Cash flow SPS Commerce, Inc.

Equities

SPSC

US78463M1071

Software

Market Closed - Nasdaq Other stock markets 01:00:00 07/03/2026 +04			5-day change	1st Jan Change
63.72 ^USD	-0.52%		+12.76%	-28.51%

03-04	SPS Commerce, Inc. Presents at Morgan Stanley Technology, Media & Telecom Conference 2026, Mar-04-2026 08:30 AM
02-13	Morgan Stanley Trims Price Target on SPS Commerce to $95 From $100, Keeps Equalweight Rating	MT

2585129b7adc6f25.74_bZoEY2_4tZ8MkIy1AuK50KWhd6S4j1KvH1IDcJJY.ivaUFtJA7KlsLK1-EB4x0JsOG18LhUJkt-i2gsK7b9yay-gD8WqMilUNig

Published financial data: SPS COMMERCE, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	385M	451M	537M	638M	752M
Total Revenues	385M	451M	537M	638M	752M
Cost of Goods Sold, Total	132M	153M	182M	211M	232M
Gross Profit	254M	298M	355M	427M	520M
Selling General & Admin Expenses, Total	149M	169M	208M	252M	296M
R&D Expenses	39.04M	45.75M	53.65M	62.81M	68.68M
Amortization of Goodwill and Intangible Assets - (IS)	10.13M	11.77M	16.12M	23.51M	37.17M
Other Operating Expenses, Total	199M	227M	278M	338M	402M
Operating Income	55.08M	71.18M	77.25M	88.88M	118M
Interest And Investment Income	278K	1.67M	7.66M	10.58M	4.65M
Net Interest Expenses	278K	1.67M	7.66M	10.58M	4.65M
Currency Exchange Gains (Loss)	-1.33M	-1.25M	1.73M	-	-
Other Non Operating Income (Expenses)	-366K	-502K	-1.07M	-104K	495K
EBT, Excl. Unusual Items	53.67M	71.1M	85.56M	99.36M	123M
Gain (Loss) On Sale Of Investments	-127K	220K	-	115K	388K
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	53.54M	71.32M	85.56M	99.48M	124M
Income Tax Expense	8.94M	16.19M	19.74M	22.42M	30.5M
Earnings From Continuing Operations	44.6M	55.13M	65.82M	77.05M	93.34M
Net Income to Company	44.6M	55.13M	65.82M	77.05M	93.34M
Net Income - (IS)	44.6M	55.13M	65.82M	77.05M	93.34M
Net Income to Common Incl Extra Items	44.6M	55.13M	65.82M	77.05M	93.34M
Net Income to Common Excl. Extra Items	44.6M	55.13M	65.82M	77.05M	93.34M
Per Share Items
Net EPS - Basic	1.24	1.53	1.8	2.07	2.46
Basic EPS - Continuing Operations	1.24	1.53	1.8	2.07	2.46
Basic Weighted Average Shares Outstanding	35.93M	36.12M	36.65M	37.31M	37.88M
Net EPS - Diluted	1.21	1.49	1.76	2.04	2.46
Diluted EPS - Continuing Operations	1.21	1.49	1.76	2.04	2.46
Diluted Weighted Average Shares Outstanding	36.96M	36.95M	37.48M	37.86M	37.99M
Normalized Basic EPS	0.93	1.23	1.46	1.66	2.04
Normalized Diluted EPS	0.91	1.2	1.43	1.64	2.03
Supplemental Items
EBITDA	80M	99.37M	112M	131M	177M
EBITA	65.21M	82.95M	93.36M	112M	155M
EBIT	55.08M	71.18M	77.25M	88.88M	118M
EBITDAR	86.75M	106M	119M	138M	183M
Effective Tax Rate - (Ratio)	16.7	22.7	23.07	22.54	24.63
Current Domestic Taxes	3.45M	18.03M	24.39M	27.14M	10.28M
Current Foreign Taxes	1.61M	1.99M	2.1M	3.16M	1.74M
Total Current Taxes	5.06M	20.02M	26.49M	30.3M	12.02M
Deferred Domestic Taxes	4.21M	-3.28M	-5.82M	-6.72M	20.95M
Deferred Foreign Taxes	-321K	-549K	-938K	-1.15M	-2.47M
Total Deferred Taxes	3.88M	-3.83M	-6.75M	-7.87M	18.48M
Normalized Net Income	33.54M	44.44M	53.48M	62.1M	77.15M
Supplemental Operating Expense Items
Advertising Expense	-	-	-	-	-
Selling and Marketing Expenses	88.04M	102M	123M	149M	169M
General and Administrative Expenses	61.3M	67.34M	84.89M	103M	127M
