vs
Side-by-side financial comparison of LendingClub Corp (LC) and SPS COMMERCE INC (SPSC). Click either name above to swap in a different company.
LendingClub Corp is the larger business by last-quarter revenue ($252.3M vs $192.7M, roughly 1.3× SPS COMMERCE INC). LendingClub Corp runs the higher net margin — 20.5% vs 13.4%, a 7.0% gap on every dollar of revenue. On growth, LendingClub Corp posted the faster year-over-year revenue change (15.9% vs 12.7%). Over the past eight quarters, LendingClub Corp's revenue compounded faster (16.1% CAGR vs 13.5%).
LendingClub Corporation is an American financial services company headquartered in San Francisco, California. It was the first peer-to-peer lender to register its offerings as securities with the Securities and Exchange Commission (SEC), and to offer loan trading on a secondary market. At its height, LendingClub was the world's largest peer-to-peer lending platform. The company reported that $15.98 billion in loans had been originated through its platform up to December 31, 2015.
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.
LC vs SPSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $252.3M | $192.7M |
| Net Profit | $51.6M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | — | 18.0% |
| Net Margin | 20.5% | 13.4% |
| Revenue YoY | 15.9% | 12.7% |
| Net Profit YoY | 341.0% | 47.2% |
| EPS (diluted) | $0.44 | $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 | $252.3M | — | ||
| Q4 25 | $266.5M | $192.7M | ||
| Q3 25 | $266.2M | $189.9M | ||
| Q2 25 | $248.4M | $187.4M | ||
| Q1 25 | $217.7M | $181.5M | ||
| Q4 24 | $217.2M | $170.9M | ||
| Q3 24 | $201.9M | $163.7M | ||
| Q2 24 | $187.2M | $153.6M |
| Q1 26 | $51.6M | — | ||
| Q4 25 | — | $25.8M | ||
| Q3 25 | $44.3M | $25.6M | ||
| Q2 25 | $38.2M | $19.7M | ||
| Q1 25 | $11.7M | $22.2M | ||
| Q4 24 | — | $17.6M | ||
| Q3 24 | $14.5M | $23.5M | ||
| Q2 24 | $14.9M | $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 | 18.8% | 18.0% | ||
| Q3 25 | 21.5% | 16.4% | ||
| Q2 25 | 21.7% | 14.1% | ||
| Q1 25 | 7.2% | 14.3% | ||
| Q4 24 | 5.1% | 14.5% | ||
| Q3 24 | 8.9% | 15.6% | ||
| Q2 24 | 10.4% | 15.1% |
| Q1 26 | 20.5% | — | ||
| Q4 25 | — | 13.4% | ||
| Q3 25 | 16.6% | 13.5% | ||
| Q2 25 | 15.4% | 10.5% | ||
| Q1 25 | 5.4% | 12.2% | ||
| Q4 24 | — | 10.3% | ||
| Q3 24 | 7.2% | 14.3% | ||
| Q2 24 | 8.0% | 11.7% |
| Q1 26 | $0.44 | — | ||
| Q4 25 | $0.36 | $0.69 | ||
| Q3 25 | $0.37 | $0.67 | ||
| Q2 25 | $0.33 | $0.52 | ||
| Q1 25 | $0.10 | $0.58 | ||
| Q4 24 | $0.08 | $0.46 | ||
| Q3 24 | $0.13 | $0.62 | ||
| Q2 24 | $0.13 | $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 | — | — |
| Stockholders' EquityBook value | $1.5B | $973.9M |
| Total Assets | $11.9B | $1.2B |
| Debt / EquityLower = less leverage | — | — |
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 | — | — | ||
| Q4 25 | $0 | — | ||
| Q3 25 | $0 | — | ||
| Q2 25 | $0 | — | ||
| Q1 25 | $0 | — | ||
| Q4 24 | $0 | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.5B | $973.9M | ||
| Q3 25 | $1.5B | $958.9M | ||
| Q2 25 | $1.4B | $949.8M | ||
| Q1 25 | $1.4B | $920.9M | ||
| Q4 24 | $1.3B | $854.7M | ||
| Q3 24 | $1.3B | $829.4M | ||
| Q2 24 | $1.3B | $703.4M |
| Q1 26 | $11.9B | — | ||
| Q4 25 | $11.6B | $1.2B | ||
| Q3 25 | $11.1B | $1.2B | ||
| Q2 25 | $10.8B | $1.1B | ||
| Q1 25 | $10.5B | $1.1B | ||
| Q4 24 | $10.6B | $1.0B | ||
| Q3 24 | $11.0B | $1.0B | ||
| Q2 24 | $9.6B | $854.5M |
| Q1 26 | — | — | ||
| Q4 25 | 0.00× | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.00× | — | ||
| 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 | $-2.7B | $45.9M | ||
| Q3 25 | $-770.8M | $60.6M | ||
| Q2 25 | $-713.1M | $32.3M | ||
| Q1 25 | $-339.3M | $40.0M | ||
| Q4 24 | $-2.6B | $40.6M | ||
| Q3 24 | $-669.8M | $53.3M | ||
| Q2 24 | $-932.5M | $29.4M |
| Q1 26 | — | — | ||
| Q4 25 | $-2.9B | $38.2M | ||
| Q3 25 | $-791.8M | $54.6M | ||
| Q2 25 | $-803.8M | $25.7M | ||
| Q1 25 | $-352.3M | $33.8M | ||
| Q4 24 | $-2.7B | $34.3M | ||
| Q3 24 | $-682.3M | $48.1M | ||
| Q2 24 | $-945.3M | $24.4M |
| Q1 26 | — | — | ||
| Q4 25 | -1076.0% | 19.8% | ||
| Q3 25 | -297.4% | 28.7% | ||
| Q2 25 | -323.5% | 13.7% | ||
| Q1 25 | -161.8% | 18.6% | ||
| Q4 24 | -1237.8% | 20.1% | ||
| Q3 24 | -338.0% | 29.4% | ||
| Q2 24 | -504.9% | 15.9% |
| Q1 26 | — | — | ||
| Q4 25 | 52.7% | 4.0% | ||
| Q3 25 | 7.9% | 3.2% | ||
| Q2 25 | 36.5% | 3.6% | ||
| Q1 25 | 6.0% | 3.4% | ||
| Q4 24 | 25.0% | 3.6% | ||
| Q3 24 | 6.2% | 3.2% | ||
| Q2 24 | 6.9% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.78× | ||
| Q3 25 | -17.41× | 2.37× | ||
| Q2 25 | -18.68× | 1.64× | ||
| Q1 25 | -29.07× | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | -46.33× | 2.27× | ||
| Q2 24 | -62.57× | 1.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LC
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
