SPS Commerce, Inc.(SPSC)Earnings, Financials & Key Ratios

SPSC•NASDAQ

$55.87

$2.09B mkt cap·22.7× P/E·Price updated May 6, 2026

SectorTechnology IndustryInfrastructure Software Sub-IndustryVertical software and industry platforms

AboutSPS Commerce, Inc. provides cloud-based supply chain management solutions worldwide. It offers solutions through the SPS Commerce, a cloud-based platform that enhances the way retailers, suppliers, grocers, distributors, and logistics firms manage and fulfill omnichannel orders, optimize sell-through performance, and automate new trading relationships. The company also provides Fulfillment solution that provides fulfillment automation and replaces or augments an organization's existing staff and trading partner electronic communication infrastructure by enabling easy compliance with retailers' rulebooks, automatic, and digital exchange of information among numerous trading partners through various protocols, and greater visibility into the journey of an order; and Analytics solution, which consists of data analytics applications that enables customers to enhance their visibility across supply chains through greater analytics capabilities. In addition, it offers various complimentary products, such as assortment product, which enables accurate order management and rapid fulfillment; and community product that accelerates vendor onboarding and ensures trading partner adoption of new supply chain requirements. The company was formerly known as St. Paul Software, Inc. and changed its name to SPS Commerce, Inc. in May 2001. SPS Commerce, Inc. was incorporated in 1987 and is headquartered in Minneapolis, Minnesota.Show more

Revenue$752M+17.8%
EBITDA$177M+34.7%
Net Income$93M+21.1%
EPS (Diluted)2.46+20.6%
Gross Margin64.23%-4.1%
EBITDA Margin23.49%+14.3%
Operating Margin15.74%+13.0%
Net Margin12.42%+2.8%
ROE10.21%+0.8%
ROIC12.17%-0.7%
Debt/Equity0.01-29.4%

Technical→

SPSC Key Insights

SPS Commerce, Inc. (SPSC) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 15.4%
✓FCF machine: 20.3% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 19.2%
✓Healthy 5Y average net margin of 12.1%

✗Weaknesses

✗Weak momentum: RS Rating 15 (bottom 15%)
✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

SPSC Price & Volume

SPS Commerce, Inc. (SPSC) stock price & volume — 10-year historical chart

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SPSC Growth Metrics

SPS Commerce, Inc. (SPSC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years16.84%

5 Years19.17%

3 Years18.57%

TTM13.79%

Profit CAGR

10 Years35.01%

5 Years15.41%

3 Years19.18%

TTM11.85%

EPS CAGR

10 Years33.19%

5 Years14.32%

3 Years18.19%

TTM12.15%

Return on Capital

10 Years9.83%

5 Years12.15%

3 Years12.01%

Last Year12.45%

SPSC Recent Earnings

SPS Commerce, Inc. (SPSC) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 12/12 qtrs (100%)●Beat Revenue 8/12 qtrs (67%)

Q2 2026Latest

Apr 30, 2026

EPS

$1.10

Est $0.97

+13.4%

Revenue

$192M

Est $193M

-0.2%

Q1 2026

Feb 12, 2026

EPS

$1.14

Est $1.00

+14.0%

Revenue

$193M

Est $194M

-0.5%

Q4 2025

Oct 30, 2025

EPS

$1.13

Est $0.99

+14.1%

Revenue

$190M

Est $194M

-1.9%

Q3 2025

Jul 30, 2025

EPS

$1.00

Est $0.90

+11.1%

Revenue

$187M

Est $186M

+0.8%

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	Apr 30, 2026	$1.10vs $0.97+13.4%	$192Mvs $193M-0.2%
Q1 2026	Feb 12, 2026	$1.14vs $1.00+14.0%	$193Mvs $194M-0.5%
Q4 2025	Oct 30, 2025	$1.13vs $0.99+14.1%	$190Mvs $194M-1.9%
Q3 2025	Jul 30, 2025	$1.00vs $0.90+11.1%	$187Mvs $186M+0.8%

