SPS Commerce (SPSC) Financials

$50.56 +0.65 (+1.30%)

As of 10:44 AM Eastern

Annual Income Statements for SPS Commerce

This table shows SPS Commerce's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	4.64	4.96	0.35	24	34	46	45	55	66	77	93
Consolidated Net Income / (Loss)	4.64	4.96	0.35	24	34	46	45	55	66	77	93
Net Income / (Loss) Continuing Operations	4.64	4.96	0.35	24	34	46	45	55	66	77	93
Total Pre-Tax Income	7.08	7.72	11	28	42	53	54	71	86	99	124
Total Operating Income	7.02	6.39	9.98	27	38	50	55	71	77	89	118
Total Gross Profit	108	129	146	166	187	213	254	298	355	427	520
Total Revenue	159	193	220	248	279	313	385	451	537	638	752
Operating Revenue	159	193	220	248	279	313	385	451	537	638	752
Total Cost of Revenue	50	64	74	82	92	100	132	153	182	211	232
Operating Cost of Revenue	50	64	74	82	92	100	132	153	182	211	232
Total Operating Expenses	101	122	136	140	148	163	199	227	278	338	402
Selling, General & Admin Expense	25	29	37	42	45	50	61	67	85	103	127
Marketing Expense	55	67	71	72	70	76	88	102	123	149	169
Research & Development Expense	18	22	23	22	28	31	39	46	54	63	69
Amortization Expense	3.31	4.74	4.57	4.09	5.32	5.54	10	12	16	24	37
Total Other Income / (Expense), net	0.05	1.33	0.71	1.61	3.66	2.52	-1.54	0.14	8.32	11	5.53
Income Tax Expense	2.44	2.76	10	4.47	8.36	7.09	8.94	16	20	22	30
Basic Earnings per Share	$0.28	$0.29	$0.01	$0.69	$0.96	$1.29	$1.24	$1.53	$1.80	$2.07	$2.46
Weighted Average Basic Shares Outstanding	16.57M	16.95M	34.37M	34.39M	35.02M	35.23M	35.93M	36.12M	36.65M	37.31M	37.88M
Diluted Earnings per Share	$0.27	$0.29	$0.01	$0.68	$0.94	$1.26	$1.21	$1.49	$1.76	$2.04	$2.46
Weighted Average Diluted Shares Outstanding	17.03M	17.24M	34.71M	35.21M	36.00M	36.29M	36.96M	36.95M	37.48M	37.86M	37.99M
Weighted Average Basic & Diluted Shares Outstanding	16.60M	16.80M	2.20M	17.20M	34.86M	35.58M	36.01M	36.31M	36.97M	37.77M	37.39M

This table shows SPS Commerce's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	17	19	18	18	23	18	22	20	26	26	20
Consolidated Net Income / (Loss)	17	19	18	18	23	18	22	20	26	26	20
Net Income / (Loss) Continuing Operations	17	19	18	18	23	18	22	20	26	26	20
Total Pre-Tax Income	22	26	19	27	29	24	28	27	32	36	26
Total Operating Income	21	23	15	23	26	25	26	26	31	35	25
Total Gross Profit	90	96	98	102	112	115	125	128	132	136	133
Total Revenue	136	145	150	154	164	171	182	187	190	193	192
Operating Revenue	136	145	150	154	164	171	182	187	190	193	192
Total Cost of Revenue	46	49	51	52	52	56	57	60	58	57	59
Operating Cost of Revenue	46	49	51	52	52	56	57	60	58	57	59
Total Operating Expenses	70	73	83	78	86	91	99	101	101	101	108
Selling, General & Admin Expense	22	21	26	24	27	26	31	31	32	33	36
Marketing Expense	30	33	36	36	38	39	42	43	42	42	45
Research & Development Expense	14	14	16	14	15	17	17	17	17	17	18
Amortization Expense	3.79	5.00	4.34	4.84	6.47	7.86	8.59	9.51	9.49	9.58	9.32
Total Other Income / (Expense), net	1.70	3.46	3.13	4.06	3.78	-0.37	2.21	0.77	1.26	1.29	1.41
Income Tax Expense	5.46	7.33	0.53	9.19	5.89	6.81	5.97	7.51	6.88	10	6.24
Basic Earnings per Share	$0.46	$0.52	$0.49	$0.49	$0.63	$0.46	$0.58	$0.52	$0.67	$0.69	$0.53
Weighted Average Basic Shares Outstanding	36.73M	36.65M	37.05M	37.08M	37.45M	37.31M	37.99M	37.97M	37.90M	37.88M	37.38M
Diluted Earnings per Share	$0.45	$0.51	$0.48	$0.48	$0.62	$0.46	$0.58	$0.52	$0.67	$0.69	$0.53
Weighted Average Diluted Shares Outstanding	37.58M	37.48M	37.69M	37.68M	38.00M	37.86M	38.16M	38.10M	37.99M	37.99M	37.44M
Weighted Average Basic & Diluted Shares Outstanding	36.70M	36.97M	37.03M	37.10M	37.57M	37.77M	37.98M	37.91M	37.71M	37.39M	36.71M

