2M+23.3%	$17.6M-7.6%	$23.5M+39.3%
EPS (Basic)	$0.19-63.5%	$0.53-8.6%	$0.68+44.7%	$0.67+6.3%	$0.52+6.1%	$0.58+18.4%	$0.47-9.6%	$0.63+37.0%
EPS (Diluted)	$0.19-63.5%	$0.53-8.6%	$0.69+46.8%	$0.67+8.1%	$0.52+8.3%	$0.58+20.8%	$0.47-7.8%	$0.62+37.8%
Diluted Shares (Avg)	37M-4.0%	37M-1.9%	N/A	38M0.0%	38M+1.1%	38M+1.3%	N/A	38M+1.1%

Not reported in any period shown, so not listed: Interest Expense.

SPSC Balance Sheet

SPSC quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$1.2B+13.4%	$1.0B+25.2%	$823.8M+22.4%	$672.9M+9.3%	$615.8M+17.0%	$526.5M+17.7%	$447.4M+15.9%	$386.1M+13.7%	$339.7M+13.9%	$298.4M+14.0%	$261.7M+7.4%	$243.8M+9.2%	$223.3M+40.3%	$159.2M+105.1%	$77.6M
Current Assets	$335.3M-12.2%	$381.9M-4.9%	$401.4M+24.4%	$322.8M-8.4%	$352.4M+29.9%	$271.4M-6.9%	$291.6M+16.8%	$249.6M+11.3%	$224.3M+20.7%	$185.9M+11.5%	$166.8M+2.8%	$162.2M+3.9%	$156.1M+70.6%	$91.5M+89.7%	$48.2M
Cash & Equivalents	$151.4M-37.2%	$241.0M+10.0%	$219.1M+34.5%	$162.9M-21.5%	$207.6M+38.7%	$149.7M-16.5%	$179.3M+33.9%	$133.9M+8.7%	$123.1M+6.3%	$115.9M-4.7%	$121.5M-7.1%	$130.8M-0.4%	$131.3M+98.8%	$66.0M+106.5%	$32.0M
Short-Term Investments	$0	$0-100.0%	$56.4M+9.6%	$51.4M+3.3%	$49.8M+31.7%	$37.8M+10.2%	$34.3M-23.0%	$44.5M+10.8%	$40.2M+74.2%	$23.1M+207.0%	$7.5M	$0	$0	$0	$0
Accounts Receivable	$68.2M+31.0%	$52.0M+11.1%	$46.8M+18.8%	$39.4M+14.1%	$34.6M+2.9%	$33.6M+6.5%	$31.5M+14.7%	$27.5M+10.4%	$24.9M+20.0%	$20.7M+17.8%	$17.6M+14.2%	$15.4M+32.8%	$11.6M+6.1%	$10.9M+37.5%	$8.0M
Long-Term Investments	$0	$0	$0	$0	$0-100.0%	$2.5M	$0	$0-100.0%	$5.2M-30.5%	$7.5M-49.9%	$14.9M	$0	$0	$0	$0
Goodwill	$541.7M+35.7%	$399.2M+60.2%	$249.2M+26.3%	$197.3M+37.3%	$143.7M+6.5%	$134.9M+75.5%	$76.8M+10.3%	$69.7M+35.0%	$51.6M+3.7%	$49.8M+47.1%	$33.8M-2.9%	$34.9M+36.8%	$25.5M0.0%	$25.5M+335.5%	$5.9M
Total Liabilities	$196.0M+11.0%	$176.5M+12.9%	$156.4M+15.1%	$135.8M+3.2%	$131.6M+24.4%	$105.7M+14.2%	$92.6M+37.8%	$67.1M+30.1%	$51.6M+5.2%	$49.1M+24.2%	$39.5M+2.2%	$38.7M+26.6%	$30.6M+25.3%	$24.4M+35.0%	$18.1M
Current Liabilities	$154.4M+5.2%	$146.7M+12.3%	$130.7M+18.1%	$110.6M+7.6%	$102.9M+28.4%	$80.1M+17.8%	$68.0M+20.4%	$56.5M+28.6%	$43.9M+36.6%	$32.2M+32.7%	$24.2M-1.3%	$24.6M+29.8%	$18.9M+30.7%	$14.5M+26.2%	$11.5M
