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SPS Commerce reported mixed but generally steady results for the first quarter of 2026. Revenue rose to $192.1 million from $181.5 million a year earlier, a 6% increase, with recurring revenue up 7%. Adjusted EBITDA grew 7% to $57.9 million, keeping the Adjusted EBITDA margin at 30%.
GAAP net income declined to $19.7 million, or $0.53 per diluted share, from $22.2 million, or $0.58, while non‑GAAP diluted income per share improved to $1.10 from $1.00. The company repurchased $47.1 million of stock in the quarter and highlighted the launch of MAX, a new AI capability embedded in its supply chain workflows.
For the second quarter of 2026, SPS Commerce expects revenue of $194.5 million to $196.5 million and non‑GAAP diluted income per share of $1.06 to $1.09. For full‑year 2026, it projects revenue of $796.0 million to $802.0 million and Adjusted EBITDA of $262.8 million to $267.3 million, representing 14% to 16% growth over 2025.
SPS Commerce Inc Schedule 13G shows Vanguard Capital Management beneficially owns 1,984,586 shares of common stock, representing 5.30% of the class. The filing reports sole dispositive power over 1,984,586 shares and sole voting power for 286,463 shares. The filing is signed by Ashley Grim.
SPS Commerce Inc Schedule 13G filing reports that Vanguard Portfolio Management beneficially owned 2,995,571 shares of common stock as of 03/31/2026, representing 8.01% of the class. The filing states Vanguard has sole dispositive power over 2,995,571 shares and sole voting power over 36,732 shares. The disclosure describes holdings held on behalf of Vanguard funds and managed accounts and is signed on 04/29/2026.
SPS Commerce reported strong 2025 results, with revenue of $751.5 million and $231.4 million of adjusted EBITDA, driven by recurring-revenue expansion and product-led growth. The company marked its 100th consecutive quarter of revenue growth, grew recurring revenue 20%, increased ARPU to $14,350, completed $115.0 million of share repurchases and authorized a total repurchase program of $300.0 million. Management highlighted acquisitions (including Carbon6), new AI agentic capabilities called MAX, and expectations for at least high-single-digit revenue growth and annual 2 percentage-point adjusted EBITDA margin expansion.
SPS Commerce is asking stockholders to vote at its virtual 2026 Annual Meeting on May 28, 2026. Investors will elect nine directors for one-year terms, ratify KPMG as independent auditor for 2026, and cast an advisory “Say‑on‑Pay” vote on executive compensation.
Holders of 36,967,108 shares of common stock as of March 30, 2026 may vote, with one vote per share. The company highlights a largely independent, skills-diverse board, updated committee leadership, and director pay built around cash retainers plus $200,000 in annual RSU/DSU awards. Executive pay emphasizes performance-based cash bonuses and equity (RSUs and PSUs) tied to revenue growth and relative total shareholder return, and prior Say‑on‑Pay support was 96%.
SPS Commerce, Inc. updated how its performance stock units (PSUs) vest if the company undergoes a change in control. The Board’s Compensation & Talent Committee decided to make all outstanding PSUs granted in 2024, 2025 and 2026 follow the same rules.
Under the new PSU Agreement, PSUs for active executives now vest on a double trigger basis. Vesting accelerates only if there is a change in control and, within one year, the executive is terminated without cause, resigns for good reason, or the surviving entity does not continue, assume or replace the awards. In that case, the number of PSUs that vest equals the greater of the target PSUs and the PSUs earned based on actual performance over a shortened performance period.
The revised PSU Agreement, effective April 10, 2026, also covers retired executives who still hold PSUs. For these retirees, PSUs vest upon a change in control in an amount equal to the greater of target PSUs and PSUs earned based on actual performance during the truncated performance period. The updated form will govern future PSU grants under the 2010 Equity Incentive Plan.
SPS Commerce director Marty M. Reaume exercised stock options for 1,000 shares of common stock at $51.80 per share and on the same day sold 1,000 shares at $57.90 per share. These transactions were carried out under a pre-arranged Rule 10b5-1 trading plan. Following the sale, he holds 9,158 common shares directly.
SPS Commerce affiliate submitted a Form 144 reporting a proposed sale of 1,000 Common shares. The filing lists the method as an Exercise of Stock Options with a sale date of 04/07/2026. It also records two prior 10b5-1 sales of 1,000 shares on 03/09/2026 ($62,730) and 02/09/2026 ($79,200).
SPS Commerce Inc: The Vanguard Group filed Amendment No. 9 to its Schedule 13G/A explaining an internal realignment and reporting beneficial ownership of 0 shares (0%) of SPS Commerce Inc common stock.
The filing states that, following an internal reorganization on January 12, 2026, certain Vanguard subsidiaries will report beneficial ownership separately in reliance on SEC Release No. 34-39538. The signature block is dated 03/27/2026.
SPS Commerce, Inc. chief financial officer Joseph Del Preto has filed an initial statement of ownership as a company insider. The Form 3 data provided shows no reportable transactions, share holdings, or derivative positions for him in this filing excerpt.