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Side-by-side financial comparison of DESCARTES SYSTEMS GROUP INC (DSGX) 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 $179.8M, roughly 1.1× DESCARTES SYSTEMS GROUP INC). DESCARTES SYSTEMS GROUP INC runs the higher net margin — 21.1% vs 13.4%, a 7.7% gap on every dollar of revenue. DESCARTES SYSTEMS GROUP INC produced more free cash flow last quarter ($62.1M vs $38.2M).
The Descartes Systems Group Inc. is a Canadian multinational technology company specializing in logistics software, supply chain management software, and cloud-based services for logistics businesses.
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.
DSGX vs SPSC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $179.8M | $192.7M |
| Net Profit | $38.0M | $25.8M |
| Gross Margin | 76.9% | 70.4% |
| Operating Margin | 26.8% | 18.0% |
| Net Margin | 21.1% | 13.4% |
| Revenue YoY | — | 12.7% |
| Net Profit YoY | — | 47.2% |
| EPS (diluted) | $0.43 | $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 | — | $192.7M | ||
| Q3 25 | $179.8M | $189.9M | ||
| Q2 25 | — | $187.4M | ||
| Q1 25 | — | $181.5M | ||
| Q4 24 | — | $170.9M | ||
| Q3 24 | $163.4M | $163.7M | ||
| Q2 24 | — | $153.6M | ||
| Q1 24 | — | $149.6M |
| Q4 25 | — | $25.8M | ||
| Q3 25 | $38.0M | $25.6M | ||
| Q2 25 | — | $19.7M | ||
| Q1 25 | — | $22.2M | ||
| Q4 24 | — | $17.6M | ||
| Q3 24 | $34.7M | $23.5M | ||
| Q2 24 | — | $18.0M | ||
| Q1 24 | — | $18.0M |
| Q4 25 | — | 70.4% | ||
| Q3 25 | 76.9% | 69.5% | ||
| Q2 25 | — | 68.1% | ||
| Q1 25 | — | 68.7% | ||
| Q4 24 | — | 67.5% | ||
| Q3 24 | 75.2% | 68.5% | ||
| Q2 24 | — | 66.1% | ||
| Q1 24 | — | 65.6% |
| Q4 25 | — | 18.0% | ||
| Q3 25 | 26.8% | 16.4% | ||
| Q2 25 | — | 14.1% | ||
| Q1 25 | — | 14.3% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | 28.1% | 15.6% | ||
| Q2 24 | — | 15.1% | ||
| Q1 24 | — | 10.3% |
| Q4 25 | — | 13.4% | ||
| Q3 25 | 21.1% | 13.5% | ||
| Q2 25 | — | 10.5% | ||
| Q1 25 | — | 12.2% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | 21.2% | 14.3% | ||
| Q2 24 | — | 11.7% | ||
| Q1 24 | — | 12.0% |
| Q4 25 | — | $0.69 | ||
| Q3 25 | $0.43 | $0.67 | ||
| Q2 25 | — | $0.52 | ||
| Q1 25 | — | $0.58 | ||
| Q4 24 | — | $0.46 | ||
| Q3 24 | $0.40 | $0.62 | ||
| Q2 24 | — | $0.48 | ||
| Q1 24 | — | $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 | $240.6M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $973.9M |
| Total Assets | $1.8B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $151.4M | ||
| Q3 25 | $240.6M | $133.7M | ||
| Q2 25 | — | $107.6M | ||
| Q1 25 | — | $94.9M | ||
| Q4 24 | — | $241.0M | ||
| Q3 24 | $252.7M | $205.8M | ||
| Q2 24 | — | $271.8M | ||
| Q1 24 | — | $290.8M |
| Q4 25 | — | $973.9M | ||
| Q3 25 | $1.5B | $958.9M | ||
| Q2 25 | — | $949.8M | ||
| Q1 25 | — | $920.9M | ||
| Q4 24 | — | $854.7M | ||
| Q3 24 | $1.3B | $829.4M | ||
| Q2 24 | — | $703.4M | ||
| Q1 24 | — | $683.0M |
| Q4 25 | — | $1.2B | ||
| Q3 25 | $1.8B | $1.2B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | $1.6B | $1.0B | ||
| Q2 24 | — | $854.5M | ||
| Q1 24 | — | $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 | $63.3M | $45.9M |
| Free Cash FlowOCF − Capex | $62.1M | $38.2M |
| FCF MarginFCF / Revenue | 34.5% | 19.8% |
| Capex IntensityCapex / Revenue | 0.7% | 4.0% |
| Cash ConversionOCF / Net Profit | 1.67× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $189.6M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $45.9M | ||
| Q3 25 | $63.3M | $60.6M | ||
| Q2 25 | — | $32.3M | ||
| Q1 25 | — | $40.0M | ||
| Q4 24 | — | $40.6M | ||
| Q3 24 | $34.7M | $53.3M | ||
| Q2 24 | — | $29.4M | ||
| Q1 24 | — | $34.1M |
| Q4 25 | — | $38.2M | ||
| Q3 25 | $62.1M | $54.6M | ||
| Q2 25 | — | $25.7M | ||
| Q1 25 | — | $33.8M | ||
| Q4 24 | — | $34.3M | ||
| Q3 24 | $33.1M | $48.1M | ||
| Q2 24 | — | $24.4M | ||
| Q1 24 | — | $30.5M |
| Q4 25 | — | 19.8% | ||
| Q3 25 | 34.5% | 28.7% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | 18.6% | ||
| Q4 24 | — | 20.1% | ||
| Q3 24 | 20.2% | 29.4% | ||
| Q2 24 | — | 15.9% | ||
| Q1 24 | — | 20.4% |
| Q4 25 | — | 4.0% | ||
| Q3 25 | 0.7% | 3.2% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | 1.0% | 3.2% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | 1.67× | 2.37× | ||
| Q2 25 | — | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | 1.00× | 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
DSGX
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