Non-Current Liabilities	$41.6M+39.4%	$29.9M+16.2%	$25.7M+2.0%	$25.2M-12.2%	$28.7M+12.1%	$25.6M+4.4%	$24.5M+130.9%	$10.6M+38.3%	$7.7M-54.6%	$16.9M+10.6%	$15.3M+8.4%	$14.1M+21.3%	$11.6M+17.4%	$9.9M+50.2%	$6.6M
Total Equity	$973.9M+13.9%	$854.7M+28.0%	$667.5M+24.3%	$537.1M+10.9%	$484.3M+15.1%	$420.7M+18.6%	$354.9M+11.3%	$319.0M+10.7%	$288.1M+11.8%	$257.8M+11.4%	$231.4M+12.8%	$205.1M+6.4%	$192.8M+43.0%	$134.8M+126.4%	$59.6M
Retained Earnings	$429.4M+27.8%	$336.1M+29.7%	$259.0M+34.1%	$193.2M+39.9%	$138.1M+47.7%	$93.5M+90.9%	$49.0M+220.9%	$15.3M+277.2%	-$8.6M+74.5%	-$33.7M+14.5%	-$39.4M+10.5%	-$44.1M+5.8%	-$46.8M+2.2%	-$47.8M+2.5%	-$49.1M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$1.1B+0.4%	$1.2B+4.7%	$1.2B+13.4%	$1.2B+15.5%	$1.1B+31.2%	$1.1B+32.1%	$1.0B+25.2%	$1.0B+27.4%
Current Assets	$330.4M+22.7%	$328.7M+30.5%	$335.3M-12.2%	$315.6M-8.4%	$269.4M-33.8%	$251.8M-40.1%	$381.9M-4.9%	$344.6M-4.2%
Cash & Equivalents	$173.2M+60.9%	$154.3M+62.5%	$151.4M-37.2%	$133.7M-32.7%	$107.6M-55.2%	$94.9M-59.5%	$241.0M+10.0%	$198.8M+11.3%
Short-Term Investments	$0	$0	$0	$0-100.0%	$0-100.0%	$0-100.0%	$0-100.0%	$6.9M-88.6%
Accounts Receivable	$63.7M-5.7%	$65.1M+2.7%	$68.2M+31.0%	$67.4M+21.4%	$67.5M+21.9%	$63.4M+21.6%	$52.0M+11.1%	$55.6M+23.1%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$539.4M-0.8%	$540.8M+1.3%	$541.7M+35.7%	$543.0M+28.2%	$543.5M+102.1%	$533.9M+114.6%	$399.2M+60.2%	$423.5M+68.0%
Total Liabilities	$186.9M+9.1%	$199.0M+5.8%	$196.0M+11.0%	$199.7M+14.8%	$171.3M+13.4%	$188.1M+19.9%	$176.5M+12.9%	$173.9M+8.3%
Current Liabilities	$146.3M-1.2%	$154.9M+1.0%	$154.4M+5.2%	$160.0M+9.4%	$148.0M+15.1%	$153.4M+14.3%	$146.7M+12.3%	$146.3M+10.1%
Non-Current Liabilities	$40.7M+74.2%	$44.1M+27.1%	$41.6M+39.4%	$39.7M+43.8%	$23.4M+3.6%	$34.7M+53.1%	$29.9M+16.2%	$27.6M-0.3%
Total Equity	$938.5M-1.2%	$962.2M+4.5%	$973.9M+13.9%	$958.9M+15.6%	$949.8M+35.0%	$920.9M+34.8%	$854.7M+28.0%	$829.4M+32.3%
Retained Earnings	$456.0M+20.6%	$449.2M+25.4%	$429.4M+27.8%	$403.6M+26.7%	$378.0M+28.1%	$358.3M+29.3%	$336.1M+29.7%	$318.5M+32.7%

