Vanguard Portfolio Management reports 8.01% stake in SPS Commerce (SPSC)

Rhea-AI Filing Summary

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.

Insights

Institutional Ownership Analyst

Large passive position by Vanguard shows meaningful institutional stake.

Vanguard Portfolio Management reports owning 2,995,571 shares or 8.01% as of 03/31/2026. This stake crosses the 5% reporting threshold and is disclosed as beneficial ownership through multiple Vanguard affiliates and client accounts.

Watch subsequent filings for any change in voting power or sizable disposals that would alter the institutional ownership profile.

Securities Compliance Counsel

Filing follows Schedule 13G passive-investor disclosure conventions.

The statement identifies dispositive and voting powers and cites the Investment Company Act context for pooled holdings. The signature block shows authorized reporting by Vanguard on 04/29/2026.

Stake disclosures like this typically require updates on material changes; future amendments may appear if holdings shift.

Key Figures

Shares beneficially owned: 2,995,571 shares Percent of class: 8.01% Sole voting power: 36,732 shares +1 more

4 metrics

Shares beneficially owned 2,995,571 shares Ownership as of 03/31/2026

Percent of class 8.01% Percent of common stock as reported

Sole voting power 36,732 shares Sole power to vote as reported in Item 4

Sole dispositive power 2,995,571 shares Sole power to dispose as reported in Item 4

Key Terms

Schedule 13G, beneficially owned, dispositive power, Investment Company Act

4 terms

Schedule 13G regulatory

"Schedule 13G filing reports beneficial ownership over 5%"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

beneficially owned financial

"securities beneficially owned, or deemed to be beneficially owned"

Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.

dispositive power regulatory

"Sole power to dispose or to direct the disposition of: 2995571"

Dispositive power is the authority to decide the final outcome of an asset, legal claim, contract, or corporate action — in effect the power to dispose of or resolve something. For investors it matters because whoever holds that authority can determine who gets paid, who controls an asset or vote, and how risks and returns are allocated; think of it like holding the key that lets you lock in the winner or loser in a deal.

Investment Company Act regulatory

"investment company registered under the Investment Company Act of 1940"

The Investment Company Act is a law that sets rules for businesses whose main activity is managing and selling pooled money, such as mutual funds and other investment funds. It matters to investors because it requires clear reporting, limits managers from putting their own interests ahead of clients, and mandates safekeeping and oversight of assets—similar to safety inspections and traffic rules that help keep shared vehicles reliable and trustworthy.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

SPS Commerce Inc

(Name of Issuer)

Common Stock

(Title of Class of Securities)

78463M107

(CUSIP Number)

03/31/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 78463M107

1

Names of Reporting Persons

Vanguard Portfolio Management

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

PENNSYLVANIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 36,732.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 2,995,571.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,995,571.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.01 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: In accordance with SEC Release No. 34-39538 (January 12, 1998), this Schedule 13G reflects the securities beneficially owned, or deemed to be beneficially owned, by Vanguard Portfolio Management LLC and the following affiliates of Vanguard Portfolio Management LLC or business divisions of such affiliates: Vanguard Fiduciary Trust Company and Vanguard Global Advisers, LLC. This Schedule 13G includes securities held by Vanguard funds, or sleeves thereof, over which Vanguard Portfolio Management LLC exercises dispositive power, in addition to securities held by clients over which the affiliates or business divisions of such affiliates indicated above exercise dispositive and/or voting power. This Schedule 13G does not include securities, if any, beneficially owned by other subsidiaries or affiliates of Vanguard Portfolio Management LLC, or business divisions of such subsidiaries whose ownership of securities is disaggregated from that of the reporting business unit in accordance with such release.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SPS Commerce Inc
(b)	Address of issuer's principal executive offices: 333 South 7th Street, Suite 1000, Minneapolis, MN, 55402
Item 2.
(a)	Name of person filing: Vanguard Portfolio Management
(b)	Address or principal business office or, if none, residence: 100 Vanguard Blvd,, Malvern, PA, 19355
(c)	Citizenship: PA
(d)	Title of class of securities: Common Stock
(e)	CUSIP Number(s): 78463M107
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 2995571
(b)	Percent of class: 8.01 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 36732
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 2995571
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Vanguard Portfolio Management, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein.No one other person's interest in the securities reported herein is more than 5%.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Vanguard Portfolio Management

Signature:	Ashley Grim
Name/Title:	Head of Global Fund Administration
Date:	04/29/2026

FAQ

What stake does Vanguard hold in SPS Commerce (SPSC)?

Vanguard holds 2,995,571 shares, equal to 8.01% of SPSC. The Schedule 13G lists this as beneficial ownership as of 03/31/2026, filed and signed on 04/29/2026, covering shares across Vanguard funds and managed accounts.

Does Vanguard have voting control over its SPS Commerce shares?

Vanguard reports sole voting power over 36,732 shares. The filing distinguishes voting power (36,732 shares) from dispositive power (2,995,571 shares) in Item 4 and explains holdings include pooled funds and managed accounts.

Why was a Schedule 13G filed for SPSC instead of a Schedule 13D?

Schedule 13G is used for passive investors holding more than 5% without intent to influence control. The filing notes ownership on behalf of Vanguard funds and managed accounts consistent with passive-investor disclosure rules.

When must Vanguard update this Schedule 13G for SPSC holdings?

Vanguard must amend the filing upon material changes in ownership or as required by SEC rules. The current filing shows the position as of 03/31/2026 and is signed on 04/29/2026; amendments follow regulatory thresholds.