This table details how cash moves in and out of SPS Commerce's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-9.26	-5.66	7.25	11	45	-30	58	-45	56	22	-90
Net Cash From Operating Activities	14	19	31	55	72	89	113	100	132	157	179
Net Cash From Continuing Operating Activities	14	19	31	55	72	89	113	100	132	157	179
Net Income / (Loss) Continuing Operations	4.64	4.96	0.35	24	34	46	45	55	66	77	93
Consolidated Net Income / (Loss)	4.64	4.96	0.35	24	34	46	45	55	66	77	93
Depreciation Expense	6.27	6.60	7.21	8.59	11	13	15	16	19	19	21
Amortization Expense	3.31	4.74	4.57	4.09	5.32	5.54	10	12	16	24	37
Non-Cash Adjustments To Reconcile Net Income	7.65	9.40	14	15	19	23	35	35	52	63	60
Changes in Operating Assets and Liabilities, net	-7.43	-6.93	4.50	3.72	3.06	0.97	7.98	-19	-20	-25	-33
Net Cash From Investing Activities	-31	-34	-23	-40	-14	-120	-47	-113	-93	-110	-169
Net Cash From Continuing Investing Activities	-31	-34	-23	-40	-14	-120	-47	-113	-93	-110	-169
Purchase of Property, Plant & Equipment	-8.76	-8.01	-7.27	-14	-14	-16	-20	-20	-20	-20	-27
Acquisitions	0.00	-18	-0.50	-27	-12	-99	-17	-91	-70	-148	-143
Purchase of Investments	-23	-23	-48	-82	-74	-75	-121	-160	-134	-86	0.00
Sale and/or Maturity of Investments	0.00	15	33	82	84	69	111	159	131	143	0.00
Net Cash From Financing Activities	8.25	10	-2.47	-3.78	-12	2.33	-8.36	-32	16	-23	-101
Net Cash From Continuing Financing Activities	8.25	10	-2.47	-3.78	-12	2.33	-8.36	-32	16	-23	-101
Repurchase of Common Equity	0.00	0.00	-5.82	-20	-21	-19	-20	-43	0.00	-38	-114
Issuance of Common Equity	1.48	1.73	1.93	1.75	2.27	3.37	4.74	6.68	8.11	9.83	9.58
Other Financing Activities, net	6.78	8.37	1.41	14	6.21	18	7.33	4.91	7.86	4.71	3.86
Effect of Exchange Rate Changes	-0.66	-0.37	1.29	-0.04	0.05	0.02	0.03	-0.29	0.56	-1.98	1.53
Cash Income Taxes Paid	0.11	0.72	1.07	1.53	1.55	1.66	9.98	16	29	27	29

This table details how cash moves in and out of SPS Commerce's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-31	40	16	5.60	-41	42	-146	13	26	18	2.92
Net Cash From Operating Activities	44	33	34	29	53	41	40	32	61	46	56
Net Cash From Continuing Operating Activities	44	33	34	29	53	41	40	32	61	46	56
Net Income / (Loss) Continuing Operations	17	19	18	18	23	18	22	20	26	26	20
Consolidated Net Income / (Loss)	17	19	18	18	23	18	22	20	26	26	20
Depreciation Expense	4.68	4.67	4.69	4.68	4.63	4.71	4.96	4.99	5.35	5.79	5.83
Amortization Expense	3.79	5.00	4.34	4.84	6.47	7.86	8.59	9.51	9.49	9.58	9.32
Non-Cash Adjustments To Reconcile Net Income	13	11	21	14	12	15	15	17	16	12	19
Changes in Operating Assets and Liabilities, net	5.48	-7.18	-14	-12	6.85	-4.32	-11	-19	4.11	-7.35	1.35
Net Cash From Investing Activities	-75	0.81	-2.95	-8.98	-98	-0.23	-148	-7.66	-6.06	-7.65	-7.14
Net Cash From Continuing Investing Activities	-75	0.81	-2.95	-8.98	-98	-0.23	-148	-7.66	-6.06	-7.65	-7.14
Purchase of Property, Plant & Equipment	-5.70	-4.29	-3.53	-5.06	-5.24	-6.21	-6.15	-6.67	-6.06	-7.65	-7.14
Acquisitions	-70	-	0.00	-	-118	-0.52	-142	-0.99	-	-	0.00
Net Cash From Financing Activities	1.05	5.97	-15	-15	2.25	4.67	-39	-13	-28	-21	-46
Net Cash From Continuing Financing Activities	1.05	5.97	-15	-15	2.25	4.67	-39	-13	-28	-21	-46
Repurchase of Common Equity	-	-	-17	-21	-0.08	-	-40	-20	-30	-25	-47
Issuance of Common Equity	0.35	3.63	0.39	4.83	0.45	4.16	0.41	5.02	0.50	3.66	0.52
Other Financing Activities, net	0.71	2.33	1.26	1.05	1.88	0.52	0.64	1.77	1.08	0.38	0.74
Effect of Exchange Rate Changes	-0.35	0.82	-0.67	0.20	1.33	-2.83	0.66	0.79	-0.01	0.09	0.29

This table presents SPS Commerce's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	262	298	340	386	447	526	616	673	824	1,031	1,170
Total Current Assets	167	186	224	250	292	271	352	323	401	382	335
Cash & Equivalents	122	116	123	134	179	150	208	163	219	241	151
Accounts Receivable	18	21	25	27	32	34	35	39	47	52	68
Other Current Assets	20	26	36	44	47	50	61	69	79	89	116
Plant, Property, & Equipment, net	14	15	17	21	24	26	32	35	36	38	43
Total Noncurrent Assets	81	97	99	116	132	229	232	315	386	612	791
Goodwill	34	50	52	70	77	135	144	197	249	399	542
Intangible Assets	15	20	17	23	23	60	59	88	107	181	216
Noncurrent Deferred & Refundable Income Taxes	11	12	14	10	2.63	0.19	0.18	0.23	0.51	0.51	0.49
Other Noncurrent Operating Assets	6.30	7.61	12	13	30	31	29	29	29	31	33
Total Liabilities & Shareholders' Equity	262	298	340	386	447	526	616	673	824	1,031	1,170
Total Liabilities	40	49	52	67	93	106	132	136	156	177	196
Total Current Liabilities	24	32	44	57	68	80	103	111	131	147	154
Accounts Payable	2.16	2.30	4.46	4.44	4.27	5.35	8.33	11	7.42	8.58	14
Accrued Expenses	1.99	3.51	4.71	4.56	6.21	11	8.35	7.45	8.01	12	13
Current Deferred Revenue	8.93	13	20	27	31	38	50	57	69	74	76
Current Employee Benefit Liabilities	11	14	15	20	22	23	32	30	42	47	48
Other Current Liabilities	-	-	-	0.00	3.78	2.80	4.11	4.28	4.46	4.58	4.35
Total Noncurrent Liabilities	15	17	7.68	11	25	26	29	25	26	30	42
Noncurrent Deferred Revenue	15	15	5.80	7.88	2.85	3.00	5.14	4.77	6.93	6.19	5.29
Noncurrent Deferred & Payable Income Tax Liabilities	0.00	1.91	1.89	1.38	1.19	2.94	7.15	7.42	8.97	16	33
Other Noncurrent Operating Liabilities	-	-	0.00	1.37	20	20	16	13	9.80	8.13	3.13
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	222	249	288	319	355	421	484	537	667	855	974
Total Preferred & Common Equity	222	249	288	319	355	421	484	537	667	855	974
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	222	249	288	319	355	421	484	537	667	855	974
Common Stock	265	286	302	333	354	393	433	476	537	628	723
Retained Earnings	-39	-34	-8.61	15	49	93	138	193	259	336	429
Treasury Stock	-	0.00	-5.82	-26	-46	-65	-86	-129	-129	-100	-178
Accumulated Other Comprehensive Income / (Loss)	-3.65	-3.33	0.66	-3.22	-1.95	-1.02	-1.45	-3.41	0.22	-9.68	-0.37

