NASDAQ : SPSC
SPS Commerce, Inc. — Financial statements
Technology · Software - Application · United States
Last price 82.99 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.94B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
SPS Commerce, Inc. (SPSC) reported revenue of 780.24M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 780.24M | 751.50M | 637.76M | 536.91M | 450.88M | 385.28M |
| Cost of Revenue | 232.30M | 231.63M | 210.71M | 182.07M | 153.06M | 131.68M |
| Gross Profit | 547.93M | 519.88M | 427.05M | 354.84M | 297.81M | 253.60M |
| Selling, General & Admin | 310.73M | 295.72M | 251.85M | 207.82M | 169.11M | 149.35M |
| Research & Development | 68.11M | 68.68M | 62.81M | 53.65M | 45.75M | 39.04M |
| Amortization of Goodwill & Intangibles | 38.05M | 37.17M | 23.51M | 16.12M | 11.77M | 10.13M |
| Operating Expenses | 416.89M | 401.57M | 338.17M | 277.59M | 226.63M | 198.51M |
| Operating Income | 131.04M | 118.30M | 88.88M | 77.25M | 71.18M | 55.09M |
| Interest & Investment Income | 5.01M | 4.65M | 10.58M | 7.66M | 1.67M | 278.00K |
| Currency Exchange Gain (Loss) | -1.46M | |||||
| Other Non Operating Income (Expenses) | 838.00K | 495.00K | -104.00K | -1.07M | -502.00K | -366.00K |
| EBT Excluding Unusual Items | 136.89M | 123.45M | 99.36M | 83.84M | 72.35M | 53.54M |
| Gain (Loss) on Sale of Investments | 219.00K | 388.00K | 115.00K | 1.73M | -1.03M | |
| Pretax Income | 113.65M | 123.83M | 99.48M | 85.56M | 71.32M | 53.54M |
| Income Tax Expense | 30.54M | 30.50M | 22.42M | 19.74M | 16.19M | 8.94M |
| Net Income | 83.12M | 93.34M | 77.05M | 65.82M | 55.13M | 44.60M |
| Net Income to Common | 83.12M | 93.34M | 77.05M | 65.82M | 55.13M | 44.60M |
| Shares Outstanding (Basic) | 36.88M | 37.88M | 37.31M | 36.65M | 36.12M | 35.93M |
| Shares Outstanding (Diluted) | 36.99M | 37.99M | 37.86M | 37.48M | 36.95M | 36.96M |
| EPS (Basic) | 2.25 | 2.46 | 2.07 | 1.80 | 1.53 | 1.24 |
| EPS (Diluted) | 2.25 | 2.46 | 2.04 | 1.76 | 1.49 | 1.21 |
| Free Cash Flow | 202.64M | 152.27M | 137.35M | 112.54M | 80.17M | 93.31M |
| Free Cash Flow Per Share | 5.48 | 4.01 | 3.63 | 3.00 | 2.17 | 2.52 |
| Gross Margin | 70.23% | 69.18% | 66.96% | 66.09% | 66.05% | 65.82% |
| Operating Margin | 16.79% | 15.74% | 13.94% | 14.39% | 15.79% | 14.30% |
| Profit Margin | 10.65% | 12.42% | 12.08% | 12.26% | 12.23% | 11.58% |
| Free Cash Flow Margin | 25.97% | 20.26% | 21.54% | 20.96% | 17.78% | 24.22% |
| EBITDA | 192.93M | 176.56M | 131.11M | 112.00M | 99.37M | 80.00M |
| EBITDA Margin | 24.73% | 23.49% | 20.56% | 20.86% | 22.04% | 20.76% |
| D&A For EBITDA | 61.89M | 58.26M | 42.23M | 34.75M | 28.19M | 24.91M |
