SPSC

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SPS Commerce, Inc.

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Key Metrics

Previous Close: $80.76
52-Week Range: $49.04 – $117.37
Market Cap: $2.86B
P/E (TTM): 38.94
EPS (TTM): 2.04
Dividend Yield: —

Advanced Metrics

Price/Book: 3.06
PEG Ratio: 4.55
Return on Equity: 8.26%
Return on Assets: 6.80%
Gross Margin: 69.82%
Operating Margin: 16.11%
Profit Margin: 10.10%
Current Ratio: 2.26
Debt/Equity: 0.01
Total Debt: $6.31M
Free Cash Flow: $176.57M
Revenue Growth: 5.60%
Earnings Growth: -63.90%
Enterprise Value: $2.74B

SPSC Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$450.88M	$536.91M	$637.76M	$751.50M
Cost of Revenue	$153.06M	$182.07M	$210.71M	$231.63M
Gross Profit	$297.81M	$354.84M	$427.05M	$519.88M
Research & Development	$45.75M	$53.65M	$62.81M	$68.68M
Selling, General & Admin	$169.11M	$207.82M	$251.85M	$295.72M
Operating Expenses	$226.63M	$277.59M	$338.17M	$401.57M
Operating Income	$71.18M	$77.25M	$88.88M	$118.30M
EBITDA	$99.37M	$112.00M	$131.11M	$176.56M
Pretax Income	$71.32M	$85.56M	$99.48M	$123.83M
Income Tax	$16.19M	$19.74M	$22.42M	$30.50M
Net Income	$55.13M	$65.82M	$77.05M	$93.34M
Diluted EPS	1.49	1.76	2.04	2.46
Diluted Shares	36.95M	37.48M	37.86M	37.99M

SPSC Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$162.89M	$219.08M	$241.02M	$151.35M
Receivables	$39.44M	$46.84M	$52.03M	$68.17M
Current Assets	$322.81M	$401.44M	$381.91M	$335.30M
Total Assets	$672.91M	$823.84M	$1.03B	$1.17B
Current Liabilities	$110.64M	$130.67M	$146.68M	$154.35M
Total Debt	$17.29M	$14.03M	$12.47M	—
Total Liabilities	$135.84M	$156.37M	$176.54M	$195.97M
Retained Earnings	$193.22M	$259.05M	$336.10M	$429.44M
Shareholders' Equity	$537.07M	$667.48M	$854.69M	$973.89M
Working Capital	$212.17M	$270.77M	$235.22M	$180.95M

SPSC Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	$100.05M	$132.30M	$157.40M	$178.79M
Capital Expenditure	-$19.88M	-$19.76M	-$20.05M	-$26.52M
Free Cash Flow	$80.17M	$112.54M	$137.35M	$152.27M
Depreciation & Amortisation	$28.19M	$34.75M	$42.23M	$58.26M
Stock-Based Compensation	$33.40M	$45.51M	$54.56M	$53.73M
Investing Cash Flow	-$112.79M	-$92.64M	-$110.45M	-$169.15M
Financing Cash Flow	-$31.63M	$15.97M	-$23.03M	-$100.83M
Share Repurchases	-$43.22M	$0.00	-$37.57M	-$114.28M
Net Change in Cash	-$44.37M	$55.63M	$23.92M	-$91.19M

SPSC Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$181.55M	$187.40M	$189.90M	$192.65M	$192.12M
Cost of Revenue	$56.91M	$59.83M	$57.93M	$56.96M	$59.22M
Gross Profit	$124.64M	$127.57M	$131.97M	$135.69M	$132.90M
Research & Development	$17.44M	$17.27M	$17.28M	$16.69M	$17.92M
Selling, General & Admin	$72.65M	$74.32M	$74.01M	$74.74M	$81.11M
Operating Expenses	$98.68M	$101.10M	$100.78M	$101.01M	$108.34M
Operating Income	$25.96M	$26.47M	$31.19M	$34.69M	$24.56M
EBITDA	$39.50M	$40.97M	$46.04M	$50.05M	$39.71M
Pretax Income	$28.16M	$27.24M	$32.45M	$35.98M	$25.96M
Income Tax	$5.97M	$7.51M	$6.88M	$10.14M	$6.24M
Net Income	$22.20M	$19.73M	$25.57M	$25.84M	$19.73M
Diluted EPS	0.58	0.52	0.67	0.68	0.53
Diluted Shares	38.16M	38.10M	37.99M	37.76M	37.44M

SPSC Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$94.92M	$107.60M	$133.72M	$151.35M	$154.27M
Receivables	$63.39M	$67.51M	$67.44M	$68.17M	$65.11M
Current Assets	$251.84M	$269.38M	$315.62M	$335.30M	$328.74M
Total Assets	$1.11B	$1.12B	$1.16B	$1.17B	$1.16B
Current Liabilities	$153.42M	$147.97M	$160.05M	$154.35M	$154.95M
Total Debt	$12.26M	$10.80M	$9.64M	$7.19M	$6.62M
Total Liabilities	$188.13M	$171.32M	$199.74M	$195.97M	$199.05M
Retained Earnings	$358.30M	$378.03M	$403.60M	$429.44M	$449.17M
Shareholders' Equity	$920.92M	$949.78M	$958.94M	$973.89M	$962.16M
Working Capital	$98.41M	$121.41M	$155.57M	$180.95M	$173.79M

SPSC Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$39.98M	$32.32M	$60.61M	$45.87M	$55.63M
Capital Expenditure	-$6.15M	-$6.67M	-$6.06M	-$7.65M	-$7.14M
Free Cash Flow	$33.83M	$25.66M	$54.55M	$38.22M	$48.49M
Depreciation & Amortisation	$13.54M	$14.50M	$14.85M	$15.37M	$15.15M
Stock-Based Compensation	$13.87M	$15.00M	$14.45M	$10.41M	$18.07M
Investing Cash Flow	-$147.79M	-$7.66M	-$6.06M	-$7.65M	-$7.14M
Financing Cash Flow	-$38.95M	-$12.77M	-$28.43M	-$20.68M	-$45.86M
Share Repurchases	-$40.00M	-$19.56M	-$30.00M	-$24.72M	-$47.12M
Net Change in Cash	-$146.76M	$11.89M	$26.13M	$17.54M	$2.63M

Market Snapshot

About

SPS Commerce is a provider of cloud-based supply chain management solutions, offering a retail network that connects retailers, suppliers, grocers, distributors, and logistics firms. The company enables trading partners to automate and optimize their supply chain operations through a unified platform.