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Side-by-side financial comparison of Hilltop Holdings Inc. (HTH) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
Hilltop Holdings Inc. is the larger business by last-quarter revenue ($300.5M vs $192.7M, roughly 1.6× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 13.0%, a 0.4% gap on every dollar of revenue. Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs 0.6%).
Hilltop Holdings Inc. is a financial holding company based in Dallas, Texas. It offers financial products and banking services through three primary subsidiaries: PlainsCapital Bank, PrimeLending, and HilltopSecurities.
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.
HTH vs SPSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $300.5M | $192.7M |
| Net Profit | $39.0M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | — | 18.0% |
| Net Margin | 13.0% | 13.4% |
| Revenue YoY | — | 12.7% |
| Net Profit YoY | -12.4% | 47.2% |
| EPS (diluted) | $0.64 | $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 | $300.5M | — | ||
| Q4 25 | $329.9M | $192.7M | ||
| Q3 25 | $330.2M | $189.9M | ||
| Q2 25 | $303.3M | $187.4M | ||
| Q1 25 | $318.5M | $181.5M | ||
| Q4 24 | $301.1M | $170.9M | ||
| Q3 24 | $305.5M | $163.7M | ||
| Q2 24 | $297.0M | $153.6M |
| Q1 26 | $39.0M | — | ||
| Q4 25 | $41.6M | $25.8M | ||
| Q3 25 | $45.8M | $25.6M | ||
| Q2 25 | $36.1M | $19.7M | ||
| Q1 25 | $42.1M | $22.2M | ||
| Q4 24 | $35.5M | $17.6M | ||
| Q3 24 | $29.7M | $23.5M | ||
| Q2 24 | $20.3M | $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 | 16.1% | 18.0% | ||
| Q3 25 | 18.4% | 16.4% | ||
| Q2 25 | 16.3% | 14.1% | ||
| Q1 25 | 18.1% | 14.3% | ||
| Q4 24 | 14.7% | 14.5% | ||
| Q3 24 | 13.9% | 15.6% | ||
| Q2 24 | 10.0% | 15.1% |
| Q1 26 | 13.0% | — | ||
| Q4 25 | 12.6% | 13.4% | ||
| Q3 25 | 13.9% | 13.5% | ||
| Q2 25 | 11.9% | 10.5% | ||
| Q1 25 | 13.2% | 12.2% | ||
| Q4 24 | 11.8% | 10.3% | ||
| Q3 24 | 9.7% | 14.3% | ||
| Q2 24 | 6.8% | 11.7% |
| Q1 26 | $0.64 | — | ||
| Q4 25 | $0.68 | $0.69 | ||
| Q3 25 | $0.74 | $0.67 | ||
| Q2 25 | $0.57 | $0.52 | ||
| Q1 25 | $0.65 | $0.58 | ||
| Q4 24 | $0.55 | $0.46 | ||
| Q3 24 | $0.46 | $0.62 | ||
| Q2 24 | $0.31 | $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 | $990.8M | — |
| Stockholders' EquityBook value | $2.2B | $973.9M |
| Total Assets | $15.7B | $1.2B |
| Debt / EquityLower = less leverage | 0.46× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $151.4M | ||
| Q3 25 | — | $133.7M | ||
| Q2 25 | — | $107.6M | ||
| Q1 25 | — | $94.9M | ||
| Q4 24 | — | $241.0M | ||
| Q3 24 | — | $205.8M | ||
| Q2 24 | — | $271.8M |
| Q1 26 | $990.8M | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $2.2B | — | ||
| Q4 25 | $2.2B | $973.9M | ||
| Q3 25 | $2.2B | $958.9M | ||
| Q2 25 | $2.2B | $949.8M | ||
| Q1 25 | $2.2B | $920.9M | ||
| Q4 24 | $2.2B | $854.7M | ||
| Q3 24 | $2.2B | $829.4M | ||
| Q2 24 | $2.1B | $703.4M |
| Q1 26 | $15.7B | — | ||
| Q4 25 | $15.8B | $1.2B | ||
| Q3 25 | $15.6B | $1.2B | ||
| Q2 25 | $15.4B | $1.1B | ||
| Q1 25 | $15.8B | $1.1B | ||
| Q4 24 | $16.3B | $1.0B | ||
| Q3 24 | $15.9B | $1.0B | ||
| Q2 24 | $15.6B | $854.5M |
| Q1 26 | 0.46× | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | $-38.7M | $45.9M | ||
| Q3 25 | $273.0M | $60.6M | ||
| Q2 25 | $-234.6M | $32.3M | ||
| Q1 25 | $5.8M | $40.0M | ||
| Q4 24 | $273.9M | $40.6M | ||
| Q3 24 | $515.6M | $53.3M | ||
| Q2 24 | $-435.3M | $29.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-55.5M | $38.2M | ||
| Q3 25 | $271.0M | $54.6M | ||
| Q2 25 | $-234.6M | $25.7M | ||
| Q1 25 | $5.0M | $33.8M | ||
| Q4 24 | $266.8M | $34.3M | ||
| Q3 24 | $513.8M | $48.1M | ||
| Q2 24 | $-437.3M | $24.4M |
| Q1 26 | — | — | ||
| Q4 25 | -16.8% | 19.8% | ||
| Q3 25 | 82.1% | 28.7% | ||
| Q2 25 | -77.4% | 13.7% | ||
| Q1 25 | 1.6% | 18.6% | ||
| Q4 24 | 88.6% | 20.1% | ||
| Q3 24 | 168.2% | 29.4% | ||
| Q2 24 | -147.2% | 15.9% |
| Q1 26 | — | — | ||
| Q4 25 | 5.1% | 4.0% | ||
| Q3 25 | 0.6% | 3.2% | ||
| Q2 25 | 0.0% | 3.6% | ||
| Q1 25 | 0.3% | 3.4% | ||
| Q4 24 | 2.4% | 3.6% | ||
| Q3 24 | 0.6% | 3.2% | ||
| Q2 24 | 0.7% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | -0.93× | 1.78× | ||
| Q3 25 | 5.96× | 2.37× | ||
| Q2 25 | -6.50× | 1.64× | ||
| Q1 25 | 0.14× | 1.80× | ||
| Q4 24 | 7.71× | 2.31× | ||
| Q3 24 | 17.36× | 2.27× | ||
| Q2 24 | -21.41× | 1.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HTH
| Noninterest Income | $188.4M | 63% |
| Net Interest Income | $112.1M | 37% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
