SPS Commerce, Inc. (SPSC) Income Statement
SPSC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSPSC revenue and net income
Where SPSC's revenue goes
2025Each bar shows an amount and its share of revenue. SPSC kept 12.4% of revenue as net income.
SPSC profit margins
SPSC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +17.8% | +18.6% | +19.2% | +16.8% |
| Gross profit | +21.7% | +20.4% | +19.6% | +17.0% |
| Operating income | +33.1% | +18.5% | +18.7% | +32.6% |
| Net income | +21.1% | +19.2% | +15.4% | +35.0% |
| EPS (diluted) | +23.1% | +22.2% | +22.6% | +25.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SPSC quarterly EPS vs estimates
SPS Commerce beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 29, 2026 (estimate $0.91).
SPSC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $751.5M | $637.8M | $536.9M | $450.9M | $385.3M | $312.6M | $279.1M | $248.2M | $220.6M | $193.3M |
| Cost of revenue | $231.6M | $210.7M | $182.1M | $153.1M | $131.7M | $99.8M | $92.2M | $81.7M | $73.6M | $64.3M |
| Gross profit | $519.9M | $427.1M | $354.8M | $297.8M | $253.6M | $212.8M | $186.9M | $166.5M | $146.9M | $128.9M |
| Research & development | $68.7M | $62.8M | $53.7M | $45.7M | $39.0M | $31.0M | $28.3M | $22.1M | $23.2M | $22.0M |
| Sales, general & admin | $295.7M | $251.8M | $207.8M | $169.1M | $149.3M | $126.1M | $114.9M | $113.6M | $110.8M | $94.7M |
| Total operating expenses | $401.6M | $338.2M | $261.5M | $226.6M | $198.5M | $162.6M | $148.5M | $139.8M | $138.5M | $121.4M |
| Operating income | $118.3M | $88.9M | $77.2M | $71.2M | $55.1M | $50.2M | $38.4M | $26.7M | $8.4M | $7.5M |
| Interest income | — | — | — | — | — | $1.1M | $2.9M | $2.3M | $1.0M | $601,000 |
| Interest expense | — | — | — | $142,000 | $1.5M | $2.6M | $4.1M | $0 | $0 | $0 |
| Income before taxes | $123.8M | $99.5M | $85.6M | $71.3M | $53.5M | $52.7M | $42.1M | $28.3M | $9.1M | $8.8M |
| Income taxes | $30.5M | $22.4M | $19.7M | $16.2M | $8.9M | $7.1M | $8.4M | $4.5M | $11.6M | $3.1M |
| Net income | $93.3M | $77.1M | $65.8M | $55.1M | $44.6M | $45.6M | $33.7M | $23.9M | −$2.4M | $5.7M |
| EBITDA | $176.6M | $141.7M | $110.6M | $99.4M | $78.5M | $68.8M | $54.8M | $39.4M | $21.8M | $18.9M |
| EPS (diluted) | $4.27 | $3.47 | $2.86 | $2.34 | $1.82 | $1.54 | $1.28 | $0.98 | $0.50 | $0.51 |
| Gross margin | 69.2% | 67.0% | 66.1% | 66.1% | 65.8% | 68.1% | 67.0% | 67.1% | 66.6% | 66.7% |
| Operating margin | 15.7% | 13.9% | 14.4% | 15.8% | 14.3% | 16.0% | 13.8% | 10.8% | 3.8% | 3.9% |
| Net margin | 12.4% | 12.1% | 12.3% | 12.2% | 11.6% | 14.6% | 12.1% | 9.6% | −1.1% | 3.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $197.8M | $192.1M | $192.7M | $189.9M | $187.4M | $181.5M | $170.9M | $163.7M | $153.6M | $149.6M | $145.0M | $135.7M |
| Cost of revenue | $59.0M | $59.2M | $57.0M | $57.9M | $59.8M | $56.9M | $55.6M | $51.6M | $56.9M | $55.8M | $54.0M | $45.5M |
| Gross profit | $138.8M | $132.9M | $135.7M | $132.0M | $127.6M | $124.6M | $115.3M | $112.1M | $96.7M | $93.8M | $90.9M | $90.1M |
| Research & development | $17.0M | $17.9M | $16.7M | $17.3M | $17.3M | $17.4M | $17.1M | $15.3M | $14.4M | $16.0M | $14.2M | $13.6M |
| Sales, general & admin | $80.6M | $81.1M | $74.7M | $74.0M | $74.3M | $72.7M | $65.6M | $64.7M | $59.2M | $62.3M | $53.8M | $52.2M |