Not reported in any period shown, so not listed: Inventory, Long-Term Debt.

SPSC Cash Flow Statement

SPSC quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$228.1M	$178.8M+13.6%	$157.4M+19.0%	$132.3M+32.2%	$100.1M-11.4%	$112.9M+27.5%	$88.6M+23.4%	$71.8M+30.5%	$55.0M+77.2%	$31.1M+65.5%	$18.8M+30.1%	$14.4M-14.1%	$16.8M-8.0%	$18.2M+167.1%	$6.8M+52.3%	$4.5M
Depreciation & Amortization	N/A	$21.1M+12.6%	$18.7M+0.5%	$18.6M+13.5%	$16.4M+11.0%	$14.8M+12.7%	$13.1M+18.0%	$11.1M+29.4%	$8.6M+19.2%	$7.2M+9.2%	$6.6M+5.3%	$6.3M+9.6%	$5.7M+16.8%	$4.9M+55.3%	$3.2M+57.2%	$2.0M
Stock-Based Compensation	N/A	$53.7M-1.5%	$54.6M+19.9%	$45.5M+36.3%	$33.4M+21.1%	$27.6M+45.6%	$18.9M+28.9%	$14.7M+17.4%	$12.5M-1.7%	$12.7M+58.6%	$8.0M+25.8%	$6.4M+18.2%	$5.4M+28.4%	$4.2M+52.6%	$2.8M+55.8%	$1.8M
Capital Expenditures	$29.4M	$26.5M+32.3%	$20.0M+1.4%	$19.8M-0.6%	$19.9M+1.5%	$19.6M+19.0%	$16.5M+21.2%	$13.6M-1.2%	$13.8M+89.1%	$7.3M-9.2%	$8.0M-8.6%	$8.8M+15.5%	$7.6M+33.0%	$5.7M-4.7%	$6.0M+131.5%	$2.6M
Free Cash Flow	$198.7M	$152.3M+10.9%	$137.4M+22.1%	$112.5M+40.4%	$80.2M-14.1%	$93.3M+29.4%	$72.1M+23.9%	$58.2M+41.1%	$41.3M+73.5%	$23.8M+121.1%	$10.8M+89.7%	$5.7M-38.4%	$9.2M-26.6%	$12.5M+1382.5%	$846K-55.5%	$1.9M
Investing Cash Flow	-$20.7M	-$169.2M-53.1%	-$110.5M-19.2%	-$92.6M+17.9%	-$112.8M-141.5%	-$46.7M+61.2%	-$120.5M-741.7%	-$14.3M+64.6%	-$40.5M-78.9%	-$22.6M+33.8%	-$34.2M	N/A	N/A	-$5.7M+82.3%	-$32.2M-140.2%	-$13.4M
Financing Cash Flow	-$142.3M	-$100.8M-337.9%	-$23.0M-244.2%	$16.0M+150.5%	-$31.6M-278.3%	-$8.4M-459.1%	$2.3M+119.2%	-$12.1M-221.6%	-$3.8M-52.7%	-$2.5M-124.5%	$10.1M	N/A	N/A	$52.7M-11.4%	$59.5M+13059.5%	$452K
Share Buybacks	$153.1M	$114.3M+204.2%	$37.6M	$0-100.0%	$43.2M+111.5%	$20.4M+7.8%	$18.9M-8.1%	$20.6M+3.8%	$19.9M+241.6%	$5.8M	N/A	N/A	N/A	N/A	N/A	$0

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$66.0M+104.3%	$55.6M+39.1%	$45.9M+13.1%	$60.6M+13.7%	$32.3M+9.8%	$40.0M+17.4%	$40.6M+23.7%	$53.3M+21.6%
Depreciation & Amortization	$6.2M+23.2%	$5.8M+17.7%	$5.8M+22.8%	$5.4M+15.6%	$5.0M+6.6%	$5.0M+5.6%	$4.7M+0.9%	$4.6M-0.9%
Stock-Based Compensation	$18.7M+24.7%	$18.1M+30.3%	N/A	$14.5M+34.4%	$15.0M+30.5%	$13.9M-30.7%	N/A	$10.8M-6.0%
Capital Expenditures	$8.6M+29.0%	$7.1M+16.1%	$7.7M+23.1%	$6.1M+15.6%	$6.7M+31.7%	$6.2M+74.1%	$6.2M+44.7%	$5.2M-8.0%
Free Cash Flow	$57.4M+123.8%	$48.5M+43.3%	$38.2M+11.3%	$54.6M+13.4%	$25.7M+5.2%	$33.8M+10.8%	$34.3M+20.6%	$48.1M+26.1%
Investing Cash Flow	$170K+102.2%	-$7.1M+95.2%	-$7.7M-3270.5%	-$6.1M+93.8%	-$7.7M+14.8%	-$147.8M-4918.2%	-$227K-128.2%	-$98.3M-30.9%
Financing Cash Flow	-$47.3M-270.4%	-$45.9M-17.7%	-$20.7M-542.8%	-$28.4M-1361.7%	-$12.8M+15.2%	-$39.0M-161.6%	$4.7M-21.7%	$2.3M+114.6%
Share Buybacks	$51.2M+162.0%	$47.1M+17.8%	$24.7M	$30.0M+35611.9%	$19.6M-6.6%	$40.0M+141.8%	$0	$84K

Not reported in any period shown, so not listed: Dividends Paid.

