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SPS Commerce SPSC Q4 2025 Annual earnings

Reported February 12, 2026 · After market close

Revenue$192.7MMiss by $945.1K
EPS$1.14Beat by $0.14
Revenue estimate$193.6M
EPS estimate$1.00

Next report

Jul 30, 2026 (Today)
Revenue estimate$195.5M
EPS estimate$1.08

Financials

Q4 2025

Income statement

See full
Revenue$192.7M+12.7%
Gross profit$135.7M+17.7%
Operating income$34.7M+40.2%
Net income$25.8M+47.2%
EPS (diluted)$0.69+46.8%

Balance sheet

See full
Cash & equivalents$151.4M-37.2%
Total debt$7.2M-42.3%
Total equity$973.9M+13.9%
Total assets$1.2B+13.4%

Cash flow

See full
Operating cash flow$45.9M+13.1%
CapEx$7.7M+23.1%
Free cash flow$38.2M+11.3%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$3.36B-51.4%
Enterprise value$3.22B-51.9%
P/E36×-53.7×
P/S4.5×-6.4×

Profitability

See full
Gross margin69.2%+2.2pp
Operating margin15.7%+1.8pp
Net margin12.4%+0.3pp
FCF margin20.3%-1.3pp

Returns & leverage

See full
Return on equity10.2%+0.1pp
Debt / equity0×0.0×
Current ratio2.2×-0.4×

Segments

By product

See full
Fulfillment$164.2M+16.4%
Analytics$14.2M-0.9%
Other$6.1M-6.7%

Versus estimates

Revenue

Q1 2026$192.1MMiss by $384.4K
Q4 2025$192.7MMiss by $945.1K
Q3 2025$189.9MMiss by $3.7MQ2 2025$187.4MBeat by $1.6MQ1 2025$181.5MBeat by $2.5MQ4 2024$170.9MBeat by $1.6M

Diluted EPS

Q1 2026$1.10Beat by $0.13
Q4 2025$1.14Beat by $0.14
Q3 2025$1.13Beat by $0.14Q2 2025$1.00Beat by $0.10Q1 2025$1.00Beat by $0.16Q4 2024$0.89Beat by $0.02

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Questions, answered.

When did SPS Commerce report Q4 2025 earnings?
SPS Commerce (SPSC) reported Q4 2025 earnings on February 12, 2026 after market close.
What were SPS Commerce's Q4 2025 revenue and EPS?
SPS Commerce reported revenue of $192.7M and eps of $1.14 for Q4 2025.
Did SPS Commerce beat estimates in Q4 2025?
Revenue missed the consensus estimate of $193.6M by $945.1K. EPS beat the consensus estimate of $1.00 by $0.14.
How did SPS Commerce's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 12.7% from $170.9M a year earlier and eps grew 28.1% from $0.89.
Where can I find SPS Commerce's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001092699-26-000007) and the 10-K periodic report (0001092699-26-000012) directly on SEC EDGAR. The filing index links above go to sec.gov.