SPS Commerce
Connects retailers and trading partners through managed EDI, analytics, product data, and compliance workflows.
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Profile
Runs a cloud supply-chain network that automates order, invoice, item, and sell-through data exchanges for retailers and their trading partners. Subscription services generate most revenue, led by Fulfillment and complemented by Analytics, Assortment, Relationship Management, E-Invoicing, and Revenue Recovery.
Connects retailers, brands, distributors, manufacturers, and logistics providers through a cloud supply-chain network that standardizes trading-partner rules and data exchanges. Fulfillment automates order-to-invoice workflows; Analytics normalizes sell-through data; Assortment syndicates item information; Relationship Management handles supplier onboarding and scorecards; E-Invoicing supports cross-border compliance; and Revenue Recovery manages retail deductions. Most revenue comes from subscription-based recurring services.
Serves a customer base concentrated in the United States, with operations and infrastructure across North America, Europe, and Australia. Its full-service model combines shared multi-tenant software with teams that configure connections, monitor transactions, resolve exceptions, and maintain compliance logic. Delivery depends on reliable access to third-party data centers, cloud services, and telecommunications infrastructure.
Company facts
Categories
Key statistics
Year to date −3.4% · Average volume (30d) 558.5K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 19, 2026 | Needham | Reiterate | Buy | $75 | $100 | |
| Jul 31, 2026 | Morgan Stanley | Reiterate | Underweight | $57 | $59 | |
| Jul 31, 2026 | D.A. Davidson | Target | $55 | $65 | ||
| Jul 31, 2026 | Stifel Nicolaus | Target | $60 | $70 | ||
| Jul 21, 2026 | Morgan Stanley | Downgrade | Overweight | Underweight | $70 | $57 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $1.09 | $1.27 | +16.5% | $195.5M | $197.8M | +1.2% | +11.48% |
| Apr 30, 2026Q1 FY26 | $1.02 | $1.10 | +7.8% | $192.5M | $192.1M | −0.2% | +4.99% |
| Feb 12, 2026Q4 FY25 | $1.00 | $1.14 | +14.0% | $193.6M | $192.7M | −0.5% | −4.37% |
| Oct 30, 2025Q3 FY25 | $0.99 | $1.13 | +14.1% | $193.6M | $189.9M | −1.9% | −20.84% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $181.5M | $187.4M | $189.9M | $192.7M | $192.1M | $197.8M | |
| Gross profit | $124.6M | $127.6M | $132.0M | $135.7M | $132.9M | $138.8M | |
| Operating income | $26.0M | $26.5M | $31.2M | $34.7M | $24.6M | $31.9M | |
| Net income | $22.2M | $19.7M | $25.6M | $25.8M | $19.7M | $6.9M | |
| Diluted EPS | $0.58 | $0.52 | $0.67 | $0.68 | $0.53 | $0.19 | |
| Gross margin | 68.7% | 68.1% | 69.5% | 70.4% | 69.2% | 70.2% | |
| Operating margin | 14.3% | 14.1% | 16.4% | 18.0% | 12.8% | 16.1% |
Fiscal years (4-quarter sums)FY21 $385.3M · FY22 $450.9M · FY23 $536.9M · FY24 $637.8M · FY25 $751.5M
Balance sheet, Jun 30, 2026Cash & short-term investments $173.2M · Total debt $6.3M · Total assets $1.13B · Shareholders' equity $938.5M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 36.00M · Float 35.57M · 98.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 5.93M | 16.48% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 2.91M | 8.10% | 13F | Aug 13, 2026 |
| Disciplined Growth Investors Inc /MN | 2.12M | 5.90% | 13G | Aug 14, 2026 |
| Neuberger Berman Group LLC | 1.78M | 4.95% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 1.60M | 4.44% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 7, 2026 | Marty M. Reaume | director | −1,000 | $57.03 |
| Apr 7, 2026 | Marty M. Reaume | director | −1,000 | $57.90 |
| Mar 9, 2026 | Marty M. Reaume | director | −1,000 | $62.73 |
| Feb 24, 2026 | Jamie Thingelstad | officer: EVP, Chief Technology Officer | −2,418 | $54.94 |
| Feb 20, 2026 | Kimberly K. Nelson | officer: EVP & CFO | −6,300 | $58.66 |
Peers
- OpenText
Global B2B VAN and managed EDI platform with 1M+ pre-connected trading partners.
- IBM
Enterprise B2B integration SaaS with 3.1M+ pre-connected trading partners.
- The Descartes Systems Group
Logistics SaaS network with B2B EDI messaging across 200,000+ connected parties.
- SAP (ADR)
ERP giant whose Business Network processes $7.4T annually across 190 countries.
- Oracle
ERP cloud suite with bundled B2B/EDI network and free Oracle Business Network.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| SPS Commerce | $84.90 | −0.01% | $3.06B | 41.0 | 16.7 | 4.0 | +5.6% |
| OpenText | $25.10 | +0.04% | $6.09B | 5.6 | 6.4 | 0.7 | +1.6% |
| IBM | $235.80 | +0.10% | $221.96B | 20.8 | 18.4 | 3.2 | +1.1% |
| The Descartes Systems Group | $81.84 | +0.01% | $7.01B | 40.5 | 34.2 | 9.2 | 0.0% |
| SAP (ADR) | $220.80 | −0.39% | $258.15B | 28.1 | 23.9 | 5.8 | +5.8% |
| Oracle | $150.95 | +0.17% | $434.14B | 25.9 | 18.7 | 6.4 | +20.6% |
| Median | 25.9 | 18.7 | 5.8 | +1.6% |