SPS COMMERCE INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SPS COMMERCE INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	193	221	248	279	313	385	451	537	638	752
Cost of revenue	64.3	73.6	81.7	92.2	99.8	132	153	182	211	232
Gross profit	129	146	166	187	213	254	298	355	427	520
Research and development	22	23.2	22.1	28.3	31	39	45.7	53.7	62.8	68.7
Selling and marketing	66.9	71.3	71.7	70.1	76	88	102	123	149	169
General and administrative	28.8	37.5	41.9	44.7	50.1	61.3	67.3	84.9	103	127
Operating expenses	122	136	140	148	163	199	227	278	338	402
Operating income	6.39	9.98	26.7	38.4	50.2	55.1	71.2	77.2	88.9	118
Other non-operating income	1.33	0.71	1.61	3.66	2.52	-1.54	0.14	8.32	10.6	5.53
Pre-tax income	7.72	10.7	28.3	42.1	52.7	53.5	71.3	85.6	99.5	124
Income tax	2.76	10.3	4.47	8.36	7.09	8.94	16.2	19.7	22.4	30.5
Net income	4.96	0.35	23.9	33.7	45.6	44.6	55.1	65.8	77.1	93.3
EBITDA	13	17.2	35.3	49.5	63.3	69.9	87.6	95.9	108	139
EPS, basic	0.15	0.01	0.69	0.96	1.29	1.24	1.53	1.80	2.07	2.46
EPS, diluted	0.15	0.01	0.68	0.94	1.26	1.21	1.49	1.76	2.04	2.46
Shares, basic (weighted)	33.9	34.4	34.4	35	35.2	35.9	36.1	36.6	37.3	37.9
Shares, diluted (weighted)	34.5	34.7	35.2	36	36.3	37	37	37.5	37.9	38

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	116	123	134	179	150	208	163	219	241	151
Short-term investments	23.1	40.2	44.5	34.3	37.8	49.8	51.4	56.4	0
Receivables	20.7	24.9	27.5	31.5	33.6	34.6	39.4	46.8	52	68.2
Other current assets	7.01	6.15	9.23	11.3	12.3	16	16.3	16.8	23.5	49.1
Total current assets	186	224	250	292	271	352	323	401	382	335
Property, plant and equipment	15.3	16.9	21	23.8	26.4	31.9	35.5	36	37.5	43.1
Lease right-of-use assets				15.7	15.6	10.9	9.17	7.86	8.19	5.03
Goodwill	49.8	51.6	69.7	76.8	135	144	197	249	399	542
Intangible assets	19.8	16.5	22.7	22.7	60.2	58.6	88.4	107	181	216
Long-term investments	7.49	5.21			2.5
Other non-current assets	1.53	1.54	1.72	2.51	2.71	3.03	2.19	1.13	2.03	7.67
Total assets	298	340	386	447	526	616	673	824	1,031	1,170
Accounts payable	2.3	4.46	4.44	4.27	5.35	8.33	11.3	7.42	8.58	13.8
Accrued liabilities	3.51	4.71	4.56	6.21	11.2	8.35	7.45	8.01	12.1	13.1
Deferred revenue	11.1	17.9	25.3	31.5	37.9	50.4	57.4	69.2	74.3	75.6
Total current liabilities	32.2	43.9	56.5	68	80.1	103	111	131	147	154
Lease liabilities				20.1	19.7	16.4	13	9.57	7.89	2.84
Other non-current liabilities			1.37	0.41			0	0.23	0.24	0.29
Total liabilities	49.1	51.6	67.1	92.6	106	132	136	156	177	196
Paid-in capital	286	302	333	354	393	433	476	537	628	723
Retained earnings	-33.7	-8.61	15.3	49	93.5	138	193	259	336	429
Treasury stock		-5.82	-25.7	-46.3	-65.2	-85.7	-129	-129	-99.7	-178
Other comprehensive income	-3.33	0.66	-3.22	-1.95	-1.02	-1.45	-3.41	0.22	-9.68	-0.37
Shareholders' equity	258	288	319	355	421	484	537	667	855	974
Total equity	258	288	319	355	421	484	537	667	855	974
Total liabilities and equity	298	340	386	447	526	616	673	824	1,031	1,170
Shares outstanding	34.2	17.1	34.7	34.9	35.5	36	36.2	36.8	37.7	37.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	4.96	0.35	23.9	33.7	45.6	44.6	55.1	65.8	77.1	93.3
Depreciation and amortization	6.6	7.21	8.59	11.1	13.1	14.8	16.4	18.6	18.7	21.1
Stock-based compensation	8.02	12.7	12.5	14.7	18.9	27.6	33.4	45.5	54.6	53.7
Deferred income tax	-2.08	9.62	2.8	7.58	4.24	3.88	-3.73	-10.1	-9.79	18.9
Change in receivables	-3.74	-5.59	-4.57	-6.77	-5.92	-4.96	-6.44	-11.9	-9.65	-20.3
Change in payables	-0.38	0.83	0.94	-0.49	1.21	2.26	0.14	-3.95	0.8	4.72
Cash from operations	18.8	31.1	55	71.8	88.6	113	100	132	157	179
Capital expenditures	-8.01	-7.27	-13.8	-13.6	-16.5	-19.6	-19.9	-19.8	-20	-26.5
Acquisitions	-18					-17.1	-91.4	-70.2	-148	-143
Purchases of investments	-23.1
Sales and maturities of investments	15
Cash from investing	-34.2	-22.6	-40.5	-14.3	-120	-46.7	-113	-92.6	-110	-169
Stock issued	4.3	1.41	14.3	6.21	18.6	9.37	4.91	9.86	4.71	3.86
Share buybacks		-5.82	-19.9	-20.6	-19	-20.4	-43.2	0	-37.6	-114
Cash from financing	10.1	-2.47	-3.78	-12.1	2.33	-8.36	-31.6	16	-23	-101
Exchange rate effect	-0.37	1.29
Net change in cash	-5.66	7.25	10.7	45.4	-29.6	57.9	-44.7	56.2	21.9	-89.7
Free cash flow	10.8	23.8	41.3	58.2	72.1	93.3	80.2	113	137	152
Income taxes paid	0.72	1.07	1.53	1.55	1.66	9.98	16.1	29.2	27.1	28.9

