Friday 6 November 2026 Export SPSC’s income statement to Excel — free account

SPS Commerce, Inc.

SPSC Technology Software Application

SPS Commerce, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $751.5 million, up 17.8% from fiscal 2024.

Revenue: +4.08%
EPS: +27.6%
Free cash flow: +7.23%

Quarter to September 2026, against a year earlier

82.46 2.78 −3.26%

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Market cap: $3.0B
P/E: 36.4×
Fwd P/E: 35.4×
Dividend yield: —
F-score: 6/9
Altman Z: 12.01
Beneish M: −2.50
Dividend safety: n/a

Overview

Insider Decisions last twelve months

Sold, $m 1.70

Trades a month
	Jan 26			Apr 26			Jul 26			Oct 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	1	4	1	1	1	—	—	—	—	—	—

Insider Ownership 3.57%

Capital & Financial Ratios $m

Size

Market Cap 3,020.00

Revenue ttm 780.24

Net income ttm 83.12

Free cash flow ttm 202.64

Net debt Q (183.50)

Valuation

P/E 36.41

Forward P/E 35.40

Price / sales 3.79

Forward P/S Powerpack

Price / FCF 14.61

Price / book 3.17

Financial health

Current ratio Q 2.25

Debt / equity Q 0.00

Interest coverage Q 0.00

Growth

Revenue growth Q +4.08%

Operating income growth Q +28.01%

EPS, this year +19.22%

EPS, next year A +7.43%

Revenue, next year A +4.99%

EPS, past 5 yrs +14.32%

EPS, next 5 yrs A +13.09%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 5.81%

10-year low 10-year high

P/S against its own 10 years 5.39%

10-year low 10-year high

P/B against its own 10 years 9.86%

10-year low 10-year high

EV/Sales against its own 10 years 8.80%

10-year low 10-year high

EV/FCF against its own 10 years 4.44%

10-year low 10-year high

Dividends

Yield: —
Annual rate: —
Payout ratio: —

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	275	241	151	184
Receivables	47	52	68	66
Inventory	—	—	—	—
Other	17	24	49	33
	401	382	335	347

	2023	2024	2025	Q'26
Payables	7	9	14	10
ST’ Debt	—	—	—	—
Other	—	—	—	—
	131	147	154	154

Compound Annual Growth %

	10y	5y	3y
Sales	16.84%	19.17%	18.57%
Cash Flow	28.62%	15.09%	21.35%
Earnings	35.01%	15.41%	19.18%
Book Value	15.93%	18.28%	21.94%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.22 Actual 1.39

0.91 1.04 1.18 1.32 1.45

Q4 FY25 Beat +0.14

Q1 FY26 Beat +0.13

Q2 FY26 Beat +0.19

Q3 FY26 Beat +0.17

Q4 FY26 — Feb 11

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q4 FY25	1.00	1.14	Beat by 0.14
Q1 FY26	0.97	1.10	Beat by 0.13
Q2 FY26	1.08	1.27	Beat by 0.19
Q3 FY26	1.22	1.39	Beat by 0.17
Q4 FY26	1.31	—	Reports 11 February 2027

EPS $

	Mar	Jun	Sep	Dec	Year
’26	0.53	0.19	0.85	—	—
’25	0.58	0.52	0.67	0.68	2.46
’24	0.48	0.48	0.62	0.46	2.04
’23	0.41	0.39	0.45	0.51	1.76
’22	0.34	0.29	0.43	0.43	1.49
’21	0.28	0.28	0.31	0.34	1.21
’20	0.26	0.31	0.31	0.37	1.26

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	192	198	198	—	—
’25	182	187	190	193	752
’24	150	154	164	171	638
’23	126	130	136	145	537
’22	105	109	114	122	451
’21	90	95	98	103	385
’20	74	76	80	83	313

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	56	66	64	—	—
’25	40	32	61	46	179
’24	34	29	53	41	157
’23	22	34	44	33	132
’22	4	32	40	24	100
’21	22	33	27	31	113
’20	15	22	29	23	89

