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Software - Application · Technology · Fiscal year ends Dec 31
SPS Commerce reported revenue of $752M in the fiscal year ended Dec 2025, up 17.8% from the year before. Operating income was $118M, an operating margin of 15.7%, and net income was $93M. Operating cash flow of $179M less capital expenditure of $27M left free cash flow of $152M.
Ranks among the 83 software - application companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 385 | 451 | 537 | 638 | 752 |
| Cost of revenue | 132 | 153 | 182 | 211 | 232 |
| Gross profit | 254 | 298 | 355 | 427 | 520 |
| Research & development | 39.0 | 45.7 | 53.7 | 62.8 | 68.7 |
| Selling, general & admin | 149 | 169 | 208 | 252 | 296 |
| Operating income | 55.1 | 71.2 | 77.2 | 88.9 | 118 |
| Pre-tax income | 53.5 | 71.3 | 85.6 | 99.5 | 124 |
| Income tax | 8.9 | 16.2 | 19.7 | 22.4 | 30.5 |
| Net income | 44.6 | 55.1 | 65.8 | 77.1 | 93.3 |
| Diluted EPS | 1.21 | 1.49 | 1.76 | 2.04 | 2.46 |
| Diluted shares | 37.0 | 37.0 | 37.5 | 37.9 | 38.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 208 | 163 | 219 | 241 | 151 |
| Receivables | 34.6 | 39.4 | 46.8 | 52.0 | 68.2 |
| Current assets | 352 | 323 | 401 | 382 | 335 |
| Net PP&E | 31.9 | 35.5 | 36.0 | 37.5 | 43.1 |
| Goodwill | 144 | 197 | 249 | 399 | 542 |
| Total assets | 616 | 673 | 824 | 1,031 | 1,170 |
| Payables | 8.3 | 11.3 | 7.4 | 8.6 | 13.8 |
| Deferred revenue | 50.4 | 57.4 | 69.2 | 74.3 | 75.6 |
| Current liabilities | 103 | 111 | 131 | 147 | 154 |
| Total liabilities | 132 | 136 | 156 | 177 | 196 |
| Shareholders' equity | 484 | 537 | 667 | 855 | 974 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 113 | 100 | 132 | 157 | 179 |
| Capital expenditure | 19.6 | 19.9 | 19.8 | 20.0 | 26.5 |
| Free cash flow | 93.3 | 80.2 | 113 | 137 | 152 |
| Depreciation & amortisation | 14.8 | 16.4 | 18.6 | 18.7 | 21.1 |
| Stock-based compensation | 27.6 | 33.4 | 45.5 | 54.6 | 53.7 |
| Acquisitions | 17.1 | 91.4 | 70.2 | 148 | 143 |
| Share buybacks | 20.4 | 43.2 | 0.0 | 37.6 | 114 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.0% | 19.1% | 18.8% | 17.8% |
| Operating income growth (YoY) | – | 29.2% | 8.5% | 15.1% | 33.1% |
| EPS growth (YoY) | – | 23.1% | 18.1% | 15.9% | 20.6% |
| Gross margin | 65.8% | 66.1% | 66.1% | 67.0% | 69.2% |
| Operating margin | 14.3% | 15.8% | 14.4% | 13.9% | 15.7% |
| Net margin | 11.6% | 12.2% | 12.3% | 12.1% | 12.4% |
| Return on equityBlank when equity is negative | 9.2% | 10.3% | 9.9% | 9.0% | 9.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.7% | 12.7% | 11.1% | 10.0% | 11.6% |
| Free cash flow margin | 24.2% | 17.8% | 21.0% | 21.5% | 20.3% |
| Cash conversion (CFO ÷ net income) | 2.53x | 1.81x | 2.01x | 2.04x | 1.92x |
| Receivable days | 33 | 32 | 32 | 30 | 33 |
| Payable days | 23 | 27 | 15 | 15 | 22 |
| Current ratio | 3.43x | 2.92x | 3.07x | 2.60x | 2.17x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.