Research And Development Expense From Footnotes	39.04M	45.75M	53.65M	62.81M	68.68M
Net Rental Expense, Total	6.75M	6.66M	6.89M	7.1M	6.48M
Stock-Based Comp., COGS (Total)	6.76M	8.68M	10.17M	11.04M	11.42M
Stock-Based Comp., R&D Exp. (Total)	4.38M	5.63M	7.2M	9.09M	8.4M
Stock-Based Comp., S&M Exp. (Total)	6.25M	7.59M	9.77M	12.55M	10.94M
Stock-Based Comp., G&A Exp. (Total)	10.18M	11.49M	18.36M	21.87M	22.96M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	27.57M	33.4M	45.51M	54.56M	53.73M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	208M	163M	219M	241M	151M
Short Term Investments	49.76M	51.41M	56.36M	-	-
Total Cash And Short Term Investments	257M	214M	275M	241M	151M
Accounts Receivable, Total	34.56M	39.44M	46.84M	52.04M	68.17M
Total Receivables	34.56M	39.44M	46.84M	52.04M	68.17M
Other Current Assets, Total	60.57M	69.07M	79.16M	88.86M	116M
Total Current Assets	352M	323M	401M	382M	335M
Gross Property Plant And Equipment	113M	117M	129M	133M	150M
Accumulated Depreciation	-70.07M	-72.36M	-85.11M	-87.76M	-101M
Net Property Plant And Equipment	42.75M	44.63M	43.9M	45.74M	48.14M
Long-term Investments	-	-	-	-	-
Goodwill	144M	197M	249M	399M	542M
Other Intangibles, Total	59.67M	88.35M	107M	181M	216M
Deferred Tax Assets Long-Term	182K	227K	505K	505K	493K
Deferred Charges Long-Term	15.19M	17.42M	20.35M	20.57M	20.72M
Other Long-Term Assets, Total	1.95M	2.18M	1.13M	2.03M	7.67M
Total Assets	616M	673M	824M	1.03B	1.17B
Liabilities
Accounts Payable, Total	8.33M	11.26M	7.42M	8.58M	13.76M
Accrued Expenses, Total	40.01M	37.69M	49.6M	59.27M	60.65M
Short-term Borrowings	-	-	-	-	-
Current Portion of Leases	4.11M	4.28M	4.46M	4.58M	4.35M
Unearned Revenue Current, Total	50.43M	57.42M	69.19M	74.26M	75.59M
Other Current Liabilities	-	-	-	-	-
Total Current Liabilities	103M	111M	131M	147M	154M
Long-Term Leases	16.43M	13.01M	9.57M	7.88M	2.84M
Unearned Revenue Non Current	5.14M	4.77M	6.93M	6.19M	5.29M
Deferred Tax Liability Non Current	7.14M	7.42M	8.97M	15.54M	33.2M
Other Non Current Liabilities	-	-	229K	241K	287K
Total Liabilities	132M	136M	156M	177M	196M
Common Stock, Total	38K	38K	39K	40K	40K
Additional Paid In Capital	433M	476M	537M	628M	723M
Retained Earnings	138M	193M	259M	336M	429M
Treasury Stock	-85.68M	-129M	-129M	-99.75M	-178M
Comprehensive Income and Other	-1.45M	-3.41M	222K	-9.68M	-373K
Total Common Equity	484M	537M	667M	855M	974M
Total Equity	484M	537M	667M	855M	974M
Total Liabilities And Equity	616M	673M	824M	1.03B	1.17B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	36.01M	36.31M	36.97M	37.77M	37.39M
ECS Total Common Shares Outstanding	36.01M	36.16M	36.82M	37.66M	37.52M
Book Value / Share	13.45	14.85	18.13	22.69	25.96
Tangible Book Value	281M	251M	311M	274M	216M
Tangible Book Value Per Share	7.8	6.95	8.45	7.28	5.77
Total Debt	20.53M	17.29M	14.03M	12.47M	7.19M
Net Debt	-237M	-197M	-261M	-229M	-144M
Debt Equivalent Oper. Leases	53.99M	53.3M	55.15M	56.84M	51.81M
Account Code - Inventory Valuation	3	3	3	3	3
Machinery, Total	40.3M	41.29M	45.37M	36.69M	34.62M
Full Time Employees	1.9K	2.22K	2.49K	2.78K	2.95K
Accumulated Allowance for Doubtful Accounts (Supple)	4.25M	3.07M	3.32M	4.18M	7.13M