This table presents SPS Commerce's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	637	697	736	787	840	855	1,003	1,109	1,121	1,159	1,161
Total Current Assets	339	346	385	360	420	407	345	252	269	316	329
Cash & Equivalents	186	182	209	179	235	240	199	95	108	134	154
Accounts Receivable	37	43	45	45	52	55	56	63	68	67	65
Other Current Assets	65	69	70	75	77	80	83	94	94	114	109
Plant, Property, & Equipment, net	33	35	35	36	35	35	36	39	40	41	46
Total Noncurrent Assets	265	315	315	391	385	413	623	819	812	802	786
Goodwill	166	199	203	252	249	269	424	534	544	543	541
Intangible Assets	71	85	78	104	99	108	168	252	237	225	206
Noncurrent Deferred & Refundable Income Taxes	0.22	3.37	6.68	6.81	7.48	7.35	0.41	0.56	0.65	0.46	0.51
Other Noncurrent Operating Assets	28	29	28	29	29	29	30	32	30	33	39
Total Liabilities & Shareholders' Equity	637	697	736	787	840	855	1,003	1,109	1,121	1,159	1,161
Total Liabilities	129	131	135	161	157	151	174	188	171	200	199
Total Current Liabilities	105	107	112	133	134	129	146	153	148	160	155
Accounts Payable	8.20	5.34	6.16	6.20	12	5.88	8.11	11	12	13	14
Accrued Expenses	5.20	8.16	6.71	8.90	11	9.45	8.97	17	13	12	16
Current Deferred Revenue	59	63	66	72	74	76	79	79	79	78	80
Current Employee Benefit Liabilities	29	26	29	41	33	32	46	41	39	52	43
Other Current Liabilities	4.34	4.12	4.07	4.45	4.48	4.59	4.36	6.16	5.75	5.62	1.92
Total Noncurrent Liabilities	24	24	23	28	23	23	28	35	23	40	44
Noncurrent Deferred Revenue	5.15	5.11	5.72	6.85	6.47	7.11	6.55	5.75	5.48	5.15	5.32
Noncurrent Deferred & Payable Income Tax Liabilities	4.84	6.98	5.81	10	7.54	7.01	12	20	13	30	34
Other Noncurrent Operating Liabilities	14	12	11	11	8.66	8.43	9.45	8.66	5.35	4.32	4.98
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	508	566	601	627	683	703	829	921	950	959	962
Total Preferred & Common Equity	508	566	601	627	683	703	829	921	950	959	962
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	508	566	601	627	683	703	829	921	950	959	962
Common Stock	463	490	509	520	558	575	612	672	693	708	742
Retained Earnings	177	209	223	240	277	295	319	358	378	404	449
Treasury Stock	-128	-129	-129	-129	-149	-162	-100	-102	-122	-152	-227
Accumulated Other Comprehensive Income / (Loss)	-4.66	-3.48	-1.84	-4.65	-3.23	-4.35	-1.19	-7.46	0.70	-0.92	-1.69

