SPS Commerce (SPSC) financial statements
SPS Commerce reported revenue of $752M in fiscal 2025, up 16.3% a year over 9 years.
Net income was $93M and the operating margin 15.7%, against 3.3% in 2016.
Free cash flow was $152M, and the company returned $114M in net buybacks.
The diluted share count rose 10% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from SPS Commerce's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $193M | $220M | $248M | $279M | $313M | $385M | $451M | $537M | $638M | $752M |
| Cost of revenue | $64M | $74M | $82M | $92M | $100M | $132M | $153M | $182M | $211M | $232M |
| Gross profit | $129M | $146M | $166M | $187M | $213M | $254M | $298M | $355M | $427M | $520M |
| Research and development | $22M | $23M | $22M | $28M | $31M | $39M | $46M | $54M | $63M | $69M |
| Selling, general and admin | $96M | $109M | $114M | $115M | $126M | $149M | $169M | $208M | $252M | $296M |
| Operating income | $6M | $10M | $27M | $38M | $50M | $55M | $71M | $77M | $89M | $118M |
| Pre-tax income | $8M | $11M | $28M | $42M | $53M | $54M | $71M | $86M | $99M | $124M |
| Income tax | $3M | $10M | $4M | $8M | $7M | $9M | $16M | $20M | $22M | $30M |
| Net income | $5M | $351,000 | $24M | $34M | $46M | $45M | $55M | $66M | $77M | $93M |
| EPS (diluted) | $0.14 | $0.01 | $0.68 | $0.94 | $1.26 | $1.21 | $1.49 | $1.76 | $2.04 | $2.46 |
| Diluted shares | 34M | 35M | 35M | 36M | 36M | 37M | 37M | 37M | 38M | 38M |
| Gross margin | 66.7% | 66.5% | 67.1% | 67.0% | 68.1% | 65.8% | 66.1% | 66.1% | 67.0% | 69.2% |
| Operating margin | 3.3% | 4.5% | 10.8% | 13.8% | 16.0% | 14.3% | 15.8% | 14.4% | 13.9% | 15.7% |
| Net margin | 2.6% | 0.2% | 9.6% | 12.1% | 14.6% | 11.6% | 12.2% | 12.3% | 12.1% | 12.4% |
Balance sheet
Fiscal years, from SPS Commerce's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $139M | $163M | $178M | $214M | $187M | $257M | $214M | $275M | $241M | $151M |
| Receivables | $21M | $25M | $27M | $32M | $34M | $35M | $39M | $47M | $52M | $68M |
| Total current assets | $186M | $224M | $250M | $292M | $271M | $352M | $323M | $401M | $382M | $335M |
| Property, plant and equipment | $15M | $17M | $21M | $24M | $26M | $32M | $35M | $36M | $38M | $43M |
| Goodwill | $50M | $52M | $70M | $77M | $135M | $144M | $197M | $249M | $399M | $542M |
| Total assets | $298M | $340M | $386M | $447M | $526M | $616M | $673M | $824M | $1.0B | $1.2B |
| Total current liabilities | $32M | $44M | $57M | $68M | $80M | $103M | $111M | $131M | $147M | $154M |
| Total liabilities | $49M | $52M | $67M | $93M | $106M | $132M | $136M | $156M | $177M | $196M |
| Shareholders' equity | $258M | $288M | $319M | $355M | $421M | $484M | $537M | $667M | $855M | $974M |
| Net debt | -$116M | -$123M | -$134M | -$179M | -$150M | -$208M | -$163M | -$219M | -$241M | -$151M |
Cash flow
Fiscal years, from SPS Commerce's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $19M | $31M | $55M | $72M | $89M | $113M | $100M | $132M | $157M | $179M |
| Capital spending | $8M | $7M | $14M | $14M | $16M | $20M | $20M | $20M | $20M | $27M |
| Free cash flow | $11M | $24M | $41M | $58M | $72M | $93M | $80M | $113M | $137M | $152M |
| Stock-based compensation | $8M | $13M | $13M | $15M | $19M | $28M | $33M | $46M | $55M | $54M |
| Share buybacks (net) | — | -$6M | -$20M | -$21M | -$19M | -$20M | -$43M | $0 | -$38M | -$114M |
| Free cash flow margin | 5.6% | 10.8% | 16.6% | 20.9% | 23.1% | 24.2% | 17.8% | 21.0% | 21.5% | 20.3% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for SPSC.
Open SPSC in InvestinglyQuestions
What was SPS Commerce's revenue in 2025?
$752M in fiscal 2025, from its 10-K filing.
How much free cash flow does SPS Commerce generate?
$152M in fiscal 2025 (operating cash flow minus capital spending).
From SPS Commerce's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.