SPS Commerce, Inc. provides cloud-based supply chain management solutions in the United States. It offers solutions through SPS Commerce, a cloud-based platform that connects retailers, brands, distributors, manufacturers, and logistics providers, handling the complexity of modern commerce operations. The company also provides Fulfillment, a comprehensive solution designed to streamline supply chain operation that sends and receives order data, ensuring accurate execution of required processes from order to invoicing and revenue recovery through fully automated operations; and Analytics product that simplifies managing sell-through data from customers business partners that handle data acquisition, cleansing, normalization, and delivery. In addition, it offers various complimentary products, such as assortment product, which simplifies the communication of robust, accurate item data by automatically translating item attributes, and hierarchies through single connection across all sales channels; and relationship management product that allows organizations to accelerate digitization of their supply chain and improve collaboration with suppliers through change management, onboarding programs, and supplier score carding. The company was formerly known as St. Paul Software, Inc. and changed its name to SPS Commerce, Inc. in May 2001. SPS Commerce, Inc. was incorporated in 1987 and is headquartered in Minneapolis, Minnesota.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $752M | $177M | $93M | $152M | 9.6% | 17.8% | 21.1% |
| 2024 | $638M | $131M | $77M | $137M | 9.0% | 18.8% | 17.1% |
| 2023 | $537M | $112M | $66M | $113M | 9.9% | 19.1% | 19.4% |
| 2022 | $451M | $99M | $55M | $80M | 10.3% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 450.88 | 536.91 | 637.76 | 751.50 |
| Operating Revenue | - | 450.88 | 536.91 | 637.76 | 751.50 |
| Cost Of Revenue | - | 153.06 | 182.07 | 210.71 | 231.63 |
| Gross Profit | - | 297.81 | 354.84 | 427.05 | 519.88 |
| Operating Expense | - | 226.63 | 277.59 | 338.17 | 401.57 |
| Research And Development | - | 45.75 | 53.65 | 62.81 | 68.68 |
| Selling General And Administration | - | 169.11 | 207.82 | 251.85 | 295.72 |
| Total Expenses | - | 379.69 | 459.66 | 548.88 | 633.20 |
| Operating Income | - | 71.18 | 77.25 | 88.88 | 118.30 |
| Total Operating Income As Reported | - | 71.18 | 77.25 | 88.88 | 118.30 |
| EBITDA | - | 99.37 | 112 | 131.11 | 176.56 |
| Normalized EBITDA | - | 98.73 | 102.61 | 120.42 | 171.52 |
| EBIT | - | 71.18 | 77.25 | 88.88 | 118.30 |
| Other Non Operating Income Expenses | - | -0.50 | -1.07 | -0.10 | 0.50 |
| Other Income Expense | - | 0.14 | 8.32 | 10.59 | 5.53 |
| Pretax Income | - | 71.32 | 85.56 | 99.48 | 123.84 |
| Tax Provision | - | 16.19 | 19.74 | 22.42 | 30.50 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.15 | 2.17 | 2.41 | 1.24 |
| Net Income Continuous Operations | - | 55.13 | 65.82 | 77.05 | 93.34 |
| Net Income From Continuing And Discontinued Operation | - | 55.13 | 65.82 | 77.05 | 93.34 |
| Net Income From Continuing Operation Net Minority Interest | - | 55.13 | 65.82 | 77.05 | 93.34 |
| Net Income | - | 55.13 | 65.82 | 77.05 | 93.34 |
| Net Income Common Stockholders | - | 55.13 | 65.82 | 77.05 | 93.34 |
| Net Income Including Noncontrolling Interests | - | 55.13 | 65.82 | 77.05 | 93.34 |
| Normalized Income | - | 54.64 | 58.61 | 68.76 | 89.54 |
| Diluted NI Availto Com Stockholders | - | 55.13 | 65.82 | 77.05 | 93.34 |
| Basic Average Shares | - | 36.12 | 36.65 | 37.31 | 37.88 |
| Diluted Average Shares | - | 36.95 | 37.48 | 37.86 | 37.99 |
| Reconciled Depreciation | - | 28.19 | 34.75 | 42.23 | 58.26 |
| Reconciled Cost Of Revenue | - | 136.64 | 163.44 | 191.99 | 210.54 |
| Total Unusual Items | - | 0.64 | 9.39 | 10.70 | 5.04 |
| Total Unusual Items Excluding Goodwill | - | 0.64 | 9.39 | 10.70 | 5.04 |
| Special Income Charges | 0 | 0 | - | - | - |
| Restructuring And Mergern Acquisition | 0 | 0 | - | - | - |
| Gain On Sale Of Security | - | 0.64 | 9.39 | 10.70 | 5.04 |
| Depreciation Amortization Depletion Income Statement | - | 11.77 | 16.12 | 23.51 | 37.17 |
| Depreciation And Amortization In Income Statement | - | 11.77 | 16.12 | 23.51 | 37.17 |
| General And Administrative Expense | - | 67.34 | 84.89 | 102.93 | 126.59 |
| Other Gand A | - | 67.34 | 84.89 | 102.93 | 126.59 |
| Selling And Marketing Expense | - | 101.77 | 122.94 | 148.92 | 169.13 |
| Amortization | - | 11.77 | 16.12 | 23.51 | 37.17 |
| Amortization Of Intangibles Income Statement | - | 11.77 | 16.12 | 23.51 | 37.17 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| SPS Commerce, Inc.this co. | SPSC | $2.1B | 22.07β premium | 2.11 | 9.6% | 10.85 |
| Rogers Corporation | ROG | $2.6B | -42.10 | 2.18 | -5.2% | 233.34 |
| Ichor Holdings, Ltd. | ICHR | $2.5B | - | 3.73 | -8.0% | - |
| Calix, Inc. | CALX | $2.4B | 136.74 | 2.85 | 2.1% | 59.89 |
| CSG Systems International, Inc. | CSGS | $2.3B | 41.17 |
| - |
| - |
| - |
| - |
| - |
| 8.11 |
| 19.7% |
| 13.98 |
| Alarm.com Holdings, Inc. | ALRM | $2.2B | 16.79 | 2.62 | 15.6% | 10.13 |
| ePlus inc. | PLUS | $2.1B | 15.95 | 1.98 | 12.4% | 9.08 |
| Photronics, Inc. | PLAB | $1.9B | 13.63 | 1.58 | 11.6% | 4.58 |
| DXC Technology Company | DXC | $1.6B | 86.37 | 0.53 | 0.6% | 2.37 |
| Peer Median | - | 16.79 | 2.40 | 6.9% | 10.13 | |