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
GDDYGoDaddy Inc.Direct Competitor	11.36B	85.20	13.68	8.26%	17.32%	366.9%	17.96
CWANClearwater Analytics Holdings, Inc.Direct Competitor	6.59B	24.27	-173.36	61.88%	-5.31%	-1.91%	0.42
ALKTAlkami Technology, Inc.Direct Competitor	1.79B	16.75	-36.41	32.89%	-10.55%	-13.96%	0.98
APPFAppFolio, Inc.Direct Competitor	6.02B	167.17	43.09	19.72%	15.27%	30.9%	0.13
PCTYPaylocity Holding CorporationDirect Competitor	5.52B	102.53	25.51	13.74%	14.19%	21.69%	0.18
NCNOnCino, Inc.Direct Competitor	2.07B	17.44	-52.85	13.45%	-3.71%	-2.07%	0.22
ORCLOracle CorporationProduct Competitor	557.72B	193.99	44.70	8.38%	25.3%	56.31%	4.96
SAPSAP SEProduct Competitor	201.74B	173.13	24.63	7.68%	19.12%	15.67%	0.18

Compare SPSC vs Peers

SPS Commerce, Inc. (SPSC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GDDY

Most directly comparable listed peer for SPSC.

Scale Benchmark

vs AMZN

Larger-name benchmark to compare SPSC against a more recognizable public peer.

Peer Set

Compare Top 5

vs GDDY, CWAN, ALKT, APPF

SPSC Income Statement

SPS Commerce, Inc. (SPSC) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Sales/Revenue	220.57M	248.24M	279.12M	312.63M	385.28M	450.88M	536.91M	637.76M	751.5M	762.08M
Revenue Growth %	14.11%	12.55%	12.44%	12%	23.24%	17.03%	19.08%	18.78%	17.83%	13.79%
Cost of Goods Sold	73.63M	81.75M	92.24M	99.84M	131.68M	153.06M	182.07M	210.71M	268.8M	243.51M
COGS % of Revenue	33.38%	32.93%	33.05%	31.93%	34.18%	33.95%	33.91%	33.04%	35.77%	-
Gross Profit	146.94M▲ 0%	166.49M▲ 13.3%	186.88M▲ 12.2%	212.79M▲ 13.9%	253.6M▲ 19.2%	297.81M▲ 17.4%	354.84M▲ 19.2%	427.05M▲ 20.3%	482.71M▲ 13.0%	518.57M▲ 0%
Gross Margin %	66.62%	67.07%	66.95%	68.07%	65.82%	66.05%	66.09%	66.96%	64.23%	68.05%
Gross Profit Growth %	13.95%	13.31%	12.25%	13.86%	19.18%	17.43%	19.15%	20.35%	13.03%	-
Operating Expenses	138.51M	139.76M	148.48M	162.64M	198.51M	226.63M	277.59M	338.17M	364.4M	392.34M
OpEx % of Revenue	62.8%	56.3%	53.19%	52.02%	51.52%	50.26%	51.7%	53.02%	48.49%	-
Selling, General & Admin	110.76M	113.58M	114.86M	126.07M	149.35M	169.11M	207.82M	251.85M	295.72M	304.18M
SG&A % of Revenue	50.21%	45.75%	41.15%	40.33%	38.76%	37.51%	38.71%	39.49%	39.35%	-
Research & Development	23.18M	22.09M	28.3M	31.02M	39.04M	45.75M	53.65M	62.81M	68.68M	69.16M
R&D % of Revenue	10.51%	8.9%	10.14%	9.92%	10.13%	10.15%	9.99%	9.85%	9.14%	-