| EBIT | 131.04M | 118.30M | 88.88M | 77.25M | 71.18M | 55.09M |
| EBIT Margin | 16.79% | 15.74% | 13.94% | 14.39% | 15.79% | 14.30% |
| Effective Tax Rate | 26.87% | 24.63% | 22.54% | 23.07% | 22.70% | 16.71% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 153.82M | 151.35M | 241.02M | 219.08M | 162.89M | 207.55M |
| Short-Term Investments | 29.68M | 56.36M | 51.41M | 49.76M | ||
| Cash & Short-Term Investments | 183.50M | 151.35M | 241.02M | 275.44M | 214.31M | 257.31M |
| Receivables | 66.17M | 68.17M | 52.03M | 46.84M | 39.44M | 34.56M |
| Other Current Assets | 97.34M | 115.78M | 88.86M | 79.16M | 69.07M | 60.57M |
| Total Current Assets | 347.02M | 335.30M | 381.91M | 401.44M | 322.81M | 352.44M |
| Property, Plant & Equipment | 49.60M | 48.14M | 45.74M | 43.91M | 44.63M | 42.75M |
| Goodwill | 539.09M | 541.72M | 399.18M | 249.18M | 197.28M | 143.66M |
| Other Intangible Assets | 162.54M | 215.81M | 181.29M | 107.34M | 88.35M | 58.59M |
| Long-Term Deferred Tax Assets | 492.00K | 493.00K | 505.00K | 505.00K | 227.00K | 182.00K |
| Long-Term Deferred Charges | 20.00M | 20.72M | 20.57M | 20.35M | 17.42M | 15.19M |
| Other Long-Term Assets | 13.86M | 7.67M | 2.03M | 1.13M | 2.19M | 3.03M |
| Total Assets | 1.13B | 1.17B | 1.03B | 823.84M | 672.91M | 615.85M |
| Accounts Payable | 9.88M | 13.76M | 8.58M | 7.42M | 11.26M | 8.33M |
| Accrued Expenses | 63.52M | 60.65M | 59.27M | 49.60M | 37.69M | 40.01M |
| Current Portion of Leases | 1.23M | 4.35M | 4.58M | 4.46M | 4.28M | 4.11M |
| Current Unearned Revenue | 79.34M | 75.59M | 74.26M | 69.19M | 57.42M | 50.43M |
| Total Current Liabilities | 153.97M | 154.35M | 146.68M | 130.67M | 110.64M | 102.87M |
| Long-Term Leases | 5.39M | 2.84M | 7.88M | 9.57M | 13.01M | 16.43M |
| Long-Term Unearned Revenue | 3.91M | 5.29M | 6.19M | 6.93M | 4.77M | 5.14M |
| Long-Term Deferred Tax Liabilities | 36.17M | 33.20M | 15.54M | 8.97M | 7.42M | 7.14M |
| Other Long-Term Liabilities | 255.00K | 287.00K | 241.00K | 229.00K | ||
| Total Liabilities | 199.70M | 195.97M | 176.54M | 156.37M | 135.84M | 131.59M |
| Common Stock | 40.00K | 40.00K | 40.00K | 39.00K | 38.00K | 38.00K |
| Additional Paid-In Capital | 778.77M | 722.74M | 627.98M | 537.06M | 476.12M | 433.26M |
| Retained Earnings | 486.71M | 429.44M | 336.10M | 259.05M | 193.22M | 138.09M |
| Treasury Stock | -328.15M | -177.95M | -99.75M | -128.89M | -128.89M | -85.68M |
| Comprehensive Income & Other | -4.46M | -373.00K | -9.68M | 222.00K | -3.41M | -1.45M |
| Shareholders' Equity | 932.90M | 973.89M | 854.69M | 667.48M | 537.07M | 484.26M |
| Total Liabilities & Equity | 1.13B | 1.17B | 1.03B | 823.84M | 672.91M | 615.85M |
