SPS Commerce provides cloud-based supply-chain connections and managed services that help retailers, suppliers and logistics providers exchange orders, invoices and other trading data.
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A snapshot of what SPS COMMERCE INC owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
Browse original filingsSee the original statement for its reporting period, currency, and unit.
3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001092699-24-000012 | Feb 21, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001092699-25-000011 | Feb 19, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001092699-26-000012 | Feb 19, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
SPS Commerce remains a growing, cash-generating subscription business, but its latest results need two qualifications. First-half 2026 revenue rose 6% to $389.9 million, while GAAP net income fell to $26.6 million from $41.9 million, reflecting a business-disposal loss and higher administrative costs. Adjusted EBITDA improved, but excludes substantial stock compensation and the disposal loss. Operating cash flow increased strongly, helped by noncash adjustments and working-capital timing rather than profit growth. The completed sale also reduced customer counts and changed revenue-per-customer comparisons. Cash reached $173.2 million at June 30 despite substantial buybacks. Recurring revenue provides continuity, not guaranteed long-term commitments: customers generally can cancel on 30–90 days’ notice. July guidance anticipates further adjusted improvement, but remains conditional.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30
SPS lets customers connect once rather than maintain separate integrations with each trading partner. Fulfillment, covering order-to-invoice workflows and revenue recovery, supplies most revenue; Analytics and other services complement it. These are products within one reported segment. Management describes shared infrastructure and additional trading relationships as sources of scale. Recurring revenue represented 96% of both 2025 and first-half 2026 sales, although contracts generally permit cancellation on 30–90 days’ notice. Organic growth, pricing contributions and revenue retention are not separately quantified.
On June 30, 2026, SPS completed the sale of the third-party revenue-recovery operation acquired with Carbon6 in February 2025. Management says this improves alignment with first-party suppliers. The sale removed approximately 8,200 customers, leaving about 46,650. It also helped lift reported annualized revenue per customer, which divides annualized recurring revenue by average beginning and ending customer counts. That increase is not a pure pricing or same-customer-growth measure. Separately invoiced organizational units can count as separate customers.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The July 30 filings report first-half revenue of $389.936 million versus $368.949 million and GAAP net income of $26.593 million versus $41.929 million. Rounded gross margin improved from 68% to 70%, supported by personnel and software savings, but administrative and compensation costs rose. The completed disposal generated $8.768 million of net proceeds and a $23.454 million accounting loss. That single loss appears in both second-quarter and half-year results; it is not two charges. The business remained within continuing operations. Second-quarter net income fell to $6.864 million from $19.733 million.
First-half adjusted EBITDA increased to $124.563 million from $110.425 million. It excludes the disposal loss, $36.769 million of stock compensation, depreciation and amortization, taxes and other adjustments. These exclusions explain the contrast with GAAP earnings, but do not erase compensation costs. Repurchases also reduced diluted weighted-average shares, supporting adjusted per-share growth. Capitalized software and deferred implementation or commission costs affect expense timing; reported R&D expense is not total development investment. The 2026 credit-loss accounting amendment had no material effect, and SPS reported no critical accounting-policy changes.
July 30 full-year guidance superseded April 30 estimates: revenue was forecast at $788.4–793.4 million, versus $796.0–802.0 million previously, while adjusted EBITDA increased to $264.6–269.1 million from $262.8–267.3 million. The disposal removes approximately $10.5 million of expected second-half revenue and is expected to be neutral to second-half adjusted EBITDA. Removing revenue without expected adjusted EBITDA mechanically helps the margin percentage; the contribution is not separately quantified. July GAAP diluted EPS guidance was $2.24–2.33, versus adjusted EPS of $4.84–4.93. These are forecasts, without a complete forward GAAP reconciliation. MAX’s broad Fulfillment rollout was still planned for later summer as of July 30; beta-user savings claims do not establish SPS revenue or realized company-wide savings.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30 · EX-99.1 · 2026-04-30
First-half operating cash flow rose to $121.659 million from $72.306 million. Management attributes approximately $30.4 million of improvement to working-capital timing; noncash disposal-loss and compensation add-backs also matter. This is not profit growth or assurance of repeatable cash conversion. Property and equipment purchases consumed $15.738 million, versus $12.815 million, while repurchases consumed $98.358 million, versus $59.558 million. Cash reached $173.167 million from $151.355 million at year-end. Expected accelerated deductions for previously capitalized research spending may reduce 2026 cash taxes, not necessarily increase GAAP profit.
