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Side-by-side financial comparison of Leslie's, Inc. (LESL) 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 $147.1M, roughly 1.3× Leslie's, Inc.). SPS COMMERCE INC runs the higher net margin — 13.4% vs -56.4%, a 69.8% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs -16.0%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-85.5M). Over the past eight quarters, SPS COMMERCE INC's revenue compounded faster (13.5% CAGR vs -11.7%).
Leslie's, Inc., operating as Leslie's Swimming Pool Supplies, is the largest retailer of swimming pool supplies and related products. The company is headquartered in Phoenix, Arizona, and has a particularly strong retail presence in Arizona, California, Florida, Georgia and Texas.
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.
LESL vs SPSC — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $147.1M | $192.7M |
| Net Profit | $-83.0M | $25.8M |
| Gross Margin | 18.4% | 70.4% |
| Operating Margin | -46.7% | 18.0% |
| Net Margin | -56.4% | 13.4% |
| Revenue YoY | -16.0% | 12.7% |
| Net Profit YoY | -86.2% | 47.2% |
| EPS (diluted) | $-8.92 | $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 | $147.1M | — | ||
| Q4 25 | $389.2M | $192.7M | ||
| Q3 25 | — | $189.9M | ||
| Q2 25 | $500.3M | $187.4M | ||
| Q1 25 | $177.1M | $181.5M | ||
| Q4 24 | $175.2M | $170.9M | ||
| Q3 24 | $397.9M | $163.7M | ||
| Q2 24 | $569.6M | $153.6M |
| Q1 26 | $-83.0M | — | ||
| Q4 25 | $-162.8M | $25.8M | ||
| Q3 25 | — | $25.6M | ||
| Q2 25 | $21.7M | $19.7M | ||
| Q1 25 | $-51.3M | $22.2M | ||
| Q4 24 | $-44.6M | $17.6M | ||
| Q3 24 | $-9.9M | $23.5M | ||
| Q2 24 | $60.6M | $18.0M |
| Q1 26 | 18.4% | — | ||
| Q4 25 | 38.6% | 70.4% | ||
| Q3 25 | — | 69.5% | ||
| Q2 25 | 39.6% | 68.1% | ||
| Q1 25 | 24.8% | 68.7% | ||
| Q4 24 | 27.2% | 67.5% | ||
| Q3 24 | 36.0% | 68.5% | ||
| Q2 24 | 40.2% | 66.1% |
| Q1 26 | -46.7% | — | ||
| Q4 25 | -38.6% | 18.0% | ||
| Q3 25 | — | 16.4% | ||
| Q2 25 | 13.7% | 14.1% | ||
| Q1 25 | -27.3% | 14.3% | ||
| Q4 24 | -22.7% | 14.5% | ||
| Q3 24 | 6.6% | 15.6% | ||
| Q2 24 | 17.2% | 15.1% |
| Q1 26 | -56.4% | — | ||
| Q4 25 | -41.8% | 13.4% | ||
| Q3 25 | — | 13.5% | ||
| Q2 25 | 4.3% | 10.5% | ||
| Q1 25 | -29.0% | 12.2% | ||
| Q4 24 | -25.4% | 10.3% | ||
| Q3 24 | -2.5% | 14.3% | ||
| Q2 24 | 10.6% | 11.7% |
| Q1 26 | $-8.92 | — | ||
| Q4 25 | $-20.59 | $0.69 | ||
| Q3 25 | — | $0.67 | ||
| Q2 25 | $0.12 | $0.52 | ||
| Q1 25 | $-0.28 | $0.58 | ||
| Q4 24 | $-4.82 | $0.46 | ||
| Q3 24 | $-2.46 | $0.62 | ||
| Q2 24 | $0.33 | $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 | $3.6M | $151.4M |
| Total DebtLower is stronger | $781.6M | — |