Other Operating Expenses	-320K	-720K	5.32M	5.54M	10.13M	11.77M	16.12M	23.51M	0	2M
Operating Income	8.43M▲ 0%	26.73M▲ 217.2%	38.41M▲ 43.7%	50.16M▲ 30.6%	55.09M▲ 9.8%	71.18M▲ 29.2%	77.25M▲ 8.5%	88.88M▲ 15.1%	118.3M▲ 33.1%	116.91M▲ 0%
Operating Margin %	3.82%	10.77%	13.76%	16.04%	14.3%	15.79%	14.39%	13.94%	15.74%	15.34%
Operating Income Growth %	12.12%	217.17%	43.68%	30.6%	9.82%	29.22%	8.52%	15.06%	33.1%	-
EBITDA	20.21M	39.42M	54.84M	68.82M	80M	99.37M	112M	131.11M	176.56M	161.62M
EBITDA Margin %	9.16%	15.88%	19.65%	22.01%	20.76%	22.04%	20.86%	20.56%	23.49%	21.21%
EBITDA Growth %	7.2%	95.04%	39.14%	25.49%	16.24%	24.22%	12.7%	17.07%	34.66%	10.56%
D&A (Non-Cash Add-back)	11.78M	12.69M	16.44M	18.66M	24.91M	28.19M	34.75M	42.23M	58.26M	44.71M
EBIT	9.98M	28.34M	38.41M	50.16M	53.54M	71.32M	77.25M	88.88M	123.83M	94.9M
Net Interest Income	1.03M	2.33M	2.95M	1.1M	278K	0	7.66M	10.58M	0	1.76M
Interest Income	1.03M	2.33M	2.95M	1.1M	278K	0	7.66M	10.58M	0	1.76M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	712K	1.61M	3.66M	2.52M	-1.54M	142K	8.31M	10.59M	5.53M	4.73M
Pretax Income	9.14M▲ 0%	28.34M▲ 210.1%	42.07M▲ 48.4%	52.68M▲ 25.2%	53.54M▲ 1.6%	71.32M▲ 33.2%	85.56M▲ 20.0%	99.48M▲ 16.3%	123.83M▲ 24.5%	121.64M▲ 0%
Pretax Margin %	4.14%	11.42%	15.07%	16.85%	13.9%	15.82%	15.94%	15.6%	16.48%	15.96%
Income Tax	11.58M	4.47M	8.36M	7.09M	8.94M	16.19M	19.74M	22.42M	30.5M	30.76M
Effective Tax Rate %	126.7%	15.77%	19.87%	13.47%	16.7%	22.7%	23.07%	22.54%	24.63%	25.29%
Net Income	-2.44M▲ 0%	23.87M▲ 1078.4%	33.71M▲ 41.2%	45.59M▲ 35.2%	44.6M▼ 2.2%	55.13M▲ 23.6%	65.82M▲ 19.4%	77.05M▲ 17.1%	93.34M▲ 21.1%	90.87M▲ 0%
Net Margin %	-1.11%	9.62%	12.08%	14.58%	11.58%	12.23%	12.26%	12.08%	12.42%	11.92%
Net Income Growth %	-142.73%	1078.36%	41.22%	35.22%	-2.17%	23.63%	19.39%	17.06%	21.13%	11.85%
Net Income (Continuing)	351K	23.87M	33.71M	45.59M	44.6M	55.13M	65.82M	77.05M	93.34M	90.87M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	-0.07▲ 0%	0.68▲ 1067.3%	0.94▲ 38.2%	1.26▲ 34.0%	1.21▼ 4.0%	1.49▲ 23.1%	1.76▲ 18.1%	2.04▲ 15.9%	2.46▲ 20.6%	2.43▲ 0%
EPS Growth %	-141.35%	1067.28%	38.24%	34.04%	-3.97%	23.14%	18.12%	15.91%	20.59%	12.15%
EPS (Basic)	-0.07	0.69	0.96	1.29	1.24	1.53	1.80	2.07	2.46	-
Diluted Shares Outstanding	34.71M	35.21M	36M	36.28M	36.96M	36.95M	37.48M	37.86M	37.99M	37.44M
Basic Shares Outstanding	34.37M	34.39M	35.02M	35.23M	35.93M	36.12M	36.65M	37.31M	37.88M	37.38M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

