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Side-by-side financial comparison of Riot Platforms, Inc. (RIOT) 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 $152.8M, roughly 1.3× Riot Platforms, Inc.). SPS COMMERCE INC runs the higher net margin — 13.4% vs -452.0%, a 465.4% gap on every dollar of revenue. On growth, SPS COMMERCE INC posted the faster year-over-year revenue change (12.7% vs 7.2%). SPS COMMERCE INC produced more free cash flow last quarter ($38.2M vs $-774.3M). Over the past eight quarters, Riot Platforms, Inc.'s revenue compounded faster (38.8% CAGR vs 13.5%).
Riot Platforms, Inc. is a leading U.S.-based enterprise focused on Bitcoin mining, operating multiple large-scale, energy-efficient data centers across North America. It also invests in blockchain infrastructure development and holds Bitcoin as a core long-term reserve asset, centering its business strategy around the digital asset ecosystem.
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.
RIOT vs SPSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $152.8M | $192.7M |
| Net Profit | $-690.7M | $25.8M |
| Gross Margin | — | 70.4% |
| Operating Margin | -447.9% | 18.0% |
| Net Margin | -452.0% | 13.4% |
| Revenue YoY | 7.2% | 12.7% |
| Net Profit YoY | -606.3% | 47.2% |
| EPS (diluted) | $-1.89 | $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 | $152.8M | $192.7M | ||
| Q3 25 | $180.2M | $189.9M | ||
| Q2 25 | $153.0M | $187.4M | ||
| Q1 25 | $161.4M | $181.5M | ||
| Q4 24 | $142.6M | $170.9M | ||
| Q3 24 | $84.8M | $163.7M | ||
| Q2 24 | $70.0M | $153.6M | ||
| Q1 24 | $79.3M | $149.6M |
| Q4 25 | $-690.7M | $25.8M | ||
| Q3 25 | $104.5M | $25.6M | ||
| Q2 25 | $219.5M | $19.7M | ||
| Q1 25 | $-296.4M | $22.2M | ||
| Q4 24 | $136.4M | $17.6M | ||
| Q3 24 | $-154.4M | $23.5M | ||
| Q2 24 | $-84.4M | $18.0M | ||
| Q1 24 | $211.8M | $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 | -447.9% | 18.0% | ||
| Q3 25 | 44.4% | 16.4% | ||
| Q2 25 | — | 14.1% | ||
| Q1 25 | -144.9% | 14.3% | ||
| Q4 24 | — | 14.5% | ||
| Q3 24 | -143.3% | 15.6% | ||
| Q2 24 | -167.2% | 15.1% | ||
| Q1 24 | — | 10.3% |
| Q4 25 | -452.0% | 13.4% | ||
| Q3 25 | 58.0% | 13.5% | ||
| Q2 25 | 143.4% | 10.5% | ||
| Q1 25 | -183.6% | 12.2% | ||
| Q4 24 | 95.7% | 10.3% | ||
| Q3 24 | -182.1% | 14.3% | ||
| Q2 24 | -120.6% | 11.7% | ||
| Q1 24 | 267.1% | 12.0% |
| Q4 25 | $-1.89 | $0.69 | ||
| Q3 25 | $0.26 | $0.67 | ||
| Q2 25 | $0.58 | $0.52 | ||
| Q1 25 | $-0.90 | $0.58 | ||
| Q4 24 | $0.39 | $0.46 | ||
| Q3 24 | $-0.54 | $0.62 | ||
| Q2 24 | $-0.32 | $0.48 | ||
| Q1 24 | $0.51 | $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 | $233.5M | $151.4M |
| Total DebtLower is stronger | $840.8M | — |
| Stockholders' EquityBook value | $2.9B | $973.9M |
| Total Assets | $3.9B | $1.2B |
| Debt / EquityLower = less leverage | 0.29× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $233.5M | $151.4M | ||