| Total operating expenses | $106.9M | $108.3M | $101.0M | $100.8M | $101.1M | $98.7M | $90.6M | $86.5M | $73.6M | $78.3M | $68.0M | $69.5M |
| Operating income | $31.9M | $24.6M | $34.7M | $31.2M | $26.5M | $26.0M | $24.7M | $25.6M | $23.2M | $15.4M | $22.9M | $20.6M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | $1.3M | — |
| Income before taxes | $10.4M | $26.0M | $36.0M | $32.5M | $27.2M | $28.2M | $24.4M | $29.3M | $27.2M | $18.5M | $26.3M | $22.3M |
| Income taxes | $3.5M | $6.2M | $10.1M | $6.9M | $7.5M | $6.0M | $6.8M | $5.9M | $9.2M | $532,000 | $7.3M | $5.5M |
| Net income | $6.9M | $19.7M | $25.8M | $25.6M | $19.7M | $22.2M | $17.6M | $23.5M | $18.0M | $18.0M | $19.0M | $16.8M |
| EBITDA | $47.4M | $39.7M | $50.1M | $46.0M | $41.0M | $39.5M | $36.9M | $40.5M | $36.7M | $27.6M | $37.3M | $30.8M |
| EPS (diluted) | $0.87 | $1.10 | $1.14 | $1.13 | $1.00 | $1.00 | $0.89 | $0.92 | $0.80 | $0.86 | $0.75 | $0.75 |
| Gross margin | 70.2% | 69.2% | 70.4% | 69.5% | 68.1% | 68.7% | 67.5% | 68.5% | 63.0% | 62.7% | 62.7% | 66.4% |
| Operating margin | 16.1% | 12.8% | 18.0% | 16.4% | 14.1% | 14.3% | 14.5% | 15.6% | 15.1% | 10.3% | 15.8% | 15.2% |
| Net margin | 3.5% | 10.3% | 13.4% | 13.5% | 10.5% | 12.2% | 10.3% | 14.3% | 11.7% | 12.0% | 13.1% | 12.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SPSC's financial statements (latest annual report filed February 19, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SPSC financial results
In fiscal year 2025 (ended December 31, 2025), SPS Commerce reported revenue of $751.5 million, up 17.8% from the year before. It had net income of $93.3 million (up 21.1%), a net profit margin of 12.4%. Diluted earnings per share came to $4.27. Over five years revenue grew at an average rate of 19.2% a year.
See the SPSC stock overview for the latest quote and news, or the SPSC chart for price history and technical indicators.
SPSC income statement FAQ
What is SPS Commerce's annual revenue?
SPS Commerce reported total revenue of $751.5 million for fiscal year 2025, which ended on December 31, 2025. That was up 17.8% from $637.8 million the previous year.
Is SPS Commerce profitable?
Yes. SPS Commerce reported net income of $93.3 million in fiscal 2025, a net profit margin of 12.4%; its operating margin was 15.7%.
What is SPS Commerce's gross margin?
SPS Commerce's gross margin was 69.2% in fiscal 2025: for every $100 of revenue, SPS Commerce kept $69 after the direct cost of its products and services.
How much does SPS Commerce spend on research and development?
SPS Commerce spent $68.7 million on research and development in fiscal 2025, 9.1% of revenue.
How fast is SPS Commerce growing?
Revenue grew 19.2% a year on average over the last five fiscal years, from $312.6 million to $751.5 million.
What are SPS Commerce's earnings per share?
SPS Commerce earned $4.27 per diluted share in fiscal 2025, compared with $3.47 a year earlier.
When will SPS Commerce report its next earnings?
SPS Commerce is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 after the market closes.
When does SPS Commerce's fiscal year end?
SPS Commerce's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 19, 2026.