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Side-by-side financial comparison of JBG SMITH Properties (JBGS) 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 $127.6M, roughly 1.5× JBG SMITH Properties). SPS COMMERCE INC runs the higher net margin — 13.4% vs -35.7%, a 49.1% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -2.5%). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -6.3%).
JBG SMITH PropertiesJBGSEarnings & Financial Report
JBG SMITH Properties is a publicly traded real estate investment trust based in Bethesda, Maryland.
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.
JBGS vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $127.6M | $192.7M |
| Net Profit | $-45.5M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | -47.5% | 18.0% |
| Net Margin | -35.7% | 13.4% |
| Revenue YoY | -2.5% | 12.7% |
| Net Profit YoY | 24.0% | 47.2% |
| EPS (diluted) | $-0.76 | $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 | $127.6M | $192.7M | ||
| Q3 25 | $123.9M | $189.9M | ||
| Q2 25 | $126.5M | $187.4M | ||
| Q1 25 | $120.7M | $181.5M | ||
| Q4 24 | $130.8M | $170.9M | ||
| Q3 24 | $136.0M | $163.7M | ||
| Q2 24 | $135.3M | $153.6M | ||
| Q1 24 | $145.2M | $149.6M |
| Q4 25 | $-45.5M | $25.8M | ||
| Q3 25 | $-28.6M | $25.6M | ||
| Q2 25 | $-19.2M | $19.7M | ||
| Q1 25 | $-45.7M | $22.2M | ||
| Q4 24 | $-59.9M | $17.6M | ||
| Q3 24 | $-27.0M | $23.5M | ||
| Q2 24 | $-24.4M | $18.0M | ||
| Q1 24 | $-32.3M | $18.0M |
| 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 24 | — | 65.6% |
| Q4 25 | -47.5% | 18.0% | ||
| Q3 25 | -27.5% | 16.4% | ||
| Q2 25 | -18.4% | 14.1% | ||
| Q1 25 | -44.7% | 14.3% | ||
| Q4 24 | -53.6% | 14.5% | ||
| Q3 24 | -22.4% | 15.6% | ||
| Q2 24 | -24.3% | 15.1% | ||
| Q1 24 | -30.1% | 10.3% |
| Q4 25 | -35.7% | 13.4% | ||
| Q3 25 | -23.1% | 13.5% | ||
| Q2 25 | -15.2% | 10.5% | ||
| Q1 25 | -37.9% | 12.2% | ||
| Q4 24 | -45.8% | 10.3% | ||
| Q3 24 | -19.8% | 14.3% | ||
| Q2 24 | -18.0% | 11.7% | ||
| Q1 24 | -22.2% | 12.0% |
| Q4 25 | $-0.76 | $0.69 | ||
| Q3 25 | $-0.48 | $0.67 | ||
| Q2 25 | $-0.29 | $0.52 | ||
| Q1 25 | $-0.56 | $0.58 | ||
| Q4 24 | $-0.70 | $0.46 | ||
| Q3 24 | $-0.32 | $0.62 | ||
| Q2 24 | $-0.27 | $0.48 | ||
| Q1 24 | $-0.36 | $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 | $75.3M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.2B | $973.9M |
| Total Assets | $4.4B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $75.3M | $151.4M | ||
| Q3 25 | $64.4M | $133.7M | ||
| Q2 25 | $61.4M | $107.6M | ||
| Q1 25 | $81.3M | $94.9M | ||
| Q4 24 | $145.8M | $241.0M | ||
| Q3 24 | $137.0M | $205.8M | ||
| Q2 24 | $163.5M | $271.8M | ||
| Q1 24 | $220.5M | $290.8M |
| Q4 25 | $1.2B | $973.9M | ||
| Q3 25 | $1.2B | $958.9M | ||
| Q2 25 | $1.3B | $949.8M | ||
| Q1 25 | $1.6B | $920.9M | ||
| Q4 24 | $1.8B | $854.7M | ||
| Q3 24 | $1.9B | $829.4M | ||
| Q2 24 | $2.0B | $703.4M | ||
| Q1 24 | $2.1B | $683.0M |
| Q4 25 | $4.4B | $1.2B | ||
| Q3 25 | $4.4B | $1.2B | ||
| Q2 25 | $4.5B | $1.1B | ||
| Q1 25 | $4.7B | $1.1B | ||
| Q4 24 | $5.0B | $1.0B | ||
| Q3 24 | $5.2B | $1.0B | ||
| Q2 24 | $5.3B | $854.5M | ||
| Q1 24 | $5.4B | $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 | $73.3M | $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.
| Q4 25 | $73.3M | $45.9M | ||
| Q3 25 | $8.9M | $60.6M | ||
| Q2 25 | $18.8M | $32.3M | ||
| Q1 25 | $12.9M | $40.0M | ||
| Q4 24 | $129.4M | $40.6M | ||
| Q3 24 | $26.4M | $53.3M | ||
| Q2 24 | $23.8M | $29.4M | ||
| Q1 24 | $37.0M | $34.1M |
| Q4 25 | — | $38.2M | ||
| Q3 25 | — | $54.6M | ||
| Q2 25 | — | $25.7M | ||
| Q1 25 | — | $33.8M | ||
| Q4 24 | — | $34.3M | ||
| Q3 24 | — | $48.1M | ||
| Q2 24 | — | $24.4M | ||
| Q1 24 | — | $30.5M |
| Q4 25 | — | 19.8% | ||
| Q3 25 | — | 28.7% | ||
| Q2 25 | — | 13.7% | ||
| Q1 25 | — | 18.6% | ||
| Q4 24 | — | 20.1% | ||
| Q3 24 | — | 29.4% | ||
| Q2 24 | — | 15.9% | ||
| Q1 24 | — | 20.4% |
| Q4 25 | — | 4.0% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | — | 3.6% | ||
| Q1 25 | — | 3.4% | ||
| Q4 24 | — | 3.6% | ||
| Q3 24 | — | 3.2% | ||
| Q2 24 | — | 3.3% | ||
| Q1 24 | — | 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
JBGS
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
