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Side-by-side financial comparison of Axos Financial, Inc. (AX) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
Axos Financial, Inc. is the larger business by last-quarter revenue ($392.2M vs $192.7M, roughly 2.0× SPS COMMERCE INC). Axos Financial, Inc. runs the higher net margin — 31.8% vs 13.4%, a 18.4% gap on every dollar of revenue. Over the past eight quarters, Axos Financial, Inc.'s revenue compounded faster (16.1% CAGR vs 13.5%).
Axos Financial is an American bank holding company based in Las Vegas, Nevada and is the parent of Axos Bank, a direct bank. It also offers registered investment adviser services and an electronic trading platform.
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.
AX vs SPSC — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $392.2M | $192.7M |
| Net Profit | $124.7M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | — | 18.0% |
| Net Margin | 31.8% | 13.4% |
| Revenue YoY | — | 12.7% |
| Net Profit YoY | 18.5% | 47.2% |
| EPS (diluted) | $2.15 | $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.
| Q1 26 | $392.2M | — | ||
| Q4 25 | $385.1M | $192.7M | ||
| Q3 25 | $323.4M | $189.9M | ||
| Q2 25 | $321.4M | $187.4M | ||
| Q1 25 | $308.8M | $181.5M | ||
| Q4 24 | $307.9M | $170.9M | ||
| Q3 24 | $320.7M | $163.7M | ||
| Q2 24 | $290.9M | $153.6M |
| Q1 26 | $124.7M | — | ||
| Q4 25 | $128.4M | $25.8M | ||
| Q3 25 | $112.4M | $25.6M | ||
| Q2 25 | $110.7M | $19.7M | ||
| Q1 25 | $105.2M | $22.2M | ||
| Q4 24 | $104.7M | $17.6M | ||
| Q3 24 | $112.3M | $23.5M | ||
| Q2 24 | $104.9M | $18.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | — | 68.5% | ||
| Q2 24 | — | 66.1% |
| Q1 26 | — | — | ||
| Q4 25 | 45.6% | 18.0% | ||
| Q3 25 | 46.3% | 16.4% | ||
| Q2 25 | 48.5% | 14.1% | ||
| Q1 25 | 47.9% | 14.3% | ||
| Q4 24 | 48.8% | 14.5% | ||
| Q3 24 | 49.6% | 15.6% | ||
| Q2 24 | 49.6% | 15.1% |
| Q1 26 | 31.8% | — | ||
| Q4 25 | 33.3% | 13.4% | ||
| Q3 25 | 34.7% | 13.5% | ||
| Q2 25 | 34.4% | 10.5% | ||
| Q1 25 | 34.1% | 12.2% | ||
| Q4 24 | 34.0% | 10.3% | ||
| Q3 24 | 35.0% | 14.3% | ||
| Q2 24 | 36.0% | 11.7% |
| Q1 26 | $2.15 | — | ||
| Q4 25 | $2.22 | $0.69 | ||
| Q3 25 | $1.94 | $0.67 | ||
| Q2 25 | $1.89 | $0.52 | ||
| Q1 25 | $1.81 | $0.58 | ||
| Q4 24 | $1.80 | $0.46 | ||
| Q3 24 | $1.93 | $0.62 | ||
| Q2 24 | $1.75 | $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 | — | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.1B | $973.9M |
| Total Assets | $29.2B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | $151.4M | ||
| Q3 25 | $2.6B | $133.7M | ||
| Q2 25 | $1.9B | $107.6M | ||
| Q1 25 | $2.0B | $94.9M | ||
| Q4 24 | $2.4B | $241.0M | ||
| Q3 24 | $2.6B | $205.8M | ||
| Q2 24 | $2.0B | $271.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $312.7M | — | ||
| Q1 25 | $377.4M | — | ||
| Q4 24 | $358.7M | — | ||
| Q3 24 | $313.5M | — | ||
| Q2 24 | $325.7M | — |
| Q1 26 | $3.1B | — | ||
| Q4 25 | $2.9B | $973.9M | ||
| Q3 25 | $2.8B | $958.9M | ||
| Q2 25 | $2.7B | $949.8M | ||
| Q1 25 | $2.6B | $920.9M | ||
| Q4 24 | $2.5B | $854.7M | ||
| Q3 24 | $2.4B | $829.4M | ||
| Q2 24 | $2.3B | $703.4M |
| Q1 26 | $29.2B | — | ||
| Q4 25 | $28.2B | $1.2B | ||
| Q3 25 | $27.4B | $1.2B | ||
| Q2 25 | $24.8B | $1.1B | ||
| Q1 25 | $24.0B | $1.1B | ||
| Q4 24 | $23.7B | $1.0B | ||
| Q3 24 | $23.6B | $1.0B | ||
| Q2 24 | $22.9B | $854.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 0.14× | — | ||
| Q3 24 | 0.13× | — | ||
| Q2 24 | 0.14× | — |
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 | — | $45.9M |
| Free Cash FlowOCF − Capex | — | $38.2M |
| FCF MarginFCF / Revenue | — | 19.8% |
| Capex IntensityCapex / Revenue | — | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | — | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $104.1M | $45.9M | ||
| Q3 25 | $118.4M | $60.6M | ||
| Q2 25 | $490.3M | $32.3M | ||
| Q1 25 | $73.7M | $40.0M | ||
| Q4 24 | $162.5M | $40.6M | ||
| Q3 24 | $70.8M | $53.3M | ||
| Q2 24 | $305.5M | $29.4M |
| Q1 26 | — | — | ||
| Q4 25 | $85.4M | $38.2M | ||
| Q3 25 | $109.3M | $54.6M | ||
| Q2 25 | $436.1M | $25.7M | ||
| Q1 25 | $65.1M | $33.8M | ||
| Q4 24 | $156.4M | $34.3M | ||
| Q3 24 | $53.0M | $48.1M | ||
| Q2 24 | $269.5M | $24.4M |
| Q1 26 | — | — | ||
| Q4 25 | 22.2% | 19.8% | ||
| Q3 25 | 33.8% | 28.7% | ||
| Q2 25 | 135.7% | 13.7% | ||
| Q1 25 | 21.1% | 18.6% | ||
| Q4 24 | 50.8% | 20.1% | ||
| Q3 24 | 16.5% | 29.4% | ||
| Q2 24 | 92.6% | 15.9% |
| Q1 26 | — | — | ||
| Q4 25 | 4.9% | 4.0% | ||
| Q3 25 | 2.8% | 3.2% | ||
| Q2 25 | 16.9% | 3.6% | ||
| Q1 25 | 2.8% | 3.4% | ||
| Q4 24 | 2.0% | 3.6% | ||
| Q3 24 | 5.5% | 3.2% | ||
| Q2 24 | 12.4% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | 0.81× | 1.78× | ||
| Q3 25 | 1.05× | 2.37× | ||
| Q2 25 | 4.43× | 1.64× | ||
| Q1 25 | 0.70× | 1.80× | ||
| Q4 24 | 1.55× | 2.31× | ||
| Q3 24 | 0.63× | 2.27× | ||
| Q2 24 | 2.91× | 1.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AX
| Net Interest Income | $306.3M | 78% |
| Noninterest Income | $86.0M | 22% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