This table displays calculated financial ratios and metrics derived from SPS Commerce's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	23.89%	21.85%	13.94%	12.79%	12.44%	12.00%	23.24%	17.03%	19.08%	18.78%	17.83%
EBITDA Growth	31.65%	12.18%	16.20%	80.46%	41.73%	25.49%	16.24%	24.22%	12.70%	17.07%	34.66%
EBIT Growth	75.24%	3.47%	35.75%	169.24%	47.65%	30.60%	9.82%	29.22%	8.52%	15.06%	33.10%
NOPAT Growth	59.77%	-10.84%	-92.02%	6,772.62%	36.68%	41.03%	5.71%	19.92%	8.00%	15.85%	29.52%
Net Income Growth	71.56%	6.98%	-92.93%	6,701.14%	41.22%	35.22%	-2.17%	23.63%	19.39%	17.06%	21.13%
EPS Growth	68.75%	7.41%	-92.93%	6,701.14%	38.24%	34.04%	-3.97%	23.14%	18.12%	15.91%	20.59%
Operating Cash Flow Growth	-14.05%	30.05%	65.47%	77.18%	30.50%	23.36%	27.47%	-11.37%	32.23%	18.97%	13.59%
Free Cash Flow Firm Growth	107.26%	-2,948.39%	19.95%	109.28%	1,868.55%	-253.26%	208.00%	-182.12%	75.88%	-1,452.77%	21.66%
Invested Capital Growth	5.23%	31.52%	16.31%	17.55%	0.54%	63.25%	-1.64%	42.22%	21.46%	56.54%	34.04%
Revenue Q/Q Growth	4.58%	4.64%	3.35%	2.96%	2.78%	3.50%	5.32%	4.46%	4.46%	4.24%	2.98%
EBITDA Q/Q Growth	13.90%	-5.18%	-4.02%	25.78%	6.70%	5.52%	3.63%	6.11%	4.94%	3.77%	7.77%
EBIT Q/Q Growth	38.39%	-17.76%	-9.87%	42.06%	6.49%	5.90%	3.41%	5.39%	5.28%	2.14%	9.17%
NOPAT Q/Q Growth	24.91%	-19.07%	-95.85%	143.21%	5.75%	10.16%	1.05%	3.14%	3.27%	2.23%	8.58%
Net Income Q/Q Growth	38.02%	-17.79%	-95.71%	139.85%	6.38%	10.44%	-1.56%	6.06%	4.94%	-1.85%	9.74%
EPS Q/Q Growth	42.11%	-19.44%	-95.71%	139.85%	3.30%	7.69%	-3.97%	6.43%	4.76%	-2.39%	10.31%
Operating Cash Flow Q/Q Growth	19.75%	4.81%	2.19%	17.99%	4.92%	2.55%	7.93%	-7.19%	7.49%	5.20%	3.06%
Free Cash Flow Firm Q/Q Growth	104.64%	9.33%	-321.62%	-87.12%	1,961.32%	-188.35%	218.55%	-3,040.11%	83.45%	9.45%	-0.17%
Invested Capital Q/Q Growth	-1.42%	-3.93%	0.64%	20.93%	-1.78%	75.83%	3.85%	19.32%	1.17%	-1.59%	-0.32%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	68.43%	66.69%	66.55%	67.07%	66.95%	68.07%	65.82%	66.05%	66.09%	66.96%	69.18%
EBITDA Margin	10.38%	9.55%	9.74%	15.59%	19.65%	22.01%	20.76%	22.04%	20.86%	20.56%	23.49%
Operating Margin	4.43%	3.31%	4.54%	10.77%	13.76%	16.04%	14.30%	15.79%	14.39%	13.94%	15.74%
EBIT Margin	4.34%	3.68%	4.39%	10.48%	13.76%	16.04%	14.30%	15.79%	14.39%	13.94%	15.74%
Profit (Net Income) Margin	2.93%	2.57%	0.16%	9.62%	12.08%	14.58%	11.58%	12.23%	12.26%	12.08%	12.42%
Tax Burden Percent	65.57%	64.30%	3.28%	84.23%	80.13%	86.53%	83.30%	77.30%	76.93%	77.46%	75.37%
Interest Burden Percent	102.86%	108.44%	110.68%	108.95%	109.54%	105.03%	97.20%	100.20%	110.76%	111.92%	104.68%
Effective Tax Rate	34.43%	35.70%	96.72%	15.77%	19.87%	13.47%	16.71%	22.70%	23.07%	22.54%	24.63%
Return on Invested Capital (ROIC)	6.04%	4.54%	0.29%	17.31%	21.83%	23.33%	20.05%	20.02%	16.63%	13.69%	12.42%
ROIC Less NNEP Spread (ROIC-NNEP)	6.02%	3.95%	0.28%	16.53%	20.34%	22.25%	20.62%	19.97%	14.02%	10.51%	10.29%
Return on Net Nonoperating Assets (RNNOA)	-3.87%	-2.43%	-0.16%	-9.45%	-11.83%	-11.58%	-10.19%	-9.22%	-5.70%	-3.57%	-2.21%
Return on Equity (ROE)	2.17%	2.11%	0.13%	7.86%	10.01%	11.76%	9.86%	10.80%	10.93%	10.12%	10.21%
Cash Return on Invested Capital (CROIC)	0.95%	-22.69%	-14.78%	1.17%	21.29%	-24.73%	21.71%	-14.84%	-2.75%	-30.38%	-16.67%
Operating Return on Assets (OROA)	2.72%	2.54%	3.03%	7.17%	9.21%	10.30%	9.64%	11.05%	10.32%	9.58%	10.75%
Return on Assets (ROA)	1.84%	1.77%	0.11%	6.58%	8.09%	9.36%	7.81%	8.56%	8.80%	8.31%	8.48%
Return on Common Equity (ROCE)	2.17%	2.11%	0.13%	7.86%	10.01%	11.76%	9.86%	10.80%	10.93%	10.12%	10.21%
Return on Equity Simple (ROE_SIMPLE)	2.09%	1.99%	0.12%	7.48%	9.50%	10.84%	9.21%	10.27%	9.86%	9.02%	0.00%
Net Operating Profit after Tax (NOPAT)	4.60	4.11	0.33	23	31	43	46	55	59	69	89
NOPAT Margin	2.91%	2.13%	0.15%	9.07%	11.03%	13.88%	11.91%	12.20%	11.07%	10.80%	11.87%
Net Nonoperating Expense Percent (NNEP)	0.02%	0.59%	0.01%	0.78%	1.50%	1.08%	-0.58%	0.05%	2.61%	3.18%	2.13%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	10.25%	8.90%	8.06%	9.16%
Cost of Revenue to Revenue	31.57%	33.31%	33.45%	32.93%	33.05%	31.93%	34.18%	33.95%	33.91%	33.04%	30.82%
SG&A Expenses to Revenue	15.66%	14.92%	17.02%	16.86%	16.02%	16.03%	15.91%	14.94%	15.81%	16.14%	16.85%
R&D to Revenue	11.33%	11.38%	10.53%	8.90%	10.14%	9.92%	10.13%	10.15%	9.99%	9.85%	9.14%
Operating Expenses to Revenue	64.00%	63.38%	62.01%	56.30%	53.19%	52.02%	51.52%	50.26%	51.70%	53.02%	53.44%
Earnings before Interest and Taxes (EBIT)	6.88	7.12	9.66	26	38	50	55	71	77	89	118
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	16	18	21	39	55	69	80	99	112	131	177
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.25	4.78	2.90	4.56	5.44	9.11	10.57	8.62	10.66	8.09	3.45
Price to Tangible Book Value (P/TBV)	6.74	6.63	3.80	6.42	7.56	16.99	18.15	18.41	22.88	25.21	15.53
Price to Revenue (P/Rev)	7.36	6.17	3.80	5.86	6.92	12.26	13.29	10.27	13.25	10.84	4.47
Price to Earnings (P/E)	251.62	239.95	2,384.42	60.96	57.27	84.11	114.79	83.96	108.07	89.71	36.01
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.40%	0.42%	0.04%	1.64%	1.75%	1.19%	0.87%	1.19%	0.93%	1.11%	2.78%
