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Side-by-side financial comparison of BRANDYWINE REALTY TRUST (BDN) and Commerce.com, Inc. (CMRC). Click either name above to swap in a different company.
BRANDYWINE REALTY TRUST is the larger business by last-quarter revenue ($127.0M vs $89.5M, roughly 1.4× Commerce.com, Inc.). Commerce.com, Inc. runs the higher net margin — -9.3% vs -38.4%, a 29.1% gap on every dollar of revenue. On growth, BRANDYWINE REALTY TRUST posted the faster year-over-year revenue change (4.5% vs 2.9%). Over the past eight quarters, Commerce.com, Inc.'s revenue compounded faster (5.5% CAGR vs 0.7%).
Brandywine Realty Trust is a Philadelphia-based real estate investment trust (REIT) that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
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.
BDN vs CMRC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $127.0M | $89.5M |
| Net Profit | $-48.8M | $-8.4M |
| Gross Margin | — | 78.3% |
| Operating Margin | 1.2% | -7.4% |
| Net Margin | -38.4% | -9.3% |
| Revenue YoY | 4.5% | 2.9% |
| Net Profit YoY | -80.4% | -250.0% |
| EPS (diluted) | $-0.28 | $-0.11 |
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 | $127.0M | — | ||
| Q4 25 | $121.0M | $89.5M | ||
| Q3 25 | $121.4M | $86.0M | ||
| Q2 25 | $120.6M | $84.4M | ||
| Q1 25 | $121.5M | $82.4M | ||
| Q4 24 | $121.9M | $87.0M | ||
| Q3 24 | $131.8M | $83.7M | ||
| Q2 24 | $125.3M | $81.8M |
| Q1 26 | $-48.8M | — | ||
| Q4 25 | $-36.7M | $-8.4M | ||
| Q3 25 | $-25.9M | $-2.2M | ||
| Q2 25 | $-88.7M | $-8.4M | ||
| Q1 25 | $-27.0M | $-353.0K | ||
| Q4 24 | $-44.5M | $-2.4M | ||
| Q3 24 | $-165.2M | $-7.0M | ||
| Q2 24 | $30.2M | $-11.3M |
| Q1 26 | — | — | ||
| Q4 25 | 61.3% | 78.3% | ||
| Q3 25 | 62.6% | 78.4% | ||
| Q2 25 | 62.4% | 79.0% | ||
| Q1 25 | 60.8% | 79.4% | ||
| Q4 24 | 61.2% | 77.6% | ||
| Q3 24 | 64.9% | 76.3% | ||
| Q2 24 | 63.1% | 75.8% |
| Q1 26 | 1.2% | — | ||
| Q4 25 | 22.8% | -7.4% | ||
| Q3 25 | 20.8% | -0.5% | ||
| Q2 25 | -34.3% | -8.0% | ||
| Q1 25 | 12.5% | -2.9% | ||
| Q4 24 | 18.0% | -0.9% | ||
| Q3 24 | -7.2% | -23.0% | ||
| Q2 24 | 15.5% | -16.5% |
| Q1 26 | -38.4% | — | ||
| Q4 25 | -30.3% | -9.3% | ||
| Q3 25 | -21.3% | -2.6% | ||
| Q2 25 | -73.5% | -9.9% | ||
| Q1 25 | -22.2% | -0.4% | ||
| Q4 24 | -36.5% | -2.7% | ||
| Q3 24 | -125.4% | -8.4% | ||
| Q2 24 | 24.1% | -13.8% |
| Q1 26 | $-0.28 | — | ||
| Q4 25 | $-0.21 | $-0.11 | ||
| Q3 25 | $-0.15 | $-0.03 | ||
| Q2 25 | $-0.51 | $-0.10 | ||
| Q1 25 | $-0.16 | $0.00 | ||
| Q4 24 | $-0.25 | $-0.03 | ||
| Q3 24 | $-0.96 | $-0.09 | ||
| Q2 24 | $0.17 | $-0.15 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.2M | $141.1M |
| Total DebtLower is stronger | — | $157.0M |