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	48	57	58	—	—
’25	34	26	55	38	152
’24	31	24	48	34	137
’23	16	30	38	28	113
’22	0	29	34	18	80
’21	18	28	20	27	93
’20	11	18	25	18	72

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM Sep ’26	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
													Ten-year view		Analyst estimates Powerpack
Income, $m
Income, $m	Revenue	193	220	248	279	313	385	451	537	638	752	780		+16.3%	789	835	893	+5.9%
	Gross margin, %	66.69	66.55	67.07	66.95	68.07	65.82	66.05	66.09	66.96	69.18	70.23		+2.5 pt	Powerpack SPS Commerce, Inc.’s next three years, line by line Analysts expect revenue to grow 5.9% a year to 2028 — slower than the 16.3% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	8	11	28	42	53	54	71	86	99	124	114		+36.1%
	EBT margin, %	4.00	4.86	11.42	15.07	16.85	13.90	15.82	15.94	15.60	16.48	14.57		+12.5 pt
	Net income	5	0	24	34	46	45	55	66	77	93	83		+38.5%
Per share, $
Per share, $	Revenue	5.70	6.40	7.22	7.97	8.88	10.72	12.48	14.65	17.10	19.84	21.73		+14.9%
	Earnings	0.17	0.01	0.70	0.96	1.29	1.24	1.53	1.80	2.07	2.46	2.26		+34.6%
	Cash flow	0.55	0.90	1.60	2.05	2.51	3.14	2.77	3.61	4.22	4.72	6.45		+26.9%
	Capex	(0.24)	(0.21)	(0.40)	(0.39)	(0.47)	(0.55)	(0.55)	(0.54)	(0.54)	(0.70)	(0.80)		+12.8%
	Free cash flow	0.32	0.69	1.20	1.66	2.05	2.60	2.22	3.07	3.68	4.02	5.64		+32.6%
	Book value	7.35	8.38	9.27	10.13	11.94	13.48	14.87	18.21	22.91	25.71	25.99		+14.9%
	Shares, m	34	34	34	35	35	36	36	37	37	38	37		+1.2%
Valuation, ×
Valuation, ×	P/E	237.78	0.00	59.27	57.43	84.18	114.80	83.67	102.39	88.46	36.23	36.41		86.4
	P/S	6.10	3.81	5.71	6.95	12.24	13.27	10.25	12.58	10.76	4.49	3.79		8.6
	P/B	4.72	2.91	4.44	5.47	9.09	10.56	8.61	10.12	8.03	3.47	3.17		6.7
	EV/Sales	5.38	3.06	4.99	6.19	11.64	12.61	9.78	12.07	10.38	4.29	3.56		8.0
	EV/FCF	96.54	28.35	30.01	29.68	50.46	52.06	54.99	57.57	48.22	21.18	13.70		46.9
Cash, $m
Cash, $m	Operating cash flow	19	31	55	72	89	113	100	132	157	179	232		+28.5%
	Capex	(8)	(7)	(14)	(14)	(16)	(20)	(20)	(20)	(20)	(27)	(29)		+14.2%
	Free cash flow	11	24	41	58	72	93	80	113	137	152	203		+34.2%
Balance, $m
Balance, $m	Working capital	154	180	193	224	191	250	212	271	235	181	193		+1.8%
	Net debt	(139)	(163)	(178)	(214)	(187)	(257)	(214)	(275)	(241)	(151)	(184)		+1.0%
	Shareholders’ equity	249	288	319	355	421	484	537	667	855	974	933		+16.3%
Returns, %
Returns, %	ROA	1.77	0.11	6.58	8.09	9.36	7.81	8.56	8.80	8.31	8.48	7.26		+6.7 pt
	ROIC	3.62	5.00	11.88	16.98	13.44	15.17	13.78	12.32	9.05	8.99	8.97		+5.4 pt
	ROE	2.11	0.13	7.86	10.01	11.76	9.86	10.80	10.93	10.12	10.21	8.79		+8.1 pt
People
People	Employees	1,217	1,336	1,231	1,363	1,572	1,901	2,215	2,489	2,783	2,948	—		+10.3%
	Revenue/emp, $m	0.16	0.16	0.20	0.20	0.20	0.20	0.20	0.22	0.23	0.25	—		+5.4%