| Q3 25 | $330.7M | $133.7M | ||
| Q2 25 | $255.4M | $107.6M | ||
| Q1 25 | $163.7M | $94.9M | ||
| Q4 24 | $277.9M | $241.0M | ||
| Q3 24 | $355.7M | $205.8M | ||
| Q2 24 | $481.2M | $271.8M | ||
| Q1 24 | $688.5M | $290.8M |
| Q4 25 | $840.8M | — | ||
| Q3 25 | $5.3M | — | ||
| Q2 25 | $5.3M | — | ||
| Q1 25 | $5.3M | — | ||
| Q4 24 | $584.6M | — | ||
| Q3 24 | $5.7M | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $2.9B | $973.9M | ||
| Q3 25 | $3.5B | $958.9M | ||
| Q2 25 | $3.3B | $949.8M | ||
| Q1 25 | $2.9B | $920.9M | ||
| Q4 24 | $3.1B | $854.7M | ||
| Q3 24 | $2.7B | $829.4M | ||
| Q2 24 | $2.6B | $703.4M | ||
| Q1 24 | $2.5B | $683.0M |
| Q4 25 | $3.9B | $1.2B | ||
| Q3 25 | $4.5B | $1.2B | ||
| Q2 25 | $4.3B | $1.1B | ||
| Q1 25 | $3.7B | $1.1B | ||
| Q4 24 | $3.9B | $1.0B | ||
| Q3 24 | $2.9B | $1.0B | ||
| Q2 24 | $2.7B | $854.5M | ||
| Q1 24 | $2.6B | $839.8M |
| Q4 25 | 0.29× | — | ||
| Q3 25 | 0.00× | — | ||
| Q2 25 | 0.00× | — | ||
| Q1 25 | 0.00× | — | ||
| Q4 24 | 0.19× | — | ||
| Q3 24 | 0.00× | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $-572.9M | $45.9M |
| Free Cash FlowOCF − Capex | $-774.3M | $38.2M |
| FCF MarginFCF / Revenue | -506.6% | 19.8% |
| Capex IntensityCapex / Revenue | 131.8% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 1.78× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.4B | $152.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-572.9M | $45.9M | ||
| Q3 25 | $-114.0M | $60.6M | ||
| Q2 25 | $-231.3M | $32.3M | ||
| Q1 25 | $-122.1M | $40.0M | ||
| Q4 24 | $-255.1M | $40.6M | ||
| Q3 24 | $-56.3M | $53.3M | ||
| Q2 24 | $-42.5M | $29.4M | ||
| Q1 24 | $-57.9M | $34.1M |
| Q4 25 | $-774.3M | $38.2M | ||
| Q3 25 | $-139.7M | $54.6M | ||
| Q2 25 | $-291.7M | $25.7M | ||
| Q1 25 | $-154.9M | $33.8M | ||
| Q4 24 | $-495.4M | $34.3M | ||
| Q3 24 | $-127.6M | $48.1M | ||
| Q2 24 | $-96.1M | $24.4M | ||
| Q1 24 | $-115.2M | $30.5M |
| Q4 25 | -506.6% | 19.8% | ||
| Q3 25 | -77.5% | 28.7% | ||
| Q2 25 | -190.7% | 13.7% | ||
| Q1 25 | -96.0% | 18.6% | ||
| Q4 24 | -347.5% | 20.1% | ||
| Q3 24 | -150.5% | 29.4% | ||
| Q2 24 | -137.2% | 15.9% | ||
| Q1 24 | -145.2% | 20.4% |
| Q4 25 | 131.8% | 4.0% | ||
| Q3 25 | 14.3% | 3.2% | ||
| Q2 25 | 39.5% | 3.6% | ||
| Q1 25 | 20.4% | 3.4% | ||
| Q4 24 | 168.6% | 3.6% | ||
| Q3 24 | 84.1% | 3.2% | ||
| Q2 24 | 76.5% | 3.3% | ||
| Q1 24 | 72.3% | 2.4% |
| Q4 25 | — | 1.78× | ||
| Q3 25 | -1.09× | 2.37× | ||
| Q2 25 | -1.05× | 1.64× | ||
| Q1 25 | — | 1.80× | ||
| Q4 24 | -1.87× | 2.31× | ||
| Q3 24 | — | 2.27× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | -0.27× | 1.89× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RIOT
| Bitcoin Mining Segment | $131.7M | 86% |
| Engineering Segment | $21.1M | 14% |
SPSC
| Recurring Revenues | $184.5M | 96% |
| One Time Revenues | $8.1M | 4% |
| Set Up Fees | $4.1M | 2% |