SPSC Balance Sheet

SPS Commerce, Inc. (SPSC) balance sheet — assets, liabilities & shareholders' equity

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Current Assets	219.46M	249.62M	291.62M	233.37M	352.44M	322.81M	401.44M	381.91M	268.61M	328.74M
Cash & Short-Term Investments	163.32M	178.4M	213.54M	187.48M	257.31M	214.31M	275.44M	241.02M	151.35M	154.27M
Cash Only	123.13M	133.86M	179.25M	149.69M	207.55M	162.89M	219.08M	241.02M	151.35M	154.27M
Short-Term Investments	40.19M	44.54M	34.28M	37.79M	49.76M	51.41M	56.36M	0	0	0
Accounts Receivable	24.9M	27.49M	31.53M	35.48M	34.56M	39.44M	46.84M	52.03M	68.17M	72M
Days Sales Outstanding	41.2	40.42	41.23	41.42	32.74	31.92	31.84	29.78	33.11	32.94
Inventory	25.09M	34.5M	0	0	0	0	0	0	0	0
Days Inventory Outstanding	124.39	154.05	-	-	-	-	-	-	-	-
Other Current Assets	31.24M	43.73M	46.55M	10.41M	60.57M	69.07M	79.16M	88.86M	49.09M	102.47M
Total Non-Current Assets	116.06M	136.51M	155.82M	293.09M	263.4M	350.1M	422.4M	649.32M	901.25M	832.47M
Property, Plant & Equipment	16.86M	20.96M	39.5M	42.01M	42.75M	44.63M	43.91M	45.74M	48.14M	51.01M
Fixed Asset Turnover	13.09x	11.85x	7.07x	7.44x	9.01x	10.10x	12.23x	13.94x	15.61x	15.64x
Goodwill	51.61M	69.66M	76.84M	134.85M	143.66M	197.28M	249.18M	399.18M	541.72M	540.84M
Intangible Assets	16.53M	22.74M	22.67M	60.23M	58.59M	88.35M	107.34M	181.29M	215.81M	206.07M
Long-Term Investments	5.21M	10.97M	0	2.5M	15.19M	0	0	0	0	0
Other Non-Current Assets	8.31M	1.72M	14.18M	53.3M	3.03M	19.61M	21.47M	22.61M	95.08M	178.17M
Total Assets	335.52M▲ 0%	386.12M▲ 15.1%	447.44M▲ 15.9%	526.46M▲ 17.7%	615.85M▲ 17.0%	672.91M▲ 9.3%	823.84M▲ 22.4%	1.03B▲ 25.2%	1.17B▲ 13.4%	1.16B▲ 0%
Asset Turnover	0.66x	0.64x	0.62x	0.59x	0.63x	0.67x	0.65x	0.62x	0.64x	0.66x
Asset Growth %	12.45%	15.08%	15.88%	17.66%	16.98%	9.27%	22.43%	25.17%	13.44%	64.83%
Total Current Liabilities	43.15M	56.52M	68.03M	80.13M	102.87M	110.64M	130.67M	146.68M	154.35M	154.95M
Accounts Payable	4.46M	4.44M	4.27M	5.35M	8.33M	11.26M	7.42M	8.58M	13.76M	14.47M
Days Payables Outstanding	22.13	19.82	16.91	19.57	23.09	26.84	14.88	14.86	18.68	19.7
Short-Term Debt	0	0	0	4.7M	0	0	0	0	4.35M	1.92M
Deferred Revenue (Current)	16.41M	25.33M	31.46M	37.95M	50.43M	57.42M	69.19M	74.26M	75.59M	312.74M
Other Current Liabilities	19.54M	6.34M	22.3M	9.26M	8.35M	7.45M	41.59M	59.27M	13.07M	58.18M
Current Ratio	5.09x	4.42x	4.29x	2.91x	3.43x	2.92x	3.07x	2.60x	1.74x	1.74x
Quick Ratio	4.50x	3.81x	4.29x	2.91x	3.43x	2.92x	3.07x	2.60x	1.74x	1.74x
Cash Conversion Cycle	143.46	174.64	-	-	-	-	-	-	-	13.24
Total Non-Current Liabilities	15.55M	10.63M	24.53M	25.6M	28.71M	25.2M	25.7M	29.86M	41.62M	44.1M
Long-Term Debt	0	0	0	0	0	0	0	0	2.84M	4.7M
Capital Lease Obligations	0	0	20.09M	19.67M	16.43M	13.01M	9.57M	7.88M	2.84M	11.91M
Deferred Tax Liabilities	1.89M	1.38M	1.19M	2.94M	7.14M	7.42M	8.97M	15.54M	33.2M	109.76M
Other Non-Current Liabilities	3.06M	6.74M	405K	0	0	0	229K	241K	-2.55M	-381K
Total Liabilities	58.7M	67.15M	92.56M	105.74M	131.59M	135.84M	156.37M	176.54M	195.97M	199.05M
Total Debt	0	0	23.87M	24.37M	20.53M	17.29M	14.03M	12.47M	10.03M	6.62M
Net Debt	-123.13M	-133.86M	-155.38M	-125.32M	-187.02M	-145.61M	-205.05M	-228.55M	-141.32M	-147.65M
Debt / Equity	-	-	0.07x	0.06x	0.04x	0.03x	0.02x	0.01x	0.01x	0.01x
Debt / EBITDA	-	-	0.44x	0.35x	0.26x	0.17x	0.13x	0.10x	0.06x	0.04x
Net Debt / EBITDA	-6.09x	-3.40x	-2.83x	-1.82x	-2.34x	-1.47x	-1.83x	-1.74x	-0.80x	-0.80x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity	276.82M▲ 0%	318.97M▲ 15.2%	354.88M▲ 11.3%	420.72M▲ 18.6%	484.26M▲ 15.1%	537.07M▲ 10.9%	667.48M▲ 24.3%	854.69M▲ 28.0%	973.89M▲ 13.9%	962.16M▲ 0%
Equity Growth %	11.05%	15.23%	11.26%	18.55%	15.1%	10.91%	24.28%	28.05%	13.95%	69.07%
Book Value per Share	7.97	9.06	9.86	11.59	13.10	14.53	17.81	22.58	25.63	25.70
Total Shareholders' Equity	276.82M	318.97M	354.88M	420.72M	484.26M	537.07M	667.48M	854.69M	973.89M	962.16M
Common Stock	17K	18K	36K	37K	38K	38K	39K	40K	40K	40K
Retained Earnings	-19.9M	15.26M	48.97M	93.49M	138.09M	193.22M	259.05M	336.1M	429.44M	449.17M
Treasury Stock	-5.82M	-25.68M	-46.3M	-65.25M	-85.68M	-128.89M	-128.89M	-99.75M	-177.95M	0
Accumulated OCI	657K	-3.22M	-1.95M	-1.02M	-1.45M	-3.41M	222K	-9.68M	-373K	-1.69M
Minority Interest	0	0	0	0	0	0	0	0	0	0