Enterprise Value to Invested Capital (EV/IC)	13.09	10.16	5.59	9.08	12.15	15.79	21.42	13.68	17.44	10.87	3.90
Enterprise Value to Revenue (EV/Rev)	6.46	5.41	3.04	5.14	6.15	11.66	12.62	9.79	12.74	10.46	4.27
Enterprise Value to EBITDA (EV/EBITDA)	62.20	56.60	31.17	33.00	31.31	52.95	60.78	44.42	61.06	50.88	18.18
Enterprise Value to EBIT (EV/EBIT)	148.77	146.75	69.19	49.09	44.71	72.65	88.27	62.02	88.52	75.06	27.13
Enterprise Value to NOPAT (EV/NOPAT)	222.21	254.38	2,040.13	56.71	55.80	83.96	105.97	80.23	115.07	96.90	36.00
Enterprise Value to Operating Cash Flow (EV/OCF)	70.92	55.66	21.53	23.21	23.92	41.15	43.07	44.12	51.69	42.38	17.95
Enterprise Value to Free Cash Flow (EV/FCFF)	1,419.40	0.00	0.00	837.44	57.22	0.00	97.88	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.64	-0.62	-0.59	-0.57	-0.58	-0.52	-0.49	-0.46	-0.41	-0.34	-0.21
Leverage Ratio	1.18	1.19	1.19	1.20	1.24	1.26	1.26	1.26	1.24	1.22	1.20
Compound Leverage Factor	1.22	1.29	1.31	1.30	1.36	1.32	1.23	1.26	1.38	1.36	1.26
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	18.84	15.74	11.07	14.52	14.18	23.35	25.06	22.24	29.09	25.13	11.97
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.88	5.78	5.10	4.42	4.29	3.39	3.43	2.92	3.07	2.60	2.17
Quick Ratio	6.05	4.97	4.28	3.64	3.60	2.76	2.84	2.29	2.47	2.00	1.42
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.72	-21	-16	1.52	30	-46	50	-41	-9.84	-153	-120
Operating Cash Flow to CapEx	164.77%	234.33%	427.04%	400.11%	528.48%	537.82%	576.34%	503.28%	669.49%	785.18%	674.07%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.63	0.69	0.69	0.68	0.67	0.64	0.67	0.70	0.72	0.69	0.68
Accounts Receivable Turnover	9.60	10.07	9.64	9.48	9.46	9.60	11.31	12.19	12.45	12.90	12.50
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	12.69	13.35	13.68	13.13	12.49	12.46	13.21	13.39	15.02	17.33	18.63
Accounts Payable Turnover	16.34	28.82	21.77	18.36	21.17	20.74	19.25	15.63	19.50	26.34	20.74
Days Sales Outstanding (DSO)	38.04	36.25	37.85	38.51	38.59	38.01	32.28	29.95	29.33	28.29	29.19
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	22.33	12.66	16.77	19.88	17.24	17.60	18.97	23.35	18.72	13.86	17.60
Cash Conversion Cycle (CCC)	15.70	23.58	21.08	18.64	21.35	20.41	13.31	6.60	10.61	14.44	11.59
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	78	103	120	141	141	231	227	323	392	614	823
Invested Capital Turnover	2.08	2.13	1.98	1.91	1.98	1.68	1.68	1.64	1.50	1.27	1.05
Increase / (Decrease) in Invested Capital	3.88	25	17	21	0.76	89	-3.79	96	69	222	209
Enterprise Value (EV)	1,023	1,044	668	1,277	1,717	3,644	4,862	4,415	6,838	6,671	3,210
Market Capitalization	1,167	1,191	837	1,455	1,931	3,834	5,120	4,629	7,113	6,912	3,361
Book Value per Share	$13.36	$14.63	$16.73	$18.06	$10.19	$11.92	$13.47	$14.90	$18.19	$22.75	$25.83
Tangible Book Value per Share	$10.42	$10.55	$12.77	$12.83	$7.33	$6.39	$7.84	$6.98	$8.47	$7.30	$5.74
Total Capital	222	249	288	319	355	421	484	537	667	855	974
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-144	-146	-169	-178	-214	-190	-257	-214	-275	-241	-151
Capital Expenditures (CapEx)	8.76	8.01	7.27	14	14	16	20	20	20	20	27
Debt-free, Cash-free Net Working Capital (DFCFNWC)	13	15	17	15	10	3.75	-7.74	-2.13	-4.67	-5.79	30
Debt-free Net Working Capital (DFNWC)	143	154	180	193	224	191	250	212	271	235	181
Net Working Capital (NWC)	143	154	180	193	224	191	250	212	271	235	181
Net Nonoperating Expense (NNE)	-0.03	-0.86	-0.02	-1.36	-2.94	-2.18	1.29	-0.11	-6.40	-8.21	-4.17
Net Nonoperating Obligations (NNO)	-144	-146	-169	-178	-214	-190	-257	-214	-275	-241	-151
Total Depreciation and Amortization (D&A)	9.57	11	12	13	16	19	25	28	35	42	58
Debt-free, Cash-free Net Working Capital to Revenue	8.51%	7.67%	7.75%	5.92%	3.60%	1.20%	-2.01%	-0.47%	-0.87%	-0.91%	3.94%
Debt-free Net Working Capital to Revenue	89.93%	79.61%	81.96%	77.78%	80.10%	61.17%	64.78%	47.06%	50.43%	36.88%	24.08%
Net Working Capital to Revenue	89.93%	79.61%	81.96%	77.78%	80.10%	61.17%	64.78%	47.06%	50.43%	36.88%	24.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.14	$0.17	($0.07)	$0.00	$0.96	$1.29	$1.24	$1.53	$1.80	$2.07	$2.46
Adjusted Weighted Average Basic Shares Outstanding	33.13M	33.89M	34.37M	0.00	35.02M	35.23M	35.93M	36.12M	36.65M	37.31M	37.88M
Adjusted Diluted Earnings per Share	$0.14	$0.17	($0.07)	$0.00	$0.94	$1.26	$1.21	$1.49	$1.76	$2.04	$2.46
Adjusted Weighted Average Diluted Shares Outstanding	34.06M	34.48M	34.37M	0.00	36.00M	36.29M	36.96M	36.95M	37.48M	37.86M	37.99M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	33.69M	34.36M	34.50M	0.00	34.86M	35.58M	36.01M	36.31M	36.97M	37.77M	37.39M
Normalized Net Operating Profit after Tax (NOPAT)	4.60	4.11	6.99	23	31	43	46	55	59	69	89
Normalized NOPAT Margin	2.91%	2.13%	3.17%	9.07%	11.03%	13.88%	11.91%	12.20%	11.07%	10.80%	11.87%
Pre Tax Income Margin	4.46%	4.00%	4.86%	11.42%	15.07%	16.85%	13.90%	15.82%	15.94%	15.60%	16.48%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	1,656.70%	83.21%	61.16%	41.57%	45.81%	78.38%	0.00%	48.75%	122.43%