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	44.6M	55.13M	65.82M	77.05M	93.34M
Depreciation & Amortization - CF	14.79M	16.42M	18.63M	18.72M	21.09M
Amortization of Goodwill and Intangible Assets - (CF)	10.13M	11.77M	16.12M	23.51M	37.17M
Depreciation & Amortization, Total	24.91M	28.19M	34.75M	42.23M	58.26M
Stock-Based Compensation (CF)	27.57M	33.4M	45.51M	54.56M	53.73M
Provision and Write-off of Bad Debts	4.72M	3.36M	5.71M	7.68M	9.92M
Other Operating Activities, Total	4.2M	-3.51M	-7.66M	-9.21M	17.82M
Change In Accounts Receivable	-4.96M	-6.44M	-11.95M	-9.65M	-20.3M
Change In Accounts Payable	2.26M	144K	-3.95M	796K	4.72M
Change in Unearned Revenues	14.48M	5.96M	6.46M	728K	-787K
Change in Other Net Operating Assets	-4.9M	-16.19M	-2.39M	-6.79M	-37.91M
Cash from Operations	113M	100M	132M	157M	179M
Capital Expenditure	-19.59M	-19.88M	-19.76M	-20.05M	-26.52M
Cash Acquisitions	-17.07M	-91.42M	-70.22M	-148M	-143M
Investment in Marketable and Equity Securities, Total	-10.05M	-1.49M	-2.66M	57.52M	-
Cash from Investing	-46.7M	-113M	-92.64M	-110M	-169M
Issuance of Common Stock	14.11M	11.58M	17.97M	14.54M	13.44M
Repurchase of Common Stock	-20.43M	-43.22M	-	-37.57M	-114M
Other Financing Activities, Total	-2.04M	-	-2M	-	-
Cash from Financing	-8.36M	-31.63M	15.97M	-23.03M	-101M
Foreign Exchange Rate Adjustments	31K	-290K	562K	-1.98M	1.53M
Net Change in Cash	57.86M	-44.66M	56.19M	21.94M	-89.66M
Supplemental Items
Cash Income Tax Paid (Refund)	9.98M	16.08M	29.21M	27.1M	28.89M
Levered Free Cash Flow	77.5M	80.42M	111M	133M	124M
Unlevered Free Cash Flow	77.5M	80.42M	111M	133M	124M
Change In Net Working Capital	-10.18M	5.78M	-2.35M	-1M	35.16M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	6.03	6.9	6.45	5.99	6.72
Return on Total Capital	7.26	8.4	7.81	7.17	8
Return On Equity %	9.86	10.8	10.93	10.12	10.21
Return on Common Equity	9.86	10.8	10.93	10.12	10.21
Margin Analysis
Gross Profit Margin %	65.82	66.05	66.09	66.96	69.18
SG&A Margin	38.76	37.51	38.71	39.49	39.35
EBITDA Margin %	20.76	22.04	20.86	20.56	23.49
EBITA Margin %	16.93	18.4	17.39	17.62	20.69
EBIT Margin %	14.3	15.79	14.39	13.94	15.74
Income From Continuing Operations Margin %	11.58	12.23	12.26	12.08	12.42
Net Income Margin %	11.58	12.23	12.26	12.08	12.42
Net Avail. For Common Margin %	11.58	12.23	12.26	12.08	12.42
Normalized Net Income Margin	8.71	9.86	9.96	9.74	10.27
Levered Free Cash Flow Margin	20.12	17.84	20.7	20.9	16.53
Unlevered Free Cash Flow Margin	20.12	17.84	20.7	20.9	16.53
Asset Turnover
Asset Turnover	0.67	0.7	0.72	0.69	0.68
Fixed Assets Turnover	9.09	10.32	12.13	14.23	16.01
Receivables Turnover (Average Receivables)	11.31	12.19	12.45	12.9	12.5