SPSC Cash Flow Statement

SPS Commerce, Inc. (SPSC) cash flow — operating, investing & free cash flow history

Line item	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	31.05M	55.02M	71.79M	88.56M	112.89M	100.05M	132.3M	157.4M	178.79M	178.79M
Operating CF Margin %	14.08%	22.16%	25.72%	28.33%	29.3%	22.19%	24.64%	24.68%	23.79%	-
Operating CF Growth %	65.47%	77.18%	30.5%	23.36%	27.47%	-11.37%	32.23%	18.97%	13.59%	75.66%
Net Income	-2.44M	23.87M	33.71M	45.59M	44.6M	55.13M	65.82M	77.05M	93.34M	90.87M
Depreciation & Amortization	11.78M	12.69M	16.44M	18.66M	24.91M	28.19M	34.75M	42.23M	58.26M	59.87M
Stock-Based Compensation	12.73M	12.51M	14.69M	18.94M	27.57M	33.4M	45.51M	54.56M	53.73M	47.52M
Deferred Taxes	10.85M	2.8M	7.58M	4.24M	3.88M	-3.73M	-10.08M	-9.79M	18.91M	24.04M
Other Non-Cash Items	1.69M	2.32M	2.48M	5.55M	5.04M	3.58M	8.12M	8.26M	8.83M	20.65M
Working Capital Changes	-3.56M	827K	-3.11M	-4.42M	6.89M	-16.52M	-11.82M	-14.92M	-54.27M	-48.52M
Change in Receivables	-5.59M	-4.57M	-6.77M	-5.92M	-4.96M	-6.43M	-11.95M	-9.65M	-20.3M	-11.75M
Change in Inventory	1.58M	-3.47M	0	0	0	0	0	0	0	0
Change in Payables	832K	937K	-489K	1.21M	2.26M	144K	-3.95M	796K	4.71M	2.25M
Cash from Investing	-22.62M	-40.47M	-14.31M	-120.47M	-46.7M	-112.79M	-92.64M	-110.45M	-169.15M	-28.51M
Capital Expenditures	-7.27M	-13.75M	-13.59M	-16.47M	-19.59M	-19.88M	-19.76M	-20.05M	-26.52M	-27.51M
CapEx % of Revenue	3.3%	5.54%	4.87%	5.27%	5.08%	4.41%	3.68%	3.14%	3.53%	-
Acquisitions	-500K	-27.27M	-11.5M	-98.67M	-17.07M	-91.42M	-70.22M	-147.92M	-142.63M	-992K
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-14.85M	558K	0	0	0	0	0	0	0	0
Cash from Financing	-2.47M	-3.77M	-12.14M	2.33M	-8.36M	-31.63M	15.97M	-23.03M	-100.83M	-107.74M
Debt Issued (Net)	0	0	0	0	0	0	0	0	0	0
Equity Issued (Net)	-5.82M	-19.86M	-20.62M	-18.95M	-20.43M	-43.22M	17.97M	-37.57M	-110.42M	-117.32M
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-5.82M	-19.86M	-20.62M	-18.95M	-20.43M	-43.22M	0	-37.57M	-114.28M	-121.4M
Other Financing	3.34M	16.09M	8.48M	21.28M	12.07M	11.58M	-2M	14.54M	9.58M	9.58M
Net Change in Cash	7.25M▲ 0%	10.73M▲ 48.0%	45.39M▲ 323.0%	-29.56M▼ 165.1%	57.86M▲ 295.7%	-44.66M▼ 177.2%	56.19M▲ 225.8%	21.94M▼ 61.0%	-89.66M▼ 508.7%	59.35M▲ 0%
Free Cash Flow	23.78M▲ 0%	41.27M▲ 73.5%	58.21M▲ 41.1%	72.09M▲ 23.9%	93.31M▲ 29.4%	80.17M▼ 14.1%	112.54M▲ 40.4%	137.35M▲ 22.1%	152.27M▲ 10.9%	166.92M▲ 0%
FCF Margin %	10.78%	16.62%	20.85%	23.06%	24.22%	17.78%	20.96%	21.54%	20.26%	21.9%
FCF Growth %	121.06%	73.54%	41.06%	23.86%	29.42%	-14.08%	40.37%	22.05%	10.86%	18.68%
FCF per Share	0.69	1.17	1.62	1.99	2.52	2.17	3.00	3.63	4.01	4.01
FCF Conversion (FCF/Net Income)	-12.73x	2.30x	2.13x	1.94x	2.53x	1.81x	2.01x	2.04x	1.92x	1.84x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	1.07M	1.53M	1.54M	1.66M	9.98M	16.08M	0	27.1M	0	0