| Stockholders' EquityBook value | — | $39.4M |
| Total Assets | $3.6B | $308.8M |
| Debt / EquityLower = less leverage | — | 3.99× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $36.2M | — | ||
| Q4 25 | $32.3M | $141.1M | ||
| Q3 25 | $75.5M | $142.0M | ||
| Q2 25 | $122.6M | $134.5M | ||
| Q1 25 | $29.4M | $120.7M | ||
| Q4 24 | $90.2M | $178.2M | ||
| Q3 24 | $36.5M | $168.4M | ||
| Q2 24 | $30.4M | $275.8M |
| Q1 26 | — | — | ||
| Q4 25 | $2.6B | $157.0M | ||
| Q3 25 | $2.3B | $157.3M | ||
| Q2 25 | $2.3B | $157.5M | ||
| Q1 25 | $2.2B | $157.8M | ||
| Q4 24 | $2.2B | $216.5M | ||
| Q3 24 | $2.3B | — | ||
| Q2 24 | $2.2B | $340.9M |
| Q1 26 | — | — | ||
| Q4 25 | $792.7M | $39.4M | ||
| Q3 25 | $841.5M | $42.8M | ||
| Q2 25 | $879.8M | $38.8M | ||
| Q1 25 | $993.6M | $38.1M | ||
| Q4 24 | $1.0B | $33.4M | ||
| Q3 24 | $1.1B | $29.0M | ||
| Q2 24 | $1.3B | $26.1M |
| Q1 26 | $3.6B | — | ||
| Q4 25 | $3.6B | $308.8M | ||
| Q3 25 | $3.3B | $309.5M | ||
| Q2 25 | $3.4B | $302.5M | ||
| Q1 25 | $3.4B | $286.3M | ||
| Q4 24 | $3.5B | $340.3M | ||
| Q3 24 | $3.6B | $335.1M | ||
| Q2 24 | $3.8B | $452.5M |
| Q1 26 | — | — | ||
| Q4 25 | 3.23× | 3.99× | ||
| Q3 25 | 2.70× | 3.67× | ||
| Q2 25 | 2.63× | 4.06× | ||
| Q1 25 | 2.23× | 4.14× | ||
| Q4 24 | 2.13× | 6.49× | ||
| Q3 24 | 2.06× | — | ||
| Q2 24 | 1.73× | 13.06× |
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 | — | $980.0K |
| Free Cash FlowOCF − Capex | — | $-2.2M |
| FCF MarginFCF / Revenue | — | -2.4% |
| Capex IntensityCapex / Revenue | — | 3.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $16.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $116.7M | $980.0K | ||
| Q3 25 | $47.5M | $10.6M | ||
| Q2 25 | $34.4M | $13.6M | ||
| Q1 25 | $6.3M | $401.0K | ||
| Q4 24 | $181.1M | $12.4M | ||
| Q3 24 | $52.2M | $5.6M | ||
| Q2 24 | $48.2M | $11.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-2.2M | ||
| Q3 25 | — | $7.6M | ||
| Q2 25 | — | $11.9M | ||
| Q1 25 | — | $-424.0K | ||
| Q4 24 | — | $11.6M | ||
| Q3 24 | — | $4.5M | ||
| Q2 24 | — | $10.7M |
| Q1 26 | — | — | ||
| Q4 25 | — | -2.4% | ||
| Q3 25 | — | 8.8% | ||
| Q2 25 | — | 14.1% | ||
| Q1 25 | — | -0.5% | ||
| Q4 24 | — | 13.3% | ||
| Q3 24 | — | 5.4% | ||
| Q2 24 | — | 13.0% |
| Q1 26 | — | — | ||
| Q4 25 | — | 3.5% | ||
| Q3 25 | — | 3.4% | ||
| Q2 25 | — | 2.0% | ||
| Q1 25 | — | 1.0% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | 1.3% | ||
| Q2 24 | — | 1.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 1.60× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDN
| Rents | $120.7M | 95% |
| Third party management fees, labor reimbursement and leasing | $4.7M | 4% |
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