| Total Debt | 6.62M | 7.19M | 12.47M | 14.03M | 17.29M | 20.53M |
| Net Cash (Debt) | 176.88M | 144.16M | 228.55M | 261.41M | 197.02M | 236.78M |
| Net Cash Per Share | 4.78 | 3.79 | 6.04 | 6.98 | 5.33 | 6.41 |
| Filing Date Shares Outstanding | 35.44M | 37.39M | 37.77M | 36.97M | 36.31M | 36.01M |
| Total Common Shares Outstanding | 35.58M | 37.52M | 37.66M | 36.82M | 36.16M | 36.01M |
| Working Capital | 193.05M | 180.95M | 235.22M | 270.77M | 212.17M | 249.57M |
| Book Value Per Share | 26.22 | 25.96 | 22.69 | 18.13 | 14.85 | 13.45 |
| Tangible Book Value | 231.27M | 216.36M | 274.22M | 310.95M | 251.44M | 282.01M |
| Tangible Book Value Per Share | 6.50 | 5.77 | 7.28 | 8.45 | 6.95 | 7.83 |
| Machinery | 36.65M | 34.62M | 36.69M | 45.37M | 41.29M | 40.30M |
| Leasehold Improvements | 16.11M | 15.04M | 15.00M | 15.39M | 16.53M | 16.68M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 83.12M | 93.34M | 77.05M | 65.82M | 55.13M | 44.60M |
| Depreciation & Amortization | 61.89M | 58.26M | 42.23M | 34.75M | 28.19M | 24.91M |
| Stock-Based Compensation | 62.87M | 53.73M | 54.56M | 45.51M | 33.40M | 27.57M |
| Provision & Write-off of Bad Debts | 9.57M | 9.92M | 7.68M | 5.71M | 3.36M | 4.72M |
| Other Operating Activities | 5.19M | 17.82M | -9.21M | -7.66M | -3.51M | 4.20M |
| Change in Accounts Receivable | -10.53M | -20.30M | -9.65M | -11.95M | -6.43M | -4.96M |
| Change in Accounts Payable | -1.05M | 4.71M | 796.00K | -3.95M | 144.00K | 2.26M |
| Change in Unearned Revenue | 934.00K | -787.00K | 728.00K | 6.46M | 5.96M | 14.48M |
| Change in Other Net Operating Assets | -3.66M | -37.91M | -6.79M | -2.39M | -16.19M | -4.90M |
| Operating Cash Flow | 231.53M | 178.79M | 157.40M | 132.30M | 100.05M | 112.89M |
| Capital Expenditures | -28.90M | -26.52M | -20.05M | -19.76M | -19.88M | -19.59M |
| Cash Acquisitions | -142.63M | -147.92M | -70.22M | -91.42M | -17.07M | |
| Investment in Securities | -29.44M | 57.52M | -2.66M | -1.49M | -10.05M | |
| Investing Cash Flow | -49.57M | -169.15M | -110.45M | -92.64M | -112.79M | -46.70M |
| Issuance of Common Stock | 9.79M | 13.45M | 14.54M | 17.97M | 11.58M | 14.11M |
| Repurchase of Common Stock | -171.93M | -114.28M | -37.57M | -43.22M | -20.43M | |
| Other Financing Activities | -2.00M | -2.04M | ||||
| Financing Cash Flow | -162.13M | -100.83M | -23.03M | 15.97M | -31.63M | -8.36M |
| Foreign Exchange Rate Adjustments | 264.00K | 1.53M | -1.98M | 562.00K | -290.00K | 31.00K |
| Net Cash Flow | 20.09M | -89.66M | 21.94M | 56.19M | -44.66M | 57.86M |
| Free Cash Flow | 202.64M | 152.27M | 137.35M | 112.54M | 80.17M | 93.31M |
