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SPS Commerce cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$58.5M in Q3 2026 · $203M over twelve months

Operating cash flow$64.0M
Capital spending−$5.5M
Free cash flow+$58.5M
Cash / net income2.1×
Cash conversion cycle15 days

Analysis

In Q3 2026, SPS Commerce generated $64.0M of operating cash flow and spent $5.5M on capital projects, leaving free cash flow of $58.5M. That is $3.9M more than in Q3 2025 ($54.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $232M; the largest uses were buybacks ($172M), capital spending ($28.9M), other investing ($20.7M); besides operations, cash came from other financing ($8.4M), shares issued ($1.4M); the cash balance rose by $20.1M.

Operating cash flow was $64.0M against net income of $30.7M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: stock-based pay +$15.7M, employee-related liabilities +$6.7M, depreciation & amortization +$6.1M.

Its cash conversion cycle was 15 days (receivables 30 + inventory 0 − payables 16).

Free cash flow

SPS Commerce: free cash flow by quarterSPS Commerce: free cash flow by quarter$34.3MQ4 2024$33.8MQ1 2025$25.7MQ2 2025$54.6MQ3 2025$38.2MQ4 2025$48.5MQ1 2026$57.4MQ2 2026$58.5MQ3 2026
Operating cash flow less capital spending.
SPS Commerce: operating cash flow against capital spendingSPS Commerce: operating cash flow against capital spendingOperating cash flowCapital spending$40.6M$6.2MQ4 2024$40.0M$6.2MQ1 2025$32.3M$6.7MQ2 2025$60.6M$6.1MQ3 2025$45.9M$7.7MQ4 2025$55.6M$7.1MQ1 2026$66.0M$8.6MQ2 2026$64.0M$5.5MQ3 2026
Latest (Q3 2026): Operating cash flow $64.0M, Capital spending $5.5M.

Capital allocation, year by year

SPS Commerce: where the cash came from (up) and went (down), by fiscal yearSPS Commerce: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $113MFY2021: Shares issued $9.4MFY2021: Capital spending −$19.6MFY2021: Acquisitions −$17.1MFY2021: Buybacks −$20.4M$122MFY2021FY2022: Operating cash flow $100MFY2022: Shares issued $4.9MFY2022: Capital spending −$19.9MFY2022: Acquisitions −$91.4MFY2022: Buybacks −$43.2M$105MFY2022FY2023: Operating cash flow $132MFY2023: Shares issued $9.9MFY2023: Capital spending −$19.8MFY2023: Acquisitions −$70.2M$142MFY2023FY2024: Operating cash flow $157MFY2024: Shares issued $4.7MFY2024: Capital spending −$20.0MFY2024: Acquisitions −$148MFY2024: Buybacks −$37.6M$162MFY2024FY2025: Operating cash flow $179MFY2025: Shares issued $3.9MFY2025: Capital spending −$26.5MFY2025: Acquisitions −$143MFY2025: Buybacks −$114M$183MFY2025
Over these 5 years operating cash flow totalled $681M; the largest uses were acquisitions ($469M) and buybacks ($215M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$184M
Debtnone
Net cash$184M

SPS Commerce funds itself: free cash flow was $203M over the last twelve months, with $184M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

SPS Commerce: sources (+) and uses (−) of cash, Q3 2026SPS Commerce: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$64.0MBuybacks−$48.8MOther investing−$29.4MCash drawn (+) / kept (−)$19.3MCapital spending−$5.5MOther financing$397KShares issued$169KExchange rates−$121K
SPS Commerce: sources (+) and uses (−) of cash, TTM to Q3 2026SPS Commerce: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$232MBuybacks−$172MCapital spending−$28.9MOther investing−$20.7MCash drawn (+) / kept (−)−$20.1MOther financing$8.4MShares issued$1.4MExchange rates$264K

From profit to cash

SPS Commerce: net income to operating cash flow, Q3 2026SPS Commerce: net income to operating cash flow, Q3 2026Net income$30.7MDepreciation & amortization$6.1MStock-based pay$15.7MDeferred taxes$5.3MOther non-cash$165KReceivables−$4.4MPayables$399KAccrued liabilities−$1.2MEmployee-related liabilities$6.7MDeferred revenue−$2.3MOther operating capital−$4.3MOperating cash flow$64.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202630—1615
Q2 202630—1811
Q1 202631—2110
Q4 202532—2111
Q3 202533—1913
Q2 202532—1714
Q1 202529—1613
Q4 202429—1415

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$64.0M−$5.5M—−$48.8M$169K$19.3M$58.5M
Q2 2026$66.0M−$8.6M—−$51.2M$123K−$18.9M$57.4M
Q1 2026$55.6M−$7.1M—−$47.1M$743K−$2.9M$48.5M
Q4 2025$45.9M−$7.7M—−$24.7M$380K−$17.6M$38.2M
Q3 2025$60.6M−$6.1M—−$30.0M$1.1M−$26.1M$54.6M
Q2 2025$32.3M−$6.7M−$992K−$19.6M$1.8M−$12.7M$25.7M
Q1 2025$40.0M−$6.2M−$142M−$40.0M$635K$146M$33.8M
Q4 2024$40.6M−$6.2M−$523K—$516K−$42.2M$34.3M

SPS Commerce: income statement and cash flow

SPS Commerce, Q3 2026: revenue $198M (+4% year over year), operating margin 20.2%. The chart follows the revenue to costs, profit and cash.

SPS Commerce: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.