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SPS Commerce SPSC Gross Profit

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Other financials

Income statement

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Revenue$192.1M+5.8%
Operating income$24.6M-5.4%
Net income$19.7M-11.1%
EPS (diluted)$0.53-8.6%

Balance sheet

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Cash & equivalents$154.3M+62.5%
Total debt$6.6M-46.0%
Total equity$962.2M+4.5%
Total assets$1.2B+4.7%

Cash flow

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Operating cash flow$55.6M+39.1%
CapEx$7.1M+16.1%
Free cash flow$48.5M+43.3%

Valuation

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Market cap$2.59B-38.1%
Enterprise value$2.44B-40.2%
P/E28.5×-21.9×
P/S3.4×-2.5×

Profitability

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Gross margin69.3%+1.6pp
Operating margin15.3%+0.5pp
Net margin11.9%-0.2pp
FCF margin21.9%+0.9pp

Returns & leverage

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Return on equity9.7%-0.5pp
Debt / equity0.0×
Current ratio2.1×+0.5×

Where this comes from

Calculated from SPS Commerce’s reported figures.

The source filing: SPS Commerce’s 10-Q, filed April 30, 2026.

Filed
Apr 30, 2026, 4:20 PM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001092699-26-000043
(in thousands, except per share amounts) (unaudited)Three Months Ended March 31, 2026Three Months Ended March 31, 2025
Revenues$192,121$181,549
Cost of revenues59,21756,914
Gross profit132,904124,635
Operating expenses
Sales and marketing44,73441,634
Research and development17,91717,439
General and administrative36,37431,018
Amortization of intangible assets9,3208,588

Item 1. Financial Statements (unaudited)

FAQ

What is SPS Commerce's gross profit?
SPS Commerce (SPSC) reported gross profit of $132.9M in Q1 2026.
How has SPS Commerce's gross profit changed year-over-year?
SPS Commerce's gross profit increased by 6.6% year-over-year, from $124.64M to $132.9M.
What is the long-term trend for SPS Commerce's gross profit?
Over 4 years (2021 to 2025), SPS Commerce's gross profit has grown at a 19.7% compound annual growth rate (CAGR), from $253.6M to $519.88M.
What does gross profit mean?
Revenue minus cost of revenue — the profit available to cover operating expenses, representing the company's pricing power and production efficiency.

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