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
NATL NCR Atleos Corporation	$3.5B	13.0×	9.3×	−1.96% (below 0%: shrinking)	+275.03% (above 0%: growing)	+111.11% (above 0%: growing)	25.75%	16.65%	Compare
AGYS Agilysys, Inc.	$3.5B	75.8×	66.4×	+17.73% (above 0%: growing)	+11.48% (above 0%: growing)	−1.19% (below 0%: shrinking)	64.60%	16.33%	Compare
INTA Intapp, Inc.	$3.5B	— (loss-making)	— (loss-making)	+15.99% (above 0%: growing)	n/m	+138.52% (above 0%: growing)	77.89%	(0.66%)	Compare
FSLY Fastly, Inc.	$3.4B	— (loss-making)	— (loss-making)	+20.21% (above 0%: growing)	n/m	+120.03% (above 0%: growing)	63.31%	(5.93%)	Compare
ALRM Alarm.com Holdings, Inc.	$3.3B	28.1×	30.7×	+8.99% (above 0%: growing)	−1.41% (below 0%: shrinking)	+106.10% (above 0%: growing)	65.56%	11.70%	Compare
VIA Via Transportation Inc.	$3.2B	— (loss-making)	— (loss-making)	+26.67% (above 0%: growing)	n/m	+28.02% (above 0%: growing)	40.98%	(16.03%)	Compare
SPSC SPS Commerce, Inc.	$3.0B	36.4×	35.4×	+4.08% (above 0%: growing)	+27.57% (above 0%: growing)	+7.23% (above 0%: growing)	71.11%	20.20%
BULL Webull Corporation	$2.9B	48.5×	—	+51.21% (above 0%: growing)	n/m	−454,633.33% (below 0%: shrinking)	77.70%	22.86%	Compare
ASAN Asana, Inc.	$2.7B	— (loss-making)	— (loss-making)	+9.90% (above 0%: growing)	n/m	+390.69% (above 0%: growing)	85.99%	(19.05%)	Compare
Median of peers	$3.3B	38.3×	30.7×	+16.86%	+11.48%	+108.61%	65.08%	5.52%

All 230 Software Application stocks →

Pay and ownership Proxy statement filed 14 April 2026

Chief executive’s pay

Year	Total pay	Actually paid	$100 invested
2025	11.41m	(5.60m)	82.00
2024	14.41m	10.99m	169.00
2022	6.07m	4.50m	118.00
2021	6.69m	14.05m	131.00

Ownership

Directors and executive officers, together less than 1%

BlackRock, Inc. 15.10%

Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

SPS Commerce, Inc. (SPSC) Latest News

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SPS Commerce, Inc.

Insider Decisions last twelve months

Capital & Financial Ratios $m

Valuation vs history

Dividends

Assets vs Liabilities $m

Compound Annual Growth %

Earnings Trends EPS, adjusted, against the consensus

EPS $

Revenue $m

Operating Cash Flow $m

Free Cash Flow $m

Target Price Range

Recommendation Rating

Ten years at a glance Fiscal years to December

SPS Commerce, Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier

Pay and ownership Proxy statement filed 14 April 2026

Chief executive’s pay

Ownership

SPS Commerce, Inc. (SPSC) Latest News

SPSC metrics, ten years each

Insider Decisions last twelve months

Capital & Financial Ratios $m

Valuation vs history

Dividends

Assets vs Liabilities $m

Compound Annual Growth %

Earnings Trends EPS, adjusted, against the consensus

EPS $

Revenue $m

Operating Cash Flow $m

Free Cash Flow $m

Target Price Range

Recommendation Rating

Ten years at a glance Fiscal years to December

SPS Commerce, Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier

Pay and ownership Proxy statement filed 14 April 2026

Chief executive’s pay

Ownership

SPS Commerce, Inc. (SPSC) Latest News

SPSC metrics, ten years each

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