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SPS Commerce SPSC Operating leases

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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$2.04B-58.8%
Enterprise value$1.89B-61.1%
P/E22.4×-38.4×
P/S2.7×-4.7×

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 / equity0×0.0×
Current ratio2.1×+0.5×

Where this comes from

Reported directly by SPS Commerce in its filing.

Tagged under the XBRL concept spsc:IncreaseDecreaseInOperatingLeases.

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 leases?
SPS Commerce (SPSC) reported operating leases of -$410K in Q1 2026.
How has SPS Commerce's operating leases changed year-over-year?
SPS Commerce's operating leases increased by 6.4% year-over-year, from -$438K to -$410K.
What is the long-term trend for SPS Commerce's operating leases?
Over 3 years (2022 to 2025), SPS Commerce's operating leases has grown at a 10.2% compound annual growth rate (CAGR), from -$1.56M to -$2.09M.
What does operating leases mean?
Represents the net change in operating lease liabilities during the period, reflecting the cash impact of lease obligations. This metric helps investors understand the company's ongoing commitment to leased assets and its impact on liquidity.