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SPS Commerce SPSC Operating margin

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1.7%-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
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.

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 operating margin?
SPS Commerce (SPSC) reported operating margin of 15.3% in Q1 2026.
How has SPS Commerce's operating margin changed year-over-year?
SPS Commerce's operating margin increased by 3.3% year-over-year, from 14.8% to 15.3%.
What is the long-term trend for SPS Commerce's operating margin?
Over 5 years (2020 to 2025), SPS Commerce's operating margin has grown at a -0.4% compound annual growth rate (CAGR), from 16% to 15.7%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.