This table displays calculated financial ratios and metrics derived from SPS Commerce's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	37,390,873.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	37,390,873.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.53
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	18.50%	18.81%	18.84%	17.77%	20.66%	17.90%	21.38%	22.01%	16.02%	12.72%	5.82%
EBITDA Growth	8.21%	19.30%	-3.06%	29.84%	26.19%	14.64%	61.66%	25.34%	25.53%	34.13%	0.54%
EBIT Growth	4.62%	20.36%	-7.93%	36.00%	24.14%	8.12%	68.51%	14.27%	21.98%	40.18%	-5.38%
NOPAT Growth	-5.39%	13.35%	5.32%	16.07%	31.39%	7.93%	36.73%	24.95%	20.24%	39.74%	-8.78%
Net Income Growth	6.17%	19.45%	17.75%	22.82%	39.29%	-7.64%	23.29%	9.43%	8.99%	47.17%	-11.11%
EPS Growth	4.65%	18.60%	17.07%	23.08%	37.78%	-9.80%	20.83%	8.33%	8.06%	50.00%	-8.62%
Operating Cash Flow Growth	10.44%	39.11%	57.48%	-13.51%	21.64%	23.72%	17.38%	9.79%	13.66%	13.09%	39.13%
Free Cash Flow Firm Growth	-185.62%	35.07%	35.86%	-7.13%	-112.55%	-286.37%	-823.71%	-357.81%	17.90%	9.74%	108.90%
Invested Capital Growth	43.26%	21.46%	17.96%	30.48%	60.92%	56.54%	110.63%	95.11%	32.33%	34.04%	-2.19%
Revenue Q/Q Growth	4.02%	6.86%	3.18%	2.69%	6.57%	4.41%	6.23%	3.22%	1.34%	1.45%	-0.28%
EBITDA Q/Q Growth	15.44%	12.01%	-24.93%	33.78%	12.19%	1.75%	5.85%	3.72%	12.37%	8.72%	-20.66%
EBIT Q/Q Growth	20.94%	11.10%	-32.70%	50.39%	10.39%	-3.23%	4.90%	1.98%	17.84%	11.21%	-29.20%
NOPAT Q/Q Growth	17.66%	6.18%	-9.42%	2.57%	33.20%	-12.78%	14.75%	-6.27%	28.18%	1.37%	-25.09%
Net Income Q/Q Growth	14.71%	12.88%	-5.30%	0.16%	30.10%	-25.15%	26.41%	-11.10%	29.57%	1.06%	-23.65%
EPS Q/Q Growth	15.38%	13.33%	-5.88%	0.00%	29.17%	-25.81%	26.09%	-10.34%	28.85%	2.99%	-23.19%
Operating Cash Flow Q/Q Growth	28.80%	-25.22%	3.90%	-13.57%	81.14%	-23.94%	-1.43%	-19.16%	87.52%	-24.32%	21.27%
Free Cash Flow Firm Q/Q Growth	-27.13%	48.01%	15.16%	-91.02%	-152.25%	5.49%	-102.83%	5.33%	54.76%	-3.90%	119.99%
Invested Capital Q/Q Growth	17.14%	1.17%	0.03%	10.07%	44.47%	-1.59%	34.60%	1.96%	-2.01%	-0.32%	-1.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	66.45%	66.17%	65.58%	66.13%	68.46%	67.48%	68.65%	68.08%	69.49%	70.44%	69.18%
EBITDA Margin	21.42%	22.45%	16.34%	21.28%	22.41%	21.83%	21.76%	21.86%	24.24%	25.98%	20.67%
Operating Margin	15.18%	15.79%	10.30%	15.08%	15.62%	14.48%	14.30%	14.12%	16.42%	18.00%	12.78%
EBIT Margin	15.18%	15.79%	10.30%	15.08%	15.62%	14.48%	14.30%	14.12%	16.42%	18.00%	12.78%
Profit (Net Income) Margin	12.41%	13.11%	12.04%	11.74%	14.33%	10.27%	12.23%	10.53%	13.46%	13.41%	10.27%
Tax Burden Percent	75.52%	72.17%	97.13%	66.24%	79.93%	72.05%	78.81%	72.43%	78.79%	71.82%	75.99%
Interest Burden Percent	108.26%	115.10%	120.33%	117.51%	114.77%	98.49%	108.50%	102.92%	104.04%	103.72%	105.72%
Effective Tax Rate	24.48%	27.83%	2.87%	33.76%	20.07%	27.95%	21.19%	27.57%	21.21%	28.18%	24.01%
Return on Invested Capital (ROIC)	17.91%	17.12%	15.48%	15.30%	15.11%	13.23%	12.39%	11.30%	13.04%	13.53%	9.06%
ROIC Less NNEP Spread (ROIC-NNEP)	17.37%	16.10%	14.32%	14.31%	13.76%	13.33%	11.49%	11.01%	12.45%	13.06%	8.20%
Return on Net Nonoperating Assets (RNNOA)	-7.30%	-6.55%	-6.01%	-5.94%	-4.20%	-4.52%	-2.76%	-2.53%	-2.36%	-2.80%	-1.09%
Return on Equity (ROE)	10.62%	10.57%	9.47%	9.35%	10.91%	8.71%	9.63%	8.78%	10.67%	10.73%	7.98%
Cash Return on Invested Capital (CROIC)	-18.07%	-2.75%	0.20%	-10.06%	-33.38%	-30.38%	-59.07%	-52.20%	-16.50%	-16.67%	12.91%
Operating Return on Assets (OROA)	10.96%	11.33%	7.51%	11.07%	10.68%	9.96%	9.83%	10.06%	11.09%	12.29%	8.58%
Return on Assets (ROA)	8.96%	9.41%	8.78%	8.62%	9.79%	7.06%	8.40%	7.50%	9.09%	9.16%	6.89%
Return on Common Equity (ROCE)	10.62%	10.57%	9.47%	9.35%	10.91%	8.71%	9.63%	8.78%	10.67%	10.73%	7.98%
Return on Equity Simple (ROE_SIMPLE)	10.01%	0.00%	10.04%	10.22%	9.47%	0.00%	8.82%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	16	17	15	15	20	18	20	19	25	25	19
NOPAT Margin	11.47%	11.39%	10.00%	9.99%	12.49%	10.43%	11.27%	10.23%	12.94%	12.93%	9.71%
Net Nonoperating Expense Percent (NNEP)	0.54%	1.02%	1.16%	0.99%	1.36%	-0.10%	0.90%	0.30%	0.58%	0.47%	0.86%
Return On Investment Capital (ROIC_SIMPLE)	-	2.47%	-	-	-	2.09%	2.22%	2.02%	2.56%	2.56%	1.94%
Cost of Revenue to Revenue	33.56%	33.83%	34.42%	33.87%	31.54%	32.52%	31.35%	31.92%	30.51%	29.56%	30.82%
SG&A Expenses to Revenue	16.15%	14.22%	17.32%	15.31%	16.59%	15.42%	17.09%	16.48%	16.69%	17.13%	18.93%
R&D to Revenue	9.99%	9.81%	10.70%	9.35%	9.34%	10.03%	9.61%	9.22%	9.10%	8.67%	9.33%
Operating Expenses to Revenue	51.26%	50.38%	55.28%	51.05%	52.84%	53.00%	54.35%	53.95%	53.07%	52.43%	56.39%
Earnings before Interest and Taxes (EBIT)	21	23	15	23	26	25	26	26	31	35	25
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	29	33	24	33	37	37	40	41	46	50	40
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.98	10.66	9.94	9.91	8.68	8.09	5.44	5.44	4.12	3.45	2.16
Price to Tangible Book Value (P/TBV)	23.06	22.88	20.26	21.31	30.30	25.21	37.22	30.55	20.71	15.53	9.67
Price to Revenue (P/Rev)	12.17	13.25	12.10	11.94	11.77	10.84	7.49	7.35	5.41	4.47	2.73
Price to Earnings (P/E)	99.69	108.07	99.00	96.93	91.75	89.71	61.71	62.31	46.41	36.01	22.91
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.00%	0.93%	1.01%	1.03%	1.09%	1.11%	1.62%	1.60%	2.15%	2.78%	4.37%
