SPSC · Sps Commerce Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $192.12M | - | $189.90M | $187.40M | $181.55M | - | $163.69M | $153.60M | $149.58M | - |
| Cost of Revenue | $59.22M | - | $57.93M | $59.83M | $56.91M | - | $51.62M | $52.02M | $51.49M | - |
| Gross Profit | $132.90M | - | $131.97M | $127.57M | $124.64M | - | $112.06M | $101.58M | $98.09M | - |
| R&D | $17.92M | - | $17.28M | $17.27M | $17.44M | - | $15.29M | $14.37M | $16.01M | - |
| SG&A | $36.37M | - | $31.69M | $30.89M | $31.02M | - | $27.15M | $23.52M | $25.91M | - |
| Total Operating Expenses | $108.34M | - | $100.78M | $101.10M | $98.68M | - | $86.49M | $78.41M | $82.69M | - |
| D&A | $5.83M | - | - | - | $4.96M | - | - | - | $4.69M | - |
| Operating Income | $24.56M | - | $31.19M | $26.47M | $25.96M | - | $25.57M | $23.16M | $15.40M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $6.24M | - | $6.88M | $7.51M | $5.97M | - | $5.89M | $9.19M | $532.0K | - |
| Net Income | $19.73M | - | $25.57M | $19.73M | $22.20M | - | $23.46M | $18.03M | $18.00M | - |
| EPS - Basic | $0.53 | - | $0.67 | $0.52 | $0.58 | - | $0.63 | $0.49 | $0.49 | - |
| EPS - Diluted | $0.53 | - | $0.67 | $0.52 | $0.58 | - | $0.62 | $0.48 | $0.48 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $154.27M | $151.35M | $133.72M | $107.60M | $94.92M | $241.02M | $198.84M | $240.23M | $234.64M | $219.08M |
| Accounts Receivable | $65.11M | $68.17M | $67.44M | $67.51M | $63.39M | $52.03M | $55.57M | $55.40M | $52.13M | $46.84M |
| Inventory | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | $14.47M | $13.76M | $12.74M | $11.60M | $11.26M | $8.58M | $8.11M | $5.88M | $12.30M | $7.42M |
| Current Assets | $328.74M | $335.30M | $315.62M | $269.38M | $251.84M | $381.91M | $344.65M | $406.94M | $420.29M | $401.44M |
| Total Assets | $1.16B | $1.17B | $1.16B | $1.12B | $1.11B | $1.03B | $1.00B | $854.52M | $839.85M | $823.84M |
| Current Liabilities | $154.95M | $154.35M | $160.05M | $147.97M | $153.42M | $146.68M | $146.33M | $128.55M | $134.22M | $130.67M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $199.05M | $195.97M | $199.74M | $171.32M | $188.13M | $176.54M | $173.94M | $151.10M | $156.88M | $156.37M |
| Stockholders' Equity | $962.16M | $973.89M | $958.94M | $949.78M | $920.92M | $854.69M | $829.37M | $703.42M | $682.97M | $667.48M |
| Retained Earnings | $449.17M | $429.44M | $403.60M | $378.03M | $358.30M | $336.10M | $318.54M | $295.08M | $277.05M | $259.05M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $55.63M | - | - | - | $39.98M | - | - | - | $34.06M | - |
| Investing Cash Flow | ($7.14M) | - | - | - | ($147.79M) | - | - | - | ($2.94M) | - |
| Financing Cash Flow | ($45.86M) | - | - | - | ($38.95M) | - | - | - | ($14.89M) | - |
| CapEx | $7.14M | - | - | - | $6.15M | - | - | - | $3.53M | - |
| Free Cash Flow | $48.49M | - | - | - | $33.83M | - | - | - | $30.53M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 69.2% | - | 69.5% | 68.1% | 68.7% | - | 68.5% | 66.1% | 65.6% | - |
| Operating margin | 12.8% | - | 16.4% | 14.1% | 14.3% | - | 15.6% | 15.1% | 10.3% | - |
| EBITDA margin | 15.8% | - | - | - | 17.0% | - | - | - | 13.4% | - |
