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Side-by-side financial comparison of Braze, Inc. (BRZE) 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 $190.8M, roughly 1.0× Braze, Inc.). SPS COMMERCE INC runs the higher net margin — 13.4% vs -18.9%, a 32.3% gap on every dollar of revenue. On growth, Braze, Inc. posted the faster year-over-year revenue change (25.5% vs 12.7%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $19.0M). Over the past eight quarters, Braze, Inc.'s revenue compounded faster (20.7% CAGR vs 13.5%).
Braze, Inc. is an American cloud-based software company based in New York City. It is a customer engagement platform used by businesses for multichannel marketing.
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.
BRZE vs SPSC — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $190.8M | $192.7M |
| Net Profit | $-36.0M | $25.8M |
| Gross Margin | 67.2% | 70.4% |
| Operating Margin | -19.7% | 18.0% |
| Net Margin | -18.9% | 13.4% |
| Revenue YoY | 25.5% | 12.7% |
| Net Profit YoY | -29.0% | 47.2% |
| EPS (diluted) | $-0.33 | $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 | $190.8M | $192.7M | ||
| Q3 25 | $180.1M | $189.9M | ||
| Q2 25 | $162.1M | $187.4M | ||
| Q1 25 | $160.4M | $181.5M | ||
| Q4 24 | $152.1M | $170.9M | ||
| Q3 24 | $145.5M | $163.7M | ||
| Q2 24 | $135.5M | $153.6M | ||
| Q1 24 | $131.0M | $149.6M |
| Q4 25 | $-36.0M | $25.8M | ||
| Q3 25 | $-27.9M | $25.6M | ||
| Q2 25 | $-35.8M | $19.7M | ||
| Q1 25 | $-17.2M | $22.2M | ||
| Q4 24 | $-27.9M | $17.6M | ||
| Q3 24 | $-23.0M | $23.5M | ||
| Q2 24 | $-35.6M | $18.0M | ||
| Q1 24 | $-28.3M | $18.0M |
| Q4 25 | 67.2% | 70.4% | ||
| Q3 25 | 67.7% | 69.5% | ||
| Q2 25 | 68.6% | 68.1% | ||
| Q1 25 | 69.3% | 68.7% | ||
| Q4 24 | 69.8% | 67.5% | ||
| Q3 24 | 70.2% | 68.5% | ||
| Q2 24 | 67.1% | 66.1% | ||
| Q1 24 | 67.2% | 65.6% |
| Q4 25 | -19.7% | 18.0% | ||
| Q3 25 | -21.5% | 16.4% | ||
| Q2 25 | -24.8% | 14.1% | ||
| Q1 25 | -13.4% | 14.3% | ||
| Q4 24 | -21.4% | 14.5% | ||
| Q3 24 | -19.2% | 15.6% | ||
| Q2 24 | -29.6% | 15.1% | ||
| Q1 24 | -24.7% | 10.3% |
| Q4 25 | -18.9% | 13.4% | ||
| Q3 25 | -15.5% | 13.5% | ||
| Q2 25 | -22.1% | 10.5% | ||
| Q1 25 | -10.7% | 12.2% | ||
| Q4 24 | -18.4% | 10.3% | ||
| Q3 24 | -15.8% | 14.3% | ||
| Q2 24 | -26.3% | 11.7% | ||
| Q1 24 | -21.6% | 12.0% |
| Q4 25 | $-0.33 | $0.69 | ||
| Q3 25 | $-0.26 | $0.67 | ||
| Q2 25 | $-0.34 | $0.52 | ||
| Q1 25 | $-0.17 | $0.58 | ||
| Q4 24 | $-0.27 | $0.46 | ||
| Q3 24 | $-0.23 | $0.62 | ||
| Q2 24 | $-0.35 | $0.48 | ||
| Q1 24 | $-0.28 | $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 | $97.8M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $602.0M | $973.9M |
| Total Assets | $1.0B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $97.8M | $151.4M | ||
| Q3 25 | $81.0M | $133.7M | ||
| Q2 25 | $231.5M | $107.6M | ||
| Q1 25 | $83.1M | $94.9M | ||
| Q4 24 | $61.3M | $241.0M | ||
| Q3 24 | $79.1M | $205.8M | ||
| Q2 24 | $74.8M | $271.8M | ||
| Q1 24 | $68.2M | $290.8M |
| Q4 25 | $602.0M | $973.9M | ||
| Q3 25 | $598.9M | $958.9M | ||
| Q2 25 | $474.4M | $949.8M | ||
| Q1 25 | $474.9M | $920.9M | ||
| Q4 24 | $458.1M | $854.7M | ||
| Q3 24 | $453.7M | $829.4M | ||
| Q2 24 | $436.1M | $703.4M | ||
| Q1 24 | $444.2M | $683.0M |
| Q4 25 | $1.0B | $1.2B | ||
| Q3 25 | $1.0B | $1.2B | ||
| Q2 25 | $889.1M | $1.1B | ||
| Q1 25 | $871.0M | $1.1B | ||
| Q4 24 | $842.0M | $1.0B | ||
| Q3 24 | $825.6M | $1.0B | ||
| Q2 24 | $816.1M | $854.5M | ||
| Q1 24 | $810.9M | $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 | $21.0M | $45.9M |
| Free Cash FlowOCF − Capex | $19.0M | $38.2M |
| FCF MarginFCF / Revenue | 10.0% | 19.8% |
| Capex IntensityCapex / Revenue | 1.0% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $63.3M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $21.0M | $45.9M | ||
| Q3 25 | $7.0M | $60.6M | ||
| Q2 25 | $24.1M | $32.3M | ||
| Q1 25 | $17.1M | $40.0M | ||
| Q4 24 | $-11.4M | $40.6M | ||
| Q3 24 | $11.6M | $53.3M | ||
| Q2 24 | $19.4M | $29.4M | ||
| Q1 24 | $3.8M | $34.1M |
| Q4 25 | $19.0M | $38.2M | ||
| Q3 25 | $4.3M | $54.6M | ||
| Q2 25 | $23.9M | $25.7M | ||
| Q1 25 | $16.0M | $33.8M | ||
| Q4 24 | $-13.3M | $34.3M | ||
| Q3 24 | $8.3M | $48.1M | ||
| Q2 24 | $12.5M | $24.4M | ||
| Q1 24 | $-2.5M | $30.5M |
| Q4 25 | 10.0% | 19.8% | ||
| Q3 25 | 2.4% | 28.7% | ||
| Q2 25 | 14.8% | 13.7% | ||
| Q1 25 | 10.0% | 18.6% | ||
| Q4 24 | -8.8% | 20.1% | ||
| Q3 24 | 5.7% | 29.4% | ||
| Q2 24 | 9.2% | 15.9% | ||
| Q1 24 | -1.9% | 20.4% |
| Q4 25 | 1.0% | 4.0% | ||
| Q3 25 | 1.4% | 3.2% | ||
| Q2 25 | 0.1% | 3.6% | ||
| Q1 25 | 0.7% | 3.4% | ||
| Q4 24 | 1.3% | 3.6% | ||
| Q3 24 | 2.3% | 3.2% | ||
| Q2 24 | 5.1% | 3.3% | ||
| Q1 24 | 4.8% | 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
BRZE
| Subscription Revenue | $181.7M | 95% |
| Professional Services Revenue | $9.2M | 5% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
