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NASDAQ · SERVICES-PREPACKAGED SOFTWARE · LARGE CAP

SPS Commerce Inc. SPSC

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$751.5M
▲ 17.8% YoY
$93.3M
▲ 21.1% YoY
$152.3M
▲ 10.9% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

SPS Commerce is a global supply chain network that connects retailers, brands, distributors, manufacturers, and logistics providers through shared infrastructure built to handle the complexity of modern commerce operations. It generated revenues of $751.5 million for the year ended December 31, 2025, compared with $637.8 million in 2024 and $536.9 million in 2023. Its largest customer represented less than 1% of total revenues for the years ended December 31, 2025, 2024, and 2023. As of December 31, 2025, its total workforce had increased to 2,948 worldwide. Its development efforts take place at its United States locations in Minnesota, Arkansas, and New Jersey, as well as in Melbourne, Australia; Toronto, Canada; Breukelen, Netherlands; Warsaw, Poland; and Kyiv, Ukraine. Its Fulfillment product offers a solution designed to streamline supply chain operations, and its connections empower retailers, brands, distributors, manufacturers, and logistics providers to send and receive order data covering processes from order to invoicing and revenue recovery. Its Analytics product handles data acquisition, cleansing, normalization, and delivery of sell-through data from its customers' business partners. SPS Commerce launched the first version of what would become its current services in 1997.

Written from the business description in SPS COMMERCE INC's annual report to the U.S. Securities and Exchange Commission, filed 19 February 2026. Every sentence was checked against that document before publication.

Growth

USD 751.5M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 751.5 · Net income 93.3
300M600M
2009201220152018202120242025
Compound annual growth
+18.6%
+19.2%
+16.8%
+20.7%
+19.2%
+15.4%
+35.0%
+26.1%
+18.2%
+14.3%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +19.2% a year over the five years to FY2025 — but profit grew slower: net income at +15.4%, earnings per share at +14.3%.

The share count rose from 0.04B to 0.04B over the period.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

12 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 15.7% · Net 12.4%
10%20%
200920172025
ROE
FY2025 · ROE 10.2%
10%20%
200920172025
Three returns, three denominators.
Gross margin69.2%
Operating margin15.7%
Net margin12.4%
EBITDAUSD 139.4M

Each USD of equity produced 10 cents of profit this year.

Cash & shareholders

USD 110.4M
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 152.3
100M200M
200920172025
Net buybacks $M Dividends $M
FY2025 · Dividends · · Net buybacks 110.4
50M100M
201720182019202020212022202320242025
Dividends paid·
Net buybacksUSD 110.4M
Share of profit118.3%
Consecutive raises·

USD 110.4M in buybacks — 118% of the year's profit, so the payout drew on cash built up earlier.

Total assetsUSD 1.2B
EquityUSD 973.9M
CashUSD 151.4M
Current ratio2.17×

Equity funds 83% of total assets.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
SPSC, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.80.60.50.50.40.30.30.20.20.20.20.10.10.10.10.00.0
Operating income $B0.10.10.10.10.10.10.00.00.00.00.00.00.00.00.00.00.0
EBITDA $B0.10.10.10.10.10.10.00.00.00.00.00.00.00.00.00.00.0
Income tax $B0.00.00.00.00.00.00.00.00.00.00.00.00.00.0−0.00.00.0
Net income $B0.10.10.10.10.00.00.00.00.00.00.00.00.00.00.00.00.0
Free cash flow $B0.20.10.10.10.10.10.10.00.00.00.00.00.00.00.00.00.0
EPS, diluted $2.462.041.761.491.211.260.940.680.010.290.270.160.070.091.080.250.13
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend—————————————————
ROE %10.210.110.910.89.911.810.07.90.12.02.11.40.61.326.6——
Shares out B0.040.040.040.040.040.040.030.020.020.020.020.020.020.010.010.01◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 83 reconciliationsAUDITED

Reconciled in 17 of the 17 fiscal years we could check. Six checks were skipped: the balance sheet is not tagged before 2010. Two checks were skipped: EPS is not tagged before 2009. Two checks were skipped: revenue is not tagged before 2009.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityServices-Prepackaged Software
Listed onNASDAQ
Incorporated innot stated in the filings
Fiscal year endsDecember 31
Data on record since2009

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