Enterprise Value to Invested Capital (EV/IC)	15.52	17.44	16.56	15.51	11.22	10.87	5.96	6.01	4.62	3.90	2.39
Enterprise Value to Revenue (EV/Rev)	11.70	12.74	11.58	11.47	11.44	10.46	7.34	7.19	5.23	4.27	2.53
Enterprise Value to EBITDA (EV/EBITDA)	56.35	61.06	58.39	56.40	55.38	50.88	33.65	32.76	23.28	18.18	10.90
Enterprise Value to EBIT (EV/EBIT)	81.96	88.52	85.54	81.61	80.40	75.06	49.47	49.26	35.20	27.13	16.49
Enterprise Value to NOPAT (EV/NOPAT)	104.51	115.07	107.45	107.16	103.90	96.90	66.43	64.80	46.44	36.00	22.07
Enterprise Value to Operating Cash Flow (EV/OCF)	48.86	51.69	44.87	47.78	46.77	42.38	30.12	30.45	21.99	17.95	9.91
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	8,935.26	0.00	0.00	0.00	0.00	0.00	0.00	0.00	18.28
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Financial Leverage	-0.42	-0.41	-0.42	-0.42	-0.31	-0.34	-0.24	-0.23	-0.19	-0.21	-0.13
Leverage Ratio	1.26	1.24	1.23	1.22	1.23	1.22	1.22	1.20	1.21	1.20	1.21
Compound Leverage Factor	1.36	1.43	1.48	1.43	1.41	1.20	1.32	1.23	1.26	1.25	1.27
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Altman Z-Score	24.88	28.87	27.55	29.32	26.22	24.92	17.23	19.41	13.23	11.73	7.72
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.71	3.07	3.13	3.17	2.36	2.60	1.64	1.82	1.97	2.17	2.12
Quick Ratio	2.14	2.47	2.56	2.55	1.79	2.00	1.03	1.18	1.26	1.42	1.42
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-101	-53	-45	-85	-216	-204	-413	-391	-177	-184	37
Operating Cash Flow to CapEx	769.43%	763.53%	964.17%	581.97%	1,017.75%	652.75%	650.13%	484.97%	1,000.54%	599.54%	779.12%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.72	0.72	0.73	0.73	0.68	0.69	0.69	0.71	0.68	0.68	0.67
Accounts Receivable Turnover	12.55	12.45	11.73	11.63	12.15	12.90	11.59	11.45	11.87	12.50	11.86
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	14.87	15.02	16.01	16.61	16.91	17.33	18.19	18.70	18.81	18.63	17.96
Accounts Payable Turnover	24.25	19.50	21.61	32.90	28.55	26.34	18.35	25.62	22.08	20.74	18.19
Days Sales Outstanding (DSO)	29.09	29.33	31.11	31.38	30.04	28.29	31.48	31.88	30.76	29.19	30.77
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	15.05	18.72	16.89	11.09	12.78	13.86	19.89	14.25	16.53	17.60	20.07
Cash Conversion Cycle (CCC)	14.04	10.61	14.22	20.29	17.26	14.44	11.59	17.64	14.24	11.59	10.70
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	388	392	392	432	624	614	826	842	825	823	808
Invested Capital Turnover	1.56	1.50	1.55	1.53	1.21	1.27	1.10	1.10	1.01	1.05	0.93
Increase / (Decrease) in Invested Capital	117	69	60	101	236	222	434	411	202	209	-18
Enterprise Value (EV)	6,014	6,838	6,495	6,696	6,997	6,671	4,919	5,061	3,814	3,210	1,927
Market Capitalization	6,253	7,113	6,785	6,968	7,203	6,912	5,014	5,168	3,948	3,361	2,082
Book Value per Share	$17.10	$18.19	$18.43	$18.99	$22.36	$22.75	$24.38	$25.01	$25.30	$25.83	$25.73
Tangible Book Value per Share	$7.40	$8.47	$9.04	$8.83	$6.41	$7.30	$3.57	$4.45	$5.03	$5.74	$5.76
Total Capital	627	667	683	703	829	855	921	950	959	974	962
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Long-Term Debt	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Debt	-239	-275	-291	-272	-206	-241	-95	-108	-134	-151	-154
Capital Expenditures (CapEx)	5.70	4.29	3.53	5.06	5.24	6.21	6.15	6.67	6.06	7.65	7.14
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-12	-4.67	-4.74	6.61	-7.46	-5.79	3.49	14	22	30	20
Debt-free Net Working Capital (DFNWC)	227	271	286	278	198	235	98	121	156	181	174
Net Working Capital (NWC)	227	271	286	278	198	235	98	121	156	181	174
Net Nonoperating Expense (NNE)	-1.29	-2.49	-3.04	-2.69	-3.02	0.27	-1.74	-0.56	-0.99	-0.93	-1.07
Net Nonoperating Obligations (NNO)	-239	-275	-291	-272	-206	-241	-95	-108	-134	-151	-154
Total Depreciation and Amortization (D&A)	8.46	9.67	9.03	9.52	11	13	14	15	15	15	15
Debt-free, Cash-free Net Working Capital to Revenue	-2.42%	-0.87%	-0.85%	1.13%	-1.22%	-0.91%	0.52%	1.96%	2.99%	3.94%	2.56%
Debt-free Net Working Capital to Revenue	44.14%	50.43%	51.03%	47.69%	32.41%	36.88%	14.69%	17.26%	21.32%	24.08%	22.80%
Net Working Capital to Revenue	44.14%	50.43%	51.03%	47.69%	32.41%	36.88%	14.69%	17.26%	21.32%	24.08%	22.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.46	$0.52	$0.49	$0.49	$0.63	$0.46	$0.58	$0.52	$0.67	$0.69	$0.53
Adjusted Weighted Average Basic Shares Outstanding	36.73M	36.65M	37.05M	37.08M	37.45M	37.31M	37.99M	37.97M	37.90M	37.88M	37.38M
Adjusted Diluted Earnings per Share	$0.45	$0.51	$0.48	$0.48	$0.62	$0.46	$0.58	$0.52	$0.67	$0.69	$0.53
Adjusted Weighted Average Diluted Shares Outstanding	37.58M	37.48M	37.69M	37.68M	38.00M	37.86M	38.16M	38.10M	37.99M	37.99M	37.44M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	36.70M	36.97M	37.03M	37.10M	37.57M	37.77M	37.98M	37.91M	37.71M	37.39M	36.71M
Normalized Net Operating Profit after Tax (NOPAT)	16	17	15	15	20	18	20	19	25	25	19
Normalized NOPAT Margin	11.47%	11.39%	10.00%	9.99%	12.49%	10.43%	11.27%	10.23%	12.94%	12.93%	9.71%
Pre Tax Income Margin	16.44%	18.17%	12.39%	17.72%	17.93%	14.26%	15.51%	14.54%	17.09%	18.68%	13.51%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.82%	0.00%	24.13%	52.14%	47.85%	48.75%	75.11%	71.90%	105.29%	122.43%	133.60%