Short Term Liquidity
Current Ratio	3.43	2.92	3.07	2.6	2.17
Quick Ratio	2.84	2.29	2.47	2	1.42
Operating Cash Flow to Current Liabilities	1.1	0.9	1.01	1.07	1.16
Days Sales Outstanding (Average Receivables)	32.28	29.95	29.33	28.37	29.19
Average Days Payable Outstanding	18.97	23.35	18.72	13.89	17.6
Long Term Solvency
Total Debt/Equity	4.24	3.22	2.1	1.46	0.74
Total Debt / Total Capital	4.07	3.12	2.06	1.44	0.73
LT Debt/Equity	3.39	2.42	1.43	0.92	0.29
Long-Term Debt / Total Capital	3.25	2.35	1.4	0.91	0.29
Total Liabilities / Total Assets	21.37	20.19	18.98	17.12	16.75
Total Debt / EBITDA	0.24	0.16	0.12	0.09	0.04
Net Debt / EBITDA	-2.73	-1.86	-2.2	-1.65	-0.79
Total Debt / (EBITDA - Capex)	0.31	0.2	0.14	0.11	0.05
Net Debt / (EBITDA - Capex)	-3.53	-2.29	-2.64	-1.93	-0.92
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	23.24	17.03	19.08	18.78	17.83
Gross Profit, 1 Yr. Growth %	19.18	17.43	19.15	20.35	21.74
EBITDA, 1 Yr. Growth %	16.24	24.22	12.7	17.07	34.66
EBITA, 1 Yr. Growth %	17.08	27.2	12.55	20.38	38.33
EBIT, 1 Yr. Growth %	9.82	29.22	8.52	15.06	33.1
Earnings From Cont. Operations, 1 Yr. Growth %	-2.17	23.63	19.39	17.06	21.13
Net Income, 1 Yr. Growth %	-2.17	23.63	19.39	17.06	21.13
Normalized Net Income, 1 Yr. Growth %	2.12	32.49	19.96	18.52	24.24
Diluted EPS Before Extra, 1 Yr. Growth %	-3.97	23.14	18.12	15.91	20.59
Accounts Receivable, 1 Yr. Growth %	2.93	14.1	18.78	11.09	31
Net Property, Plant and Equip., 1 Yr. Growth %	1.76	4.39	-1.62	4.18	5.25
Total Assets, 1 Yr. Growth %	16.98	9.27	22.43	25.17	13.44
Tangible Book Value, 1 Yr. Growth %	25.16	-10.84	23.67	-11.81	-21.1
Common Equity, 1 Yr. Growth %	15.1	10.91	24.28	28.05	13.95
Cash From Operations, 1 Yr. Growth %	27.47	-11.37	32.23	18.97	13.59
Capital Expenditures, 1 Yr. Growth %	18.95	1.49	-0.6	1.44	32.32
Levered Free Cash Flow, 1 Yr. Growth %	29.65	3.77	38.18	19.95	-6.8
Unlevered Free Cash Flow, 1 Yr. Growth %	29.65	3.77	38.18	19.95	-6.8
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	17.49	20.09	18.05	18.93	18.31
Gross Profit, 2 Yr. CAGR %	16.49	18.3	18.29	19.75	21.04
EBITDA, 2 Yr. CAGR %	20.78	20.16	18.32	14.87	25.56
EBITA, 2 Yr. CAGR %	22.13	22.04	19.65	16.4	29.04
EBIT, 2 Yr. CAGR %	19.76	19.13	18.42	11.74	23.75
Earnings From Cont. Operations, 2 Yr. CAGR %	15.02	9.98	21.49	18.22	19.08
Net Income, 2 Yr. CAGR %	15.02	9.98	21.49	18.22	19.08
Normalized Net Income, 2 Yr. CAGR %	13.06	16.32	26.42	17.19	21.35
Diluted EPS Before Extra, 2 Yr. CAGR %	13.46	8.74	20.6	17.01	18.23
Accounts Receivable, 2 Yr. CAGR %	4.69	8.37	16.42	14.87	20.64
Net Property, Plant and Equip., 2 Yr. CAGR %	4.04	3.07	1.34	1.24	4.71