SPSC Key Ratios

SPS Commerce, Inc. (SPSC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Return on Equity (ROE)	-0.93%	8.01%	10.01%	11.76%	9.86%	10.8%	10.93%	10.12%	10.21%	9.45%
Return on Invested Capital (ROIC)	4.4%	11.83%	14.98%	15.2%	13.94%	15.5%	13.57%	12.25%	12.17%	12.17%
Gross Margin	66.62%	67.07%	66.95%	68.07%	65.82%	66.05%	66.09%	66.96%	64.23%	68.05%
Net Margin	-1.11%	9.62%	12.08%	14.58%	11.58%	12.23%	12.26%	12.08%	12.42%	11.92%
Debt / Equity	-	-	0.07x	0.06x	0.04x	0.03x	0.02x	0.01x	0.01x	0.01x
FCF Conversion	-12.73x	2.30x	2.13x	1.94x	2.53x	1.81x	2.01x	2.04x	1.92x	1.84x
Revenue Growth	14.11%	12.55%	12.44%	12%	23.24%	17.03%	19.08%	18.78%	17.83%	13.79%

SPSC SEC Filings & Documents

SPS Commerce, Inc. (SPSC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Apr 30, 2026·SEC

Material company update

Apr 14, 2026·SEC

Material company update

Feb 12, 2026·SEC

10-K Annual Reports

FY 2026

Feb 19, 2026·SEC

FY 2025

Feb 19, 2025·SEC

FY 2024

Feb 21, 2024·SEC

10-Q Quarterly Reports

FY 2026

Apr 30, 2026·SEC

FY 2025

Oct 30, 2025·SEC

FY 2025

Jul 30, 2025·SEC

SPSC Frequently Asked Questions

SPS Commerce, Inc. (SPSC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

SPS Commerce, Inc. (SPSC) reported $762.1M in revenue for fiscal year 2025. This represents a 2924% increase from $25.2M in 2007.

SPS Commerce, Inc. (SPSC) grew revenue by 17.8% over the past year. This is strong growth.

Yes, SPS Commerce, Inc. (SPSC) is profitable, generating $90.9M in net income for fiscal year 2025 (12.4% net margin).

Dividend & Returns

SPS Commerce, Inc. (SPSC) has a return on equity (ROE) of 10.2%. This is reasonable for most industries.

SPS Commerce, Inc. (SPSC) generated $166.9M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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SPS Commerce, Inc.(SPSC)Earnings, Financials & Key Ratios

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