| Net margin | 10.3% | - | 13.5% | 10.5% | 12.2% | - | 14.3% | 11.7% | 12.0% | - |
| Free cash flow margin | 25.2% | - | - | - | 18.6% | - | - | - | 20.4% | - |
| FCF / Net income | 2.46 | - | - | - | 1.52 | - | - | - | 1.70 | - |
| R&D / Revenue | 9.3% | - | 9.1% | 9.2% | 9.6% | - | 9.3% | 9.4% | 10.7% | - |
| SG&A / Revenue | 18.9% | - | 16.7% | 16.5% | 17.1% | - | 16.6% | 15.3% | 17.3% | - |
| Effective tax rate | 24.0% | - | 21.2% | 27.6% | 21.2% | - | 20.1% | 33.8% | 2.9% | - |
| Return on assets | 1.7% | - | 2.2% | 1.8% | 2.0% | - | 2.3% | 2.1% | 2.1% | - |
| Return on equity | 2.1% | - | 2.7% | 2.1% | 2.4% | - | 2.8% | 2.6% | 2.6% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 2.12 | 2.17 | 1.97 | 1.82 | 1.64 | 2.60 | 2.36 | 3.17 | 3.13 | 3.07 |
| Quick ratio | 2.12 | 2.17 | 1.97 | 1.82 | 1.64 | 2.60 | 2.36 | 3.17 | 3.13 | 3.07 |
| Cash ratio | 1.00 | 0.98 | 0.84 | 0.73 | 0.62 | 1.64 | 1.36 | 1.87 | 1.75 | 1.68 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.21 | 1.20 | 1.21 | 1.18 | 1.20 | 1.21 | 1.21 | 1.21 | 1.23 | 1.23 |
| Liabilities / Assets | 0.17 | 0.17 | 0.17 | 0.15 | 0.17 | 0.17 | 0.17 | 0.18 | 0.19 | 0.19 |
| Efficiency | ||||||||||
| Asset turnover | 0.17 | - | 0.16 | 0.17 | 0.16 | - | 0.16 | 0.18 | 0.18 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 124d | - | 130d | 131d | 127d | - | 124d | 132d | 127d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | 89d | - | 80d | 71d | 72d | - | 57d | 41d | 87d | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 105.0x | - | 155.4x | 261.7x | 228.8x | - | 313.2x | 392.0x | 385.2x | - |
| P / B | 2.2x | - | 4.1x | 5.5x | 5.5x | - | 8.9x | 10.1x | 10.2x | - |
| P / S | 10.8x | - | 20.8x | 27.7x | 27.9x | - | 45.1x | 46.2x | 46.6x | - |
| EV / EBITDA | 63.5x | - | - | - | 160.8x | - | - | - | 335.1x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 5.8% | - | 16.0% | 22.0% | 21.4% | - | 20.7% | 17.8% | 18.8% | - |
| Revenue CAGR (3y) | 15.1% | - | 18.4% | 19.7% | 20.0% | - | 18.7% | 17.6% | 18.4% | - |
| Revenue CAGR (5y) | 16.4% | - | 19.0% | 19.9% | 19.6% | - | 18.2% | 17.5% | 17.4% | - |
| Gross profit growth (YoY) | 6.6% | - | 17.8% | 25.6% | 27.1% | - | 24.3% | 18.3% | 18.3% | - |
| Operating income growth (YoY) | -5.4% | - | 22.0% | 14.3% | 68.5% | - | 24.1% | 36.0% | -7.9% | - |
| Net income growth (YoY) | -11.1% | - | 9.0% | 9.4% | 23.3% | - | 39.3% | 22.8% | 17.8% | - |
| EPS growth (YoY) | -8.6% | - | 8.1% | 8.3% | 20.8% | - | 37.8% | 23.1% | 17.1% | - |
| EPS CAGR (3y) | 8.9% | - | 15.9% | 21.5% | 19.5% | - | 26.0% | 19.7% | 19.7% | - |
| EPS CAGR (5y) | 13.6% | - | 16.7% | 10.9% | 17.4% | - | 19.9% | -0.4% | 4.8% | - |
| FCF growth (YoY) | 43.3% | - | - | - | 10.8% | - | - | - | 86.5% | - |
| FCF CAGR (5y) | 21.5% | - | - | - | 25.9% | - | - | - | 36.5% | - |
| Book value growth (YoY) | 4.5% | 13.9% | 15.6% | 35.0% | 34.8% | 28.0% | 32.3% | 17.0% | 20.7% | 24.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$717.98M totalFulfillment$637.65M · 88.8%
Analytics$56.02M · 7.8%
Other$24.31M · 3.4%
Peer comparison
Same SIC group: Services-Prepackaged Software
Comparing SPS COMMERCE INC against the 5 most active filers in the same SIC group.