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SPS COMMERCE INC

SPSC Clue Score78
United States Fiscal year ends December CIK 0001092699
$84.59 +1.52% Close, 9 Oct 2026
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Price $84.59 −46.97% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue193.2Operating income6.4Net income5.0EPS, diluted0.29Fiscal year 2017Revenue220.1 +13.9%Operating income10.0Net income0.4 −92.9%EPS, diluted0.01Fiscal year 2018Revenue248.2 +12.8%Operating income26.7Net income23.9 +6,701.1%EPS, diluted0.68Fiscal year 2019Revenue279.1 +12.4%Operating income38.4Net income33.7 +41.2%EPS, diluted0.94Fiscal year 2020Revenue312.6 +12.0%Operating income50.2Net income45.6 +35.2%EPS, diluted1.26Fiscal year 2021Revenue385.3 +23.2%Operating income55.1Net income44.6 −2.2%EPS, diluted1.21Fiscal year 2022Revenue450.9 +17.0%Operating income71.2Net income55.1 +23.6%EPS, diluted1.49Fiscal year 2023Revenue536.9 +19.1%Operating income77.2Net income65.8 +19.4%EPS, diluted1.76Fiscal year 2024Revenue637.8 +18.8%Operating income88.9Net income77.1 +17.1%EPS, diluted2.04Fiscal year 2025Revenue751.5 +17.8%Operating income118.3Net income93.3 +21.1%EPS, diluted2.46
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 193.2 220.1 248.2 279.1 312.6 385.3 450.9 536.9 637.8 751.5
Growth +13.9% +12.8% +12.4% +12.0% +23.2% +17.0% +19.1% +18.8% +17.8%
Operating income 6.4 10.0 26.7 38.4 50.2 55.1 71.2 77.2 88.9 118.3
Net income 5.0 0.4 23.9 33.7 45.6 44.6 55.1 65.8 77.1 93.3
Growth −92.9% +6,701.1% +41.2% +35.2% −2.2% +23.6% +19.4% +17.1% +21.1%
EPS, diluted 0.29 0.01 0.68 0.94 1.26 1.21 1.49 1.76 2.04 2.46

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin66.7%Operating margin3.3%Net margin2.6%Free cash flow margin5.6%Fiscal year 2017Gross margin66.5%Operating margin4.5%Net margin0.2%Free cash flow margin10.8%Fiscal year 2018Gross margin67.1%Operating margin10.8%Net margin9.6%Free cash flow margin16.6%Fiscal year 2019Gross margin67.0%Operating margin13.8%Net margin12.1%Free cash flow margin20.9%Fiscal year 2020Gross margin68.1%Operating margin16.0%Net margin14.6%Free cash flow margin23.1%Fiscal year 2021Gross margin65.8%Operating margin14.3%Net margin11.6%Free cash flow margin24.2%Fiscal year 2022Gross margin66.1%Operating margin15.8%Net margin12.2%Free cash flow margin17.8%Fiscal year 2023Gross margin66.1%Operating margin14.4%Net margin12.3%Free cash flow margin21.0%Fiscal year 2024Gross margin67.0%Operating margin13.9%Net margin12.1%Free cash flow margin21.5%Fiscal year 2025Gross margin69.2%Operating margin15.7%Net margin12.4%Free cash flow margin20.3%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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%
Free cash flow margin 5.6% 10.8% 16.6% 20.9% 23.1% 24.2% 17.8% 21.0% 21.5% 20.3%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow18.8Capital expenditure−8.0Free cash flow10.8Fiscal year 2017Operating cash flow31.1Capital expenditure−7.3Free cash flow23.8 +121.1%Buybacks−5.8Fiscal year 2018Operating cash flow55.0Capital expenditure−13.8Free cash flow41.3 +73.5%Buybacks−19.9Fiscal year 2019Operating cash flow71.8Capital expenditure−13.6Free cash flow58.2 +41.1%Buybacks−20.6Fiscal year 2020Operating cash flow88.6Capital expenditure−16.5Free cash flow72.1 +23.9%Buybacks−19.0Fiscal year 2021Operating cash flow112.9Capital expenditure−19.6Free cash flow93.3 +29.4%Buybacks−20.4Fiscal year 2022Operating cash flow100.1Capital expenditure−19.9Free cash flow80.2 −14.1%Buybacks−43.2Fiscal year 2023Operating cash flow132.3Capital expenditure−19.8Free cash flow112.5 +40.4%Buybacks0.0Fiscal year 2024Operating cash flow157.4Capital expenditure−20.0Free cash flow137.4 +22.1%Buybacks−37.6Fiscal year 2025Operating cash flow178.8Capital expenditure−26.5Free cash flow152.3 +10.9%Buybacks−114.3
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 18.8 31.1 55.0 71.8 88.6 112.9 100.1 132.3 157.4 178.8
Capital expenditure −8.0 −7.3 −13.8 −13.6 −16.5 −19.6 −19.9 −19.8 −20.0 −26.5
Free cash flow 10.8 23.8 41.3 58.2 72.1 93.3 80.2 112.5 137.4 152.3
Growth +121.1% +73.5% +41.1% +23.9% +29.4% −14.1% +40.4% +22.1% +10.9%
Buybacks n/a −5.8 −19.9 −20.6 −19.0 −20.4 −43.2 0.0 −37.6 −114.3