| Free Cash Flow Margin | 25.97% | 20.26% | 21.54% | 20.96% | 17.78% | 24.22% |
| Free Cash Flow Per Share | 5.48 | 4.01 | 3.63 | 3.00 | 2.17 | 2.52 |
| Levered Free Cash Flow | 194.46M | 124.24M | 133.30M | 111.13M | 80.42M | 77.50M |
| Unlevered Free Cash Flow | 194.46M | 124.24M | 133.30M | 111.13M | 80.42M | 77.50M |
| Cash Income Tax Paid | 28.89M | 28.89M | 27.10M | 29.21M | 16.08M | 9.98M |
| Change in Working Capital | -14.30M | -54.27M | -14.92M | -11.82M | -16.52M | 6.89M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.94B | 3.36B | 6.91B | 7.11B | 4.63B | 5.12B |
| Enterprise Value | 2.76B | 3.24B | 6.72B | 6.89B | 4.41B | 4.89B |
| Last Close Price | 82.99 | 89.13 | 183.99 | 193.84 | 128.43 | 142.35 |
| PE Ratio | 36.82 | 36.01 | 89.70 | 108.07 | 83.96 | 114.80 |
| Forward PE | 15.59 | 20.47 | 49.10 | 64.15 | 54.83 | 74.79 |
| PS Ratio | 3.77 | 4.47 | 10.84 | 13.25 | 10.27 | 13.29 |
| PB Ratio | 3.17 | 3.45 | 8.09 | 10.66 | 8.62 | 10.57 |
| P/TBV Ratio | 12.72 | 15.53 | 25.21 | 22.88 | 18.41 | 18.15 |
| P/FCF Ratio | 14.51 | 22.07 | 50.32 | 63.21 | 57.74 | 54.87 |
| P/OCF Ratio | 12.70 | 18.80 | 43.91 | 53.77 | 46.26 | 45.35 |
| PEG Ratio | 1.72 | 2.46 | 2.57 | 2.19 | 2.99 | |
| EV/Sales Ratio | 3.54 | 4.31 | 10.54 | 12.83 | 9.78 | 12.69 |
| EV/EBITDA Ratio | 14.33 | 18.33 | 51.25 | 61.51 | 44.38 | 61.10 |
| EV/EBIT Ratio | 21.10 | 27.36 | 75.60 | 89.18 | 61.95 | 88.74 |
| EV/FCF Ratio | 13.64 | 21.26 | 48.92 | 61.22 | 55.01 | 52.39 |
| Debt / Equity Ratio | 0.01 | 0.01 | 0.01 | 0.02 | 0.03 | 0.04 |
| Debt / EBITDA Ratio | 0.03 | 0.04 | 0.09 | 0.12 | 0.16 | 0.24 |
| Debt / FCF Ratio | 0.03 | 0.05 | 0.09 | 0.12 | 0.22 | 0.22 |
| Net Debt / Equity Ratio | -0.19 | -0.15 | -0.27 | -0.39 | -0.37 | -0.49 |
| Net Debt / EBITDA Ratio | -0.92 | -0.82 | -1.74 | -2.33 | -1.98 | -2.96 |
| Net Debt / FCF Ratio | -0.87 | -0.95 | -1.66 | -2.32 | -2.46 | -2.54 |
| Asset Turnover | 0.68 | 0.68 | 0.69 | 0.72 | 0.70 | 0.68 |
| Quick Ratio | 1.62 | 1.42 | 2.00 | 2.47 | 2.29 | 2.84 |
| Current Ratio | 2.25 | 2.17 | 2.60 | 3.07 | 2.92 | 3.43 |
| Return on Equity (ROE) | 8.79% | 10.21% | 10.12% | 10.93% | 10.80% | 9.86% |
| Return on Assets (ROA) | 7.15% | 6.72% | 5.99% | 6.45% | 6.90% | 6.03% |
| Return on Invested Capital (ROIC) | 12.55% | 12.25% | 13.34% | 15.93% | 18.73% | 18.24% |
| Return on Capital Employed (ROCE) | 13.40% | 11.60% | 10.00% | 11.10% | 12.70% | 10.70% |
| Earnings Yield | 2.72% | 2.78% | 1.11% | 0.92% | 1.19% | 0.87% |
| FCF Yield | 6.89% | 4.53% | 1.99% | 1.58% | 1.73% | 1.82% |
| Buyback Yield / Dilution | 2.82% | -0.36% | -1.02% | -1.41% | 0.02% | -1.87% |