SPS Commerce Inc
SPSC- Exchange
- Nasdaq
- Industry
- Services-Prepackaged Software
- SEC CIK
- 0001092699
In the last 90 days, SPS Commerce Inc insiders filed 0 open-market purchases and 2 sales; 319 institutions reported holding it in 13F filings for Q2 2026, worth $2.23B in total; no superinvestor holds it.
- Currency
- USD
- Source
- SEC XBRL data (10-K, 10-Q, 20-F, 40-F)
- Updated
- Oct 30, 2026, 1:16 AM ET
Revenue flow, FY2025
Where the revenue went in FY2025, from the income statement below. Green is profit; orange is costs, expenses and taxes. Percentages are shares of revenue; hover over a band or a bar for the exact amount.
Income statement
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 12, 2026 | Feb 10, 2025 | Feb 8, 2024 | Feb 9, 2023 | Feb 9, 2022 |
| Revenue | $751.5M | $637.8M | $536.9M | $450.9M | $385.3M |
| Cost of revenue | $231.6M | $210.7M | $182.1M | $153.1M | $131.7M |
| Gross profit | $519.9M | $427.1M | $354.8M | $297.8M | $253.6M |
| Operating expenses | $401.6M | $338.2M | $277.6M | $226.6M | $198.5M |
| Research and development | $68.7M | $62.8M | $53.7M | $45.7M | $39.0M |
| Selling, general and administrative | $126.6M | $102.9M | $84.9M | $67.3M | $61.3M |
| Operating income | $118.3M | $88.9M | $77.2M | $71.2M | $55.1M |
| Income tax | $30.5M | $22.4M | $19.7M | $16.2M | $8.94M |
| Net income | $93.3M | $77.1M | $65.8M | $55.1M | $44.6M |
| EPS, basic | $2.46 | $2.07 | $1.80 | $1.53 | $1.24 |
| EPS, diluted | $2.46 | $2.04 | $1.76 | $1.49 | $1.21 |
| Weighted shares, basic | 37.9M | 37.3M | 36.6M | 36.1M | 35.9M |
| Weighted shares, diluted | 38.0M | 37.9M | 37.5M | 37.0M | 37.0M |
| Margins and growth | |||||
| Gross margin | 69.2% | 67.0% | 66.1% | 66.1% | 65.8% |
| Operating margin | 15.7% | 13.9% | 14.4% | 15.8% | 14.3% |
| Net margin | 12.4% | 12.1% | 12.3% | 12.2% | 11.6% |
| Revenue growth, year over year | +17.8% | +18.8% | +19.1% | +17.0% | +23.2% |
| Net income growth, year over year | +21.1% | +17.1% | +19.4% | +23.6% | −2.2% |
Balance sheet
Each column is one fiscal year, newest first.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 12, 2026 | Feb 10, 2025 | Feb 8, 2024 | Feb 9, 2023 | Feb 9, 2022 |
| Cash and equivalents | $151.4M | $241.0M | $219.1M | $162.9M | $207.6M |
| Short-term investments | – | $0 | $56.4M | $51.4M | $49.8M |
| Accounts receivable | $68.2M | $52.0M | $46.8M | $39.4M | $34.6M |
| Total current assets | $335.3M | $381.9M | $401.4M | $322.8M | $352.4M |
| Property, plant and equipment | $43.1M | $37.5M | $36.0M | $35.5M | $31.9M |
| Goodwill | $541.7M | $399.2M | $249.2M | $197.3M | $143.7M |
| Intangible assets | $215.8M | $181.3M | $107.3M | $88.4M | $58.6M |
| Total assets | $1.17B | $1.03B | $823.8M | $672.9M | $615.8M |
| Accounts payable | $13.8M | $8.58M | $7.42M | $11.3M | $8.33M |
| Total current liabilities | $154.4M | $146.7M | $130.7M | $110.6M | $102.9M |
| Total liabilities | $196.0M | $176.5M | $156.4M | $135.8M | $131.6M |
| Shareholders' equity | $973.9M | $854.7M | $667.5M | $537.1M | $484.3M |
Cash flow statement
Each column is one fiscal year, newest first. Free cash flow is operating cash flow minus capital expenditures.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| Period end | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 |
| Filing | 10-K | 10-K | 10-K | 10-K | 10-K |
| Reported | Feb 12, 2026 | Feb 10, 2025 | Feb 8, 2024 | Feb 9, 2023 | Feb 9, 2022 |
| Operating cash flow | $178.8M | $157.4M | $132.3M | $100.1M | $112.9M |
| Capital expenditures | $26.5M | $20.0M | $19.8M | $19.9M | $19.6M |
| Free cash flow | $152.3M | $137.4M | $112.5M | $80.2M | $93.3M |
| Depreciation and amortization | $21.1M | $18.7M | $18.6M | $16.4M | $14.8M |
| Stock-based compensation | $53.7M | $54.6M | $45.5M | $33.4M | $27.6M |
| Share buybacks | $114.3M | $37.6M | $0 | $43.2M | $20.4M |
| Investing cash flow | -$169.2M | -$110.5M | -$92.6M | -$112.8M | -$46.7M |
| Financing cash flow | -$100.8M | -$23.0M | $16.0M | -$31.6M | -$8.36M |
| Net change in cash | -$89.7M | $21.9M | $56.2M | -$44.7M | $57.9M |
| Ratio | |||||
| Stock-based compensation, % of revenue | 7.1% | 8.6% | 8.5% | 7.4% | 7.2% |
Shares outstanding
Common shares outstanding as stated on the cover of each 10-K and 10-Q. The date is the cover date, not the period end; a rising count means dilution.
| Cover date | Shares outstanding | Change in a year | Filing |
|---|---|---|---|
| Oct 22, 2026 | 35.4M | −6.0% | SEC |
| Jul 23, 2026 | 36.0M | −5.0% | SEC |
| Apr 23, 2026 | 36.7M | −3.3% | SEC |
| Mar 31, 2026 | 36.7M | −3.3% | SEC |
| Feb 12, 2026 | 37.4M | −1.0% | SEC |
| Oct 23, 2025 | 37.7M | +0.4% | SEC |
| Jul 23, 2025 | 37.9M | +2.2% | SEC |
| Apr 17, 2025 | 38.0M | +2.6% | SEC |
Notes and known gaps
How these numbers are put together, and what they can't tell you.
- Numbers come from the XBRL data in each period's original 10-K, 10-Q, 20-F or 40-F, or its amendment. They are shown as filed: later filings don't restate earlier periods here.
- Reported is the filing date of the first 8-K with Item 2.02 (results of operations) after the period ended, no later than the 10-Q or 10-K and within 120 days. Companies that release results only in the 10-Q, and foreign companies, which use Form 6-K, have none.
Known gaps
- Foreign companies that file Form 20-F or 40-F have annual statements only: their quarterly results are furnished on Form 6-K, which has no XBRL data.
- EPS and share counts are as reported at the time, not adjusted for later stock splits.
- For ADRs, EPS is per ordinary share, not per ADS (one TSMC ADS is five ordinary shares).
- For banks, revenue may be interest income only, depending on how the bank tags its filings; cost of revenue and gross profit are usually blank.
- Companies with several share classes, such as Berkshire Hathaway, may have no EPS and no cover share count.
- Depreciation and amortization is missing for some companies that report it under their own XBRL tags.