What is SPS Commerce's net margin?

SPS Commerce (SPSC) reported net margin of 11.9% in Q1 2026.

How has SPS Commerce's net margin changed year-over-year?

SPS Commerce's net margin decreased by 1.7% year-over-year, from 12.1% to 11.9%.

What is the long-term trend for SPS Commerce's net margin?

Over 5 years (2020 to 2025), SPS Commerce's net margin has grown at a -3.2% compound annual growth rate (CAGR), from 14.6% to 12.4%.

What does net margin mean?

Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.

SPS Commerce SPSC Net margin

Net margin at other companies

International Business MachinesIBM

15.6%+6.9pp

Open TextOTEX

9.9%-2.6pp

SalesforceCRM

18.7%+2.7pp

Ryder SystemR

3.9%-0.1pp

Affirm Holdings, Inc.AFRM

9.6%+8.2pp

Symbotic Inc.SYM

-0.2%-0.1pp

Other financials

Income statement

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Revenue$192.1M+5.8%

Gross profit$132.9M+6.6%

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$2.01B-58.8%

Enterprise value$1.86B-61.1%

P/E22.1×-37.9×

P/S2.6×-4.6×

Profitability

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Gross margin69.3%+1.6pp

Operating margin15.3%+0.5pp

FCF margin21.9%+0.9pp

Returns & leverage

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Return on equity9.7%-0.5pp

Debt / equity0×0.0×

Current ratio2.1×+0.5×

Where this comes from

Calculated from SPS Commerce’s reported figures.

net income/total revenue=11.9%

Based on trailing twelve months.

The official record: SPS Commerce’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is SPS Commerce's net margin?: SPS Commerce (SPSC) reported net margin of 11.9% in Q1 2026.
How has SPS Commerce's net margin changed year-over-year?: SPS Commerce's net margin decreased by 1.7% year-over-year, from 12.1% to 11.9%.
What is the long-term trend for SPS Commerce's net margin?: Over 5 years (2020 to 2025), SPS Commerce's net margin has grown at a -3.2% compound annual growth rate (CAGR), from 14.6% to 12.4%.
What does net margin mean?: Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.