SPSC Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SPSC quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	69.2%+2.2pp	67.0%+0.9pp	66.1%0.0pp	66.0%+0.2pp	65.8%-2.2pp	68.1%+1.1pp	67.0%-0.1pp	67.1%+0.7pp	66.4%-0.2pp	66.6%-1.8pp	68.4%-0.3pp	68.7%-0.8pp	69.6%-1.9pp	71.4%-2.1pp	73.5%
Operating Margin	15.7%+1.8pp	13.9%-0.5pp	14.4%-1.4pp	15.8%+1.5pp	14.3%-1.7pp	16.0%+2.3pp	13.8%+3.0pp	10.8%+6.2pp	4.5%+1.2pp	3.3%-1.1pp	4.4%+1.0pp	3.4%+1.7pp	1.7%-0.3pp	2.0%+0.1pp	2.0%
Net Margin	12.4%+0.3pp	12.1%-0.2pp	12.3%0.0pp	12.2%+0.7pp	11.6%-3.0pp	14.6%+2.5pp	12.1%+2.5pp	9.6%+9.5pp	0.2%-2.4pp	2.6%-0.4pp	2.9%+0.8pp	2.1%+1.1pp	1.0%-0.6pp	1.6%-22.1pp	23.6%
Return on Equity	9.6%+0.6pp	9.0%-0.8pp	9.9%-0.4pp	10.3%+1.1pp	9.2%-1.6pp	10.8%+1.3pp	9.5%+2.0pp	7.5%+7.4pp	0.1%-1.8pp	1.9%-0.1pp	2.0%+0.7pp	1.3%+0.8pp	0.5%-0.4pp	0.9%-22.1pp	23.0%
Return on Assets	8.0%+0.5pp	7.5%-0.5pp	8.0%-0.2pp	8.2%+0.9pp	7.2%-1.4pp	8.7%+1.1pp	7.5%+1.4pp	6.2%+6.1pp	0.1%-1.6pp	1.7%-0.1pp	1.8%+0.7pp	1.1%+0.6pp	0.5%-0.3pp	0.8%-16.9pp	17.6%
Current Ratio	2.17-0.4x	2.60-0.5x	3.07+0.2x	2.92-0.5x	3.430.0x	3.39-0.9x	4.29-0.1x	4.42-0.7x	5.10-0.7x	5.78-1.1x	6.88+0.3x	6.60-1.6x	8.25+1.9x	6.32+2.1x	4.21
Debt-to-Equity	0.200.0x	0.210.0x	0.230.0x	0.250.0x	0.270.0x	0.250.0x	0.26+0.1x	0.210.0x	0.180.0x	0.190.0x	0.170.0x	0.190.0x	0.160.0x	0.18-0.1x	0.30
Asset Turnover	0.640.0x	0.620.0x	0.650.0x	0.670.0x	0.630.0x	0.590.0x	0.620.0x	0.640.0x	0.650.0x	0.650.0x	0.61+0.1x	0.52+0.1x	0.470.0x	0.48-0.3x	0.75
FCF Margin	20.3%-1.3pp	21.5%+0.6pp	21.0%+3.2pp	17.8%-6.4pp	24.2%+1.2pp	23.1%+2.2pp	20.8%+4.2pp	16.6%+5.8pp	10.8%+5.2pp	5.6%+2.0pp	3.6%-3.6pp	7.2%-4.8pp	12.0%+10.9pp	1.1%-2.2pp	3.3%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	70.2%+2.1pp	69.2%+0.5pp	70.4%+3.0pp	69.5%+1.0pp	68.1%+1.9pp	68.7%+3.1pp	67.5%+1.3pp	68.5%+2.0pp
Operating Margin	4.3%-9.9pp	12.8%-1.5pp	18.0%+3.5pp	16.4%+0.8pp	14.1%-1.0pp	14.3%+4.0pp	14.5%-1.3pp	15.6%+0.4pp
Net Margin	3.5%-7.1pp	10.3%-2.0pp	13.4%+3.1pp	13.5%-0.9pp	10.5%-1.2pp	12.2%+0.2pp	10.3%-2.8pp	14.3%+1.9pp
Return on Equity	0.7%-1.3pp	2.1%-0.4pp	2.6%+0.6pp	2.7%-0.2pp	2.1%-0.5pp	2.4%-0.2pp	2.1%-0.8pp	2.8%+0.1pp
Return on Assets	0.6%-1.1pp	1.7%-0.3pp	2.2%+0.5pp	2.2%-0.1pp	1.8%-0.3pp	2.0%-0.1pp	1.7%-0.6pp	2.3%+0.2pp
Current Ratio	2.26+0.4x	2.12+0.5x	2.17-0.4x	1.97-0.4x	1.82-1.3x	1.64-1.5x	2.60-0.5x	2.36-0.4x
Debt-to-Equity	0.200.0x	0.210.0x	0.200.0x	0.210.0x	0.180.0x	0.200.0x	0.210.0x	0.210.0x
Asset Turnover	0.180.0x	0.170.0x	0.160.0x	0.160.0x	0.170.0x	0.160.0x	0.170.0x	0.160.0x
FCF Margin	29.0%+15.3pp	25.2%+6.6pp	19.8%-0.3pp	28.7%-0.7pp	13.7%-2.2pp	18.6%-1.8pp	20.1%+0.5pp	29.4%+1.3pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
SPS Commerce, Inc. SPSC	FY2025	$751.5M	$93.3M	12.4%	$3.0B	78/100
Kingsoft Cloud Holdings Limited KC	FY2025	$1.4B	-$133.9M	-9.8%	$2.7B	43/100
Vertex, Inc. VERX	FY2025	$748.4M	$7.2M	1.0%	$1.8B	49/100
Freshworks Inc. FRSH	FY2025	$838.8M	$183.7M	21.9%	$3.3B	58/100
Workiva Inc. WK	FY2025	$884.6M	-$26.2M	-3.0%	$3.5B	44/100
Intapp, Inc. INTA	FY2026	$577.8M	-$41.3M	-7.1%	$2.7B	45/100

