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SPS Commerce SPSC Q2 2025 earnings

Reported July 30, 2025 · After market close

Revenue$187.4MBeat by $1.6M
EPS$1.00Beat by $0.10
Revenue estimate$185.8M
EPS estimate$0.90

Next report

Oct 29, 2026 (in a month)
Revenue estimate$197.5M
EPS estimate$1.22

Financials

Q2 2025

Income statement

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Revenue$187.4M+22.0%
Gross profit$127.6M+25.6%
Operating income$26.5M+14.3%
Net income$19.7M+9.4%
EPS (diluted)$0.52+8.3%

Balance sheet

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Cash & equivalents$107.6M-55.2%
Total debt$10.8M-12.5%
Total equity$949.8M+35.0%
Total assets$1.1B+31.2%

Cash flow

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Operating cash flow$32.3M+9.8%
CapEx$6.7M+31.7%
Free cash flow$25.7M+5.2%

Valuation & ratios

Valuation

as of 06/30/25
See full
Market cap$5.18B-25.6%
Enterprise value$5.09B-24.6%
P/E62.5×-34.5×
P/S7.4×-4.6×

Profitability

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Gross margin68.2%+2.1pp
Operating margin14.6%+0.5pp
Net margin11.8%-0.5pp
FCF margin20.2%-0.6pp

Returns & leverage

See full
Return on equity10%-1.0pp
Debt / equity0×0.0×
Current ratio1.8×-1.3×

Segments

By product

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Fulfillment$159.0M+26.7%
Analytics$13.9M+3.2%
Other$6.2M+24.7%

FAQ

When did SPS Commerce report Q2 2025 earnings?
SPS Commerce (SPSC) reported Q2 2025 earnings on July 30, 2025 after market close.
What were SPS Commerce's Q2 2025 revenue and EPS?
SPS Commerce reported revenue of $187.4M and eps of $1.00 for Q2 2025.
Did SPS Commerce beat estimates in Q2 2025?
Revenue beat the consensus estimate of $185.8M by $1.6M. EPS beat the consensus estimate of $0.90 by $0.10.
How did SPS Commerce's Q2 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 22.0% from $153.6M a year earlier and eps grew 25.0% from $0.80.
Where can I find SPS Commerce's Q2 2025 SEC filings?
You can read the 8-K earnings release (0001092699-25-000047) and the 10-Q periodic report (0001092699-25-000049) directly on SEC EDGAR. The filing index links above go to sec.gov.