SPS COMMERCE INC(SPSC)— Stock Profile, AI Score & Financials
Technology · Nasdaq · AI-powered stock analysis, 32-signal quality score, SEC EDGAR financials, and institutional holdings. Updated .
SPS COMMERCE INC (SPSC) stock profile, AI quality score, and SEC EDGAR financial data, a Technology sector company. 13F Pro's AI-powered ranking engine scores SPSC at 65.2/100 on a 32-signal composite quality model, placing it at rank #498 of 2,960 stocks — the top 25% of the AI-ranked universe. SPSC scores in the top quartile across free cash flow (79.5), earnings quality (79.5), balance sheet strength (77.0). Shareholder dilution risk is elevated at 20.3/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q2 2026), SPS COMMERCE INC reports quarterly revenue of $197.8M, net income of $6.9M, free cash flow of $57.4M. Top institutional holders of SPSC by reported 13-F value include BlackRock, VANGUARD PORTFOLIO MANAGEMENT, DISCIPLINED GROWTH INVESTORS, based on the most recent SEC filings. SPSC trades on the Nasdaq exchange and files with the SEC under CIK 1092699. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate SPSC daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for SPS COMMERCE INC directly from SEC EDGAR.
AI Quality Score
65.2/100
AI Rank
#498
Revenue
$197.8M
Net Income
$6.9M
Free Cash Flow
$57.4M
SPSC key financials by period
SPS COMMERCE INC reported revenue, net income and margins by fiscal period, from SEC filings.
Period
Form
Revenue
Net income
Operating margin
FY 2025
10-K
$751.5M
$93.3M
15.7%
FY 2024
10-K
$637.8M
$77.1M
13.9%
FY 2023
10-K
$536.9M
$65.8M
14.4%
FY 2022
10-K
$450.9M
$55.1M
15.8%
FY 2021
10-K
$385.3M
$44.6M
14.3%
FY 2020
10-K
$312.6M
$45.6M
16.0%
Institutions holding SPSC
Institutional investors reporting a position in SPS COMMERCE INC on SEC Form 13F.
AI-extracted from the 10-Q filed 2026-07-30 — Q2 FY2026 (quarter ended June 30, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Revenue grew 6% YoY to $197.8M, but a $23.5M loss on the divestiture of the 3P revenue recovery business drove net income down 65% YoY to $6.9M.
Biggest Revenue Drivers
Recurring revenues$190.4M+6% YoY
Increase in 1P recurring revenue customers driven primarily by business acquisitions and continued business growth in core markets
One-time revenues$7.4M-11% YoY
Biggest Revenue Drivers
Total revenue: $197.8M+6% YoY
Recurring revenues$190.4M+6% YoY
Increase in 1P recurring revenue customers driven primarily by business acquisitions and continued business growth in core markets
Within Recurring revenues
Fulfillment$170.0M+7% YoY
Analytics$14.1M+1% YoY
Other$6.3M+2% YoY
One-time revenues$7.4M-11% YoY
Largest Expense Items
Cost of revenues$59.0M-1% YoY
$1.7M lower third-party personnel costs and $0.9M lower software costs from platform consolidation, partially offset by $1.5M higher depreciation
Sales and marketing$43.9M+1% YoY
$1.2M increase in third-party personnel costs, partially offset by $0.7M decrease in marketing spend
General and administrative$36.6M+19% YoY
$2.8M increase in stock-based compensation (incl. contractual acceleration of equity awards on executive retirement) and $2.2M higher personnel-related costs
Loss on sale of business$23.5Mn/a (no prior-year comparable)
Loss recognized on the divestiture of the 3P portion of the revenue recovery business
Margins: Gross margin expanded to 70% from 68% on lower personnel and software costs, but operating margin fell to 4% from 14% due to the $23.5M loss on the 3P business divestiture and higher G&A costs.
Watch Items from the Filing
Recurring revenue customer count fell 14% YoY to ~46,650 after divesting the 3P revenue recovery business (~8,200 customers), though ARPU rose 14% to ~$15,100.
$23.5M loss on sale of the 3P revenue recovery business drove net income down 65% YoY to $6.9M and margin down to 3% from 11%.
Domestic revenue was 83% of total (down from 85% YoY); no single non-U.S. jurisdiction exceeds 10% of revenue.
Company repurchased $50.0M of stock in the quarter with $186.4M still available under the 2025 program (expires December 2027).
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