Where SPS Commerce, Inc. Ranks

Frequently Asked Questions

What is SPS Commerce, Inc.'s annual revenue?

SPS Commerce, Inc. (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, Inc.'s revenue growing?

SPS Commerce, Inc. (SPSC) revenue grew by 17.8% year-over-year, from $637.8M to $751.5M in fiscal year 2025.

Is SPS Commerce, Inc. profitable?

Yes, SPS Commerce, Inc. (SPSC) reported a net income of $93.3M in fiscal year 2025, with a net profit margin of 12.4%.

What is SPS Commerce, Inc.'s EBITDA?

SPS Commerce, Inc. (SPSC) had EBITDA of $139.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is SPS Commerce, Inc.'s gross margin?

SPS Commerce, Inc. (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, Inc.'s operating margin?

SPS Commerce, Inc. (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, Inc.'s net profit margin?

SPS Commerce, Inc. (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, Inc.'s return on equity (ROE)?

SPS Commerce, Inc. (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, Inc.'s free cash flow?

SPS Commerce, Inc. (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, Inc.'s operating cash flow?

SPS Commerce, Inc. (SPSC) generated $178.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are SPS Commerce, Inc.'s total assets?

SPS Commerce, Inc. (SPSC) had $1.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are SPS Commerce, Inc.'s capital expenditures?

SPS Commerce, Inc. (SPSC) invested $26.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does SPS Commerce, Inc. spend on research and development?

SPS Commerce, Inc. (SPSC) invested $68.7M in research and development during fiscal year 2025.

Does SPS Commerce, Inc. buy back shares?

Yes, SPS Commerce, Inc. (SPSC) spent $114.3M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does SPS Commerce, Inc. have outstanding?

SPS Commerce, Inc. (SPSC) had 37M shares outstanding as of fiscal year 2025.

What is SPS Commerce, Inc.'s current ratio?

SPS Commerce, Inc. (SPSC) had a current ratio of 2.17 as of fiscal year 2025, which is generally considered healthy.

What is SPS Commerce, Inc.'s debt-to-equity ratio?

SPS Commerce, Inc. (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, Inc.'s return on assets (ROA)?

SPS Commerce, Inc. (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, Inc.'s P/E ratio?

SPS Commerce, Inc. (SPSC) trades at 38.9x earnings, its market capitalization divided by net income of $78.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $3.0B as of Oct 1, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is SPS Commerce, Inc.'s price-to-sales ratio?

SPS Commerce, Inc. (SPSC) trades at 3.9x sales, its market capitalization divided by revenue of $772.5M revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.0B as of Oct 1, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is SPS Commerce, Inc.'s Altman Z-Score?

SPS Commerce, Inc. (SPSC) has an Altman Z-Score of 10.96, 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, Inc.'s Piotroski F-Score?

SPS Commerce, Inc. (SPSC) has a Piotroski F-Score of 7 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are SPS Commerce, Inc.'s earnings high quality?

SPS Commerce, Inc. (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, Inc.?

SPS Commerce, Inc. (SPSC) scores 78 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.