The repurchase program had $186.380 million remaining at June 30 under its $300 million authorization, which expires December 1, 2027. Authorization is neither cash nor committed spending. Recorded first-half repurchase cost of $98.654 million differs from cash paid because purchases are recognized on trade date and unsettled amounts enter payables; the figures must not be added. Continuing equity awards also create compensation expense and potential dilution.
Sources: 10-Q · 2026-06-30 · 10-K · 2025-12-31
The June balance sheet reports no separately labeled borrowing balance; SPS reports no variable-rate debt or undisclosed borrowings. This does not establish unrestricted financing capacity or absence of every private obligation. Operating lease liabilities were $6.306 million, while undiscounted lease payments were $23.705 million and vendor commitments $61.833 million. The lease schedule already offsets approximately $33 million of headquarters incentives. Expected 2027 utilization was revised to $18 million from $23 million in the annual report. Eligibility, reimbursement and clawback conditions are not established, so these incentives are not cash on hand or guaranteed funding. Management’s assessment that cash and operating cash flow cover at least twelve months of working-capital and capital-spending needs remains conditional.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Short cancellation rights, retail spending, competition and reliance on third-party cloud infrastructure remain important risks. Cybersecurity, privacy and AI reliability can affect service quality and compliance costs. Acquisition integration also matters: June goodwill was $539.411 million and net acquired intangibles $172.446 million. Carbon6’s standalone profitability and realized synergies are not disclosed, and the subsequent disposal does not establish the return on the entire acquisition. Management reported effective disclosure controls and no known claims expected to have a material adverse effect at June 30; these are dated assessments, not guarantees. Enterprise-system implementation remains underway.
The February 12, 2026 Anson agreement, executed before the annual filing, added Michael McConnell and Fumbi Chima to the board and established conditional board, committee, voting and standstill commitments. All nine nominees were elected on May 28; shareholders also approved executive compensation on an advisory basis. The Finance and Strategy Committee must review extraordinary transactions before SPS undertakes them, but the agreement does not mandate a sale or give an individual director an express veto. During the standstill, expansion above nine directors requires Anson’s consent. Replacement rights require at least half its initial ownership position, while voting obligations retain specified proxy-adviser and extraordinary-transaction exceptions. The standstill ends at the earliest of the contractual 2027 nomination-deadline test, 120 days before the 2026 meeting’s anniversary, or February 12, 2027. Its exact expiry and subsequent compliance are not established here.
Joseph Del Preto became CFO on March 16. The May 21 filing records a May 20 decision scheduling former CFO Kimberly Nelson’s retirement for June 1, rather than independently confirming its completion. No cash severance was payable, but a notice waiver preserved retirement treatment of her equity. The interim report attributes part of compensation growth to retirement-related acceleration without separately quantifying it. PSU amendments effective April 10, filed April 14, generally require a qualifying termination after a change in control for employees, but retain exceptions when awards are not continued, assumed or replaced and for retired holders. They are not universal double-trigger protection or evidence of a pending transaction.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-02-12 · EX-10.1 · 2026-02-12 · 8-K · 2026-05-28 · 8-K · 2026-05-20 · 8-K · 2026-04-10
USD 751.505 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 751.505 m | 17.8% |
| 2024 | USD 637.765 m | 18.8% |
| 2023 | USD 536.91 m | — |
Consolidated GAAP revenue for the fiscal year.
Sources: 10-K · 2025-12-31
USD 93.339 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 93.339 m | 21.1% |
| 2024 | USD 77.054 m | 17.1% |
| 2023 | USD 65.824 m | — |
Consolidated GAAP net income after income taxes.
Sources: 10-K · 2025-12-31
USD 178.79 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 178.79 m | 13.6% |
| 2024 | USD 157.398 m | 19.0% |
| 2023 | USD 132.298 m | — |
GAAP operating cash flow; distinct from net income.
Sources: 10-K · 2025-12-31
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