Financials Breakdown Chart

Key Financial Trends

SPS Commerce (SPSC) has shown a strong revenue trend and solid cash generation across the last four years, with a healthy balance sheet and shareholder-friendly capital allocation. Here are the 10 most important takeaways for retail investors, based on the quarterly statements provided.

Total revenue has grown from about $122.0 million in Q4 2022 to about $192.7 million in Q4 2025, a rise of roughly 58% over the period.
Gross margin expanded from roughly 65.9% in Q4 2022 to about 70.4% in Q4 2025, indicating improving core profitability on a per-dollar of revenue basis.
Operating margin improved in the latest period, rising to about 18.0% in Q4 2025 from about 14.5% in Q4 2024, signaling better operating efficiency alongside higher revenue.
Net income attributable to common shareholders increased from about $19.0 million in Q4 2023 to about $25.8 million in Q4 2025, reflecting stronger profitability.
Diluted earnings per share (EPS) rose to $0.69 in Q4 2025 from $0.46 in Q4 2024, helping drive higher earnings power per share.
Cash flow from continuing operating activities grew to about $45.9 million in Q4 2025 from about $40.6 million in Q4 2024, underscoring strengthening cash generation.
Free cash flow for the quarter (cash flow from operations minus capital expenditures) was roughly $38 million in Q4 2025, reflecting solid cash availability after capex.
The balance sheet shows ample liquidity, with cash & equivalents around $133.7 million in mid-2025 and current assets around $315.6 million versus current liabilities of about $160.0 million, indicating a healthy liquidity position.
Total common equity sits near $959 million, supported by a strong equity base and retained earnings, providing a solid capital structure for resilience and growth.
In addition to ongoing earnings growth, SPS has engaged in stock buybacks (e.g., approximately $24.7 million repurchased in Q4 2025), signaling a capital allocation approach that can support shareholder value.

05/14/26 09:48 AM ETAI Generated. May Contain Errors.

SPS Commerce Financials - Frequently Asked Questions

According to the most recent income statement we have on file, SPS Commerce's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

SPS Commerce's net income appears to be on an upward trend, with a most recent value of $93.34 million in 2025, rising from $4.64 million in 2015. The previous period was $77.05 million in 2024. Find out what analysts predict for SPS Commerce in the coming months.

SPS Commerce's total operating income in 2025 was $118.30 million, based on the following breakdown:

Total Gross Profit: $519.88 million
Total Operating Expenses: $401.57 million

Over the last 10 years, SPS Commerce's total revenue changed from $158.52 million in 2015 to $751.51 million in 2025, a change of 374.1%.

SPS Commerce's total liabilities were at $195.97 million at the end of 2025, a 11.0% increase from 2024, and a 395.5% increase since 2015.

In the past 10 years, SPS Commerce's cash and equivalents has ranged from $115.88 million in 2016 to $241.02 million in 2024, and is currently $151.36 million as of their latest financial filing in 2025.

Over the last 10 years, SPS Commerce's book value per share changed from 13.36 in 2015 to 25.83 in 2025, a change of 93.2%.

Related Companies

Financial statements for NASDAQ:SPSC last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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SPS Commerce (SPSC) Financials

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SPS Commerce (SPSC) Financials

Annual Income Statements for SPS Commerce

Quarterly Income Statements for SPS Commerce

Annual Cash Flow Statements for SPS Commerce

Quarterly Cash Flow Statements for SPS Commerce

Annual Balance Sheets for SPS Commerce

Quarterly Balance Sheets for SPS Commerce

Annual Metrics And Ratios for SPS Commerce

Quarterly Metrics And Ratios for SPS Commerce

Financials Breakdown Chart

Key Financial Trends

SPS Commerce Financials - Frequently Asked Questions

When does SPS Commerce's fiscal year end?

How has SPS Commerce's net income changed over the last 10 years?

What is SPS Commerce's operating income?

How has SPS Commerce's revenue changed over the last 10 years?

How much debt does SPS Commerce have?

How much cash does SPS Commerce have?

How has SPS Commerce's book value per share changed over the last 10 years?

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