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Side-by-side financial comparison of KILROY REALTY CORP (KRC) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
KILROY REALTY CORP is the larger business by last-quarter revenue ($272.2M vs $192.7M, roughly 1.4× SPS COMMERCE INC). SPS COMMERCE INC runs the higher net margin — 13.4% vs 6.3%, a 7.1% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -5.0%). KILROY REALTY CORP produced more free cash flow last quarter ($450.3M vs $38.2M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -1.2%).
Kilroy Realty Corp is a leading U.S. real estate investment trust that develops, owns, and operates premium office, life science, and mixed-use properties primarily across high-growth West Coast markets including Los Angeles, San Francisco, Seattle, and San Diego. It serves tenants across the technology, life sciences, media, and creative sectors, with a core focus on delivering sustainable, future-ready workspaces tailored to modern business needs.
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.
KRC vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $272.2M | $192.7M |
| Net Profit | $17.1M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | — | 18.0% |
| Net Margin | 6.3% | 13.4% |
| Revenue YoY | -5.0% | 12.7% |
| Net Profit YoY | -73.7% | 47.2% |
| EPS (diluted) | $0.11 | $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 | $272.2M | $192.7M | ||
| Q3 25 | $279.7M | $189.9M | ||
| Q2 25 | $289.9M | $187.4M | ||
| Q1 25 | $270.8M | $181.5M | ||
| Q4 24 | $286.4M | $170.9M | ||
| Q3 24 | $289.9M | $163.7M | ||
| Q2 24 | $280.7M | $153.6M | ||
| Q1 24 | $278.6M | $149.6M |
| Q4 25 | $17.1M | $25.8M | ||
| Q3 25 | $162.3M | $25.6M | ||
| Q2 25 | $79.6M | $19.7M | ||
| Q1 25 | $43.7M | $22.2M | ||
| Q4 24 | $65.0M | $17.6M | ||
| Q3 24 | $57.7M | $23.5M | ||
| Q2 24 | $54.5M | $18.0M | ||
| Q1 24 | $55.7M | $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 | — | 18.0% | ||
| Q3 25 | — | 16.4% | ||
| Q2 25 | — | 14.1% | ||
| Q1 25 | — | 14.3% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | — | 15.6% | ||
| Q2 24 | — | 15.1% | ||
| Q1 24 | — | 10.3% |
| Q4 25 | 6.3% | 13.4% | ||
| Q3 25 | 58.0% | 13.5% | ||
| Q2 25 | 27.4% | 10.5% | ||
| Q1 25 | 16.1% | 12.2% | ||
| Q4 24 | 22.7% | 10.3% | ||
| Q3 24 | 19.9% | 14.3% | ||
| Q2 24 | 19.4% | 11.7% | ||
| Q1 24 | 20.0% | 12.0% |
| Q4 25 | $0.11 | $0.69 | ||
| Q3 25 | $1.31 | $0.67 | ||
| Q2 25 | $0.57 | $0.52 | ||
| Q1 25 | $0.33 | $0.58 | ||
| Q4 24 | $0.50 | $0.46 | ||
| Q3 24 | $0.44 | $0.62 | ||
| Q2 24 | $0.41 | $0.48 | ||
| Q1 24 | $0.42 | $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 | $179.3M | $151.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $5.4B | $973.9M |
| Total Assets | $10.9B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $179.3M | $151.4M | ||
| Q3 25 | $372.4M | $133.7M | ||
| Q2 25 | $193.1M | $107.6M | ||
| Q1 25 | $146.7M | $94.9M | ||
| Q4 24 | $165.7M | $241.0M | ||
| Q3 24 | $625.4M | $205.8M | ||
| Q2 24 | $835.9M | $271.8M | ||
| Q1 24 | $855.0M | $290.8M |
| Q4 25 | $5.4B | $973.9M | ||
| Q3 25 | $5.5B | $958.9M | ||
| Q2 25 | $5.4B | $949.8M | ||
| Q1 25 | $5.4B | $920.9M | ||
| Q4 24 | $5.4B | $854.7M | ||
| Q3 24 | $5.4B | $829.4M | ||
| Q2 24 | $5.4B | $703.4M | ||
| Q1 24 | $5.4B | $683.0M |
| Q4 25 | $10.9B | $1.2B | ||
| Q3 25 | $11.0B | $1.2B | ||
| Q2 25 | $10.9B | $1.1B | ||
| Q1 25 | $10.9B | $1.1B | ||
| Q4 24 | $10.9B | $1.0B | ||
| Q3 24 | $11.4B | $1.0B | ||
| Q2 24 | $11.5B | $854.5M | ||
| Q1 24 | $11.6B | $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 | $566.3M | $45.9M |
| Free Cash FlowOCF − Capex | $450.3M | $38.2M |
| FCF MarginFCF / Revenue | 165.4% | 19.8% |
| Capex IntensityCapex / Revenue | 42.6% | 4.0% |
| Cash ConversionOCF / Net Profit | 33.10× | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $833.0M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $566.3M | $45.9M | ||
| Q3 25 | $176.6M | $60.6M | ||
| Q2 25 | $143.7M | $32.3M | ||
| Q1 25 | $136.9M | $40.0M | ||
| Q4 24 | $541.1M | $40.6M | ||
| Q3 24 | $176.3M | $53.3M | ||
| Q2 24 | $88.7M | $29.4M | ||
| Q1 24 | $167.9M | $34.1M |
| Q4 25 | $450.3M | $38.2M | ||
| Q3 25 | $148.7M | $54.6M | ||
| Q2 25 | $118.4M | $25.7M | ||
| Q1 25 | $115.6M | $33.8M | ||
| Q4 24 | $440.8M | $34.3M | ||
| Q3 24 | $147.2M | $48.1M | ||
| Q2 24 | $69.5M | $24.4M | ||
| Q1 24 | $151.9M | $30.5M |
| Q4 25 | 165.4% | 19.8% | ||
| Q3 25 | 53.1% | 28.7% | ||
| Q2 25 | 40.9% | 13.7% | ||
| Q1 25 | 42.7% | 18.6% | ||
| Q4 24 | 153.9% | 20.1% | ||
| Q3 24 | 50.8% | 29.4% | ||
| Q2 24 | 24.7% | 15.9% | ||
| Q1 24 | 54.5% | 20.4% |
| Q4 25 | 42.6% | 4.0% | ||
| Q3 25 | 10.0% | 3.2% | ||
| Q2 25 | 8.7% | 3.6% | ||
| Q1 25 | 7.9% | 3.4% | ||
| Q4 24 | 35.0% | 3.6% | ||
| Q3 24 | 10.1% | 3.2% | ||
| Q2 24 | 6.8% | 3.3% | ||
| Q1 24 | 5.7% | 2.4% |
| Q4 25 | 33.10× | 1.78× | ||
| Q3 25 | 1.09× | 2.37× | ||
| Q2 25 | 1.81× | 1.64× | ||
| Q1 25 | 3.13× | 1.80× | ||
| Q4 24 | 8.32× | 2.31× | ||
| Q3 24 | 3.06× | 2.27× | ||
| Q2 24 | 1.63× | 1.63× | ||
| Q1 24 | 3.01× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KRC
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
