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Side-by-side financial comparison of C3.ai, Inc. (AI) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
SPS COMMERCE INC is the larger business by last-quarter revenue ($192.7M vs $75.1M, roughly 2.6× C3.ai, Inc.). SPS COMMERCE INC runs the higher net margin — 13.4% vs -139.3%, a 152.7% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -20.3%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-46.9M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -2.1%).
C3.ai, Inc. is a leading enterprise artificial intelligence software provider that develops and delivers scalable AI applications, platform tools, and industry-specific solutions for clients across sectors including manufacturing, energy, financial services, healthcare and public sector. Its offerings help organizations optimize operations, reduce costs, mitigate risks, and realize data-driven decision making.
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.
AI vs SPSC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $192.7M |
| Net Profit | $-104.7M | $25.8M |
| Gross Margin | 40.4% | 70.4% |
| Operating Margin | -149.2% | 18.0% |
| Net Margin | -139.3% | 13.4% |
| Revenue YoY | -20.3% | 12.7% |
| Net Profit YoY | -58.7% | 47.2% |
| EPS (diluted) | $-0.75 | $0.69 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.1M | $192.7M | ||
| Q3 25 | $70.3M | $189.9M | ||
| Q2 25 | $108.7M | $187.4M | ||
| Q1 25 | $98.8M | $181.5M | ||
| Q4 24 | $94.3M | $170.9M | ||
| Q3 24 | $87.2M | $163.7M | ||
| Q2 24 | $86.6M | $153.6M | ||
| Q1 24 | $78.4M | $149.6M |
| Q4 25 | $-104.7M | $25.8M | ||
| Q3 25 | $-116.8M | $25.6M | ||
| Q2 25 | $-79.7M | $19.7M | ||
| Q1 25 | $-80.2M | $22.2M | ||
| Q4 24 | $-66.0M | $17.6M | ||
| Q3 24 | $-62.8M | $23.5M | ||
| Q2 24 | $-72.9M | $18.0M | ||
| Q1 24 | $-72.6M | $18.0M |
| Q4 25 | 40.4% | 70.4% | ||
| Q3 25 | 37.6% | 69.5% | ||
| Q2 25 | 62.1% | 68.1% | ||
| Q1 25 | 59.1% | 68.7% | ||
| Q4 24 | 61.3% | 67.5% | ||
| Q3 24 | 59.8% | 68.5% | ||
| Q2 24 | 59.6% | 66.1% | ||
| Q1 24 | 57.8% | 65.6% |
| Q4 25 | -149.2% | 18.0% | ||
| Q3 25 | -177.7% | 16.4% | ||
| Q2 25 | -81.8% | 14.1% | ||
| Q1 25 | -88.7% | 14.3% | ||
| Q4 24 | -79.8% | 14.5% | ||
| Q3 24 | -83.2% | 15.6% | ||
| Q2 24 | -95.1% | 15.1% | ||
| Q1 24 | -105.3% | 10.3% |
| Q4 25 | -139.3% | 13.4% | ||
| Q3 25 | -166.2% | 13.5% | ||
| Q2 25 | -73.3% | 10.5% | ||
| Q1 25 | -81.2% | 12.2% | ||
| Q4 24 | -69.9% | 10.3% | ||
| Q3 24 | -72.0% | 14.3% | ||
| Q2 24 | -84.2% | 11.7% | ||
| Q1 24 | -92.6% | 12.0% |
| Q4 25 | $-0.75 | $0.69 | ||
| Q3 25 | $-0.86 | $0.67 | ||
| Q2 25 | $-0.60 | $0.52 | ||
| Q1 25 | $-0.62 | $0.58 | ||
| Q4 24 | $-0.52 | $0.46 | ||
| Q3 24 | $-0.50 | $0.62 | ||
| Q2 24 | $-0.59 | $0.48 | ||
| Q1 24 | $-0.60 | $0.48 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $675.0M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $771.9M | $973.9M |
| Total Assets | $961.3M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | $151.4M | ||
| Q3 25 | $711.9M | $133.7M | ||
| Q2 25 | $742.7M | $107.6M | ||
| Q1 25 | $724.3M | $94.9M | ||
| Q4 24 | $730.4M | $241.0M | ||
| Q3 24 | $762.5M | $205.8M | ||
| Q2 24 | $750.4M | $271.8M | ||
| Q1 24 | $723.3M | $290.8M |
| Q4 25 | $771.9M | $973.9M | ||
| Q3 25 | $798.8M | $958.9M | ||
| Q2 25 | $838.3M | $949.8M | ||
| Q1 25 | $860.2M | $920.9M | ||
| Q4 24 | $859.0M | $854.7M | ||
| Q3 24 | $874.9M | $829.4M | ||
| Q2 24 | $873.4M | $703.4M | ||
| Q1 24 | $898.0M | $683.0M |
| Q4 25 | $961.3M | $1.2B | ||
| Q3 25 | $968.7M | $1.2B | ||
| Q2 25 | $1.0B | $1.1B | ||
| Q1 25 | $1.1B | $1.1B | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $1.0B | $854.5M | ||
| Q1 24 | $1.1B | $839.8M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-46.5M | $45.9M |
| Free Cash FlowOCF − Capex | $-46.9M | $38.2M |
| FCF MarginFCF / Revenue | -62.4% | 19.8% |
| Capex IntensityCapex / Revenue | 0.5% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | $45.9M | ||
| Q3 25 | $-33.5M | $60.6M | ||
| Q2 25 | $11.3M | $32.3M | ||
| Q1 25 | $-22.0M | $40.0M | ||
| Q4 24 | $-38.7M | $40.6M | ||
| Q3 24 | $8.0M | $53.3M | ||
| Q2 24 | $21.3M | $29.4M | ||
| Q1 24 | $-39.1M | $34.1M |
| Q4 25 | $-46.9M | $38.2M | ||
| Q3 25 | $-34.3M | $54.6M | ||
| Q2 25 | $10.3M | $25.7M | ||
| Q1 25 | $-22.4M | $33.8M | ||
| Q4 24 | $-39.5M | $34.3M | ||
| Q3 24 | $7.1M | $48.1M | ||
| Q2 24 | $18.8M | $24.4M | ||
| Q1 24 | $-45.1M | $30.5M |
| Q4 25 | -62.4% | 19.8% | ||
| Q3 25 | -48.8% | 28.7% | ||
| Q2 25 | 9.5% | 13.7% | ||
| Q1 25 | -22.7% | 18.6% | ||
| Q4 24 | -41.9% | 20.1% | ||
| Q3 24 | 8.2% | 29.4% | ||
| Q2 24 | 21.7% | 15.9% | ||
| Q1 24 | -57.6% | 20.4% |
| Q4 25 | 0.5% | 4.0% | ||
| Q3 25 | 1.1% | 3.2% | ||
| Q2 25 | 0.9% | 3.6% | ||
| Q1 25 | 0.4% | 3.4% | ||
| Q4 24 | 0.9% | 3.6% | ||
| Q3 24 | 1.1% | 3.2% | ||
| Q2 24 | 2.9% | 3.3% | ||
| Q1 24 | 7.8% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