Total Assets, 2 Yr. CAGR %	17.32	13.06	15.66	23.79	19.16
Tangible Book Value, 2 Yr. CAGR %	5.13	5.84	5.01	4.43	-16.59
Common Equity, 2 Yr. CAGR %	16.82	12.98	17.4	26.15	20.79
Cash From Operations, 2 Yr. CAGR %	25.4	6.29	8.25	25.43	16.25
Capital Expenditures, 2 Yr. CAGR %	20.08	9.88	0.44	0.42	15.86
Levered Free Cash Flow, 2 Yr. CAGR %	35.19	15.99	19.74	28.74	5.74
Unlevered Free Cash Flow, 2 Yr. CAGR %	35.19	15.99	19.74	28.74	5.74
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	15.78	17.33	19.75	18.29	18.57
Gross Profit, 3 Yr. CAGR %	15.06	16.8	18.58	18.97	20.41
EBITDA, 3 Yr. CAGR %	26.61	21.91	17.62	17.9	21.12
EBITA, 3 Yr. CAGR %	28.37	23.8	18.79	19.9	23.29
EBIT, 3 Yr. CAGR %	27.25	22.84	15.48	17.29	18.45
Earnings From Cont. Operations, 3 Yr. CAGR %	23.16	17.82	13.03	20	19.18
Net Income, 3 Yr. CAGR %	23.16	17.82	13.03	20	19.18
Normalized Net Income, 3 Yr. CAGR %	24.12	19.2	17.64	22.89	19.49
Diluted EPS Before Extra, 3 Yr. CAGR %	21.18	16.6	11.78	19.02	18.19
Accounts Receivable, 3 Yr. CAGR %	7.93	7.74	11.73	14.61	20.01
Net Property, Plant and Equip., 3 Yr. CAGR %	26.83	4.16	1.48	2.28	2.56
Total Assets, 3 Yr. CAGR %	16.84	14.57	16.1	18.75	20.24
Tangible Book Value, 3 Yr. CAGR %	7.5	-0.36	11.48	-0.93	-4.89
Common Equity, 3 Yr. CAGR %	14.93	14.81	16.63	20.85	21.94
Cash From Operations, 3 Yr. CAGR %	27.08	11.7	14.31	11.71	21.35
Capital Expenditures, 3 Yr. CAGR %	12.52	13.53	6.27	0.77	10.09
Levered Free Cash Flow, 3 Yr. CAGR %	36.43	23.78	22.96	19.81	15.6
Unlevered Free Cash Flow, 3 Yr. CAGR %	36.43	23.78	22.96	19.81	15.6
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	14.81	15.42	16.68	17.97	19.17
Gross Profit, 5 Yr. CAGR %	14.51	15.25	16.34	17.97	19.56
EBITDA, 5 Yr. CAGR %	35.18	35.49	23.23	19.04	20.73
EBITA, 5 Yr. CAGR %	42.44	41.63	24.81	20.78	22.79
EBIT, 5 Yr. CAGR %	53.88	48.13	23.64	18.27	18.72
Earnings From Cont. Operations, 5 Yr. CAGR %	55.14	174.93	22.49	17.98	15.41
Net Income, 5 Yr. CAGR %	55.14	174.93	22.49	17.98	15.41
Normalized Net Income, 5 Yr. CAGR %	52	46.07	24.97	18.8	18.62
Diluted EPS Before Extra, 5 Yr. CAGR %	52.86	172.04	20.95	16.76	14.32
Accounts Receivable, 5 Yr. CAGR %	10.75	9.63	11.25	10.54	15.21
Net Property, Plant and Equip., 5 Yr. CAGR %	22.79	21.5	15.94	2.98	2.76
Total Assets, 5 Yr. CAGR %	15.6	14.65	16.37	18.17	17.32
Tangible Book Value, 5 Yr. CAGR %	9.35	2.71	6.58	1.53	-0.73
Common Equity, 5 Yr. CAGR %	14.2	13.26	15.91	19.22	18.28
Cash From Operations, 5 Yr. CAGR %	43.17	26.37	19.18	17	15.09
Capital Expenditures, 5 Yr. CAGR %	19.59	22.28	7.52	8.09	10
Levered Free Cash Flow, 5 Yr. CAGR %	43.1	30.52	29.49	25.74	15.76
Unlevered Free Cash Flow, 5 Yr. CAGR %	43.1	30.52	29.49	25.74	15.76