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Disciplined Growth Investors, Inc., a Minnesota-based investment adviser, reported beneficial ownership of 2,123,881 shares of SPS Commerce, Inc. common stock. This represents 5.9% of the class as of June 30, 2026.
The firm has sole voting power over 1,996,804 shares and sole dispositive power over all 2,123,881 shares, with no shared voting or dispositive authority. The filing is signed by Peter G. Rieke, Chief Operating & Compliance Officer.
SPS Commerce generated Q2 2026 revenue of $197.8 million, up 6% year over year, with recurring revenue of $190.4 million representing 96% of total. ARPU rose 14% to about $15,100 while recurring revenue customers fell 14% to about 46,650 after divesting the 3P revenue recovery business.
GAAP net income declined to $6.9 million (3% margin) from $19.7 million, largely due to a $23.5 million loss on the 3P divestiture, which brought in $8.8 million of cash and is described as immaterial to future results. Adjusted EBITDA increased to $66.6 million (34% margin) from $56.1 million. For the first half, revenue grew 6% to $389.9 million and net income was $26.6 million, while non-GAAP diluted EPS rose to $2.36 from $1.99. Operating cash flow strengthened to $121.7 million, lifting cash and cash equivalents to $173.2 million, even after repurchasing 1.66 million shares for $98.7 million, leaving $186.4 million authorized for future buybacks.
SPS Commerce reported Q2 2026 revenue of $197.8 million, up 6% from Q2 2025, with recurring revenue also growing 6%. GAAP net income declined to $6.9 million, or $0.19 per diluted share, from $19.7 million, and includes a $23.5 million loss on sale of its 3P Revenue Recovery business. Non-GAAP income was $46.4 million, or $1.27 per diluted share. Adjusted EBITDA rose 19% year over year to $66.6 million, yielding a 34% margin versus 30% a year earlier. Share repurchases totaled $51.2 million in the quarter.
Following the June 30 divestiture, the company expects about $10.5 million less revenue in the second half of 2026, while projecting a neutral impact on Adjusted EBITDA. Q3 2026 guidance calls for revenue of $196.3–$198.3 million, GAAP EPS of $0.72–$0.76 and Adjusted EBITDA of $67.4–$69.4 million. Full-year 2026 revenue is forecast at $788.4–$793.4 million, implying 5–6% growth over 2025, with non-GAAP EPS of $4.84–$4.93 and Adjusted EBITDA of $264.6–$269.1 million, or a 34% margin at the midpoint, about 300 basis points above 2025.
SPS Commerce, Inc. filed an amendment to its quarterly report for the quarter ended March 31, 2026 to add insider trading-plan disclosures that were omitted previously. The amendment does not change any financial statements or internal control disclosures and is accompanied by updated CEO and CFO certifications.
During the quarter, three officers adopted written Rule 10b5-1 trading arrangements for planned sales of common stock: former CFO Kimberly Nelson for up to 19,453 shares, EVP & Chief Commercial Officer Eduardo Rosini for up to 47,595 shares, and CEO and Director Chadwick Collins for up to 69,553 shares. These figures are maximums; actual sales may be lower and contingent on factors such as performance, tax withholding, and market price. There were no other officer or director trading arrangements adopted, modified, or terminated in the period. Common shares outstanding were 36,712,702 as of April 23, 2026.
Gaurav Razat reported acquisition or exercise transactions in this Form 4 filing.
SPS Commerce director Gaurav Razat received a new equity grant in the form of restricted stock units. The award covers 3,736 shares of Common Stock at no cash cost, reflecting stock-based compensation rather than an open-market purchase.
The footnotes explain that these restricted stock units will vest in four equal installments on the last day of each fiscal quarter, starting on June 30, 2026, as long as Razat continues serving on the board through each vesting date. Following this grant, Razat directly holds 5,046 shares of SPS Commerce common stock.
SPS Commerce director Michael J. McConnell received a stock-based compensation grant. He acquired 3,736 shares of SPS Commerce common stock on May 28, 2026 through a restricted stock unit award at no cash cost. Following this grant, he directly holds 7,187 shares.
The award will vest in four equal installments on the last day of each fiscal quarter, beginning on June 30, 2026, as long as he continues to serve on the board through each vesting date.
Partin Mark reported acquisition or exercise transactions in this Form 4 filing.
SPS Commerce director Mark Partin received an equity grant of 3,736 shares of Common Stock as a restricted stock unit award. The award vests in four equal installments on the last day of each fiscal quarter, starting on June 30, 2026, if he remains on the board at each vesting date. Following this award, he holds 6,221 shares of Common Stock directly.
Reaume Marty M reported acquisition or exercise transactions in this Form 4 filing.
SPS Commerce director Marty M. Reaume received a grant of 3,736 shares of Common Stock in the form of restricted stock units. The award was made at no cash cost per share and increased his direct holdings to 12,894 shares after the transaction.
The footnotes state that these restricted stock units will vest in four equal installments on the last day of each fiscal quarter, beginning on June 30, 2026, as long as he continues to serve on the board on each vesting date.
Reller Tami reported acquisition or exercise transactions in this Form 4 filing.
SPS Commerce director Tami Reller received an equity grant in the form of restricted stock units covering 3,736 shares of common stock. This is a compensation-related award rather than an open‑market purchase.
After this grant, Reller directly holds 54,908 shares. The award will vest in four equal installments on the last day of each fiscal quarter, starting on June 30, 2026, as long as she continues to serve on the board through each vesting date.