SPS COMMERCE INC SPSC
SPS Commerce is a global supply chain network that connects retailers, brands, distributors, manufacturers, and logistics providers through shared infrastructure built to handle the complexity of modern commerce operations. Our network enables companies to connect once and immediately transact with thousands of trading partners without negotiating standards, building integrations, or maintaining compliance logic.
Our network powers our portfolio of solutions that orchestrate the critical processes, protocols, and data exchanges needed to get the right product, in the right place, at the right time, every time. We have embedded deep expertise, proven processes, and compliance logic built from over 20 years of commerce intelligence into every connection, delivering a full-service experience that empowers partners to move forward faster, together.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $751.5M | $637.8M | $536.9M | $450.9M | $385.3M | $312.6M | $279.1M | $248.2M | $220.1M | $193.2M |
| Cost of revenue | $231.6M | $210.7M | $182.1M | $153.1M | $131.7M | $99.8M | $92.2M | $81.7M | $73.6M | $64.3M |
| Gross profit | $519.9M | $427.1M | $354.8M | $297.8M | $253.6M | $212.8M | $186.9M | $166.5M | $146.5M | $128.8M |
| R&D | $68.7M | $62.8M | $53.7M | $45.7M | $39.0M | $31.0M | $28.3M | $22.1M | $23.2M | $22.0M |
| SG&A | $126.6M | $102.9M | $84.9M | $67.3M | $61.3M | $50.1M | $44.7M | $41.9M | $37.5M | $28.8M |
| Total operating expenses | $401.6M | $338.2M | $277.6M | $226.6M | $198.5M | $162.6M | $148.5M | $139.8M | $136.5M | $122.4M |
| Operating income | $118.3M | $88.9M | $77.2M | $71.2M | $55.1M | $50.2M | $38.4M | $26.7M | $10.0M | $6.4M |
| Interest expense | — | — | — | — | — | $1.1M | $2.9M | $2.3M | $1.0M | $601.0K |
| Pre-tax income | $123.8M | $99.5M | $85.6M | $71.3M | $53.5M | $52.7M | $42.1M | $28.3M | $10.7M | $7.7M |
| Income tax | $30.5M | $22.4M | $19.7M | $16.2M | $8.9M | $7.1M | $8.4M | $4.5M | $10.3M | $2.8M |
| Net income | $93.3M | $77.1M | $65.8M | $55.1M | $44.6M | $45.6M | $33.7M | $23.9M | $351.0K | $5.0M |
| EPS, basic | 2.46 | 2.07 | 1.80 | 1.53 | 1.24 | 1.29 | 0.96 | 0.69 | 0.01 | 0.29 |
| EPS, diluted | 2.46 | 2.04 | 1.76 | 1.49 | 1.21 | 1.26 | 0.94 | 0.68 | 0.01 | 0.29 |
| Shares, diluted (wtd. avg.) | 38.0M | 37.9M | 37.5M | 37.0M | 37.0M | 36.3M | 36.0M | 35.2M | 34.7M | 17.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $151.4M | $241.0M | $219.1M | $162.9M | $207.6M | $149.7M | $179.3M | $133.9M | $123.1M | $115.9M |
| Short-term investments | — | $0 | $56.4M | $51.4M | $49.8M | $37.8M | $34.3M | $44.5M | $40.2M | $23.1M |
| Receivables | $68.2M | $52.0M | $46.8M | $39.4M | $34.6M | $33.6M | $31.5M | $27.5M | $24.9M | $20.7M |
| Total current assets | $335.3M | $381.9M | $401.4M | $322.8M | $352.4M | $271.4M | $291.6M | $249.6M | $224.3M | $185.9M |
| Property, plant and equipment | $43.1M | $37.5M | $36.0M | $35.5M | $31.9M | $26.4M | $23.8M | $21.0M | $16.9M | $15.3M |
| Goodwill | $541.7M | $399.2M | $249.2M | $197.3M | $143.7M | $134.9M | $76.8M | $69.7M | $51.6M | $49.8M |
| Other intangibles | $215.8M | $181.3M | $107.3M | $88.4M | $58.6M | $60.2M | $22.7M | $22.7M | $16.5M | $19.8M |
| Total assets | $1.17B | $1.03B | $823.8M | $672.9M | $615.8M | $526.5M | $447.4M | $386.1M | $339.7M | $298.4M |
| Accounts payable | $13.8M | $8.6M | $7.4M | $11.3M | $8.3M | $5.4M | $4.3M | $4.4M | $4.5M | $2.3M |
| Total current liabilities | $154.4M | $146.7M | $130.7M | $110.6M | $102.9M | $80.1M | $68.0M | $56.5M | $43.9M | $32.2M |
| Total liabilities | $196.0M | $176.5M | $156.4M | $135.8M | $131.6M | $105.7M | $92.6M | $67.1M | $51.6M | $49.1M |
| Retained earnings | $429.4M | $336.1M | $259.0M | $193.2M | $138.1M | $93.5M | $49.0M | $15.3M | -$8.6M | -$33.7M |
| Total equity | $973.9M | $854.7M | $667.5M | $537.1M | $484.3M | $420.7M | $354.9M | $319.0M | $288.1M | $257.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $178.8M | $157.4M | $132.3M | $100.1M | $112.9M | $88.6M | $71.8M | $55.0M | $31.1M | $18.8M |
| Depreciation and amortisation | $21.1M | $18.7M | $18.6M | $16.4M | $14.8M | $13.1M | $11.1M | $8.6M | $7.2M | $6.6M |
| Stock-based compensation | $53.7M | $54.6M | $45.5M | $33.4M | $27.6M | $18.9M | $14.7M | $12.5M | $12.7M | $8.0M |
| Capital expenditure | $26.5M | $20.0M | $19.8M | $19.9M | $19.6M | $16.5M | $13.6M | $13.8M | $7.3M | $8.0M |
| Investing cash flow | -$169.2M | -$110.5M | -$92.6M | -$112.8M | -$46.7M | -$120.5M | -$14.3M | -$40.5M | -$22.6M | -$34.2M |
| Financing cash flow | -$100.8M | -$23.0M | $16.0M | -$31.6M | -$8.4M | $2.3M | -$12.1M | -$3.8M | -$2.5M | $10.1M |
| Buybacks | $114.3M | $37.6M | $0 | $43.2M | $20.4M | $18.9M | $20.6M | $19.9M | $5.8M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001092699-26-000029.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $193.2M | $220.1M | $248.2M | $279.1M | $312.6M | $385.3M | $450.9M | $536.9M | $637.8M | $751.5M |
| Gross profit | $128.8M | $146.5M | $166.5M | $186.9M | $212.8M | $253.6M | $297.8M | $354.8M | $427.1M | $519.9M |
| Net income | $5.0M | $351.0K | $23.9M | $33.7M | $45.6M | $44.6M | $55.1M | $65.8M | $77.1M | $93.3M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced Item 2.02
- Officer or director change Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced Item 2.02
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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