| Stockholders' EquityBook value | $-489.9M | $973.9M |
| Total Assets | $649.4M | $1.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $3.6M | — | ||
| Q4 25 | $64.3M | $151.4M | ||
| Q3 25 | — | $133.7M | ||
| Q2 25 | $42.7M | $107.6M | ||
| Q1 25 | $17.3M | $94.9M | ||
| Q4 24 | $11.6M | $241.0M | ||
| Q3 24 | $108.5M | $205.8M | ||
| Q2 24 | $74.4M | $271.8M |
| Q1 26 | $781.6M | — | ||
| Q4 25 | $756.6M | — | ||
| Q3 25 | — | — | ||
| Q2 25 | $776.6M | — | ||
| Q1 25 | $858.1M | — | ||
| Q4 24 | $796.6M | — | ||
| Q3 24 | $783.7M | — | ||
| Q2 24 | $783.7M | — |
| Q1 26 | $-489.9M | — | ||
| Q4 25 | $-408.0M | $973.9M | ||
| Q3 25 | — | $958.9M | ||
| Q2 25 | $-246.2M | $949.8M | ||
| Q1 25 | $-269.5M | $920.9M | ||
| Q4 24 | $-220.0M | $854.7M | ||
| Q3 24 | $-177.1M | $829.4M | ||
| Q2 24 | $-168.2M | $703.4M |
| Q1 26 | $649.4M | — | ||
| Q4 25 | $741.5M | $1.2B | ||
| Q3 25 | — | $1.2B | ||
| Q2 25 | $989.5M | $1.1B | ||
| Q1 25 | $1.0B | $1.1B | ||
| Q4 24 | $967.0M | $1.0B | ||
| Q3 24 | $1.1B | $1.0B | ||
| Q2 24 | $1.1B | $854.5M |
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 | $-81.1M | $45.9M |
| Free Cash FlowOCF − Capex | $-85.5M | $38.2M |
| FCF MarginFCF / Revenue | -58.1% | 19.8% |
| Capex IntensityCapex / Revenue | 2.9% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $7.6M | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $-81.1M | — | ||
| Q4 25 | $48.2M | $45.9M | ||
| Q3 25 | — | $60.6M | ||
| Q2 25 | $114.9M | $32.3M | ||
| Q1 25 | $-49.2M | $40.0M | ||
| Q4 24 | $-105.1M | $40.6M | ||
| Q3 24 | $47.1M | $53.3M | ||
| Q2 24 | $175.5M | $29.4M |
| Q1 26 | $-85.5M | — | ||
| Q4 25 | $41.8M | $38.2M | ||
| Q3 25 | — | $54.6M | ||
| Q2 25 | $107.1M | $25.7M | ||
| Q1 25 | $-55.8M | $33.8M | ||
| Q4 24 | $-109.8M | $34.3M | ||
| Q3 24 | $34.1M | $48.1M | ||
| Q2 24 | $165.2M | $24.4M |
| Q1 26 | -58.1% | — | ||
| Q4 25 | 10.7% | 19.8% | ||
| Q3 25 | — | 28.7% | ||
| Q2 25 | 21.4% | 13.7% | ||
| Q1 25 | -31.5% | 18.6% | ||
| Q4 24 | -62.6% | 20.1% | ||
| Q3 24 | 8.6% | 29.4% | ||
| Q2 24 | 29.0% | 15.9% |
| Q1 26 | 2.9% | — | ||
| Q4 25 | 1.7% | 4.0% | ||
| Q3 25 | — | 3.2% | ||
| Q2 25 | 1.6% | 3.6% | ||
| Q1 25 | 3.7% | 3.4% | ||
| Q4 24 | 2.7% | 3.6% | ||
| Q3 24 | 3.2% | 3.2% | ||
| Q2 24 | 1.8% | 3.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.78× | ||
| Q3 25 | — | 2.37× | ||
| Q2 25 | 5.29× | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | — | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | 2.89× | 1.63× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LESL
Segment breakdown not available.
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