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash115.9Shareholders’ equity257.8Fiscal year 2017Cash123.1Shareholders’ equity288.1Fiscal year 2018Cash133.9Shareholders’ equity319.0Fiscal year 2019Cash179.3Shareholders’ equity354.9Fiscal year 2020Cash149.7Shareholders’ equity420.7Fiscal year 2021Cash207.6Shareholders’ equity484.3Fiscal year 2022Cash162.9Shareholders’ equity537.1Fiscal year 2023Cash219.1Shareholders’ equity667.5Fiscal year 2024Cash241.0Shareholders’ equity854.7Fiscal year 2025Cash151.4Shareholders’ equity973.9
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 115.9 123.1 133.9 179.3 149.7 207.6 162.9 219.1 241.0 151.4
Shareholders’ equity 257.8 288.1 319.0 354.9 420.7 484.3 537.1 667.5 854.7 973.9

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
66.7% 66.5% 67.1% 67.0% 68.1% 65.8% 66.1% 66.1% 67.0% 69.2%
3.3% 4.5% 10.8% 13.8% 16.0% 14.3% 15.8% 14.4% 13.9% 15.7%
4.0% 4.9% 11.4% 15.1% 16.9% 13.9% 15.8% 15.9% 15.6% 16.5%
2.6% 0.2% 9.6% 12.1% 14.6% 11.6% 12.2% 12.3% 12.1% 12.4%
5.6% 10.8% 16.6% 20.9% 23.1% 24.2% 17.8% 21.0% 21.5% 20.3%
Spending
11.4% 10.5% 8.9% 10.1% 9.9% 10.1% 10.1% 10.0% 9.8% 9.1%
14.9% 17.0% 16.9% 16.0% 16.0% 15.9% 14.9% 15.8% 16.1% 16.8%
4.1% 3.3% 5.5% 4.9% 5.3% 5.1% 4.4% 3.7% 3.1% 3.5%
35.7% 96.7% 15.8% 19.9% 13.5% 16.7% 22.7% 23.1% 22.5% 24.6%
Returns
1.9% 0.1% 7.5% 9.5% 10.8% 9.2% 10.3% 9.9% 9.0% 9.6%
1.7% 0.1% 6.2% 7.5% 8.7% 7.2% 8.2% 8.0% 7.5% 8.0%
Balance and payout
16.5% 15.2% 17.4% 20.7% 20.1% 21.4% 20.2% 19.0% 17.1% 16.8%
n/a 24.5% 48.1% 35.4% 26.3% 21.9% 53.9% 0.0% 27.4% 75.1%