SPSC is the ticker symbol for SPS COMMERCE INC, a publicly traded Technology sector company listed on Nasdaq. 13F Pro tracks SPSC with AI-powered analysis, an AI quality score, SEC EDGAR financials, insider transactions, and institutional 13F holdings — all sourced directly from public SEC filings.

Is SPSC a good stock to buy?

13F Pro's AI ranking engine scores SPSC at 64.6/100, ranked #525 of 2,925 stocks on a composite quality score built from its SEC filings, covering profitability, growth, balance sheet strength, and free cash flow. The full AI verdict and bull/bear case for SPSC is available at https://13fpro.ai/company/SPSC. Not investment advice — review the underlying SEC filings before making any trade.

Where does 13F Pro source SPSC data?

All SPS COMMERCE INC fundamentals and ownership data come directly from SEC EDGAR. SPS COMMERCE INC files with the SEC under CIK 1092699. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

SPS COMMERCE INC SPSC

NasdaqMid CapTechnology

13F Pro quality score

Rank #525 of 2,925TOP 25%

Why it scores 65 Technology peers →

Rankings refresh quarterly once 80% of peers have filed. Next update: ~Nov 14, 2026.

Revenue

$197.81M

Quarter to Jun 30

Net income

$6.86M

Quarter to Jun 30

Free cash flow

$57.43M

Quarter to Jun 30

Operating margin

4.3%

Quarter to Jun 30

Top Institutional Holders

as of Q2 2026

$2.23B total

BlackRock, Inc.

$339.26M+1.8%

VANGUARD PORTFOLIO MANAGEMENT LLC

$166.63M-1.5%

DISCIPLINED GROWTH INVESTORS INC /MN

$121.42M+161.9%

Neuberger Berman Group LLC

$101.81M-0.5%

VANGUARD CAPITAL MANAGEMENT LLC

$91.38M-5.9%

STATE STREET CORP

$88.37M+3.1%

GEODE CAPITAL MANAGEMENT, LLC

$72.40M+26.9%

GOLDMAN SACHS GROUP INC

$63.31M+3.6%

MORGAN STANLEY

$57.05M+3.9%

Jupiter Topco LLC

$56.26M--

Engine Capital Management, LP

$52.39MNew

CITADEL ADVISORS LLC

$52.25M+0.1%

FEDERATED HERMES, INC.

$51.55M+22.0%

Invenomic Capital Management LP

$49.70M+229.2%

BNP Paribas Asset Management Holding S.A.

$43.49M+7.1%

Anson Funds Management LP

$42.59M+29.6%

Van Berkom & Associates Inc.

$36.04M-7.1%

Lightrock Netherlands B.V.

$35.05M+38.8%

Irenic Capital Management LP

$34.17M0.0%

CHARLES SCHWAB INVESTMENT MANAGEMENT INC

$31.02M+8.3%

ARROWSTREET CAPITAL, LIMITED PARTNERSHIP

$29.13M+43.7%

NORTHERN TRUST CORP

$28.29M+12.0%

NOMURA ASSET MANAGEMENT INTERNATIONAL INC.

$23.55M+14.1%

BANK OF AMERICA CORP /DE/

$21.64M-62.1%

DIMENSIONAL FUND ADVISORS LP

$19.66M-31.8%

See all 321 institutional holders →

What's Driving SPSC's Business? Latest 10-Q Breakdown

27/27 datapoints verified

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.

Read the full 10-Q on SEC EDGAR →

Key Metrics

Revenue

Q2 2026

EDGAR

Net Income

Q2 2026

EDGAR

EPS (Diluted)

Q2 2026

EDGAR

Operating Margin

Q2 2026

EDGAR

ROIC

Q2 2026

EDGAR

Free Cash Flow

Q2 2026

EDGAR

Financial Trends

Revenue & Net Income

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Earnings Per Share

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SPS COMMERCE INC reported revenue, net income and margins by fiscal period, from SEC filings.
Period	Form	Revenue	Net income	Op. marginOperating 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%

About SPS COMMERCE INC (SPSC): stock profile, AI score and financials

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 64.6/100 on a composite quality score built from its SEC filings, placing it at rank #525 of 2,925 stocks — the top 25% of the AI-ranked universe. SPSC scores in the top quartile across free cash flow (80.1), earnings quality (79.8), balance sheet strength (76.8). Shareholder dilution risk is elevated at 19.7/100, 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, an operating margin of 4.3%. 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.

Financials through the period ended Jun 30, 2026SEC EDGAR: CIK 1092699 →

SPS COMMERCE INC SPSC

Top Institutional Holders

What's Driving SPSC's Business? Latest 10-Q Breakdown

Biggest Revenue Drivers

Biggest Revenue Drivers

Largest Expense Items

Watch Items from the Filing

Key Metrics

Financial Trends

Revenue & Net Income

Earnings Per Share

SPSC key financials by period

SPSC insiders

Congress trading in SPSC

About SPS COMMERCE INC (SPSC): stock profile, AI score and financials

SPS COMMERCE INC SPSC

Top Institutional Holders

What's Driving SPSC's Business? Latest 10-Q Breakdown

Biggest Revenue Drivers

Key Metrics

Financial Trends

Revenue & Net Income

Earnings Per Share

SPSC key financials by period

Companies similar to SPSC

SPSC insiders

Congress trading in SPSC

About SPS COMMERCE INC (SPSC): stock profile, AI score and financials