Filing Flows › Technology › SPS Commerce (SPSC)
SPS Commerce (SPSC) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · SPS Commerce (SPSC) Q3 2026 earnings results →
Q3 2026 Revenue up 4% year over year to $198M · 16¢ of every $1 of revenue kept as net profit · operating margin 20.2%
SPS Commerce made $198M in Q3 2026 (+4% Y/Y). Operating margin 20.2%, net earnings $30.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $197.6M in Q3 2026, up 4% year over year and roughly flat from the previous quarter.
Gross margin was 71.1%, up 1.6 points from Q3 2025. Operating profit was $39.9M, a 20.2% margin (up 3.8 points year over year). Of the extra revenue versus Q3 2025, 113% reached operating profit, above the 16% margin then. Operating expenses fell 0% while revenue rose 4%. Net earnings were $30.7M, up 20% year over year. The effective tax rate was 25.7%.
Operating cash flow was $64.0M (up 6% year over year), 209% of net earnings. Non-cash charges added back $6.1M of depreciation and amortization and $15.7M of share-based compensation. Working capital and other items added $11.6M. Capital expenditures of $5.5M left free cash flow of $58.5M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 29, 2026 | $198M | +4% | 20.2% | $30.7M | $64.0M |
| Q2 2026 | 10-Q | Jul 30, 2026 | $198M | +6% | 4.3% | $6.9M | $66.0M |
| Q1 2026 | 10-Q | Apr 30, 2026 | $192M | +6% | 12.8% | $19.7M | $55.6M |
| Q4 2025 | 10-K | Feb 19, 2026 | $193M | +13% | 18.0% | $25.8M | $45.9M |
| Q3 2025 | 10-Q | Oct 30, 2025 | $190M | +16% | 16.4% | $25.6M | $60.6M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $187M | +22% | 14.1% | $19.7M | $32.3M |
| Q1 2025 | 10-Q | Apr 24, 2025 | $182M | +21% | 14.3% | $22.2M | $40.0M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About SPS Commerce
SPS Commerce is a global supply chain network that connects retailers, brands, distributors, manufacturers, and logistics providers through shared infrastructure built to handle the complexity of modern commerce operations. Our network enables companies to connect once and immediately transact with thousands of trading partners without negotiating standards, building integrations, or maintaining compliance logic. Our network powers our portfolio of solutions that orchestrate the critical processes, protocols, and data exchanges needed to get the right product, in the right place, at the right time, every time. We have embedded deep expertise, proven processes, and compliance logic built from over 20 years of commerce intelligence into every connection, delivering a full-service experience that empowers partners to move forward faster, together.
In its own words, from its 10-K, filed Feb 19, 2026.
SPS Commerce against its Services-Prepackaged Software peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +4% against the peers' median +14%. Operating margin: 20.2% against the peers' median 20.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SPSC SPS Commerce | Q3 2026 | $198M | +4% | 20.2% |
| MSFT Microsoft | Q1 FY27 | $92.3B | +19% | 49.8% |
| ORCL Oracle | Q1 FY27 | $19.3B | +30% | 34.8% |
| CRM Salesforce | Q2 FY27 | $11.3B | +11% | 20.5% |
| ADBE Adobe | Q3 FY26 | $6.8B | +13% | 34.8% |
| XYZ Block | Q3 2026 | $6.7B | +10% | 6.4% |
| INTU Intuit | Q4 FY26 | $4.4B | +14% | 10.9% |
| NOW ServiceNow | Q3 2026 | $4.1B | +20% | 9.4% |
| SHOP Shopify | Q3 2026 | $3.7B | +32% | 15.2% |
Source: SPS Commerce 10-Q on SEC EDGAR · CIK 1092699 · Services-Prepackaged Software
Guidance and outlook
13F: who owns SPSC and who is buying
More on SPSC
- How SPS Commerce makes money: revenue by segment
- SPS Commerce next earnings date and what analysts expect
- SPS Commerce stock forecast, price target and fair value
- Who owns SPS Commerce stock: holders, funds and Congress trades
- SPS Commerce guidance and outlook
- Is SPS Commerce a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results