SPS COMMERCE INCSPSCEarnings & Financial Report
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
Revenue
$189.9M
Gross Profit
$132.0M
Operating Profit
$31.2M
Net Profit
$25.6M
Gross Margin
69.5%
Operating Margin
16.4%
Net Margin
13.5%
YoY Growth
16.0%
EPS
$0.67
SPS COMMERCE INC Q3 FY2025 Financial Summary
SPS COMMERCE INC reported revenue of $189.9M (up 16.0% YoY) for Q3 FY2025, with a net profit of $25.6M (up 9.0% YoY) (13.5% margin). Cost of goods sold was $57.9M, operating expenses totaled $100.8M.
Key Financial Metrics
| Total Revenue | $189.9M |
|---|---|
| Net Profit | $25.6M |
| Gross Margin | 69.5% |
| Operating Margin | 16.4% |
| Report Period | Q3 FY2025 |
Revenue Breakdown
SPS COMMERCE INC Q3 FY2025 revenue of $189.9M breaks down across 3 segments, led by Recurring Revenues at $182.0M (95.8% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Recurring Revenues | $182.0M | 95.8% |
| One Time Revenues | $7.9M | 4.2% |
| Set Up Fees | $3.5M | 1.8% |
SPS COMMERCE INC Revenue by Segment — Quarterly Trend
SPS COMMERCE INC revenue by segment across the last 4 reported quarters, showing how each business line (such as Recurring Revenues and One Time Revenues) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Recurring Revenues | $184.5M | $182.0M | $179.1M | $172.3M |
| One Time Revenues | $8.1M | $7.9M | $8.3M | $9.2M |
| Set Up Fees | $4.1M | $3.5M | $3.5M | — |
SPS COMMERCE INC Annual Revenue by Year
SPS COMMERCE INC annual revenue history includes year-by-year totals (for example, 2025 revenue was $751.5M).
| Year | Annual Revenue |
|---|---|
| 2025 | $751.5M |
| 2024 | $637.8M |
| 2023 | $536.9M |
| 2022 | $450.9M |
SPS COMMERCE INC Quarterly Revenue & Net Profit History
SPS COMMERCE INC results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $192.7M | +12.7% | $25.8M | 13.4% |
| Q3 FY2025 | $189.9M | +16.0% | $25.6M | 13.5% |
| Q2 FY2025 | $187.4M | +22.0% | $19.7M | 10.5% |
| Q1 FY2025 | $181.5M | +21.4% | $22.2M | 12.2% |
| Q4 FY2024 | $170.9M | +17.9% | $17.6M | 10.3% |
| Q3 FY2024 | $163.7M | +20.7% | $23.5M | 14.3% |
| Q2 FY2024 | $153.6M | +17.8% | $18.0M | 11.7% |
| Q1 FY2024 | $149.6M | +18.8% | $18.0M | 12.0% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $149.6M | $153.6M | $163.7M | $170.9M | $181.5M | $187.4M | $189.9M | $192.7M |
| YoY Growth | 18.8% | 17.8% | 20.7% | 17.9% | 21.4% | 22.0% | 16.0% | 12.7% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $839.8M | $854.5M | $1.00B | $1.03B | $1.11B | $1.12B | $1.16B | $1.17B |
| Liabilities | $156.9M | $151.1M | $173.9M | $176.5M | $188.1M | $171.3M | $199.7M | $196.0M |
| Equity | $683.0M | $703.4M | $829.4M | $854.7M | $920.9M | $949.8M | $958.9M | $973.9M |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $34.1M | $29.4M | $53.3M | $40.6M | $40.0M | $32.3M | $60.6M | $45.9M |