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $81.30 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	69.8%	Gross profit / revenue.
Operating margin	12.8%	Operating income / revenue.
EBITDA margin	15.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	13.6%	Pre-tax income / revenue.
Net margin	10.1%	Net income / revenue.
FCF margin	25.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.5%	Cash from operations / revenue.
Effective tax rate	25.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	8.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.9%	Net income / average total assets.
Return on invested capital (ROIC)	9.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	8.9%	Research and development expense / revenue.
Stock-based pay / revenue	8.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.8%	Capital expenditures / revenue.
D&A / revenue	3.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	17.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	18.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	21.7%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	20.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	19.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	33.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	18.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	18.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	29.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	16.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	17.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	21.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	19.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	15.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	20.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	18.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	14.3%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	13.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	21.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	15.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	10.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	23.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	16.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	13.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	21.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	18.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	13.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	20.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	17.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.26x	Current assets / current liabilities.
Quick ratio	1.62x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.18x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	16.6%	Total liabilities / total assets.
Working capital	$184.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	63.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$226.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.69x	Revenue / average total assets.
Fixed asset turnover	17.5x	Revenue / average property, plant and equipment.
Receivables turnover	12.1x	Revenue / average receivables.
Days sales outstanding	30 days	365 x average receivables / revenue.
Days payables	15 days	365 x average accounts payable / cost of revenue.
FCF conversion	254.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	12.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.13	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$21.12	Revenue / diluted weighted shares.
FCF per share	$5.43	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.24	Cash from operations / diluted weighted shares.
Book value per share	$25.93	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.26	Tangible book value / shares outstanding.
Cash per share	$4.78	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	77.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.93B	Share price x shares outstanding.
Enterprise value	$2.75B	Market cap + total debt - cash - short-term investments.
P/E	37.5x	Market cap / net income. Only when net income is positive.
P/S	3.79x	Market cap / revenue.
P/B	3.12x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	12.9x	Market cap / tangible book value, when positive.
P/FCF	14.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	12.8x	Market cap / cash from operations, when positive.
EV/Sales	3.56x	Enterprise value / revenue.
EV/EBIT	27.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	22.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	13.9x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.8%	Free cash flow / market cap.
Earnings yield	2.7%	Net income / market cap (the inverse of P/E).
Shareholder yield	5.2%	(Dividends paid + share buybacks) / market cap.
PEG	2.06x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was SPS COMMERCE INC's revenue in fiscal 2025?

SPS COMMERCE INC reported revenue of $751.5M for fiscal 2025, 17.8% higher than the year before.

Was SPS COMMERCE INC profitable in fiscal 2025?

Yes. Net income was $93.3M, a net margin of 12.4%.

How much free cash flow did SPS COMMERCE INC generate in fiscal 2025?

Cash from operations of $178.8M minus capital expenditures of $26.5M left free cash flow of $152.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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